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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: 12/31/2025
Date of reporting period: 06/30/2025

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

June 30, 2025

2025 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, 2025

|  | 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 |  | $0.366371 | $— | $— | $0.226009 | $0.592380 | 62 % | — % | — % | 38 % | 100 %
FRA |  | 0.472683 | — | — | 0.270357 | 0.743040 | 64 | — | — | 36 | 100
BKT |  | 0.215043 | — | — | 0.314157 | 0.529200 | 41 | — | — | 59 | 100
BLW |  | 0.511483 | — | — | 0.167717 | 0.679200 | 75 | — | — | 25 | 100
BIT |  | 0.454225 | — | — | 0.287975 | 0.742200 | 61 | — | — | 39 | 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 or Board of Trustees, as applicable (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 | 0.113200
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
2025 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 | 139
Statements of Operations | 143
Statements of Changes in Net Assets | 145
Statements of Cash Flows | 148
Financial Highlights | 152
Notes to Financial Statements | 157
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement | 173
Additional Information | 177
Glossary of Terms Used in this Report | 180

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
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025
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, 2025 ($10.56)(a) | 11.22%
Current Monthly Distribution per Common Share(b) | $0.098730
Current Annualized Distribution per Common Share(b) | $1.184760
Leverage as of June 30, 2025(c) | 17%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $10.56 | $10.76 | (1.86 )% | $10.86 | $9.13
Net Asset Value | 10.35 | 10.63 | (2.63 ) | 10.67 | 10.08

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV(a)(b) | 3.04 % | 7.77 % | 8.49 % | 6.44 %
Fund at Market Price(a)(b) | 3.86 | 8.94 | 12.22 | 8.28
Reference Benchmark(c) | 3.69 | 8.79 | 6.74 | 5.29
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d) | 4.57 | 10.29 | 5.96 | 5.37
Morningstar LSTA Leveraged Loan Index(e) | 2.81 | 7.29 | 7.45 | 5.15

(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 widened 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.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contribution to absolute performance, followed by high yield bonds. In terms of credit tiers, B rated issues were the leading contributors, followed by those rated BB and CCC. At the sector level, the largest contributions came from information technology and property and casualty issues.
Fund Summary
5

Fund Summary as of June 30, 2025(continued)
BlackRock Debt Strategies Fund, Inc. (DSU)
At a time of strong returns for the broader market, no aspect of the Fund’s positioning significantly detracted from absolute performance. With this said, currency management strategies and an allocation to the construction machinery sector were very small detractors.
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 increased its allocation to high yield bonds. Its ratings positioning was largely unchanged, with a slight increase in Bs and a small reduction in CCCs.
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, B1s, B2s, and B3s, and it was underweight in BBs and CCCs. The top sector overweights included technology, property and casualty, and diversified manufacturing. Retailers, cable and satellite, and midstream energy were among the largest underweights.
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 | 75.2 %
Corporate Bonds | 16.5
Investment Companies | 5.6
Asset-Backed Securities | 1.4
Other* | 1.3

CREDIT QUALITY ALLOCATION
Credit Rating(a) | Percent of Total Investments
A | 0.1 %
BBB/Baa | 7.4
BB/Ba | 29.7
B | 50.9
CCC/Caa | 4.6
N/R | 7.3

(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.
* | 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
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025
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, 2025 ($13.14)(a) | 11.31%
Current Monthly Distribution per Common Share(b) | $0.123840
Current Annualized Distribution per Common Share(b) | $1.486080
Leverage as of June 30, 2025(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 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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $13.14 | $13.75 | (4.44 )% | $13.75 | $11.29
Net Asset Value | 12.46 | 12.89 | (3.34 ) | 12.95 | 12.18

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV(a)(b) | 2.52 % | 6.87 % | 8.52 % | 5.82 %
Fund at Market Price(a)(b) | 1.35 | 13.93 | 12.99 | 7.57
Morningstar LSTA Leveraged Loan Index(c) | 2.81 | 7.29 | 7.45 | 5.15

(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) | 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?
Positions in leveraged loans made the largest contribution to absolute performance. In terms of credit tiers, B and BB rated issues were the leading contributors. At the sector level, the largest contributions came from information technology, diversified manufacturing, and property and casualty issues.
Fund Summary
7

Fund Summary as of June 30, 2025(continued)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
At a time of strong returns for the broader market, no aspect of the Fund’s positioning significantly detracted from absolute performance. With this said, an allocation to the construction machinery sector was a small detractor, as were risk management strategies.
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 increased its weightings in B1 and BBB rated issues, and it trimmed the positions in B2s and CCCs. Asset allocation was largely unchanged, aside from a small reduction in collateralized loan obligations.
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, BBs, and B1s, and it was underweight in B3s and CCCs. The top sector overweights included property and casualty, diversified manufacturing, and technology. Healthcare, retailers, and home construction were among the largest underweights.
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 | 91.9 %
Investment Companies | 4.2
Corporate Bonds | 1.4
Asset-Backed Securities | 1.1
Other* | 1.4

CREDIT QUALITY ALLOCATION
Credit Rating(a) | Percent of Total Investments(b)
A | 0.1 %
BBB/Baa | 8.7
BB/Ba | 27.9
B | 53.8
CCC/Caa | 3.7
N/R | 5.8

(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.
* | 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
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025
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.
On November 21, 2024, the Fund’s Board of Directors and the Board of Directors of BlackRock Enhanced Government Fund, Inc. ("EGF") approved the reorganization of EGF into the Fund, with BKT continuing as the surviving fund. The Reorganization was effective on March 24, 2025.
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, 2025 ($11.75)(a) | 9.01%
Current Monthly Distribution per Common Share(b) | $0.088200
Current Annualized Distribution per Common Share(b) | $1.058400
Leverage as of June 30, 2025(c) | 19%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $11.75 | $11.52 | 2.00 % | $11.98 | $11.28
Net Asset Value | 11.90 | 11.81 | 0.76 | 12.15 | 11.60

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV(a)(b) | 5.38 % | 7.80 % | (1.23 )% | 1.14 %
Fund at Market Price(a)(b) | 6.68 | 7.60 | (1.00 ) | 2.21
FTSE Mortgage Index(c) | 4.25 | 6.54 | (0.72 ) | 1.27

(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 Trust benefited over the period from an allocation to fixed-rate structures within agency collateralized mortgage obligations (“CMOs”). 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 with respect to the 10-year segment of the Treasury yield curve.
Fund Summary
9

Fund Summary as of June 30, 2025(continued)
BlackRock Income Trust, Inc. (BKT)
Describe recent portfolio activity.
The Trust’s notable allocation to well-structured agency CMOs, which serve as a source of high-quality income, was modestly reduced over the period. Allocations to agency mortgage-backed security (“MBS”) passthroughs and agency mortgage derivatives, mostly interest-only securities, were also reduced slightly. At the same time, the Trust’s exposure to CMBS and non-agency MBS was increased modestly.
The Trust 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 investment adviser 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 Trust also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when relative value opportunities present themselves.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
At the end of the reporting period, the Trust held a substantial allocation to well-structured agency CMOs as well as agency MBS interest only-derivatives. The Trust held only marginal positions in other securitized assets such as non-agency MBS and CMBS, preferring to focus on prepayment and structural opportunities in higher quality agency-backed assets rather than seek credit exposure.
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(a)
U.S. Government Sponsored Agency Securities | 93.2 %
Non-Agency Mortgage-Backed Securities | 3.9
U.S. Treasury Obligations | 2.9
Asset-Backed Securities | — (b)

CREDIT QUALITY ALLOCATION
Credit Rating(c) | Percent of Total Investments(a)
AAA/Aaa(d) | 98.2 %
AA/Aa | — (e)
CCC/Caa | — (e)
N/R | 1.8

(a) | Excludes short-term securities, short investments and options, if any.
(b) | Rounds to less than 0.1%.
(c) | 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.
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.
(e) | Rounds to less than 0.1%.

10
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025
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, 2025 ($14.18)(a) | 9.58%
Current Monthly Distribution per Common Share(b) | $0.113200
Current Annualized Distribution per Common Share(b) | $1.358400
Leverage as of June 30, 2025(c) | 38%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $14.18 | $14.13 | 0.35 % | $14.38 | $12.75
Net Asset Value | 13.98 | 14.04 | (0.43 ) | 14.11 | 13.37

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV(a)(b) | 4.53 % | 10.36 % | 6.53 % | 6.04 %
Fund at Market Price(a)(b) | 5.35 | 11.86 | 9.35 | 7.64
Reference Benchmark(c) | 3.63 | 8.19 | 5.16 | 4.33
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d) | 4.57 | 10.29 | 5.96 | 5.37
Morningstar LSTA Leveraged Loan Index(e) | 2.81 | 7.29 | 7.45 | 5.15
BATS S Benchmark(f) | 3.51 | 6.98 | 2.00 | 2.34

(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 widened 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, 2025(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 Trust’s absolute performance over the period included allocations to credit-oriented sectors including high yield and investment grade corporate bonds, banks loans and collateralized loan obligations (“CLOs”). Exposure to U.S. Treasury bills also contributed to return.
The largest detractor from the Trust’s performance was the use of reverse repurchase agreements and derivatives. Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio.
Describe recent portfolio activity.
Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.
As the period opened, the Trust trimmed credit exposure to realize gains. In the second quarter, the Trust began reallocating into credit sectors, particularly bank loans along with high yield and investment grade corporate bonds, as credit spreads widened on tariff-related uncertainty and geopolitical tensions.
Toward the end of the period, the Trust again trimmed credit exposure, especially within below investment grade high yield corporate bonds and bank loans, given a recovery in risk assets from earlier tariff-related spread widening.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure to non-government spread sectors including bank loans, high yield and investment grade corporate bonds, and CLOs. The Trust also held exposure to U.S. Treasuries.
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
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025(continued)
BlackRock Limited Duration Income Trust (BLW)
Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION
Investment Type | Percent of Total Investments
Corporate Bonds | 45.2 %
Floating Rate Loan Interests | 36.0
Asset-Backed Securities | 4.8
Preferred Securities | 4.4
Short-Term Securities | 3.4
Non-Agency Mortgage-Backed Securities | 3.0
U.S. Government Sponsored Agency Securities | 2.4
Other* | 0.8

CREDIT QUALITY ALLOCATION
Credit Rating(a) | Percent of Total Investments(b)
AAA/Aaa(c) | 4.9 %
AA/Aa | 0.8
A | 2.3
BBB/Baa | 9.8
BB/Ba | 31.8
B | 40.2
CCC/Caa | 5.7
N/R | 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) | Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.
* | 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, 2025
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, 2025 ($14.60)(a) | 10.17%
Current Monthly Distribution per Common Share(b) | $0.123700
Current Annualized Distribution per Common Share(b) | $1.484400
Leverage as of June 30, 2025(c) | 34%

(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

| 06/30/25 | 12/31/24 | Change | High | Low
Closing Market Price | $14.60 | $14.60 | 0.00 % | $14.85 | $13.11
Net Asset Value | 14.41 | 14.50 | (0.62 ) | 14.57 | 13.93

Performance
Returns for the period ended June 30, 2025 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Fund at NAV(a)(b) | 4.63 % | 10.49 % | 7.86 % | 6.72 %
Fund at Market Price(a)(b) | 5.28 | 10.88 | 10.32 | 8.52
Bloomberg U.S. Aggregate Bond Index(c) | 4.02 | 6.08 | (0.73 ) | 1.76

(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 widened 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 Trust’s performance over the period were highlighted by exposure to credit-oriented sectors led by U.S. high yield corporate bonds, as well as investment grade corporate bonds and floating rate bank loans. In addition, exposure to agency and non-agency residential mortgage-backed securities (“MBS”) proved additive.
The main detractors from the Trust’s absolute performance were the use of reverse repurchase agreements and derivatives. Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio.
14
2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of June 30, 2025(continued)
BlackRock Multi-Sector Income Trust (BIT)
Describe recent portfolio activity.
The Trust continued to favor collateralized loan obligations (“CLOs”) as a high quality source of attractive risk-adjusted income, increasing its allocation to the sector. The Trust’s allocation to high yield corporate bonds was also increased as a source of incremental yield given sound fundamentals within the sector. Conversely, the Trust reduced the allocation to investment grade corporate bonds as spreads narrowed, realizing gains in doing so.
Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.
As the period opened, the Trust trimmed credit exposure to realize gains. In the second quarter, the Trust began reallocating into credit sectors, particularly high yield and investment grade corporate bonds, as credit spreads widened on tariff-related uncertainty and geopolitical tensions.
Toward the end of the period, the Trust again trimmed credit exposure, especially within high yield corporate bonds, given a recovery in risk assets from earlier tariff-related spread widening.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
At period end, the Trust maintained a diversified exposure within non-governmental spread sectors, most notably high yield corporate bonds, followed by non-agency and agency MBS, investment grade corporate bonds and CLOs.
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 | 56.7 %
Non-Agency Mortgage-Backed Securities | 13.0
U.S. Government Sponsored Agency Securities | 10.2
Asset-Backed Securities | 8.8
Preferred Securities | 5.4
Floating Rate Loan Interests | 3.8
Other* | 2.1

CREDIT QUALITY ALLOCATION
Credit Rating(a) | Percent of Total Investments(b)
AAA/Aaa | 16.4 %
AA/Aa | 1.4
A | 3.0
BBB/Baa | 9.0
BB/Ba | 24.6
B | 26.7
CCC/Caa | 9.2
N/R | 9.7

(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.
* | 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, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(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%), 8.18%, 05/15/37(a)(b) | USD | 1,000 | $993,803
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2, (3- mo. CME Term SOFR + 3.35%), 7.61%, 07/15/37(a)(b) |  | 2,000 | 2,007,838
Golub Capital Partners CLO Ltd., Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 7.48%, 07/25/37(a)(b) |  | 1,500 | 1,502,755
Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 7.63%, 07/25/37(a)(b) |  | 1,090 | 1,085,683
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. CME Term SOFR + 3.45%), 7.72%, 04/20/37(a)(b) |  | 1,500 | 1,494,848
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 8.52%, 04/20/37(a)(b) |  | 1,590 | 1,575,191
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. CME Term SOFR + 2.65%), 6.89%, 01/05/38(a)(b) |  | 1,000 | 997,307
Total Asset-Backed Securities — 1.7% (Cost: $9,680,000) | 9,657,425

|  | Shares |
Common Stocks
Construction & Engineering — 0.0% |
Mcdermott International Ltd.(c) |  | 1,131 | 12,441
Electrical Equipment — 0.0% |
SunPower Corp.(c)(d) |  | 1,707 | —
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $64,402)(c)(d)(e) |  | 5,126 | 456,214
Financial Services — 0.2% |
Aimbridge Acquisition Co., Inc.(c)(d) |  | 15,773 | 930,647
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc.(c) |  | 1,661 | 1,661
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $375,758)(c)(e) |  | 12,098 | 192,056
Industrial Conglomerates(c) — 0.0% |
Ameriforge Group, Inc.(d) |  | 1,664 | —
SVP Singer |  | 15,566 | 73,938
|  |  | 73,938
IT Services — 0.1% |
Travelport Finance Luxembourg SARL(c)(d) |  | 230 | 618,015
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd.(c) |  | 2 | 6

Security |  | Shares | Value
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp.(c)(d) |  | 24,798 | $247,978
Total Common Stocks — 0.4% (Cost: $3,964,804) | 2,532,956

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 0.3%
Clear Channel Outdoor Holdings, Inc.(b) |  |  |
5.13%, 08/15/27 | USD | 148 | 146,316
7.75%, 04/15/28 |  | 168 | 158,760
9.00%, 09/15/28 |  | 203 | 212,708
7.50%, 06/01/29 |  | 120 | 110,988
7.88%, 04/01/30 |  | 512 | 528,509
CMG Media Corp., 8.88%, 06/18/29(b) |  | 47 | 44,305
Lamar Media Corp., 4.00%, 02/15/30 |  | 15 | 14,330
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  | 289 | 281,395
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |
5.00%, 08/15/27 |  | 24 | 23,880
4.25%, 01/15/29 |  | 98 | 93,754
4.63%, 03/15/30 |  | 22 | 21,012
7.38%, 02/15/31 |  | 140 | 148,220
Stagwell Global LLC, 5.63%, 08/15/29(b) |  | 32 | 30,609
|  |  | 1,814,786
Aerospace & Defense(b) — 0.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29 |  | 71 | 73,578
Bombardier, Inc. |  |  |
6.00%, 02/15/28 |  | 105 | 105,632
7.50%, 02/01/29 |  | 4 | 4,200
8.75%, 11/15/30 |  | 118 | 127,744
7.25%, 07/01/31 |  | 266 | 279,220
7.00%, 06/01/32 |  | 62 | 64,566
6.75%, 06/15/33 |  | 64 | 66,317
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32 |  | 444 | 449,553
Goat Holdco LLC, 6.75%, 02/01/32 |  | 85 | 86,406
Spirit AeroSystems, Inc. |  |  |
9.38%, 11/30/29 |  | 111 | 117,772
9.75%, 11/15/30 |  | 128 | 141,165
TransDigm, Inc. |  |  |
6.75%, 08/15/28 |  | 143 | 146,023
6.38%, 03/01/29 |  | 212 | 217,500
7.13%, 12/01/31 |  | 166 | 173,921
6.63%, 03/01/32 |  | 574 | 594,316
6.00%, 01/15/33 |  | 500 | 502,717
6.38%, 05/31/33 |  | 739 | 739,670
Triumph Group, Inc., 9.00%, 03/15/28 |  | 191 | 199,603
|  |  | 4,089,903
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30 |  | 57 | 57,237
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 30 | 31,802
|  |  | 89,039

16
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobile Components — 0.3%
Clarios Global LP/Clarios U.S. Finance Co.(b) |  |  |
8.50%, 05/15/27 | USD | 575 | $577,518
6.75%, 05/15/28 |  | 85 | 87,248
6.75%, 02/15/30 |  | 280 | 291,140
4.75%, 06/15/31 | EUR | 100 | 118,247
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 21 | 20,698
4.50%, 02/15/32 |  | 33 | 32,258
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b) |  | 90 | 93,702
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 |  | 26 | 25,413
6.63%, 07/15/30 |  | 52 | 53,042
5.25%, 04/30/31 |  | 3 | 2,881
5.63%, 04/30/33 |  | 30 | 28,724
Tenneco, Inc., 8.00%, 11/17/28(b) |  | 146 | 144,379
|  |  | 1,475,250
Automobiles — 0.3%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 |  | 39 | 38,467
5.00%, 02/15/32(b) |  | 25 | 23,787
Carvana Co.(b)(f) |  |  |
(9.00% PIK), 9.00%, 06/01/30 |  | 180 | 189,420
(9.00% PIK), 9.00%, 06/01/31 |  | 580 | 656,050
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |  | 50 | 53,294
Group 1 Automotive, Inc., 6.38%, 01/15/30(b) |  | 34 | 34,913
Ken Garff Automotive LLC, 4.88%, 09/15/28(b) |  | 25 | 24,682
LCM Investments Holdings II LLC(b) |  |  |
4.88%, 05/01/29 |  | 103 | 100,162
8.25%, 08/01/31 |  | 79 | 83,992
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b) |  | 200 | 183,484
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(b) |  | 73 | 71,724
Venture Holdings Trust, 12.00%, 07/01/49(c)(d)(g) |  | 5,150 | 1
Wabash National Corp., 4.50%, 10/15/28(b) |  | 56 | 50,660
|  |  | 1,510,636
Banks — 0.0%
Banco Espirito Santo SA(c)(g) |  |  |
2.63%, 05/08/17(h) | EUR | 100 | 25,915
4.75%, 01/15/22 |  | 200 | 51,830
4.00%, 01/21/22 |  | 100 | 25,915
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(i) | USD | 31 | 32,373
Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |  | 37 | 37,970
|  |  | 174,003
Building Materials — 0.5%
Builders FirstSource, Inc.(b) |  |  |
6.38%, 03/01/34 |  | 38 | 38,725
6.75%, 05/15/35 |  | 52 | 53,540
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b) |  |  |
6.63%, 12/15/30 |  | 731 | 747,208
6.75%, 07/15/31 |  | 309 | 319,813
Jeld-Wen, Inc.(b) |  |  |
4.88%, 12/15/27 |  | 17 | 15,760
7.00%, 09/01/32 |  | 93 | 72,814
JH North America Holdings, Inc.(b) |  |  |
5.88%, 01/31/31 |  | 75 | 75,655
6.13%, 07/31/32 |  | 99 | 100,644
New Enterprise Stone & Lime Co., Inc.(b) |  |  |
5.25%, 07/15/28 |  | 26 | 26,069
9.75%, 07/15/28 |  | 59 | 59,138

Security |  | Par (000) | Value
Building Materials (continued)
Quikrete Holdings, Inc.(b) |  |  |
6.38%, 03/01/32 | USD | 443 | $455,546
6.75%, 03/01/33 |  | 80 | 82,546
Smyrna Ready Mix Concrete LLC(b) |  |  |
6.00%, 11/01/28 |  | 27 | 26,934
8.88%, 11/15/31 |  | 71 | 74,440
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) |  | 287 | 294,070
Standard Industries, Inc. |  |  |
2.25%, 11/21/26(h) | EUR | 100 | 116,347
4.38%, 07/15/30(b) | USD | 141 | 133,505
3.38%, 01/15/31(b) |  | 34 | 30,491
Wilsonart LLC, 11.00%, 08/15/32(b) |  | 177 | 160,809
|  |  | 2,884,054
Building Products(b) — 0.2%
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 5 | 4,586
GYP Holdings III Corp., 4.63%, 05/01/29 |  | 74 | 74,172
QXO Building Products, Inc., 6.75%, 04/30/32 |  | 300 | 309,061
White Cap Buyer LLC, 6.88%, 10/15/28 |  | 737 | 735,830
|  |  | 1,123,649
Capital Markets — 0.3%
Apollo Debt Solutions BDC |  |  |
6.70%, 07/29/31 |  | 35 | 36,370
6.55%, 03/15/32(b) |  | 9 | 9,193
Ares Capital Corp., 5.50%, 09/01/30 |  | 70 | 69,783
Ares Strategic Income Fund |  |  |
5.60%, 02/15/30 |  | 77 | 76,767
5.80%, 09/09/30(b) |  | 60 | 60,210
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 15 | 14,828
Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 170 | 166,235
Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 135 | 136,374
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 28 | 29,088
Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 34 | 35,664
Blue Owl Technology Finance Corp., 6.75%, 04/04/29 |  | 16 | 16,317
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b) |  | 65 | 58,344
Focus Financial Partners LLC, 6.75%, 09/15/31(b) |  | 202 | 206,194
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34 |  | 39 | 39,002
HAT Holdings I LLC/HAT Holdings II LLC(b) |  |  |
3.38%, 06/15/26 |  | 59 | 57,750
8.00%, 06/15/27 |  | 54 | 56,259
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 183 | 177,314
9.75%, 01/15/29 |  | 42 | 40,800
4.38%, 02/01/29 |  | 31 | 26,058
10.00%, 11/15/29(b) |  | 138 | 136,623
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(b) |  | 64 | 65,805
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 |  | 100 | 115,100
|  |  | 1,630,078
Chemicals — 0.7%
Avient Corp., 6.25%, 11/01/31(b) |  | 37 | 37,346
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) |  | 300 | 316,286
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 |  | 8 | 8,189
6.75%, 04/15/33 |  | 47 | 47,488
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 96 | 95,141
5.75%, 11/15/28(b) |  | 167 | 156,530
8.00%, 01/15/33(b) |  | 73 | 68,358
Element Solutions, Inc., 3.88%, 09/01/28(b) |  | 590 | 572,179

Schedule of Investments
17

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Herens Holdco SARL, 4.75%, 05/15/28(b) | USD | 200 | $179,495
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) |  | 77 | 77,378
Ingevity Corp., 3.88%, 11/01/28(b) |  | 23 | 21,935
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(f) |  | 100 | 89,206
LYB International Finance III LLC, 6.15%, 05/15/35 |  | 25 | 25,948
Mativ Holdings, Inc., 8.00%, 10/01/29(b) |  | 35 | 31,713
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |  | 51 | 50,852
Minerals Technologies, Inc., 5.00%, 07/01/28(b) |  | 55 | 54,099
Olympus Water U.S. Holding Corp.(b) |  |  |
9.75%, 11/15/28 |  | 200 | 210,606
7.25%, 06/15/31 |  | 400 | 408,000
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  | 185 | 179,151
WR Grace Holdings LLC(b) |  |  |
4.88%, 06/15/27 |  | 74 | 73,572
5.63%, 08/15/29 |  | 1,071 | 969,454
7.38%, 03/01/31 |  | 185 | 189,443
|  |  | 3,862,369
Commercial Services & Supplies — 1.6%
ADT Security Corp., 4.88%, 07/15/32(b) |  | 68 | 65,231
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30(b) |  | 200 | 204,106
Allied Universal Holdco LLC, 7.88%, 02/15/31(b) |  | 957 | 999,770
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |
6.00%, 06/01/29 |  | 515 | 500,874
6.88%, 06/15/30 |  | 208 | 210,821
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b) |  | 400 | 388,082
APi Group DE, Inc.(b) |  |  |
4.13%, 07/15/29 |  | 67 | 63,879
4.75%, 10/15/29 |  | 32 | 31,404
Belron U.K. Finance PLC, 5.75%, 10/15/29(b) |  | 200 | 201,669
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 63 | 61,679
6.50%, 05/15/32 |  | 520 | 536,496
Boost Newco Borrower LLC, 7.50%, 01/15/31(b) |  | 400 | 424,606
Brink’s Co.(b) |  |  |
6.50%, 06/15/29 |  | 39 | 40,201
6.75%, 06/15/32 |  | 193 | 200,990
Clarivate Science Holdings Corp.(b) |  |  |
3.88%, 07/01/28 |  | 328 | 314,396
4.88%, 07/01/29 |  | 180 | 169,488
Deluxe Corp., 8.13%, 09/15/29(b) |  | 31 | 31,994
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) |  | 76 | 79,617
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |
5.50%, 05/01/28 |  | 248 | 246,665
7.88%, 12/01/30 |  | 161 | 170,823
7.00%, 05/01/31 |  | 259 | 268,178
7.00%, 06/15/32 |  | 528 | 545,175
5.88%, 04/15/33 |  | 107 | 105,653
Garda World Security Corp.(b) |  |  |
4.63%, 02/15/27 |  | 70 | 69,566
7.75%, 02/15/28 |  | 123 | 127,251
6.00%, 06/01/29 |  | 16 | 15,617
8.25%, 08/01/32 |  | 224 | 229,870
8.38%, 11/15/32 |  | 631 | 648,169
Herc Holdings, Inc.(b) |  |  |
6.63%, 06/15/29 |  | 29 | 29,754
7.00%, 06/15/30 |  | 120 | 125,323

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Herc Holdings, Inc.(b) (continued) |  |  |
7.25%, 06/15/33 | USD | 61 | $63,916
Hertz Corp., 12.63%, 07/15/29(b) |  | 36 | 37,647
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) |  | 106 | 106,005
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) |  | 262 | 262,000
Service Corp. International |  |  |
3.38%, 08/15/30 |  | 2 | 1,838
4.00%, 05/15/31 |  | 49 | 45,848
5.75%, 10/15/32 |  | 420 | 424,283
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |  |  |
6.75%, 08/15/32 |  | 262 | 272,105
5.50%, 05/15/33 | EUR | 100 | 121,848
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) | USD | 202 | 181,905
United Rentals North America, Inc., 6.13%, 03/15/34(b) |  | 17 | 17,510
Veritiv Operating Co., 10.50%, 11/30/30(b) |  | 41 | 44,382
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) |  | 188 | 197,575
WEX, Inc., 6.50%, 03/15/33(b) |  | 176 | 177,567
Williams Scotsman, Inc.(b) |  |  |
6.63%, 06/15/29 |  | 71 | 72,883
6.63%, 04/15/30 |  | 222 | 230,603
7.38%, 10/01/31 |  | 49 | 51,577
|  |  | 9,416,839
Communications Equipment(b) — 0.1%
CommScope LLC |  |  |
4.75%, 09/01/29 |  | 203 | 198,185
9.50%, 12/15/31 |  | 78 | 81,683
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 31 | 28,967
|  |  | 308,835
Construction & Engineering(b) — 0.1%
Arcosa, Inc. |  |  |
4.38%, 04/15/29 |  | 117 | 113,179
6.88%, 08/15/32 |  | 125 | 129,727
Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 586 | 540,665
Dycom Industries, Inc., 4.50%, 04/15/29 |  | 37 | 36,012
|  |  | 819,583
Consumer Finance — 0.2%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(a)(b) |  | 11 | 11,076
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 49 | 54,047
7.88%, 06/15/32 |  | 74 | 76,960
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 30 | 30,980
6.63%, 05/15/29 |  | 129 | 132,489
5.38%, 11/15/29 |  | 26 | 25,575
7.88%, 03/15/30 |  | 72 | 76,505
4.00%, 09/15/30 |  | 95 | 87,660
7.50%, 05/15/31 |  | 21 | 21,942
7.13%, 11/15/31 |  | 52 | 54,105
6.75%, 03/15/32 |  | 152 | 154,859
7.13%, 09/15/32 |  | 112 | 115,950
SLM Corp., 6.50%, 01/31/30 |  | 16 | 16,794
|  |  | 858,942
Consumer Staples Distribution & Retail — 0.0%
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 |  | 39 | 41,363
4.80%, 11/18/44 |  | 77 | 73,535
|  |  | 114,898

18
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Containers & Packaging — 0.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |
6.00%, 06/15/27 | USD | 200 | $200,614
4.00%, 09/01/29 |  | 285 | 260,170
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(h) | EUR | 100 | 112,757
4.13%, 08/15/26(b) | USD | 200 | 187,774
Ball Corp., 4.25%, 07/01/32 | EUR | 100 | 119,346
Clydesdale Acquisition Holdings, Inc.(b) |  |  |
6.63%, 04/15/29 | USD | 49 | 49,710
6.88%, 01/15/30 |  | 143 | 146,186
8.75%, 04/15/30 |  | 189 | 193,314
6.75%, 04/15/32 |  | 444 | 455,663
Crown Americas LLC, 5.88%, 06/01/33(b) |  | 165 | 166,128
LABL, Inc.(b) |  |  |
5.88%, 11/01/28 |  | 83 | 72,580
9.50%, 11/01/28 |  | 131 | 121,093
8.63%, 10/01/31 |  | 148 | 126,594
Mauser Packaging Solutions Holding Co.(b) |  |  |
7.88%, 04/15/27 |  | 1,062 | 1,079,408
9.25%, 04/15/27 |  | 40 | 39,720
Sealed Air Corp.(b) |  |  |
4.00%, 12/01/27 |  | 19 | 18,543
5.00%, 04/15/29 |  | 15 | 14,837
6.50%, 07/15/32 |  | 46 | 47,668
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b) |  | 27 | 28,641
|  |  | 3,440,746
Diversified REITs — 0.2%
Digital Realty Trust LP, 1.88%, 11/15/29(b) |  | 20 | 21,028
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) |  | 35 | 33,426
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  | 138 | 132,324
Iron Mountain, Inc.(b) |  |  |
5.25%, 07/15/30 |  | 6 | 5,918
5.63%, 07/15/32 |  | 44 | 43,650
6.25%, 01/15/33 |  | 217 | 223,121
Rithm Capital Corp., 8.00%, 07/15/30(b) |  | 42 | 42,210
SBA Communications Corp., 3.13%, 02/01/29 |  | 170 | 160,561
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) |  | 451 | 478,079
|  |  | 1,140,317
Diversified Telecommunication Services — 1.0%
Altice Financing SA, 5.75%, 08/15/29(b) |  | 200 | 146,036
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) |  | 200 | 201,026
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30(f) |  | 698 | 637,294
10.75%, 11/30/29 |  | 334 | 343,794
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27(b) |  | 12 | 12,005
5.00%, 05/01/28(b) |  | 21 | 20,991
6.75%, 05/01/29(b) |  | 28 | 28,366
5.88%, 11/01/29 |  | 46 | 46,798
6.00%, 01/15/30(b) |  | 59 | 59,761
8.75%, 05/15/30(b) |  | 553 | 578,367
8.63%, 03/15/31(b) |  | 98 | 104,126
Iliad Holding SASU(b) |  |  |
7.00%, 10/15/28 |  | 200 | 203,655

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Iliad Holding SASU(b) (continued) |  |  |
8.50%, 04/15/31 | USD | 250 | $267,406
Level 3 Financing, Inc.(b) |  |  |
3.63%, 01/15/29 |  | 18 | 15,390
4.88%, 06/15/29 |  | 214 | 199,823
11.00%, 11/15/29 |  | 319 | 365,952
4.50%, 04/01/30 |  | 87 | 78,401
3.88%, 10/15/30 |  | 33 | 28,628
10.75%, 12/15/30 |  | 234 | 265,504
4.00%, 04/15/31 |  | 5 | 3,947
10.00%, 10/15/32 |  | 49 | 49,490
6.88%, 06/30/33 |  | 674 | 685,811
Lumen Technologies, Inc.(b) |  |  |
4.13%, 04/15/29 |  | 50 | 48,500
4.13%, 04/15/30 |  | 50 | 48,692
10.00%, 10/15/32 |  | 51 | 52,086
Sable International Finance Ltd., 7.13%, 10/15/32(b) |  | 200 | 200,562
Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 110 | 118,529
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) |  | 574 | 601,142
Zayo Group Holdings, Inc.(b) |  |  |
4.00%, 03/01/27 |  | 524 | 491,395
6.13%, 03/01/28 |  | 137 | 118,227
|  |  | 6,021,704
Electric Utilities — 0.2%
Alpha Generation LLC, 6.75%, 10/15/32(b) |  | 69 | 71,128
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |  | 200 | 206,072
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(i) |  | 162 | 152,527
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54(a) |  | 46 | 47,724
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |  | 8 | 7,751
Pike Corp., 8.63%, 01/31/31(b) |  | 23 | 25,014
Texas Competitive Electric Holdings, Series M, 8.50%, 11/10/21(c)(d)(g) |  | 2,375 | —
Vistra Operations Co. LLC(b) |  |  |
7.75%, 10/15/31 |  | 163 | 173,243
6.88%, 04/15/32 |  | 82 | 85,730
XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/31(b) |  | 327 | 349,270
|  |  | 1,118,459
Electronic Equipment, Instruments & Components(b) — 0.1%
Coherent Corp., 5.00%, 12/15/29 |  | 45 | 44,196
Sensata Technologies BV, 4.00%, 04/15/29 |  | 36 | 34,239
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 |  | 146 | 139,387
3.75%, 02/15/31 |  | 145 | 132,171
6.63%, 07/15/32 |  | 200 | 205,830
WESCO Distribution, Inc., 6.38%, 03/15/33 |  | 205 | 211,884
Xerox Corp., 10.25%, 10/15/30 |  | 31 | 32,455
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 29 | 29,820
|  |  | 829,982
Energy Equipment & Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |
6.88%, 04/01/27 |  | 77 | 77,079
6.25%, 04/01/28 |  | 18 | 18,060
6.63%, 09/01/32 |  | 115 | 117,166
Enerflex Ltd., 9.00%, 10/15/27(b) |  | 31 | 31,966
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) |  | 133 | 137,577

Schedule of Investments
19

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Energy Equipment & Services (continued)
Oceaneering International, Inc., 6.00%, 02/01/28 | USD | 18 | $18,148
Star Holding LLC, 8.75%, 08/01/31(b) |  | 127 | 119,680
Tidewater, Inc., 07/15/30(b)(j) |  | 65 | 66,876
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29(b) |  | 96 | 98,393
Weatherford International Ltd., 8.63%, 04/30/30(b) |  | 137 | 141,210
|  |  | 826,155
Entertainment — 0.7%
Boyne USA, Inc., 4.75%, 05/15/29(b) |  | 165 | 160,107
Caesars Entertainment, Inc.(b) |  |  |
4.63%, 10/15/29 |  | 338 | 322,633
7.00%, 02/15/30 |  | 416 | 430,802
6.50%, 02/15/32 |  | 162 | 166,231
Churchill Downs, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 47 | 46,394
5.75%, 04/01/30 |  | 292 | 292,952
6.75%, 05/01/31 |  | 188 | 193,231
Cinemark USA, Inc., 7.00%, 08/01/32(b) |  | 19 | 19,725
Flutter Treasury DAC, 5.88%, 06/04/31(b) |  | 200 | 201,500
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) |  | 94 | 92,009
Light & Wonder International, Inc., 7.50%, 09/01/31(b) |  | 41 | 42,903
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b) |  | 54 | 46,930
Live Nation Entertainment, Inc.(b) |  |  |
4.75%, 10/15/27 |  | 58 | 57,369
3.75%, 01/15/28 |  | 35 | 33,867
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |  | 40 | 38,531
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(b) |  | 70 | 72,255
Odeon Finco PLC, 12.75%, 11/01/27(b) |  | 519 | 542,296
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |
5.63%, 09/01/29 |  | 34 | 19,465
5.88%, 09/01/31 |  | 49 | 26,827
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(b) |  | 43 | 43,056
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b) |  | 58 | 55,892
Six Flags Entertainment Corp., 7.25%, 05/15/31(b) |  | 53 | 54,467
Vail Resorts, Inc., 6.50%, 05/15/32(b) |  | 90 | 92,992
Voyager Parent LLC, 9.25%, 07/01/32(b) |  | 92 | 95,719
Warnermedia Holdings, Inc., 03/15/42(j) |  | 119 | 80,176
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |
5.13%, 10/01/29 |  | 202 | 200,542
7.13%, 02/15/31 |  | 322 | 343,400
6.25%, 03/15/33 |  | 45 | 45,289
|  |  | 3,817,560
Environmental, Maintenance & Security Service — 0.4%
Clean Harbors, Inc., 6.38%, 02/01/31(b) |  | 7 | 7,172
GFL Environmental, Inc.(b) |  |  |
4.00%, 08/01/28 |  | 8 | 7,759
4.75%, 06/15/29 |  | 164 | 161,814
4.38%, 08/15/29 |  | 65 | 63,117
6.75%, 01/15/31 |  | 117 | 122,432
Madison IAQ LLC, 5.88%, 06/30/29(b) |  | 1,203 | 1,183,480
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(b) |  | 43 | 40,908
5.00%, 09/01/30 |  | 21 | 19,848

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Waste Pro USA, Inc., 7.00%, 02/01/33(b) | USD | 448 | $465,077
Wrangler Holdco Corp., 6.63%, 04/01/32(b) |  | 183 | 190,514
|  |  | 2,262,121
Financial Services — 0.6%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(a) |  | 20 | 20,356
Azorra Finance Ltd.(b) |  |  |
7.75%, 04/15/30 |  | 40 | 41,525
01/15/31(j) |  | 36 | 36,753
Freedom Mortgage Holdings LLC(b) |  |  |
9.25%, 02/01/29 |  | 42 | 43,625
9.13%, 05/15/31 |  | 102 | 105,140
8.38%, 04/01/32 |  | 50 | 50,539
GGAM Finance Ltd.(b) |  |  |
8.00%, 02/15/27 |  | 83 | 85,576
8.00%, 06/15/28 |  | 29 | 30,674
6.88%, 04/15/29 |  | 65 | 67,199
5.88%, 03/15/30 |  | 209 | 210,484
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) |  | 89 | 91,336
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) |  | 200 | 193,335
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b) |  | 40 | 42,333
Midcap Financial Issuer Trust, 5.63%, 01/15/30(b) |  | 200 | 184,750
Nationstar Mortgage Holdings, Inc.(b) |  |  |
6.50%, 08/01/29 |  | 172 | 175,690
5.13%, 12/15/30 |  | 21 | 21,254
5.75%, 11/15/31 |  | 79 | 80,232
7.13%, 02/01/32 |  | 164 | 170,346
PennyMac Financial Services, Inc.(b) |  |  |
7.88%, 12/15/29 |  | 52 | 55,218
7.13%, 11/15/30 |  | 217 | 224,895
6.88%, 05/15/32 |  | 107 | 109,404
6.88%, 02/15/33 |  | 51 | 52,275
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) |  | 137 | 141,896
Rocket Cos., Inc.(b) |  |  |
6.13%, 08/01/30 |  | 383 | 390,288
6.38%, 08/01/33 |  | 311 | 318,215
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) |  |  |
2.88%, 10/15/26 |  | 75 | 73,145
3.88%, 03/01/31 |  | 35 | 32,446
4.00%, 10/15/33 |  | 31 | 27,735
UWM Holdings LLC, 6.63%, 02/01/30(b) |  | 207 | 207,214
|  |  | 3,283,878
Food Products(b) — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
5.88%, 02/15/28 |  | 84 | 83,916
6.25%, 03/15/33 |  | 246 | 253,583
Aramark Services, Inc., 5.00%, 02/01/28 |  | 41 | 40,835
B&G Foods, Inc., 8.00%, 09/15/28 |  | 22 | 21,181
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(f) |  | 439 | 470,441
Chobani LLC/Chobani Finance Corp., Inc. |  |  |
4.63%, 11/15/28 |  | 258 | 253,224
7.63%, 07/01/29 |  | 273 | 284,483
Darling Global Finance BV, 4.50%, 07/15/32 | EUR | 100 | 119,219
Darling Ingredients, Inc., 6.00%, 06/15/30 | USD | 174 | 176,298
Fiesta Purchaser, Inc. |  |  |
7.88%, 03/01/31 |  | 5 | 5,306
9.63%, 09/15/32 |  | 80 | 84,413

20
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 | USD | 39 | $40,391
Lamb Weston Holdings, Inc., 4.13%, 01/31/30 |  | 248 | 236,492
Performance Food Group, Inc. |  |  |
4.25%, 08/01/29 |  | 74 | 71,354
6.13%, 09/15/32 |  | 190 | 194,357
Post Holdings, Inc. |  |  |
4.63%, 04/15/30 |  | 36 | 34,604
4.50%, 09/15/31 |  | 28 | 25,990
6.38%, 03/01/33 |  | 76 | 76,693
6.25%, 10/15/34 |  | 95 | 95,540
U.S. Foods, Inc., 7.25%, 01/15/32 |  | 60 | 63,183
United Natural Foods, Inc., 6.75%, 10/15/28 |  | 65 | 64,153
|  |  | 2,695,656
Gas Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30(b) |  | 38 | 39,424
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |  | 29 | 27,437
Venture Global Plaque |  |  |
6.50%, 01/15/34 |  | 280 | 280,000
6.75%, 01/15/36 |  | 292 | 292,000
Venture Global Plaquemines LNG LLC(b) |  |  |
7.50%, 05/01/33 |  | 91 | 97,445
7.75%, 05/01/35 |  | 81 | 87,676
|  |  | 823,982
Ground Transportation — 0.0%
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) |  | 106 | 108,160
Health Care Equipment & Supplies(b) — 0.3%
Bausch & Lomb Corp., 8.38%, 10/01/28 |  | 533 | 556,319
Insulet Corp., 6.50%, 04/01/33 |  | 144 | 150,132
Medline Borrower LP |  |  |
3.88%, 04/01/29 |  | 157 | 150,601
5.25%, 10/01/29 |  | 458 | 454,430
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 |  | 275 | 282,503
Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 60 | 62,060
Sotera Health Holdings LLC, 7.38%, 06/01/31 |  | 94 | 97,802
|  |  | 1,753,847
Health Care Providers & Services — 0.7%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |  | 32 | 32,967
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  | 110 | 107,268
CHS/Community Health Systems, Inc.(b) |  |  |
5.63%, 03/15/27 |  | 320 | 315,194
6.00%, 01/15/29 |  | 180 | 173,136
5.25%, 05/15/30 |  | 225 | 199,518
4.75%, 02/15/31 |  | 72 | 61,552
10.88%, 01/15/32 |  | 301 | 319,020
Concentra Health Services, Inc., 6.88%, 07/15/32(b) |  | 86 | 89,041
DaVita, Inc.(b) |  |  |
6.88%, 09/01/32 |  | 43 | 44,556
6.75%, 07/15/33 |  | 53 | 54,728
Fortrea Holdings, Inc., 7.50%, 07/01/30(b) |  | 23 | 20,819
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |  | 52 | 51,554
HealthEquity, Inc., 4.50%, 10/01/29(b) |  | 496 | 482,252
IQVIA, Inc., 6.25%, 06/01/32(b) |  | 281 | 288,367
LifePoint Health, Inc.(b) |  |  |
9.88%, 08/15/30 |  | 28 | 30,288
11.00%, 10/15/30 |  | 314 | 346,404
8.38%, 02/15/32 |  | 56 | 59,670

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
LifePoint Health, Inc.(b) (continued) |  |  |
10.00%, 06/01/32 | USD | 218 | $224,903
Molina Healthcare, Inc., 6.25%, 01/15/33(b) |  | 194 | 197,472
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |  | 28 | 27,790
Star Parent, Inc., 9.00%, 10/01/30(b) |  | 185 | 194,586
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b) |  | 292 | 297,552
Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 456 | 471,773
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b) |  | 154 | 158,841
|  |  | 4,249,251
Health Care REITs — 0.0%
MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32(b) |  | 211 | 220,823
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |  | 173 | 177,920
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) |  | 29 | 29,156
Pebblebrook Hotel Trust, 1.75%, 12/15/26 |  | 3 | 2,835
RHP Hotel Properties LP/RHP Finance Corp.(b) |  |  |
4.50%, 02/15/29 |  | 39 | 38,118
6.50%, 04/01/32 |  | 326 | 335,274
6.50%, 06/15/33 |  | 84 | 86,415
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) |  | 74 | 69,053
Service Properties Trust |  |  |
8.63%, 11/15/31(b) |  | 556 | 596,906
8.88%, 06/15/32 |  | 113 | 116,193
XHR LP, 6.63%, 05/15/30(b) |  | 28 | 28,528
|  |  | 1,480,398
Hotels, Restaurants & Leisure — 0.8%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) |  | 46 | 46,650
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.00%, 10/15/30(b) |  | 211 | 196,624
Carnival Corp.(b) |  |  |
6.00%, 05/01/29 |  | 358 | 361,738
5.88%, 06/15/31 |  | 131 | 133,456
6.13%, 02/15/33 |  | 232 | 237,371
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |
4.63%, 01/15/29 |  | 139 | 133,137
6.75%, 01/15/30 |  | 586 | 540,762
Hilton Domestic Operating Co., Inc., 5.88%, 03/15/33(b) |  | 304 | 309,739
Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 50 | 51,584
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) |  | 17 | 17,747
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  | 84 | 84,495
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  | 78 | 61,272
Melco Resorts Finance Ltd.(b) |  |  |
5.38%, 12/04/29 |  | 200 | 187,634
7.63%, 04/17/32 |  | 200 | 202,400
MGM Resorts International, 6.13%, 09/15/29 |  | 108 | 109,852
NCL Corp. Ltd.(b) |  |  |
8.13%, 01/15/29 |  | 31 | 32,680
6.25%, 03/01/30 |  | 36 | 36,307
6.75%, 02/01/32 |  | 138 | 140,985
NCL Finance Ltd., 6.13%, 03/15/28(b) |  | 46 | 46,748
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) |  | 36 | 37,991
Sabre GLBL, Inc.(b) |  |  |
8.63%, 06/01/27 |  | 25 | 25,594
10.75%, 11/15/29 |  | 88 | 90,424
11.13%, 07/15/30 |  | 121 | 126,566

Schedule of Investments
21

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Station Casinos LLC(b) |  |  |
4.50%, 02/15/28 | USD | 69 | $67,662
4.63%, 12/01/31 |  | 175 | 163,928
6.63%, 03/15/32 |  | 43 | 43,968
Vail Resorts, Inc., 5.63%, 07/15/30 |  | 65 | 65,000
Viking Cruises Ltd.(b) |  |  |
5.88%, 09/15/27 |  | 58 | 58,032
7.00%, 02/15/29 |  | 13 | 13,114
9.13%, 07/15/31 |  | 215 | 231,555
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  | 27 | 26,868
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b) |  | 44 | 43,044
Wynn Macau Ltd., 5.63%, 08/26/28(b) |  | 400 | 392,300
|  |  | 4,317,227
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b) |  |  |
4.63%, 08/01/29 |  | 32 | 30,560
4.63%, 04/01/30 |  | 46 | 43,743
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 14 | 14,027
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |  |  |
5.00%, 06/15/29 |  | 67 | 60,975
4.88%, 02/15/30 |  | 56 | 49,985
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |  | 26 | 27,106
Empire Communities Corp., 9.75%, 05/01/29(b) |  | 13 | 13,294
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) |  | 209 | 226,568
LGI Homes, Inc.(b) |  |  |
8.75%, 12/15/28 |  | 33 | 34,305
7.00%, 11/15/32 |  | 62 | 59,008
Mattamy Group Corp., 4.63%, 03/01/30(b) |  | 72 | 69,202
Meritage Homes Corp., 1.75%, 05/15/28 |  | 98 | 94,886
New Home Co., Inc., 9.25%, 10/01/29(b) |  | 56 | 58,057
Newell Brands, Inc., 8.50%, 06/01/28(b) |  | 61 | 64,063
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 5 | 4,829
4.38%, 02/01/32 |  | 97 | 89,071
Somnigroup International, Inc.(b) |  |  |
4.00%, 04/15/29 |  | 89 | 85,091
3.88%, 10/15/31 |  | 23 | 20,911
STL Holding Co. LLC, 8.75%, 02/15/29(b) |  | 31 | 32,387
SWF Holdings I Corp., 6.50%, 10/06/29(b) |  | 285 | 135,400
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 63 | 63,554
6.50%, 06/15/33 |  | 67 | 67,215
|  |  | 1,344,237
Household Products — 0.0%
Central Garden & Pet Co. |  |  |
4.13%, 10/15/30 |  | 26 | 24,544
4.13%, 04/30/31(b) |  | 39 | 36,205
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) |  | 15 | 13,621
|  |  | 74,370
Independent Power and Renewable Electricity Producers(b) — 0.3%
Calpine Corp. |  |  |
4.63%, 02/01/29 |  | 47 | 46,418
5.00%, 02/01/31 |  | 19 | 18,796
Clearway Energy Operating LLC |  |  |
4.75%, 03/15/28 |  | 8 | 7,905
3.75%, 01/15/32 |  | 215 | 192,941
Lightning Power LLC, 7.25%, 08/15/32 |  | 23 | 24,206
NRG Energy, Inc. |  |  |
5.75%, 07/15/29 |  | 131 | 131,168
6.00%, 02/01/33 |  | 186 | 187,854

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (continued) |  |  |
6.25%, 11/01/34 | USD | 428 | $436,067
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(i) |  | 44 | 45,067
XPLR Infrastructure LP |  |  |
0.00%, 11/15/25(k) |  | 152 | 147,820
2.50%, 06/15/26 |  | 179 | 170,945
|  |  | 1,409,187
Industrial Conglomerates — 0.0%
Amsted Industries, Inc., 6.38%, 03/15/33(b) |  | 32 | 32,527
Axon Enterprise, Inc.(b) |  |  |
6.13%, 03/15/30 |  | 21 | 21,596
6.25%, 03/15/33 |  | 127 | 130,767
Enpro, Inc., 6.13%, 06/01/33(b) |  | 49 | 50,094
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(c)(d)(g) |  | 5,125 | —
|  |  | 234,984
Insurance(b) — 1.4%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32 |  | 38 | 38,539
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer |  |  |
4.25%, 10/15/27 |  | 275 | 269,940
6.75%, 10/15/27 |  | 589 | 588,652
6.75%, 04/15/28 |  | 37 | 37,614
5.88%, 11/01/29 |  | 373 | 367,688
7.00%, 01/15/31 |  | 299 | 309,289
7.38%, 10/01/32 |  | 528 | 544,270
AmWINS Group, Inc. |  |  |
6.38%, 02/15/29 |  | 36 | 36,693
4.88%, 06/30/29 |  | 88 | 85,520
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 |  | 53 | 54,214
Ardonagh Finco Ltd., 7.75%, 02/15/31 |  | 400 | 418,188
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 |  | 600 | 631,348
AssuredPartners, Inc., 7.50%, 02/15/32 |  | 99 | 106,081
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC |  |  |
7.25%, 02/15/31 |  | 400 | 414,207
8.13%, 02/15/32 |  | 245 | 254,805
HUB International Ltd. |  |  |
7.25%, 06/15/30 |  | 1,007 | 1,052,350
7.38%, 01/31/32 |  | 1,195 | 1,250,362
Jones Deslauriers Insurance Management, Inc. |  |  |
8.50%, 03/15/30 |  | 136 | 144,150
10.50%, 12/15/30 |  | 115 | 122,568
Panther Escrow Issuer LLC, 7.13%, 06/01/31 |  | 832 | 864,241
Ryan Specialty LLC, 5.88%, 08/01/32 |  | 265 | 267,084
USI, Inc., 7.50%, 01/15/32 |  | 119 | 125,564
|  |  | 7,983,367
Interactive Media & Services — 0.1%
Snap, Inc., 6.88%, 03/01/33(b) |  | 398 | 408,398
Internet Software & Services(b) — 0.3%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 |  | 200 | 190,854
ANGI Group LLC, 3.88%, 08/15/28 |  | 80 | 74,587
Getty Images, Inc., 11.25%, 02/21/30 |  | 393 | 390,052
Match Group Holdings II LLC |  |  |
4.13%, 08/01/30 |  | 137 | 128,121
3.63%, 10/01/31 |  | 65 | 58,158
Rakuten Group, Inc., 9.75%, 04/15/29 |  | 200 | 219,076
Uber Technologies, Inc. |  |  |
7.50%, 09/15/27 |  | 15 | 15,134

22
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Internet Software & Services (continued)
Uber Technologies, Inc. (continued) |  |  |
6.25%, 01/15/28 | USD | 201 | $201,931
4.50%, 08/15/29 |  | 330 | 327,671
|  |  | 1,605,584
IT Services(b) — 0.1%
Amentum Holdings, Inc., 7.25%, 08/01/32 |  | 63 | 64,837
CA Magnum Holdings, 5.38%, 10/31/26 |  | 201 | 199,236
CACI International, Inc., 6.38%, 06/15/33 |  | 105 | 108,354
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 |  | 210 | 220,000
KBR, Inc., 4.75%, 09/30/28 |  | 75 | 71,813
McAfee Corp., 7.38%, 02/15/30 |  | 168 | 158,656
|  |  | 822,896
Machinery — 0.5%
ATS Corp., 4.13%, 12/15/28(b) |  | 35 | 33,467
Chart Industries, Inc., 7.50%, 01/01/30(b) |  | 213 | 222,995
Esab Corp., 6.25%, 04/15/29(b) |  | 66 | 67,575
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |  | 35 | 27,650
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b) |  | 586 | 612,691
Manitowoc Co., Inc., 9.25%, 10/01/31(b) |  | 32 | 33,678
Terex Corp., 6.25%, 10/15/32(b) |  | 43 | 43,087
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28(h) | EUR | 90 | 106,280
7.63%, 07/15/28(b) | USD | 200 | 200,208
TK Elevator Midco GmbH, 4.38%, 07/15/27(h) | EUR | 200 | 235,576
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) | USD | 515 | 514,639
Vertiv Group Corp., 4.13%, 11/15/28(b) |  | 781 | 761,464
|  |  | 2,859,310
Media — 1.0%
Adelphia Communications Corp., 10.50%, 12/31/49(c)(d)(g) |  | 400 | —
Cable One, Inc. |  |  |
0.00%, 03/15/26(k) |  | 28 | 26,491
1.13%, 03/15/28 |  | 82 | 62,525
CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
5.38%, 06/01/29(b) |  | 376 | 374,625
6.38%, 09/01/29(b) |  | 261 | 266,229
4.75%, 03/01/30(b) |  | 129 | 124,976
4.50%, 08/15/30(b) |  | 22 | 20,974
4.25%, 02/01/31(b) |  | 102 | 95,286
7.38%, 03/01/31(b) |  | 627 | 654,218
4.75%, 02/01/32(b) |  | 37 | 35,096
4.50%, 05/01/32 |  | 7 | 6,519
4.50%, 06/01/33(b) |  | 9 | 8,226
4.25%, 01/15/34(b) |  | 218 | 194,061
CSC Holdings LLC(b) |  |  |
5.50%, 04/15/27 |  | 200 | 190,949
5.38%, 02/01/28 |  | 200 | 183,111
11.25%, 05/15/28 |  | 200 | 199,247
11.75%, 01/31/29 |  | 200 | 190,231
Directv Financing LLC/Directv Financing Co-Obligor, Inc.(b) |  |  |
5.88%, 08/15/27 |  | 173 | 172,435
10.00%, 02/15/31 |  | 171 | 166,011
DISH DBS Corp.(b) |  |  |
5.25%, 12/01/26 |  | 188 | 170,610
5.75%, 12/01/28 |  | 215 | 186,109
DISH Network Corp., 11.75%, 11/15/27(b) |  | 511 | 526,752
Gray Media, Inc.(b) |  |  |
7.00%, 05/15/27 |  | 90 | 89,960
10.50%, 07/15/29 |  | 215 | 230,969
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |  | 180 | 121,246
Midcontinent Communications, 8.00%, 08/15/32(b) |  | 145 | 153,450

Security |  | Par (000) | Value
Media (continued)
Sinclair Television Group, Inc., 8.13%, 02/15/33(b) | USD | 169 | $170,727
Sirius XM Radio LLC(b) |  |  |
3.13%, 09/01/26 |  | 8 | 7,849
5.00%, 08/01/27 |  | 98 | 97,161
4.00%, 07/15/28 |  | 53 | 50,902
Univision Communications, Inc.(b) |  |  |
6.63%, 06/01/27 |  | 145 | 144,604
8.00%, 08/15/28 |  | 341 | 346,040
8.50%, 07/31/31 |  | 202 | 202,224
|  |  | 5,469,813
Metals & Mining — 0.7%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) |  | 184 | 188,187
Arsenal AIC Parent LLC(b) |  |  |
8.00%, 10/01/30 |  | 46 | 49,091
11.50%, 10/01/31 |  | 426 | 477,517
ATI, Inc. |  |  |
5.88%, 12/01/27 |  | 19 | 19,017
4.88%, 10/01/29 |  | 32 | 31,343
7.25%, 08/15/30 |  | 103 | 107,934
5.13%, 10/01/31 |  | 88 | 86,006
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |  | 296 | 298,389
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 65 | 67,261
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 22 | 21,982
6.88%, 11/01/29(b) |  | 165 | 162,449
Constellium SE(b) |  |  |
3.75%, 04/15/29 |  | 250 | 234,920
6.38%, 08/15/32 |  | 250 | 254,157
ERO Copper Corp., 6.50%, 02/15/30(b) |  | 105 | 104,475
First Quantum Minerals Ltd., 9.38%, 03/01/29(b) |  | 200 | 211,930
Kaiser Aluminum Corp.(b) |  |  |
4.63%, 03/01/28 |  | 63 | 61,640
4.50%, 06/01/31 |  | 468 | 437,819
New Gold, Inc., 6.88%, 04/01/32(b) |  | 164 | 169,015
Novelis Corp.(b) |  |  |
4.75%, 01/30/30 |  | 195 | 186,615
6.88%, 01/30/30 |  | 159 | 164,395
3.88%, 08/15/31 |  | 96 | 86,262
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(h) | EUR | 100 | 114,270
Vallourec SACA, 7.50%, 04/15/32(b) | USD | 200 | 209,652
|  |  | 3,744,326
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc. |  |  |
3.75%, 01/15/27 |  | 124 | 120,580
7.75%, 12/01/29 |  | 14 | 14,892
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 43 | 45,228
6.00%, 04/15/30 |  | 21 | 21,240
6.50%, 07/01/30 |  | 41 | 42,347
6.50%, 10/15/30 |  | 182 | 187,904
|  |  | 432,191
Oil, Gas & Consumable Fuels — 1.3%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |  | 93 | 97,551
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29(b) |  | 66 | 65,504
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |
9.00%, 11/01/27 |  | 38 | 46,455
5.88%, 06/30/29 |  | 89 | 89,151

Schedule of Investments
23

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) (continued) |  |  |
6.63%, 07/15/33 | USD | 54 | $54,783
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |  |  |
7.00%, 07/15/29 |  | 56 | 58,445
7.25%, 07/15/32 |  | 45 | 47,685
Buckeye Partners LP |  |  |
6.88%, 07/01/29(b) |  | 4 | 4,144
6.75%, 02/01/30(b) |  | 23 | 23,875
5.85%, 11/15/43 |  | 16 | 14,102
5.60%, 10/15/44 |  | 1 | 843
Chord Energy Corp., 6.75%, 03/15/33(b) |  | 30 | 30,649
CITGO Petroleum Corp., 8.38%, 01/15/29(b) |  | 130 | 135,219
Civitas Resources, Inc.(b) |  |  |
8.38%, 07/01/28 |  | 57 | 58,363
8.75%, 07/01/31 |  | 48 | 48,533
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  | 32 | 30,226
CNX Resources Corp., 7.25%, 03/01/32(b) |  | 29 | 30,027
Comstock Resources, Inc.(b) |  |  |
6.75%, 03/01/29 |  | 350 | 350,603
5.88%, 01/15/30 |  | 2 | 1,943
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |  | 250 | 246,974
Crescent Energy Finance LLC(b) |  |  |
7.63%, 04/01/32 |  | 171 | 166,964
7.38%, 01/15/33 |  | 147 | 140,503
01/15/34(j) |  | 120 | 120,075
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) |  | 92 | 91,571
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) |  | 35 | 36,443
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 415 | 458,108
Enbridge, Inc.(a) |  |  |
(5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 40 | 41,094
(5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 54 | 56,105
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) |  | 74 | 81,722
Energy Transfer LP(a) |  |  |
(5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 75 | 76,910
(5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 127 | 135,113
Series H, (5-year CMT + 5.69%), 6.50%(i) |  | 129 | 129,576
Excelerate Energy LP, 8.00%, 05/15/30(b) |  | 57 | 60,087
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 29 | 29,429
8.25%, 01/15/29 |  | 61 | 63,787
8.88%, 04/15/30 |  | 5 | 5,309
7.88%, 05/15/32 |  | 91 | 94,617
8.00%, 05/15/33 |  | 48 | 50,185
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |  | 39 | 39,547
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |  | 45 | 46,118
Harvest Midstream I LP, 7.50%, 05/15/32(b) |  | 25 | 26,404
Hess Midstream Operations LP, 6.50%, 06/01/29(b) |  | 64 | 65,818
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |
6.25%, 11/01/28 |  | 3 | 3,007
5.75%, 02/01/29 |  | 60 | 59,219
6.00%, 04/15/30 |  | 5 | 4,861
6.25%, 04/15/32 |  | 5 | 4,774
8.38%, 11/01/33 |  | 144 | 149,413
6.88%, 05/15/34 |  | 91 | 87,163
7.25%, 02/15/35 |  | 34 | 33,247

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Howard Midstream Energy Partners LLC(b) |  |  |
8.88%, 07/15/28 | USD | 37 | $38,844
7.38%, 07/15/32 |  | 27 | 28,396
ITT Holdings LLC, 6.50%, 08/01/29(b) |  | 135 | 128,378
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b) |  | 176 | 182,150
Kinetik Holdings LP, 5.88%, 06/15/30(b) |  | 6 | 6,051
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |  | 82 | 82,580
Matador Resources Co.(b) |  |  |
6.88%, 04/15/28 |  | 64 | 65,262
6.50%, 04/15/32 |  | 75 | 75,039
Nabors Industries, Inc., 7.38%, 05/15/27(b) |  | 46 | 45,425
NGL Energy Operating LLC/NGL Energy Finance Corp.(b) |  |  |
8.13%, 02/15/29 |  | 69 | 69,711
8.38%, 02/15/32 |  | 239 | 239,718
Noble Finance II LLC, 8.00%, 04/15/30(b) |  | 37 | 37,674
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b) |  | 207 | 208,839
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |  | 42 | 43,496
Parkland Corp., 6.63%, 08/15/32(b) |  | 45 | 45,994
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) |  | 34 | 30,525
Permian Resources Operating LLC(b) |  |  |
8.00%, 04/15/27 |  | 70 | 71,568
7.00%, 01/15/32 |  | 57 | 59,091
6.25%, 02/01/33 |  | 135 | 136,253
Prairie Acquiror LP, 9.00%, 08/01/29(b) |  | 50 | 52,081
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  | 14 | 13,744
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) |  | 100 | 104,707
Sunoco LP, 6.25%, 07/01/33(b) |  | 66 | 67,102
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |
5.50%, 01/15/28 |  | 35 | 34,795
7.38%, 02/15/29 |  | 149 | 153,139
6.00%, 12/31/30 |  | 2 | 1,962
6.00%, 09/01/31 |  | 32 | 31,227
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) |  | 135 | 130,827
TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |  | 15 | 15,604
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  | 12 | 11,947
Transocean, Inc.(b) |  |  |
8.00%, 02/01/27 |  | 89 | 87,676
8.25%, 05/15/29 |  | 53 | 49,001
8.75%, 02/15/30 |  | 37 | 38,666
8.50%, 05/15/31 |  | 63 | 56,237
Valaris Ltd., 8.38%, 04/30/30(b) |  | 139 | 142,610
Venture Global LNG, Inc.(b) |  |  |
9.50%, 02/01/29 |  | 540 | 588,264
8.38%, 06/01/31 |  | 233 | 242,002
9.88%, 02/01/32 |  | 205 | 221,392
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(b) |  | 27 | 23,845
9.75%, 10/15/30 |  | 62 | 56,118
7.88%, 04/15/32(b) |  | 132 | 112,863
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |  | 71 | 70,529
|  |  | 7,693,576
Paper & Forest Products — 0.0%
Magnera Corp., 7.25%, 11/15/31(b) |  | 33 | 31,116
Passenger Airlines(b) — 0.1%
American Airlines, Inc., 8.50%, 05/15/29 |  | 85 | 89,125
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 |  | 55 | 53,509

24
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Passenger Airlines (continued)
OneSky Flight LLC, 8.88%, 12/15/29 | USD | 59 | $61,433
United Airlines, Inc., 4.63%, 04/15/29 |  | 98 | 95,125
|  |  | 299,192
Personal Care Products — 0.1%
Opal Bidco SAS, 6.50%, 03/31/32(b) |  | 200 | 204,123
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 236 | 238,263
|  |  | 442,386
Pharmaceuticals — 0.4%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 1,545 | 1,558,550
Bausch Health Cos., Inc., 11.00%, 09/30/28(b) |  | 386 | 382,140
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b) |  | 40 | 42,342
Option Care Health, Inc., 4.38%, 10/31/29(b) |  | 79 | 76,030
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 |  | 130 | 127,115
|  |  | 2,186,177
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(b) |  | 37 | 34,934
Series AI, 7.00%, 04/15/30 |  | 80 | 74,739
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |  | 37 | 37,596
CoreLogic, Inc., 4.50%, 05/01/28(b) |  | 345 | 329,089
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b) |  | 208 | 223,358
Howard Hughes Corp., 4.38%, 02/01/31(b) |  | 53 | 48,911
|  |  | 748,627
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |  | 97 | 94,384
Semiconductors & Semiconductor Equipment — 0.0%
MKS, Inc., 1.25%, 06/01/30 |  | 134 | 132,057
ON Semiconductor Corp., 0.50%, 03/01/29 |  | 61 | 56,376
|  |  | 188,433
Software — 1.3%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) |  | 1,274 | 1,253,951
Camelot Finance SA, 4.50%, 11/01/26(b) |  | 43 | 42,340
Capstone Borrower, Inc., 8.00%, 06/15/30(b) |  | 280 | 291,902
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b) |  | 219 | 181,090
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  | 68 | 55,261
Cloud Software Group, Inc.(b) |  |  |
6.50%, 03/31/29 |  | 818 | 825,618
9.00%, 09/30/29 |  | 1,549 | 1,605,578
8.25%, 06/30/32 |  | 813 | 865,218
CoreWeave, Inc., 9.25%, 06/01/30(b) |  | 89 | 90,988
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) |  | 153 | 156,825
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) |  | 302 | 308,854
Fair Isaac Corp., 6.00%, 05/15/33(b) |  | 363 | 366,327
Playtika Holding Corp., 4.25%, 03/15/29(b) |  | 21 | 19,058
SS&C Technologies, Inc., 6.50%, 06/01/32(b) |  | 374 | 388,255
Twilio, Inc. |  |  |
3.63%, 03/15/29 |  | 22 | 20,945
3.88%, 03/15/31 |  | 43 | 40,217

Security |  | Par (000) | Value
Software (continued)
UKG, Inc., 6.88%, 02/01/31(b) | USD | 877 | $909,953
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) |  | 162 | 152,312
|  |  | 7,574,692
Specialty Retail — 0.0%
Staples, Inc., 10.75%, 09/01/29(b) |  | 45 | 42,589
Technology Hardware, Storage & Peripherals — 0.0%
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) |  | 33 | 35,009
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30(b) |  | 76 | 77,135
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 54 | 57,510
8.50%, 07/15/31 |  | 76 | 81,562
|  |  | 251,216
Textiles, Apparel & Luxury Goods(b) — 0.1%
Beach Acquisition Bidco LLC(j) |  |  |
07/15/32 | EUR | 200 | 237,357
07/15/33 | USD | 239 | 247,727
Crocs, Inc. |  |  |
4.25%, 03/15/29 |  | 57 | 54,377
4.13%, 08/15/31 |  | 13 | 11,707
Hanesbrands, Inc., 9.00%, 02/15/31 |  | 3 | 3,176
Under Armour, Inc., 7.25%, 07/15/30 |  | 38 | 38,483
|  |  | 592,827
Trading Companies & Distributors(b) — 0.0%
Gates Corp/DE, 6.88%, 07/01/29 |  | 74 | 76,839
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 18 | 16,967
6.50%, 07/15/32 |  | 91 | 93,229
|  |  | 187,035
Wireless Telecommunication Services — 0.2%
Altice France SA(b) |  |  |
5.13%, 07/15/29 |  | 400 | 330,610
5.50%, 10/15/29 |  | 200 | 165,783
T-Mobile U.S., Inc. |  |  |
3.38%, 04/15/29 |  | 67 | 64,464
3.50%, 04/15/31 |  | 26 | 24,412
Vmed O2 U.K. Financing I PLC(b) |  |  |
4.25%, 01/31/31 |  | 200 | 183,224
4.75%, 07/15/31 |  | 200 | 185,005
|  |  | 953,498
Total Corporate Bonds — 20.2% (Cost: $123,305,378) | 116,237,541
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31(d) |  | 62 | —
Financial Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/09/27 |  | 13 | 12,439
Health Care Equipment & Supplies — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,037 | 1,041,105
IT Services — 0.0%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 169 | 164,212

Schedule of Investments
25

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software — 0.3%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 | USD | 1,672 | $1,684,540
Total Fixed Rate Loan Interests — 0.5% (Cost: $2,950,135) | 2,902,296
Floating Rate Loan Interests(a)
Aerospace & Defense — 3.0%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30 |  | 801 | 804,148
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30 |  | 1,215 | 1,216,996
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29 |  | 1,111 | 1,111,589
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 3,017 | 1,562,582
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 614 | 317,350
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 2,308 | 2,308,383
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 877 | 876,992
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 552 | 552,169
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 604 | 602,964
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.18%, 02/01/29 |  | 432 | 300,434
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/01/28 |  | 1,633 | 1,437,175
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29 |  | 193 | 193,878
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 11/05/28 |  | 587 | 590,226
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(d) |  | 561 | 563,590
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/28/31 |  | 4,113 | 4,119,586
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 01/19/32 |  | 837 | 837,799
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/22/30 |  | 98 | 98,070
|  |  | 17,493,931
Automobile Components — 1.6%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 539 | 502,310
Clarios Global LP |  |  |
2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/06/30 |  | 2,910 | 2,899,347
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 1,460 | 1,460,920

Security |  | Par (000) | Value
Automobile Components (continued)
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/02/31(d) | USD | 1,172 | $1,165,147
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32(d) |  | 102 | 102,127
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.08%, 06/04/31 |  | 1,760 | 1,758,507
RealTruck Group, Inc., 2023 Incremental Term Loan, (1- mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28 |  | 416 | 377,216
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 1,121 | 1,091,854
|  |  | 9,357,428
Beverages — 0.5%
Naked Juice LLC |  |  |
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.80%, 01/24/29 |  | 1,510 | 1,494,004
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.65%, 01/24/29 |  | 831 | 659,673
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.40%, 01/24/30 |  | 559 | 257,667
Sazerac Co., Inc., Term Loan B, 06/25/32(d)(l) |  | 741 | 740,074
|  |  | 3,151,418
Biotechnology — 0.4%
Parexel International Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28 |  | 2,513 | 2,513,307
Broadline Retail — 0.7%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28(d) |  | 442 | 441,231
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 3,666 | 3,549,522
|  |  | 3,990,753
Building Products — 1.3%
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31 |  | 820 | 818,855
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/13/29 |  | 112 | 112,613
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.68%, 11/03/28 |  | 2,658 | 2,660,480
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.83%, 10/02/28 |  | 1,190 | 1,187,044
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 2,524 | 2,482,131
|  |  | 7,261,123
Capital Markets — 2.6%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 08/02/28 |  | 1,902 | 1,903,650
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 02/15/31 |  | 1,828 | 1,812,419
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30 |  | 542 | 542,675
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 12/20/29 |  | 1,067 | 1,069,462

26
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31 | USD | 619 | $619,620
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31 |  | 1,213 | 1,214,173
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 1,343 | 1,348,179
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/07/28 |  | 1,247 | 1,248,108
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/15/31 |  | 1,330 | 1,326,483
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31 |  | 1,978 | 1,975,080
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31 |  | 661 | 661,506
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28 |  | 1,039 | 1,040,697
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(d) |  | 227 | 225,518
|  |  | 14,987,570
Chemicals — 2.9%
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 08/18/28 |  | 610 | 607,532
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30 |  | 1,665 | 1,657,079
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 150 | 149,917
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/18/30 |  | 1,380 | 1,383,744
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32 |  | 510 | 509,204
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30 |  | 260 | 260,548
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 02/18/30 |  | 606 | 579,633
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 10/07/31 |  | 525 | 477,463
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28 |  | 1,218 | 1,107,878
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31 |  | 865 | 863,574
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 1,851 | 1,854,538
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28 |  | 1,099 | 1,103,230
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 1,447 | 1,357,656
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31 |  | 505 | 499,688
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31 |  | 1,950 | 1,925,539

Security |  | Par (000) | Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30 | USD | 1,434 | $1,417,190
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28 |  | 1,236 | 1,236,981
|  |  | 16,991,394
Commercial Services & Supplies — 5.3%
Action Environmental Group, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30(d) |  | 805 | 804,814
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 3,733 | 3,749,199
Anticimex International AB, 2024 Term Loan B6, (3-mo. SOFR + 3.40%), 7.66%, 11/16/28 |  | 608 | 610,137
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30 |  | 957 | 957,741
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27 |  | 1,824 | 1,826,756
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32 |  | 736 | 734,935
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28 |  | 907 | 914,254
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31 |  | 3,952 | 3,904,849
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 1,471 | 1,471,625
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32 |  | 2,041 | 2,039,306
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/02/31 |  | 568 | 566,656
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30 |  | 626 | 626,639
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 1,604 | 1,440,671
NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.51%), 7.84%, 08/19/26 |  | 145 | 131,738
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32 |  | 2,215 | 2,218,217
Prime Security Services Borrower LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 10/13/30 |  | 871 | 871,380
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32 |  | 1,223 | 1,211,534
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30 |  | 1,821 | 1,825,690
Reworld Holding Corp , Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 969 | 970,695
Reworld Holding Corp., Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 75 | 74,950
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 11/14/30 |  | 74 | 74,132
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.56%, 02/15/29 |  | 248 | 248,994
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 08/31/28 |  | 2,274 | 2,262,966

Schedule of Investments
27

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/02/27 | USD | 630 | $596,771
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.58%, 02/22/31 |  | 762 | 728,943
|  |  | 30,863,592
Communications Equipment — 0.3%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30 |  | 1,236 | 1,240,918
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.93%, 05/30/30 |  | 299 | 285,060
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.94%, 03/02/29 |  | 194 | 185,309
|  |  | 1,711,287
Construction & Engineering — 0.8%
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 3,202 | 2,667,569
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31 |  | 374 | 375,055
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28 |  | 510 | 509,964
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.44%, 01/21/28 |  | 924 | 928,263
|  |  | 4,480,851
Construction Materials — 1.7%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 1,437 | 1,441,388
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29 |  | 717 | 647,754
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29 |  | 726 | 666,755
Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 12/14/27 |  | 465 | 466,293
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 03/19/29 |  | 1,012 | 1,011,256
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/10/32 |  | 2,222 | 2,218,541
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.07%, 09/22/28 |  | 461 | 461,385
White Cap Supply Holdings LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 2,922 | 2,901,109
|  |  | 9,814,481
Consumer Staples Distribution & Retail — 0.2%
EG America LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28 |  | 326 | 327,581
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31 |  | 621 | 625,605
|  |  | 953,186
Containers & Packaging — 1.7%
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, 11/29/30 |  | 3,427 | 3,437,581

Security |  | Par (000) | Value
Containers & Packaging (continued)
Clydesdale Acquisition Holdings, Inc. |  |  |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 | USD | 6 | $5,634
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 1,458 | 1,451,044
Colossus Acquireco LLC, Term Loan B, 06/11/32(l) |  | 1,006 | 998,706
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27 |  | 1,201 | 1,200,556
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 02/01/29 |  | 1,475 | 1,478,007
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/04/32 |  | 260 | 261,214
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28 |  | 1,118 | 1,097,074
|  |  | 9,929,816
Diversified Consumer Services — 1.5%
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/24/28 |  | 1,266 | 1,268,923
Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29 |  | 835 | 722,277
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30 |  | 783 | 782,616
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28 |  | 196 | 195,090
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30 |  | 592 | 592,889
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31 |  | 545 | 546,351
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.33%, 02/07/31 |  | 696 | 698,645
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30 |  | 1,386 | 1,390,808
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30 |  | 492 | 492,875
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 1,844 | 1,834,912
|  |  | 8,525,386
Diversified REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/20/30 |  | 438 | 436,784
Diversified Telecommunication Services — 2.7%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 9.25%, 01/31/26(d) |  | 1,677 | 1,551,550
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, 09/27/29 |  | 639 | 605,694
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 09/20/30 |  | 572 | 572,253
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 2,873 | 2,902,333
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 1,064 | 1,049,401

28
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc. (continued) |  |  |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 | USD | 679 | $669,282
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 122 | 125,328
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28 |  | 506 | 454,741
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29 |  | 2,934 | 2,553,081
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29 |  | 1,212 | 1,200,159
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 4,386 | 4,162,908
|  |  | 15,846,730
Electric Utilities — 0.5%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31 |  | 1,385 | 1,386,613
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30 |  | 1,285 | 1,287,291
|  |  | 2,673,904
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 |  | 25 | 25,420
Electronic Equipment, Instruments & Components — 0.4%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(d) |  | 834 | 833,580
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29 |  | 1,524 | 1,524,693
|  |  | 2,358,273
Energy Equipment & Services — 0.1%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 300 | 300,501
Entertainment — 2.8%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 1,196 | 1,187,479
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/01/31 |  | 2,981 | 2,988,427
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 09/30/31 |  | 1,712 | 1,712,859
2024 Term Loan B2, 09/30/31(l) |  | 856 | 855,842
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26 |  | 1,655 | 1,652,991
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29 |  | 1,219 | 1,157,262
NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26(f) |  | 649 | 596,700
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.19%, 03/13/28 |  | 837 | 821,993

Security |  | Par (000) | Value
Entertainment (continued)
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31 | USD | 2,240 | $2,247,491
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31 |  | 2,657 | 2,659,541
|  |  | 15,880,585
Financial Services — 4.9%
ABG Intermediate Holdings 2 LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 12/21/28 |  | 1,259 | 1,257,724
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32 |  | 898 | 895,128
Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 02/27/32 |  | 1,426 | 1,419,768
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29 |  | 1,902 | 1,902,176
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31 |  | 3,145 | 3,156,235
Boost Newco Borrower LLC, 2025 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 01/31/31 |  | 3,451 | 3,457,837
CPI Holdco B LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31 |  | 766 | 765,042
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | 1,732 | 1,726,398
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 2,597 | 2,519,598
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 982 | 935,212
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 3,120 | 3,120,967
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29 |  | 420 | 421,043
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(l) |  | 727 | 726,397
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30 |  | 288 | 286,832
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 171 | 171,369
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 02/15/31 |  | 1,691 | 1,694,999
Orion US Finco, 1st Lien Term Loan, 05/20/32(l) |  | 908 | 910,724
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 05/30/31 |  | 1,976 | 1,982,253
WEX, Inc. |  |  |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/31/28 |  | 323 | 323,190
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32 |  | 424 | 422,615
|  |  | 28,095,507
Food Products — 1.2%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 3,649 | 3,657,819

Schedule of Investments
29

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30 | USD | 146 | $146,981
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29 |  | 893 | 892,038
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28 |  | 828 | 830,631
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32 |  | 1,411 | 1,410,177
Wellness Pet LLC |  |  |
2025 First Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29 |  | 229 | 191,967
2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.08%, 12/31/29 |  | 128 | 70,318
|  |  | 7,199,931
Ground Transportation — 0.9%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.19%, 08/06/27 |  | 554 | 548,521
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31 |  | 3,191 | 3,171,934
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 1,012 | 839,127
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 199 | 164,733
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29 |  | 1,046 | 407,802
|  |  | 5,132,117
Health Care Equipment & Supplies — 0.5%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 837 | 836,044
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.67%, 06/26/30 |  | 1,917 | 1,912,734
|  |  | 2,748,778
Health Care Providers & Services — 4.6%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27 |  | 102 | 102,383
CHG Healthcare Services, Inc., 2024 Term Loan B1, (3- mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 09/29/28 |  | 876 | 878,760
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32 |  | 1,325 | 1,327,337
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/26/31 |  | 613 | 614,146
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.07%, 05/01/31 |  | 2,005 | 1,994,192
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29 |  | 1,397 | 1,402,030
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28 |  | 2,013 | 2,017,824
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, 11/30/28(f) |  | 471 | 369,844
2024 Superpriority New Money 1st Out Term Loan A, (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.88%, 08/31/28 |  | 684 | 694,402

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
EyeCare Partners LLC (continued) |  |  |
2024 Third Out Term Loan C, (3-mo. CME Term SOFR + 6.85%, 8.84% PIK), 10.98%, 11/30/28(c)(f)(g) | USD | 44 | $10,999
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 07/01/30 |  | 101 | 89,908
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 1,295 | 1,245,578
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 493 | 495,445
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.36%), 8.70%, 03/06/28 |  | 691 | 273,045
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 809 | 799,182
Medical Solutions Holdings, Inc. |  |  |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, 11/01/28 |  | 539 | 279,225
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.38%, 11/01/29 |  | 536 | 226,015
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, 10/23/28 |  | 7,339 | 7,342,026
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 10/27/28 |  | 697 | 700,615
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 2,481 | 2,414,850
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 123 | 123,441
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31 |  | 510 | 508,858
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 876 | 866,971
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 12/19/30 |  | 1,317 | 1,320,851
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31 |  | 332 | 332,756
|  |  | 26,430,683
Health Care Technology — 0.9%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 4,328 | 4,321,073
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%, 11/03/31 |  | 711 | 713,102
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/22/29 |  | 427 | 428,614
|  |  | 5,462,789
Hotels, Restaurants & Leisure — 6.0%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 09/20/30 |  | 1,850 | 1,840,225
Aimbridge Acquisition Co., Inc. |  |  |
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30 |  | 183 | 180,467
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.93%, 03/11/30 |  | 203 | 201,562

30
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30 | USD | 823 | $824,290
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28 |  | 1,542 | 1,358,670
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/31 |  | 2,879 | 2,873,778
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/30 |  | 925 | 922,743
Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27 |  | 202 | 201,400
Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31 |  | 677 | 675,978
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32 |  | 1,740 | 1,733,465
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 3,731 | 3,724,793
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30 |  | 3,463 | 3,450,154
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32(d) |  | 529 | 528,339
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/29 |  | 2,797 | 2,811,037
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 750 | 731,740
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 05/27/32 |  | 828 | 833,001
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30 |  | 696 | 698,067
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27 |  | 1,678 | 1,677,435
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 04/14/29 |  | 980 | 979,802
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30 |  | 190 | 187,446
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28 |  | 801 | 428,696
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29 |  | 1,249 | 1,249,822
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%, 04/04/29 |  | 372 | 371,700
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 12/04/31 |  | 461 | 459,795
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/01/31 |  | 301 | 300,727

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31 | USD | 1,879 | $1,881,094
Voyager Parent LLC, Term Loan B, 05/09/32(l) |  | 1,038 | 1,026,177
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28 |  | 1,095 | 1,094,630
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 05/24/30 |  | 1,137 | 1,140,665
|  |  | 34,387,698
Household Durables — 0.9%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 2,518 | 2,506,229
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/26/31 |  | 585 | 585,650
Serta Simmons Bedding LLC, 2023 New Term Loan, (3- mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28 |  | 441 | 400,365
Somnigroup International, Inc., 1st Lien Term Loan B, 10/24/31(l) |  | 454 | 454,967
Springs Windows Fashions, LLC, 2024 First Lien Second Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.44%, 10/06/28 |  | 658 | 501,333
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 153 | 152,558
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27 |  | 816 | 809,306
|  |  | 5,410,408
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/31/30 |  | 1,647 | 1,645,393
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 697 | 696,847
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, 12/15/27 |  | 957 | 959,491
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, 12/15/31 |  | 609 | 610,176
|  |  | 3,911,907
Industrial Conglomerates — 0.7%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(d)(l) |  | 301 | 302,505
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31 |  | 194 | 194,787
EMRLD Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 1,525 | 1,521,949

Schedule of Investments
31

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Industrial Conglomerates (continued)
EMRLD Borrower LP (continued) |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 05/31/30 | USD | 1,930 | $1,927,080
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29 |  | 205 | 170,174
|  |  | 4,116,495
Insurance — 5.5%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.07%, 09/19/31 |  | 6,767 | 6,768,022
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32 |  | 2,583 | 2,583,485
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 12/29/31 |  | 2,417 | 2,415,901
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 2,369 | 2,374,624
Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 05/26/31 |  | 1,745 | 1,743,855
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30 |  | 4,314 | 4,326,313
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 03/15/30 |  | 1,110 | 1,102,610
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31 |  | 1,874 | 1,871,229
Truist Insurance Holdings LLC |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 05/06/31 |  | 2,546 | 2,544,973
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 476 | 480,847
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 09/29/30 |  | 1,766 | 1,759,495
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 11/21/29 |  | 3,621 | 3,613,949
|  |  | 31,585,303
Interactive Media & Services — 0.2%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31 |  | 1,446 | 1,429,456
IT Services — 5.5%
Asurion LLC |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/31/28 |  | 985 | 939,810
2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/20/29 |  | 953 | 882,268
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.68%, 08/19/28 |  | 1,351 | 1,335,616
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 09/19/30 |  | 319 | 310,916
2025 Term Loan B13, 09/19/30(l) |  | 1,691 | 1,640,786
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 2,995 | 2,493,242
Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32(d) |  | 961 | 959,799

Security |  | Par (000) | Value
IT Services (continued)
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 06/12/31 | USD | 1,363 | $1,352,902
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31 |  | 2,622 | 2,626,852
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(d) |  | 563 | 563,563
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.08%, 05/30/31 |  | 2,295 | 2,296,681
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/09/29 |  | 1,242 | 1,242,858
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.29%, 07/27/28 |  | 397 | 331,435
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.00%), 11.54%, 07/27/28 |  | 466 | 214,453
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, 07/27/28(c)(f)(g) |  | 962 | 222,963
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 2,031 | 2,027,406
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.58%, 06/17/32 |  | 474 | 464,402
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31 |  | 609 | 584,984
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 11/17/31 |  | 1,596 | 1,597,883
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 10/26/30 |  | 859 | 862,416
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 07/16/31 |  | 1,682 | 1,684,494
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/31/31 |  | 3,571 | 3,582,162
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(l) |  | 674 | 679,264
X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.60%), 10.93%, 10/26/29 |  | 2,320 | 2,263,869
X.AI LLC, 1st Lien Term Loan , 06/28/30(l) |  | 598 | 569,344
|  |  | 31,730,368
Machinery — 4.4%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 08/16/29 |  | 1,742 | 1,742,874
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 07/31/28 |  | 1,960 | 1,955,511
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 6.79%, 03/15/30 |  | 531 | 531,499
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28(d) |  | 270 | 269,618
Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28 |  | 3,054 | 3,064,476

32
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Machinery (continued)
Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/03/31 | USD | 288 | $287,704
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 3,888 | 3,895,738
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29 |  | 793 | 791,249
Madison IAQ LLC |  |  |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.56%, 05/06/32 |  | 1,455 | 1,458,070
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.76%, 06/21/28 |  | 3,187 | 3,187,915
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29 |  | 1,825 | 1,830,766
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30 |  | 2,473 | 2,478,144
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27 |  | 2,192 | 2,193,115
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 572 | 248,116
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31 |  | 1,485 | 1,485,202
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.44%, 10/04/28 |  | 98 | 98,258
|  |  | 25,518,255
Media — 2.1%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 2,042 | 1,845,239
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 12/07/30 |  | 1,234 | 1,233,092
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 12/15/31 |  | 861 | 862,407
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 643 | 636,763
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 1,977 | 1,923,262
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 374 | 368,340
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27 |  | 260 | 260,276
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 09/03/30 |  | 942 | 940,714
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, 02/21/31(d) |  | 356 | 356,753
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 217 | 216,351
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 06/30/28 |  | 543 | 546,297

Security |  | Par (000) | Value
Media (continued)
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 12/10/31 | USD | 2,157 | $2,166,041
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28 |  | 1,066 | 1,040,565
|  |  | 12,396,100
Oil, Gas & Consumable Fuels — 1.3%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30 |  | 349 | 349,272
Freeport LNG Investments LLLP, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, 12/21/28 |  | 2,023 | 2,021,556
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 10/04/30 |  | 243 | 243,351
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30 |  | 690 | 690,270
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/01/32 |  | 541 | 542,931
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32 |  | 313 | 315,178
New Fortress Energy, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 10/30/28 |  | 192 | 49,692
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 02/03/31 |  | 261 | 258,593
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 10/05/28 |  | 2,620 | 2,617,775
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 06/16/32 |  | 248 | 247,638
|  |  | 7,336,256
Passenger Airlines — 1.1%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32(l) |  | 631 | 634,471
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31 |  | 1,462 | 1,461,977
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27 |  | 143 | 141,253
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.51%, 06/04/29 |  | 1,262 | 1,249,746
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.52%, 04/20/28 |  | 816 | 809,611
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29 |  | 786 | 734,470
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 02/22/31 |  | 1,052 | 1,052,070
|  |  | 6,083,598
Pharmaceuticals — 1.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 1,017 | 1,032,420
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.17%, 08/01/27 |  | 758 | 757,158

Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28 | USD | 1,597 | $1,603,776
Opal U.S. LLC, USD Term Loan B, 04/28/32(l) |  | 1,775 | 1,781,106
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31 |  | 467 | 457,861
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 899 | 898,617
|  |  | 6,530,938
Professional Services — 3.8%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28 |  | 1,733 | 1,738,724
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 1,481 | 1,477,694
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.94%, 06/04/29 |  | 488 | 472,872
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 1,629 | 1,610,203
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/28/28 |  | 2,535 | 2,534,522
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(d) |  | 1,662 | 1,662,252
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29 |  | 4,917 | 4,912,320
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29 |  | 448 | 448,267
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 432 | 400,162
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 05/12/28 |  | 817 | 805,726
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,878 | 1,879,260
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,593 | 1,594,016
Zelis Payments Buyer, Inc. |  |  |
5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/26/31 |  | 1,728 | 1,716,630
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 09/28/29 |  | 437 | 433,575
|  |  | 21,686,223
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 01/31/30 |  | 550 | 552,562
Semiconductors & Semiconductor Equipment — 0.3%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29 |  | 783 | 787,670
MKS Instruments, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, 08/17/29 |  | 1,105 | 1,105,835
|  |  | 1,893,505
Software — 9.8%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/24/31 |  | 3,268 | 3,280,391

Security |  | Par (000) | Value
Software (continued)
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29 | USD | 1,065 | $881,449
Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 2,889 | 2,868,297
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30 |  | 1,137 | 1,135,393
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 01/23/32 |  | 2,286 | 2,285,967
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 3,391 | 3,393,344
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 2,713 | 2,716,576
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 616 | 556,328
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 1,601 | 1,534,260
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31 |  | 3,170 | 3,170,983
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 8.55%, 06/26/31(d) |  | 651 | 647,801
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/09/29 |  | 2,447 | 2,451,517
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(d) |  | 513 | 523,260
Gen Digital, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 09/12/29 |  | 2,720 | 2,715,322
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 04/16/32 |  | 289 | 288,350
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/32 |  | 4,311 | 4,307,525
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28 |  | 1,414 | 1,418,841
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32 |  | 2,544 | 2,552,375
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 03/01/29 |  | 2,353 | 2,282,141
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 615 | 575,948
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 528 | 457,710
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 12/17/27 |  | 300 | 291,005
Proofpoint, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 08/31/28 |  | 3,089 | 3,089,255
2025 Fungible Term Loan, 08/31/28(l) |  | 318 | 318,035
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 04/30/32 |  | 420 | 422,213
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 1,841 | 1,826,622
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 169 | 165,602

34
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Sabre GLBL, Inc. (continued) |  |  |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 | USD | 96 | $94,153
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 06/30/28 |  | 48 | 47,902
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 806 | 802,860
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 235 | 221,890
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31 |  | 2,826 | 2,838,350
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/10/31 |  | 3,810 | 3,823,570
Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28 |  | 207 | 207,612
VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31 |  | 2,364 | 2,373,151
|  |  | 56,565,998
Specialty Retail — 0.9%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, 12/01/28 |  | 98 | 87,550
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 04/23/31 |  | 790 | 789,000
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 05/04/28 |  | 2,968 | 2,964,592
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 824 | 813,502
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28 |  | 281 | 273,372
|  |  | 4,928,016
Trading Companies & Distributors — 1.5%
Core & Main LP |  |  |
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 07/27/28 |  | 2,990 | 2,987,800
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31 |  | 697 | 697,494
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 2,153 | 2,103,947
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31 |  | 476 | 476,772
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/12/30 |  | 593 | 592,802
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32 |  | 277 | 277,809
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27 |  | 740 | 565,795
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, 06/30/29(d)(f) |  | 1,918 | 1,150,948
|  |  | 8,853,367
Transportation Infrastructure — 1.2%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31 |  | 2,846 | 2,838,872

Security |  | Par (000) | Value
Transportation Infrastructure (continued)
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31 | USD | 1,255 | $1,256,121
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31 |  | 1,742 | 1,743,630
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26 |  | 721 | 715,530
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30 |  | 217 | 215,276
|  |  | 6,769,429
Wireless Telecommunication Services — 0.4%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.19%, 04/30/28 |  | 812 | 795,090
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31 |  | 1,352 | 1,353,554
|  |  | 2,148,644
Total Floating Rate Loan Interests — 91.6% (Cost: $534,629,862) | 528,452,051

|  | Shares |
Investment Companies
Equity Funds — 2.5% |
Hearthside Equity |  | 8,393 | 160,306
Janus Henderson AAA CLO ETF |  | 135,000 | 6,851,250
SPDR Blackstone Senior Loan ETF |  | 175,000 | 7,278,250
|  |  | 14,289,806
Fixed Income Funds — 4.3% |
Invesco Senior Loan ETF |  | 961,200 | 20,108,304
iShares Broad USD High Yield Corporate Bond ETF(m) |  | 125,000 | 4,688,750
|  |  | 24,797,054
Total Investment Companies — 6.8% (Cost: $39,059,033) | 39,086,860

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

|  | Par (000) |
Preferred Securities
Capital Trusts — 0.7%(a)
Automobile Components — 0.1% |
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 | USD | 200 | 201,988

Schedule of Investments
35

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Banks(i) — 0.0% |
PNC Financial Services Group, Inc., Series W, 6.25% | USD | 72 | $74,032
Wells Fargo & Co., 6.85% |  | 44 | 46,236
|  |  | 120,268
Capital Markets — 0.0% |
Apollo Global Management, Inc., 6.00%, 12/15/54 |  | 84 | 81,911
Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 125 | 119,619
|  |  | 201,530
Electric Utilities — 0.1% |
AES Corp., 7.60%, 01/15/55 |  | 71 | 73,102
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 34 | 35,175
Dominion Energy, Inc., 6.63%, 05/15/55 |  | 15 | 15,223
Duke Energy Corp., 6.45%, 09/01/54 |  | 49 | 50,363
NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 |  | 55 | 56,163
|  |  | 230,026
Financial Services(i) — 0.3% |
Bank of America Corp., 6.63% |  | 365 | 378,013
Barclays PLC |  |  |
4.38% |  | 200 | 186,168
9.63% |  | 200 | 222,142
Citigroup, Inc. |  |  |
Series CC, 7.13% |  | 180 | 185,528
Series DD, 7.00% |  | 45 | 47,302
Series EE, 6.75% |  | 100 | 100,736
Series FF, 6.95% |  | 40 | 40,853
Goldman Sachs Group, Inc. |  |  |
6.85% |  | 85 | 87,719
Series Y, 6.13% |  | 205 | 205,270
UBS Group AG(b) |  |  |
7.75% |  | 200 | 210,553
Series NC10, 9.25% |  | 200 | 231,282
|  |  | 1,895,566
Independent Power and Renewable Electricity Producers(b)(i) — 0.1% |
NRG Energy, Inc., 10.25% |  | 145 | 161,013
Vistra Corp., 7.00% |  | 228 | 230,743
|  |  | 391,756
Insurance — 0.0% |
Corebridge Financial, Inc., 6.38%, 09/15/54 |  | 59 | 58,804
Multi-Utilities — 0.0% |
AltaGas Ltd., 7.20%, 10/15/54(b) |  | 52 | 52,012
Oil, Gas & Consumable Fuels(i) — 0.1% |
Energy Transfer LP, Series G, 7.13% |  | 62 | 63,157
Venture Global LNG, Inc., 9.00%(b) |  | 715 | 695,122
|  |  | 758,279
| 3,910,229

|  | Shares |
Preferred Stocks — 0.0%(c)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 382 | 66,794

Security |  | Shares | Value
IT Services(d) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 1,882 | $42,351
Series G-1 |  | 1,301 | 29,273
|  |  | 71,624
| 138,418
Total Preferred Securities — 0.7% (Cost: $4,173,432) | 4,048,647
Warrants
Energy Equipment & Services — 0.0% |
Turbo Cayman Ltd., (Strike Price GBP 0.01)(c)(d) |  | 1 | —
Financial Services — 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) |  | 2,435 | —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Investments — 121.9% (Cost: $717,762,644) | 702,917,776
Liabilities in Excess of Other Assets — (21.9)% | (126,254,784 )
Net Assets — 100.0% | $576,662,992

(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 $648,270, representing 0.1% of its net assets as of period end, and an original cost of $440,160.
(f) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(g) | Issuer filed for bankruptcy and/or is in default.
(h) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(i) | Perpetual security with no stated maturity date.
(j) | When-issued security.
(k) | Zero-coupon bond.
(l) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(m) | Affiliate of the Fund.
(n) | 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.
36
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a) | $— | $— (b) | $— | $— | $— | $— | — | $36,421 | $—
iShares Broad USD High Yield Corporate Bond ETF | — | 4,593,335 | — | — | 95,415 | 4,688,750 | 125,000 | 71,529 | —
|  |  |  | $— | $95,415 | $4,688,750 |  | $107,950 | $—

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

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

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 973,482 | EUR | 834,000 | BNP Paribas SA | 09/17/25 | $(13,925 )
USD | 115,535 | EUR | 100,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (2,860 )
|  |  |  |  |  | $(16,785 )

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.44.V1 | 5.00 % | Quarterly | 06/20/30 | B | USD | 500 | $38,417 | $27,048 | $11,369

(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, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 10,000 | $60,764 | $(109,763 ) | $170,527
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/25 | USD | 4,000 | 22,877 | (43,905 ) | 66,782
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 4,000 | 21,312 | (43,905 ) | 65,217
|  |  |  |  |  |  |  |  | $104,953 | $(197,573 ) | $302,526

Schedule of Investments
37

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $27,048 | $— | $11,369 | $—
OTC Swaps | — | (197,573 ) | 302,526 | —

(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 |  |  |  |  |  |  |
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) | $— | $11,369 | $— | $— | $— | $— | $11,369
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | — | — | 302,526 | — | 302,526
| $— | $11,369 | $— | $— | $302,526 | $— | $313,895
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $16,785 | $— | $— | $16,785
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | — | — | — | 197,573 | — | 197,573
| $— | $— | $— | $16,785 | $197,573 | $— | $214,358

(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, 2025, 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 | $— | $— | $— | $(2,208 ) | $— | $— | $(2,208 )
Swaps | — | 3,364 | — | — | 531,126 | — | 534,490
| $— | $3,364 | $— | $(2,208 ) | $531,126 | $— | $532,282
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(95,250 ) | $— | $— | $(95,250 )
Swaps | — | 9,478 | — | — | (642,220 ) | — | (632,742 )
| $— | $9,478 | $— | $(95,250 ) | $(642,220 ) | $— | $(727,992 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $909,899
Average amounts sold — in USD | — (a)
Credit default swaps: |
Average notional value — buy protection | — (a)
Average notional value — sell protection | 250,000
Total return swaps: |
Average notional value | 18,100,000

(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.
38
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | $— | $16,785
Swaps — centrally cleared | 1,794 | —
Swaps — OTC(a) | 302,526 | 197,573
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 304,320 | 214,358
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (1,794 ) | —
Total derivative assets and liabilities subject to an MNA | $302,526 | $214,358

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)
Morgan Stanley & Co. International PLC | $302,526 | $(200,433 ) | $— | $— | $102,093

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(d)(e)
BNP Paribas SA | $13,925 | $— | $— | $— | $13,925
Morgan Stanley & Co. International PLC | 200,433 | (200,433 ) | — | — | —
| $214,358 | $(200,433 ) | $— | $— | $13,925

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 represents the net amount receivable from the counterparty in the event of default.
(d) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e) | Net amount represents the net amount payable due to the 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 at the measurement date. 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 | $— | $9,657,425 | $— | $9,657,425
Common Stocks |  |  |  |
Construction & Engineering | 12,441 | — | — | 12,441
Electrical Equipment | — | — | — | —
Entertainment | — | — | 456,214 | 456,214
Financial Services | — | — | 930,647 | 930,647
Ground Transportation | — | 1,661 | — | 1,661
Health Care Providers & Services | — | 192,056 | — | 192,056
Industrial Conglomerates | — | 73,938 | — | 73,938
IT Services | — | — | 618,015 | 618,015
Semiconductors & Semiconductor Equipment | 6 | — | — | 6

Schedule of Investments
39

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Trading Companies & Distributors | $— | $— | $247,978 | $247,978
Corporate Bonds | — | 116,237,540 | 1 | 116,237,541
Fixed Rate Loan Interests | — | 2,902,296 | — | 2,902,296
Floating Rate Loan Interests | — | 515,059,582 | 13,392,469 | 528,452,051
Investment Companies |  |  |  |
Equity Funds | 14,129,500 | 160,306 | — | 14,289,806
Fixed Income Funds | 24,797,054 | — | — | 24,797,054
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Capital Trusts | — | 3,910,229 | — | 3,910,229
Preferred Stocks | — | 66,794 | 71,624 | 138,418
Warrants | — | — | — | —
Unfunded Floating Rate Loan Interests(a) | — | 331 | 137 | 468
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (876 ) | — | (876 )
| $38,939,001 | $648,261,282 | $15,717,085 | $702,917,368
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $11,369 | $— | $11,369
Interest Rate Contracts | — | 302,526 | — | 302,526
Liabilities |  |  |  |
Foreign Currency Exchange Contracts | — | (16,785 ) | — | (16,785 )
| $— | $297,110 | $— | $297,110

(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 $120,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant 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
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $1,426,241 | $205,241 | $2,375,848 | $22,428,208 | $— (a) | $63,638 | $—
Transfers into Level 3(b) | — | — | 31,366 | 3,468,859 | — | — | 16
Transfers out of Level 3(c) | — | — | (1,722,486 ) | (12,693,593 ) | — | — | —
Accrued discounts/premiums | — | 666 | 516 | 1,998 | — | — | —
Net realized gain (loss) | 51,704 | 102 | 4,660 | 4,338 | — | (19 ) | —
Net change in unrealized appreciation (depreciation)(d)(e) | (181,103 ) | 21,627 | (28,242 ) | 74,674 | — | 8,005 | 121
Purchases | 1,016,762 | — | 3,338 | 6,952,686 | — | — | —
Sales | (60,750 ) | (227,635 ) | (665,000 ) | (6,844,701 ) | — | — | —
Closing balance, as of June 30, 2025 | $2,252,854 | $1 | $— | $13,392,469 | $— (a) | $71,624 | $137
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(e) | $(181,103 ) | $— | $(34,703 ) | $123,562 | $— (a) | $8,005 | $121

| Total
Assets |
Opening balance, as of December 31, 2024 | $26,499,176
Transfers into Level 3(b) | 3,500,241
Transfers out of Level 3(c) | (14,416,079 )
Accrued discounts/premiums | 3,180
Net realized gain (loss) | 60,785
Net change in unrealized appreciation (depreciation)(d)(e) | (104,918 )

40
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)

| Total
Purchases | $7,972,786
Sales | (7,798,086 )
Closing balance, as of June 30, 2025 | $15,717,085
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(e) | $(84,118 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2025 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
41

Schedule of Investments (unaudited)
June 30, 2025
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%), 8.18%, 05/15/37(a)(b) | $ | 1,000 | $993,803
Golub Capital Partners CLO Ltd., Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 7.48%, 07/25/37(a)(b) |  | 1,000 | 1,001,837
Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 7.63%, 07/25/37(a)(b) |  | 1,000 | 996,039
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. CME Term SOFR + 3.45%), 7.72%, 04/20/37(a)(b) |  | 1,670 | 1,664,264
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 8.52%, 04/20/37(a)(b) |  | 1,000 | 990,686
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3- mo. CME Term SOFR + 2.65%), 6.89%, 01/05/38(a)(b) |  | 1,000 | 997,307
Total Asset-Backed Securities — 1.5% (Cost: $6,670,000) | 6,643,936

|  | Shares |
Common Stocks
Construction & Engineering — 0.0% |
Mcdermott International Ltd.(c) |  | 991 | 10,901
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $62,530)(c)(d)(e) |  | 4,977 | 442,953
Financial Services — 0.2% |
Aimbridge Acquisition Co., Inc.(c)(d) |  | 15,800 | 932,195
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc.(c) |  | 1,472 | 1,472
Industrial Conglomerates — 0.0% |
SVP Singer(c) |  | 17,689 | 84,023
IT Services — 0.2% |
Travelport Finance Luxembourg SARL(c)(d) |  | 267 | 717,434
Semiconductors & Semiconductor Equipment — 0.0% |
Maxeon Solar Technologies Ltd.(c) |  | 2 | 6
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp.(c)(d) |  | 23,534 | 235,344
Transportation Infrastructure — 0.1% |
Incora Top Holdco LLC(c)(d) |  | 14,441 | 333,298
Total Common Stocks — 0.6% (Cost: $4,329,119) | 2,757,626

|  | Par (000) |
Corporate Bonds
Chemicals(b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 | $ | 51 | 51,251
WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 388 | 351,212
|  |  | 402,463

Security |  | Par (000) | Value
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) | $ | 249 | $229,736
Diversified Telecommunication Services(b) — 0.1%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(f)(g) |  | 364 | 121,866
Zayo Group Holdings, Inc., 6.13%, 03/01/28 |  | 251 | 216,606
|  |  | 338,472
Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 8.50%, 11/10/21(c)(d)(f) |  | 1,710 | —
Entertainment(b) — 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29 |  | 390 | 372,269
Odeon Finco PLC, 12.75%, 11/01/27 |  | 607 | 634,246
|  |  | 1,006,515
Food Products — 0.1%
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(g) |  | 462 | 494,300
Hotels, Restaurants & Leisure(b) — 0.2%
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  | 441 | 406,956
Sabre GLBL, Inc., 11.13%, 07/15/30 |  | 647 | 676,762
|  |  | 1,083,718
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27(b) |  | 357 | 356,789
Internet Software & Services — 0.1%
Getty Images, Inc., 11.25%, 02/21/30(b) |  | 400 | 397,000
Machinery(b) — 0.3%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 |  | 336 | 351,304
Vertiv Group Corp., 4.13%, 11/15/28 |  | 901 | 878,506
|  |  | 1,229,810
Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 465 | 513,301
Pharmaceuticals — 0.1%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 645 | 650,657
Software(b) — 0.3%
AthenaHealth Group, Inc., 6.50%, 02/15/30 |  | 685 | 674,222
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 |  | 191 | 157,937
Ellucian Holdings, Inc., 6.50%, 12/01/29 |  | 324 | 331,353
|  |  | 1,163,512
Transportation Infrastructure — 0.1%
Incora Top Holdco LLC, 6.00%, 01/31/33(d) |  | 303 | 280,138
Total Corporate Bonds — 1.9% (Cost: $8,052,848) | 8,146,411
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31(d) |  | 59 | —
Health Care Equipment & Supplies — 0.3%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1,086 | 1,090,073

42
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services — 0.0%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | $ | 164 | $159,354
Software — 0.4%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 1,710 | 1,722,825
Total Fixed Rate Loan Interests — 0.7% (Cost: $3,016,146) | 2,972,252
Floating Rate Loan Interests(a)
Aerospace & Defense — 4.0%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30 |  | 755 | 757,967
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30 |  | 1,212 | 1,214,274
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29 |  | 1,097 | 1,097,710
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 3,370 | 1,745,222
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 687 | 355,431
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 2,236 | 2,236,662
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 854 | 853,986
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 552 | 552,169
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 586 | 585,402
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.18%, 02/01/29 |  | 407 | 282,486
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/01/28 |  | 1,567 | 1,379,484
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29 |  | 214 | 214,651
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 11/05/28 |  | 670 | 673,109
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(d) |  | 317 | 317,958
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/28/31 |  | 4,389 | 4,395,937
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 01/19/32 |  | 898 | 899,416
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/22/30 |  | 117 | 116,891
|  |  | 17,678,755
Automobile Components — 2.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 523 | 486,855

Security |  | Par (000) | Value
Automobile Components (continued)
Clarios Global LP |  |  |
2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/06/30 | $ | 3,183 | $3,171,406
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 1,432 | 1,432,902
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/02/31(d) |  | 1,140 | 1,133,249
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32(d) |  | 101 | 101,125
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.08%, 06/04/31 |  | 1,693 | 1,691,579
RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28 |  | 402 | 364,582
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 1,128 | 1,098,672
|  |  | 9,480,370
Beverages — 0.7%
Naked Juice LLC |  |  |
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.80%, 01/24/29 |  | 1,526 | 1,509,668
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.65%, 01/24/29 |  | 805 | 638,587
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.40%, 01/24/30 |  | 535 | 246,799
Sazerac Co., Inc., Term Loan B, 06/25/32(d)(h) |  | 713 | 712,109
|  |  | 3,107,163
Biotechnology — 0.7%
Parexel International Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28 |  | 2,875 | 2,875,329
Broadline Retail — 1.0%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28(d) |  | 518 | 516,403
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 3,863 | 3,740,553
|  |  | 4,256,956
Building Products — 1.8%
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31 |  | 865 | 863,574
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/13/29 |  | 129 | 129,183
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.68%, 11/03/28 |  | 3,024 | 3,027,142
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.83%, 10/02/28 |  | 1,152 | 1,149,425
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 2,736 | 2,691,009
|  |  | 7,860,333
Capital Markets — 3.4%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 08/02/28 |  | 1,811 | 1,812,952
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.98%, 02/15/31 |  | 1,792 | 1,776,823

Schedule of Investments
43

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30 | $ | 600 | $600,892
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 12/20/29 |  | 1,241 | 1,244,058
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31 |  | 578 | 578,327
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31 |  | 1,198 | 1,199,196
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 1,274 | 1,278,273
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/07/28 |  | 1,208 | 1,208,926
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/15/31 |  | 1,415 | 1,411,803
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31 |  | 1,852 | 1,849,369
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31 |  | 688 | 688,404
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28 |  | 1,158 | 1,159,912
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(d) |  | 222 | 220,247
|  |  | 15,029,182
Chemicals — 4.1%
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 08/18/28 |  | 590 | 587,975
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30 |  | 1,555 | 1,547,778
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 163 | 162,824
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/18/30 |  | 1,570 | 1,573,401
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32 |  | 493 | 492,231
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30 |  | 287 | 288,077
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 02/18/30 |  | 668 | 639,009
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 10/07/31 |  | 545 | 495,618
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28 |  | 1,221 | 1,110,270
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31 |  | 874 | 873,512

Security |  | Par (000) | Value
Chemicals (continued)
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 | $ | 2,046 | $2,050,009
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28 |  | 1,221 | 1,226,071
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 1,613 | 1,513,198
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31 |  | 535 | 529,313
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31 |  | 1,889 | 1,864,617
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30 |  | 1,633 | 1,614,253
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28 |  | 1,374 | 1,374,207
|  |  | 17,942,363
Commercial Services & Supplies — 7.1%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30(d) |  | 849 | 849,331
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 4,100 | 4,118,492
Anticimex International AB, 2024 Term Loan B6, (3-mo. SOFR + 3.40%), 7.66%, 11/16/28 |  | 574 | 575,129
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30 |  | 1,108 | 1,109,484
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27 |  | 2,028 | 2,031,761
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32 |  | 697 | 696,068
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28 |  | 1,010 | 1,018,804
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31 |  | 3,843 | 3,796,820
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 1,428 | 1,428,284
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32 |  | 2,002 | 2,000,338
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/02/31 |  | 458 | 457,558
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.82%, 10/17/30 |  | 679 | 680,251
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 1,564 | 1,405,367

44
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.51%), 7.84%, 08/19/26 | $ | 161 | $146,585
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32 |  | 2,114 | 2,116,345
Prime Security Services Borrower LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 10/13/30 |  | 733 | 732,623
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32 |  | 1,288 | 1,275,664
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30 |  | 1,773 | 1,777,244
Reworld Holding Corp , Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 1,109 | 1,110,457
Reworld Holding Corp., Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 86 | 85,742
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 11/14/30 |  | 81 | 81,051
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.56%, 02/15/29 |  | 242 | 242,994
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 08/31/28 |  | 2,159 | 2,147,959
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/02/27 |  | 608 | 575,896
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.58%, 02/22/31 |  | 741 | 708,025
|  |  | 31,168,272
Communications Equipment — 0.4%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30 |  | 1,377 | 1,382,188
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.93%, 05/30/30 |  | 287 | 273,779
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.94%, 03/02/29 |  | 184 | 176,690
|  |  | 1,832,657
Construction & Engineering — 1.1%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 3,552 | 2,959,069
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31 |  | 298 | 298,249
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28 |  | 361 | 360,585
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.44%, 01/21/28 |  | 1,043 | 1,048,758
|  |  | 4,666,661
Construction Materials — 2.2%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 1,601 | 1,606,280

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%), 10.33%, 03/08/29 | $ | 825 | $745,515
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29 |  | 705 | 647,955
Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 12/14/27 |  | 516 | 516,783
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 03/19/29 |  | 981 | 980,433
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/10/32 |  | 1,663 | 1,659,923
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.07%, 09/22/28 |  | 525 | 525,301
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 2,838 | 2,818,332
|  |  | 9,500,522
Consumer Staples Distribution & Retail — 0.2%
EG America LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28 |  | 326 | 327,581
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31 |  | 623 | 627,610
|  |  | 955,191
Containers & Packaging — 2.5%
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, 11/29/30 |  | 3,229 | 3,239,338
Clydesdale Acquisition Holdings, Inc. |  |  |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 6 | 6,024
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 1,413 | 1,406,694
Colossus Acquireco LLC, Term Loan B, 06/11/32(h) |  | 973 | 965,946
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27 |  | 1,326 | 1,325,028
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 02/01/29 |  | 1,626 | 1,629,483
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/04/32 |  | 1,161 | 1,165,107
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28 |  | 1,263 | 1,238,853
|  |  | 10,976,473
Diversified Consumer Services — 1.9%
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/24/28 |  | 1,295 | 1,297,938
Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29 |  | 919 | 795,277
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30 |  | 867 | 866,973

Schedule of Investments
45

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Consumer Services (continued)
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28 | $ | 217 | $216,658
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30 |  | 592 | 592,889
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31 |  | 565 | 566,290
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.33%, 02/07/31 |  | 404 | 405,096
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30 |  | 1,463 | 1,467,108
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30 |  | 494 | 495,869
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 1,838 | 1,828,919
|  |  | 8,533,017
Diversified REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/20/30 |  | 484 | 482,669
Diversified Telecommunication Services — 3.6%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 9.25%, 01/31/26(d) |  | 1,514 | 1,400,547
Connect Finco SARL, 2024 Extended Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, 09/27/29 |  | 618 | 585,401
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 09/20/30 |  | 634 | 634,645
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 2,705 | 2,732,618
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 1,027 | 1,013,732
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 750 | 739,472
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28 |  | 508 | 456,339
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 4.50%, 09/25/29 |  | 3,061 | 2,662,815
Virgin Media Bristol LLC, USD Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 01/31/28 |  | 988 | 974,528
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 5,045 | 4,788,673
|  |  | 15,988,770

Security |  | Par (000) | Value
Electric Utilities — 0.6%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31 | $ | 1,514 | $1,516,167
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30 |  | 1,241 | 1,243,303
|  |  | 2,759,470
Electronic Equipment, Instruments & Components — 0.5%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(d) |  | 440 | 439,560
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29 |  | 1,656 | 1,656,823
|  |  | 2,096,383
Energy Equipment & Services — 0.1%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 289 | 289,483
Entertainment — 3.6%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 1,161 | 1,153,201
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/01/31 |  | 3,064 | 3,071,626
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 09/30/31 |  | 1,668 | 1,668,105
2024 Term Loan B2, 09/30/31(h) |  | 834 | 833,852
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26 |  | 1,566 | 1,563,688
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29 |  | 1,186 | 1,126,069
NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26(g) |  | 621 | 571,296
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.19%, 03/13/28 |  | 800 | 785,789
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31 |  | 2,174 | 2,180,721
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31 |  | 2,970 | 2,972,888
|  |  | 15,927,235
Financial Services — 6.3%
ABG Intermediate Holdings 2 LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 12/21/28 |  | 1,400 | 1,398,009
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32 |  | 863 | 860,318
Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 02/27/32 |  | 1,377 | 1,371,090
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29 |  | 1,844 | 1,843,622

46
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31 | $ | 2,965 | $2,975,396
Boost Newco Borrower LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 01/31/31 |  | 3,330 | 3,337,213
CPI Holdco B LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31 |  | 791 | 790,011
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | 1,675 | 1,668,640
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 2,528 | 2,452,413
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 963 | 917,444
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 3,040 | 3,040,942
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29 |  | 604 | 605,691
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(h) |  | 706 | 705,414
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30 |  | 283 | 281,844
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 165 | 165,356
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 02/15/31 |  | 1,732 | 1,736,258
Orion US Finco, 1st Lien Term Loan, 05/20/32(h) |  | 884 | 886,652
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 05/30/31 |  | 2,188 | 2,195,312
WEX, Inc. |  |  |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/31/28 |  | 313 | 313,246
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32 |  | 404 | 402,727
|  |  | 27,947,598
Food Products — 1.8%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 4,037 | 4,046,561
H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30 |  | 160 | 161,517
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29 |  | 992 | 990,945
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28 |  | 918 | 920,457

Security |  | Par (000) | Value
Food Products (continued)
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32 | $ | 1,448 | $1,446,829
Wellness Pet LLC |  |  |
2025 First Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29 |  | 259 | 216,989
2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.08%, 12/31/29 |  | 144 | 79,483
|  |  | 7,862,781
Ground Transportation — 1.2%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.19%, 08/06/27 |  | 642 | 635,416
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31 |  | 3,197 | 3,177,853
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 970 | 804,177
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 190 | 157,872
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29 |  | 980 | 382,072
|  |  | 5,157,390
Health Care Equipment & Supplies — 0.7%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 928 | 926,321
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.33%, 06/26/30 |  | 2,128 | 2,123,689
|  |  | 3,050,010
Health Care Providers & Services — 5.9%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27 |  | 116 | 116,257
CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 09/29/28 |  | 997 | 1,000,435
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32 |  | 1,252 | 1,254,755
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/26/31 |  | 577 | 578,074
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.07%, 05/01/31 |  | 1,953 | 1,942,371
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29 |  | 1,347 | 1,351,889
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28 |  | 2,155 | 2,160,051

Schedule of Investments
47

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, 11/30/28(g) | $ | 457 | $359,065
2024 Superpriority New Money 1st Out Term Loan A, (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.88%, 08/31/28 |  | 628 | 636,971
2024 Third Out Term Loan C, 11/30/28(c)(f)(g)(h) |  | 48 | 11,922
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 07/01/30 |  | 112 | 99,583
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 1,258 | 1,209,796
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 562 | 565,312
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.36%), 8.70%, 03/06/28 |  | 765 | 302,028
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 779 | 769,583
Medical Solutions Holdings, Inc. |  |  |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, 11/01/28 |  | 889 | 460,594
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.38%, 11/01/29 |  | 611 | 257,640
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, 10/23/28 |  | 6,839 | 6,842,848
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 10/27/28 |  | 792 | 796,550
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 2,360 | 2,296,962
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 140 | 140,848
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31 |  | 526 | 525,787
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 849 | 839,797
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 12/19/30 |  | 1,279 | 1,282,478
|  |  | 25,801,596
Health Care Technology — 1.1%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 3,633 | 3,627,516
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%, 11/03/31 |  | 758 | 760,730
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/22/29 |  | 480 | 480,806
|  |  | 4,869,052

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure — 8.3%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 09/20/30 | $ | 2,066 | $2,054,727
Aimbridge Acquisition Co., Inc. |  |  |
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30 |  | 184 | 180,767
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.93%, 03/11/30 |  | 204 | 201,897
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30 |  | 908 | 909,695
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28 |  | 1,411 | 1,243,594
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/31 |  | 2,838 | 2,832,768
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/30 |  | 1,019 | 1,017,384
Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27 |  | 223 | 222,819
Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31 |  | 682 | 680,947
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32 |  | 1,689 | 1,682,435
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 4,351 | 4,343,237
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30 |  | 3,505 | 3,491,488
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32(d) |  | 514 | 513,358
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/29 |  | 3,122 | 3,138,059
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 767 | 748,192
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 05/27/32 |  | 803 | 807,850
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30 |  | 767 | 769,278
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27 |  | 1,883 | 1,882,856
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 04/14/29 |  | 1,116 | 1,115,612
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30 |  | 180 | 177,580
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28 |  | 887 | 474,491

48
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29 | $ | 1,446 | $1,446,390
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%, 04/04/29 |  | 410 | 409,366
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 12/04/31 |  | 539 | 537,726
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/01/31 |  | 334 | 334,472
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31 |  | 1,947 | 1,949,706
Voyager Parent LLC, Term Loan B, 05/09/32(h) |  | 1,003 | 991,576
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28 |  | 1,067 | 1,066,614
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 05/24/30 |  | 1,346 | 1,350,926
|  |  | 36,575,810
Household Durables — 1.2%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 2,478 | 2,466,541
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/26/31 |  | 549 | 549,738
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28 |  | 496 | 450,887
Somnigroup International, Inc., 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 10/24/31 |  | 474 | 474,837
Springs Windows Fashions, LLC, 2024 First Lien Second Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.44%, 10/06/28 |  | 640 | 487,513
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 80 | 79,727
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27 |  | 785 | 778,637
|  |  | 5,287,880
Independent Power and Renewable Electricity Producers — 0.9%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/31/30 |  | 1,807 | 1,805,680
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 688 | 687,539
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, 12/15/27 |  | 941 | 943,116
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, 12/15/31 |  | 605 | 606,188
|  |  | 4,042,523

Security |  | Par (000) | Value
Industrial Conglomerates — 1.0%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(d)(h) | $ | 291 | $292,455
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31 |  | 200 | 201,312
EMRLD Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 1,650 | 1,645,725
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 05/31/30 |  | 2,123 | 2,120,482
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29 |  | 233 | 193,379
|  |  | 4,453,353
Insurance — 7.4%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.07%, 09/19/31 |  | 7,564 | 7,564,858
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32 |  | 2,519 | 2,519,794
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 12/29/31 |  | 2,419 | 2,417,735
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 2,231 | 2,236,258
Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 05/26/31 |  | 1,691 | 1,689,215
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30 |  | 4,433 | 4,445,585
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 03/15/30 |  | 1,126 | 1,118,630
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31 |  | 1,734 | 1,731,416
Truist Insurance Holdings LLC |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 05/06/31 |  | 2,448 | 2,447,228
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 530 | 535,102
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 09/29/30 |  | 1,717 | 1,711,558
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 11/21/29 |  | 4,003 | 3,995,067
|  |  | 32,412,446
Interactive Media & Services — 0.3%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31 |  | 1,407 | 1,391,063
IT Services — 7.3%
Asurion LLC |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/31/28 |  | 1,117 | 1,065,089
2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/20/29 |  | 1,066 | 986,881
2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.69%, 07/31/27 |  | 237 | 236,561

Schedule of Investments
49

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services (continued)
Asurion LLC (continued) |  |  |
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.68%, 08/19/28 | $ | 1,631 | $1,612,245
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 09/19/30 |  | 314 | 306,058
2025 Term Loan B13, 09/19/30(h) |  | 1,579 | 1,532,441
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 2,826 | 2,352,960
Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32(d) |  | 933 | 931,834
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 06/12/31 |  | 1,326 | 1,315,365
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31 |  | 2,512 | 2,517,393
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(d) |  | 578 | 578,357
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.08%, 05/30/31 |  | 1,431 | 1,432,431
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/09/29 |  | 1,653 | 1,653,564
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.29%, 07/27/28 |  | 385 | 321,314
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, 07/27/28(g) |  | 451 | 207,544
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, 07/27/28(c)(f)(g) |  | 1,076 | 249,314
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 2,041 | 2,037,809
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.58%, 06/17/32 |  | 458 | 448,726
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31 |  | 673 | 647,105
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 11/17/31 |  | 1,740 | 1,741,693
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 10/26/30 |  | 832 | 835,368
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 07/16/31 |  | 1,580 | 1,581,755
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/31/31 |  | 4,270 | 4,283,612
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(h) |  | 652 | 657,092

Security |  | Par (000) | Value
IT Services (continued)
X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.60%), 10.93%, 10/26/29 | $ | 2,240 | $2,185,956
X.AI LLC, 1st Lien Term Loan , 06/28/30(h) |  | 579 | 551,254
|  |  | 32,269,721
Machinery — 6.0%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 08/16/29 |  | 1,964 | 1,965,336
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 07/31/28 |  | 1,905 | 1,901,007
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 6.79%, 03/15/30 |  | 549 | 549,516
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28(d) |  | 306 | 304,908
Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28 |  | 3,470 | 3,481,717
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 4,098 | 4,106,264
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29 |  | 772 | 769,966
Madison IAQ LLC |  |  |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.56%, 05/06/32 |  | 1,366 | 1,368,882
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.76%, 06/21/28 |  | 3,626 | 3,626,778
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29 |  | 1,772 | 1,777,786
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30 |  | 2,353 | 2,358,185
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27 |  | 2,471 | 2,472,474
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 670 | 290,673
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31 |  | 1,392 | 1,391,799
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.44%, 10/04/28 |  | 111 | 111,418
|  |  | 26,476,709
Media — 2.9%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 2,257 | 2,039,538
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 12/07/30 |  | 1,375 | 1,373,408
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 12/15/31 |  | 871 | 871,838

50
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 | $ | 717 | $709,239
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 1,847 | 1,797,180
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 365 | 359,571
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27 |  | 299 | 300,102
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 09/03/30 |  | 1,051 | 1,050,046
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, 02/21/31(d) |  | 366 | 366,690
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 236 | 236,019
Learfield Communications LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 06/30/28 |  | 618 | 621,299
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 12/10/31 |  | 2,091 | 2,099,918
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28 |  | 1,187 | 1,158,678
|  |  | 12,983,526
Oil, Gas & Consumable Fuels — 1.6%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30 |  | 339 | 339,292
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, 12/21/28 |  | 1,907 | 1,905,624
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 10/04/30 |  | 270 | 270,290
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30 |  | 671 | 671,318
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/01/32 |  | 510 | 511,821
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32 |  | 292 | 294,032
New Fortress Energy, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 10/30/28 |  | 185 | 99,504
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 02/03/31 |  | 248 | 245,284
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 10/05/28 |  | 2,517 | 2,514,474
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 06/16/32 |  | 240 | 239,650
|  |  | 7,091,289
Passenger Airlines — 1.4%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32(h) |  | 611 | 614,360

Security |  | Par (000) | Value
Passenger Airlines (continued)
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31 | $ | 1,419 | $1,418,714
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27 |  | 266 | 263,701
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.51%, 06/04/29 |  | 1,224 | 1,211,562
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.52%, 04/20/28 |  | 823 | 816,422
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29 |  | 764 | 713,783
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 02/22/31 |  | 1,178 | 1,178,915
|  |  | 6,217,457
Pharmaceuticals — 1.5%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 1,159 | 1,176,827
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.17%, 08/01/27 |  | 867 | 865,639
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28 |  | 1,758 | 1,765,003
Opal U.S. LLC, USD Term Loan B, 04/28/32(h) |  | 1,670 | 1,675,745
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31 |  | 450 | 441,721
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 658 | 657,254
|  |  | 6,582,189
Professional Services — 4.9%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28 |  | 1,947 | 1,953,558
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 1,394 | 1,391,048
CoreLogic, Inc. |  |  |
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.94%, 06/04/29 |  | 470 | 455,915
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 1,566 | 1,547,950
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/28/28 |  | 2,499 | 2,498,136
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(d) |  | 1,852 | 1,852,339
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29 |  | 4,701 | 4,696,624
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29 |  | 454 | 454,066
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 462 | 427,670
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 05/12/28 |  | 795 | 783,204

Schedule of Investments
51

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Professional Services (continued)
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 | $ | 1,808 | $1,809,713
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,821 | 1,822,078
Zelis Payments Buyer, Inc. |  |  |
5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/26/31 |  | 1,667 | 1,656,172
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 09/28/29 |  | 451 | 448,179
|  |  | 21,796,652
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 01/31/30 |  | 619 | 621,038
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29 |  | 682 | 684,893
MKS Instruments, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, 08/17/29 |  | 1,221 | 1,222,287
|  |  | 1,907,180
Software — 13.0%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/24/31 |  | 3,439 | 3,452,378
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29 |  | 1,038 | 858,617
Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 2,804 | 2,784,513
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30 |  | 1,101 | 1,099,386
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 01/23/32 |  | 2,514 | 2,514,132
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 3,955 | 3,957,614
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 2,856 | 2,859,938
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 605 | 546,394
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 1,556 | 1,490,683
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31 |  | 3,079 | 3,079,954
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 8.55%, 06/26/31(d) |  | 719 | 714,951
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/09/29 |  | 2,381 | 2,385,847
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(d) |  | 519 | 529,380
Gen Digital, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 09/12/29 |  | 2,718 | 2,713,277

Security |  | Par (000) | Value
Software (continued)
Gen Digital, Inc. (continued) |  |  |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 04/16/32 | $ | 205 | $204,539
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/32 |  | 4,912 | 4,908,073
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28 |  | 1,326 | 1,330,689
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32 |  | 2,464 | 2,472,300
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 03/01/29 |  | 2,397 | 2,324,249
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 596 | 559,016
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 578 | 500,899
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 12/17/27 |  | 287 | 278,250
Proofpoint, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 08/31/28 |  | 2,968 | 2,968,401
2025 Fungible Term Loan, 08/31/28(h) |  | 304 | 304,033
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 04/30/32 |  | 407 | 408,912
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 1,805 | 1,790,854
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 184 | 180,593
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 105 | 103,090
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 06/30/28 |  | 52 | 51,644
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 879 | 874,545
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 256 | 241,976
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31 |  | 2,669 | 2,680,537
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/10/31 |  | 3,458 | 3,470,434
Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28 |  | 230 | 230,871
VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31 |  | 2,235 | 2,243,468
|  |  | 57,114,437
Specialty Retail — 1.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, 12/01/28 |  | 112 | 100,409
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 04/23/31 |  | 770 | 768,787

52
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Specialty Retail (continued)
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 05/04/28 | $ | 2,868 | $2,864,804
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 934 | 922,010
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28 |  | 273 | 266,089
|  |  | 4,922,099
Trading Companies & Distributors — 2.2%
Core & Main LP |  |  |
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 07/27/28 |  | 3,443 | 3,440,694
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31 |  | 781 | 781,470
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 2,298 | 2,245,485
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31 |  | 525 | 526,221
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/12/30 |  | 593 | 592,802
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32 |  | 268 | 268,783
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 075% Floor + 4.01%), 8.29%, 10/28/27 |  | 716 | 547,437
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, 06/30/29(d)(g) |  | 1,824 | 1,094,740
|  |  | 9,497,632
Transportation Infrastructure — 1.6%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31 |  | 2,763 | 2,755,627
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31 |  | 1,363 | 1,364,192
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31 |  | 1,903 | 1,903,893
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26 |  | 825 | 819,082
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30 |  | 240 | 238,549
|  |  | 7,081,343
Wireless Telecommunication Services — 0.5%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.19%, 04/30/28 |  | 921 | 902,403
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31 |  | 1,512 | 1,513,580
|  |  | 2,415,983
Total Floating Rate Loan Interests — 122.3% (Cost: $545,753,089) | 539,236,011

Security |  | Shares | Value
Investment Companies
Equity Funds — 2.1% |
Hearthside Equity |  | 9,223 | $176,159
Janus Henderson AAA CLO ETF |  | 130,000 | 6,597,500
SPDR Blackstone Senior Loan ETF |  | 60,000 | 2,495,400
|  |  | 9,269,059
Fixed Income Funds — 3.5% |
Invesco Senior Loan ETF |  | 534,300 | 11,177,557
iShares 0-5 Year High Yield Corporate Bond ETF(i) |  | 5,000 | 215,700
iShares iBoxx $ High Yield Corporate Bond ETF(i) |  | 52,000 | 4,193,800
|  |  | 15,587,057
Total Investment Companies — 5.6% (Cost: $24,604,730) | 24,856,116

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

|  | Shares |
Preferred Securities
Preferred Stocks — 0.0%(c)
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30 |  | 338 | 59,199
IT Services(d) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 1,814 | 40,802
Series G-1 |  | 1,252 | 28,174
|  |  | 68,976
| 128,175
Total Preferred Securities — 0.0% (Cost: $301,719) | 128,175
Warrants
Financial Services — 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 | —
Total Warrants — 0.0% (Cost: $ — ) | —
Total Long-Term Investments — 132.6% (Cost: $592,727,651) | 584,740,527

Schedule of Investments
53

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.5% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(k) |  | 2,423,434 | $2,423,434
Total Short-Term Securities — 0.5% (Cost: $2,423,434) | 2,423,434
Total Investments — 133.1% (Cost: $595,151,085) | 587,163,961
Liabilities in Excess of Other Assets — (33.1)% | (146,171,952 )
Net Assets — 100.0% | $440,992,009

(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 $442,953, representing 0.1% of its net assets as of period end, and an original cost of $62,530.
(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) | 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.
(i) | Affiliate of the Fund.
(j) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(k) | 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $— | $2,423,434 (a) | $— | $— | $— | $2,423,434 | 2,423,434 | $6,786 | $—
iShares 0-5 Year High Yield Corporate Bond ETF | 213,050 | — | — | — | 2,650 | 215,700 | 5,000 | 6,411 | —
iShares iBoxx $ High Yield Corporate Bond ETF | 4,089,800 | — | — | — | 104,000 | 4,193,800 | 52,000 | 98,477 | —
|  |  |  | $— | $106,650 | $6,832,934 |  | $111,674 | $—

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

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended June 30, 2025, 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 | $— | $— | $— | $(100 ) | $— | $— | $(100 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(45 ) | $— | $— | $(45 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $— (a)

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

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
54
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and 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 | $— | $6,643,936 | $— | $6,643,936
Common Stocks |  |  |  |
Construction & Engineering | 10,901 | — | — | 10,901
Entertainment | — | — | 442,953 | 442,953
Financial Services | — | — | 932,195 | 932,195
Ground Transportation | — | 1,472 | — | 1,472
Industrial Conglomerates | — | 84,023 | — | 84,023
IT Services | — | — | 717,434 | 717,434
Semiconductors & Semiconductor Equipment | 6 | — | — | 6
Trading Companies & Distributors | — | — | 235,344 | 235,344
Transportation Infrastructure | — | — | 333,298 | 333,298
Corporate Bonds | — | 7,866,273 | 280,138 | 8,146,411
Fixed Rate Loan Interests | — | 2,972,252 | — | 2,972,252
Floating Rate Loan Interests | — | 526,366,470 | 12,869,541 | 539,236,011
Investment Companies |  |  |  |
Equity Funds | 9,092,900 | 176,159 | — | 9,269,059
Fixed Income Funds | 15,587,057 | — | — | 15,587,057
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Preferred Stocks | — | 59,199 | 68,976 | 128,175
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 2,423,434 | — | — | 2,423,434
Unfunded Floating Rate Loan Interests(a) | — | 291 | 165 | 456
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (505 ) | — | (505 )
| $27,114,298 | $544,169,570 | $15,880,044 | $587,163,912

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $134,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant 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, 2024 | $1,568,487 | $— | $2,483,480 | $22,840,992 | $— (a) | $61,312 | — | $26,954,271
Transfers into Level 3(b) | — | — | 29,768 | 3,272,425 | — | — | 17 | 3,302,210
Transfers out of Level 3(c) | — | — | (1,756,430 ) | (12,384,138 ) | — | — | — | (14,140,568 )
Accrued discounts/premiums | — | 2,842 | 574 | 4,035 | — | — | — | 7,451
Net realized gain (loss) | 91,071 | — | 5,186 | 1,231 | — | — | — | 97,488
Net change in unrealized appreciation (depreciation)(d)(e) | (760,073 ) | 124,740 | (25,745 ) | 62,573 | — | 7,664 | 148 | (590,693 )

Schedule of Investments
55

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

| Common Stocks | Corporate Bonds | Fixed Rate Loan Interests | Floating Rate Loan Interests | Other Interests | Preferred Stocks | Unfunded Floating Rate Loan Interests | Total
Purchases | $1,868,766 | $152,556 | $3,167 | $6,891,376 | $— | $0 | — | $8,915,865
Sales | (107,027 ) | — | (740,000 ) | (7,575,959 ) | — | 0 | — | (8,422,986 )
Closing balance, as of June 30, 2025 | $2,661,224 | $280,138 | $— | $13,112,535 | $— (a) | $68,976 | 165 | $16,123,038
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(e) | $(760,073 ) | $124,740 | $(32,935 ) | $118,201 | $— | $7,664 | 148 | $(542,255 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, 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, 2025 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.
56
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
Sterling COOFS Trust(a)(b) |  |  |
Series 2004-1, Class A, 2.36%, 04/15/29 | $ | 436 | $—
Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 152 | —
Total Asset-Backed Securities — 0.0% (Cost: $43,922) | —
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(b) — 0.9%
Bravo Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49(c) |  | 31 | 29,017
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A12, 6.50%, 04/25/49(c) |  | 27 | 27,583
COLT Mortgage Loan Trust |  |  |
Series 2022-1, Class A1, 4.55%, 04/25/67(c) |  | 83 | 82,738
Series 2022-2, Class A1, 2.99%, 02/25/67 |  | 98 | 93,498
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 162 | 161,425
CSMC, Series 2022-ATH1, Class A1A, 2.87%, 01/25/67(c) |  | 89 | 85,997
Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, 01/25/67(c) |  | 197 | 170,966
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(c) |  | 157 | 127,858
GS Mortgage-Backed Securities Corp. Trust, Series 2022- PJ2, Class A4, 2.50%, 06/25/52(c) |  | 78 | 63,375
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A2, 2.50%, 11/25/51(c) |  | 75 | 61,264
Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 86 | 86,181
JP Morgan Mortgage Trust(c) |  |  |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |  | 91 | 89,309
Series 2022-INV3, Class A3B, 3.00%, 09/25/52 |  | 78 | 66,208
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(c) |  | 82 | 69,110
MFA Trust, Series 2020-NQM1, Class A1, 2.48%, 03/25/65(c) |  | 35 | 33,896
OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52(c) |  | 79 | 67,213
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(c) |  | 141 | 140,519
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(c) |  | 137 | 136,211
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(c) |  | 78 | 66,495
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(c) |  | 175 | 174,188
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(c) |  | 200 | 176,372
TRK Trust, Series 2021-INV2, Class A1, 1.97%, 11/25/56(c) |  | 104 | 92,062
Verus Securitization Trust |  |  |
Series 2022-1, Class A1, 2.72%, 01/25/67 |  | 73 | 67,817
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 278 | 265,772
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 108 | 108,237
Series 2024-6, Class A1, 5.80%, 07/25/69 |  | 122 | 122,449
|  |  | 2,665,760
Commercial Mortgage-Backed Securities — 4.3%
1345T, Series 2025-AOA, Class A, (1 mo. Term SOFR + 1.60%), 5.90%, 06/15/30(b)(c) |  | 450 | 450,702
ARES Trust, Series 2025-IND3, Class A, (1 mo. Term SOFR + 1.50%), 5.81%, 04/15/42(b)(c) |  | 212 | 212,265

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
BAMLL Trust, Series 2024-BHP, Class A, (1 mo. Term SOFR + 2.35%), 6.66%, 08/15/39(b)(c) | $ | 135 | $135,674
BAY Mortgage Trust, Series 2025-LIVN, Class A, (1 mo. Term SOFR + 1.80%), 6.11%, 05/15/35(b)(c) |  | 481 | 481,388
BBCMS Mortgage Trust, Series 2018-TALL, Class A, (1 mo. Term SOFR + 0.92%), 5.23%, 03/15/37(b)(c) |  | 290 | 274,095
BFLD Trust, Series 2025-EWEST, Class A, (1 mo. Term SOFR + 1.55%), 5.85%, 06/15/42(b)(c) |  | 345 | 345,216
BLP Commercial Mortgage Trust, Series 2023-IND, Class A, (1 mo. Term SOFR + 1.69%), 6.00%, 03/15/40(b)(c) |  | 500 | 500,469
BPR Trust, 5.67%, 06/05/42(b) |  | 190 | 192,393
BSTN Commercial Mortgage Trust, Series 2025-1C, Class A, 5.55%, 06/15/44(b)(c) |  | 155 | 158,477
BX Commercial Mortgage Trust, Series 2024-GPA3, Class A, (1 mo. Term SOFR + 1.29%), 5.60%, 12/15/39(b)(c) |  | 216 | 215,876
BX Trust(b)(c) |  |  |
(1 mo. Term SOFR + 1.50%), 5.81%, 06/15/40 |  | 575 | 575,718
Series 2024-BIO, Class A, (1 mo. Term SOFR + 1.64%), 5.95%, 02/15/41 |  | 145 | 145,000
Series 2024-VLT4, Class A, (1 mo. Term SOFR + 1.49%), 5.80%, 07/15/29 |  | 105 | 104,967
Series 2025-LIFE, Class A, 5.88%, 06/13/47 |  | 330 | 336,142
Series 2025-ROIC, Class A, (1 mo. Term SOFR + 1.14%), 5.46%, 03/15/30 |  | 90 | 89,451
Series 2025-TAIL, Class A, (1 mo. Term SOFR + 1.40%), 5.71%, 06/15/35 |  | 362 | 362,564
Citigroup Commercial Mortgage Trust, Series 2023, Class A, 6.01%, 10/12/40(b)(c) |  | 340 | 351,161
Commercial Mortgage Trust, Series 2024-WCL1, Class A, (1 mo. Term SOFR + 1.84%), 6.15%, 06/15/41(b)(c) |  | 810 | 809,747
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class XA, 0.67%, 11/15/51(c) |  | 1,891 | 27,282
CSRO Trust, Series 2023, Class A, 7.12%, 07/10/40(b) |  | 177 | 185,617
GS Mortgage Securities Corp. Trust, Series 2023-FUN, Class A, (1 mo. Term SOFR + 2.09%), 6.40%, 03/15/28(b)(c) |  | 280 | 280,700
GSAT Trust, Series 2025-BMF, Class A, 07/15/30(b)(c)(d) |  | 645 | 645,202
Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, 01/13/40(b)(c) |  | 460 | 474,192
ILPT Commercial Mortgage Trust, Series 2025-LPF2, Class A, 5.29%, 07/15/42(b)(c) |  | 553 | 561,111
INV Mortgage Trust, Series 2025-STAY, Class A, (1 mo. Term SOFR + 1.35%), 5.66%, 03/15/42(b)(c) |  | 510 | 507,769
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2025-BHR5, Class A, (1 mo. Term SOFR + 1.69%), 6.01%, 03/15/40(b)(c) |  | 373 | 373,000
KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1 mo. Term SOFR + 1.54%), 5.85%, 12/15/39(b)(c) |  | 160 | 159,691
MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38(b) |  | 569 | 592,165
NCMF Trust, Series 2025-MFS, Class A, 4.88%, 06/10/33(b)(c) |  | 493 | 492,043
NJ 2025-WBRK, Series 2025-WBRK, Class A, 5.87%, 03/05/35(b)(c) |  | 320 | 330,541
PRM Trust, Series 2025-PRM6, Class A, 4.48%, 07/05/33(b)(c) |  | 394 | 390,836
SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term SOFR + 2.44%), 6.75%, 04/15/42(b)(c) |  | 476 | 476,827

Schedule of Investments
57

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1 mo. Term SOFR + 1.39%), 5.70%, 05/15/39(b)(c) | $ | 111 | $110,863
Wells Fargo Commercial Mortgage Trust(c) |  |  |
Series 2018-AUS, Class A, 4.19%, 08/17/36(b) |  | 583 | 571,054
Series 2018-C44, Class XA, 0.87%, 05/15/51 |  | 4,615 | 76,711
WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.35%, 07/15/40(b)(c) |  | 231 | 235,493
|  |  | 12,232,402
Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37 |  | 106 | 17,894
IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 4AX, 0.17%, 01/25/37(a) |  | 16,334 | 2
|  |  | 17,896
Principal Only Collateralized Mortgage Obligations(e) — 0.0%
Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 2.58%, 02/25/36 |  | 79 | 55,816
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9, Class CP, 5.00%, 11/25/35 |  | 44 | 24,704
|  |  | 80,520
Total Non-Agency Mortgage-Backed Securities — 5.2% (Cost: $15,011,923) | 14,996,578
U.S. Government Sponsored Agency Securities
Agency Obligations — 4.1% |
Federal Farm Credit Banks Funding Corp. |  |  |
2.75%, 02/22/30 |  | 400 | 377,802
1.84%, 01/25/36 |  | 500 | 372,858
Federal Home Loan Banks, 1.61%, 01/27/33 |  | 300 | 246,440
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30(f) |  | 13,000 | 10,719,486
|  |  | 11,716,586
Collateralized Mortgage Obligations — 55.9% |
Fannie Mae, Series 2024-83, Class FA, (30-day Avg SOFR + 1.15%), 5.46%, 10/25/54(c) |  | 836 | 831,052
Fannie Mae REMICS |  |  |
Series 2004-31, Class ZG, 7.50%, 05/25/34 |  | 1,348 | 1,454,009
Series 2005-73, Class DS, (30-day Avg SOFR + 17.25%), 6.06%, 08/25/35(c) |  | 20 | 20,634
Series 2010-134, Class DB, 4.50%, 12/25/40 |  | 4,733 | 4,748,130
Series 2010-136, Class CY, 4.00%, 12/25/40 |  | 2,366 | 2,308,368
Series 2010-47, Class JB, 5.00%, 05/25/30 |  | 1,056 | 1,068,113
Series 2011-117, Class CP, 4.00%, 11/25/41 |  | 14,351 | 13,837,918
Series 2011-8, Class ZA, 4.00%, 02/25/41 |  | 3,071 | 2,971,820
Series 2011-99, Class CB, 4.50%, 10/25/41 |  | 23,083 | 22,954,325
Series 2012-104, Class QD, 4.00%, 09/25/42 |  | 1,639 | 1,473,175
Series 2017-90, Class WB, 3.00%, 11/25/47 |  | 433 | 343,725
Series 2018-32, Class PS, (30-day Avg SOFR + 7.10%), 2.08%, 05/25/48(c) |  | 3,521 | 3,065,149
Series 2018-50, Class EB, 4.00%, 07/25/48 |  | 1,960 | 1,916,670
Series 2020-57, Class LI, 2.00%, 08/25/50 |  | 5,500 | 3,948,157
Series 2020-79, Class JA, 1.50%, 11/25/50 |  | 180 | 164,466
Series 2022-25, Class KL, 4.00%, 05/25/52 |  | 1,000 | 900,190
Series 2022-31, Class BZ, 4.00%, 10/25/51 |  | 746 | 635,662
Series 2023-56, Class FA, (30-day Avg SOFR + 1.40%), 5.71%, 11/25/53(c) |  | 547 | 549,097

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued) |
Fannie Mae REMICS (continued) |  |  |
Series 2024-48, Class FC, (30-day Avg SOFR + 1.10%), 5.41%, 07/25/54(c) | $ | 665 | $664,486
Series 2024-54, Class FD, (30-day Avg SOFR + 1.25%), 5.56%, 08/25/54(c) |  | 492 | 492,222
Series 5443, Class FA, (30-day Avg SOFR + 1.20%), 5.51%, 08/25/54(c) |  | 670 | 671,900
Series 5444, Class FC, (30-day Avg SOFR + 1.12%), 5.43%, 08/25/54(c) |  | 2,135 | 2,122,639
Freddie Mac REMICS |  |  |
Series 2218, Class Z, 8.50%, 03/15/30 |  | 115 | 121,864
Series 2731, Class ZA, 4.50%, 01/15/34 |  | 966 | 965,794
Series 2927, Class BZ, 5.50%, 02/15/35 |  | 836 | 862,690
Series 3745, Class ZA, 4.00%, 10/15/40 |  | 1,255 | 1,207,756
Series 3762, Class LN, 4.00%, 11/15/40 |  | 2,000 | 1,908,010
Series 3780, Class ZA, 4.00%, 12/15/40 |  | 2,930 | 2,796,472
Series 3856, Class PB, 5.00%, 05/15/41 |  | 5,239 | 5,398,210
Series 3963, Class JB, 4.50%, 11/15/41 |  | 406 | 406,900
Series 4016, Class BX, 4.00%, 09/15/41 |  | 14,023 | 13,737,763
Series 4269, Class PM, 4.00%, 08/15/41 |  | 8,884 | 8,270,054
Series 4299, Class JY, 4.00%, 01/15/44 |  | 1,000 | 954,546
Series 4384, Class LB, 3.50%, 08/15/43 |  | 2,795 | 2,738,390
Series 4398, Class ZX, 4.00%, 09/15/54 |  | 383 | 344,887
Series 4615, Class LB, 4.50%, 09/15/41 |  | 6,431 | 6,372,383
Series 4748, Class BM, 3.50%, 11/15/47 |  | 3,351 | 2,759,385
Series 4774, Class L, 4.50%, 03/15/48 |  | 4,370 | 4,241,907
Series 4830, Class AV, 4.00%, 10/15/33 |  | 1,069 | 1,000,425
Series 4921, Class NL, 3.00%, 10/25/49 |  | 504 | 334,493
Series 5230, Class DL, 3.50%, 09/25/44 |  | 400 | 342,810
Series 5249, Class LB, 4.00%, 08/25/52 |  | 6,295 | 5,721,550
Series 5458, Class PF, (30-day Avg SOFR + 1.00%), 5.31%, 09/25/54(c) |  | 265 | 264,732
Series 5468, Class FM, (30-day Avg SOFR + 1.20%), 5.51%, 11/25/54(c) |  | 760 | 758,969
Series 5468, Class MF, (30-day Avg SOFR + 1.30%), 5.61%, 11/25/54(c) |  | 588 | 588,403
Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
Series 2018-2, Class MA, 3.50%, 11/25/57 |  | 391 | 379,172
Series 2018-4, Class MA, 3.50%, 03/25/58 |  | 2,332 | 2,246,723
Series 2019-1, Class MA, 3.50%, 07/25/58 |  | 746 | 717,620
Series 2019-2, Class MA, 3.50%, 08/26/58 |  | 304 | 290,401
Freddie Mac Structured Pass-Through Certificates, Series T-11, Class A9, 0.13%, 01/25/28(c) |  | 16 | 15,608
Ginnie Mae |  |  |
Series 2011-88, Class PY, 4.00%, 06/20/41 |  | 6,313 | 6,123,848
Series 2012-16, Class HJ, 4.00%, 09/20/40 |  | 4,329 | 4,235,303
Series 2015-96, Class ZM, 4.00%, 07/20/45 |  | 9,327 | 8,769,642
Series 2018-91, Class ZL, 4.00%, 07/20/48 |  | 6,775 | 5,853,583
Series 2022-63, Class ZM, 3.50%, 10/20/50 |  | 4,652 | 3,662,093
|  |  | 161,534,293
Commercial Mortgage-Backed Securities(c) — 0.4% |
Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
Series K094, Class X1, 1.01%, 06/25/29 |  | 1,376 | 40,642
Series K104, Class X1, 1.23%, 01/25/30 |  | 1,309 | 54,620
Series K105, Class X1, 1.64%, 01/25/30 |  | 1,794 | 101,536
Series K107, Class X1, 1.70%, 01/25/30 |  | 1,204 | 72,195
Series K109, Class X1, 1.69%, 04/25/30 |  | 924 | 56,205
Series K110, Class X1, 1.76%, 04/25/30 |  | 370 | 23,074
Series K113, Class X1, 1.48%, 06/25/30 |  | 1,579 | 86,939
Series K115, Class X1, 1.42%, 06/25/30 |  | 1,930 | 104,442

58
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 K120, Class X1, 1.12%, 10/25/30 | $ | 3,831 | $165,933
Series K122, Class X1, 0.96%, 11/25/30 |  | 1,645 | 62,307
Ginnie Mae |  |  |
Series 2013-63, Class IO, 0.69%, 09/16/51 |  | 2,355 | 53,012
Series 2014-169, Class IO, 0.59%, 10/16/56 |  | 11,607 | 253,191
|  |  | 1,074,096
Interest Only Collateralized Mortgage Obligations — 13.2% |
Fannie Mae, Series 2021-13, Class AI, 4.00%, 01/25/49 |  | 17,340 | 3,165,071
Fannie Mae REMIC Trust, Series 1999-W4, Class IO, 6.50%, 12/25/28 |  | 15 | 510
Fannie Mae REMICS |  |  |
Series 2006-36, Class PS, (30-day Avg SOFR + 6.49%), 2.18%, 05/25/36(c) |  | 1,667 | 163,739
Series 2011-134, Class ST, (30-day Avg SOFR + 5.89%), 1.58%, 12/25/41(c) |  | 9,857 | 1,054,587
Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 147 | 20,594
Series 2013-10, Class PI, 3.00%, 02/25/43 |  | 3,099 | 376,217
Series 2013-45, Class EI, 4.00%, 04/25/43 |  | 1,145 | 94,897
Series 2015-66, Class AS, (30-day Avg SOFR + 6.14%), 1.83%, 09/25/45(c) |  | 6,877 | 418,161
Series 2020-12, Class JI, 4.50%, 03/25/50 |  | 6,001 | 1,429,255
Series 2021-23, Class CI, 3.50%, 07/25/46 |  | 15,310 | 2,762,094
Series 2021-26, Class AI, 3.50%, 05/25/50 |  | 22,281 | 4,158,679
Freddie Mac, Series 5119, Class IC, 4.00%, 06/25/51 |  | 16,967 | 3,488,772
Freddie Mac REMICS |  |  |
Series 3744, Class PI, 4.00%, 06/15/39 |  | 176 | 1,857
Series 3923, Class SD, (30-day Avg SOFR + 5.89%), 1.58%, 09/15/41(c) |  | 12,871 | 1,305,559
Series 3954, Class SL, (30-day Avg SOFR + 5.89%), 1.58%, 11/15/41(c) |  | 7,247 | 695,512
Series 4026, Class IO, 4.50%, 04/15/32 |  | 374 | 23,461
Series 4706, Class IG, 4.00%, 07/15/47 |  | 11,190 | 2,183,908
Series 5013, Class JI, 4.00%, 09/25/50 |  | 15,957 | 3,332,090
Series 5083, Class IN, 4.50%, 07/25/32 |  | 8,102 | 617,925
Series 5116B, Class CI, 3.00%, 06/25/51 |  | 16,285 | 2,202,718
Series 5138, Class IP, 3.00%, 04/25/51 |  | 15,356 | 2,620,853
Series 5236, Class JI, 4.00%, 02/25/52 |  | 27,843 | 3,295,040
Ginnie Mae |  |  |
Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 2.04%, 12/16/39(c) |  | 374 | 35,487
Series 2011-52, Class MJ, (1 mo. Term SOFR + 6.54%), 2.22%, 04/20/41(c) |  | 1,762 | 127,342
Series 2012-97, Class JS, (1 mo. Term SOFR + 6.14%), 1.82%, 08/16/42(c) |  | 2,118 | 76,240
Series 2022-10, Class IT, 3.50%, 01/20/52 |  | 10,741 | 1,616,359
series 2022-60H, Class IH, 2.50%, 02/20/51 |  | 20,249 | 2,978,348
Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, 05/15/29(c) |  | 3,131 | 3
|  |  | 38,245,278
Mortgage-Backed Securities — 48.7% |
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/56 - 01/01/57(g) |  | 26,629 | 24,822,564
Freddie Mac Mortgage-Backed Securities |  |  |
5.50%, 01/01/39(g) |  | 3,217 | 3,313,326
4.00%, 05/01/39 |  | 126 | 123,876
3.50%, 01/01/46 |  | 666 | 624,006

Security |  | Par (000) | Value
Mortgage-Backed Securities (continued) |
Ginnie Mae Mortgage-Backed Securities |  |  |
8.00%, 05/15/26 - 06/15/27 | $ | 3 | $2,498
5.00%, 11/15/35 - 10/20/39 |  | 792 | 804,845
6.50%, 12/20/54 - 06/20/55 |  | 3,796 | 3,955,702
6.00%, 04/20/55 - 06/20/55(g) |  | 7,358 | 7,563,981
7.00%, 06/20/55 |  | 608 | 627,817
Uniform Mortgage-Backed Securities |  |  |
1.50%, 06/01/31 |  | 456 | 428,076
5.50%, 02/01/33 - 04/01/53(g) |  | 3,782 | 3,864,785
5.00%, 06/01/33 - 07/15/54(g)(h) |  | 25,731 | 25,645,025
4.00%, 09/01/33 - 10/01/53(g) |  | 24,586 | 23,302,036
3.50%, 02/01/35 - 07/15/54(h) |  | 5,207 | 4,717,724
6.00%, 02/01/36 - 03/01/38 |  | 51 | 53,416
6.50%, 10/01/38 - 10/01/53 |  | 1,658 | 1,730,178
4.50%, 04/01/39 - 07/01/52(g) |  | 9,527 | 9,269,652
2.50%, 07/15/39(h) |  | 180 | 168,023
3.00%, 03/01/43 - 07/15/54(h) |  | 34,134 | 29,583,521
|  |  | 140,601,051
Principal Only Collateralized Mortgage Obligations(e) — 1.6% |
Fannie Mae Interest Strip |  |  |
Series 337, Class 1, 4.98%, 07/25/33 |  | 1,285 | 1,115,421
Series 397, Class 1, 4.68%, 09/25/39 |  | 1,743 | 1,370,966
Fannie Mae REMIC Trust, Series 1999-W4, Class PO, 7.00%, 02/25/29 |  | 6 | 5,802
Fannie Mae REMICS |  |  |
Series 2002-13, Class PR, 4.00%, 03/25/32 |  | 11 | 9,881
Series 2011-90, Class AO, 4.41%, 09/25/41 |  | 2,938 | 2,266,066
|  |  | 4,768,136
Total U.S. Government Sponsored Agency Securities — 123.9% (Cost: $385,862,336) | 357,939,440
U.S. Treasury Obligations
U.S. Treasury Bonds |  |  |
2.25%, 05/15/41 |  | 840 | 610,050
2.75%, 08/15/42 |  | 950 | 726,936
2.88%, 05/15/52 |  | 1,525 | 1,073,219
U.S. Treasury Notes |  |  |
4.13%, 10/31/26 - 03/31/29 |  | 1,300 | 1,308,439
4.25%, 11/30/26 - 06/30/31 |  | 2,790 | 2,821,131
4.38%, 11/30/28 |  | 700 | 714,574
4.00%, 01/31/29 - 02/15/34 |  | 820 | 825,064
4.63%, 04/30/29 |  | 2,700 | 2,784,375
1.13%, 02/15/31 |  | 330 | 285,527
Total U.S. Treasury Obligations — 3.8% (Cost: $11,061,604) | 11,149,315
Total Long-Term Investments — 132.9% (Cost: $411,979,785) | 384,085,333
Short-Term Securities
Borrowed Bond Agreement — 0.3% |
BNP Paribas SA, 4.39%, 07/01/25 (Purchased 06/30/2025 to be repurchased at $699,298 Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $917,000 and $698,532, respectively) |  | 699 | 699,213

Schedule of Investments
59

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Money Market Funds — 0.8% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(i)(j) |  | 2,362,061 | $2,362,061
Total Short-Term Securities — 1.1% (Cost: $3,061,274) | 3,061,274
Total Investments Before Borrowed Bonds and TBA Sale Commitments — 134.0% (Cost: $415,041,059) | 387,146,607

|  | Par (000) |
Borrowed Bonds
U.S. Governments Obligations — (0.3)% |
U.S. Treasury Bonds, 2.75%, 11/15/42(k) | $ | (917 ) | (698,532 )
Total Borrowed Bonds — (0.3)% (Proceeds: $(842,347)) |  |  | (698,532 )
TBA Sale Commitments
Mortgage-Backed Securities — (0.0)% |
Uniform Mortgage-Backed Securities, 4.50%, 07/15/54(h) |  | (28 ) | (26,780 )
Total TBA Sale Commitments — (0.0)% (Proceeds: $(26,261)) | (26,780 )
Total Investments, Net of Borrowed Bonds and TBA Sale Commitments — 133.7% (Cost: $414,172,451) | 386,421,295
Liabilities in Excess of Other Assets — (33.7)% | (97,436,799 )
Net Assets — 100.0% | $288,984,496

(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) | When-issued security.
(e) | Rates are discount rates or a range of discount rates as of period end.
(f) | Zero-coupon bond.
(g) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(h) | Represents or includes a TBA transaction.
(i) | Affiliate of the Fund.
(j) | Annualized 7-day yield as of period end.
(k) | 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $8,180,892 | $— | $(5,818,831 )(a) | $— | $— | $2,362,061 | 2,362,061 | $92,625 | $—

(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
HSBC Securities (USA), Inc. | 4.47 % | 06/11/25 | 07/14/25 | $3,186,673 | $3,194,191 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,831,393 | 4,842,791 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,925,145 | 4,936,765 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 5,151,562 | 5,163,715 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,907,522 | 4,919,100 | U.S. Government Sponsored Agency Securities | Up to 30 Days

60
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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
HSBC Securities (USA), Inc. | 4.47 % | 06/11/25 | 07/14/25 | $16,646,456 | $16,687,751 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 7,286,192 | 7,303,381 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 3,762,786 | 3,771,663 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,525,411 | 2,531,369 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,781,004 | 4,792,283 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 3,261,656 | 3,269,350 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | 1,797,174 | 1,799,634 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | 2,380,176 | 2,383,435 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | 2,276,588 | 2,279,704 | U.S. Government Sponsored Agency Securities | Up to 30 Days
|  |  |  | $67,719,738 | $67,875,132 |  |

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 | 196 | 09/19/25 | $21,977 | $405,764
5-Year U.S. Treasury Note | 104 | 09/30/25 | 11,338 | 149,481
|  |  |  | 555,245
Short Contracts |  |  |  |
10-Year U.S. Ultra Long Treasury Note | 122 | 09/19/25 | 13,939 | (352,458 )
U.S. Long Bond | 98 | 09/19/25 | 11,304 | (461,502 )
2-Year U.S. Treasury Note | 57 | 09/30/25 | 11,859 | (47,840 )
|  |  |  | (861,800 )
|  |  |  | $(306,555 )

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, 4.45% | Quarterly | 0.17% | Quarterly | N/A | 10/21/25 | USD | 137 | $(2,856 ) | $(2 ) | $(2,854 )
0.18% | Quarterly | 1-day FEDL, 4.33% | Quarterly | N/A | 10/21/25 | USD | 137 | 2,844 | 2 | 2,842
|  |  | $(12 ) | $— | $(12 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $2 | $(2 ) | $2,842 | $(2,854 )

(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.

Schedule of Investments
61

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Income Trust, Inc. (BKT)
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) | $— | $— | $— | $— | $555,245 | $— | $555,245
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) | — | — | — | — | 2,842 | — | 2,842
| $— | $— | $— | $— | $558,087 | $— | $558,087
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts(a) | $— | $— | $— | $— | $861,800 | $— | $861,800
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) | — | — | — | — | 2,854 | — | 2,854
| $— | $— | $— | $— | $864,654 | $— | $864,654

(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, 2025, 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 | $— | $— | $— | $— | $797,141 | $— | $797,141
Swaps | — | — | — | — | (3 ) | — | (3 )
| $— | $— | $— | $— | $797,138 | $— | $797,138
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $(510,247 ) | $— | $(510,247 )
Swaps | — | — | — | — | 9 | — | 9
| $— | $— | $— | $— | $(510,238 ) | $— | $(510,238 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $32,987,891
Average notional value of contracts — short | 40,066,457
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.
62
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Income Trust, Inc. (BKT)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and 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 | $— | $— | $— | $—
Non-Agency Mortgage-Backed Securities | — | 14,996,576 | 2 | 14,996,578
U.S. Government Sponsored Agency Securities | — | 357,939,440 | — | 357,939,440
U.S. Treasury Obligations | — | 11,149,315 | — | 11,149,315
Short-Term Securities |  |  |  |
Borrowed Bond Agreement | — | 699,213 | — | 699,213
Money Market Funds | 2,362,061 | — | — | 2,362,061
Liabilities |  |  |  |
Investments |  |  |  |
Borrowed Bonds | — | (698,532 ) | — | (698,532 )
TBA Sale Commitments | — | (26,780 ) | — | (26,780 )
| $2,362,061 | $384,059,232 | $2 | $386,421,295
Derivative Financial Instruments(a) |  |  |  |
Assets |  |  |  |
Interest Rate Contracts | $555,245 | $2,842 | $— | $558,087
Liabilities |  |  |  |
Interest Rate Contracts | (861,800 ) | (2,854 ) | — | (864,654 )
| $(306,555 ) | $(12 ) | $— | $(306,567 )

(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 $67,875,132 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
63

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 6.66%, 04/16/37(a)(b) | USD | 500 | $503,118
Anchorage Capital CLO Ltd., Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 8.08%, 04/28/37(a)(b) |  | 1,000 | 1,008,913
Apidos CLO XVIII-R(a)(b) |  |  |
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.60%, 01/22/38 |  | 2,255 | 2,260,653
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/22/38 |  | 1,353 | 1,355,858
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 12.83%, 04/25/35(a)(b) |  | 620 | 622,024
Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 4.73%, 06/25/36(a)(c) |  | 3,662 | 2,403,164
Bain Capital Credit CLO Ltd.(a)(b) |  |  |
Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 7.83%, 07/19/34 |  | 300 | 297,993
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 7.64%, 07/24/34 |  | 250 | 248,233
Ballyrock CLO Ltd.(a)(b) |  |  |
Series 2020-14AR, Class DR, (3-mo. CME Term SOFR + 5.85%), 10.12%, 07/20/37 |  | 250 | 250,854
Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/20/38 |  | 750 | 751,084
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 5.98%, 01/20/31(a)(b) |  | 700 | 700,218
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 6.57%, 07/15/34(a)(b) |  | 250 | 250,617
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.86%, 04/15/37(a)(b) |  | 800 | 805,237
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 5.29%, 04/20/32(a)(b) |  | 1,562 | 1,561,028
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3-mo. CME Term SOFR + 1.91%), 6.19%, 07/17/34(a)(b) |  | 250 | 250,408
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.96%, 10/15/37(a)(b) |  | 500 | 501,057
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.07%, 04/20/35(a)(b) |  | 450 | 450,613
CIFC Funding Ltd.(a)(b) |  |  |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.72%, 04/21/37 |  | 550 | 553,440
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.59%, 01/18/38 |  | 1,804 | 1,808,510
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/18/38 |  | 2,255 | 2,258,277
Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 7.32%, 10/20/37 |  | 500 | 501,218
Series 2022-7A, Class ER, (3-mo. CME Term SOFR + 5.35%), 9.62%, 01/22/38 |  | 500 | 504,961
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36(d) |  | 298 | 172,103
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(b) |  | 272 | 272,716
Creeksource Dunes Creek CLO Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.74%, 01/15/38(a)(b) |  | 500 | 501,500

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
CWABS Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.71%, 06/25/37(a) | USD | 425 | $404,392
Dryden CLO Ltd., Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.18%, 04/18/31(a)(b) |  | 250 | 249,086
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.35%, 10/20/34(a)(b) |  | 280 | 280,201
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 11.09%, 07/20/34(a)(b) |  | 250 | 250,207
GoodLeap Home Improvement Solutions Trust, Series 2025-1A, Class B, 6.27%, 02/20/49(b) |  | 298 | 305,082
GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(b) |  | 100 | 100,889
Madison Park Funding XVIII Ltd., Series 2015-18A, Class ARR, (3-mo. CME Term SOFR + 1.20%), 5.47%, 10/21/30(a)(b) |  | 276 | 276,063
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.21%, 04/15/37(a)(b) |  | 875 | 878,126
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.19%, 07/17/34(a)(b) |  | 250 | 250,625
Mariner Finance Issuance Trust, Series 2024-AA, Class E, 9.02%, 09/22/36(b) |  | 497 | 517,164
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) |  |  |
Series 2019-32A, Class ER, (3-mo. CME Term SOFR + 6.36%), 10.63%, 01/20/32 |  | 425 | 426,906
Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.02%, 01/20/35 |  | 400 | 400,329
OCP CLO Ltd.(a)(b) |  |  |
Series 2019-16A, Class DR, (3-mo. CME Term SOFR + 3.41%), 7.62%, 04/10/33 |  | 250 | 248,564
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38(c) |  | 1,000 | 1,003,015
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 6.63%, 04/26/36 |  | 800 | 802,254
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.57%, 07/15/34(a)(b) |  | 250 | 250,161
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 5.50%, 07/19/30(a)(b) |  | 226 | 226,236
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/25/31(a)(b) |  | 250 | 250,033
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 10.07%, 01/20/31(a)(b) |  | 250 | 226,346
Palmer Square CLO Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38(a)(b) |  | 1,520 | 1,524,598
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38(a)(b) |  | 1,600 | 1,603,508
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.81%, 04/15/38(a)(b) |  | 300 | 300,253
Regatta XXIV Funding Ltd., Series 2021-5A, Class D1R, (3-mo. CME Term SOFR + 2.80%), 7.07%, 01/20/38(a)(b) |  | 250 | 251,251
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 12.67%, 07/15/36(a)(b) |  | 500 | 500,000
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(b)(e) |  | 980 | 938,350

64
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd.(a)(b) |  |  |
Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.37%, 10/15/29 | USD | 500 | $500,982
Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.66%, 01/15/38(c) |  | 2,977 | 2,989,129
RR Ltd., Series 2022-24A, Class A1A2, (3-mo. CME Term SOFR + 1.31%), 5.57%, 01/15/37(a)(b) |  | 250 | 250,811
Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35(b) |  | 180 | 183,191
Sterling COOFS Trust(b)(e) |  |  |
Series 2004-1, Class A, 2.36%, 04/15/29 |  | 607 | —
Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 413 | —
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(b) |  | 294 | 298,485
Symphony CLO Ltd., Series 2023-40A, Class AR, (3-mo. CME Term SOFR + 1.31%), 5.55%, 01/05/38(a)(b) |  | 500 | 501,617
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.13%, 04/23/35(a)(b) |  | 300 | 300,394
TCI-Flatiron CLO Ltd., Series 18-1A, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/29/32(a)(b) |  | 600 | 601,652
Trimaran CAVU Ltd.(a)(b) |  |  |
Series 2021-1A, Class D1R, (3-mo. CME Term SOFR + 3.40%), 7.68%, 07/23/37 |  | 250 | 250,989
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 7.79%, 10/25/34 |  | 500 | 505,416
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(f) | GBP | 20 | 29,155
Upgrade Master Pass-Thru Trust, Series 2025-ST4, Class A, 5.50%, 08/16/32(b) | USD | 282 | 282,000
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.19%, 10/17/32(a)(b) |  | 500 | 501,424
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3- mo. CME Term SOFR + 2.90%), 7.18%, 10/24/37(a)(b) |  | 500 | 500,337
Whitebox CLO III Ltd., Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.11%, 10/15/35(a)(b) |  | 250 | 249,329
Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55(b)(e) |  | 870 | 816,416
Total Asset-Backed Securities — 7.8% (Cost: $42,225,714) | 42,018,763

|  | Shares |
Common Stocks
Capital Markets — 0.0% |
Wom New Holdco(e)(g) |  | 549 | 15,372
Construction & Engineering — 0.0% |
Mcdermott International Ltd.(g) |  | 382 | 4,202
Entertainment — 0.1% |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $36,292)(e)(g)(h) |  | 2,888 | 257,032
Financial Services — 0.1% |
Aimbridge Acquisition Co., Inc.(e)(g) |  | 9,110 | 537,455
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc.(g) |  | 464 | 464

Security |  | Shares | Value
Health Care Providers & Services — 0.0% |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $280,194)(b)(g)(h) |  | 9,021 | $143,208
Household Products — 0.0% |
Berkline Benchcraft Equity LLC(e)(g) |  | 3,155 | —
Industrial Conglomerates(g) — 0.0% |
Ameriforge Group, Inc.(e) |  | 801 | —
SVP Singer |  | 4,245 | 20,164
|  |  | 20,164
IT Services — 0.1% |
Travelport Finance Luxembourg SARL(e)(g) |  | 90 | 241,832
Real Estate Management & Development — 0.0% |
ADLER Group SA(e)(g) |  | 33,168 | 1
Trading Companies & Distributors — 0.0% |
TMK Hawk Parent Corp.(e)(g) |  | 10,062 | 100,622
Transportation Infrastructure — 0.0% |
Incora Top Holdco LLC(b)(e)(g) |  | 9,437 | 217,806
Total Common Stocks — 0.3% (Cost: $2,343,953) | 1,538,158

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 1.1%
Clear Channel Outdoor Holdings, Inc.(b)(c) |  |  |
5.13%, 08/15/27 | USD | 793 | 783,979
7.75%, 04/15/28 |  | 330 | 311,850
9.00%, 09/15/28 |  | 1,338 | 1,401,987
7.50%, 06/01/29 |  | 1,045 | 966,518
7.88%, 04/01/30 |  | 657 | 678,184
CMG Media Corp., 8.88%, 06/18/29(b) |  | 188 | 177,221
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(c) |  | 200 | 185,953
Lamar Media Corp., 4.00%, 02/15/30 |  | 40 | 38,212
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)(c) |  | 717 | 698,132
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |
5.00%, 08/15/27 |  | 88 | 87,560
4.25%, 01/15/29(c) |  | 268 | 256,389
4.63%, 03/15/30 |  | 107 | 102,197
7.38%, 02/15/31(c) |  | 254 | 268,913
Stagwell Global LLC, 5.63%, 08/15/29(b)(c) |  | 101 | 96,609
|  |  | 6,053,704
Aerospace & Defense — 2.8%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) |  | 274 | 283,951
Bombardier, Inc.(b) |  |  |
6.00%, 02/15/28(c) |  | 542 | 545,263
7.50%, 02/01/29 |  | 9 | 9,450
8.75%, 11/15/30(c) |  | 463 | 501,234
7.25%, 07/01/31(c) |  | 180 | 188,946
7.00%, 06/01/32(c) |  | 254 | 264,512
6.75%, 06/15/33 |  | 206 | 213,457
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(b)(c) |  | 952 | 963,906
Goat Holdco LLC, 6.75%, 02/01/32(b) |  | 339 | 344,607
Northrop Grumman Corp., 3.85%, 04/15/45(c) |  | 600 | 473,277
Spirit AeroSystems, Inc.(b)(c) |  |  |
9.38%, 11/30/29 |  | 524 | 555,970

Schedule of Investments
65

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Spirit AeroSystems, Inc.(b)(c) (continued) |  |  |
9.75%, 11/15/30 | USD | 456 | $502,900
TransDigm, Inc.(b)(c) |  |  |
6.75%, 08/15/28 |  | 1,197 | 1,222,304
6.38%, 03/01/29 |  | 1,689 | 1,732,815
7.13%, 12/01/31 |  | 501 | 524,907
6.63%, 03/01/32 |  | 2,133 | 2,208,494
6.00%, 01/15/33 |  | 1,154 | 1,160,271
6.38%, 05/31/33 |  | 2,445 | 2,447,216
Triumph Group, Inc., 9.00%, 03/15/28(b)(c) |  | 1,077 | 1,125,508
|  |  | 15,268,988
Air Freight & Logistics(b) — 0.1%
Rand Parent LLC, 8.50%, 02/15/30 |  | 234 | 234,974
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 114 | 120,846
|  |  | 355,820
Automobile Components — 1.1%
Aptiv Swiss Holdings Ltd., 4.40%, 10/01/46(c) |  | 240 | 181,854
Clarios Global LP/Clarios U.S. Finance Co.(b) |  |  |
8.50%, 05/15/27(c) |  | 2,441 | 2,451,692
6.75%, 05/15/28(c) |  | 839 | 861,194
6.75%, 02/15/30 |  | 359 | 373,283
4.75%, 06/15/31 | EUR | 195 | 230,582
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 87 | 85,748
4.50%, 02/15/32 |  | 134 | 130,986
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b)(c) |  | 112 | 116,607
Goodyear Tire & Rubber Co. |  |  |
6.63%, 07/15/30 |  | 165 | 168,306
5.25%, 04/30/31 |  | 13 | 12,485
5.63%, 04/30/33 |  | 109 | 104,363
IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, 11/15/31(f)(i) | EUR | 100 | 124,298
Mahle GmbH, 6.50%, 05/02/31(f) |  | 100 | 119,568
Schaeffler AG(f) |  |  |
4.25%, 04/01/28 |  | 100 | 118,530
4.75%, 08/14/29 |  | 100 | 119,282
Tenneco, Inc., 8.00%, 11/17/28(b) | USD | 413 | 408,415
ZF Europe Finance BV, 7.00%, 06/12/30(f) | EUR | 100 | 118,049
|  |  | 5,725,242
Automobiles — 1.1%
Asbury Automotive Group, Inc., 4.50%, 03/01/28 | USD | 146 | 144,004
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29(b) |  | 200 | 189,378
10.38%, 03/31/29(f) | GBP | 100 | 127,889
Carvana Co.(b)(c)(i) |  |  |
(9.00% PIK), 9.00%, 06/01/30 | USD | 730 | 768,160
(9.00% PIK), 9.00%, 06/01/31 |  | 1,418 | 1,604,410
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |  | 200 | 213,176
General Motors Financial Co., Inc., 6.00%, 01/09/28(c) |  | 1,000 | 1,029,918
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/29(b) |  | 200 | 195,691
LCM Investments Holdings II LLC(b)(c) |  |  |
4.88%, 05/01/29 |  | 349 | 339,385
8.25%, 08/01/31 |  | 369 | 392,315
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b) |  | 400 | 366,968
RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37(a)(f) | EUR | 100 | 118,841

Security |  | Par (000) | Value
Automobiles (continued)
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(b) | USD | 232 | $227,945
TML Holdings Pte. Ltd., 4.35%, 06/09/26(f) |  | 200 | 198,280
Wabash National Corp., 4.50%, 10/15/28(b)(c) |  | 184 | 166,454
|  |  | 6,082,814
Banks — 1.7%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(a)(f) | EUR | 100 | 120,138
Banco Espirito Santo SA(a)(f)(g)(j) |  |  |
4.75%, 01/15/22 |  | 100 | 25,915
4.00%, 01/21/22 |  | 100 | 25,915
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00%(a)(c) | USD | 501 | 499,397
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(c) |  | 1,100 | 1,155,520
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)(c) |  | 200 | 200,443
JPMorgan Chase & Co., (1-day SOFR + 1.13%), 5.00%, 07/22/30(a)(c) |  | 2,600 | 2,647,482
Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, 04/18/30(a)(c) |  | 2,600 | 2,700,648
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(a)(f) | EUR | 100 | 125,619
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(k) | USD | 121 | 126,359
UBS AG/Stamford CT, 5.00%, 07/09/27(c) |  | 1,200 | 1,218,534
Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |  | 143 | 146,751
|  |  | 8,992,721
Beverages — 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(c) |  | 741 | 679,231
Building Materials — 1.6%
Builders FirstSource, Inc.(b) |  |  |
6.38%, 03/01/34 |  | 146 | 148,785
6.75%, 05/15/35 |  | 172 | 177,094
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30(b) | EUR | 160 | 197,968
6.38%, 12/15/30(f) |  | 100 | 123,730
6.63%, 12/15/30(b)(c) | USD | 2,202 | 2,250,823
6.75%, 07/15/31(b) |  | 212 | 219,419
Jeld-Wen, Inc.(b) |  |  |
4.88%, 12/15/27 |  | 78 | 72,312
7.00%, 09/01/32(c) |  | 394 | 308,482
JH North America Holdings, Inc.(b) |  |  |
5.88%, 01/31/31 |  | 238 | 240,078
6.13%, 07/31/32 |  | 315 | 320,230
New Enterprise Stone & Lime Co., Inc.(b) |  |  |
5.25%, 07/15/28 |  | 81 | 81,215
9.75%, 07/15/28 |  | 300 | 300,700
Quikrete Holdings, Inc.(b) |  |  |
6.38%, 03/01/32(c) |  | 1,292 | 1,328,589
6.75%, 03/01/33 |  | 318 | 328,121
Smyrna Ready Mix Concrete LLC(b)(c) |  |  |
6.00%, 11/01/28 |  | 259 | 258,368
8.88%, 11/15/31 |  | 238 | 249,533
Standard Building Solutions, Inc., 6.50%, 08/15/32(b)(c) |  | 680 | 696,751
Standard Industries, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 2 | 1,978
4.38%, 07/15/30(c) |  | 519 | 491,411

66
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Building Materials (continued)
Standard Industries, Inc.(b) (continued) |  |  |
3.38%, 01/15/31(c) | USD | 353 | $316,569
Wilsonart LLC, 11.00%, 08/15/32(b) |  | 305 | 277,100
|  |  | 8,389,256
Building Products(b) — 0.6%
Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 16 | 14,675
GYP Holdings III Corp., 4.63%, 05/01/29(c) |  | 371 | 371,863
QXO Building Products, Inc., 6.75%, 04/30/32(c) |  | 993 | 1,022,991
White Cap Buyer LLC, 6.88%, 10/15/28(c) |  | 1,965 | 1,961,882
|  |  | 3,371,411
Capital Markets — 1.0%
Apollo Debt Solutions BDC |  |  |
6.70%, 07/29/31 |  | 195 | 202,631
6.55%, 03/15/32(b) |  | 45 | 45,963
Ares Capital Corp., 5.50%, 09/01/30(c) |  | 240 | 239,255
Ares Strategic Income Fund |  |  |
5.60%, 02/15/30(c) |  | 329 | 328,005
5.80%, 09/09/30(b) |  | 220 | 220,769
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 70 | 69,197
Blackstone Private Credit Fund, 6.00%, 11/22/34(c) |  | 725 | 708,943
Blue Owl Capital Corp., 6.20%, 07/15/30(c) |  | 480 | 484,885
Blue Owl Capital Corp. II, 8.45%, 11/15/26(c) |  | 106 | 110,120
Blue Owl Credit Income Corp., 7.75%, 09/16/27(c) |  | 197 | 206,639
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(c) |  | 214 | 192,087
Focus Financial Partners LLC, 6.75%, 09/15/31(b) |  | 259 | 264,378
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34(c) |  | 201 | 201,012
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b)(c) |  | 205 | 213,575
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27(c) |  | 654 | 633,681
9.75%, 01/15/29 |  | 170 | 165,143
4.38%, 02/01/29(c) |  | 124 | 104,232
10.00%, 11/15/29(b) |  | 313 | 309,877
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(b) |  | 211 | 216,951
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(c)(l) |  | 300 | 345,300
WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32(b)(i)(l) |  | 289 | 283,372
|  |  | 5,546,015
Chemicals — 1.6%
Avient Corp., 6.25%, 11/01/31(b) |  | 158 | 159,477
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b)(c) |  | 273 | 287,820
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)(c) |  | 297 | 281,318
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 |  | 31 | 31,732
6.75%, 04/15/33(c) |  | 181 | 182,880
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 282 | 279,478
5.75%, 11/15/28(b) |  | 422 | 395,543
8.00%, 01/15/33(b) |  | 175 | 163,871
Element Solutions, Inc., 3.88%, 09/01/28(b)(c) |  | 1,262 | 1,223,881
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(f) | EUR | 100 | 118,800
Herens Holdco SARL, 4.75%, 05/15/28(b)(c) | USD | 212 | 190,265
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) |  | 28 | 28,138
INEOS Finance PLC, 6.38%, 04/15/29(f) | EUR | 100 | 119,393
Ingevity Corp., 3.88%, 11/01/28(b) | USD | 84 | 80,109

Security |  | Par (000) | Value
Chemicals (continued)
Itelyum Regeneration SpA, 5.75%, 04/15/30(f) | EUR | 100 | $118,803
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(i) | USD | 315 | 281,759
LYB International Finance III LLC, 6.15%, 05/15/35 |  | 80 | 83,033
Mativ Holdings, Inc., 8.00%, 10/01/29(b) |  | 153 | 138,630
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |  | 147 | 146,573
Minerals Technologies, Inc., 5.00%, 07/01/28(b) |  | 169 | 166,230
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28(f) | EUR | 100 | 123,685
9.75%, 11/15/28(b)(c) | USD | 1,100 | 1,158,333
6.25%, 10/01/29(b) |  | 200 | 190,834
7.25%, 06/15/31(b) |  | 596 | 607,920
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  | 362 | 350,555
WR Grace Holdings LLC(b)(c) |  |  |
4.88%, 06/15/27 |  | 181 | 179,954
5.63%, 08/15/29 |  | 1,191 | 1,078,077
7.38%, 03/01/31 |  | 355 | 363,526
|  |  | 8,530,617
Commercial Services & Supplies — 5.2%
ADT Security Corp., 4.88%, 07/15/32(b) |  | 148 | 141,974
Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
5.38%, 05/21/30(f) | EUR | 100 | 120,493
7.00%, 05/21/30(b) | USD | 476 | 485,771
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)(c) |  | 2,275 | 2,376,674
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |
6.00%, 06/01/29(c) |  | 1,156 | 1,124,292
6.88%, 06/15/30 |  | 860 | 871,665
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)(c) |  | 1,543 | 1,497,006
APi Group DE, Inc.(b) |  |  |
4.13%, 07/15/29 |  | 132 | 125,850
4.75%, 10/15/29 |  | 100 | 98,137
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.82%, 05/01/30(a)(f) | EUR | 100 | 118,726
Belron U.K. Finance PLC, 5.75%, 10/15/29(b)(c) | USD | 796 | 802,641
Block, Inc.(c) |  |  |
2.75%, 06/01/26 |  | 406 | 397,487
3.50%, 06/01/31 |  | 55 | 50,450
6.50%, 05/15/32 |  | 1,834 | 1,892,180
Boels Topholding BV, 5.75%, 05/15/30(f) | EUR | 100 | 122,194
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)(c) | USD | 800 | 849,212
Brink’s Co.(b) |  |  |
6.50%, 06/15/29 |  | 157 | 161,835
6.75%, 06/15/32 |  | 162 | 168,706
Clarivate Science Holdings Corp.(b)(c) |  |  |
3.88%, 07/01/28 |  | 730 | 699,723
4.88%, 07/01/29 |  | 883 | 831,435
Deluxe Corp., 8.13%, 09/15/29(b) |  | 132 | 136,233
Equifax, Inc., 2.60%, 12/15/25 |  | 59 | 58,457
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) |  | 138 | 144,568
Fortress Transportation and Infrastructure Investors LLC(b)(c) |  |  |
5.50%, 05/01/28 |  | 740 | 736,017
7.88%, 12/01/30 |  | 727 | 771,356
7.00%, 05/01/31 |  | 986 | 1,020,939
7.00%, 06/15/32 |  | 569 | 587,508
5.88%, 04/15/33 |  | 452 | 446,309
Garda World Security Corp.(b) |  |  |
4.63%, 02/15/27(c) |  | 360 | 357,768
7.75%, 02/15/28(c) |  | 532 | 550,387
6.00%, 06/01/29 |  | 65 | 63,444

Schedule of Investments
67

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Garda World Security Corp.(b) (continued) |  |  |
8.25%, 08/01/32 | USD | 599 | $614,696
8.38%, 11/15/32(c) |  | 966 | 992,284
Herc Holdings, Inc.(b) |  |  |
6.63%, 06/15/29(c) |  | 130 | 133,380
7.00%, 06/15/30 |  | 388 | 405,211
7.25%, 06/15/33 |  | 197 | 206,417
Hertz Corp., 12.63%, 07/15/29(b) |  | 152 | 158,955
Loxam SAS, 6.38%, 05/31/29(f) | EUR | 100 | 122,712
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(b)(c) | USD | 127 | 127,199
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) |  | 303 | 303,013
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)(c) |  | 595 | 595,000
Service Corp. International(c) |  |  |
5.13%, 06/01/29 |  | 238 | 236,981
3.38%, 08/15/30 |  | 273 | 250,921
4.00%, 05/15/31 |  | 370 | 346,201
5.75%, 10/15/32 |  | 641 | 647,537
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |  |  |
6.75%, 08/15/32(c) |  | 945 | 981,448
5.50%, 05/15/33 | EUR | 270 | 328,991
Shift4 Payments, Inc., 0.00%, 12/15/25(l)(m) | USD | 174 | 219,675
Sotheby’s, 7.38%, 10/15/27(b)(c) |  | 691 | 683,045
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)(c) |  | 453 | 407,936
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)(c) |  | 435 | 433,850
United Rentals North America, Inc., 6.13%, 03/15/34(b) |  | 68 | 70,042
Verisure Holding AB, 9.25%, 10/15/27(f) | EUR | 80 | 98,201
Veritiv Operating Co., 10.50%, 11/30/30(b) | USD | 172 | 186,189
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)(c) |  | 618 | 649,474
WEX, Inc., 6.50%, 03/15/33(b) |  | 339 | 342,018
Williams Scotsman, Inc.(b) |  |  |
6.63%, 06/15/29 |  | 32 | 32,849
6.63%, 04/15/30 |  | 307 | 318,897
7.38%, 10/01/31(c) |  | 378 | 397,882
|  |  | 28,100,441
Communications Equipment(b)(c) — 0.2%
CommScope LLC |  |  |
4.75%, 09/01/29 |  | 780 | 761,501
9.50%, 12/15/31 |  | 297 | 311,022
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 116 | 108,392
|  |  | 1,180,915
Construction & Engineering — 0.4%
Arcosa, Inc.(b) |  |  |
4.38%, 04/15/29(c) |  | 286 | 276,660
6.88%, 08/15/32 |  | 31 | 32,172
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)(c) |  | 1,494 | 1,378,419
Dycom Industries, Inc., 4.50%, 04/15/29(b) |  | 119 | 115,822
Heathrow Finance PLC, 4.13%, 09/01/29(d)(f) | GBP | 100 | 126,275
|  |  | 1,929,348
Consumer Finance — 0.5%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(a)(b) | USD | 41 | 41,282
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34(a)(c) |  | 440 | 453,913
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 127 | 140,082
7.88%, 06/15/32 |  | 236 | 245,440
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 139 | 143,542
6.63%, 05/15/29 |  | 247 | 253,682
5.38%, 11/15/29 |  | 50 | 49,182

Security |  | Par (000) | Value
Consumer Finance (continued)
OneMain Finance Corp. (continued) |  |  |
7.88%, 03/15/30(c) | USD | 370 | $393,151
4.00%, 09/15/30 |  | 179 | 165,169
7.50%, 05/15/31 |  | 82 | 85,678
7.13%, 11/15/31 |  | 111 | 115,493
6.75%, 03/15/32 |  | 297 | 302,586
7.13%, 09/15/32 |  | 358 | 370,626
SLM Corp., 6.50%, 01/31/30 |  | 61 | 64,028
|  |  | 2,823,854
Consumer Staples Distribution & Retail — 0.1%
B&M European Value Retail SA, 6.50%, 11/27/31(f) | GBP | 100 | 138,160
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 | USD | 151 | 160,147
4.80%, 11/18/44 |  | 268 | 255,940
|  |  | 554,247
Containers & Packaging — 2.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |
6.00%, 06/15/27(c) |  | 400 | 401,229
3.25%, 09/01/28 |  | 200 | 189,007
4.00%, 09/01/29(c) |  | 1,600 | 1,460,603
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(f) | EUR | 200 | 225,514
4.13%, 08/15/26(b)(c) | USD | 802 | 752,974
Ball Corp., 4.25%, 07/01/32 | EUR | 145 | 173,051
Clydesdale Acquisition Holdings, Inc.(b)(c) |  |  |
6.63%, 04/15/29 | USD | 380 | 385,504
6.88%, 01/15/30 |  | 515 | 526,473
8.75%, 04/15/30 |  | 402 | 411,175
6.75%, 04/15/32 |  | 935 | 959,561
Crown Americas LLC, 5.88%, 06/01/33(b) |  | 545 | 548,725
Graham Packaging Co., Inc., 7.13%, 08/15/28(b) |  | 60 | 59,889
LABL, Inc.(b) |  |  |
5.88%, 11/01/28 |  | 233 | 203,749
9.50%, 11/01/28(c) |  | 551 | 509,333
8.63%, 10/01/31 |  | 327 | 279,706
Mauser Packaging Solutions Holding Co.(b) |  |  |
7.88%, 04/15/27(c) |  | 3,720 | 3,780,978
9.25%, 04/15/27 |  | 169 | 167,815
OI European Group BV |  |  |
6.25%, 05/15/28(b) | EUR | 115 | 139,867
5.25%, 06/01/29(f) |  | 100 | 121,270
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) | USD | 39 | 39,018
Sealed Air Corp.(b) |  |  |
4.00%, 12/01/27 |  | 72 | 70,270
5.00%, 04/15/29 |  | 59 | 58,357
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b) |  | 22 | 23,337
Trivium Packaging Finance BV(b) |  |  |
6.63%, 07/15/30 | EUR | 100 | 121,744
12.25%, 01/15/31 | USD | 200 | 214,387
|  |  | 11,823,536
Diversified REITs — 0.7%
Digital Realty Trust LP, 1.88%, 11/15/29(b)(l) |  | 85 | 89,369
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) |  | 108 | 103,143
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  | 199 | 190,815
Iron Mountain, Inc.(b) |  |  |
5.25%, 07/15/30 |  | 23 | 22,685
5.63%, 07/15/32 |  | 19 | 18,849

68
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified REITs (continued)
Iron Mountain, Inc.(b) (continued) |  |  |
6.25%, 01/15/33(c) | USD | 395 | $406,141
Rithm Capital Corp., 8.00%, 07/15/30(b) |  | 133 | 133,665
SBA Communications Corp., 3.13%, 02/01/29(c) |  | 638 | 602,577
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b)(c) |  | 1,995 | 2,113,631
|  |  | 3,680,875
Diversified Telecommunication Services — 4.4%
Altice Financing SA(b) |  |  |
5.00%, 01/15/28 |  | 200 | 150,459
5.75%, 08/15/29(c) |  | 524 | 382,615
AT&T, Inc., 4.30%, 02/15/30(c) |  | 1,350 | 1,345,608
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b)(c) |  | 420 | 422,154
EchoStar Corp.(c) |  |  |
(6.75% PIK), 6.75%, 11/30/30(i) |  | 1,903 | 1,736,403
10.75%, 11/30/29 |  | 1,328 | 1,367,596
eircom Finance DAC, Series JUL, 04/30/31(f)(n) | EUR | 100 | 118,090
Eutelsat SA, 1.50%, 10/13/28(f) |  | 100 | 107,110
Fibercop SpA |  |  |
4.75%, 06/30/30(f) |  | 100 | 118,549
5.13%, 06/30/32(f) |  | 100 | 117,960
6.00%, 09/30/34(b)(c) | USD | 242 | 226,473
7.20%, 07/18/36(b)(c) |  | 200 | 194,917
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27(b)(c) |  | 314 | 314,119
5.00%, 05/01/28(b)(c) |  | 753 | 752,683
6.75%, 05/01/29(b) |  | 111 | 112,451
5.88%, 11/01/29 |  | 180 | 181,344
6.00%, 01/15/30(b) |  | 244 | 247,147
8.75%, 05/15/30(b)(c) |  | 1,730 | 1,809,357
8.63%, 03/15/31(b)(c) |  | 371 | 394,190
Iliad Holding SASU |  |  |
7.00%, 10/15/28(b)(c) |  | 343 | 349,268
5.38%, 04/15/30(f) | EUR | 100 | 120,976
8.50%, 04/15/31(b)(c) | USD | 479 | 512,350
7.00%, 04/15/32(b)(c) |  | 211 | 216,187
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b) |  | 59 | 60,162
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(f) | EUR | 100 | 119,417
Level 3 Financing, Inc.(b) |  |  |
3.63%, 01/15/29 | USD | 61 | 52,155
4.88%, 06/15/29(c) |  | 851 | 794,154
11.00%, 11/15/29(c) |  | 1,466 | 1,681,614
4.50%, 04/01/30 |  | 359 | 325,157
3.88%, 10/15/30 |  | 114 | 98,895
10.75%, 12/15/30(c) |  | 511 | 579,727
4.00%, 04/15/31 |  | 15 | 12,870
6.88%, 06/30/33 |  | 2,145 | 2,182,587
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(g)(i)(j) |  | 217 | 72,847
Lorca Telecom Bondco SA, 5.75%, 04/30/29(f) | EUR | 100 | 122,989
Lumen Technologies, Inc.(b) |  |  |
4.13%, 04/15/29 | USD | 200 | 194,411
4.13%, 04/15/30 |  | 200 | 195,181
10.00%, 10/15/32 |  | 221 | 226,149
Sable International Finance Ltd., 7.13%, 10/15/32(b) |  | 493 | 494,387
SoftBank Group Corp., 3.88%, 07/06/32(f) | EUR | 200 | 213,798
Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 372 | 400,845
Verizon Communications, Inc., 3.70%, 03/22/61(c) |  | 1,000 | 690,161

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b)(c) | USD | 1,369 | $1,433,734
Zayo Group Holdings, Inc.(b) |  |  |
4.00%, 03/01/27 |  | 2,457 | 2,304,117
6.13%, 03/01/28 |  | 307 | 264,933
|  |  | 23,818,296
Electric Utilities — 1.5%
Alpha Generation LLC, 6.75%, 10/15/32(b) |  | 299 | 308,223
Black Hills Corp., 3.15%, 01/15/27(c) |  | 305 | 298,239
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(b) |  | 225 | 225,367
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |  | 400 | 412,144
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(c)(k) |  | 4,030 | 3,794,332
Enel Finance International NV, 3.63%, 05/25/27(b)(c) |  | 900 | 888,567
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 169 | 165,228
Pampa Energia SA, 7.88%, 12/16/34(b) |  | 16 | 15,962
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |  | 84 | 81,384
Pike Corp., 8.63%, 01/31/31(b) |  | 89 | 96,794
Public Power Corp. SA, 4.63%, 10/31/31(f) | EUR | 100 | 120,145
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(f) | USD | 137 | 139,467
Texas Competitive Electric Holdings, Series M, 8.50%, 11/10/21(e)(g)(j) |  | 780 | —
Vistra Operations Co. LLC(b)(c) |  |  |
7.75%, 10/15/31 |  | 288 | 306,099
6.88%, 04/15/32 |  | 396 | 414,011
XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/31(b)(c) |  | 723 | 772,239
|  |  | 8,038,201
Electronic Equipment, Instruments & Components(b) — 0.4%
Coherent Corp., 5.00%, 12/15/29(c) |  | 300 | 294,640
Imola Merger Corp., 4.75%, 05/15/29(c) |  | 330 | 318,613
Sensata Technologies BV, 4.00%, 04/15/29 |  | 168 | 159,782
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30(c) |  | 483 | 461,122
3.75%, 02/15/31 |  | 54 | 49,222
6.63%, 07/15/32(c) |  | 227 | 233,617
WESCO Distribution, Inc. |  |  |
6.63%, 03/15/32 |  | 185 | 192,246
6.38%, 03/15/33 |  | 260 | 268,731
Xerox Corp., 10.25%, 10/15/30 |  | 118 | 123,540
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 117 | 120,308
|  |  | 2,221,821
Energy Equipment & Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |
6.88%, 04/01/27 |  | 91 | 91,093
6.25%, 04/01/28(c) |  | 291 | 291,963
6.63%, 09/01/32(c) |  | 501 | 510,438
Halliburton Co., 3.80%, 11/15/25 |  | 3 | 2,988
Kodiak Gas Services LLC, 7.25%, 02/15/29(b)(c) |  | 566 | 585,477
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 71 | 71,585
Star Holding LLC, 8.75%, 08/01/31(b)(c) |  | 256 | 241,246
Tidewater, Inc., 07/15/30(b)(n) |  | 206 | 211,945
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29(b)(c) |  | 339 | 347,452
Weatherford International Ltd., 8.63%, 04/30/30(b)(c) |  | 474 | 488,565
|  |  | 2,842,752

Schedule of Investments
69

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment — 1.8%
Boyne USA, Inc., 4.75%, 05/15/29(b) | USD | 214 | $207,653
Caesars Entertainment, Inc.(b)(c) |  |  |
7.00%, 02/15/30 |  | 1,537 | 1,591,690
6.50%, 02/15/32 |  | 579 | 594,121
Churchill Downs, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 137 | 135,234
5.75%, 04/01/30(c) |  | 797 | 799,597
6.75%, 05/01/31 |  | 392 | 402,906
Cinemark USA, Inc., 7.00%, 08/01/32(b) |  | 75 | 77,862
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 6.69%, 07/31/28(a)(f) | EUR | 54 | 64,266
Flutter Treasury DAC, 5.88%, 06/04/31(b) | USD | 499 | 502,742
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) |  | 408 | 399,358
Light & Wonder International, Inc.(b) |  |  |
7.25%, 11/15/29 |  | 51 | 52,543
7.50%, 09/01/31 |  | 87 | 91,038
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b) |  | 232 | 201,624
Live Nation Entertainment, Inc., 4.75%, 10/15/27(b)(c) |  | 211 | 208,706
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(b) |  | 298 | 266,297
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |  | 72 | 69,355
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(b) |  | 250 | 258,052
Odeon Finco PLC, 12.75%, 11/01/27(b) |  | 200 | 208,977
Pinewood Finco PLC, 6.00%, 03/27/30(f) | GBP | 100 | 135,550
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |
5.63%, 09/01/29 | USD | 116 | 66,410
5.88%, 09/01/31 |  | 166 | 90,885
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(b) |  | 166 | 166,215
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b)(c) |  | 190 | 183,095
Six Flags Entertainment Corp., 7.00%, 07/01/25(b) |  | 101 | 101,000
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada’s Wonderland Co., 6.63%, 05/01/32(b)(c) |  | 651 | 671,464
Vail Resorts, Inc., 6.50%, 05/15/32(b)(c) |  | 364 | 376,103
Voyager Parent LLC, 9.25%, 07/01/32(b) |  | 304 | 316,290
Warnermedia Holdings, Inc., 03/15/42 |  | 358 | 241,203
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |
5.13%, 10/01/29(c) |  | 679 | 674,099
7.13%, 02/15/31(c) |  | 492 | 524,699
6.25%, 03/15/33 |  | 190 | 191,218
|  |  | 9,870,252
Environmental, Maintenance & Security Service — 0.8%
GFL Environmental, Inc.(b)(c) |  |  |
4.00%, 08/01/28 |  | 121 | 117,361
4.75%, 06/15/29 |  | 378 | 372,961
4.38%, 08/15/29 |  | 405 | 393,270
6.75%, 01/15/31 |  | 364 | 380,898
Madison IAQ LLC(b) |  |  |
4.13%, 06/30/28 |  | 240 | 233,153
5.88%, 06/30/29(c) |  | 554 | 545,011
Republic Services, Inc., 3.38%, 11/15/27(c) |  | 750 | 737,123
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(b) |  | 142 | 135,091

Security |  | Par (000) | Value
Environmental, Maintenance & Security Service (continued)
Reworld Holding Corp. (continued) |  |  |
5.00%, 09/01/30 | USD | 70 | $66,160
Waste Pro USA, Inc., 7.00%, 02/01/33(b)(c) |  | 987 | 1,024,623
Wrangler Holdco Corp., 6.63%, 04/01/32(b) |  | 105 | 109,311
|  |  | 4,114,962
Financial Services — 1.9%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(a) |  | 65 | 66,157
Azorra Finance Ltd.(b) |  |  |
7.75%, 04/15/30 |  | 174 | 180,634
01/15/31(n) |  | 114 | 116,385
Freedom Mortgage Holdings LLC(b) |  |  |
9.25%, 02/01/29 |  | 186 | 193,194
9.13%, 05/15/31(c) |  | 293 | 302,019
8.38%, 04/01/32 |  | 195 | 197,101
GGAM Finance Ltd.(b) |  |  |
7.75%, 05/15/26 |  | 45 | 45,461
8.00%, 02/15/27(c) |  | 411 | 423,758
8.00%, 06/15/28 |  | 150 | 158,658
6.88%, 04/15/29(c) |  | 205 | 211,935
5.88%, 03/15/30 |  | 219 | 220,555
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) |  | 359 | 368,424
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b)(c) |  | 325 | 314,170
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b)(c) |  | 150 | 158,747
Midcap Financial Issuer Trust(b) |  |  |
6.50%, 05/01/28 |  | 200 | 198,110
5.63%, 01/15/30 |  | 400 | 369,500
Nationstar Mortgage Holdings, Inc.(b) |  |  |
6.00%, 01/15/27 |  | 45 | 45,048
6.50%, 08/01/29(c) |  | 409 | 417,775
5.13%, 12/15/30(c) |  | 219 | 221,645
5.75%, 11/15/31(c) |  | 147 | 149,292
7.13%, 02/01/32(c) |  | 655 | 680,345
PennyMac Financial Services, Inc.(b) |  |  |
7.88%, 12/15/29 |  | 258 | 273,966
7.13%, 11/15/30(c) |  | 277 | 287,079
6.88%, 05/15/32 |  | 353 | 360,932
6.88%, 02/15/33 |  | 198 | 202,950
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) |  | 431 | 446,403
Rocket Cos., Inc.(b) |  |  |
6.13%, 08/01/30 |  | 1,201 | 1,223,855
6.38%, 08/01/33 |  | 991 | 1,013,992
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) |  |  |
2.88%, 10/15/26(c) |  | 471 | 459,352
3.88%, 03/01/31(c) |  | 86 | 79,724
4.00%, 10/15/33 |  | 96 | 85,888
Stena International SA, 7.25%, 01/15/31(f) |  | 200 | 200,619
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(i) | EUR | 100 | 34,408
UWM Holdings LLC, 6.63%, 02/01/30(b)(c) | USD | 382 | 382,395
|  |  | 10,090,476
Food Products — 1.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |
3.25%, 03/15/26 |  | 83 | 81,857
4.63%, 01/15/27(c) |  | 322 | 319,976
5.88%, 02/15/28(c) |  | 298 | 297,701

70
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) (continued) |  |  |
3.50%, 03/15/29 | USD | 49 | $46,422
4.88%, 02/15/30(c) |  | 110 | 108,132
6.25%, 03/15/33 |  | 183 | 188,641
Aramark Services, Inc., 5.00%, 02/01/28(b) |  | 194 | 193,219
B&G Foods, Inc., 8.00%, 09/15/28(b) |  | 89 | 85,688
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(f) | GBP | 100 | 129,201
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(c)(i) | USD | 1,363 | 1,459,470
Chobani LLC/Chobani Finance Corp., Inc.(b)(c) |  |  |
4.63%, 11/15/28 |  | 457 | 448,541
7.63%, 07/01/29 |  | 1,411 | 1,470,349
Darling Global Finance BV |  |  |
4.50%, 07/15/32(b) | EUR | 180 | 214,594
4.50%, 07/15/32(f) |  | 100 | 119,219
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(c) | USD | 323 | 327,265
ELO SACA, 3.25%, 07/23/27(f) | EUR | 100 | 113,431
Fiesta Purchaser, Inc.(b) |  |  |
7.88%, 03/01/31 | USD | 19 | 20,163
9.63%, 09/15/32 |  | 91 | 96,020
Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, 12/15/29(a)(f) | EUR | 100 | 117,954
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) | USD | 163 | 168,811
Lamb Weston Holdings, Inc.(b)(c) |  |  |
4.88%, 05/15/28 |  | 257 | 255,412
4.13%, 01/31/30 |  | 312 | 297,522
4.38%, 01/31/32 |  | 300 | 280,950
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.56%, 07/01/29(a)(f) | EUR | 100 | 118,330
Market Bidco Finco PLC, 4.75%, 11/04/27(f) |  | 100 | 117,188
Ocado Group PLC, Series ., 11.00%, 06/15/30(f) | GBP | 100 | 133,509
Performance Food Group, Inc.(b) |  |  |
4.25%, 08/01/29 | USD | 306 | 295,060
6.13%, 09/15/32(c) |  | 383 | 391,784
Post Holdings, Inc.(b) |  |  |
4.63%, 04/15/30(c) |  | 118 | 113,426
4.50%, 09/15/31 |  | 32 | 29,703
6.25%, 02/15/32 |  | 191 | 196,288
6.38%, 03/01/33 |  | 334 | 337,045
6.25%, 10/15/34 |  | 208 | 209,181
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) |  | 129 | 121,798
U.S. Foods, Inc., 7.25%, 01/15/32(b)(c) |  | 234 | 246,412
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  | 253 | 249,701
|  |  | 9,399,963
Gas Utilities(b) — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30 |  | 123 | 127,610
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |  | 91 | 86,095
Venture Global Plaque |  |  |
6.50%, 01/15/34 |  | 889 | 889,000
6.75%, 01/15/36 |  | 927 | 927,000
Venture Global Plaquemines LNG LLC(c) |  |  |
7.50%, 05/01/33 |  | 372 | 398,346
7.75%, 05/01/35 |  | 339 | 366,941
|  |  | 2,794,992
Ground Transportation — 0.4%
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b)(c) |  | 340 | 346,927

Security |  | Par (000) | Value
Ground Transportation (continued)
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(c) | USD | 1,193 | $1,209,680
Union Pacific Corp., 3.20%, 05/20/41(c) |  | 600 | 458,425
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) |  | 135 | 141,118
|  |  | 2,156,150
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25(f) | EUR | 100 | 117,559
4.63%, 07/15/28(b)(c) | USD | 467 | 458,575
3.88%, 11/01/29(b) |  | 209 | 197,881
Bausch & Lomb Corp., 8.38%, 10/01/28(b)(c) |  | 1,333 | 1,391,319
Insulet Corp., 6.50%, 04/01/33(b) |  | 238 | 248,135
Medline Borrower LP(b)(c) |  |  |
3.88%, 04/01/29 |  | 435 | 417,270
5.25%, 10/01/29 |  | 1,280 | 1,270,022
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b)(c) |  | 685 | 703,690
Neogen Food Safety Corp., 8.63%, 07/20/30(b) |  | 184 | 190,318
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) |  | 196 | 203,927
|  |  | 5,198,696
Health Care Providers & Services — 2.8%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |  | 123 | 126,719
AHP Health Partners, Inc., 5.75%, 07/15/29(b)(c) |  | 345 | 336,432
Charles River Laboratories International, Inc., 4.00%, 03/15/31(b) |  | 42 | 38,484
CHS/Community Health Systems, Inc.(b)(c) |  |  |
5.63%, 03/15/27 |  | 1,028 | 1,012,560
6.00%, 01/15/29 |  | 631 | 606,939
5.25%, 05/15/30 |  | 902 | 799,846
4.75%, 02/15/31 |  | 329 | 281,256
10.88%, 01/15/32 |  | 742 | 786,421
Concentra Health Services, Inc., 6.88%, 07/15/32(b)(c) |  | 340 | 352,024
DaVita, Inc.(b) |  |  |
6.88%, 09/01/32 |  | 186 | 192,729
6.75%, 07/15/33 |  | 169 | 174,509
Elevance Health, Inc., 3.65%, 12/01/27(c) |  | 1,000 | 988,134
Encompass Health Corp. |  |  |
4.75%, 02/01/30(c) |  | 98 | 96,756
4.63%, 04/01/31 |  | 237 | 229,352
Ephios Subco 3 SARL, 7.88%, 01/31/31(f) | EUR | 100 | 126,689
Fortrea Holdings, Inc., 7.50%, 07/01/30(b) | USD | 89 | 80,561
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |  | 218 | 216,128
HCA, Inc., 5.50%, 06/15/47(c) |  | 650 | 604,019
HealthEquity, Inc., 4.50%, 10/01/29(b)(c) |  | 615 | 597,954
IQVIA, Inc.(b) |  |  |
6.50%, 05/15/30 |  | 211 | 217,537
6.25%, 06/01/32 |  | 895 | 918,465
LifePoint Health, Inc.(b) |  |  |
9.88%, 08/15/30(c) |  | 163 | 176,318
11.00%, 10/15/30(c) |  | 791 | 872,628
8.38%, 02/15/32 |  | 249 | 265,321
10.00%, 06/01/32(c) |  | 282 | 290,930
Molina Healthcare, Inc.(b) |  |  |
4.38%, 06/15/28 |  | 12 | 11,729
3.88%, 11/15/30 |  | 2 | 1,858
3.88%, 05/15/32(c) |  | 141 | 128,340
6.25%, 01/15/33 |  | 142 | 144,542
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |  | 118 | 117,115
Star Parent, Inc., 9.00%, 10/01/30(b)(c) |  | 878 | 923,497
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(c) |  | 726 | 739,803
Tenet Healthcare Corp.(c) |  |  |
6.13%, 06/15/30 |  | 250 | 254,346

Schedule of Investments
71

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp.(c) (continued) |  |  |
6.75%, 05/15/31 | USD | 657 | $679,725
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)(c) |  | 252 | 259,922
UnitedHealth Group, Inc., 3.75%, 07/15/25(c) |  | 1,470 | 1,469,504
|  |  | 15,119,092
Health Care REITs — 0.6%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50(c) |  | 450 | 331,194
Healthpeak OP LLC, 2.88%, 01/15/31(c) |  | 1,000 | 911,891
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
7.00%, 02/15/32(b) | EUR | 260 | 313,771
7.00%, 02/15/32(f) |  | 100 | 120,681
8.50%, 02/15/32(b)(c) | USD | 819 | 857,129
Ventas Realty LP, 4.13%, 01/15/26(c) |  | 650 | 647,348
|  |  | 3,182,014
Hotel & Resort REITs — 0.7%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |  | 224 | 230,370
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) |  | 123 | 123,661
Pebblebrook Hotel Trust, 1.75%, 12/15/26(l) |  | 14 | 13,231
RHP Hotel Properties LP/RHP Finance Corp.(b) |  |  |
4.50%, 02/15/29(c) |  | 302 | 295,171
6.50%, 04/01/32(c) |  | 528 | 543,020
6.50%, 06/15/33 |  | 272 | 279,819
Service Properties Trust(c) |  |  |
8.63%, 11/15/31(b) |  | 1,418 | 1,522,325
8.88%, 06/15/32 |  | 496 | 510,016
XHR LP, 6.63%, 05/15/30(b) |  | 121 | 123,283
|  |  | 3,640,896
Hotels, Restaurants & Leisure — 2.3%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) |  | 197 | 199,782
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |
3.88%, 01/15/28 |  | 108 | 105,198
4.38%, 01/15/28(c) |  | 134 | 131,407
4.00%, 10/15/30(c) |  | 451 | 420,273
Carnival Corp.(b) |  |  |
6.00%, 05/01/29(c) |  | 757 | 764,905
5.88%, 06/15/31 |  | 434 | 442,138
6.13%, 02/15/33(c) |  | 904 | 924,929
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b)(c) |  |  |
4.63%, 01/15/29 |  | 436 | 417,608
6.75%, 01/15/30 |  | 136 | 125,501
Hilton Domestic Operating Co., Inc.(b) |  |  |
4.00%, 05/01/31(c) |  | 189 | 177,702
6.13%, 04/01/32 |  | 226 | 231,455
5.88%, 03/15/33(c) |  | 406 | 413,664
Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 180 | 185,701
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) |  | 62 | 64,723
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)(c) |  | 241 | 242,420
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)(c) |  | 269 | 211,310
Melco Resorts Finance Ltd., 7.63%, 04/17/32(b)(c) |  | 261 | 264,132
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26(f) |  | 250 | 250,025
4.75%, 02/01/27(b)(c) |  | 200 | 198,250
MGM Resorts International, 6.13%, 09/15/29(c) |  | 358 | 364,138
NCL Corp. Ltd.(b) |  |  |
8.13%, 01/15/29 |  | 121 | 127,556
7.75%, 02/15/29 |  | 77 | 81,873
6.25%, 03/01/30 |  | 99 | 99,845

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
NCL Corp. Ltd.(b) (continued) |  |  |
6.75%, 02/01/32(c) | USD | 490 | $500,598
NCL Finance Ltd., 6.13%, 03/15/28(b)(c) |  | 261 | 265,246
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) |  | 141 | 148,800
Sabre GLBL, Inc.(b) |  |  |
8.63%, 06/01/27(c) |  | 181 | 185,299
10.75%, 11/15/29(c) |  | 532 | 546,654
11.13%, 07/15/30 |  | 390 | 407,940
Station Casinos LLC(b) |  |  |
4.63%, 12/01/31(c) |  | 218 | 204,208
6.63%, 03/15/32 |  | 129 | 131,904
TUI AG, 5.88%, 03/15/29(f) | EUR | 100 | 122,212
Vail Resorts, Inc., 5.63%, 07/15/30(b) | USD | 204 | 204,000
Viking Cruises Ltd.(b) |  |  |
5.88%, 09/15/27(c) |  | 236 | 236,132
7.00%, 02/15/29 |  | 51 | 51,447
9.13%, 07/15/31(c) |  | 653 | 703,282
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  | 162 | 161,210
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26(c)(f) |  | 347 | 346,198
5.50%, 01/15/26(b) |  | 200 | 199,538
5.63%, 08/26/28(b)(c) |  | 1,000 | 980,750
5.13%, 12/15/29(b)(c) |  | 410 | 391,976
|  |  | 12,231,929
Household Durables — 0.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b) |  |  |
4.63%, 08/01/29 |  | 100 | 95,500
4.63%, 04/01/30 |  | 145 | 137,887
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 54 | 54,105
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |  |  |
5.00%, 06/15/29 |  | 208 | 189,296
4.88%, 02/15/30(c) |  | 286 | 255,281
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |  | 115 | 119,891
Empire Communities Corp., 9.75%, 05/01/29(b) |  | 51 | 52,155
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b)(c) |  | 875 | 948,552
LGI Homes, Inc.(b) |  |  |
8.75%, 12/15/28 |  | 89 | 92,519
7.00%, 11/15/32 |  | 161 | 153,232
Meritage Homes Corp., 1.75%, 05/15/28(c)(l) |  | 390 | 377,608
New Home Co., Inc., 9.25%, 10/01/29(b) |  | 224 | 232,227
Newell Brands, Inc., 8.50%, 06/01/28(b) |  | 200 | 210,042
Somnigroup International, Inc.(b) |  |  |
4.00%, 04/15/29 |  | 204 | 195,039
3.88%, 10/15/31 |  | 48 | 43,640
STL Holding Co. LLC, 8.75%, 02/15/29(b) |  | 120 | 125,367
SWF Holdings I Corp., 6.50%, 10/06/29(b) |  | 210 | 99,559
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 200 | 201,758
6.50%, 06/15/33 |  | 212 | 212,679
|  |  | 3,796,337
Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22(a)(e)(g)(j) |  | 200 | —
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) |  | 59 | 53,577
|  |  | 53,577
Independent Power and Renewable Electricity Producers(b) — 0.8%
Calpine Corp. |  |  |
5.13%, 03/15/28(c) |  | 865 | 864,031
4.63%, 02/01/29(c) |  | 106 | 104,689
5.00%, 02/01/31 |  | 67 | 66,279
Clearway Energy Operating LLC(c) |  |  |
4.75%, 03/15/28 |  | 279 | 275,676

72
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers (continued)
Clearway Energy Operating LLC(c) (continued) |  |  |
3.75%, 01/15/32 | USD | 242 | $217,171
Lightning Power LLC, 7.25%, 08/15/32 |  | 92 | 96,825
NRG Energy, Inc. |  |  |
5.75%, 07/15/29 |  | 209 | 209,268
6.00%, 02/01/33(c) |  | 808 | 816,052
6.25%, 11/01/34(c) |  | 522 | 531,839
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(k) |  | 181 | 185,389
XPLR Infrastructure LP(l) |  |  |
0.00%, 11/15/25(m) |  | 467 | 454,158
2.50%, 06/15/26 |  | 632 | 603,559
|  |  | 4,424,936
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(b) |  | 125 | 127,058
Axon Enterprise, Inc.(b) |  |  |
6.13%, 03/15/30 |  | 84 | 86,382
6.25%, 03/15/33 |  | 185 | 190,488
Enpro, Inc., 6.13%, 06/01/33(b) |  | 161 | 164,594
Maxam Prill SARL, 07/15/30(f) | EUR | 100 | 117,088
|  |  | 685,610
Insurance — 4.4%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(b) | USD | 119 | 120,687
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b)(c) |  |  |
4.25%, 10/15/27 |  | 627 | 615,464
6.75%, 10/15/27 |  | 1,382 | 1,381,185
6.75%, 04/15/28 |  | 282 | 286,683
5.88%, 11/01/29 |  | 799 | 787,621
7.00%, 01/15/31 |  | 912 | 943,382
7.38%, 10/01/32 |  | 938 | 966,904
AmWINS Group, Inc., 6.38%, 02/15/29(b) |  | 138 | 140,655
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) |  | 230 | 235,269
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31(f) | EUR | 330 | 399,431
7.75%, 02/15/31(b)(c) | USD | 1,395 | 1,458,429
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b)(c) |  | 1,287 | 1,354,242
AssuredPartners, Inc., 7.50%, 02/15/32(b) |  | 382 | 409,322
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b)(c) |  |  |
7.25%, 02/15/31 |  | 1,600 | 1,656,827
8.13%, 02/15/32 |  | 748 | 777,934
HUB International Ltd.(b)(c) |  |  |
7.25%, 06/15/30 |  | 2,812 | 2,938,638
7.38%, 01/31/32 |  | 4,391 | 4,594,428
Jones Deslauriers Insurance Management, Inc.(b)(c) |  |  |
8.50%, 03/15/30 |  | 747 | 791,766
10.50%, 12/15/30 |  | 428 | 456,166
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)(c) |  | 2,605 | 2,705,946
Ryan Specialty LLC(b) |  |  |
4.38%, 02/01/30 |  | 125 | 120,900
5.88%, 08/01/32 |  | 232 | 233,825
Unipol Assicurazioni SpA, 4.90%, 05/23/34(f) | EUR | 100 | 123,611
USI, Inc., 7.50%, 01/15/32(b)(c) | USD | 465 | 490,649
|  |  | 23,989,964

Security |  | Par (000) | Value
Interactive Media & Services — 0.1%
iliad SA, 5.63%, 02/15/30(f) | EUR | 100 | $125,857
Snap, Inc., 6.88%, 03/01/33(b)(c) | USD | 660 | 677,243
|  |  | 803,100
Internet Software & Services(b) — 0.6%
Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |
5.00%, 05/01/28(c) |  | 403 | 384,571
9.00%, 08/01/29 |  | 200 | 204,491
Cablevision Lightpath LLC |  |  |
3.88%, 09/15/27 |  | 200 | 192,762
5.63%, 09/15/28(c) |  | 400 | 386,422
Getty Images, Inc., 11.25%, 02/21/30 |  | 230 | 228,275
ION Trading Technologies SARL, 9.50%, 05/30/29 |  | 200 | 205,400
Match Group Holdings II LLC |  |  |
4.63%, 06/01/28 |  | 157 | 153,205
4.13%, 08/01/30 |  | 198 | 185,167
3.63%, 10/01/31(c) |  | 200 | 178,948
Rakuten Group, Inc. |  |  |
11.25%, 02/15/27 |  | 214 | 232,375
9.75%, 04/15/29(c) |  | 561 | 614,508
Uber Technologies, Inc., 6.25%, 01/15/28 |  | 118 | 118,547
|  |  | 3,084,671
IT Services — 0.5%
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30(f) | EUR | 100 | 118,238
Amentum Holdings, Inc., 7.25%, 08/01/32(b) | USD | 258 | 265,522
Atos SE(d)(f) |  |  |
5.20%, 12/18/30 | EUR | 43 | 43,042
9.36%, 12/18/29 |  | 39 | 50,949
CA Magnum Holdings, 5.38%, 10/31/26(b)(c) | USD | 542 | 537,244
CACI International, Inc., 6.38%, 06/15/33(b) |  | 340 | 350,862
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b)(c) |  | 598 | 626,475
Insight Enterprises, Inc., 6.63%, 05/15/32(b) |  | 148 | 152,460
McAfee Corp., 7.38%, 02/15/30(b)(c) |  | 601 | 567,575
Science Applications International Corp., 4.88%, 04/01/28(b)(c) |  | 113 | 111,248
|  |  | 2,823,615
Machinery — 1.2%
ATS Corp., 4.13%, 12/15/28(b) |  | 108 | 103,270
Chart Industries, Inc.(b) |  |  |
7.50%, 01/01/30(c) |  | 535 | 560,105
9.50%, 01/01/31 |  | 79 | 84,325
Esab Corp., 6.25%, 04/15/29(b) |  | 266 | 272,347
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |  | 145 | 114,550
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b)(c) |  | 741 | 774,751
IMA Industria Macchine Automatiche SpA, (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29(a)(f) | EUR | 100 | 118,408
Manitowoc Co., Inc., 9.25%, 10/01/31(b) | USD | 137 | 144,185
Terex Corp.(b) |  |  |
5.00%, 05/15/29(c) |  | 105 | 102,492
6.25%, 10/15/32 |  | 178 | 178,361
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28(f) | EUR | 129 | 151,981
7.63%, 07/15/28(b)(c) | USD | 822 | 822,853
TK Elevator Midco GmbH, 4.38%, 07/15/27(f) | EUR | 311 | 366,320
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(c) | USD | 1,729 | 1,727,788
Vertiv Group Corp., 4.13%, 11/15/28(b)(c) |  | 846 | 824,838
|  |  | 6,346,574

Schedule of Investments
73

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media — 3.7%
Cable One, Inc.(l) |  |  |
0.00%, 03/15/26(m) | USD | 88 | $83,257
1.13%, 03/15/28(c) |  | 684 | 521,552
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |
5.38%, 06/01/29 |  | 57 | 56,792
6.38%, 09/01/29(c) |  | 1,563 | 1,594,317
4.75%, 03/01/30(c) |  | 179 | 173,416
4.25%, 02/01/31(c) |  | 475 | 443,732
7.38%, 03/01/31(c) |  | 1,567 | 1,635,023
4.75%, 02/01/32 |  | 32 | 30,353
4.50%, 06/01/33 |  | 19 | 17,367
4.25%, 01/15/34(c) |  | 996 | 886,626
Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
4.91%, 07/23/25 |  | 559 | 558,959
5.38%, 05/01/47(c) |  | 425 | 368,862
CSC Holdings LLC(b) |  |  |
5.50%, 04/15/27 |  | 600 | 572,848
5.38%, 02/01/28 |  | 600 | 549,334
11.25%, 05/15/28 |  | 200 | 199,247
11.75%, 01/31/29(c) |  | 1,200 | 1,141,387
3.38%, 02/15/31 |  | 456 | 315,957
Directv Financing LLC/Directv Financing Co-Obligor, Inc.(b)(c) |  |  |
5.88%, 08/15/27 |  | 708 | 705,689
10.00%, 02/15/31 |  | 704 | 683,460
DISH DBS Corp.(b) |  |  |
5.25%, 12/01/26 |  | 1,090 | 989,175
5.75%, 12/01/28 |  | 934 | 808,494
DISH Network Corp., 11.75%, 11/15/27(b) |  | 1,170 | 1,206,066
Gray Media, Inc.(b) |  |  |
7.00%, 05/15/27 |  | 323 | 322,855
10.50%, 07/15/29(c) |  | 764 | 820,746
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)(c) |  | 560 | 377,210
Midcontinent Communications, 8.00%, 08/15/32(b) |  | 356 | 376,745
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)(c) |  | 655 | 661,692
Sirius XM Radio LLC(b) |  |  |
3.13%, 09/01/26(c) |  | 397 | 389,510
5.00%, 08/01/27(c) |  | 677 | 671,201
4.00%, 07/15/28 |  | 97 | 93,161
Sunrise FinCo I BV, 4.88%, 07/15/31(b)(c) |  | 249 | 235,492
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29(f)(i) | EUR | 110 | 89,090
Univision Communications, Inc.(b)(c) |  |  |
6.63%, 06/01/27 | USD | 562 | 560,467
8.00%, 08/15/28 |  | 640 | 649,459
8.50%, 07/31/31 |  | 375 | 375,415
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b)(c) |  | 554 | 542,358
Ziggo Bond Co. BV, 5.13%, 02/28/30(b) |  | 225 | 196,438
Ziggo BV, 4.88%, 01/15/30(b)(c) |  | 200 | 186,805
|  |  | 20,090,557
Metals & Mining — 2.1%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b)(c) |  | 240 | 245,462
Arsenal AIC Parent LLC(b) |  |  |
8.00%, 10/01/30 |  | 186 | 198,497
11.50%, 10/01/31(c) |  | 939 | 1,052,556
ATI, Inc. |  |  |
5.88%, 12/01/27(c) |  | 127 | 127,111
4.88%, 10/01/29 |  | 101 | 98,927
7.25%, 08/15/30(c) |  | 535 | 560,628

Security |  | Par (000) | Value
Metals & Mining (continued)
ATI, Inc. (continued) |  |  |
5.13%, 10/01/31(c) | USD | 215 | $210,128
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(c) |  | 806 | 812,506
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 367 | 379,768
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 88 | 87,929
6.88%, 11/01/29(b)(c) |  | 437 | 430,244
Constellium SE(b)(c) |  |  |
5.63%, 06/15/28 |  | 500 | 497,075
3.75%, 04/15/29 |  | 735 | 690,664
6.38%, 08/15/32 |  | 317 | 322,272
First Quantum Minerals Ltd.(b) |  |  |
9.38%, 03/01/29(c) |  | 680 | 720,562
8.00%, 03/01/33 |  | 200 | 205,062
Glencore Funding LLC, 6.14%, 04/01/55(b)(c) |  | 500 | 505,427
Kaiser Aluminum Corp.(b)(c) |  |  |
4.63%, 03/01/28 |  | 243 | 237,754
4.50%, 06/01/31 |  | 770 | 720,343
New Gold, Inc., 6.88%, 04/01/32(b) |  | 305 | 314,326
Novelis Corp.(b)(c) |  |  |
4.75%, 01/30/30 |  | 630 | 602,910
6.88%, 01/30/30 |  | 446 | 461,133
3.88%, 08/15/31 |  | 1,030 | 925,522
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(f) | EUR | 200 | 228,539
Samarco Mineracao SA(i) |  |  |
(9.50% PIK), 9.50%, 06/30/31(f) | USD | 15 | 14,675
(9.50% PIK), 9.50%, 06/30/31(b) |  | 5 | 5,241
Vallourec SACA, 7.50%, 04/15/32(b)(c) |  | 517 | 541,950
Volcan Cia Minera SAA, 8.75%, 01/24/30(b) |  | 23 | 22,784
|  |  | 11,219,995
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.2%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 284 | 276,166
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 171 | 179,861
6.00%, 04/15/30 |  | 90 | 91,030
6.50%, 07/01/30 |  | 174 | 179,717
6.50%, 10/15/30 |  | 238 | 245,721
|  |  | 972,495
Oil, Gas & Consumable Fuels — 6.4%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |  | 393 | 412,231
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |
5.38%, 06/15/29 |  | 206 | 204,452
6.63%, 02/01/32 |  | 230 | 237,555
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |
9.00%, 11/01/27 |  | 165 | 201,712
5.88%, 06/30/29 |  | 35 | 35,059
6.63%, 07/15/33 |  | 170 | 172,465
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |  |  |
7.00%, 07/15/29 |  | 224 | 233,780
7.25%, 07/15/32 |  | 180 | 190,738
Buckeye Partners LP |  |  |
6.88%, 07/01/29(b) |  | 20 | 20,720
6.75%, 02/01/30(b) |  | 87 | 90,309
5.85%, 11/15/43 |  | 145 | 127,797
5.60%, 10/15/44 |  | 86 | 72,524
Chord Energy Corp., 6.75%, 03/15/33(b) |  | 110 | 112,379
CITGO Petroleum Corp., 8.38%, 01/15/29(b) |  | 778 | 809,236

74
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Civitas Resources, Inc.(b)(c) |  |  |
8.38%, 07/01/28 | USD | 232 | $237,547
8.75%, 07/01/31 |  | 179 | 180,989
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  | 96 | 90,679
CNX Resources Corp., 7.25%, 03/01/32(b) |  | 114 | 118,037
Comstock Resources, Inc.(b) |  |  |
6.75%, 03/01/29(c) |  | 362 | 362,811
6.75%, 03/01/29 |  | 137 | 136,575
5.88%, 01/15/30(c) |  | 443 | 430,294
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)(c) |  | 1,617 | 1,597,428
Crescent Energy Finance LLC(b) |  |  |
7.63%, 04/01/32(c) |  | 397 | 387,631
7.38%, 01/15/33(c) |  | 391 | 373,720
01/15/34(n) |  | 381 | 381,238
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) |  | 291 | 289,644
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) |  | 125 | 130,155
Ecopetrol SA, 8.88%, 01/13/33 |  | 122 | 125,660
eG Global Finance PLC, 12.00%, 11/30/28(b)(c) |  | 298 | 328,954
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) |  | 264 | 291,550
Energy Transfer LP(c) |  |  |
3.90%, 07/15/26 |  | 235 | 233,462
(5-year CMT + 4.02%), 8.00%, 05/15/54(a) |  | 469 | 498,962
Series H, (5-year CMT + 5.69%), 6.50%(a)(k) |  | 4,409 | 4,428,699
EQT Corp., 4.50%, 01/15/29(b) |  | 20 | 19,757
Excelerate Energy LP, 8.00%, 05/15/30(b) |  | 189 | 199,236
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 182 | 184,692
8.25%, 01/15/29(c) |  | 158 | 165,219
8.88%, 04/15/30 |  | 61 | 64,769
7.88%, 05/15/32(c) |  | 413 | 429,415
8.00%, 05/15/33 |  | 132 | 138,009
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |  | 125 | 126,752
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |  | 189 | 193,697
Harvest Midstream I LP, 7.50%, 05/15/32(b) |  | 112 | 118,291
Hess Corp., 4.30%, 04/01/27 |  | 50 | 49,883
Hess Midstream Operations LP, 6.50%, 06/01/29(b)(c) |  | 257 | 264,301
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |
6.25%, 11/01/28 |  | 145 | 145,336
5.75%, 02/01/29 |  | 172 | 169,762
6.00%, 04/15/30 |  | 21 | 20,415
6.25%, 04/15/32 |  | 16 | 15,278
8.38%, 11/01/33(c) |  | 326 | 338,253
6.88%, 05/15/34 |  | 362 | 346,735
7.25%, 02/15/35 |  | 148 | 144,722
Howard Midstream Energy Partners LLC(b)(c) |  |  |
8.88%, 07/15/28 |  | 94 | 98,685
7.38%, 07/15/32 |  | 111 | 116,738
Impulsora Pipeline LLC, 6.05%, 01/01/43 |  | 1,263 | 1,087,166
ITT Holdings LLC, 6.50%, 08/01/29(b)(c) |  | 456 | 433,634
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b)(c) |  | 623 | 644,769
Kinetik Holdings LP(b) |  |  |
6.63%, 12/15/28 |  | 58 | 59,322
5.88%, 06/15/30 |  | 53 | 53,449
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |  | 148 | 149,047
Matador Resources Co.(b)(c) |  |  |
6.88%, 04/15/28 |  | 276 | 281,444

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.(b)(c) (continued) |  |  |
6.50%, 04/15/32 | USD | 303 | $303,158
MPLX LP, 4.25%, 12/01/27(c) |  | 185 | 184,265
Murphy Oil Corp., 5.88%, 12/01/42 |  | 29 | 23,544
Nabors Industries, Inc., 7.38%, 05/15/27(b) |  | 151 | 149,112
NGL Energy Operating LLC/NGL Energy Finance Corp.(b)(c) |  |  |
8.13%, 02/15/29 |  | 214 | 216,204
8.38%, 02/15/32 |  | 1,036 | 1,039,111
Noble Finance II LLC, 8.00%, 04/15/30(b)(c) |  | 114 | 116,077
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b)(c) |  | 729 | 735,478
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |  | 172 | 178,128
Parkland Corp., 6.63%, 08/15/32(b) |  | 201 | 205,438
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) |  | 160 | 143,646
Permian Resources Operating LLC(b) |  |  |
8.00%, 04/15/27(c) |  | 272 | 278,093
5.88%, 07/01/29(c) |  | 411 | 412,593
7.00%, 01/15/32(c) |  | 221 | 229,107
6.25%, 02/01/33 |  | 280 | 282,598
Petroleos Mexicanos |  |  |
6.50%, 03/13/27 |  | 85 | 84,405
8.75%, 06/02/29 |  | 130 | 134,140
5.95%, 01/28/31(c) |  | 158 | 142,453
10.00%, 02/07/33 |  | 28 | 29,968
Prairie Acquiror LP, 9.00%, 08/01/29(b) |  | 192 | 199,990
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  | 51 | 50,066
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b)(c) |  | 389 | 407,310
Sunoco LP, 6.25%, 07/01/33(b) |  | 254 | 258,241
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |
5.50%, 01/15/28 |  | 148 | 147,131
7.38%, 02/15/29(c) |  | 501 | 514,918
6.00%, 12/31/30 |  | 3 | 2,944
6.00%, 09/01/31 |  | 100 | 97,585
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)(c) |  | 347 | 336,272
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28(c) |  | 280 | 277,389
TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |  | 56 | 58,257
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  | 66 | 67,089
Transocean, Inc.(b)(c) |  |  |
8.00%, 02/01/27 |  | 432 | 425,571
8.25%, 05/15/29 |  | 138 | 127,587
8.75%, 02/15/30 |  | 39 | 40,311
8.50%, 05/15/31 |  | 248 | 221,377
Valaris Ltd., 8.38%, 04/30/30(b)(c) |  | 515 | 528,377
Venture Global LNG, Inc.(b)(c) |  |  |
9.50%, 02/01/29 |  | 1,893 | 2,062,193
7.00%, 01/15/30 |  | 584 | 590,373
8.38%, 06/01/31 |  | 1,270 | 1,319,067
9.88%, 02/01/32 |  | 1,288 | 1,390,992
Vista Energy Argentina SAU, 8.50%, 06/10/33(b) |  | 16 | 16,116
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(b) |  | 115 | 101,560
9.75%, 10/15/30(c) |  | 231 | 209,085
7.88%, 04/15/32(b)(c) |  | 572 | 489,072
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |  | 252 | 250,330
|  |  | 34,680,489

Schedule of Investments
75

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Paper & Forest Products — 0.0%
Fiber Bidco SpA, 6.13%, 06/15/31(f) | EUR | 100 | $112,667
Magnera Corp., 7.25%, 11/15/31(b) | USD | 142 | 133,892
|  |  | 246,559
Passenger Airlines(b) — 0.3%
American Airlines, Inc., 8.50%, 05/15/29(c) |  | 354 | 371,181
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 |  | 209 | 203,332
OneSky Flight LLC, 8.88%, 12/15/29 |  | 250 | 260,311
United Airlines, Inc., 4.63%, 04/15/29(c) |  | 606 | 588,223
|  |  | 1,423,047
Personal Care Products — 0.1%
Opal Bidco SAS |  |  |
5.50%, 03/31/32(f) | EUR | 100 | 120,151
6.50%, 03/31/32(b) | USD | 317 | 323,534
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 220 | 222,110
|  |  | 665,795
Pharmaceuticals — 1.6%
1261229 B.C. Ltd., 10.00%, 04/15/32(b)(c) |  | 2,877 | 2,902,231
AbbVie, Inc., 4.25%, 11/14/28(c) |  | 1,000 | 1,004,862
Bausch Health Cos., Inc., 11.00%, 09/30/28(b) |  | 1,577 | 1,561,230
CVS Health Corp., 3.75%, 04/01/30(c) |  | 1,000 | 959,298
Dolcetto Holdco SpA, 07/14/32(f)(n) | EUR | 100 | 118,680
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(c) | USD | 118 | 124,910
Grifols SA(f) |  |  |
2.25%, 11/15/27 | EUR | 163 | 187,117
7.13%, 05/01/30 |  | 100 | 122,225
Gruenenthal GmbH, 4.63%, 11/15/31(f) |  | 100 | 118,534
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(f) |  | 100 | 122,956
Option Care Health, Inc., 4.38%, 10/31/29(b)(c) | USD | 245 | 235,787
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b)(c) |  | 400 | 384,709
Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29(a)(f) | EUR | 43 | 50,461
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26(c) | USD | 303 | 296,276
8.13%, 09/15/31(c) |  | 200 | 225,062
6.00%, 12/01/32 |  | 212 | 215,445
|  |  | 8,629,783
Real Estate Management & Development — 0.5%
Adler Financing SARL(i) |  |  |
Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 8 | 9,918
Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 60 | 74,384
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(b) | USD | 206 | 192,044
Series AI, 7.00%, 04/15/30(c) |  | 271 | 253,366
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |  | 118 | 119,901
CoreLogic, Inc., 4.50%, 05/01/28(b)(c) |  | 1,313 | 1,252,448
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b) |  | 181 | 194,364
Fantasia Holdings Group Co. Ltd.(f)(g)(j) |  |  |
11.75%, 04/17/22 |  | 400 | 11,000
11.88%, 06/01/23 |  | 200 | 5,500
9.25%, 07/28/23 |  | 200 | 5,500
9.88%, 10/19/23 |  | 200 | 5,500

Security |  | Par (000) | Value
Real Estate Management & Development (continued)
Howard Hughes Corp.(b) |  |  |
4.13%, 02/01/29 | USD | 149 | $141,892
4.38%, 02/01/31 |  | 100 | 92,284
Vivion Investments SARL, (6.50% PIK), 6.50%, 08/31/28(f)(i) | EUR | 101 | 116,602
|  |  | 2,474,703
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)(c) | USD | 327 | 318,180
Semiconductors & Semiconductor Equipment — 1.0%
Broadcom, Inc.(c) |  |  |
4.11%, 09/15/28 |  | 1,594 | 1,587,538
3.50%, 02/15/41(b) |  | 700 | 554,784
Entegris, Inc., 4.75%, 04/15/29(b)(c) |  | 763 | 754,539
MKS, Inc., 1.25%, 06/01/30(l) |  | 569 | 560,749
ON Semiconductor Corp., 0.50%, 03/01/29(l) |  | 258 | 238,443
QUALCOMM, Inc.(c) |  |  |
1.65%, 05/20/32 |  | 1,779 | 1,478,679
4.30%, 05/20/47 |  | 600 | 502,822
|  |  | 5,677,554
Software — 4.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)(c) |  | 3,110 | 3,061,066
Camelot Finance SA, 4.50%, 11/01/26(b)(c) |  | 157 | 154,591
Capstone Borrower, Inc.(b) |  |  |
8.00%, 06/15/30(c) |  | 488 | 509,156
8.00%, 06/15/30 |  | 276 | 287,214
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b)(c) |  | 220 | 181,917
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)(c) |  | 296 | 240,547
Cloud Software Group, Inc.(b)(c) |  |  |
6.50%, 03/31/29 |  | 2,444 | 2,466,761
9.00%, 09/30/29 |  | 3,179 | 3,295,114
8.25%, 06/30/32 |  | 2,348 | 2,498,810
CoreWeave, Inc., 9.25%, 06/01/30(b) |  | 286 | 292,387
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(c) |  | 514 | 526,850
Elastic NV, 4.13%, 07/15/29(b)(c) |  | 226 | 215,948
Ellucian Holdings, Inc., 6.50%, 12/01/29(b)(c) |  | 413 | 422,373
Fair Isaac Corp.(b)(c) |  |  |
4.00%, 06/15/28 |  | 354 | 344,537
6.00%, 05/15/33 |  | 1,205 | 1,216,045
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28(b)(c) |  | 200 | 189,183
7.88%, 05/01/29(f) | EUR | 100 | 121,859
8.75%, 05/01/29(b)(c) | USD | 217 | 223,216
Oracle Corp.(c) |  |  |
3.60%, 04/01/50 |  | 785 | 548,984
6.13%, 08/03/65 |  | 500 | 500,504
SS&C Technologies, Inc., 6.50%, 06/01/32(b)(c) |  | 534 | 554,354
TeamSystem SpA, 07/01/32(a)(f)(n) | EUR | 100 | 117,686
Twilio, Inc. |  |  |
3.63%, 03/15/29 | USD | 112 | 106,629
3.88%, 03/15/31(c) |  | 251 | 234,753

76
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
UKG, Inc., 6.88%, 02/01/31(b)(c) | USD | 2,704 | $2,805,603
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)(c) |  | 388 | 364,796
|  |  | 21,480,883
Specialty Retail — 0.1%
Afflelou SAS, 6.00%, 07/25/29(f) | EUR | 100 | 122,462
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, 07/15/31(a)(f) |  | 100 | 118,384
Staples, Inc., 10.75%, 09/01/29(b) | USD | 185 | 175,089
|  |  | 415,935
Technology Hardware, Storage & Peripherals — 0.3%
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) |  | 143 | 151,708
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30(b) |  | 249 | 252,717
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 449 | 478,184
8.50%, 07/15/31 |  | 557 | 597,762
|  |  | 1,480,371
Textiles, Apparel & Luxury Goods — 0.3%
Beach Acquisition Bidco LLC(b)(n) |  |  |
07/15/32 | EUR | 435 | 516,252
07/15/33 | USD | 959 | 994,018
Crocs, Inc., 4.25%, 03/15/29(b) |  | 25 | 23,850
Hanesbrands, Inc., 9.00%, 02/15/31(b) |  | 15 | 15,881
Levi Strauss & Co., 3.50%, 03/01/31(b) |  | 16 | 14,640
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.03%, 07/01/29(a)(f) | EUR | 100 | 118,354
Under Armour, Inc., 7.25%, 07/15/30(b) | USD | 121 | 122,537
|  |  | 1,805,532
Tobacco — 0.1%
BAT Capital Corp., 7.08%, 08/02/43(c) |  | 500 | 550,687
Trading Companies & Distributors(b) — 0.1%
Gates Corp/DE, 6.88%, 07/01/29(c) |  | 196 | 203,520
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 59 | 55,613
6.50%, 07/15/32(c) |  | 276 | 282,760
|  |  | 541,893
Transportation Infrastructure — 0.1%
Incora Top Holdco LLC, 6.00%, 01/31/33(e) |  | 198 | 183,072
Mobico Group PLC, 3.63%, 11/20/28(f) | GBP | 100 | 117,010
|  |  | 300,082
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32(c) | USD | 900 | 888,459
Wireless Telecommunication Services — 0.6%
Altice France SA(b) |  |  |
5.50%, 01/15/28 |  | 381 | 320,646
5.13%, 01/15/29 |  | 200 | 165,250
5.13%, 07/15/29 |  | 1,400 | 1,157,135
5.50%, 10/15/29 |  | 200 | 165,783
Rogers Communications, Inc., 5.00%, 03/15/44(c) |  | 545 | 485,360
Telecom Argentina SA, 9.25%, 05/28/33(b) |  | 16 | 16,282
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29(f) | GBP | 100 | 127,326
4.25%, 01/31/31(b)(c) | USD | 400 | 366,448

Security |  | Par (000) | Value
Wireless Telecommunication Services (continued)
Vmed O2 U.K. Financing I PLC (continued) |  |  |
4.50%, 07/15/31(f) | GBP | 100 | $122,852
WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31(b)(i) | USD | 82 | 80,694
Zegona Finance PLC, 6.75%, 07/15/29(f) | EUR | 100 | 125,157
|  |  | 3,132,933
Total Corporate Bonds — 73.6% (Cost: $390,932,312) | 396,813,843
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31(e) | USD | 25 | —
Financial Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/09/27 |  | 40 | 38,989
Health Care Equipment & Supplies — 0.1%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 595 | 597,231
IT Services — 0.0%
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 91 | 88,422
Software — 0.2%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 1,023 | 1,030,673
Total Fixed Rate Loan Interests — 0.3% (Cost: $1,770,490) | 1,755,315
Floating Rate Loan Interests(a)
Aerospace & Defense — 2.1%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30 |  | 514 | 516,020
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30 |  | 659 | 660,314
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29 |  | 652 | 651,871
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 1,941 | 1,005,197
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 395 | 204,174
Dynasty Acquisition Co., Inc. |  |  |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 1,289 | 1,288,758
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 490 | 490,427
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 275 | 275,585
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 |  | 352 | 351,241
Peraton Corp. |  |  |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.18%, 02/01/29 |  | 223 | 154,945

Schedule of Investments
77

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Peraton Corp. (continued) |  |  |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/01/28 | USD | 963 | $847,613
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29 |  | 116 | 116,723
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 11/05/28 |  | 295 | 296,871
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(e) |  | 177 | 177,223
TransDigm, Inc. |  |  |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/28/31 |  | 2,710 | 2,714,405
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 01/19/32 |  | 488 | 488,964
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/22/30 |  | 845 | 847,786
|  |  | 11,088,117
Automobile Components — 1.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 239 | 222,577
Clarios Global LP |  |  |
2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/06/30 |  | 1,831 | 1,823,882
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 875 | 875,551
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/02/31(e) |  | 689 | 685,224
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32(e) |  | 53 | 53,066
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.08%, 06/04/31 |  | 1,282 | 1,280,982
RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28 |  | 235 | 212,974
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 644 | 627,256
|  |  | 5,781,512
Beverages — 0.4%
Naked Juice LLC |  |  |
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.80%, 01/24/29 |  | 1,002 | 991,949
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.65%, 01/24/29 |  | 450 | 357,036
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.40%, 01/24/30 |  | 323 | 148,926
Sazerac Co., Inc., Term Loan B, 06/25/32(e)(o) |  | 600 | 599,250
|  |  | 2,097,161

Security |  | Par (000) | Value
Biotechnology — 0.3%
Parexel International Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28 | USD | 1,419 | $1,419,228
Broadline Retail — 0.4%
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28(e) |  | 250 | 249,235
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 2,152 | 2,084,423
|  |  | 2,333,658
Building Products — 0.8%
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31 |  | 460 | 459,115
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.83%, 05/13/29 |  | 59 | 59,752
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.68%, 11/03/28 |  | 1,883 | 1,884,922
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.83%, 10/02/28 |  | 689 | 686,967
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 1,526 | 1,501,187
|  |  | 4,591,943
Capital Markets — 1.7%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 08/02/28 |  | 1,029 | 1,030,013
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.78%), 6.99%, 02/15/31 |  | 1,148 | 1,138,077
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30 |  | 331 | 331,592
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 12/20/29 |  | 716 | 717,930
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31 |  | 345 | 345,372
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31 |  | 678 | 678,978
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31 |  | 746 | 748,998
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/07/28 |  | 761 | 761,252
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/15/31 |  | 788 | 785,770
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31 |  | 1,220 | 1,218,317

78
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Capital Markets (continued)
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31 | USD | 399 | $399,494
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28 |  | 665 | 666,466
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(e) |  | 176 | 174,127
|  |  | 8,996,386
Chemicals — 1.9%
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/24/27(e) |  | 327 | 305,344
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.33%, 08/18/28 |  | 356 | 354,669
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30 |  | 844 | 839,528
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 75 | 74,462
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 12/18/30 |  | 809 | 811,029
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32 |  | 306 | 305,523
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30 |  | 313 | 313,487
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 02/18/30 |  | 294 | 280,863
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 10/07/31 |  | 297 | 270,502
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28 |  | 693 | 630,283
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31 |  | 497 | 496,878
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 1,047 | 1,049,599
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28 |  | 647 | 649,374
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, 04/08/31 |  | 849 | 796,711
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31 |  | 276 | 273,544
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31 |  | 1,212 | 1,196,206

Security |  | Par (000) | Value
Chemicals (continued)
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30 | USD | 854 | $844,581
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28 |  | 801 | 801,383
|  |  | 10,293,966
Commercial Services & Supplies — 3.5%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30(e) |  | 449 | 449,273
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 |  | 2,389 | 2,399,478
Anticimex International AB, 2024 Term Loan B6, (3-mo. SOFR + 3.40%), 7.66%, 11/16/28 |  | 339 | 340,076
Aramark Services, Inc. |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 2.00%), 6.33%, 04/06/28 |  | 383 | 383,394
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30 |  | 1,043 | 1,043,960
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27 |  | 988 | 989,574
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, 04/01/32 |  | 425 | 424,001
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28 |  | 651 | 656,892
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31 |  | 2,391 | 2,362,437
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/01/29 |  | 867 | 867,507
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32 |  | 1,305 | 1,303,917
Grant Thornton Advisors LLC, 2025 Term Loan B, 06/02/31(o) |  | 252 | 251,994
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30 |  | 347 | 347,630
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 801 | 719,629
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32 |  | 1,374 | 1,375,274
Prime Security Services Borrower LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 10/13/30 |  | 444 | 443,534
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32 |  | 933 | 923,619
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30 |  | 1,034 | 1,036,862
Reworld Holding Corp , Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 |  | 472 | 472,989

Schedule of Investments
79

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Reworld Holding Corp., Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28 | USD | 37 | $36,521
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 11/14/30 |  | 46 | 46,456
Summer BC Holdco B SARL, 2024 USD Term Loan B, 02/15/29(o) |  | 149 | 148,996
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 08/31/28 |  | 1,029 | 1,024,288
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.43%, 11/02/27 |  | 319 | 302,351
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.58%, 02/22/31 |  | 432 | 413,375
|  |  | 18,764,027
Communications Equipment — 0.2%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 10/24/30 |  | 825 | 828,002
Viasat, Inc. |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.93%, 05/30/30 |  | 147 | 140,277
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.94%, 03/02/29 |  | 108 | 103,244
|  |  | 1,071,523
Construction & Engineering — 0.5%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 2,123 | 1,768,468
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31 |  | 163 | 163,588
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28 |  | 240 | 239,411
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.44%, 01/21/28 |  | 423 | 425,640
|  |  | 2,597,107
Construction Materials — 1.1%
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 845 | 848,030
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29 |  | 384 | 347,012
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29 |  | 410 | 376,126
Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 12/14/27 |  | 255 | 255,422
Quikrete Holdings, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 03/19/29 |  | 697 | 696,663
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/10/32 |  | 380 | 379,382

Security |  | Par (000) | Value
Construction Materials (continued)
Quikrete Holdings, Inc. (continued) |  |  |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 04/14/31 | USD | 789 | $787,276
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.07%, 09/22/28 |  | 218 | 218,670
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 1,790 | 1,777,395
|  |  | 5,685,976
Consumer Staples Distribution & Retail — 0.2%
EG America LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28 |  | 181 | 182,210
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31 |  | 647 | 651,672
|  |  | 833,882
Containers & Packaging — 1.0%
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, 11/29/30 |  | 1,876 | 1,881,629
Clydesdale Acquisition Holdings, Inc. |  |  |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 5 | 5,111
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32 |  | 929 | 925,448
Colossus Acquireco LLC, Term Loan B, 06/11/32(o) |  | 698 | 692,940
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27 |  | 645 | 644,199
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 02/01/29 |  | 425 | 425,451
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/04/32 |  | 208 | 208,680
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28 |  | 619 | 607,544
|  |  | 5,391,002
Diversified Consumer Services — 0.8%
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/24/28 |  | 780 | 781,895
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30 |  | 420 | 419,941
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28 |  | 109 | 108,819
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30 |  | 338 | 338,794
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31 |  | 378 | 378,856
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.33%, 02/07/31 |  | 237 | 237,463

80
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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%), 8.30%, 10/04/30 | USD | 788 | $790,070
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30 |  | 291 | 292,333
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 1,039 | 1,033,281
|  |  | 4,381,452
Diversified REITs — 0.0%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/20/30 |  | 247 | 245,691
Diversified Telecommunication Services — 1.6%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 9.25%, 01/31/26(e) |  | 511 | 472,703
Connect Finco SARL, 2024 Extended Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, 09/27/29 |  | 375 | 355,018
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 1,629 | 1,645,632
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 537 | 529,765
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 416 | 410,748
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 46 | 46,871
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28 |  | 306 | 275,375
Radiate Holdco LLC, 2025 FLFO Term Loan, 09/25/29(o) |  | 2,214 | 1,927,993
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29 |  | 607 | 601,070
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 2,557 | 2,426,802
|  |  | 8,691,977
Electric Utilities — 0.3%
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31 |  | 781 | 781,557
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30 |  | 683 | 684,663
|  |  | 1,466,220
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 |  | 105 | 105,314
Electronic Equipment, Instruments & Components — 0.2%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31(e) |  | 228 | 227,700
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29 |  | 885 | 885,361
|  |  | 1,113,061

Security |  | Par (000) | Value
Energy Equipment & Services — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 | USD | 219 | $219,366
Entertainment — 1.7%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 700 | 695,483
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/01/31 |  | 1,789 | 1,793,045
Delta 2 Lux SARL |  |  |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 09/30/31 |  | 896 | 896,584
2024 Term Loan B2, 09/30/31(o) |  | 449 | 448,830
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26 |  | 852 | 851,012
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29 |  | 687 | 652,184
NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26(i) |  | 285 | 262,425
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.19%, 03/13/28 |  | 418 | 409,815
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31 |  | 1,453 | 1,457,865
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31 |  | 1,622 | 1,623,236
|  |  | 9,090,479
Financial Services — 3.1%
ABG Intermediate Holdings 2 LLC |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 12/21/28 |  | 756 | 755,206
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32 |  | 514 | 512,213
Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 02/27/32 |  | 837 | 833,606
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29 |  | 1,251 | 1,250,814
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31 |  | 1,916 | 1,922,268
Boost Newco Borrower LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 01/31/31 |  | 2,193 | 2,197,593
CPI Holdco B LLC |  |  |
2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31 |  | 430 | 429,463
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 05/19/31 |  | 1,069 | 1,065,362
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 1,436 | 1,392,912
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 536 | 510,736
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 1,882 | 1,882,583

Schedule of Investments
81

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Financial Services (continued)
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29 | USD | 76 | $75,813
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(o) |  | 414 | 413,656
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30 |  | 179 | 178,121
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 96 | 96,207
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 02/15/31 |  | 1,121 | 1,123,970
Orion US Finco, 1st Lien Term Loan, 05/20/32(o) |  | 521 | 522,563
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 05/30/31 |  | 1,178 | 1,181,785
WEX, Inc. |  |  |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/31/28 |  | 169 | 169,053
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32 |  | 309 | 308,260
|  |  | 16,822,184
Food Products — 0.9%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 2,773 | 2,779,568
H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30 |  | 75 | 75,913
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29 |  | 576 | 575,289
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28 |  | 503 | 504,106
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32 |  | 1,040 | 1,038,967
Wellness Pet LLC |  |  |
2025 First Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29 |  | 107 | 89,924
2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.08%, 12/31/29 |  | 60 | 32,939
|  |  | 5,096,706
Ground Transportation — 0.6%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.19%, 08/06/27 |  | 351 | 347,539
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31 |  | 2,390 | 2,375,247
Hertz Corp. |  |  |
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 |  | 600 | 497,256

Security |  | Par (000) | Value
Ground Transportation (continued)
Hertz Corp. (continued) |  |  |
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 8.04%, 06/30/28 | USD | 118 | $97,618
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29 |  | 247 | 96,454
|  |  | 3,414,114
Health Care Equipment & Supplies — 0.3%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 452 | 451,385
2025 Term Loan B, 06/26/30(o) |  | 1,236 | 1,233,442
|  |  | 1,684,827
Health Care Providers & Services — 3.0%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27 |  | 78 | 78,686
CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 09/29/28 |  | 453 | 453,865
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32 |  | 682 | 683,785
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/26/31 |  | 345 | 345,483
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.07%, 05/01/31 |  | 1,642 | 1,632,587
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29 |  | 851 | 854,230
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28 |  | 1,215 | 1,217,421
EyeCare Partners LLC |  |  |
2024 Second Out Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, 11/30/28(i) |  | 304 | 238,812
2024 Superpriority New Money 1st Out Term Loan A, (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.88%, 08/31/28 |  | 299 | 303,285
2024 Third Out Term Loan C, (3-mo. CME Term SOFR + 6.85%, 10.98% PIK), 10.98%, 11/30/28(g)(i)(j) |  | 14 | 3,612
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 07/01/30 |  | 56 | 50,027
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 726 | 698,101
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 256 | 257,316
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 459 | 453,866
Medical Solutions Holdings, Inc. |  |  |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.88%, 11/01/28 |  | 388 | 200,856
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.38%, 11/01/29 |  | 247 | 104,152

82
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, 10/23/28 | USD | 4,248 | $4,250,448
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 10/27/28 |  | 651 | 654,491
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 1,369 | 1,332,639
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 07/03/28 |  | 64 | 64,110
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31 |  | 299 | 298,742
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 529 | 523,389
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 12/19/30 |  | 860 | 862,144
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31 |  | 600 | 600,523
|  |  | 16,162,570
Health Care Technology — 0.7%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 3,009 | 3,004,329
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%, 11/03/31 |  | 521 | 521,970
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/22/29 |  | 256 | 256,746
|  |  | 3,783,045
Hotels, Restaurants & Leisure — 4.1%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 09/20/30 |  | 1,164 | 1,157,621
Aimbridge Acquisition Co., Inc. |  |  |
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30 |  | 106 | 104,221
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.93%, 03/11/30 |  | 117 | 116,403
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30 |  | 605 | 605,792
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28 |  | 813 | 716,296
Caesars Entertainment, Inc. |  |  |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/31 |  | 1,898 | 1,893,953
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 02/06/30 |  | 483 | 482,176
Carnival Corp. |  |  |
2025 Term Loan (2027), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27 |  | 126 | 125,836
2025 Term Loan (2028), (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 6.31%, 10/18/28 |  | 340 | 339,680

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31 | USD | 418 | $417,565
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32 |  | 1,042 | 1,038,479
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/27/29 |  | 2,511 | 2,506,934
Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30 |  | 1,697 | 1,691,090
Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32(e) |  | 307 | 306,616
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/29 |  | 1,300 | 1,306,907
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 461 | 449,201
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 05/27/32 |  | 488 | 490,948
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30 |  | 1,350 | 1,354,374
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27 |  | 950 | 949,797
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.56%, 04/14/29 |  | 658 | 657,141
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30 |  | 105 | 103,588
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28 |  | 483 | 258,459
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29 |  | 1,148 | 1,148,399
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%, 04/04/29 |  | 299 | 298,351
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 12/04/31 |  | 238 | 237,690
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/01/31 |  | 242 | 241,560
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31 |  | 1,395 | 1,397,026
Voyager Parent LLC, Term Loan B, 05/09/32(o) |  | 639 | 631,722
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28 |  | 585 | 585,457
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 05/24/30 |  | 680 | 682,155
|  |  | 22,295,437

Schedule of Investments
83

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Household Durables — 0.6%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 | USD | 1,391 | $1,384,703
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 09/26/31 |  | 342 | 342,195
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28 |  | 199 | 180,164
Somnigroup International, Inc., 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 10/24/31 |  | 343 | 343,878
Springs Windows Fashions, LLC, 2024 First Lien Second Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.44%, 10/06/28 |  | 392 | 298,845
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 129 | 128,144
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27 |  | 492 | 488,231
|  |  | 3,166,160
Independent Power and Renewable Electricity Producers — 0.4%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 07/31/30 |  | 931 | 930,345
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31 |  | 411 | 410,047
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, 12/15/27 |  | 488 | 489,381
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.81%, 12/15/31 |  | 336 | 336,993
|  |  | 2,166,766
Industrial Conglomerates — 0.4%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(e)(o) |  | 179 | 179,895
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31 |  | 147 | 147,228
EMRLD Borrower LP |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 |  | 901 | 899,108
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 05/31/30 |  | 1,012 | 1,010,907
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29 |  | 56 | 46,411
|  |  | 2,283,549
Insurance — 3.2%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.07%, 09/19/31 |  | 3,463 | 3,463,641
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32 |  | 1,785 | 1,785,351
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 12/29/31 |  | 1,195 | 1,194,411

Security |  | Par (000) | Value
Insurance (continued)
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 | USD | 1,708 | $1,711,676
Baldwin Insurance Group Holdings LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 05/26/31 |  | 937 | 935,953
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30 |  | 2,153 | 2,158,921
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.03%, 03/15/30 |  | 581 | 577,516
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31 |  | 1,207 | 1,204,751
Truist Insurance Holdings LLC |  |  |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 05/06/31 |  | 1,605 | 1,605,300
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 227 | 229,254
USI, Inc. |  |  |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 09/29/30 |  | 1,026 | 1,022,603
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 11/21/29 |  | 1,508 | 1,505,250
|  |  | 17,394,627
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31 |  | 763 | 754,203
IT Services — 3.3%
Asurion LLC |  |  |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/31/28 |  | 364 | 347,165
2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.69%, 01/20/29 |  | 538 | 498,070
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.68%, 08/19/28 |  | 660 | 652,028
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 09/19/30 |  | 175 | 170,032
2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 09/19/30 |  | 1,421 | 1,379,223
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 1,762 | 1,467,144
Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32(e) |  | 517 | 516,354
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 06/12/31 |  | 696 | 690,781
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31 |  | 1,702 | 1,705,686
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(e) |  | 310 | 310,047
Go Daddy Operating Co. LLC |  |  |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.08%, 05/30/31 |  | 1,152 | 1,152,588
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/09/29 |  | 654 | 654,761

84
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
IT Services (continued)
Magenta Security Holdings LLC |  |  |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.29%, 07/27/28 | USD | 202 | $168,252
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, 07/27/28(i) |  | 209 | 96,080
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, 07/27/28(g)(i)(j) |  | 558 | 129,376
Mitchell International, Inc. |  |  |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 1,190 | 1,188,103
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.58%, 06/17/32 |  | 191 | 187,132
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31 |  | 287 | 276,041
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 11/17/31 |  | 888 | 888,823
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 10/26/30 |  | 476 | 477,854
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 07/16/31 |  | 860 | 861,270
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/31/31 |  | 2,079 | 2,086,069
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(o) |  | 399 | 402,116
X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.60%), 10.93%, 10/26/29 |  | 1,422 | 1,387,357
X.AI LLC, 1st Lien Term Loan , 06/28/30(o) |  | 350 | 333,228
|  |  | 18,025,580
Machinery — 2.7%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 08/16/29 |  | 1,009 | 1,009,303
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 07/31/28 |  | 1,253 | 1,250,765
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 6.79%, 03/15/30 |  | 268 | 268,633
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28(e) |  | 121 | 120,693
Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28 |  | 1,566 | 1,571,537
Generac Power Systems, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/03/31 |  | 154 | 153,773
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 2,149 | 2,153,665
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29 |  | 415 | 413,582
Madison IAQ LLC |  |  |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.56%, 05/06/32 |  | 848 | 849,789

Security |  | Par (000) | Value
Machinery (continued)
Madison IAQ LLC (continued) |  |  |
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.76%, 06/21/28 | USD | 1,789 | $1,789,578
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29 |  | 1,002 | 1,004,600
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30 |  | 1,367 | 1,369,527
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27 |  | 1,359 | 1,360,236
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 442 | 191,957
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31 |  | 907 | 906,460
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.44%, 10/04/28 |  | 389 | 391,198
|  |  | 14,805,296
Media — 1.3%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28 |  | 1,164 | 1,052,039
Charter Communications Operating LLC |  |  |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, 12/07/30 |  | 636 | 635,461
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.55%, 12/15/31 |  | 485 | 485,169
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 347 | 343,811
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 1,256 | 1,222,561
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 223 | 219,250
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27 |  | 152 | 152,423
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 09/03/30 |  | 377 | 376,481
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, 02/21/31(e) |  | 201 | 201,729
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 172 | 172,098
Learfield Communications LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 06/30/28 |  | 358 | 359,742
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 12/10/31 |  | 1,279 | 1,284,396
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28 |  | 510 | 497,831
|  |  | 7,002,991
Oil, Gas & Consumable Fuels — 0.8%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30 |  | 169 | 169,646

Schedule of Investments
85

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, 12/21/28 | USD | 1,134 | $1,133,393
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 10/04/30 |  | 134 | 133,798
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30 |  | 442 | 441,892
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 04/01/32 |  | 328 | 329,171
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32 |  | 173 | 174,204
New Fortress Energy, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.81%, 10/30/28 |  | 149 | 80,057
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.08%, 02/03/31 |  | 138 | 136,829
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 10/05/28 |  | 1,449 | 1,447,982
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 06/16/32 |  | 140 | 139,796
|  |  | 4,186,768
Passenger Airlines — 0.8%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32(o) |  | 363 | 364,997
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31 |  | 827 | 826,585
American Airlines, Inc. |  |  |
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27 |  | 414 | 409,870
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.51%, 06/04/29 |  | 340 | 337,154
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.50%, 02/15/28 |  | 650 | 643,069
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.52%, 04/20/28 |  | 488 | 484,392
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29 |  | 458 | 427,889
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 02/22/31 |  | 612 | 611,842
|  |  | 4,105,798
Pharmaceuticals — 0.7%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 644 | 653,967
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.17%, 08/01/27 |  | 645 | 644,358
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28 |  | 1,087 | 1,090,898
Opal U.S. LLC, USD Term Loan B, 04/28/32(o) |  | 980 | 983,371

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31 | USD | 288 | $282,139
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 |  | 330 | 330,385
|  |  | 3,985,118
Professional Services — 2.4%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28 |  | 1,044 | 1,047,206
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 827 | 825,022
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 1,056 | 1,043,980
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/28/28 |  | 1,635 | 1,634,668
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31(e) |  | 1,319 | 1,318,713
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29 |  | 2,560 | 2,557,599
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 07/06/29 |  | 336 | 336,322
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 330 | 306,090
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 05/12/28 |  | 486 | 478,978
Trans Union LLC |  |  |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,014 | 1,015,344
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 06/24/31 |  | 1,052 | 1,052,296
Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/26/31 |  | 1,188 | 1,180,438
|  |  | 12,796,656
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 01/31/30 |  | 284 | 285,316
Semiconductors & Semiconductor Equipment — 0.3%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29 |  | 367 | 368,222
MKS Instruments, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.32%, 08/17/29 |  | 1,307 | 1,308,657
|  |  | 1,676,879
Software — 6.4%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, 02/24/31 |  | 1,922 | 1,928,796
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29 |  | 655 | 541,682

86
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 | USD | 1,795 | $1,782,247
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30 |  | 724 | 723,209
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.33%, 01/23/32 |  | 1,493 | 1,493,204
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 2,576 | 2,577,866
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 1,479 | 1,481,651
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 347 | 313,386
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 872 | 835,736
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31 |  | 2,345 | 2,345,727
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 8.55%, 06/26/31(e) |  | 418 | 415,738
Ellucian Holdings, Inc. |  |  |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/09/29 |  | 1,533 | 1,536,030
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(e) |  | 284 | 289,680
Gen Digital, Inc. |  |  |
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.08%, 09/12/29 |  | 1,755 | 1,752,158
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 04/16/32 |  | 273 | 272,386
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/32 |  | 2,393 | 2,391,127
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28 |  | 681 | 682,913
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32 |  | 1,597 | 1,602,491
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, 03/01/29 |  | 1,380 | 1,338,244
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 357 | 334,218
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 322 | 278,851
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, 12/17/27 |  | 179 | 174,294
Proofpoint, Inc. |  |  |
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 08/31/28 |  | 1,700 | 1,699,666
2025 Fungible Term Loan, 08/31/28(o) |  | 187 | 187,021
QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 04/30/32 |  | 245 | 246,259
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.56%, 04/24/28 |  | 1,022 | 1,014,152

Security |  | Par (000) | Value
Software (continued)
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 | USD | 114 | $112,018
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 65 | 64,112
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 06/30/28 |  | 28 | 27,693
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 521 | 519,037
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 159 | 150,092
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31 |  | 1,868 | 1,876,259
UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, 02/10/31 |  | 1,846 | 1,852,001
Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28 |  | 131 | 131,430
VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31 |  | 1,534 | 1,539,355
|  |  | 34,510,729
Specialty Retail — 0.6%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, 12/01/28 |  | 68 | 61,236
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 04/23/31 |  | 513 | 512,414
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, 05/04/28 |  | 1,735 | 1,732,649
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 459 | 453,662
Restoration Hardware, Inc. |  |  |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28 |  | 141 | 136,957
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.94%, 10/20/28 |  | 307 | 297,450
|  |  | 3,194,368
Trading Companies & Distributors — 0.9%
Core & Main LP |  |  |
2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 07/27/28 |  | 1,520 | 1,519,110
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.27%, 02/09/31 |  | 375 | 375,422
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 |  | 1,254 | 1,225,529
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31 |  | 269 | 268,709
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/12/30 |  | 339 | 338,744
Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32 |  | 156 | 156,456

Schedule of Investments
87

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Trading Companies & Distributors (continued)
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27 | USD | 430 | $328,917
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, 06/30/29(e)(i) |  | 778 | 467,022
|  |  | 4,679,909
Transportation Infrastructure — 0.8%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31 |  | 1,733 | 1,728,686
Brown Group Holding LLC |  |  |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31 |  | 742 | 742,466
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 07/01/31 |  | 1,045 | 1,045,496
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26 |  | 614 | 609,630
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30 |  | 157 | 156,123
|  |  | 4,282,401
Wireless Telecommunication Services — 0.3%
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.19%, 04/30/28 |  | 363 | 355,270
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31 |  | 1,022 | 1,023,155
|  |  | 1,378,425
Total Floating Rate Loan Interests — 58.6% (Cost: $318,938,292) | 316,199,470
Foreign Agency Obligations
Bahrain — 0.1% |
Bahrain Government International Bonds, 6.75%, 09/20/29(f) |  | 200 | 203,376
Bulgaria — 0.0% |
Bulgaria Government International Bonds, 5.00%, 03/05/37(f) |  | 24 | 23,460
Chile — 0.0% |
Chile Government International Bonds, 4.34%, 03/07/42(c) |  | 200 | 173,100
Colombia — 0.1% |
Colombia Government International Bonds, 8.00%, 04/20/33(c) |  | 200 | 206,900
Dominican Republic — 0.1% |
Dominican Republic International Bonds(b) |  |  |
4.50%, 01/30/30 |  | 200 | 190,000
7.05%, 02/03/31 |  | 150 | 157,230
4.88%, 09/23/32 |  | 150 | 138,375
|  |  | 485,605
Egypt — 0.0% |
Egypt Government International Bonds, 7.50%, 02/16/61(b) |  | 200 | 145,350
Hungary — 0.0% |
Hungary Government International Bonds, Series 10Y, 5.38%, 09/12/33(f) | EUR | 39 | 49,486

Security |  | Par (000) | Value
Morocco — 0.0% |
Morocco Government International Bonds, 2.38%, 12/15/27(b) | USD | 200 | $188,250
Nigeria — 0.0% |
Nigeria Government International Bonds, 8.38%, 03/24/29(b) |  | 200 | 201,250
Romania — 0.1% |
Romanian Government International Bonds |  |  |
5.25%, 11/25/27(b) |  | 62 | 61,923
2.12%, 07/16/31(f) | EUR | 156 | 152,867
5.88%, 07/11/32(b) |  | 37 | 43,922
6.25%, 09/10/34(b) |  | 33 | 39,142
|  |  | 297,854
South Africa — 0.0% |
Republic of South Africa Government International Bonds, 5.00%, 10/12/46 | USD | 230 | 160,712
Total Foreign Agency Obligations — 0.4% (Cost: $2,101,767) | 2,135,343

|  | Shares |
Investment Companies
Equity Funds — 0.0% |
Hearthside Equity |  | 4,335 | 82,798
Fixed Income Funds — 0.3% |
Invesco Senior Loan ETF |  | 80,000 | 1,673,600
Total Investment Companies — 0.3% (Cost: $1,734,389) | 1,756,398

|  | Par (000) |
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.9%
Alternative Loan Trust |  |  |
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 | USD | 945 | 508,378
Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1,758 | 685,597
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 530 | 245,256
CHL Mortgage Pass-Through Trust |  |  |
Series 2005-17, Class 1A6, 5.50%, 09/25/35 |  | 68 | 67,517
Series 2006-17, Class A2, 6.00%, 12/25/36 |  | 611 | 269,806
Series 2007-HY5, Class 3A1, 5.57%, 09/25/37(a) |  | 166 | 154,540
COLT Mortgage Loan Trust(b)(d) |  |  |
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,631 | 1,623,380
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 196 | 196,578
Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1,397 | 1,401,075
Series 2024-INV4, Class A1, 5.61%, 05/25/69(c) |  | 1,172 | 1,176,266
Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, 06/25/66(a)(b) |  | 174 | 145,093
GCAT Trust(a)(b) |  |  |
Series 2022-NQM3, Class A1, 4.35%, 04/25/67(c) |  | 1,260 | 1,255,488
Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | 915,538
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 5.08%, 10/25/35(a) |  | 291 | 148,003
Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69(b)(d) |  | 548 | 550,830

88
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
JP Morgan Mortgage Trust, Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) | USD | 311 | $303,237
OBX Trust(b) |  |  |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62(d) |  | 71 | 70,544
Series 2023-NQM6, Class A1, 6.52%, 07/25/63(d) |  | 762 | 767,667
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(a) |  | 1,148 | 1,151,375
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) |  | 932 | 927,220
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b)(d) |  | 503 | 494,456
Verus Securitization Trust(b)(d) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67(c) |  | 1,147 | 1,096,309
Series 2022-7, Class A1, 5.15%, 07/25/67(c) |  | 1,333 | 1,342,065
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 318 | 317,429
|  |  | 15,813,647
Commercial Mortgage-Backed Securities(b) — 1.9%
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 7.00%, 11/15/41(a) |  | 630 | 630,787
BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 6.90%, 03/15/41(a) |  | 379 | 379,057
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.23%, 11/05/39(a) |  | 200 | 203,945
BX Commercial Mortgage Trust(a) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 5.35%, 12/15/38 |  | 880 | 879,095
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 5.12%, 10/15/38 |  | 146 | 145,724
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 02/15/39 |  | 452 | 452,570
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 6.50%, 02/15/39 |  | 95 | 94,934
BX Trust(a) |  |  |
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 5.16%, 01/15/39 |  | 1,200 | 1,199,250
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 6.95%, 02/15/41 |  | 240 | 239,100
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 04/15/41 |  | 671 | 672,444
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 7.35%, 03/15/41 |  | 170 | 170,000
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39(a) |  | 250 | 218,513
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 7.35%, 08/15/41(a) |  | 660 | 658,287
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/40(a) |  | 220 | 219,833
GS Mortgage Securities Trust(a) |  |  |
(1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41 |  | 900 | 900,168
Series 2025-800D, Class A, (1 mo. Term SOFR + 2.65%), 6.96%, 11/25/41 |  | 195 | 195,348
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 6.70%, 06/15/39(a) |  | 800 | 798,004
MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 790 | 798,960
MIC Trust, Series 2023-MIC, Class B, 9.86%, 12/05/38(a) |  | 234 | 255,251

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1 mo. Term SOFR + 2.94%), 7.25%, 11/15/34(a) | USD | 270 | $272,094
VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(a) |  | 650 | 613,585
Wells Fargo Commercial Mortgage Trust, Series 2024- BPRC, Class D, 7.08%, 07/15/43 |  | 250 | 250,917
|  |  | 10,247,866
Total Non-Agency Mortgage-Backed Securities — 4.8% (Cost: $26,964,083) | 26,061,513

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

|  | Par (000) |
Preferred Securities
Capital Trusts — 6.9%(a)
Banks(k) — 0.6% |
ING Groep NV, 3.88%(c) | USD | 1,750 | 1,625,887
Krung Thai Bank PCL/Cayman Islands, 4.40%(f) |  | 202 | 198,869
Nordea Bank Abp, 3.75%(b)(c) |  | 560 | 502,919
PNC Financial Services Group, Inc., Series W, 6.25%(c) |  | 789 | 811,271
Rizal Commercial Banking Corp., 6.50%(f) |  | 200 | 199,500
|  |  | 3,338,446
Electric Utilities(c) — 1.1% |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  | 3,750 | 3,735,643
PG&E Corp., 7.38%, 03/15/55 |  | 2,078 | 1,967,908
|  |  | 5,703,551
Financial Services(c) — 4.4% |
Bank of America Corp., 6.63%(k) |  | 4,260 | 4,411,882
Barclays PLC(k) |  |  |
4.38% |  | 2,455 | 2,285,212
8.00% |  | 2,200 | 2,307,639
9.63% |  | 805 | 894,120
JPMorgan Chase & Co. |  |  |
Series II, 7.04%(k) |  | 4,000 | 4,020,400
Series U, 5.48%, 01/15/87 |  | 325 | 297,337
Lloyds Banking Group PLC(k) |  |  |
6.75% |  | 450 | 452,386
7.50% |  | 1,250 | 1,253,356
NatWest Group PLC(k) |  |  |
6.00% |  | 1,185 | 1,183,053
8.13% |  | 735 | 792,811
UBS Group AG(b)(k) |  |  |
Series NC10, 9.25% |  | 4,640 | 5,365,747
Series NC5, 9.25% |  | 460 | 502,078
|  |  | 23,766,021

Schedule of Investments
89

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Independent Power and Renewable Electricity Producers(b)(k) — 0.1% |
NRG Energy, Inc., 10.25%(c) | USD | 475 | $527,455
Vistra Corp., 7.00% |  | 209 | 211,515
|  |  | 738,970
Pharmaceuticals(c) — 0.6% |
CVS Health Corp. |  |  |
6.75%, 12/10/54 |  | 635 | 636,383
7.00%, 03/10/55 |  | 2,605 | 2,686,824
|  |  | 3,323,207
Utilities — 0.1% |
Electricite de France SA, 3.00%(f)(k) | EUR | 200 | 230,923
| 37,101,118

|  | Shares |
Preferred Stocks — 0.3%
Capital Markets — 0.3% |
Morgan Stanley, Series F, 6.88%(a)(k) |  | 55,000 | 1,382,150
Ground Transportation — 0.0% |
Sirva BGRS Holdings, Inc., 07/21/30(g) |  | 107 | 18,660
IT Services(e)(g) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 2,283 | 51,368
Series G-1 |  | 1,576 | 35,460
|  |  | 86,828
Wireless Telecommunication Services — 0.0% |
CF-B L2 (D) LLC, (Acquired 06/04/25, Cost: $1,853)(g)(h) |  | 1,852 | —
| 1,487,638
Total Preferred Securities — 7.2% (Cost: $38,408,897) | 38,588,756

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 3.8% |
Freddie Mac Mortgage-Backed Securities, 4.00%, 05/01/39(c) | USD | 791 | 779,017
Uniform Mortgage-Backed Securities |  |  |
3.50%, 09/01/42 - 10/01/42(c) |  | 8,349 | 7,841,139
4.50%, 06/01/44(c) |  | 1,516 | 1,501,199
5.00%, 11/01/44 - 07/15/54(c)(q) |  | 5,303 | 5,276,739
6.00%, 07/15/54(q) |  | 5,300 | 5,385,451
|  |  | 20,783,545
Total U.S. Government Sponsored Agency Securities — 3.8% (Cost: $20,494,329) | 20,783,545

Security |  | Shares | Value
Warrants
Financial Services — 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 | $—
Total Warrants — 0.0% (Cost: $ — ) | —
Total Long-Term Investments — 157.1% (Cost: $845,914,226) | 847,651,104
Short-Term Securities
Money Market Funds — 0.3% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(r)(s) |  | 1,310,068 | 1,310,068

|  | Par (000) |
U.S. Treasury Obligations — 5.3% |
U.S. Treasury Notes, 4.88%, 05/31/26(c) | USD | 28,500 | 28,703,731
Total Short-Term Securities — 5.6% (Cost: $29,841,278) | 30,013,799
Total Investments — 162.7% (Cost: $875,755,504) | 877,664,903
Liabilities in Excess of Other Assets — (62.7)% | (338,299,537 )
Net Assets — 100.0% | $539,365,366

(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) | 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.
(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 $400,240, representing 0.1% of its net assets as of period end, and an original cost of $318,339.
(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) | Issuer filed for bankruptcy and/or is in default.
(k) | Perpetual security with no stated maturity date.
(l) | Convertible security.
(m) | Zero-coupon bond.
(n) | When-issued security.
(o) | 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.
(p) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(q) | Represents or includes a TBA transaction.
(r) | Affiliate of the Fund.
(s) | 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.
90
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $346,004 | $964,064 (a) | $— | $— | $— | $1,310,068 | 1,310,068 | $71,699 | $—

(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)
TD Securities (USA) LLC | 4.65 %(b) | 06/11/24 | Open | $297,660 | $315,001 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.59 (b) | 12/06/24 | Open | 162,975 | 167,474 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.50 (b) | 12/09/24 | Open | 662,500 | 680,185 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.52 (b) | 12/09/24 | Open | 178,500 | 183,285 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.52 (b) | 12/09/24 | Open | 342,656 | 351,842 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.57 (b) | 12/09/24 | Open | 327,438 | 336,308 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.59 (b) | 12/09/24 | Open | 322,000 | 330,760 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.55 (b) | 12/17/24 | Open | 424,436 | 435,434 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.59 (b) | 12/17/24 | Open | 243,815 | 250,186 | Corporate Bonds | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.61 (b) | 12/17/24 | Open | 623,290 | 639,644 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 02/11/25 | Open | 1,255,196 | 1,276,918 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 02/25/25 | Open | 29,070,000 | 29,514,383 | U.S. Treasury Obligations | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 02/25/25 | Open | 476,875 | 484,369 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 4.49 (b) | 04/03/25 | Open | 892,500 | 902,407 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 04/15/25 | Open | 81,180 | 81,930 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 1,108,664 | 1,118,979 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 196,182 | 198,008 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 04/15/25 | Open | 1,311,120 | 1,323,459 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 196,639 | 198,498 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 116,621 | 117,724 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.43 (b) | 04/15/25 | Open | 214,137 | 216,166 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.43 (b) | 04/15/25 | Open | 342,623 | 345,870 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.45 (b) | 04/15/25 | Open | 335,625 | 338,820 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 362,719 | 366,187 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 124,950 | 126,145 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 333,988 | 337,181 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 103,190 | 104,177 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 735,080 | 742,124 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 1,293,897 | 1,306,296 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 119,321 | 120,465 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 245,823 | 248,178 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 123,739 | 124,924 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 246,380 | 248,741 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 92,040 | 92,922 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 275,730 | 278,372 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 348,233 | 351,569 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 350,903 | 354,265 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 373,469 | 377,048 | Corporate Bonds | Open/Demand

Schedule of Investments
91

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.48 %(b) | 04/15/25 | Open | $89,511 | $90,369 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 259,721 | 262,210 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 04/15/25 | Open | 671,544 | 678,007 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 04/15/25 | Open | 154,363 | 155,849 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.57 (b) | 04/15/25 | Open | 188,100 | 189,939 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.57 (b) | 04/15/25 | Open | 1,369,830 | 1,383,220 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.62 (b) | 04/15/25 | Open | 102,265 | 103,276 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 667,946 | 674,590 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 382,222 | 386,024 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 121,943 | 123,110 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 845,372 | 853,780 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 290,343 | 293,230 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 446,296 | 450,735 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 208,164 | 210,234 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 110,410 | 111,508 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 185,598 | 187,293 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 723,475 | 730,671 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 361,475 | 365,070 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 729,220 | 736,473 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 483,502 | 488,311 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 570,490 | 576,164 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 256,680 | 259,137 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 342,615 | 346,023 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 310,800 | 313,891 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 310,609 | 313,698 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 724,368 | 731,572 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 285,103 | 287,939 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 3,510,000 | 3,544,910 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 743,531 | 750,926 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 836,875 | 845,198 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 721,094 | 728,297 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 1,715,537 | 1,732,673 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 510,157 | 515,253 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 1,557,088 | 1,572,641 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 96,338 | 97,300 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 261,120 | 263,728 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 912,770 | 921,887 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 185,573 | 187,426 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 04/15/25 | Open | 212,095 | 214,214 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/16/25 | Open | 164,233 | 165,845 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 04/29/25 | Open | 2,578,511 | 2,599,313 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/30/25 | Open | 37,365 | 39,229 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/01/25 | Open | 361,800 | 364,510 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 194,784 | 196,169 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 707,812 | 712,844 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 177,138 | 178,397 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 432,750 | 435,833 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 1,170,000 | 1,178,336 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 968,750 | 975,652 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.51 (b) | 05/05/25 | Open | 263,200 | 265,079 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.51 (b) | 05/05/25 | Open | 312,375 | 314,606 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.55 (b) | 05/05/25 | Open | 462,799 | 466,133 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.55 (b) | 05/05/25 | Open | 297,413 | 299,555 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.55 (b) | 05/05/25 | Open | 255,791 | 257,634 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.55 (b) | 05/05/25 | Open | 357,148 | 359,720 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.55 (b) | 05/05/25 | Open | 386,155 | 388,937 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 397,750 | 400,647 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 921,007 | 927,715 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 825,550 | 831,563 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 427,840 | 430,956 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.63 (b) | 05/05/25 | Open | 392,062 | 394,937 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.64 (b) | 05/05/25 | Open | 724,274 | 729,595 | Corporate Bonds | Open/Demand

92
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.64 %(b) | 05/05/25 | Open | $1,112,137 | $1,120,308 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 660,711 | 665,575 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 607,057 | 611,527 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 107,690 | 108,483 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 334,688 | 337,152 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 177,188 | 178,493 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 490,620 | 494,232 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 632,205 | 636,860 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 782,000 | 787,757 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 144,180 | 145,242 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,125,329 | 1,133,614 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 355,355 | 357,971 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,398,654 | 1,408,951 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 196,323 | 197,768 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 680,344 | 685,353 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 187,518 | 188,898 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 4,242,804 | 4,274,041 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 2,523,594 | 2,542,174 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 545,851 | 549,870 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 372,287 | 375,028 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 622,840 | 627,426 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 457,656 | 461,026 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 249,178 | 251,012 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 206,570 | 208,091 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,343,110 | 1,352,998 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 289,273 | 291,402 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,840,942 | 1,854,496 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 122,610 | 123,513 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 379,102 | 381,894 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 472,140 | 475,616 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 302,306 | 304,532 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 422,154 | 425,262 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 914,145 | 920,876 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 216,173 | 217,764 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 270,925 | 272,920 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 357,170 | 359,800 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 630,080 | 634,719 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 946,286 | 953,253 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 316,831 | 319,163 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 375,996 | 378,765 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 563,445 | 567,593 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 518,579 | 522,397 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,239,700 | 1,248,827 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 718,242 | 723,530 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 538,407 | 542,372 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 449,940 | 453,253 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,488,655 | 1,499,615 | Capital Trusts | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 2,119,425 | 2,135,029 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 836,527 | 842,686 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 545,236 | 549,250 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 480,510 | 484,048 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 139,283 | 140,308 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 253,046 | 254,909 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 189,738 | 191,134 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 303,562 | 305,797 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 703,950 | 709,133 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,140,142 | 1,148,537 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 361,430 | 364,091 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 229,164 | 230,851 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 873,240 | 879,669 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 297,883 | 300,076 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 281,520 | 283,593 | Corporate Bonds | Open/Demand

Schedule of Investments
93

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.65 %(b) | 05/05/25 | Open | $365,445 | $368,135 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 391,317 | 394,199 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 684,792 | 689,834 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 686,171 | 691,223 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 521,220 | 525,066 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 365,660 | 368,358 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 317,715 | 320,059 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 546,244 | 550,274 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 215,680 | 217,271 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 189,140 | 190,536 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 318,325 | 320,674 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 267,651 | 269,626 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 164,630 | 165,845 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 220,263 | 221,888 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 370,077 | 372,808 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 327,951 | 330,371 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 257,029 | 258,925 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 230,005 | 231,702 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 466,939 | 470,384 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 278,258 | 280,311 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 103,935 | 104,702 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 267,398 | 269,370 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 356,125 | 358,753 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 326,825 | 329,236 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 645,150 | 649,910 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 3,220,665 | 3,244,428 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 198,478 | 199,942 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 152,540 | 153,666 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 388,039 | 390,902 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 247,363 | 249,188 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 193,761 | 195,191 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 144,158 | 145,221 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 375,352 | 378,121 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 107,393 | 108,185 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 263,250 | 265,192 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/05/25 | Open | 321,379 | 323,750 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.68 (b) | 05/05/25 | Open | 514,642 | 518,456 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/06/25 | Open | 285,658 | 287,724 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/06/25 | Open | 471,681 | 475,093 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 05/06/25 | Open | 427,500 | 430,566 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 05/06/25 | Open | 394,312 | 397,140 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 05/06/25 | Open | 419,240 | 422,246 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/07/25 | Open | 188,542 | 189,881 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 05/12/25 | Open | 1,410,300 | 1,418,821 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 614,126 | 617,879 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 971,250 | 977,185 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 245,140 | 246,638 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.44 (b) | 05/12/25 | Open | 2,002,039 | 2,014,385 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.44 (b) | 05/12/25 | Open | 3,745,000 | 3,768,094 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 451,510 | 454,301 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 511,594 | 514,756 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 05/12/25 | Open | 299,704 | 301,560 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 05/12/25 | Open | 228,470 | 229,885 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 05/12/25 | Open | 628,712 | 632,616 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 98,088 | 98,699 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 119,600 | 120,346 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 455,625 | 458,466 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 117,634 | 118,367 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 1,071,011 | 1,077,690 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 1,027,640 | 1,034,048 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 687,856 | 692,146 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 638,951 | 642,936 | Corporate Bonds | Open/Demand

94
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.49 %(b) | 05/12/25 | Open | $232,785 | $234,237 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 3,225,000 | 3,245,111 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 147,400 | 148,319 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 290,296 | 292,107 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 876,874 | 882,342 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 761,000 | 765,746 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 782,825 | 787,718 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 1,272,375 | 1,280,327 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/12/25 | Open | 419,100 | 421,719 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.53 (b) | 05/12/25 | Open | 469,375 | 472,328 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.54 (b) | 05/12/25 | Open | 165,250 | 166,292 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.56 (b) | 05/12/25 | Open | 491,606 | 494,720 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.57 (b) | 05/12/25 | Open | 3,988,425 | 4,013,740 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 340,316 | 342,490 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 190,689 | 191,907 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.62 (b) | 05/12/25 | Open | 1,860,320 | 1,872,257 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.63 (b) | 05/12/25 | Open | 1,661,407 | 1,672,091 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.63 (b) | 05/12/25 | Open | 1,377,394 | 1,386,251 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.64 (b) | 05/12/25 | Open | 212,321 | 213,690 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.64 (b) | 05/12/25 | Open | 284,309 | 286,141 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 657,869 | 662,118 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 94,075 | 94,683 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 2,387,437 | 2,402,856 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 778,556 | 783,584 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 1,585,140 | 1,595,377 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 167,750 | 168,833 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 249,238 | 250,847 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 220,838 | 222,264 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 157,579 | 158,596 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 05/12/25 | Open | 143,750 | 144,644 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 05/13/25 | Open | 716,943 | 721,442 | Corporate Bonds | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 05/14/25 | Open | 1,087,512 | 1,094,197 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.54 (b) | 05/15/25 | Open | 164,350 | 165,324 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/15/25 | Open | 1,666,744 | 1,676,862 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/15/25 | Open | 894,632 | 900,064 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/16/25 | Open | 470,940 | 473,642 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.00 (b) | 05/16/25 | Open | 1,286,152 | 1,292,726 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 844,875 | 849,733 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 282,125 | 283,747 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,554,500 | 2,569,188 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,531,750 | 2,546,308 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 412,162 | 414,532 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 104,543 | 105,144 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.53 (b) | 05/16/25 | Open | 221,781 | 223,065 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.53 (b) | 05/16/25 | Open | 615,875 | 619,440 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.53 (b) | 05/16/25 | Open | 311,625 | 313,429 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.53 (b) | 05/16/25 | Open | 355,313 | 357,369 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.53 (b) | 05/16/25 | Open | 228,000 | 229,320 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.63 (b) | 05/16/25 | Open | 332,450 | 334,417 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 676,103 | 680,120 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 731,269 | 735,614 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 390,930 | 393,253 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 394,546 | 396,891 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 85,115 | 85,621 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 207,188 | 208,419 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 405,625 | 408,035 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 140,642 | 141,477 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 339,500 | 341,517 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 203,351 | 204,560 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 384,130 | 386,412 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 250,733 | 252,222 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/16/25 | Open | 163,068 | 164,037 | Corporate Bonds | Open/Demand

Schedule of Investments
95

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | 4.65 %(b) | 05/16/25 | Open | $124,185 | $124,923 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 544,708 | 547,539 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 418,200 | 420,373 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 317,903 | 319,592 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 223,215 | 224,401 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 354,469 | 356,395 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 290,030 | 291,606 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 685,882 | 689,610 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 413,182 | 415,428 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 211,331 | 212,480 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 198,300 | 199,378 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 333,856 | 335,671 | Capital Trusts | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 659,912 | 663,499 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/19/25 | Open | 178,200 | 179,179 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/19/25 | Open | 1,337,130 | 1,344,557 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/21/25 | Open | 469,260 | 471,660 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.49 (b) | 05/22/25 | Open | 450,600 | 452,848 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/23/25 | Open | 359,159 | 360,910 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/28/25 | Open | 309,324 | 310,639 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 05/29/25 | Open | 180,958 | 181,731 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/30/25 | Open | 1,995,637 | 2,003,886 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.65 (b) | 05/30/25 | Open | 100,485 | 100,900 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/30/25 | Open | 44,144 | 44,326 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.82 | 06/03/25 | 07/10/25 | 2,714,719 | 2,724,533 | Asset-Backed Securities | Up to 30 Days
BofA Securities, Inc. | 4.82 | 06/03/25 | 07/10/25 | 912,348 | 915,646 | Asset-Backed Securities | Up to 30 Days
RBC Capital Markets, LLC | 4.50 (b) | 06/03/25 | Open | 283,969 | 284,963 | Capital Trusts | Open/Demand
U.S. Bancorp Investments, Inc. | 4.61 (b) | 06/03/25 | Open | 1,568,659 | 1,574,283 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | 1,060,137 | 1,063,858 | Non-Agency Mortgage-Backed Securities | Up to 30 Days
BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | 1,126,517 | 1,130,471 | Non-Agency Mortgage-Backed Securities | Up to 30 Days
BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | 993,547 | 997,035 | Non-Agency Mortgage-Backed Securities | Up to 30 Days
BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | 1,200,078 | 1,204,290 | Non-Agency Mortgage-Backed Securities | Up to 30 Days
Nomura Securities International, Inc. | 4.48 (b) | 06/04/25 | Open | 92,243 | 92,552 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 06/04/25 | Open | 102,850 | 103,196 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.67 (b) | 06/04/25 | Open | 307,510 | 308,587 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 06/05/25 | Open | 103,598 | 103,938 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 06/05/25 | Open | 197,099 | 197,761 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 06/06/25 | Open | 450,205 | 451,628 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 06/09/25 | Open | 71,776 | 71,973 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 06/09/25 | Open | 238,280 | 238,957 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.43 (b) | 06/10/25 | Open | 290,083 | 290,832 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 06/10/25 | Open | 226,695 | 227,310 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 748,379 | 750,145 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 5,451,890 | 5,464,752 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,730,834 | 2,737,276 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,044,302 | 2,049,125 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,437,150 | 1,440,540 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 450,097 | 451,159 | U.S. Government Sponsored Agency Securities | Up to 30 Days
BNP Paribas SA | 4.65 (b) | 06/12/25 | Open | 573,795 | 575,204 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 06/12/25 | Open | 185,634 | 186,090 | Capital Trusts | Open/Demand
BofA Securities, Inc. | 2.50 | 06/13/25 | 07/15/25 | 389,675 | 390,162 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 3.00 | 06/13/25 | 07/15/25 | 582,919 | 583,793 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 832,320 | 834,047 | Corporate Bonds | Up to 30 Days

96
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.15 % | 06/13/25 | 07/15/25 | $402,205 | $403,040 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | 97,759 | 97,964 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | 224,250 | 224,727 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | 93,515 | 93,716 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 505,890 | 506,990 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 232,650 | 233,156 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 534,187 | 535,349 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 440,107 | 441,065 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 449,449 | 450,426 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 503,531 | 504,639 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 264,419 | 265,000 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 452,812 | 453,809 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 97,631 | 97,846 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 347,915 | 348,680 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 452,182 | 453,177 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 77,965 | 78,137 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 210,750 | 211,214 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 207,213 | 207,674 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 214,590 | 215,067 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 568,459 | 569,724 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 762,005 | 763,700 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 467,610 | 468,650 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,154,250 | 1,156,818 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 142,578 | 142,895 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 324,900 | 325,623 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 357,722 | 358,518 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,733,237 | 1,737,094 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,148,336 | 1,150,891 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 86,293 | 86,487 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 717,727 | 719,342 | Capital Trusts | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 574,609 | 575,902 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 1,185,412 | 1,188,080 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 297,903 | 298,573 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 997,500 | 999,744 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 454,740 | 455,763 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 312,113 | 312,815 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 177,013 | 177,411 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 503,309 | 504,441 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.53 | 06/13/25 | 07/15/25 | 210,971 | 211,449 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | 1,061,324 | 1,063,739 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | 585,000 | 586,331 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,852,109 | 1,856,369 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 553,945 | 555,219 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 413,467 | 414,418 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 77,788 | 77,966 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,167,499 | 1,170,184 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 532,770 | 533,995 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 461,629 | 462,690 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,921,500 | 1,925,919 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 427,461 | 428,444 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 2,267,175 | 2,272,389 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 373,031 | 373,889 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 321,345 | 322,084 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 541,190 | 542,435 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 186,760 | 187,190 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 301,901 | 302,596 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 490,287 | 491,415 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 881,375 | 883,402 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 149,968 | 150,312 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 632,449 | 633,903 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 286,650 | 287,309 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | 301,840 | 302,537 | Corporate Bonds | Up to 30 Days

Schedule of Investments
97

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.64 % | 06/13/25 | 07/15/25 | $307,773 | $308,487 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 344,419 | 345,218 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 403,631 | 404,568 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 937,154 | 939,328 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 856,000 | 857,986 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 830,052 | 831,978 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.65 | 06/13/25 | 07/15/25 | 508,354 | 509,536 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.65 | 06/13/25 | 07/15/25 | 446,644 | 447,682 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.50 | 06/13/25 | 07/15/25 | 680,684 | 682,216 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.55 | 06/13/25 | 07/15/25 | 195,984 | 196,430 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.64 | 06/13/25 | 07/15/25 | 366,299 | 367,149 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.65 | 06/13/25 | 07/15/25 | 297,144 | 297,835 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 4.65 (b) | 06/13/25 | Open | 81,310 | 81,499 | Corporate Bonds | Open/Demand
HSBC Bank PLC | 4.45 (b) | 06/16/25 | Open | 784,350 | 785,804 | Corporate Bonds | Open/Demand
HSBC Bank PLC | 4.65 (b) | 06/16/25 | Open | 596,475 | 597,631 | Corporate Bonds | Open/Demand
HSBC Bank PLC | 4.65 (b) | 06/16/25 | Open | 756,551 | 758,017 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 933,750 | 935,501 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 524,125 | 525,108 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 867,500 | 869,127 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 06/16/25 | Open | 72,885 | 73,026 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.60 | 06/20/25 | 07/15/25 | 87,495 | 87,618 | Corporate Bonds | Up to 30 Days
HSBC Bank PLC | 4.65 (b) | 06/20/25 | Open | 269,528 | 269,910 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | 810,000 | 810,810 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | 432,000 | 432,432 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.55 | 06/23/25 | 08/01/25 | 456,826 | 457,288 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.55 | 06/23/25 | 08/01/25 | 2,798,437 | 2,801,267 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.60 | 06/23/25 | 08/01/25 | 2,316,661 | 2,319,029 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | 1,675,387 | 1,677,119 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | 4,135,840 | 4,140,114 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | 2,298,912 | 2,301,288 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | 389,308 | 389,711 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | 155,886 | 155,990 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.20 | 06/23/25 | 08/01/25 | 324,199 | 324,501 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 270,576 | 270,844 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 635,897 | 636,525 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 224,400 | 224,624 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 456,000 | 456,455 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 468,000 | 468,467 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 470,000 | 470,469 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 875,805 | 876,679 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 710,500 | 711,209 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 525,150 | 525,674 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | 190,025 | 190,217 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | 302,270 | 302,576 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | 337,669 | 338,010 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.60 | 06/23/25 | 08/01/25 | 454,354 | 454,818 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 595,200 | 595,815 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,186,370 | 1,187,596 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,253,851 | 1,255,146 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 110,570 | 110,684 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 429,764 | 430,208 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 788,022 | 788,837 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,088,956 | 1,090,081 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,218,145 | 1,219,404 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,122,412 | 1,123,572 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,056,878 | 1,057,970 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 347,359 | 347,718 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,017,765 | 1,018,817 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 320,735 | 321,067 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 381,100 | 381,494 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 424,315 | 424,753 | Capital Trusts | 31 - 90 Days
TD Securities (USA) LLC | 4.63 (b) | 06/23/25 | Open | 489,250 | 489,753 | Corporate Bonds | Open/Demand

98
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.65 %(b) | 06/24/25 | Open | $1,219,855 | $1,219,855 | Corporate Bonds | Up to 30 Days
TD Securities (USA) LLC | 4.66 (b) | 06/24/25 | Open | 490,201 | 490,201 | Corporate Bonds | Open/Demand
J.P. Morgan Securities LLC | 3.00 | 06/26/25 | 07/29/25 | 556,203 | 556,435 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | 482,812 | 483,101 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | 250,819 | 250,972 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 279,952 | 280,127 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 322,237 | 322,438 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 140,640 | 140,728 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 180,677 | 180,790 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 294,773 | 294,957 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 239,281 | 239,431 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 177,931 | 178,042 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 287,088 | 287,267 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 349,621 | 349,840 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 1,825,687 | 1,826,829 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 1,148,580 | 1,149,298 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 176,524 | 176,634 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 1,017,450 | 1,018,086 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 4.55 | 06/26/25 | 08/01/25 | 245,531 | 245,686 | Corporate Bonds | 31 - 90 Days
BNP Paribas SA | 4.65 (b) | 06/27/25 | Open | 230,834 | 230,834 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 06/27/25 | Open | 158,000 | 158,000 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.60 (b) | 06/30/25 | Open | 51,450 | 51,450 | Corporate Bonds | Up to 30 Days
TD Securities (USA) LLC | 4.65 (b) | 06/30/25 | Open | 460,022 | 460,022 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.66 (b) | 06/30/25 | Open | 564,785 | 564,785 | Corporate Bonds | Open/Demand
J.P. Morgan Securities LLC | 4.50 | 06/30/25 | 07/29/25 | 1,875,770 | 1,875,770 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 4.50 (b) | 06/30/25 | Open | 40,356 | 40,356 | Corporate Bonds | Open/Demand
|  |  |  | $327,835,837 | $329,899,967 |  |

(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 | 73 | 09/19/25 | $8,340 | $240,562
2-Year U.S. Treasury Note | 568 | 09/30/25 | 118,171 | 427,996
5-Year U.S. Treasury Note | 194 | 09/30/25 | 21,149 | 242,103
|  |  |  | 910,661
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 322 | 09/19/25 | 36,104 | (782,543 )
U.S. Long Bond | 82 | 09/19/25 | 9,458 | (327,173 )
Ultra U.S. Treasury Bond | 19 | 09/19/25 | 2,260 | (107,526 )
|  |  |  | (1,217,242 )
|  |  |  | $(306,581 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
CHF | 50,000 | USD | 61,863 | State Street Bank and Trust Co. | 09/17/25 | $1,761
USD | 47,021 | EUR | 41,279 | Credit Agricole Corporate and Investment Bank | 07/16/25 | (1,649 )
USD | 225,118 | EUR | 197,663 | Credit Agricole Corporate and Investment Bank | 07/16/25 | (7,934 )

Schedule of Investments
99

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 61,750 | CHF | 50,000 | Morgan Stanley & Co. International PLC | 09/17/25 | $(1,874 )
USD | 10,534,870 | EUR | 9,027,000 | State Street Bank and Trust Co. | 09/17/25 | (152,575 )
USD | 1,062,498 | GBP | 785,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (15,559 )
|  |  |  |  |  | (179,591 )
| $(177,830 )

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 | 18,410 | $(405,173 ) | $(207,091 ) | $(198,082 )
CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30 | USD | 6,210 | (477,132 ) | (421,232 ) | (55,900 )
CDX.NA.IG.44.V1 | 1.00 | Quarterly | 06/20/30 | USD | 2,320 | (52,150 ) | (37,076 ) | (15,074 )
|  |  |  |  |  | $(934,455 ) | $(665,399 ) | $(269,056 )

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 | $244 | $247 | $(3 )
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 30 | 2,777 | 3,078 | (301 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 7 | 563 | (789 ) | 1,352
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 4 | 338 | (453 ) | 791
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 12 | 951 | (1,274 ) | 2,225
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 4 | 276 | (379 ) | 655
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 8 | 578 | (824 ) | 1,402
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC | EUR | 5 | 419 | (581 ) | 1,000
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 20 | 1,588 | 2,145 | (557 )
Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 22 | (4,105 ) | (3,785 ) | (320 )
iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 33 | 5,061 | 4,228 | 833
SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 8 | (333 ) | (581 ) | 248
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 8 | (333 ) | (526 ) | 193
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 7 | (390 ) | (426 ) | 36
Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 7 | 1,079 | 979 | 100
|  |  |  |  |  |  |  | $8,713 | $1,059 | $7,654

(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, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 4,000 | $88,434 | $(44,039 ) | $132,473
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 09/20/25 | USD | 4,000 | 24,306 | (43,905 ) | 68,211

100
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 12/20/25 | USD | 2,000 | $11,438 | $(21,953 ) | $33,391
1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD Liquid Leveraged Loan Index | At Termination | Morgan Stanley & Co. International PLC | N/A | 03/20/26 | USD | 1,000 | 5,328 | (10,976 ) | 16,304
|  |  |  |  |  |  |  |  | $129,506 | $(120,873 ) | $250,379

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $— | $(665,399 ) | $— | $(269,056 )
OTC Swaps | 10,677 | (130,491 ) | 259,214 | (1,181 )

(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) | $— | $— | $— | $— | $910,661 | $— | $910,661
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 1,761 | — | — | 1,761
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 19,512 | — | — | 250,379 | — | 269,891
| $— | $19,512 | $— | $1,761 | $1,161,040 | $— | $1,182,313
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts(a) | $— | $— | $— | $— | $1,217,242 | $— | $1,217,242
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 179,591 | — | — | 179,591
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) | — | 269,056 | — | — | — | — | 269,056
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 10,799 | — | — | 120,873 | — | 131,672
| $— | $279,855 | $— | $179,591 | $1,338,115 | $— | $1,797,561

(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
101

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)
For the period ended June 30, 2025, 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 | $— | $— | $— | $— | $1,065,323 | $— | $1,065,323
Forward foreign currency exchange contracts | — | — | — | (940,751 ) | — | — | (940,751 )
Swaps | — | 150,814 | — | — | 113,481 | — | 264,295
| $— | $150,814 | $— | $(940,751 ) | $1,178,804 | $— | $388,867
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $(800,285 ) | $— | $(800,285 )
Forward foreign currency exchange contracts | — | — | — | (354,001 ) | — | — | (354,001 )
Swaps | — | (36,371 ) | — | — | (147,736 ) | — | (184,107 )
| $— | $(36,371 ) | $— | $(354,001 ) | $(948,021 ) | $— | $(1,338,393 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $165,403,313
Average notional value of contracts — short | 51,599,946
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 11,653,811
Average amounts sold — in USD | 97,789
Credit default swaps: |
Average notional value — buy protection | 25,575,000
Average notional value — sell protection | 201,445
Total return swaps: |
Average notional value | 11,275,000

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 | $107,391 | $195,928
Forward foreign currency exchange contracts | 1,761 | 179,591
Swaps — centrally cleared | — | 29,895
Swaps — OTC(a) | 269,891 | 131,672
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 379,043 | 537,086
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (107,391 ) | (225,823 )
Total derivative assets and liabilities subject to an MNA | $271,652 | $311,263

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
Bank of America N.A. | $1,600 | $(1,370 ) | $— | $— | $230
Barclays Bank PLC | 5,390 | (3,236 ) | — | — | 2,154
BNP Paribas SA | 5,061 | — | — | — | 5,061
Citibank N.A. | 655 | (379 ) | — | — | 276
Deutsche Bank AG | 1,079 | (1,079 ) | — | — | —
JPMorgan Chase Bank N.A. | 1,649 | (827 ) | — | — | 822

102
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)

Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Received(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
Morgan Stanley & Co. International PLC | $254,457 | $(139,188 ) | $— | $— | $115,269
State Street Bank and Trust Co. | 1,761 | (1,761 ) | — | — | —
| $271,652 | $(147,840 ) | $— | $— | $123,812

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)(e)
Bank of America N.A. | $1,370 | $(1,370 ) | $— | $— | $—
Barclays Bank PLC | 3,236 | (3,236 ) | — | — | —
Citibank N.A. | 379 | (379 ) | — | — | —
Credit Agricole Corporate and Investment Bank | 9,583 | — | — | — | 9,583
Deutsche Bank AG | 4,105 | (1,079 ) | — | — | 3,026
JPMorgan Chase Bank N.A. | 827 | (827 ) | — | — | —
Morgan Stanley & Co. International PLC | 139,188 | (139,188 ) | — | — | —
State Street Bank and Trust Co. | 152,575 | (1,761 ) | — | — | 150,814
| $311,263 | $(147,840 ) | $— | $— | $163,423

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $— | $40,263,997 | $1,754,766 | $42,018,763
Common Stocks |  |  |  |
Capital Markets | — | — | 15,372 | 15,372
Construction & Engineering | 4,202 | — | — | 4,202
Entertainment | — | — | 257,032 | 257,032
Financial Services | — | — | 537,455 | 537,455
Ground Transportation | — | 464 | — | 464
Health Care Providers & Services | — | 143,208 | — | 143,208
Household Products | — | — | — | —
Industrial Conglomerates | — | 20,164 | — | 20,164
IT Services | — | — | 241,832 | 241,832
Real Estate Management & Development | — | — | 1 | 1
Trading Companies & Distributors | — | — | 100,622 | 100,622
Transportation Infrastructure | — | — | 217,806 | 217,806
Corporate Bonds | — | 396,630,771 | 183,072 | 396,813,843
Fixed Rate Loan Interests | — | 1,755,315 | — | 1,755,315
Floating Rate Loan Interests | — | 308,679,838 | 7,519,632 | 316,199,470
Foreign Agency Obligations | — | 2,135,343 | — | 2,135,343
Investment Companies |  |  |  |
Equity Funds | — | 82,798 | — | 82,798
Fixed Income Funds | 1,673,600 | — | — | 1,673,600

Schedule of Investments
103

Schedule of Investments (unaudited)(continued)
June 30, 2025
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 | $— | $26,061,513 | $— | $26,061,513
Other Interests | — | — | — | —
Preferred Securities |  |  |  |
Capital Trusts | — | 37,101,118 | — | 37,101,118
Preferred Stocks |  |  |  |
Capital Markets | 1,382,150 | — | — | 1,382,150
Ground Transportation | — | 18,660 | — | 18,660
IT Services | — | — | 86,828 | 86,828
U.S. Government Sponsored Agency Securities | — | 20,783,545 | — | 20,783,545
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 1,310,068 | — | — | 1,310,068
U.S. Treasury Obligations | — | 28,703,731 | — | 28,703,731
Unfunded Floating Rate Loan Interests(a) | — | 323 | 92 | 415
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (707 ) | — | (707 )
| $4,370,020 | $862,380,081 | $10,914,510 | $877,664,611
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $8,835 | $— | $8,835
Foreign Currency Exchange Contracts | — | 1,761 | — | 1,761
Interest Rate Contracts | 910,661 | 250,379 | — | 1,161,040
Liabilities |  |  |  |
Credit Contracts | — | (270,237 ) | — | (270,237 )
Foreign Currency Exchange Contracts | — | (179,591 ) | — | (179,591 )
Interest Rate Contracts | (1,217,242 ) | — | — | (1,217,242 )
| $(306,581 ) | $(188,853 ) | $— | $(495,434 )

(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 $329,899,967 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 | Preferred Stocks
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $917,574 | $605,755 | $1,235,747 | $583,112 | $14,602,446 | $— (a) | $77,041
Transfers into Level 3 | — | — | — | 12,727 | 2,108,453 | — | —
Transfers out of Level 3(b) | — | — | (1,084,835 ) | (67,300 ) | (9,275,605 ) | — | —
Accrued discounts/premiums | (5,827 ) | — | 2,346 | 407 | 1,852 | — | —
Net realized gain (loss) | — | — | 75 | 3,679 | 3,188 | — | (120 )
Net change in unrealized appreciation (depreciation)(c)(d) | 33,397 | (374,935 ) | 100,919 | (8,980 ) | (488 ) | — | 9,907
Purchases | 809,622 | 1,139,300 | 96,199 | 1,355 | 4,341,885 | — | —
Sales | — | — | (167,379 ) | (525,000 ) | (4,262,099 ) | — | —
Closing balance, as of June 30, 2025 | $1,754,766 | $1,370,120 | $183,072 | $— | $7,519,632 | $— (a) | $86,828
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(d) | $33,397 | $(374,935 ) | $85,017 | $(14,081 ) | $31,640 | $— | $9,907

104
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Limited Duration Income Trust (BLW)

| Unfunded FloatingRate Loan Interests | Total
Assets |  |
Opening balance, as of December 31, 2024 | $— | $18,021,675
Transfers into Level 3 | 9 | 2,121,189
Transfers out of Level 3(b) | — | (10,427,740 )
Accrued discounts/premiums | — | (1,222 )
Net realized gain (loss) | — | 6,822
Net change in unrealized appreciation (depreciation)(c)(d) | 83 | (240,097 )
Purchases | — | 6,388,361
Sales | — | (4,954,478 )
Closing balance, as of June 30, 2025 | $92 | $10,914,510
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(d) | $83 | $(228,972 )

(a) | Rounds to less than $1.
(b) | As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
(c) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(d) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 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
105

Schedule of Investments (unaudited)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities
AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3- mo. CME Term SOFR + 1.46%), 5.73%, 07/20/37(a)(b) | USD | 1,626 | $1,631,964
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 6.66%, 04/16/37(a)(b) |  | 500 | 503,118
Anchorage Capital CLO Ltd.(a)(b) |  |  |
Series 2015-7A, Class AR3, (3-mo. CME Term SOFR + 1.56%), 5.84%, 04/28/37 |  | 919 | 922,536
Series 2015-7A, Class DR3, (3-mo. CME Term SOFR + 3.80%), 8.08%, 04/28/37 |  | 250 | 252,228
Apidos CLO XVIII-R(a)(b) |  |  |
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.60%, 01/22/38 |  | 1,450 | 1,453,635
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/22/38 |  | 870 | 871,838
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3- mo. CME Term SOFR + 8.55%), 12.83%, 04/25/35(a)(b) |  | 380 | 381,240
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 5.44%, 04/15/30(a)(b) |  | 12 | 12,215
Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 4.73%, 06/25/36(a) |  | 3,662 | 2,403,164
Atrium XV, Series 15A, Class D1R, (3-mo. CME Term SOFR + 3.30%), 7.56%, 07/16/37(a)(b) |  | 550 | 552,994
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 7.83%, 07/19/34(a)(b) |  | 250 | 248,328
Ballyrock CLO Ltd.(a)(b) |  |  |
Series 2020-14AR, Class DR, (3-mo. CME Term SOFR + 5.85%), 10.12%, 07/20/37 |  | 250 | 250,854
Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/20/38 |  | 250 | 250,361
Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 7.67%, 07/15/34(a)(b) |  | 250 | 251,087
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. Term SOFR + 0.39%), 4.71%, 11/25/36(a) |  | 629 | 623,336
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 5.98%, 01/20/31(a)(b) |  | 800 | 800,250
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 6.57%, 07/15/34(a)(b) |  | 250 | 250,617
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 5.53%, 10/20/30(a)(b) |  | 984 | 986,020
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.86%, 04/15/37(a)(b) |  | 1,000 | 1,006,546
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.34%, 07/18/34(a)(b) |  | 2,500 | 2,500,192
Carlyle Global Market Strategies CLO Ltd., Series 2015- 1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 5.51%, 07/20/31(a)(b) |  | 576 | 576,095
Carlyle U.S. CLO Ltd., Series 2020-2A, Class CR, (3- mo. CME Term SOFR + 3.46%), 7.74%, 01/25/35(a)(b) |  | 250 | 250,558
Carrington Mortgage Loan Trust(a) |  |  |
Series 2006-FRE2, Class A2, (1 mo. Term SOFR + 0.23%), 4.55%, 10/25/36 |  | 2,534 | 1,916,386

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Carrington Mortgage Loan Trust(a) (continued) |  |  |
Series 2006-FRE2, Class A5, (1 mo. Term SOFR + 0.19%), 4.51%, 03/25/35 | USD | 5,220 | $3,945,506
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 5.29%, 04/20/32(a)(b) |  | 976 | 975,642
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. Term SOFR + 0.43%), 4.75%, 10/25/36(a) |  | 3,653 | 2,498,616
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.07%, 04/20/35(a)(b) |  | 400 | 400,545
CIFC Funding Ltd.(a)(b) |  |  |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.72%, 04/21/37 |  | 700 | 704,379
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.59%, 01/18/38 |  | 1,160 | 1,162,900
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.97%, 01/18/38 |  | 1,450 | 1,452,107
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.62%, 07/15/36 |  | 500 | 502,357
Series 2022-7A, Class ER, (3-mo. CME Term SOFR + 5.35%), 9.62%, 01/22/38 |  | 500 | 504,961
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 |  | 299 | 172,103
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(b) |  | 171 | 171,450
CWABS Asset-Backed Certificates Trust, Series 2006- 26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.71%, 06/25/37(a) |  | 425 | 404,393
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 4.57%, 01/15/37(a) |  | 279 | 266,534
Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.62%, 01/15/31(a)(b) |  | 94 | 94,429
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39(b) |  | 3,800 | 3,771,646
Fremont Home Loan Trust(a) |  |  |
Series 2006-A, Class 2A3, (1 mo. Term SOFR + 0.43%), 4.75%, 05/25/36 |  | 3,792 | 2,412,270
Series 2006-D, Class 2A3, (1 mo. Term SOFR + 0.41%), 4.73%, 11/25/36 |  | 5,820 | 2,022,379
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3- mo. CME Term SOFR + 5.51%), 9.78%, 04/20/31(a)(b) |  | 500 | 499,963
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.35%, 10/20/34(a)(b) |  | 250 | 250,179
GoodLeap Home Improvement Solutions Trust, Series 2025-1A, Class B, 6.27%, 02/20/49(b) |  | 220 | 224,950
GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(b) |  | 100 | 100,889
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. Term SOFR + 0.28%), 4.60%, 04/25/37(a) |  | 2,970 | 2,093,484
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 5.51%, 03/20/30(a)(b) |  | 8 | 8,378
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1 mo. Term SOFR + 0.43%), 4.75%, 08/25/36(a) |  | 4,711 | 1,881,290
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.77%, 04/18/37(a)(b) |  | 1,450 | 1,455,832

106
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 10.78%, 04/19/33(a)(b) | USD | 500 | $500,370
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 7.48%, 10/21/30(a)(b) |  | 250 | 252,515
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.21%, 04/15/37(a)(b) |  | 875 | 878,126
Mariner Finance Issuance Trust, Series 2024-AA, Class E, 9.02%, 09/22/36(b) |  | 470 | 489,068
Mastr Asset Backed Securities Trust, Series 2006-HE2, Class A3, (1 mo. Term SOFR + 0.41%), 4.73%, 06/25/36(a) |  | 6,650 | 2,273,644
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 5.44%, 10/15/29(a)(b) |  | 244 | 244,086
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) |  |  |
Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.02%, 01/20/35 |  | 400 | 400,329
Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.77%, 01/20/37 |  | 250 | 249,736
OCP CLO Ltd.(a)(b) |  |  |
Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.61%, 11/26/37 |  | 590 | 592,220
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38 |  | 1,000 | 1,003,015
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 6.63%, 04/26/36 |  | 950 | 952,677
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 5.50%, 07/19/30(a)(b) |  | 349 | 349,752
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/25/31(a)(b) |  | 250 | 250,033
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 7.28%, 01/22/30(a)(b) |  | 500 | 500,812
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 10.07%, 01/20/31(a)(b) |  | 250 | 226,346
Palmer Square CLO Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38(a)(b) |  | 810 | 812,450
Palmer Square Loan Funding Ltd., Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 5.31%, 04/15/30(a)(b) |  | 41 | 41,136
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38(a)(b) |  | 1,700 | 1,703,727
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.81%, 04/15/38(a)(b) |  | 850 | 850,718
Regatta XXV Funding Ltd., Series 2025, Class E, (3- mo. CME Term SOFR + 8.41%), 12.67%, 07/15/36(a)(b) |  | 500 | 500,000
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(c) |  | 1,110 | 1,062,825
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 |  | 3,488 | 1,371,957

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd.(a)(b) |  |  |
Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.37%, 10/15/29 | USD | 500 | $500,982
Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.66%, 01/15/38 |  | 1,914 | 1,922,056
RR Ltd.(a)(b) |  |  |
Series 2021-16A, Class A1, (3-mo. CME Term SOFR + 1.37%), 5.63%, 07/15/36 |  | 1,000 | 1,001,414
Series 2022-24A, Class A2R2, (3-mo. CME Term SOFR + 1.70%), 5.96%, 01/15/37 |  | 1,000 | 1,001,624
Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35(b) |  | 180 | 183,191
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3- mo. CME Term SOFR + 1.21%), 5.49%, 10/26/34(a)(b) |  | 500 | 499,996
SMB Private Education Loan Trust, Series 2021-A, Class B, 2.31%, 01/15/53(b) |  | 157 | 152,120
SoFi Personal Loan Term |  |  |
Series 2023-1A, Class A, 6.00%, 11/12/30(b) |  | 100 | 100,680
Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | 281,388
Series 2024-1A, Class A, 6.06%, 02/12/31(b) |  | 313 | 314,692
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.59%, 07/20/32(a)(b) |  | 239 | 239,424
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(b) |  | 294 | 298,485
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 5.62%, 01/17/32(a)(b) |  | 335 | 335,508
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.13%, 04/23/35(a)(b) |  | 600 | 600,787
TCI-Flatiron CLO Ltd.(a)(b) |  |  |
Series 18-1A, Class BR, (3-mo. CME Term SOFR + 1.66%), 5.94%, 01/29/32 |  | 645 | 646,776
Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 5.38%, 01/17/32 |  | 138 | 138,200
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 5.45%, 07/15/30(a)(b) |  | 1,092 | 1,092,676
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 6.23%, 07/21/34(a)(b) |  | 1,000 | 1,004,398
Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3- mo. CME Term SOFR + 3.15%), 7.43%, 07/25/37(a)(b) |  | 250 | 249,868
Trimaran CAVU Ltd., Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 13.21%, 07/20/36(a)(b) |  | 500 | 501,153
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(d) | GBP | 35 | 49,980
Upgrade Master Pass-Thru Trust, Series 2025-ST4, Class A, 5.50%, 08/16/32(b) | USD | 202 | 202,000
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 5.52%, 10/15/30(a)(b) |  | 116 | 116,102
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE3, Class 2A3, (1 mo. Term SOFR + 0.35%), 4.67%, 05/25/37(a) |  | 4,961 | 4,395,943
Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/20/38(a)(b) |  | 250 | 250,729

Schedule of Investments
107

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Asset-Backed Securities (continued)
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.13%, 01/20/35(a)(b) | USD | 275 | $275,421
Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55(b)(c) |  | 725 | 680,347
Total Asset-Backed Securities — 13.1% (Cost: $85,671,183) | 79,414,226

|  | Shares |
Common Stocks
Capital Markets — 0.0% |
Wom New Holdco(c)(e) |  | 485 | 13,580
Health Care Providers & Services — 0.0% |
Quorum Restructuring Equity(e) |  | 3,969 | 3,473
Real Estate Management & Development — 0.0% |
ADLER Group SA(c)(e) |  | 33,367 | —
Total Common Stocks — 0.0% (Cost: $14,065) | 17,053

|  | Par (000) |
Corporate Bonds
Advertising Agencies — 1.1%
Clear Channel Outdoor Holdings, Inc.(b)(f) |  |  |
5.13%, 08/15/27 | USD | 777 | 768,161
7.75%, 04/15/28 |  | 319 | 301,455
9.00%, 09/15/28 |  | 1,186 | 1,242,718
7.50%, 06/01/29 |  | 1,287 | 1,190,343
7.88%, 04/01/30 |  | 1,116 | 1,151,984
CMG Media Corp., 8.88%, 06/18/29(b) |  | 245 | 230,952
Lamar Media Corp., 4.00%, 02/15/30 |  | 53 | 50,631
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) |  | 800 | 778,948
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |  |  |
5.00%, 08/15/27 |  | 120 | 119,400
4.25%, 01/15/29(f) |  | 326 | 311,876
4.63%, 03/15/30 |  | 122 | 116,524
7.38%, 02/15/31 |  | 332 | 351,493
Stagwell Global LLC, 5.63%, 08/15/29(b)(f) |  | 129 | 123,392
|  |  | 6,737,877
Aerospace & Defense — 3.3%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) |  | 404 | 418,673
Bombardier, Inc.(b) |  |  |
6.00%, 02/15/28(f) |  | 683 | 687,112
7.50%, 02/01/29 |  | 14 | 14,699
8.75%, 11/15/30 |  | 607 | 657,125
7.25%, 07/01/31 |  | 237 | 248,779
7.00%, 06/01/32(f) |  | 403 | 419,678
6.75%, 06/15/33 |  | 281 | 291,173
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(b) |  | 1,292 | 1,308,158
Goat Holdco LLC, 6.75%, 02/01/32(b) |  | 279 | 283,615
Lockheed Martin Corp., 5.70%, 11/15/54(f) |  | 451 | 454,943
Northrop Grumman Corp., 4.75%, 06/01/43(f) |  | 680 | 615,016

Security |  | Par (000) | Value
Aerospace & Defense (continued)
RTX Corp., 4.35%, 04/15/47(f) | USD | 700 | $581,554
Spirit AeroSystems, Inc.(b) |  |  |
9.38%, 11/30/29 |  | 621 | 658,888
9.75%, 11/15/30 |  | 531 | 585,614
TransDigm, Inc.(b) |  |  |
6.75%, 08/15/28(f) |  | 910 | 929,237
6.38%, 03/01/29 |  | 1,979 | 2,030,338
7.13%, 12/01/31(f) |  | 632 | 662,158
6.63%, 03/01/32(f) |  | 2,785 | 2,883,571
6.00%, 01/15/33(f) |  | 1,464 | 1,471,955
6.38%, 05/31/33(f) |  | 3,331 | 3,334,019
Triumph Group, Inc., 9.00%, 03/15/28(b) |  | 1,293 | 1,351,237
|  |  | 19,887,542
Air Freight & Logistics(b) — 0.1%
Rand Parent LLC, 8.50%, 02/15/30 |  | 312 | 313,298
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 155 | 164,309
|  |  | 477,607
Automobile Components — 1.3%
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49(f) |  | 280 | 239,667
Clarios Global LP/Clarios U.S. Finance Co.(b) |  |  |
8.50%, 05/15/27(f) |  | 3,360 | 3,374,717
6.75%, 05/15/28(f) |  | 1,058 | 1,085,987
6.75%, 02/15/30 |  | 488 | 507,416
4.75%, 06/15/31 | EUR | 265 | 313,356
Dana, Inc. |  |  |
4.25%, 09/01/30 | USD | 119 | 117,287
4.50%, 02/15/32 |  | 182 | 177,906
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b)(f) |  | 151 | 157,211
Goodyear Tire & Rubber Co. |  |  |
5.00%, 07/15/29 |  | 81 | 79,170
6.63%, 07/15/30 |  | 225 | 229,508
5.25%, 04/30/31 |  | 18 | 17,287
5.63%, 04/30/33 |  | 137 | 131,172
IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, 11/15/31(d)(g) | EUR | 100 | 124,298
Mahle GmbH, 6.50%, 05/02/31(d) |  | 100 | 119,568
Schaeffler AG(d) |  |  |
4.25%, 04/01/28 |  | 100 | 118,530
4.75%, 08/14/29 |  | 100 | 119,282
Tenneco, Inc., 8.00%, 11/17/28(b) | USD | 566 | 559,716
ZF Europe Finance BV, 7.00%, 06/12/30(d) | EUR | 100 | 118,049
ZF Finance GmbH, 2.00%, 05/06/27(d) |  | 100 | 111,463
|  |  | 7,701,590
Automobiles — 1.5%
Asbury Automotive Group, Inc. |  |  |
4.50%, 03/01/28 | USD | 22 | 21,699
5.00%, 02/15/32(b) |  | 40 | 38,059
Aston Martin Capital Holdings Ltd. |  |  |
10.00%, 03/31/29(b) |  | 200 | 189,378
10.38%, 03/31/29(d) | GBP | 100 | 127,889
Carvana Co.(b)(g) |  |  |
(9.00% PIK), 9.00%, 06/01/30 | USD | 978 | 1,028,503
(9.00% PIK), 9.00%, 06/01/31(f) |  | 1,715 | 1,940,854
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |  | 264 | 281,391
Ford Motor Credit Co. LLC, 6.95%, 06/10/26 |  | 1,250 | 1,267,086
General Motors Co., 6.25%, 10/02/43(f) |  | 2,194 | 2,152,042
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/29(b) |  | 200 | 195,691

108
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Automobiles (continued)
Group 1 Automotive, Inc., 6.38%, 01/15/30(b) | USD | 114 | $117,062
LCM Investments Holdings II LLC(b) |  |  |
4.88%, 05/01/29 |  | 310 | 301,460
8.25%, 08/01/31(f) |  | 332 | 352,977
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b) |  | 400 | 366,968
RCI Banque SA(a)(d) |  |  |
(5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37 | EUR | 100 | 118,841
(5-year EURIBOR ICE Swap + 2.75%), 5.50%, 10/09/34 |  | 100 | 123,892
TML Holdings Pte. Ltd., 4.35%, 06/09/26(d) | USD | 200 | 198,280
Wabash National Corp., 4.50%, 10/15/28(b)(f) |  | 251 | 227,065
|  |  | 9,049,137
Banks — 2.0%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(a)(d) | EUR | 100 | 120,138
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00%(a)(h) | USD | 505 | 503,384
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(f) |  | 815 | 856,135
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b) |  | 200 | 200,443
JPMorgan Chase & Co.(a)(f) |  |  |
(1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3,000 | 3,054,787
(3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 |  | 2,250 | 2,203,971
Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, 04/18/30(a)(f) |  | 3,000 | 3,116,132
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(a)(d) | EUR | 100 | 125,619
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b)(f) | USD | 500 | 497,500
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(h) |  | 160 | 167,087
UBS AG/Stamford CT, 5.00%, 07/09/27(f) |  | 900 | 913,901
Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |  | 195 | 200,115
|  |  | 11,959,212
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(f) |  | 2,000 | 1,833,281
Biotechnology(f) — 0.1%
Amgen, Inc., 4.95%, 10/01/41 |  | 250 | 229,588
Gilead Sciences, Inc., 4.15%, 03/01/47 |  | 700 | 571,751
|  |  | 801,339
Building Materials — 1.8%
Builders FirstSource, Inc.(b) |  |  |
6.38%, 03/01/34 |  | 77 | 78,469
6.75%, 05/15/35 |  | 234 | 240,930
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
6.38%, 12/15/30(b) | EUR | 205 | 253,647
6.38%, 12/15/30(d) |  | 100 | 123,730
6.63%, 12/15/30(b)(f) | USD | 3,248 | 3,320,015
6.75%, 07/15/31(b) |  | 299 | 309,463
Jeld-Wen, Inc.(b) |  |  |
4.88%, 12/15/27 |  | 100 | 92,708
7.00%, 09/01/32(f) |  | 503 | 393,824
JH North America Holdings, Inc.(b) |  |  |
5.88%, 01/31/31 |  | 325 | 327,838
6.13%, 07/31/32 |  | 429 | 436,123
New Enterprise Stone & Lime Co., Inc.(b) |  |  |
5.25%, 07/15/28(f) |  | 103 | 103,273

Security |  | Par (000) | Value
Building Materials (continued)
New Enterprise Stone & Lime Co., Inc.(b) (continued) |  |  |
9.75%, 07/15/28 | USD | 208 | $208,485
Quikrete Holdings, Inc.(b) |  |  |
6.38%, 03/01/32 |  | 1,754 | 1,803,673
6.75%, 03/01/33 |  | 432 | 445,749
Smyrna Ready Mix Concrete LLC(b) |  |  |
6.00%, 11/01/28 |  | 381 | 380,071
8.88%, 11/15/31 |  | 323 | 338,651
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) |  | 776 | 795,116
Standard Industries, Inc. |  |  |
2.25%, 11/21/26(d) | EUR | 131 | 152,415
4.75%, 01/15/28(b) | USD | 6 | 5,933
4.38%, 07/15/30(b)(f) |  | 297 | 281,212
3.38%, 01/15/31(b) |  | 125 | 112,099
Wilsonart LLC, 11.00%, 08/15/32(b) |  | 475 | 431,550
|  |  | 10,634,974
Building Products — 0.7%
Foundation Building Materials, Inc., 6.00%, 03/01/29(b) |  | 21 | 19,262
GYP Holdings III Corp., 4.63%, 05/01/29(b) |  | 472 | 473,098
Lowe’s Cos., Inc., 2.80%, 09/15/41(f) |  | 400 | 279,447
QXO Building Products, Inc., 6.75%, 04/30/32(b)(f) |  | 1,351 | 1,391,803
White Cap Buyer LLC, 6.88%, 10/15/28(b)(f) |  | 2,336 | 2,332,293
|  |  | 4,495,903
Capital Markets — 1.3%
Apollo Debt Solutions BDC |  |  |
6.70%, 07/29/31 |  | 250 | 259,784
6.55%, 03/15/32(b) |  | 60 | 61,284
Ares Capital Corp., 5.50%, 09/01/30(f) |  | 325 | 323,991
Ares Strategic Income Fund(f) |  |  |
5.60%, 02/15/30 |  | 420 | 418,730
5.80%, 09/09/30(b) |  | 300 | 301,048
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 95 | 93,910
Blackstone Private Credit Fund, 6.00%, 11/22/34(f) |  | 930 | 909,403
Blue Owl Capital Corp., 6.20%, 07/15/30(f) |  | 655 | 661,666
Blue Owl Capital Corp. II, 8.45%, 11/15/26(f) |  | 140 | 145,441
Blue Owl Credit Income Corp., 7.75%, 09/16/27(f) |  | 259 | 271,672
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(f) |  | 273 | 245,046
Focus Financial Partners LLC, 6.75%, 09/15/31(b) |  | 401 | 409,326
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34(f) |  | 257 | 257,016
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b)(f) |  | 72 | 73,905
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
5.25%, 05/15/27 |  | 1,051 | 1,018,347
9.75%, 01/15/29 |  | 219 | 212,744
4.38%, 02/01/29(f) |  | 158 | 132,811
10.00%, 11/15/29(b) |  | 418 | 413,830
Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33(b) |  | 286 | 294,067
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i) |  | 396 | 455,796
Raymond James Financial, Inc., 4.95%, 07/15/46(f) |  | 400 | 359,422
WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32(b)(g) |  | 255 | 250,387
|  |  | 7,569,626
Chemicals — 1.9%
Avient Corp., 6.25%, 11/01/31(b) |  | 227 | 229,122
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) |  | 358 | 377,435

Schedule of Investments
109

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Chemicals (continued)
Celanese U.S. Holdings LLC |  |  |
6.50%, 04/15/30 | USD | 74 | $75,748
6.75%, 04/15/33(f) |  | 245 | 247,545
Chemours Co. |  |  |
5.38%, 05/15/27 |  | 435 | 431,109
5.75%, 11/15/28(b) |  | 530 | 496,772
8.00%, 01/15/33(b) |  | 227 | 212,565
Element Solutions, Inc., 3.88%, 09/01/28(b)(f) |  | 2,068 | 2,005,536
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(d) | EUR | 100 | 118,800
HB Fuller Co., 4.25%, 10/15/28 | USD | 90 | 87,180
Herens Holdco SARL, 4.75%, 05/15/28(b) |  | 271 | 243,216
INEOS Finance PLC, 6.38%, 04/15/29(d) | EUR | 100 | 119,393
Itelyum Regeneration SpA, 5.75%, 04/15/30(d) |  | 100 | 118,803
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(g) | USD | 404 | 361,174
LYB International Finance III LLC, 6.15%, 05/15/35(f) |  | 105 | 108,981
Mativ Holdings, Inc., 8.00%, 10/01/29(b) |  | 195 | 176,685
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |  | 209 | 208,392
Minerals Technologies, Inc., 5.00%, 07/01/28(b) |  | 218 | 214,427
Olympus Water U.S. Holding Corp. |  |  |
9.63%, 11/15/28(d) | EUR | 100 | 123,685
9.75%, 11/15/28(b)(f) | USD | 1,086 | 1,143,591
6.25%, 10/01/29(b) |  | 200 | 190,834
7.25%, 06/15/31(b) |  | 1,105 | 1,127,100
Sherwin-Williams Co., 3.80%, 08/15/49(f) |  | 310 | 227,914
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |  | 586 | 567,473
WR Grace Holdings LLC(b) |  |  |
4.88%, 06/15/27 |  | 257 | 255,515
5.63%, 08/15/29(f) |  | 1,797 | 1,626,619
7.38%, 03/01/31 |  | 445 | 455,688
|  |  | 11,551,302
Commercial Services & Supplies — 6.2%
ADT Security Corp., 4.88%, 07/15/32(b) |  | 173 | 165,956
Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |
5.38%, 05/21/30(d) | EUR | 100 | 120,493
7.00%, 05/21/30(b) | USD | 648 | 661,302
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)(f) |  | 2,629 | 2,746,495
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |  |  |
6.00%, 06/01/29(f) |  | 1,649 | 1,603,769
6.88%, 06/15/30 |  | 1,100 | 1,114,920
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |
4.63%, 06/01/28(b) |  | 1,347 | 1,306,238
4.63%, 06/01/28(b)(f) |  | 900 | 873,605
4.88%, 06/01/28(d) | GBP | 100 | 131,587
Amber Finco PLC, 6.63%, 07/15/29(d) | EUR | 100 | 123,249
APi Group DE, Inc.(b) |  |  |
4.13%, 07/15/29 | USD | 168 | 160,173
4.75%, 10/15/29 |  | 128 | 125,615
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.82%, 05/01/30(a)(d) | EUR | 100 | 118,726
Belron U.K. Finance PLC, 5.75%, 10/15/29(b) | USD | 799 | 805,666
Block, Inc. |  |  |
2.75%, 06/01/26 |  | 534 | 522,804
3.50%, 06/01/31(f) |  | 110 | 100,899
6.50%, 05/15/32(f) |  | 2,802 | 2,890,888
Boels Topholding BV, 5.75%, 05/15/30(d) | EUR | 100 | 122,194
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)(f) | USD | 1,606 | 1,704,793
Brink’s Co.(b) |  |  |
6.50%, 06/15/29 |  | 208 | 214,405

Security |  | Par (000) | Value
Commercial Services & Supplies (continued)
Brink’s Co.(b) (continued) |  |  |
6.75%, 06/15/32 | USD | 313 | $325,957
Clarivate Science Holdings Corp.(b)(f) |  |  |
3.88%, 07/01/28 |  | 1,412 | 1,353,437
4.88%, 07/01/29 |  | 1,093 | 1,029,171
Deluxe Corp., 8.13%, 09/15/29(b) |  | 170 | 175,452
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(d)(h) |  | 200 | 199,812
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) |  | 177 | 185,424
Fortress Transportation and Infrastructure Investors LLC(b) |  |  |
5.50%, 05/01/28(f) |  | 652 | 648,491
7.88%, 12/01/30 |  | 937 | 994,169
7.00%, 05/01/31(f) |  | 1,682 | 1,741,602
7.00%, 06/15/32(f) |  | 754 | 778,526
5.88%, 04/15/33 |  | 582 | 574,672
Garda World Security Corp.(b) |  |  |
4.63%, 02/15/27 |  | 484 | 481,000
7.75%, 02/15/28(f) |  | 474 | 490,383
6.00%, 06/01/29 |  | 86 | 83,941
8.25%, 08/01/32 |  | 704 | 722,447
8.38%, 11/15/32 |  | 1,215 | 1,248,059
Herc Holdings, Inc.(b) |  |  |
6.63%, 06/15/29(f) |  | 170 | 174,420
7.00%, 06/15/30 |  | 529 | 552,465
7.25%, 06/15/33 |  | 268 | 280,811
Hertz Corp., 12.63%, 07/15/29(b) |  | 195 | 203,923
Loxam SAS, 6.38%, 05/31/29(d) | EUR | 100 | 122,711
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(b)(f) | USD | 217 | 217,340
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) |  | 436 | 436,018
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) |  | 777 | 777,000
Service Corp. International |  |  |
3.38%, 08/15/30 |  | 13 | 11,949
4.00%, 05/15/31(f) |  | 503 | 470,647
5.75%, 10/15/32(f) |  | 1,065 | 1,075,861
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |  |  |
6.75%, 08/15/32(f) |  | 1,062 | 1,102,960
5.50%, 05/15/33 | EUR | 365 | 444,747
Shift4 Payments, Inc., 0.00%, 12/15/25(i)(j) | USD | 219 | 276,487
Sotheby’s, 7.38%, 10/15/27(b)(f) |  | 1,016 | 1,004,304
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)(f) |  | 490 | 441,256
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)(f) |  | 520 | 518,625
United Rentals North America, Inc., 6.13%, 03/15/34(b) |  | 88 | 90,642
Verisure Holding AB, 9.25%, 10/15/27(d) | EUR | 80 | 98,201
Veritiv Operating Co., 10.50%, 11/30/30(b) | USD | 221 | 239,231
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) |  | 673 | 707,275
WEX, Inc., 6.50%, 03/15/33(b) |  | 518 | 522,611
Williams Scotsman, Inc.(b) |  |  |
6.63%, 06/15/29 |  | 49 | 50,300
6.63%, 04/15/30 |  | 417 | 433,159
7.38%, 10/01/31 |  | 335 | 352,621
|  |  | 37,251,884
Communications Equipment(b) — 0.2%
CommScope LLC |  |  |
4.75%, 09/01/29(f) |  | 1,114 | 1,087,579
9.50%, 12/15/31 |  | 116 | 121,477
Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 67 | 62,606
|  |  | 1,271,662

110
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Construction & Engineering — 0.4%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)(f) | USD | 320 | $225,760
Arcosa, Inc.(b) |  |  |
4.38%, 04/15/29 |  | 477 | 461,423
6.88%, 08/15/32 |  | 40 | 41,513
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) |  | 1,501 | 1,384,877
Heathrow Finance PLC, 4.13%, 09/01/29(d)(k) | GBP | 100 | 126,275
|  |  | 2,239,848
Consumer Finance — 0.5%
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35(a)(b) | USD | 55 | 55,378
Navient Corp. |  |  |
9.38%, 07/25/30 |  | 148 | 163,246
7.88%, 06/15/32 |  | 315 | 327,600
OneMain Finance Corp. |  |  |
6.63%, 01/15/28 |  | 157 | 162,131
6.63%, 05/15/29 |  | 438 | 449,848
5.38%, 11/15/29 |  | 61 | 60,002
7.88%, 03/15/30 |  | 362 | 384,650
4.00%, 09/15/30 |  | 231 | 213,151
7.50%, 05/15/31 |  | 162 | 169,266
7.13%, 11/15/31 |  | 141 | 146,707
6.75%, 03/15/32 |  | 397 | 404,467
7.13%, 09/15/32 |  | 486 | 503,141
SLM Corp., 6.50%, 01/31/30 |  | 82 | 86,070
|  |  | 3,125,657
Consumer Staples Distribution & Retail — 0.1%
B&M European Value Retail SA, 6.50%, 11/27/31(d) | GBP | 100 | 138,160
Walgreens Boots Alliance, Inc. |  |  |
8.13%, 08/15/29 | USD | 204 | 216,358
4.80%, 11/18/44 |  | 365 | 348,575
|  |  | 703,093
Containers & Packaging — 2.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |  |  |
6.00%, 06/15/27 |  | 400 | 401,229
3.25%, 09/01/28 |  | 200 | 189,007
4.00%, 09/01/29(f) |  | 2,000 | 1,825,754
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |
2.13%, 08/15/26(d) | EUR | 243 | 273,999
4.13%, 08/15/26(b) | USD | 1,324 | 1,243,064
Ball Corp., 4.25%, 07/01/32 | EUR | 295 | 352,069
Clydesdale Acquisition Holdings, Inc.(b) |  |  |
6.63%, 04/15/29(f) | USD | 558 | 566,083
6.88%, 01/15/30 |  | 627 | 640,968
8.75%, 04/15/30(f) |  | 495 | 506,298
6.75%, 04/15/32 |  | 1,245 | 1,277,705
Crown Americas LLC, 5.88%, 06/01/33(b) |  | 743 | 748,078
Graphic Packaging International LLC, 2.63%, 02/01/29(d) | EUR | 195 | 219,622
LABL, Inc.(b) |  |  |
5.88%, 11/01/28 | USD | 91 | 79,576
9.50%, 11/01/28 |  | 632 | 584,207
8.63%, 10/01/31 |  | 310 | 265,164
Mauser Packaging Solutions Holding Co.(b) |  |  |
7.88%, 04/15/27 |  | 4,853 | 4,932,550
9.25%, 04/15/27 |  | 218 | 216,472
OI European Group BV |  |  |
6.25%, 05/15/28(b) | EUR | 150 | 182,435

Security |  | Par (000) | Value
Containers & Packaging (continued)
OI European Group BV (continued) |  |  |
5.25%, 06/01/29(d) | EUR | 100 | $121,270
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27(b) | USD | 51 | 51,023
Sealed Air Corp.(b) |  |  |
4.00%, 12/01/27 |  | 98 | 95,645
5.00%, 04/15/29 |  | 77 | 76,161
6.50%, 07/15/32 |  | 146 | 151,294
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31(b) |  | 28 | 29,469
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b) |  | 16 | 16,973
Trivium Packaging Finance BV(b) |  |  |
6.63%, 07/15/30 | EUR | 115 | 140,006
8.25%, 07/15/30 | USD | 200 | 211,497
12.25%, 01/15/31 |  | 200 | 214,387
|  |  | 15,612,005
Diversified REITs — 0.9%
American Tower Corp., 2.30%, 09/15/31(f) |  | 1,000 | 867,553
Digital Realty Trust LP, 1.88%, 11/15/29(b)(f)(i) |  | 109 | 114,602
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) |  | 353 | 338,481
Iron Mountain, Inc.(b) |  |  |
5.25%, 07/15/30 |  | 31 | 30,576
5.63%, 07/15/32 |  | 89 | 88,293
6.25%, 01/15/33 |  | 647 | 665,249
Rithm Capital Corp., 8.00%, 07/15/30(b) |  | 181 | 181,905
SBA Communications Corp., 3.13%, 02/01/29(f) |  | 651 | 614,855
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b)(f) |  | 2,320 | 2,453,512
|  |  | 5,355,026
Diversified Telecommunication Services — 5.1%
Altice Financing SA(b) |  |  |
5.00%, 01/15/28 |  | 200 | 150,459
5.75%, 08/15/29 |  | 800 | 584,144
AT&T, Inc., 4.35%, 06/15/45(f) |  | 2,656 | 2,201,899
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) |  | 400 | 402,051
Corning, Inc., 4.38%, 11/15/57(f) |  | 1,915 | 1,536,600
EchoStar Corp. |  |  |
(6.75% PIK), 6.75%, 11/30/30(g) |  | 2,625 | 2,395,568
10.75%, 11/30/29(f) |  | 1,780 | 1,833,621
eircom Finance DAC, Series JUL, 04/30/31(d)(l) | EUR | 100 | 118,090
Eutelsat SA, 1.50%, 10/13/28(d) |  | 100 | 107,110
Fibercop SpA |  |  |
4.75%, 06/30/30(d) |  | 100 | 118,549
5.13%, 06/30/32(d) |  | 100 | 117,960
6.00%, 09/30/34(b) | USD | 897 | 839,449
7.20%, 07/18/36(b) |  | 358 | 348,901
Frontier Communications Holdings LLC |  |  |
5.88%, 10/15/27(b) |  | 405 | 405,154
5.00%, 05/01/28(b) |  | 1,139 | 1,138,520
6.75%, 05/01/29(b) |  | 151 | 152,974
5.88%, 11/01/29 |  | 241 | 243,462
6.00%, 01/15/30(b) |  | 319 | 323,114
8.75%, 05/15/30(b)(f) |  | 2,085 | 2,180,642
8.63%, 03/15/31(b) |  | 331 | 351,690
Iliad Holding SASU |  |  |
5.38%, 04/15/30(d) | EUR | 100 | 120,976
8.50%, 04/15/31(b) | USD | 1,050 | 1,123,106
7.00%, 04/15/32(b) |  | 385 | 394,464

Schedule of Investments
111

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Diversified Telecommunication Services (continued)
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b) | USD | 80 | $81,576
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(d) | EUR | 117 | 139,718
Level 3 Financing, Inc.(b) |  |  |
3.63%, 01/15/29 | USD | 83 | 70,965
4.88%, 06/15/29(f) |  | 1,103 | 1,030,393
11.00%, 11/15/29(f) |  | 1,838 | 2,107,799
4.50%, 04/01/30 |  | 465 | 420,524
3.88%, 10/15/30 |  | 155 | 134,463
10.75%, 12/15/30 |  | 658 | 746,185
4.00%, 04/15/31 |  | 20 | 17,504
6.88%, 06/30/33 |  | 2,926 | 2,977,272
Lorca Telecom Bondco SA, 5.75%, 04/30/29(d) | EUR | 100 | 122,989
Lumen Technologies, Inc.(b) |  |  |
4.13%, 04/15/30 | USD | 259 | 252,127
10.00%, 10/15/32 |  | 283 | 288,645
Sable International Finance Ltd., 7.13%, 10/15/32(b) |  | 632 | 633,777
SoftBank Group Corp., 3.88%, 07/06/32(d) | EUR | 100 | 106,899
Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 507 | 546,313
Verizon Communications, Inc.(f) |  |  |
4.50%, 08/10/33 |  | 500 | 486,021
3.00%, 11/20/60 |  | 1,250 | 736,782
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b)(f) |  | 1,775 | 1,858,933
Zayo Group Holdings, Inc.(b) |  |  |
4.00%, 03/01/27 |  | 812 | 761,475
6.13%, 03/01/28 |  | 414 | 357,271
|  |  | 31,066,134
Electric Utilities — 1.8%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(d) |  | 210 | 190,924
Alpha Generation LLC, 6.75%, 10/15/32(b) |  | 440 | 453,572
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |
5.63%, 02/15/32(d) | EUR | 100 | 121,158
6.38%, 02/15/32(b) | USD | 290 | 290,473
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |  | 600 | 618,216
Duke Energy Corp., 4.80%, 12/15/45(f) |  | 1,500 | 1,298,965
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(h) |  | 3,039 | 2,861,284
Enel Finance International NV, 3.63%, 05/25/27(b)(f) |  | 1,250 | 1,234,120
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 169 | 165,228
Pampa Energia SA, 7.88%, 12/16/34(b) |  | 39 | 38,907
Pike Corp., 8.63%, 01/31/31(b) |  | 117 | 127,247
Public Power Corp. SA, 4.63%, 10/31/31(d) | EUR | 100 | 120,145
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d) | USD | 137 | 139,467
Virginia Electric and Power Co., 6.35%, 11/30/37(f) |  | 750 | 806,839
Vistra Operations Co. LLC(b) |  |  |
7.75%, 10/15/31 |  | 480 | 510,165
6.88%, 04/15/32 |  | 438 | 457,921
XPLR Infrastructure Operating Partners LP(b) |  |  |
3.88%, 10/15/26 |  | 86 | 84,021
8.38%, 01/15/31 |  | 1,085 | 1,158,893
|  |  | 10,677,545
Electronic Equipment, Instruments & Components(b) — 0.5%
Coherent Corp., 5.00%, 12/15/29(f) |  | 547 | 537,226
Imola Merger Corp., 4.75%, 05/15/29 |  | 353 | 340,819
Sensata Technologies, Inc. |  |  |
4.38%, 02/15/30 |  | 810 | 773,310
3.75%, 02/15/31 |  | 26 | 23,700

Security |  | Par (000) | Value
Electronic Equipment, Instruments & Components (continued)
Sensata Technologies, Inc. (continued) |  |  |
6.63%, 07/15/32 | USD | 500 | $514,575
WESCO Distribution, Inc. |  |  |
6.63%, 03/15/32 |  | 245 | 254,597
6.38%, 03/15/33 |  | 353 | 364,854
Xerox Corp., 10.25%, 10/15/30 |  | 160 | 167,511
Zebra Technologies Corp., 6.50%, 06/01/32 |  | 184 | 189,203
|  |  | 3,165,795
Energy Equipment & Services — 0.7%
Archrock Partners LP/Archrock Partners Finance Corp.(b) |  |  |
6.88%, 04/01/27 |  | 113 | 113,115
6.25%, 04/01/28 |  | 770 | 772,549
6.63%, 09/01/32 |  | 639 | 651,037
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) |  | 685 | 708,572
Oceaneering International, Inc., 6.00%, 02/01/28 |  | 92 | 92,758
Star Holding LLC, 8.75%, 08/01/31(b) |  | 340 | 320,405
Tidewater, Inc., 07/15/30(b)(l) |  | 280 | 288,081
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29(b)(f) |  | 509 | 521,690
Weatherford International Ltd., 8.63%, 04/30/30(b)(f) |  | 632 | 651,420
|  |  | 4,119,627
Entertainment — 2.2%
Banijay Entertainment SAS, 8.13%, 05/01/29(b) |  | 200 | 207,492
Boyne USA, Inc., 4.75%, 05/15/29(b) |  | 397 | 385,226
Caesars Entertainment, Inc.(b)(f) |  |  |
7.00%, 02/15/30 |  | 1,631 | 1,689,034
6.50%, 02/15/32 |  | 882 | 905,034
Churchill Downs, Inc.(b) |  |  |
4.75%, 01/15/28 |  | 374 | 369,179
5.75%, 04/01/30 |  | 1,073 | 1,076,497
6.75%, 05/01/31 |  | 508 | 522,134
Cinemark USA, Inc., 7.00%, 08/01/32(b) |  | 101 | 104,855
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 6.69%, 07/31/28(a)(d) | EUR | 54 | 64,266
Flutter Treasury DAC, 5.88%, 06/04/31(b) | USD | 680 | 685,100
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) |  | 524 | 512,901
Light & Wonder International, Inc.(b) |  |  |
7.25%, 11/15/29 |  | 213 | 219,444
7.50%, 09/01/31 |  | 110 | 115,105
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b) |  | 303 | 263,328
Live Nation Entertainment, Inc., 4.75%, 10/15/27(b)(f) |  | 412 | 407,521
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(b) |  | 392 | 350,297
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(b) |  | 342 | 353,015
Odeon Finco PLC, 12.75%, 11/01/27(b) |  | 400 | 417,954
Pinewood Finco PLC, 6.00%, 03/27/30(d) | GBP | 100 | 135,550
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |  |  |
5.63%, 09/01/29 | USD | 148 | 84,730
5.88%, 09/01/31 |  | 214 | 117,165
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(b) |  | 225 | 225,291
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b) |  | 274 | 264,042
Six Flags Entertainment Corp., 7.25%, 05/15/31(b) |  | 95 | 97,630
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada’s Wonderland Co., 6.63%, 05/01/32(b) |  | 883 | 910,757

112
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Entertainment (continued)
Vail Resorts, Inc., 6.50%, 05/15/32(b)(f) | USD | 479 | $494,926
Voyager Parent LLC, 9.25%, 07/01/32(b) |  | 414 | 430,737
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |  |  |
5.13%, 10/01/29(f) |  | 1,011 | 1,003,703
7.13%, 02/15/31(f) |  | 314 | 334,869
6.25%, 03/15/33 |  | 283 | 284,815
|  |  | 13,032,597
Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc., 6.38%, 02/01/31(b) |  | 53 | 54,300
GFL Environmental, Inc.(b) |  |  |
4.00%, 08/01/28 |  | 567 | 549,948
4.38%, 08/15/29(f) |  | 519 | 503,968
6.75%, 01/15/31 |  | 444 | 464,612
Madison IAQ LLC(b) |  |  |
4.13%, 06/30/28 |  | 320 | 310,871
5.88%, 06/30/29(f) |  | 726 | 714,220
Reworld Holding Corp. |  |  |
4.88%, 12/01/29(b) |  | 181 | 172,193
5.00%, 09/01/30 |  | 91 | 86,008
Waste Pro USA, Inc., 7.00%, 02/01/33(b) |  | 1,393 | 1,446,098
Wrangler Holdco Corp., 6.63%, 04/01/32(b) |  | 174 | 181,145
|  |  | 4,483,363
Financial Services — 2.1%
Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, 05/15/29(a) |  | 90 | 91,602
Azorra Finance Ltd.(b) |  |  |
7.75%, 04/15/30 |  | 223 | 231,502
01/15/31(l) |  | 155 | 158,243
Freedom Mortgage Holdings LLC(b) |  |  |
9.25%, 02/01/29 |  | 220 | 228,510
9.13%, 05/15/31 |  | 387 | 398,913
8.38%, 04/01/32 |  | 264 | 266,845
GGAM Finance Ltd.(b) |  |  |
7.75%, 05/15/26 |  | 58 | 58,594
8.00%, 02/15/27 |  | 283 | 291,785
8.00%, 06/15/28 |  | 177 | 187,216
6.88%, 04/15/29 |  | 341 | 352,535
5.88%, 03/15/30 |  | 281 | 282,995
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) |  | 469 | 481,311
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b)(f) |  | 415 | 401,170
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31(b)(f) |  | 220 | 232,829
Midcap Financial Issuer Trust(b) |  |  |
6.50%, 05/01/28 |  | 200 | 198,110
5.63%, 01/15/30 |  | 400 | 369,500
Nationstar Mortgage Holdings, Inc.(b) |  |  |
6.00%, 01/15/27(f) |  | 101 | 101,109
6.50%, 08/01/29 |  | 456 | 465,783
5.13%, 12/15/30(f) |  | 269 | 272,249
5.75%, 11/15/31(f) |  | 170 | 172,651
7.13%, 02/01/32 |  | 916 | 951,445
PennyMac Financial Services, Inc.(b) |  |  |
7.88%, 12/15/29 |  | 266 | 282,461
7.13%, 11/15/30 |  | 366 | 379,317
6.88%, 05/15/32 |  | 481 | 491,808
6.88%, 02/15/33 |  | 268 | 274,700
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) |  | 590 | 611,085
Rocket Cos., Inc.(b) |  |  |
6.13%, 08/01/30 |  | 1,648 | 1,679,361

Security |  | Par (000) | Value
Financial Services (continued)
Rocket Cos., Inc.(b) (continued) |  |  |
6.38%, 08/01/33 | USD | 1,351 | $1,382,344
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) |  |  |
2.88%, 10/15/26(f) |  | 333 | 324,765
3.88%, 03/01/31(f) |  | 130 | 120,512
4.00%, 10/15/33 |  | 125 | 111,834
Stena International SA, 7.25%, 01/15/31(d) |  | 200 | 200,620
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(g) | EUR | 100 | 34,408
UWM Holdings LLC, 6.63%, 02/01/30(b) | USD | 626 | 626,647
|  |  | 12,714,759
Food Products — 2.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) |  |  |
3.25%, 03/15/26 |  | 65 | 64,105
4.63%, 01/15/27 |  | 380 | 377,611
5.88%, 02/15/28 |  | 348 | 347,651
3.50%, 03/15/29 |  | 105 | 99,475
4.88%, 02/15/30(f) |  | 212 | 208,399
6.25%, 03/15/33 |  | 258 | 265,953
Aramark Services, Inc., 5.00%, 02/01/28(b)(f) |  | 492 | 490,020
B&G Foods, Inc., 8.00%, 09/15/28(b) |  | 118 | 113,609
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(d) | GBP | 104 | 134,369
BRF GmbH, 4.35%, 09/29/26(d) | USD | 200 | 197,430
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(g) |  | 1,692 | 1,812,064
Chobani LLC/Chobani Finance Corp., Inc.(b) |  |  |
4.63%, 11/15/28 |  | 1,198 | 1,175,825
7.63%, 07/01/29(f) |  | 1,528 | 1,592,271
Darling Global Finance BV |  |  |
4.50%, 07/15/32(b) | EUR | 250 | 298,047
4.50%, 07/15/32(d) |  | 100 | 119,219
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(f) | USD | 185 | 187,443
ELO SACA, 3.25%, 07/23/27(d) | EUR | 100 | 113,431
Fiesta Purchaser, Inc.(b) |  |  |
7.88%, 03/01/31 | USD | 25 | 26,530
9.63%, 09/15/32 |  | 117 | 123,455
Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, 12/15/29(a)(d) | EUR | 100 | 117,954
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) | USD | 214 | 221,630
Lamb Weston Holdings, Inc.(b)(f) |  |  |
4.13%, 01/31/30 |  | 368 | 350,923
4.38%, 01/31/32 |  | 516 | 483,234
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.56%, 07/01/29(a)(d) | EUR | 100 | 118,330
Market Bidco Finco PLC, 4.75%, 11/04/27(d) |  | 100 | 117,188
Ocado Group PLC, Series ., 11.00%, 06/15/30(d) | GBP | 100 | 133,509
Performance Food Group, Inc.(b) |  |  |
4.25%, 08/01/29 | USD | 383 | 369,307
6.13%, 09/15/32 |  | 428 | 437,816
Post Holdings, Inc.(b) |  |  |
4.63%, 04/15/30(f) |  | 397 | 381,610
4.50%, 09/15/31 |  | 42 | 38,985
6.25%, 02/15/32 |  | 251 | 257,949
6.38%, 03/01/33 |  | 427 | 430,893
6.25%, 10/15/34 |  | 326 | 327,851
Premier Foods Finance PLC, 3.50%, 10/15/26(d) | GBP | 100 | 135,957
U.S. Foods, Inc.(b) |  |  |
4.75%, 02/15/29 | USD | 191 | 187,649

Schedule of Investments
113

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Food Products (continued)
U.S. Foods, Inc.(b) (continued) |  |  |
7.25%, 01/15/32 | USD | 346 | $364,353
United Natural Foods, Inc., 6.75%, 10/15/28(b) |  | 334 | 329,645
|  |  | 12,551,690
Gas Utilities — 0.6%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30(b) |  | 169 | 175,334
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) |  | 117 | 110,693
Venture Global Plaque |  |  |
6.50%, 01/15/34 |  | 1,213 | 1,213,000
6.75%, 01/15/36 |  | 1,266 | 1,266,000
Venture Global Plaquemines LNG LLC(b) |  |  |
7.50%, 05/01/33(f) |  | 505 | 540,765
7.75%, 05/01/35 |  | 459 | 496,832
|  |  | 3,802,624
Ground Transportation — 0.5%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(f) |  | 500 | 437,813
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) |  | 568 | 579,572
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(f) |  | 1,591 | 1,612,907
Union Pacific Corp., 3.20%, 05/20/41(f) |  | 275 | 210,111
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) |  | 180 | 188,157
|  |  | 3,028,560
Health Care Equipment & Supplies — 1.1%
Avantor Funding, Inc. |  |  |
2.63%, 11/01/25(d) | EUR | 300 | 352,678
4.63%, 07/15/28(b)(f) | USD | 624 | 612,742
3.88%, 11/01/29(b) |  | 31 | 29,351
Bausch & Lomb Corp., 8.38%, 10/01/28(b)(f) |  | 1,440 | 1,503,000
Insulet Corp., 6.50%, 04/01/33(b) |  | 187 | 194,964
Medline Borrower LP(b) |  |  |
3.88%, 04/01/29 |  | 888 | 851,806
5.25%, 10/01/29(f) |  | 2,001 | 1,985,402
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b) |  | 557 | 572,197
Neogen Food Safety Corp., 8.63%, 07/20/30(b) |  | 233 | 241,001
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) |  | 259 | 269,475
|  |  | 6,612,616
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |  | 168 | 173,079
AHP Health Partners, Inc., 5.75%, 07/15/29(b) |  | 469 | 457,353
Charles River Laboratories International, Inc., 4.00%, 03/15/31(b) |  | 55 | 50,396
CHS/Community Health Systems, Inc.(b) |  |  |
5.63%, 03/15/27(f) |  | 961 | 946,566
6.00%, 01/15/29 |  | 769 | 739,677
5.25%, 05/15/30(f) |  | 1,197 | 1,061,437
4.75%, 02/15/31(f) |  | 506 | 432,570
10.88%, 01/15/32(f) |  | 999 | 1,058,807
Concentra Health Services, Inc., 6.88%, 07/15/32(b) |  | 522 | 540,460
DaVita, Inc.(b) |  |  |
6.88%, 09/01/32 |  | 237 | 245,575
6.75%, 07/15/33 |  | 231 | 238,530
Encompass Health Corp., 4.63%, 04/01/31 |  | 303 | 293,222
Ephios Subco 3 SARL, 7.88%, 01/31/31(d) | EUR | 100 | 126,689
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)(f) | USD | 115 | 104,095
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |  | 280 | 277,596
HealthEquity, Inc., 4.50%, 10/01/29(b) |  | 559 | 543,506

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
IQVIA, Inc.(b) |  |  |
6.50%, 05/15/30 | USD | 274 | $282,489
6.25%, 06/01/32 |  | 1,220 | 1,251,986
LifePoint Health, Inc.(b) |  |  |
9.88%, 08/15/30(f) |  | 216 | 233,649
11.00%, 10/15/30(f) |  | 949 | 1,046,933
8.38%, 02/15/32 |  | 334 | 355,892
10.00%, 06/01/32(f) |  | 418 | 431,236
Molina Healthcare, Inc.(b) |  |  |
4.38%, 06/15/28 |  | 16 | 15,639
3.88%, 11/15/30 |  | 166 | 154,230
3.88%, 05/15/32(f) |  | 213 | 193,874
6.25%, 01/15/33 |  | 328 | 333,871
Northwell Healthcare, Inc., 4.26%, 11/01/47(f) |  | 686 | 545,322
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |  | 152 | 150,860
Star Parent, Inc., 9.00%, 10/01/30(b)(f) |  | 590 | 620,573
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(f) |  | 884 | 900,807
Tenet Healthcare Corp., 6.75%, 05/15/31(f) |  | 1,097 | 1,134,944
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)(f) |  | 360 | 371,318
UnitedHealth Group, Inc., 3.95%, 10/15/42(f) |  | 750 | 607,304
|  |  | 15,920,485
Health Care REITs — 0.3%
MPT Operating Partnership LP/MPT Finance Corp. |  |  |
7.00%, 02/15/32(b) | EUR | 355 | 428,418
7.00%, 02/15/32(d) |  | 100 | 120,681
8.50%, 02/15/32(b) | USD | 1,112 | 1,163,770
|  |  | 1,712,869
Hotel & Resort REITs — 0.8%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |  | 295 | 303,389
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) |  | 158 | 158,849
RHP Hotel Properties LP/RHP Finance Corp.(b) |  |  |
4.50%, 02/15/29 |  | 142 | 138,789
6.50%, 04/01/32(f) |  | 1,028 | 1,057,244
6.50%, 06/15/33 |  | 371 | 381,665
Service Properties Trust(f) |  |  |
8.63%, 11/15/31(b) |  | 1,753 | 1,881,972
8.88%, 06/15/32 |  | 604 | 621,068
XHR LP, 6.63%, 05/15/30(b) |  | 156 | 158,943
|  |  | 4,701,919
Hotels, Restaurants & Leisure — 2.5%
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 5.99%, 07/18/30(a)(d) | EUR | 100 | 115,439
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |  |  |
3.88%, 01/15/28 | USD | 69 | 67,210
4.38%, 01/15/28 |  | 58 | 56,878
4.00%, 10/15/30 |  | 771 | 718,471
Carnival Corp.(b) |  |  |
6.00%, 05/01/29(f) |  | 708 | 715,393
5.88%, 06/15/31 |  | 591 | 602,081
6.13%, 02/15/33(f) |  | 1,227 | 1,255,408
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |  |  |
4.63%, 01/15/29 |  | 412 | 394,620
6.75%, 01/15/30(f) |  | 172 | 158,722
Hilton Domestic Operating Co., Inc.(b) |  |  |
4.00%, 05/01/31 |  | 198 | 186,164
6.13%, 04/01/32 |  | 195 | 199,706
5.88%, 03/15/33 |  | 571 | 581,779

114
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hotels, Restaurants & Leisure (continued)
Las Vegas Sands Corp., 6.00%, 06/14/30 | USD | 240 | $247,602
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) |  | 70 | 73,074
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) |  | 304 | 305,792
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |  | 353 | 277,295
Melco Resorts Finance Ltd.(b) |  |  |
5.75%, 07/21/28 |  | 200 | 195,676
7.63%, 04/17/32 |  | 544 | 550,528
MGM China Holdings Ltd. |  |  |
5.88%, 05/15/26(d) |  | 250 | 250,025
4.75%, 02/01/27(b) |  | 200 | 198,250
7.13%, 06/26/31(b) |  | 200 | 207,000
MGM Resorts International, 6.13%, 09/15/29 |  | 428 | 435,338
NCL Corp. Ltd.(b) |  |  |
8.13%, 01/15/29 |  | 159 | 167,615
7.75%, 02/15/29 |  | 80 | 85,063
6.25%, 03/01/30 |  | 198 | 199,690
6.75%, 02/01/32 |  | 731 | 746,810
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) |  | 185 | 195,234
Sabre GLBL, Inc.(b) |  |  |
8.63%, 06/01/27 |  | 232 | 237,510
10.75%, 11/15/29(f) |  | 663 | 681,263
11.13%, 07/15/30 |  | 530 | 554,380
Station Casinos LLC(b) |  |  |
4.63%, 12/01/31 |  | 354 | 331,604
6.63%, 03/15/32 |  | 222 | 226,998
Stonegate Pub Co. Financing PLC, 10.75%, 07/31/29(d) | GBP | 100 | 142,302
TUI AG, 5.88%, 03/15/29(d) | EUR | 100 | 122,212
Vail Resorts, Inc., 5.63%, 07/15/30 | USD | 278 | 278,000
Viking Cruises Ltd.(b) |  |  |
5.88%, 09/15/27(f) |  | 308 | 308,172
7.00%, 02/15/29 |  | 66 | 66,579
9.13%, 07/15/31 |  | 708 | 762,517
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) |  | 206 | 204,995
Wynn Macau Ltd. |  |  |
5.50%, 01/15/26(b) |  | 200 | 199,538
5.50%, 01/15/26(d) |  | 200 | 199,538
5.63%, 08/26/28(b)(f) |  | 1,163 | 1,140,612
5.13%, 12/15/29(b) |  | 610 | 583,184
|  |  | 15,226,267
Household Durables — 0.8%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(b) |  | 185 | 175,925
Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 74 | 74,144
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |  |  |
5.00%, 06/15/29 |  | 266 | 242,081
4.88%, 02/15/30 |  | 476 | 424,874
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |  | 151 | 157,422
Empire Communities Corp., 9.75%, 05/01/29(b) |  | 67 | 68,517
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) |  | 1,133 | 1,228,240
LGI Homes, Inc.(b) |  |  |
8.75%, 12/15/28 |  | 116 | 120,587
7.00%, 11/15/32 |  | 291 | 276,959
Meritage Homes Corp., 1.75%, 05/15/28(f)(i) |  | 521 | 504,445
New Home Co., Inc., 9.25%, 10/01/29(b) |  | 296 | 306,871
Newell Brands, Inc., 8.50%, 06/01/28(b) |  | 272 | 285,657
Scotts Miracle-Gro Co. |  |  |
4.50%, 10/15/29 |  | 64 | 61,810
4.38%, 02/01/32 |  | 15 | 13,774
Somnigroup International, Inc., 3.88%, 10/15/31(b) |  | 66 | 60,005

Security |  | Par (000) | Value
Household Durables (continued)
STL Holding Co. LLC, 8.75%, 02/15/29(b) | USD | 158 | $165,067
Whirlpool Corp. |  |  |
6.13%, 06/15/30 |  | 273 | 275,399
6.50%, 06/15/33 |  | 289 | 289,925
|  |  | 4,731,702
Household Products — 0.0%
Central Garden & Pet Co., 4.13%, 10/15/30(f) |  | 159 | 150,095
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) |  | 78 | 70,830
|  |  | 220,925
Independent Power and Renewable Electricity Producers(b) — 0.5%
Calpine Corp. |  |  |
5.13%, 03/15/28(f) |  | 567 | 566,365
5.00%, 02/01/31 |  | 88 | 87,053
Clearway Energy Operating LLC, 4.75%, 03/15/28 |  | 53 | 52,369
Lightning Power LLC, 7.25%, 08/15/32 |  | 126 | 132,609
NRG Energy, Inc. |  |  |
5.75%, 07/15/29 |  | 260 | 260,334
6.00%, 02/01/33 |  | 1,038 | 1,048,345
6.25%, 11/01/34 |  | 847 | 862,964
SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28(g) |  | 88 | 56,095
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(h) |  | 240 | 245,819
|  |  | 3,311,953
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(b) |  | 169 | 171,783
Axon Enterprise, Inc.(b) |  |  |
6.13%, 03/15/30 |  | 72 | 74,042
6.25%, 03/15/33 |  | 251 | 258,445
Enpro, Inc., 6.13%, 06/01/33(b) |  | 219 | 223,889
Maxam Prill SARL, 07/15/30(d)(l) | EUR | 100 | 117,088
|  |  | 845,247
Insurance — 5.6%
Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32(b) | USD | 163 | 165,310
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) |  |  |
4.25%, 10/15/27 |  | 2,111 | 2,072,160
6.75%, 10/15/27(f) |  | 1,210 | 1,209,286
5.88%, 11/01/29(f) |  | 1,480 | 1,458,924
7.00%, 01/15/31 |  | 1,268 | 1,311,632
7.38%, 10/01/32(f) |  | 1,202 | 1,239,038
AmWINS Group, Inc.(b) |  |  |
6.38%, 02/15/29 |  | 182 | 185,501
4.88%, 06/30/29 |  | 147 | 142,857
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) |  | 295 | 301,758
Ardonagh Finco Ltd. |  |  |
6.88%, 02/15/31(d) | EUR | 375 | 453,898
7.75%, 02/15/31(b) | USD | 1,793 | 1,874,526
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b) |  | 1,722 | 1,811,970
AssuredPartners, Inc., 7.50%, 02/15/32(b) |  | 504 | 540,048
Berkshire Hathaway Finance Corp., 5.75%, 01/15/40(f) |  | 250 | 270,973
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b) |  |  |
7.25%, 02/15/31(f) |  | 2,200 | 2,278,137
8.13%, 02/15/32 |  | 1,048 | 1,089,940
HUB International Ltd.(b)(f) |  |  |
7.25%, 06/15/30 |  | 4,105 | 4,289,869

Schedule of Investments
115

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Insurance (continued)
HUB International Ltd.(b)(f) (continued) |  |  |
7.38%, 01/31/32 | USD | 5,545 | $5,801,891
Jones Deslauriers Insurance Management, Inc.(b) |  |  |
8.50%, 03/15/30 |  | 903 | 957,115
10.50%, 12/15/30 |  | 513 | 546,760
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)(f) |  | 3,723 | 3,867,270
Ryan Specialty LLC(b) |  |  |
4.38%, 02/01/30 |  | 163 | 157,654
5.88%, 08/01/32 |  | 445 | 448,500
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)(f) |  | 700 | 568,270
Unipol Assicurazioni SpA, 4.90%, 05/23/34(d) | EUR | 100 | 123,611
USI, Inc., 7.50%, 01/15/32(b)(f) | USD | 611 | 644,702
|  |  | 33,811,600
Interactive Media & Services — 0.2%
Snap, Inc., 6.88%, 03/01/33(b) |  | 943 | 967,637
Internet Software & Services(b) — 0.5%
Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |
5.00%, 05/01/28 |  | 514 | 490,496
9.00%, 08/01/29 |  | 200 | 204,491
Cablevision Lightpath LLC |  |  |
3.88%, 09/15/27 |  | 418 | 402,873
5.63%, 09/15/28 |  | 401 | 387,388
Getty Images, Inc., 11.25%, 02/21/30 |  | 243 | 241,178
ION Trading Technologies SARL, 9.50%, 05/30/29 |  | 400 | 410,800
Match Group Holdings II LLC |  |  |
4.13%, 08/01/30 |  | 262 | 245,019
3.63%, 10/01/31 |  | 64 | 57,263
Rakuten Group, Inc. |  |  |
11.25%, 02/15/27 |  | 283 | 307,299
9.75%, 04/15/29 |  | 474 | 519,210
|  |  | 3,266,017
IT Services — 0.6%
Almaviva-The Italian Innovation Co. SpA, 10/30/30(d)(l) | EUR | 100 | 117,795
Amentum Holdings, Inc., 7.25%, 08/01/32(b) | USD | 343 | 352,999
Atos SE(d)(k) |  |  |
5.20%, 12/18/30 | EUR | 59 | 59,058
9.36%, 12/18/29 |  | 54 | 70,424
CA Magnum Holdings, 5.38%, 10/31/26(b) | USD | 728 | 721,612
CACI International, Inc., 6.38%, 06/15/33(b) |  | 464 | 478,824
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b)(f) |  | 720 | 754,284
Insight Enterprises, Inc., 6.63%, 05/15/32(b) |  | 195 | 200,876
KBR, Inc., 4.75%, 09/30/28(b) |  | 204 | 195,331
McAfee Corp., 7.38%, 02/15/30(b)(f) |  | 789 | 745,119
Science Applications International Corp., 4.88%, 04/01/28(b) |  | 239 | 235,295
|  |  | 3,931,617
Machinery — 1.3%
Chart Industries, Inc.(b) |  |  |
7.50%, 01/01/30(f) |  | 742 | 776,819
9.50%, 01/01/31 |  | 102 | 108,876
Esab Corp., 6.25%, 04/15/29(b) |  | 138 | 141,293
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |  | 170 | 134,300
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29(b) |  | 874 | 913,809
IMA Industria Macchine Automatiche SpA, (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29(a)(d) | EUR | 100 | 118,407
Manitowoc Co., Inc., 9.25%, 10/01/31(b) | USD | 175 | 184,177
Terex Corp.(b) |  |  |
5.00%, 05/15/29 |  | 67 | 65,400

Security |  | Par (000) | Value
Machinery (continued)
Terex Corp.(b) (continued) |  |  |
6.25%, 10/15/32 | USD | 228 | $228,462
TK Elevator Holdco GmbH |  |  |
6.63%, 07/15/28(d) | EUR | 167 | 197,682
7.63%, 07/15/28(b) | USD | 1,033 | 1,034,072
TK Elevator Midco GmbH, 4.38%, 07/15/27(d) | EUR | 372 | 438,171
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(f) | USD | 2,566 | 2,564,201
Vertiv Group Corp., 4.13%, 11/15/28(b)(f) |  | 847 | 825,813
|  |  | 7,731,482
Media — 4.4%
Cable One, Inc.(i) |  |  |
0.00%, 03/15/26(j) |  | 114 | 107,855
1.13%, 03/15/28 |  | 1,006 | 767,078
CCO Holdings LLC/CCO Holdings Capital Corp.(b) |  |  |
5.38%, 06/01/29 |  | 76 | 75,722
6.38%, 09/01/29 |  | 1,243 | 1,267,905
4.75%, 03/01/30(f) |  | 229 | 221,856
4.25%, 02/01/31(f) |  | 632 | 590,398
7.38%, 03/01/31(f) |  | 2,275 | 2,373,758
4.75%, 02/01/32 |  | 41 | 38,890
4.50%, 06/01/33 |  | 51 | 46,616
4.25%, 01/15/34(f) |  | 1,401 | 1,247,152
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, 05/01/47(f) |  | 3,000 | 2,603,732
CSC Holdings LLC(b) |  |  |
5.50%, 04/15/27 |  | 606 | 578,576
5.38%, 02/01/28 |  | 800 | 732,445
11.25%, 05/15/28 |  | 866 | 862,741
11.75%, 01/31/29 |  | 1,534 | 1,459,073
3.38%, 02/15/31 |  | 200 | 138,578
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)(f) |  | 1,326 | 1,321,672
DISH DBS Corp.(b) |  |  |
5.25%, 12/01/26 |  | 1,285 | 1,166,137
5.75%, 12/01/28 |  | 1,201 | 1,039,616
DISH Network Corp., 11.75%, 11/15/27(b) |  | 1,716 | 1,768,897
Gray Media, Inc.(b) |  |  |
7.00%, 05/15/27 |  | 440 | 439,803
10.50%, 07/15/29(f) |  | 682 | 732,656
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |  | 580 | 390,682
Midcontinent Communications, 8.00%, 08/15/32(b) |  | 453 | 479,398
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)(f) |  | 889 | 898,082
Sirius XM Radio LLC(b) |  |  |
3.13%, 09/01/26 |  | 50 | 49,057
5.00%, 08/01/27 |  | 983 | 974,579
4.00%, 07/15/28 |  | 96 | 92,201
Sunrise FinCo I BV, 4.88%, 07/15/31(b)(f) |  | 794 | 750,925
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29(d)(g) | EUR | 110 | 89,090
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) | USD | 400 | 395,717
Univision Communications, Inc.(b) |  |  |
6.63%, 06/01/27 |  | 568 | 566,450
8.00%, 08/15/28 |  | 850 | 862,562
8.50%, 07/31/31(f) |  | 488 | 488,541
Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, 03/15/32(d) | GBP | 100 | 140,121
VZ Secured Financing BV, 3.50%, 01/15/32(d) | EUR | 100 | 108,065

116
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Media (continued)
Ziggo Bond Co. BV, 5.13%, 02/28/30(b) | USD | 295 | $257,552
Ziggo BV, 4.88%, 01/15/30(b)(f) |  | 217 | 202,683
|  |  | 26,326,861
Metals & Mining — 2.6%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) |  | 364 | 372,284
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |  | 200 | 187,500
Arsenal AIC Parent LLC(b) |  |  |
8.00%, 10/01/30 |  | 312 | 332,963
11.50%, 10/01/31(f) |  | 1,160 | 1,300,282
ATI, Inc. |  |  |
5.88%, 12/01/27(f) |  | 157 | 157,137
4.88%, 10/01/29 |  | 129 | 126,352
7.25%, 08/15/30(f) |  | 444 | 465,269
5.13%, 10/01/31 |  | 350 | 342,069
BHP Billiton Finance USA Ltd., 5.00%, 09/30/43(f) |  | 250 | 236,911
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(f) |  | 1,014 | 1,022,185
Carpenter Technology Corp., 7.63%, 03/15/30 |  | 463 | 479,108
Cleveland-Cliffs, Inc. |  |  |
5.88%, 06/01/27 |  | 119 | 118,904
6.88%, 11/01/29(b)(f) |  | 563 | 554,296
Constellium SE(b) |  |  |
5.63%, 06/15/28 |  | 250 | 248,538
3.75%, 04/15/29(f) |  | 1,492 | 1,402,000
6.38%, 08/15/32 |  | 422 | 429,018
First Quantum Minerals Ltd.(b) |  |  |
9.38%, 03/01/29 |  | 1,194 | 1,265,222
8.00%, 03/01/33 |  | 265 | 271,707
Glencore Funding LLC, 6.14%, 04/01/55(b)(f) |  | 600 | 606,512
Kaiser Aluminum Corp.(b)(f) |  |  |
4.63%, 03/01/28 |  | 351 | 343,422
4.50%, 06/01/31 |  | 1,209 | 1,131,032
New Gold, Inc., 6.88%, 04/01/32(b) |  | 415 | 427,690
Novelis Corp.(b) |  |  |
4.75%, 01/30/30(f) |  | 618 | 591,426
6.88%, 01/30/30 |  | 605 | 625,528
3.88%, 08/15/31(f) |  | 1,399 | 1,257,093
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(d) | EUR | 300 | 342,809
Rio Tinto Finance USA PLC, 4.13%, 08/21/42(f) | USD | 400 | 336,784
Samarco Mineracao SA(g) |  |  |
(9.50% PIK), 9.50%, 06/30/31(d) |  | 42 | 40,640
(9.50% PIK), 9.50%, 06/30/31(b) |  | 14 | 14,151
Vale Overseas Ltd., 6.40%, 06/28/54 |  | 55 | 53,763
Vallourec SACA, 7.50%, 04/15/32(b) |  | 617 | 646,776
Volcan Cia Minera SAA, 8.75%, 01/24/30(b) |  | 67 | 66,372
|  |  | 15,795,743
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.2%
Blackstone Mortgage Trust, Inc. |  |  |
3.75%, 01/15/27 |  | 388 | 377,297
7.75%, 12/01/29 |  | 47 | 49,995
Starwood Property Trust, Inc. |  |  |
7.25%, 04/01/29 |  | 226 | 237,711
6.00%, 04/15/30 |  | 115 | 116,316
6.50%, 07/01/30 |  | 292 | 301,595
6.50%, 10/15/30 |  | 323 | 333,478
|  |  | 1,416,392
Oil, Gas & Consumable Fuels — 8.0%
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |  | 504 | 528,663

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) |  |  |
5.38%, 06/15/29 | USD | 263 | $261,024
6.63%, 02/01/32 |  | 383 | 395,582
Apache Corp., 5.25%, 02/01/42(f) |  | 800 | 663,786
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |  |  |
9.00%, 11/01/27 |  | 214 | 261,615
6.63%, 07/15/33 |  | 232 | 235,363
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |  |  |
7.00%, 07/15/29 |  | 296 | 308,923
7.25%, 07/15/32 |  | 238 | 252,198
Buckeye Partners LP |  |  |
6.88%, 07/01/29(b) |  | 27 | 27,973
6.75%, 02/01/30(b) |  | 118 | 122,488
5.85%, 11/15/43 |  | 182 | 160,407
5.60%, 10/15/44 |  | 117 | 98,666
CD&R Firefly Bidco PLC, 8.63%, 04/30/29(d) | GBP | 100 | 141,110
Chord Energy Corp., 6.75%, 03/15/33(b) | USD | 149 | 152,222
CITGO Petroleum Corp., 8.38%, 01/15/29(b) |  | 939 | 976,700
Civitas Resources, Inc.(b) |  |  |
8.38%, 07/01/28 |  | 300 | 307,173
8.75%, 07/01/31(f) |  | 252 | 254,799
CNX Midstream Partners LP, 4.75%, 04/15/30(b) |  | 124 | 117,127
CNX Resources Corp., 7.25%, 03/01/32(b) |  | 154 | 159,453
Comstock Resources, Inc.(b) |  |  |
6.75%, 03/01/29(f) |  | 436 | 436,976
6.75%, 03/01/29 |  | 180 | 179,442
5.88%, 01/15/30 |  | 666 | 646,899
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)(f) |  | 1,938 | 1,914,543
Crescent Energy Finance LLC(b) |  |  |
7.63%, 04/01/32(f) |  | 540 | 527,256
7.38%, 01/15/33 |  | 596 | 569,660
01/15/34(l) |  | 519 | 519,324
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) |  | 397 | 395,150
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) |  | 166 | 172,845
Ecopetrol SA, 8.88%, 01/13/33 |  | 100 | 103,000
eG Global Finance PLC, 12.00%, 11/30/28(b) |  | 391 | 431,615
Enbridge, Inc., (3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78(a)(f) |  | 1,865 | 1,872,387
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) |  | 354 | 390,942
Energy Transfer LP |  |  |
6.13%, 12/15/45(f) |  | 500 | 491,088
5.30%, 04/15/47(f) |  | 350 | 308,709
(5-year CMT + 4.02%), 8.00%, 05/15/54(a) |  | 695 | 739,399
Series H, (5-year CMT + 5.69%), 6.50%(a)(f)(h) |  | 4,521 | 4,541,199
EQT Corp., 4.50%, 01/15/29(b) |  | 32 | 31,611
Excelerate Energy LP, 8.00%, 05/15/30(b) |  | 256 | 269,865
Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
7.75%, 02/01/28 |  | 227 | 230,358
8.25%, 01/15/29 |  | 200 | 209,138
8.88%, 04/15/30 |  | 65 | 69,016
7.88%, 05/15/32 |  | 505 | 525,072
8.00%, 05/15/33 |  | 237 | 247,789
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |  | 170 | 172,382
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |  | 242 | 248,014
Harvest Midstream I LP, 7.50%, 05/15/32(b) |  | 147 | 155,257
Hess Corp., 4.30%, 04/01/27(f) |  | 750 | 748,241

Schedule of Investments
117

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Hess Midstream Operations LP, 6.50%, 06/01/29(b) | USD | 339 | $348,631
Hilcorp Energy I LP/Hilcorp Finance Co.(b) |  |  |
6.25%, 11/01/28 |  | 188 | 188,436
5.75%, 02/01/29 |  | 229 | 226,020
6.00%, 04/15/30 |  | 28 | 27,220
6.25%, 04/15/32 |  | 21 | 20,052
8.38%, 11/01/33 |  | 444 | 460,689
6.88%, 05/15/34 |  | 477 | 456,886
7.25%, 02/15/35 |  | 189 | 184,814
Howard Midstream Energy Partners LLC(b) |  |  |
8.88%, 07/15/28 |  | 127 | 133,330
7.38%, 07/15/32 |  | 152 | 159,858
Impulsora Pipeline LLC, 6.05%, 01/01/43(a) |  | 1,430 | 1,232,121
ITT Holdings LLC, 6.50%, 08/01/29(b)(f) |  | 590 | 561,061
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b) |  | 847 | 876,596
Kinetik Holdings LP, 6.63%, 12/15/28(b) |  | 76 | 77,732
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |  | 190 | 191,343
Matador Resources Co.(b) |  |  |
6.88%, 04/15/28(f) |  | 332 | 338,548
6.50%, 04/15/32 |  | 399 | 399,208
MPLX LP, 1.75%, 03/01/26(f) |  | 235 | 230,461
Murphy Oil Corp., 5.88%, 12/01/42 |  | 35 | 28,415
Nabors Industries, Inc., 7.38%, 05/15/27(b) |  | 205 | 202,437
NGL Energy Operating LLC/NGL Energy Finance Corp.(b) |  |  |
8.13%, 02/15/29 |  | 365 | 368,760
8.38%, 02/15/32(f) |  | 1,238 | 1,241,718
Noble Finance II LLC, 8.00%, 04/15/30(b) |  | 209 | 212,809
Northern Oil & Gas, Inc., 8.13%, 03/01/28(b)(f) |  | 991 | 999,806
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |  | 227 | 235,088
Parkland Corp., 6.63%, 08/15/32(b) |  | 253 | 258,586
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) |  | 198 | 177,762
Permian Resources Operating LLC(b) |  |  |
8.00%, 04/15/27 |  | 230 | 235,152
5.88%, 07/01/29(f) |  | 528 | 530,046
7.00%, 01/15/32(f) |  | 288 | 298,564
6.25%, 02/01/33 |  | 731 | 737,784
Pertamina Persero PT, 6.45%, 05/30/44(b)(f) |  | 200 | 205,000
Petroleos Mexicanos |  |  |
8.75%, 06/02/29 |  | 146 | 150,676
5.95%, 01/28/31 |  | 183 | 164,993
10.00%, 02/07/33 |  | 80 | 85,624
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36(b) |  | 60 | 61,659
Prairie Acquiror LP, 9.00%, 08/01/29(b) |  | 253 | 263,529
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |  | 66 | 64,792
Shell Finance U.S., Inc., 4.00%, 05/10/46(f) |  | 450 | 357,748
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) |  | 510 | 534,005
Sunoco LP, 6.25%, 07/01/33(b) |  | 346 | 351,778
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |  |  |
5.50%, 01/15/28 |  | 178 | 176,955
7.38%, 02/15/29 |  | 702 | 721,502
6.00%, 12/31/30 |  | 13 | 12,756
6.00%, 09/01/31 |  | 128 | 124,908
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) |  | 290 | 281,035
TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |  | 76 | 79,062
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) |  | 87 | 88,226

Security |  | Par (000) | Value
Oil, Gas & Consumable Fuels (continued)
Transocean, Inc.(b) |  |  |
8.00%, 02/01/27 | USD | 554 | $545,756
8.25%, 05/15/29 |  | 201 | 185,833
8.75%, 02/15/30(f) |  | 160 | 164,535
8.50%, 05/15/31 |  | 311 | 277,614
Valaris Ltd., 8.38%, 04/30/30(b) |  | 560 | 574,545
Venture Global LNG, Inc.(b) |  |  |
9.50%, 02/01/29 |  | 2,480 | 2,701,657
7.00%, 01/15/30 |  | 978 | 988,673
8.38%, 06/01/31(f) |  | 1,681 | 1,745,947
9.88%, 02/01/32(f) |  | 1,460 | 1,576,746
Vista Energy Argentina SAU, 8.50%, 06/10/33(b) |  | 41 | 41,297
Vital Energy, Inc. |  |  |
7.75%, 07/31/29(b) |  | 140 | 123,639
9.75%, 10/15/30(f) |  | 302 | 273,349
7.88%, 04/15/32(b)(f) |  | 695 | 594,239
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |  | 337 | 334,766
|  |  | 48,065,226
Paper & Forest Products — 0.0%
Fiber Bidco SpA, 6.13%, 06/15/31(d) | EUR | 100 | 112,667
Magnera Corp., 7.25%, 11/15/31(b) | USD | 183 | 172,551
|  |  | 285,218
Passenger Airlines(b) — 0.3%
American Airlines, Inc., 8.50%, 05/15/29(f) |  | 496 | 520,073
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 |  | 282 | 274,352
OneSky Flight LLC, 8.88%, 12/15/29 |  | 318 | 331,115
United Airlines, Inc., 4.63%, 04/15/29(f) |  | 886 | 860,009
|  |  | 1,985,549
Personal Care Products — 0.2%
Opal Bidco SAS |  |  |
5.50%, 03/31/32(d) | EUR | 100 | 120,151
6.50%, 03/31/32(b) | USD | 431 | 439,884
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 434 | 438,163
|  |  | 998,198
Pharmaceuticals — 2.0%
1261229 B.C. Ltd., 10.00%, 04/15/32(b) |  | 4,112 | 4,148,062
AbbVie, Inc., 5.35%, 03/15/44(f) |  | 1,500 | 1,470,262
Bausch Health Cos., Inc., 11.00%, 09/30/28(b) |  | 1,585 | 1,569,150
Becton Dickinson & Co., 4.69%, 12/15/44(f) |  | 600 | 522,149
CVS Health Corp., 6.00%, 06/01/44(f) |  | 1,110 | 1,097,125
Dolcetto Holdco SpA, 07/14/32(d)(l) | EUR | 100 | 118,680
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(f) | USD | 77 | 81,509
Grifols SA(d) |  |  |
2.25%, 11/15/27 | EUR | 214 | 245,663
7.13%, 05/01/30 |  | 100 | 122,226
Gruenenthal GmbH, 4.63%, 11/15/31(d) |  | 100 | 118,534
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(d) |  | 100 | 122,956
Option Care Health, Inc., 4.38%, 10/31/29(b)(f) | USD | 314 | 302,193
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(b)(f) |  | 600 | 577,063
Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29(a)(d) | EUR | 42 | 50,461
Teva Pharmaceutical Finance Netherlands III BV |  |  |
3.15%, 10/01/26(f) | USD | 521 | 509,439
6.75%, 03/01/28 |  | 400 | 414,500
8.13%, 09/15/31(f) |  | 200 | 225,062

118
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV (continued) |  |  |
6.00%, 12/01/32 | USD | 289 | $293,696
Viatris, Inc., 2.30%, 06/22/27(f) |  | 392 | 373,528
|  |  | 12,362,258
Real Estate Management & Development — 0.5%
Adler Financing SARL(g) |  |  |
Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 11 | 13,638
Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 156 | 192,242
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
7.00%, 04/15/30(b) | USD | 275 | 256,962
Series AI, 7.00%, 04/15/30 |  | 348 | 325,116
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |  | 160 | 162,578
CoreLogic, Inc., 4.50%, 05/01/28(b)(f) |  | 1,597 | 1,523,350
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b) |  | 399 | 428,460
Fantasia Holdings Group Co. Ltd.(d)(e)(m) |  |  |
11.75%, 04/17/22 |  | 430 | 11,825
12.25%, 10/18/22 |  | 200 | 5,500
11.88%, 06/01/23 |  | 200 | 5,500
9.25%, 07/28/23 |  | 400 | 11,000
Vivion Investments SARL, (6.50% PIK), 6.50%, 08/31/28(d)(g) | EUR | 101 | 116,602
|  |  | 3,052,773
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)(f) | USD | 434 | 422,294
Semiconductors & Semiconductor Equipment(f) — 0.6%
Broadcom, Inc.(b) |  |  |
4.15%, 04/15/32 |  | 1,000 | 963,342
3.50%, 02/15/41 |  | 800 | 634,038
Entegris, Inc., 4.75%, 04/15/29(b) |  | 782 | 773,328
QUALCOMM, Inc. |  |  |
5.40%, 05/20/33 |  | 400 | 421,718
4.30%, 05/20/47 |  | 700 | 586,626
|  |  | 3,379,052
Software — 4.5%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)(f) |  | 4,184 | 4,118,167
Camelot Finance SA, 4.50%, 11/01/26(b) |  | 209 | 205,793
Capstone Borrower, Inc., 8.00%, 06/15/30(b) |  | 1,053 | 1,097,627
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b)(f) |  | 238 | 196,801
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) |  | 373 | 303,122
Cloud Software Group, Inc.(b)(f) |  |  |
6.50%, 03/31/29 |  | 2,966 | 2,993,622
9.00%, 09/30/29 |  | 3,533 | 3,662,044
8.25%, 06/30/32 |  | 3,329 | 3,542,818
CoreWeave, Inc., 9.25%, 06/01/30(b) |  | 389 | 397,688
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(f) |  | 826 | 846,650
Elastic NV, 4.13%, 07/15/29(b) |  | 413 | 394,630
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) |  | 675 | 690,318
Fair Isaac Corp.(b) |  |  |
4.00%, 06/15/28 |  | 112 | 109,006
6.00%, 05/15/33 |  | 1,640 | 1,655,032
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |
4.63%, 05/01/28(b) |  | 200 | 189,183

Security |  | Par (000) | Value
Software (continued)
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL (continued) |  |  |
7.88%, 05/01/29(d) | EUR | 100 | $121,859
8.75%, 05/01/29(b)(f) | USD | 217 | 223,216
IPD 3 BV, 5.50%, 06/15/31(d) | EUR | 100 | 119,415
Oracle Corp.(f) |  |  |
3.95%, 03/25/51 | USD | 250 | 184,524
6.13%, 08/03/65 |  | 600 | 600,605
Playtika Holding Corp., 4.25%, 03/15/29(b) |  | 67 | 60,803
SS&C Technologies, Inc., 6.50%, 06/01/32(b)(f) |  | 674 | 699,690
TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31(a)(d) | EUR | 100 | 117,976
Twilio, Inc. |  |  |
3.63%, 03/15/29 | USD | 206 | 196,121
3.88%, 03/15/31 |  | 209 | 195,472
UKG, Inc., 6.88%, 02/01/31(b)(f) |  | 3,375 | 3,501,816
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)(f) |  | 955 | 897,887
|  |  | 27,321,885
Specialty Retail — 0.1%
Afflelou SAS, 6.00%, 07/25/29(d) | EUR | 100 | 122,462
Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31(a)(d) |  | 100 | 118,162
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, 07/15/31(a)(d) |  | 100 | 118,384
Staples, Inc., 10.75%, 09/01/29(b) | USD | 243 | 229,981
|  |  | 588,989
Technology Hardware, Storage & Peripherals — 0.3%
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) |  | 183 | 194,144
Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/30(b) |  | 339 | 344,061
Seagate HDD Cayman |  |  |
8.25%, 12/15/29 |  | 341 | 363,164
8.50%, 07/15/31 |  | 615 | 660,006
|  |  | 1,561,375
Textiles, Apparel & Luxury Goods — 0.4%
Beach Acquisition Bidco LLC(b)(l) |  |  |
07/15/32 | EUR | 613 | 727,499
07/15/33 | USD | 1,236 | 1,281,133
Hanesbrands, Inc., 9.00%, 02/15/31(b) |  | 20 | 21,175
Levi Strauss & Co., 3.50%, 03/01/31(b) |  | 21 | 19,214
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.03%, 07/01/29(a)(d) | EUR | 100 | 118,355
Under Armour, Inc., 7.25%, 07/15/30(b) | USD | 165 | 167,096
|  |  | 2,334,472
Tobacco(f) — 0.4%
Altria Group, Inc., 3.40%, 02/04/41 |  | 750 | 556,367
BAT Capital Corp. |  |  |
7.08%, 08/02/43 |  | 500 | 550,687
4.54%, 08/15/47 |  | 715 | 577,593
Philip Morris International, Inc., 3.88%, 08/21/42 |  | 900 | 731,926
|  |  | 2,416,573
Trading Companies & Distributors(b) — 0.2%
Gates Corp/DE, 6.88%, 07/01/29 |  | 344 | 357,198
Resideo Funding, Inc. |  |  |
4.00%, 09/01/29 |  | 77 | 72,580
6.50%, 07/15/32(f) |  | 495 | 507,124
|  |  | 936,902

Schedule of Investments
119

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Transportation Infrastructure — 0.2%
Edge Finco PLC, 8.13%, 08/15/31(d) | GBP | 100 | $142,972
FedEx Corp.(f) |  |  |
3.90%, 02/01/35 | USD | 500 | 447,088
4.40%, 01/15/47 |  | 500 | 393,087
Mobico Group PLC, 3.63%, 11/20/28(d) | GBP | 100 | 117,010
|  |  | 1,100,157
Wireless Telecommunication Services — 0.7%
Altice France SA(b) |  |  |
5.50%, 01/15/28 | USD | 357 | 300,448
5.13%, 01/15/29 |  | 400 | 330,500
5.13%, 07/15/29 |  | 2,000 | 1,653,050
5.50%, 10/15/29 |  | 200 | 165,783
Telecom Argentina SA, 9.25%, 05/28/33(b) |  | 40 | 40,705
VF Ukraine PAT via VFU Funding PLC, 9.63%, 02/11/27(d) |  | 156 | 149,025
Vmed O2 U.K. Financing I PLC |  |  |
4.00%, 01/31/29(d) | GBP | 100 | 127,326
4.25%, 01/31/31(b) | USD | 600 | 549,671
4.50%, 07/15/31(d) | GBP | 100 | 122,852
4.75%, 07/15/31(b) | USD | 362 | 334,860
7.75%, 04/15/32(b) |  | 252 | 261,865
WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31(b)(g) |  | 73 | 71,303
Zegona Finance PLC, 6.75%, 07/15/29(d) | EUR | 100 | 125,157
|  |  | 4,232,545
Total Corporate Bonds — 85.2% (Cost: $505,978,672) | 514,476,057
Fixed Rate Loan Interests
Financial Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/09/27 | USD | 31 | 30,767
Health Care Equipment & Supplies — 0.6%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 3,462 | 3,474,481
Software — 0.4%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |  | 2,339 | 2,356,542
Total Fixed Rate Loan Interests — 1.0% (Cost: $5,831,046) | 5,861,790
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.2%
Cubic Corp. |  |  |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 171 | 88,453
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.84%, 05/25/28 |  | 35 | 17,963
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32 |  | 210 | 210,147

Security |  | Par (000) | Value
Aerospace & Defense (continued)
Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32 | USD | 550 | $549,462
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31(c) |  | 185 | 185,760
|  |  | 1,051,785
Automobile Components — 0.2%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29 |  | 454 | 422,560
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32 |  | 642 | 642,127
Tenneco, Inc. |  |  |
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 9.17%, 11/17/28 |  | 39 | 38,310
2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28 |  | 171 | 166,599
|  |  | 1,269,596
Beverages — 0.1%
Sazerac Co., Inc., Term Loan B, 06/25/32(c)(n) |  | 434 | 433,457
Broadline Retail — 0.1%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30 |  | 631 | 611,353
Building Products — 0.0%
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.81%, 05/15/31 |  | 68 | 57,769
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31 |  | 221 | 217,283
|  |  | 275,052
Capital Markets — 0.1%
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.04%, 02/15/31 |  | 236 | 233,592
Focus Financial Partners LLC, 2025 Incremental Term Loan B, 09/15/31(n) |  | 104 | 103,754
OVG Business Services LLC, 2024 Term Loan B, (1- mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31(c) |  | 16 | 15,786
|  |  | 353,132
Chemicals — 0.2%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, 11/24/28 |  | 118 | 110,143
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29 |  | 549 | 548,336
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28 |  | 429 | 390,461
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28 |  | 131 | 131,168
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, 04/08/31(n) |  | 46 | 42,849
|  |  | 1,222,957

120
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Services & Supplies — 0.2%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 05/12/28 | USD | 305 | $306,545
Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 11/01/31 |  | 92 | 92,380
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28 |  | 469 | 421,325
Summer BC Holdco B SARL, 2024 USD Term Loan B, 02/15/29(n) |  | 113 | 112,771
|  |  | 933,021
Communications Equipment — 0.1%
COMMSCOPE, 2024 Term Loan, 12/17/29(n) |  | 357 | 360,787
Construction & Engineering — 0.2%
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/01/30 |  | 1,122 | 934,752
Construction Materials — 0.1%
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/19/29 |  | 622 | 617,894
Diversified Consumer Services — 0.1%
Ascend Learning LLC |  |  |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.18%, 12/10/29 |  | 74 | 73,803
2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, 12/11/28 |  | 47 | 46,976
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/30/31 |  | 595 | 592,480
|  |  | 713,259
Diversified Telecommunication Services — 0.7%
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, 02/02/32 |  | 221 | 218,306
Frontier Communications Holdings LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.79%, 07/01/31 |  | 99 | 98,382
Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32 |  | 1,365 | 1,378,937
Lumen Technologies, Inc. |  |  |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29 |  | 266 | 262,143
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30 |  | 136 | 134,454
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 06/01/28 |  | 84 | 85,528
Radiate Holdco LLC, 2025 FLFO Term Loan, 09/25/29(n) |  | 735 | 642,137
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27 |  | 1,551 | 1,472,254
|  |  | 4,292,141

Security |  | Par (000) | Value
Electrical Equipment — 0.0%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, 12/21/29 | USD | 123 | $123,471
Energy Equipment & Services — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32 |  | 39 | 39,434
Entertainment — 0.0%
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30 |  | 235 | 233,385
Financial Services — 0.2%
CPI Holdco B LLC, 2024 Term Loan, 05/19/31(n) |  | — (o) | 125
Deerfield Dakota Holding LLC |  |  |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.05%, 04/09/27 |  | 131 | 127,384
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28 |  | 234 | 223,236
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32 |  | 427 | 427,092
Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32(n) |  | 400 | 399,668
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 04/18/30 |  | 42 | 42,091
Orion US Finco, 1st Lien Term Loan, 05/20/32(n) |  | 114 | 114,342
Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31 |  | 148 | 147,445
|  |  | 1,481,383
Food Products — 0.0%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27 |  | 18 | 17,951
Health Care Equipment & Supplies — 0.1%
Bausch & Lomb Corp. |  |  |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 |  | 262 | 262,000
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 06/26/30 |  | 610 | 608,801
|  |  | 870,801
Health Care Providers & Services — 0.4%
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27 |  | 593 | 570,015
LifePoint Health, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, 05/19/31 |  | 442 | 436,578
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31 |  | 201 | 198,143
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28 |  | 322 | 313,085

Schedule of Investments
121

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Health Care Providers & Services (continued)
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), 15.56%, 01/28/28(g) | USD | 326 | $234,044
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30 |  | 759 | 750,797
|  |  | 2,502,662
Health Care Technology — 0.2%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29 |  | 1,103 | 1,101,375
Hotels, Restaurants & Leisure — 0.0%
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/29 |  | 139 | 135,190
Household Durables — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32 |  | 114 | 114,157
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, 12/19/29 |  | 52 | 51,520
|  |  | 165,677
Industrial Conglomerates — 0.1%
Beach Acquisition Bidco LLC, USD Term Loan B, 06/25/32(c)(n) |  | 339 | 340,695
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.57%, 12/02/31 |  | 302 | 303,323
|  |  | 644,018
Insurance — 0.2%
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 02/14/31 |  | 82 | 82,054
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, 05/06/32 |  | 852 | 861,183
|  |  | 943,237
Interactive Media & Services — 0.1%
Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 01/31/31 |  | 367 | 367,000
IT Services — 0.2%
Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.55%, 09/19/30 |  | 229 | 222,464
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29 |  | 94 | 78,284
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31(c) |  | 149 | 148,855
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 06/17/31 |  | 233 | 232,068

Security |  | Par (000) | Value
IT Services (continued)
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.33%, 04/11/29 | USD | 459 | $433,251
Shift4 Payments LLC, 2025 Term Loan, 05/07/32(n) |  | 168 | 169,312
|  |  | 1,284,234
Machinery — 0.2%
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.73%, 02/15/29 |  | 1,053 | 1,054,995
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28 |  | 219 | 95,157
|  |  | 1,150,152
Media — 0.5%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.44%, 08/23/28 |  | 692 | 685,168
CSC Holdings LLC |  |  |
2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 536 | 521,043
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.81%, 01/18/28 |  | 498 | 490,628
Directv Financing LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.83%, 02/17/31 |  | 984 | 936,447
Gray Television, Inc. |  |  |
2021 Term Loan D, (1-mo. CME Term SOFR + 3.11%), 7.44%, 12/01/28 |  | 311 | 300,440
2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.57%, 06/04/29 |  | 61 | 61,080
|  |  | 2,994,806
Metals & Mining — 0.0%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 07/31/31 |  | 236 | 224,316
Pharmaceuticals — 0.1%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, 05/04/28 |  | 36 | 36,241
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.33%, 04/23/31 |  | 240 | 239,550
|  |  | 275,791
Professional Services — 0.1%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31 |  | 52 | 51,979
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 06/02/28 |  | 162 | 160,333
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30 |  | 168 | 154,931
|  |  | 367,243
Software — 0.7%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.80%, 02/23/32 |  | 201 | 205,687

122
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Software (continued)
Boxer Parent Co., Inc. |  |  |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.08%, 07/30/32 | USD | 273 | $264,982
2025 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31 |  | 438 | 435,098
Cloud Software Group, Inc. |  |  |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, 03/29/29 |  | 178 | 178,254
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 03/21/31 |  | 723 | 723,997
Cloudera, Inc. |  |  |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29 |  | 442 | 398,801
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.18%, 10/08/28 |  | 128 | 122,318
Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, 11/29/30 |  | 78 | 78,122
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, 11/22/32(c) |  | 880 | 897,600
MH Sub I LLC |  |  |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 05/03/28 |  | 432 | 404,551
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.58%, 12/31/31 |  | 292 | 253,204
Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28(n) |  | 72 | 72,008
RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28 |  | 201 | 201,495
Sabre GLBL, Inc. |  |  |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 25 | 24,528
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.94%, 12/17/27 |  | 14 | 14,117
2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.35%), 8.68%, 06/30/28 |  | 8 | 7,888
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 125 | 124,615
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 11/15/29 |  | 35 | 32,864
|  |  | 4,440,129
Specialty Retail — 0.0%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28 |  | 233 | 230,163
Trading Companies & Distributors — 0.2%
Foundation Building Materials, Inc. |  |  |
2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.79%, 01/31/28 |  | 201 | 198,350

Security |  | Par (000) | Value
Trading Companies & Distributors (continued)
Foundation Building Materials, Inc. (continued) |  |  |
2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.28%, 01/29/31 | USD | 652 | $637,381
2025 Term Loan, 01/29/31(n) |  | 115 | 112,958
|  |  | 948,689
Wireless Telecommunication Services — 0.2%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 5.25%, 2.25% PIK), 11.78%, 05/25/27(g) |  | 1,012 | 1,008,212
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, 10/01/31(c) |  | 156 | 156,585
|  |  | 1,164,797
Total Floating Rate Loan Interests — 5.8% (Cost: $35,174,744) | 34,775,090
Foreign Agency Obligations
Bahrain — 0.0% |
Bahrain Government International Bonds, 5.45%, 09/16/32(d) |  | 200 | 185,500
Barbados — 0.0% |
Barbados Government International Bonds, 8.00%, 06/26/35(b) |  | 55 | 55,330
Bulgaria — 0.0% |
Bulgaria Government International Bonds, 5.00%, 03/05/37(d) |  | 72 | 70,380
Chile — 0.0% |
Chile Government International Bonds, 4.34%, 03/07/42(f) |  | 200 | 173,100
Colombia — 0.0% |
Colombia Government International Bonds, 8.00%, 04/20/33(f) |  | 200 | 206,900
Dominican Republic — 0.1% |
Dominican Republic International Bonds |  |  |
5.95%, 01/25/27(d) |  | 176 | 177,584
4.50%, 01/30/30(b) |  | 200 | 190,000
7.05%, 02/03/31(b) |  | 150 | 157,230
|  |  | 524,814
Egypt — 0.0% |
Egypt Government International Bonds, 7.50%, 02/16/61(b) |  | 200 | 145,350
Guatemala — 0.1% |
Guatemala Government Bonds(b) |  |  |
5.38%, 04/24/32 |  | 200 | 195,250
6.60%, 06/13/36 |  | 200 | 203,400
|  |  | 398,650

Schedule of Investments
123

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Hungary — 0.1% |
Hungary Government International Bonds, Series 10Y, 5.38%, 09/12/33(d) | EUR | 114 | $144,652
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(d) |  | 121 | 153,579
|  |  | 298,231
Mexico — 0.1% |
Mexico Government International Bonds |  |  |
3.75%, 01/11/28 | USD | 300 | 295,500
6.35%, 02/09/35(f) |  | 200 | 204,500
|  |  | 500,000
Morocco — 0.0% |
Morocco Government International Bonds, 5.95%, 03/08/28(b) |  | 200 | 204,900
Nigeria — 0.0% |
Nigeria Government International Bonds, 8.38%, 03/24/29(b) |  | 200 | 201,250
Oman — 0.1% |
Oman Government International Bonds, 6.75%, 01/17/48(d) |  | 309 | 318,425
Peru — 0.1% |
Peruvian Government International Bonds(f) |  |  |
2.78%, 01/23/31 |  | 117 | 105,028
1.86%, 12/01/32 |  | 178 | 142,400
|  |  | 247,428
Poland — 0.0% |
Republic of Poland Government International Bonds |  |  |
4.88%, 10/04/33(f) |  | 138 | 136,945
5.50%, 04/04/53 |  | 71 | 66,048
|  |  | 202,993
Romania — 0.1% |
Romanian Government International Bonds |  |  |
5.25%, 11/25/27(b)(f) |  | 168 | 167,790
2.12%, 07/16/31(d) | EUR | 168 | 164,626
5.88%, 07/11/32(b) |  | 99 | 117,522
6.25%, 09/10/34(b) |  | 97 | 115,054
|  |  | 564,992
Saudi Arabia — 0.1% |
Saudi Government International Bonds, 4.50%, 04/17/30(d)(f) | USD | 362 | 361,547
South Africa — 0.1% |
Republic of South Africa Government International Bonds |  |  |
5.00%, 10/12/46 |  | 200 | 139,750
5.75%, 09/30/49 |  | 492 | 369,492
|  |  | 509,242
Uzbekistan — 0.0% |
Republic of Uzbekistan International Bonds, 5.38%, 05/29/27(b) | EUR | 100 | 120,667
Total Foreign Agency Obligations — 0.9% (Cost: $5,214,654) | 5,289,699
Municipal Bonds
Arizona — 0.1% |
Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29(b) | USD | 700 | 725,077

Security |  | Par (000) | Value
California — 0.1% |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.71%, 06/01/41 | USD | 1,000 | $767,685
Illinois — 0.1% |
State of Illinois, GO, 5.10%, 06/01/33 |  | 698 | 699,652
Massachusetts — 0.1% |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |  | 680 | 706,271
New York — 0.2% |
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |  | 1,000 | 1,036,759
Texas — 0.2% |
Port of Beaumont Navigation District, Refunding ARB, Series B, 10.00%, 07/01/26(b) |  | 850 | 870,131
Total Municipal Bonds — 0.8% (Cost: $4,714,016) | 4,805,575
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 16.0%
A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69(b) |  | 1,427 | 1,432,293
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64(b) |  | 467 | 466,838
Ajax Mortgage Loan Trust, Class B, 0.00%, 12/25/57(a)(b) |  | 1 | 264
Alternative Loan Trust |  |  |
Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1,758 | 685,597
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 530 | 245,256
Angel Oak Mortgage Trust(b) |  |  |
Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 1,595 | 1,591,240
Series 2025-7, Class A1, 5.51%, 06/25/70(a) |  | 1,500 | 1,507,375
Bravo Residential Funding Trust(b) |  |  |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a) |  | 401 | 374,986
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 327 | 325,131
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1,027 | 1,032,670
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) |  | 297 | 299,812
CHL Mortgage Pass-Through Trust |  |  |
Series 2007-J2, Class 2A1, (1 mo. Term SOFR + 0.76%), 5.08%, 07/25/37(a) |  | 2,592 | 659,069
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |  | 1,431 | 481,286
CIM Trust(b) |  |  |
Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 973 | 972,418
Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 922 | 927,747
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.87%, 11/25/36(a) |  | 362 | 346,440
COLT Mortgage Loan Trust(b) |  |  |
Series 2020-2, Class M1, 5.25%, 03/25/65(a) |  | 2,550 | 2,557,381
Series 2020-3, Class M1, 3.36%, 04/27/65(a) |  | 2,850 | 2,722,397
Series 2022-1, Class A1, 4.55%, 04/25/67(a) |  | 1,149 | 1,151,133
Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1,784 | 1,775,672
Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 229 | 229,341
Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 892 | 898,758
Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1,180 | 1,180,537
Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1,397 | 1,401,075
Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1,172 | 1,176,266
Series 2025-6, Class A1, 5.53%, 08/25/70 |  | 1,800 | 1,809,944
Countrywide Alternative Loan Trust |  |  |
Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + 0.56%), 4.88%, 05/25/35(a) |  | 984 | 866,608

124
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued) |  |  |
Series 2006-40T1, Class 2A5, (1 mo. Term SOFR + 0.51%), 4.83%, 12/25/36(a) | USD | 2,249 | $462,689
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |  | 1,303 | 531,018
Series 2006-J7, Class 2A1, (1-mo. SOFR US + 1.61%), 6.46%, 11/20/46(a) |  | 2,305 | 1,998,477
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 5.25%, 11/25/46(a) |  | 3,609 | 3,239,436
Series 2006-OA16, Class A2, (1 mo. Term SOFR + 0.49%), 4.81%, 10/25/46(a) |  | 2,384 | 2,217,174
Series 2006-OA18, Class A1, (1 mo. Term SOFR + 0.35%), 4.67%, 12/25/46(a) |  | 1,260 | 1,118,088
Series 2006-OA6, Class 1A1A, (1 mo. Term SOFR + 0.53%), 4.85%, 07/25/46(a) |  | 2,662 | 2,380,589
Series 2006-OA8, Class 1A1, (1 mo. Term SOFR + 0.49%), 4.81%, 07/25/46(a) |  | 954 | 858,460
Series 2007-12T1, Class A22, 5.75%, 06/25/37 |  | 3,199 | 1,359,803
Series 2007-12T1, Class A5, 6.00%, 06/25/37 |  | 1,552 | 686,648
Series 2007-22, Class 2A16, 6.50%, 09/25/37 |  | 6,831 | 2,391,934
Series 2007-23CB, Class A1, 6.00%, 09/25/37 |  | 3,843 | 1,808,915
Series 2007-4CB, Class 1A3, (1 mo. Term SOFR + 0.46%), 4.78%, 04/25/37(a) |  | 1,335 | 1,001,888
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.24%, 03/25/47(a) |  | 1,335 | 1,133,906
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. Term SOFR + 0.51%), 4.83%, 04/25/46(a) |  | 3,220 | 3,097,561
CSMC(a)(b) |  |  |
Series 2011-4R, Class 1A2, (1 mo. Term SOFR + 1.61%), 5.94%, 09/27/37 |  | 749 | 615,534
Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |  | 1,500 | 1,145,455
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) |  | 2,306 | 2,297,038
Ellington Financial Mortgage Trust(a)(b) |  |  |
Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 500 | 508,710
Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 169 | 140,825
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(a)(b) |  | 1,919 | 1,566,256
GCAT Trust(a)(b) |  |  |
Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 849 | 846,263
Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | 915,538
Homes Trust(b) |  |  |
Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 548 | 550,830
Series 2025-NQM3, Class A1, 5.63%, 02/25/70 |  | 1,300 | 1,309,338
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) |  | 868 | 863,381
JP Morgan Mortgage Trust(a)(b) |  |  |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |  | 425 | 415,393
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |  | 278 | 270,170
Series 2024-INV1, Class A3, 5.50%, 04/25/55 |  | 1,734 | 1,723,251
MFA Trust(b) |  |  |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a) |  | 2,000 | 1,674,618
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1,203 | 1,211,261
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67(b) |  | 1,349 | 1,350,658
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.92%, 05/26/37(b) |  | 2,575 | 3,129,836
Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM5, Class A1, 5.65%, 10/25/69(a)(b) |  | 1,377 | 1,382,211
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(a) |  | 6,414 | 1,142,646

Security |  | Par (000) | Value
Collateralized Mortgage Obligations (continued)
OBX Trust(b) |  |  |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | USD | 430 | $429,693
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) |  | 347 | 346,498
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1,041 | 1,048,898
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 1,047 | 1,055,539
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(a) |  | 1,148 | 1,151,375
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(a)(b) |  | 1,816 | 1,803,325
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58(b) |  | 932 | 934,572
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(a)(b) |  | 1,428 | 1,419,612
Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55(a)(b) |  | 681 | 675,582
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. Term SOFR + 0.71%), 5.03%, 08/25/36(a) |  | 6,300 | 1,240,610
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) |  | 932 | 927,220
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) |  | 586 | 584,643
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) |  | 591 | 580,587
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) |  | 1,750 | 1,543,253
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) |  | 1,057 | 936,295
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, 06/25/57(a)(b) |  | 15 | 15,068
Verus Securitization Trust(b) |  |  |
Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 389 | 372,081
Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1,467 | 1,476,271
Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 368 | 367,795
Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 229 | 228,375
Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 763 | 767,771
Series 2024-8, Class A1, 5.36%, 10/25/69(a) |  | 1,599 | 1,598,323
Series 2024-R1, Class A1, 5.22%, 09/25/69(a) |  | 1,597 | 1,596,085
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b) |  | 1,258 | 1,268,057
|  |  | 96,830,860
Commercial Mortgage-Backed Securities — 3.5%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 4.84%, 07/25/37(a)(b) |  | 988 | 910,829
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 7.00%, 11/15/41(a)(b) |  | 630 | 630,788
BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 6.90%, 03/15/41(a)(b) |  | 379 | 379,057
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.23%, 11/05/39(a)(b) |  | 200 | 203,945
BX Commercial Mortgage Trust(a)(b) |  |  |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 5.35%, 12/15/38 |  | 528 | 527,457
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 5.10%, 06/15/38 |  | 1,447 | 1,446,165
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 5.32%, 02/15/39 |  | 885 | 884,087
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 02/15/39 |  | 452 | 452,570

Schedule of Investments
125

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b) |  |  |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 5.23%, 02/15/36 | USD | 1,650 | $1,648,969
Series 2023-DELC, Class A, (1 mo. Term SOFR + 2.69%), 7.00%, 05/15/38 |  | 140 | 140,873
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 6.95%, 02/15/41 |  | 240 | 239,100
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 6.25%, 04/15/41 |  | 671 | 672,444
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 7.35%, 03/15/41 |  | 170 | 170,000
CENT Trust, Series 2023-CITY, Class A, (1 mo. Term SOFR + 2.62%), 6.93%, 09/15/38(a)(b) |  | 1,081 | 1,082,371
Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39(a)(b) |  | 250 | 218,513
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 7.35%, 08/15/41(a)(b) |  | 660 | 658,287
CSMC, Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 6.43%, 11/15/38(a)(b) |  | 270 | 266,330
DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/40(a)(b) |  | 220 | 219,833
Extended Stay America Trust(a)(b) |  |  |
Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 6.68%, 07/15/38 |  | 1,226 | 1,228,084
Series 2021-ESH, Class F, (1 mo. Term SOFR + 3.81%), 8.13%, 07/15/38 |  | 778 | 777,959
GS Mortgage Securities Corp. Trust(a)(b) |  |  |
Series 2023-FUN, Class B, (1 mo. Term SOFR + 2.79%), 7.10%, 03/15/28 |  | 550 | 551,719
Series 2023-SHIP, Class E, 7.68%, 09/10/38 |  | 275 | 276,675
GS Mortgage Securities Trust(a)(b) |  |  |
(1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41 |  | 500 | 500,093
Series 2025-800D, Class A, (1 mo. Term SOFR + 2.65%), 6.96%, 11/25/41 |  | 120 | 120,215
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b) |  |  |
Series 2016-NINE, Class B, 2.95%, 09/06/38 |  | 275 | 266,096
Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 5.70%, 03/15/39 |  | 1,600 | 1,600,000
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 6.70%, 06/15/39(a)(b) |  | 800 | 798,004
MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39(b) |  | 790 | 798,960
MF1 Trust, Series 2021-W10, Class A, (1 mo. Term SOFR + 1.07%), 5.38%, 12/15/34(a)(b) |  | 520 | 518,519
MIC Trust, Series 2023-MIC, Class B, 9.86%, 12/05/38(a)(b) |  | 233 | 254,160
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1 mo. Term SOFR + 2.94%), 7.25%, 11/15/34(a)(b) |  | 270 | 272,094
VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(a)(b) |  | 650 | 613,585

Security |  | Par (000) | Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust |  |  |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 | USD | 1,600 | $1,573,875
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b) |  | 250 | 250,917
|  |  | 21,152,573
Total Non-Agency Mortgage-Backed Securities — 19.5% (Cost: $133,467,628) | 117,983,433
Preferred Securities
Capital Trusts — 7.7%(a)
Banks(h) — 0.9% |
Nordea Bank Abp, 3.75%(b) |  | 560 | 502,919
PNC Financial Services Group, Inc., Series W, 6.25%(f) |  | 4,380 | 4,503,635
Rizal Commercial Banking Corp., 6.50%(d) |  | 200 | 199,500
|  |  | 5,206,054
Capital Markets — 0.5% |
Bank of New York Mellon Corp., Series I, 3.75%(f)(h) |  | 2,845 | 2,778,601
Diversified Telecommunication Services(d) — 0.0% |
British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | 147,094
Telefonica Europe BV, 6.14%(h) | EUR | 100 | 126,158
|  |  | 273,252
Electric Utilities — 1.0% |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(f) | USD | 4,500 | 4,482,772
PG&E Corp., 7.38%, 03/15/55 |  | 1,424 | 1,348,557
|  |  | 5,831,329
Financial Services — 4.5% |
Bank of America Corp., 6.63%(f)(h) |  | 3,635 | 3,764,599
Barclays PLC(h) |  |  |
4.38%(f) |  | 2,835 | 2,638,931
8.00% |  | 200 | 209,785
9.63%(f) |  | 1,105 | 1,227,332
Citigroup, Inc., Series BB, 7.20%(h) |  | 2,500 | 2,577,705
Goldman Sachs Group, Inc., Series W, 7.50%(f)(h) |  | 2,500 | 2,654,710
HSBC Holdings PLC(f)(h) |  |  |
4.70% |  | 465 | 421,499
6.00% |  | 230 | 229,767
JPMorgan Chase & Co.(f) |  |  |
Series II, 7.04%(h) |  | 4,000 | 4,020,400
Series U, 5.48%, 01/15/87 |  | 358 | 327,529
Lloyds Banking Group PLC, 6.75%(h) |  | 515 | 517,730
NatWest Group PLC(h) |  |  |
6.00%(f) |  | 1,185 | 1,183,054
8.13% |  | 595 | 641,799
UBS Group AG(b)(h) |  |  |
Series NC10, 9.25% |  | 5,460 | 6,314,004
Series NC5, 9.25% |  | 616 | 672,348
|  |  | 27,401,192
Independent Power and Renewable Electricity Producers(b)(h) — 0.2% |
NRG Energy, Inc., 10.25% |  | 625 | 694,020
Vistra Corp., 7.00% |  | 267 | 270,213
|  |  | 964,233

126
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Pharmaceuticals — 0.6% |
CVS Health Corp. |  |  |
6.75%, 12/10/54 | USD | 635 | $636,383
7.00%, 03/10/55 |  | 2,605 | 2,686,823
|  |  | 3,323,206
Real Estate Management & Development — 0.0% |
Heimstaden Bostad AB, 2.63%(d)(h) | EUR | 100 | 111,905
Utilities — 0.0% |
Electricite de France SA, 3.00%(d)(h) |  | 200 | 230,923
| 46,120,695

|  | Shares |
Preferred Stocks — 0.4%
Capital Markets — 0.4% |
Morgan Stanley, Series F, 6.88%(a)(h) |  | 100,000 | 2,513,000
IT Services(c)(e) — 0.0% |
Veritas Kapital Assurance PLC |  |  |
Series G |  | 842 | 18,945
Series G-1 |  | 582 | 13,095
|  |  | 32,040
| 2,545,040
Total Preferred Securities — 8.1% (Cost: $48,089,912) | 48,665,735

|  | Par (000) |
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(f) — 0.5% |
Fannie Mae REMICS, Series 2023-56, Class FA, (30- day Avg SOFR + 1.40%), 5.71%, 11/25/53(a) | USD | 2,875 | 2,883,613
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47 |  | 462 | 433,279
|  |  | 3,316,892
Mortgage-Backed Securities — 14.8% |
Freddie Mac Mortgage-Backed Securities(f) |  |  |
2.50%, 09/01/32 |  | 1,955 | 1,874,517
4.00%, 05/01/39 |  | 2,857 | 2,812,122
Uniform Mortgage-Backed Securities |  |  |
2.00%, 08/01/31 - 09/01/35(f) |  | 7,686 | 7,109,872
2.50%, 12/01/31(f) |  | 557 | 536,253
1.50%, 01/01/36 - 06/01/36(f) |  | 6,087 | 5,424,244
3.50%, 09/01/42 - 06/01/49(f) |  | 16,494 | 15,344,150
4.50%, 06/01/44 - 05/01/53(f) |  | 10,102 | 9,854,875
5.00%, 11/01/44 - 11/01/45(f) |  | 11,922 | 11,973,606
4.00%, 05/01/52(f) |  | 25,108 | 23,755,406
6.50%, 01/01/54(f) |  | 4,375 | 4,568,016
6.00%, 07/15/54(p) |  | 6,000 | 6,096,737
|  |  | 89,349,798
Total U.S. Government Sponsored Agency Securities — 15.3% (Cost: $91,769,914) | 92,666,690
Total Long-Term Investments — 149.7% (Cost: $915,925,834) | 903,955,348

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.20%(q)(r) |  | 3,897,681 | $3,897,681
Total Short-Term Securities — 0.7% (Cost: $3,897,681) | 3,897,681
Total Investments — 150.4% (Cost: $919,823,515) | 907,853,029
Liabilities in Excess of Other Assets — (50.4)% | (304,166,096 )
Net Assets — 100.0% | $603,686,933

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(e) | Non-income producing security.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(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) | Convertible security.
(j) | Zero-coupon bond.
(k) | 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.
(l) | When-issued security.
(m) | Issuer filed for bankruptcy and/or is in default.
(n) | 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.
(o) | Rounds to less than 1,000.
(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.
Schedule of Investments
127

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/25 | Shares Held at 06/30/25 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $5,197,114 | $— | $(1,299,433 )(a) | $— | $— | $3,897,681 | 3,897,681 | $122,250 | $—

(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)
Credit Agricole Corporate and Investment Bank | 4.50 %(b) | 08/27/24 | Open | $347,973 | $363,539 | Foreign Agency Obligations | Open/Demand
Credit Agricole Corporate and Investment Bank | 4.52 (b) | 08/27/24 | Open | 96,671 | 101,012 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 04/15/25 | Open | 213,098 | 215,067 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.32 (b) | 04/15/25 | Open | 131,989 | 133,209 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 159,397 | 160,880 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.35 (b) | 04/15/25 | Open | 196,182 | 198,008 | Foreign Agency Obligations | Open/Demand
Nomura Securities International, Inc. | 4.40 (b) | 04/15/25 | Open | 1,638,900 | 1,654,324 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 04/15/25 | Open | 257,078 | 259,508 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.43 (b) | 04/15/25 | Open | 393,750 | 397,481 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.43 (b) | 04/15/25 | Open | 279,467 | 282,115 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.45 (b) | 04/15/25 | Open | 1,132,862 | 1,143,645 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 94,889 | 95,796 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 04/15/25 | Open | 130,505 | 131,753 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 144,500 | 145,884 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 114,326 | 115,422 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 325,220 | 328,336 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 325,920 | 329,043 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 129,200 | 130,438 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 96,313 | 97,235 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 651,911 | 658,158 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 642,874 | 649,034 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 404,430 | 408,305 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 1,361,600 | 1,374,647 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 85,233 | 86,049 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 136,740 | 138,050 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 111,510 | 112,579 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 04/15/25 | Open | 180,251 | 181,978 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.50 (b) | 04/15/25 | Open | 911,174 | 919,944 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.55 (b) | 04/15/25 | Open | 1,090,144 | 1,100,753 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 908,004 | 917,035 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 466,371 | 471,010 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 731,417 | 738,691 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 450,859 | 455,343 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 978,656 | 988,390 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 3,152,090 | 3,183,440 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 04/15/25 | Open | 422,520 | 426,722 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.42 (b) | 05/01/25 | Open | 445,500 | 448,837 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 276,938 | 278,906 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 877,500 | 883,738 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 452,500 | 455,717 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.49 (b) | 05/05/25 | Open | 143,850 | 144,873 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 513,750 | 517,410 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 607,000 | 611,325 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 677,250 | 682,075 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 502,495 | 506,075 | Corporate Bonds | Open/Demand

128
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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)
TD Securities (USA) LLC | 4.50 %(b) | 05/05/25 | Open | $256,086 | $257,911 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 431,833 | 434,909 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 538,125 | 541,959 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 256,000 | 257,824 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 361,250 | 363,824 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 1,414,706 | 1,424,786 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 338,625 | 341,038 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/05/25 | Open | 198,344 | 199,757 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 1,253,052 | 1,262,179 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/05/25 | Open | 581,595 | 585,831 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 161,075 | 162,261 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 5,331,767 | 5,371,023 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,763,381 | 1,776,364 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,109,605 | 1,117,774 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,559,425 | 1,570,906 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,031,330 | 1,038,923 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 1,447,802 | 1,458,462 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/05/25 | Open | 435,540 | 438,747 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.47 (b) | 05/06/25 | Open | 338,225 | 340,577 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/06/25 | Open | 3,223,640 | 3,246,958 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/06/25 | Open | 896,350 | 902,834 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/06/25 | Open | 3,261,094 | 3,284,682 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.35 (b) | 05/12/25 | Open | 2,047,500 | 2,059,870 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 1,281,875 | 1,289,709 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.40 (b) | 05/12/25 | Open | 323,549 | 325,526 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.44 (b) | 05/12/25 | Open | 187,147 | 188,301 | Foreign Agency Obligations | Open/Demand
BNP Paribas SA | 4.44 (b) | 05/12/25 | Open | 941,250 | 947,054 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 493,890 | 496,942 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 709,537 | 713,923 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.45 (b) | 05/12/25 | Open | 195,750 | 196,960 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.46 (b) | 05/12/25 | Open | 277,915 | 279,637 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 05/12/25 | Open | 1,216,085 | 1,223,635 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.47 (b) | 05/12/25 | Open | 431,333 | 434,010 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 3,825,000 | 3,848,853 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 505,850 | 509,005 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 669,212 | 673,386 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 330,006 | 332,064 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 216,090 | 217,438 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 416,250 | 418,846 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 145,421 | 146,328 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 767,979 | 772,768 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 898,750 | 904,355 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 166,269 | 167,306 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 140,400 | 141,276 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 307,609 | 309,527 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 1,527,707 | 1,537,234 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/12/25 | Open | 156,400 | 157,375 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.53 (b) | 05/12/25 | Open | 1,587,888 | 1,597,878 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.58 (b) | 05/12/25 | Open | 2,544,469 | 2,560,654 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 1,240,267 | 1,248,191 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 190,689 | 191,907 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 368,113 | 370,464 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 86,819 | 87,373 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.60 (b) | 05/12/25 | Open | 394,200 | 396,718 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.63 (b) | 05/12/25 | Open | 1,999,387 | 2,012,245 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.64 (b) | 05/12/25 | Open | 306,686 | 308,663 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.65 (b) | 05/12/25 | Open | 1,995,290 | 2,008,176 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.48 (b) | 05/12/25 | Open | 196,094 | 197,314 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.50 (b) | 05/15/25 | Open | 386,434 | 388,704 | Capital Trusts | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/15/25 | Open | 2,559,606 | 2,575,145 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/16/25 | Open | 594,080 | 597,488 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.00 (b) | 05/16/25 | Open | 1,140,042 | 1,145,869 | Corporate Bonds | Open/Demand

Schedule of Investments
129

Schedule of Investments (unaudited)(continued)
June 30, 2025
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)
RBC Capital Markets, LLC | 4.50 %(b) | 05/16/25 | Open | $411,250 | $413,615 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 460,000 | 462,645 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 523,250 | 526,259 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,921,250 | 2,938,047 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 1,211,250 | 1,218,215 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 337,500 | 339,441 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 2,947,500 | 2,964,448 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 05/16/25 | Open | 492,700 | 495,533 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 266,900 | 268,287 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.35 (b) | 05/19/25 | Open | 1,105,721 | 1,111,466 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 208,474 | 209,582 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 450,585 | 452,980 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 259,609 | 260,989 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 05/19/25 | Open | 298,000 | 299,584 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 1,518,907 | 1,527,162 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 313,333 | 315,035 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 600,430 | 603,693 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 817,880 | 822,325 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 429,244 | 431,577 | Capital Trusts | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 830,212 | 834,724 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 713,862 | 717,742 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 226,249 | 227,478 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 471,630 | 474,193 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 05/19/25 | Open | 845,295 | 849,889 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.60 (b) | 05/19/25 | Open | 234,000 | 235,286 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/20/25 | Open | 2,418,750 | 2,431,420 | Capital Trusts | Open/Demand
BNP Paribas SA | 4.49 (b) | 05/21/25 | Open | 913,635 | 918,307 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.49 (b) | 05/22/25 | Open | 540,720 | 543,418 | Corporate Bonds | Open/Demand
Nomura Securities International, Inc. | 4.65 (b) | 05/23/25 | Open | 25,838 | 25,968 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/28/25 | Open | 394,882 | 396,560 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/29/25 | Open | 231,373 | 232,359 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 05/30/25 | Open | 523,650 | 525,745 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 05/30/25 | Open | 344,960 | 346,386 | Corporate Bonds | Open/Demand
Santander US Capital Markets LLC | 4.51 | 06/03/25 | 07/10/25 | 2,872,903 | 2,882,621 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Santander US Capital Markets LLC | 4.51 | 06/03/25 | 07/10/25 | 416,764 | 418,174 | U.S. Government Sponsored Agency Securities | Up to 30 Days
Nomura Securities International, Inc. | 4.48 (b) | 06/04/25 | Open | 198,220 | 198,886 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 06/05/25 | Open | 228,386 | 229,137 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.55 (b) | 06/06/25 | Open | 401,123 | 402,390 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,806,088 | 1,810,349 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 516,898 | 518,117 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 5,410,063 | 5,422,826 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,702,475 | 2,708,851 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 305,844 | 306,566 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 6,484,327 | 6,499,625 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,247,753 | 4,257,774 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 2,431,484 | 2,437,221 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 9,865,491 | 9,888,765 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 5,190,389 | 5,202,634 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 5,757,597 | 5,771,180 | U.S. Government Sponsored Agency Securities | Up to 30 Days

130
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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)
HSBC Securities (USA), Inc. | 4.47 % | 06/11/25 | 07/14/25 | $1,404,482 | $1,407,795 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,415,847 | 4,426,265 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 22,742,619 | 22,798,012 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 1,625,891 | 1,629,727 | U.S. Government Sponsored Agency Securities | Up to 30 Days
HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | 4,878,965 | 4,890,475 | U.S. Government Sponsored Agency Securities | Up to 30 Days
TD Securities (USA) LLC | 4.50 (b) | 06/11/25 | Open | 484,530 | 485,741 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 06/11/25 | Open | 306,313 | 307,078 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 06/11/25 | Open | 283,875 | 284,585 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 2.50 | 06/13/25 | 07/15/25 | 473,469 | 474,061 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 1,187,280 | 1,189,744 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 782,861 | 784,486 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | 646,345 | 647,686 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | 226,860 | 227,336 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | 408,883 | 409,751 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | 61,023 | 61,154 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 1,284,412 | 1,287,206 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 666,050 | 667,499 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 762,090 | 763,748 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 224,895 | 225,384 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 721,500 | 723,069 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 643,458 | 644,857 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | 684,652 | 686,142 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 683,419 | 684,922 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 444,188 | 445,165 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 166,819 | 167,186 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 428,794 | 429,737 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 300,670 | 301,331 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 414,965 | 415,878 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 99,343 | 99,561 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | 461,396 | 462,411 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 384,863 | 385,719 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 2,043,162 | 2,047,709 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 803,818 | 805,607 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 573,728 | 575,004 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 469,965 | 471,011 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 857,387 | 859,295 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 181,886 | 182,291 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 421,088 | 422,024 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 350,900 | 351,681 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,115,887 | 1,118,370 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | 1,321,642 | 1,324,583 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | 501,750 | 502,874 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 116,341 | 116,603 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 537,415 | 538,624 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 85,892 | 86,085 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 77,518 | 77,692 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 324,473 | 325,203 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 561,600 | 562,864 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 749,404 | 751,090 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 225,220 | 225,727 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | 219,063 | 219,555 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.53 | 06/13/25 | 07/15/25 | 2,112,187 | 2,116,972 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | 354,938 | 355,745 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 2,549,400 | 2,555,264 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,139,400 | 1,142,021 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 204,712 | 205,183 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,806,607 | 1,810,762 | Corporate Bonds | Up to 30 Days

Schedule of Investments
131

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.60 % | 06/13/25 | 07/15/25 | $941,377 | $943,543 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 2,373,000 | 2,378,458 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 3,309,656 | 3,317,268 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 213,469 | 213,960 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 487,370 | 488,491 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 870,157 | 872,159 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | 1,029,105 | 1,031,472 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | 372,075 | 372,934 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | 866,932 | 868,935 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | 387,310 | 388,205 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 243,506 | 244,071 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | 1,130,580 | 1,133,203 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.50 | 06/13/25 | 07/15/25 | 775,129 | 776,873 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.60 | 06/13/25 | 07/15/25 | 205,100 | 205,572 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 4.65 | 06/13/25 | 07/15/25 | 1,458,175 | 1,461,565 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 4.50 (b) | 06/13/25 | Open | 228,404 | 228,918 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 06/13/25 | Open | 176,563 | 176,960 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.50 (b) | 06/13/25 | Open | 258,750 | 259,332 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 547,750 | 548,777 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 567,188 | 568,251 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 550,486 | 551,518 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 687,500 | 688,789 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 599,000 | 600,123 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 159,533 | 159,832 | Foreign Agency Obligations | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 2,048,440 | 2,052,281 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 215,838 | 216,242 | Corporate Bonds | Open/Demand
HSBC Securities (USA), Inc. | 4.50 (b) | 06/16/25 | Open | 575,450 | 576,529 | Corporate Bonds | Open/Demand
Societe Generale | 4.49 (b) | 06/16/25 | Open | 313,250 | 313,836 | Capital Trusts | Open/Demand
Societe Generale | 4.49 (b) | 06/16/25 | Open | 214,227 | 214,628 | Corporate Bonds | Open/Demand
Societe Generale | 4.50 (b) | 06/16/25 | Open | 1,169,562 | 1,171,755 | Corporate Bonds | Open/Demand
Societe Generale | 4.50 (b) | 06/16/25 | Open | 820,000 | 821,537 | Corporate Bonds | Open/Demand
Societe Generale | 4.63 (b) | 06/16/25 | Open | 3,030,000 | 3,035,845 | Corporate Bonds | Open/Demand
Societe Generale | 4.64 (b) | 06/16/25 | Open | 1,419,130 | 1,421,874 | Corporate Bonds | Open/Demand
Societe Generale | 4.64 (b) | 06/16/25 | Open | 1,956,795 | 1,960,578 | Corporate Bonds | Open/Demand
TD Securities (USA) LLC | 4.65 (b) | 06/16/25 | Open | 110,175 | 110,388 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.50 | 06/18/25 | 07/15/25 | 109,681 | 109,859 | Corporate Bonds | Up to 30 Days
Merrill Lynch International | 3.50 | 06/18/25 | 07/15/25 | 170,795 | 171,011 | Corporate Bonds | Up to 30 Days
BNP Paribas SA | 4.39 (b) | 06/18/25 | Open | 625,135 | 626,126 | Corporate Bonds | Open/Demand
BNP Paribas SA | 4.49 (b) | 06/18/25 | Open | 978,120 | 979,706 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 06/18/25 | Open | 102,900 | 103,067 | Corporate Bonds | Open/Demand
RBC Capital Markets, LLC | 4.50 (b) | 06/18/25 | Open | 219,725 | 220,082 | Corporate Bonds | Open/Demand
Barclays Bank PLC | 4.45 | 06/23/25 | 08/01/25 | 471,390 | 471,856 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | 564,000 | 564,563 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | 413,125 | 413,537 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | 4,207,500 | 4,211,698 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | 1,701,812 | 1,703,514 | Corporate Bonds | 31 - 90 Days
Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | 2,482,262 | 2,484,745 | Capital Trusts | 31 - 90 Days
Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | 701,250 | 701,951 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | 211,006 | 211,147 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.40 | 06/23/25 | 08/01/25 | 127,592 | 127,717 | Foreign Agency Obligations | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 283,875 | 284,156 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 1,716,320 | 1,718,017 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | 211,602 | 211,812 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 316,492 | 316,808 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 911,400 | 912,309 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 546,000 | 546,545 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 393,500 | 393,893 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 3,539,581 | 3,543,113 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 3,785,000 | 3,788,777 | Capital Trusts | 31 - 90 Days
Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | 622,250 | 622,871 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | 653,947 | 654,609 | Corporate Bonds | 31 - 90 Days
Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | 1,056,878 | 1,057,970 | Capital Trusts | 31 - 90 Days

132
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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. | 4.60 %(b) | 06/24/25 | Open | $1,508,097 | $1,508,097 | Corporate Bonds | Up to 30 Days
Barclays Capital, Inc. | 4.60 | 06/25/25 | 08/01/25 | 1,917,500 | 1,918,970 | Corporate Bonds | 31 - 90 Days
RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | 1,410,000 | 1,410,881 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | 1,036,462 | 1,037,110 | Corporate Bonds | Up to 30 Days
RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | 768,750 | 769,230 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | 638,085 | 638,466 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | 182,813 | 182,924 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.45 | 06/26/25 | 07/29/25 | 604,200 | 604,573 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 924,642 | 925,220 | Capital Trusts | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 152,594 | 152,690 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 497,768 | 498,080 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 957,646 | 958,244 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 305,544 | 305,735 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 335,175 | 335,384 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 228,043 | 228,185 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 368,900 | 369,131 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 2,109,772 | 2,111,091 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 1,419,930 | 1,420,817 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 230,040 | 230,184 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 942,067 | 942,656 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 812,062 | 812,570 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | 1,116,300 | 1,116,998 | Corporate Bonds | Up to 30 Days
BNP Paribas SA | 4.63 (b) | 06/30/25 | Open | 1,541,805 | 1,541,805 | Corporate Bonds | Open/Demand
BofA Securities, Inc. | 4.60 (b) | 06/30/25 | Open | 66,150 | 66,150 | Corporate Bonds | Up to 30 Days
J.P. Morgan Securities LLC | 4.50 | 06/30/25 | 07/29/25 | 1,409,130 | 1,409,130 | Corporate Bonds | Up to 30 Days
BofA Securities, Inc. | 4.64 (b) | 06/30/25 | Open | 1,130,625 | 1,130,625 | Corporate Bonds | Open/Demand
Goldman Sachs & Co. LLC | 4.45 (b) | 06/30/25 | Open | 80,713 | 80,712 | Corporate Bonds | Open/Demand
|  |  |  | $304,608,212 | $305,750,268 |  |

(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 | 2,237 | 09/30/25 | $465,401 | $1,858,493
Short Contracts |  |  |  |
10-Year U.S. Treasury Note | 632 | 09/19/25 | 70,863 | (1,483,331 )
10-Year U.S. Ultra Long Treasury Note | 206 | 09/19/25 | 23,536 | (595,134 )
U.S. Long Bond | 421 | 09/19/25 | 48,560 | (1,851,646 )
Ultra U.S. Treasury Bond | 40 | 09/19/25 | 4,759 | (193,656 )
5-Year U.S. Treasury Note | 959 | 09/30/25 | 104,546 | (1,173,153 )
|  |  |  | (5,296,920 )
|  |  |  | $(3,438,427 )

Forward Foreign Currency Exchange Contracts

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
EUR | 102,247 | USD | 117,097 | Citibank N.A. | 07/16/25 | $3,456
USD | 137,416 | EUR | 120,658 | Credit Agricole CIB | 07/16/25 | (4,844 )
USD | 441,705 | EUR | 387,834 | Credit Agricole CIB | 07/16/25 | (15,567 )

Schedule of Investments
133

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation)
USD | 113,584 | EUR | 99,716 | Deutsche Bank AG | 07/16/25 | $(3,985 )
USD | 113,887 | EUR | 100,000 | Deutsche Bank AG | 07/16/25 | (4,016 )
USD | 137,293 | EUR | 120,545 | Deutsche Bank AG | 07/16/25 | (4,834 )
USD | 13,202,723 | EUR | 11,313,000 | State Street Bank and Trust Co. | 09/17/25 | (191,213 )
USD | 10,503 | EUR | 9,000 | Wells Fargo Bank N.A. | 09/17/25 | (153 )
USD | 1,996,429 | GBP | 1,475,000 | Morgan Stanley & Co. International PLC | 09/17/25 | (29,221 )
|  |  |  |  |  | (253,833 )
| $(250,377 )

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 | 20,750 | $(456,671 ) | $(232,600 ) | $(224,071 )
CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30 | USD | 6,965 | (535,142 ) | (472,445 ) | (62,697 )
CDX.NA.IG.44.V1 | 1.00 | Quarterly | 06/20/30 | USD | 2,580 | (57,995 ) | (41,231 ) | (16,764 )
|  |  |  |  |  | $(1,049,808 ) | $(746,276 ) | $(303,532 )

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 | 10,420 | $1,314,707 | $643,499 | $671,208

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 | $488 | $491 | $(3 )
CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/27 | BB+ | EUR | 38 | 3,472 | 3,842 | (370 )
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 9 | 703 | (985 ) | 1,688
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 5 | 423 | (566 ) | 989
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 15 | 1,189 | (1,591 ) | 2,780
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 5 | 345 | (473 ) | 818
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 9 | 721 | (1,029 ) | 1,750
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC | EUR | 7 | 524 | (725 ) | 1,249
Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 27 | 2,144 | 2,894 | (750 )
Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 30 | (5,599 ) | (5,159 ) | (440 )
Faurecia SE | 5.00 | Quarterly | Bank of America N.A. | 12/20/29 | BB- | EUR | 15 | 924 | 966 | (42 )
iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 45 | 6,901 | 5,767 | 1,134
SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 10 | (415 ) | (726 ) | 311
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 11 | (458 ) | (723 ) | 265
SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 10 | (557 ) | (608 ) | 51
Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 10 | 1,541 | 1,398 | 143
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4,168 | (525,882 ) | (180,252 ) | (345,630 )

134
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
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)
CMBX.NA.7 | 3.00 % | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 2,084 | $(262,941 ) | $(90,022 ) | $(172,919 )
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4,168 | (525,883 ) | (89,091 ) | (436,792 )
|  |  |  |  |  |  |  | $(1,302,360 ) | $(356,592 ) | $(945,768 )

(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 | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation
Centrally Cleared Swaps(a) | $— | $(746,276 ) | $— | $(303,532 )
OTC Swaps | 658,857 | (371,950 ) | 682,386 | (956,946 )

(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) | $— | $— | $— | $— | $1,858,493 | $— | $1,858,493
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 3,456 | — | — | 3,456
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | 1,341,243 | — | — | — | — | 1,341,243
| $— | $1,341,243 | $— | $3,456 | $1,858,493 | $— | $3,203,192
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Futures contracts Unrealized depreciation on futures contracts(a) | $— | $— | $— | $— | $5,296,920 | $— | $5,296,920
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 253,833 | — | — | 253,833
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) | — | 303,532 | — | — | — | — | 303,532
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | 1,328,896 | — | — | — | — | 1,328,896
| $— | $1,632,428 | $— | $253,833 | $5,296,920 | $— | $7,183,181

(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).

For the period ended June 30, 2025, 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 | $— | $— | $— | $— | $3,330,409 | $— | $3,330,409

Schedule of Investments
135

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Forward foreign currency exchange contracts | $— | $— | $— | $(1,253,832 ) | $— | $— | $(1,253,832 )
Swaps | — | 143,101 | — | — | — | — | 143,101
| $— | $143,101 | $— | $(1,253,832 ) | $3,330,409 | $— | $2,219,678
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Futures contracts | $— | $— | $— | $— | $(6,680,383 ) | $— | $(6,680,383 )
Forward foreign currency exchange contracts | — | — | — | (496,645 ) | — | — | (496,645 )
Swaps | — | (13,329 ) | — | — | — | — | (13,329 )
| $— | $(13,329 ) | $— | $(496,645 ) | $(6,680,383 ) | $— | $(7,190,357 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long | $458,283,552
Average notional value of contracts — short | 245,424,801
Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | 15,598,818
Average amounts sold — in USD | 131,221
Credit default swaps: |
Average notional value — buy protection | 39,579,668
Average notional value — sell protection | 11,033,818

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 | $174,768 | $852,304
Forward foreign currency exchange contracts | 3,456 | 253,833
Swaps — centrally cleared | — | 33,424
Swaps — OTC(a) | 1,341,243 | 1,328,896
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 1,519,467 | 2,468,457
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (174,768 ) | (885,728 )
Total derivative assets and liabilities subject to an MNA | $1,344,699 | $1,582,729

(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(b) | Cash Collateral Received(b) | Net Amount of Derivative Assets(c)(d)
Bank of America N.A. | $2,965 | $(1,753 ) | $— | $— | $1,212
Barclays Bank PLC | 6,979 | (6,979 ) | — | — | —
BNP Paribas SA | 6,901 | — | — | — | 6,901
Citibank N.A. | 4,274 | (473 ) | — | — | 3,801
Deutsche Bank AG | 1,316,248 | (18,434 ) | — | (1,297,814 ) | —
JPMorgan Chase Bank N.A. | 2,241 | (1,032 ) | — | — | 1,209
Morgan Stanley & Co. International PLC | 5,091 | (5,091 ) | — | — | —
| $1,344,699 | $(33,762 ) | $— | $(1,297,814 ) | $13,123

136
2025 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)(e)
Bank of America N.A. | $1,753 | $(1,753 ) | $— | $— | $—
Barclays Bank PLC | 1,318,944 | (6,979 ) | — | (1,311,965 ) | —
Citibank N.A. | 473 | (473 ) | — | — | —
Credit Agricole CIB | 20,411 | — | — | — | 20,411
Deutsche Bank AG | 18,434 | (18,434 ) | — | — | —
JPMorgan Chase Bank N.A. | 1,032 | (1,032 ) | — | — | —
Morgan Stanley & Co. International PLC | 30,316 | (5,091 ) | — | — | 25,225
State Street Bank and Trust Co. | 191,213 | — | — | — | 191,213
Wells Fargo Bank N.A. | 153 | — | — | — | 153
| $1,582,729 | $(33,762 ) | $— | $(1,311,965 ) | $237,002

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $— | $77,671,054 | $1,743,172 | $79,414,226
Common Stocks | — | 3,473 | 13,580 | 17,053
Corporate Bonds | — | 514,476,057 | — | 514,476,057
Fixed Rate Loan Interests | — | 5,861,790 | — | 5,861,790
Floating Rate Loan Interests | — | 32,596,352 | 2,178,738 | 34,775,090
Foreign Agency Obligations | — | 5,289,699 | — | 5,289,699
Municipal Bonds | — | 4,805,575 | — | 4,805,575
Non-Agency Mortgage-Backed Securities | — | 117,983,433 | — | 117,983,433
Preferred Securities |  |  |  |
Capital Trusts | — | 46,120,695 | — | 46,120,695
Preferred Stocks | 2,513,000 | — | 32,040 | 2,545,040
U.S. Government Sponsored Agency Securities | — | 92,666,690 | — | 92,666,690
Short-Term Securities |  |  |  |
Money Market Funds | 3,897,681 | — | — | 3,897,681
Unfunded Floating Rate Loan Interests(a) | — | 298 | 97 | 395
Liabilities |  |  |  |
Unfunded Floating Rate Loan Interests(a) | — | (275 ) | — | (275 )
| $6,410,681 | $897,474,841 | $3,967,627 | $907,853,149
Derivative Financial Instruments(b) |  |  |  |
Assets |  |  |  |
Credit Contracts | $— | $682,386 | $— | $682,386
Foreign Currency Exchange Contracts | — | 3,456 | — | 3,456
Interest Rate Contracts | 1,858,493 | — | — | 1,858,493
Liabilities |  |  |  |
Credit Contracts | — | (1,260,478 ) | — | (1,260,478 )

Schedule of Investments
137

Schedule of Investments (unaudited)(continued)
June 30, 2025
BlackRock Multi-Sector Income Trust (BIT)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Liabilities (continued) |  |  |  |
Foreign Currency Exchange Contracts | $— | $(253,833 ) | $— | $(253,833 )
Interest Rate Contracts | (5,296,920 ) | — | — | (5,296,920 )
| $(3,438,427 ) | $(828,469 ) | $— | $(4,266,896 )

(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 $305,750,268 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 | Preferred Stocks | Unfunded Floating Rate Loan Interests
Assets |  |  |  |  |  |  |
Opening balance, as of December 31, 2024 | $1,482,655 | $— | $1,229,479 | $3,767,963 | $1,456,688 | $28,400 | $—
Transfers into Level 3 | — | — | — | — | 2,134,377 | — | 21
Transfers out of Level 3 | — | — | (1,229,479 ) | (2,368,044 ) | (485,477 ) | — | —
Accrued discounts/premiums | — | — | — | 1,144 | 3,036 | — | —
Net realized gain (loss) | (23,315 ) | — | — | 10,264 | (32,875 ) | — | —
Net change in unrealized appreciation (depreciation)(a)(b) | 190,848 | (485 ) | — | 13,337 | (9,792 ) | 3,640 | 76
Purchases | 674,684 | 14,065 | — | 152,190 | 770,885 | — | —
Sales | (581,700 ) | — | — | (1,576,854 ) | (1,658,104 ) | — | —
Closing balance, as of June 30, 2025 | $1,743,172 | $13,580 | $— | $— | $2,178,738 | $32,040 | $97
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $29,194 | $(485 ) | $— | $— | $1,737 | $3,640 | $76

| Total
Assets |
Opening balance, as of December 31, 2024 | $7,965,185
Transfers into Level 3 | 2,134,398
Transfers out of Level 3 | (4,083,000 )
Accrued discounts/premiums | 4,180
Net realized gain (loss) | (45,926 )
Net change in unrealized appreciation (depreciation)(a)(b) | 197,624
Purchases | 1,611,824
Sales | (3,816,658 )
Closing balance, as of June 30, 2025 | $3,967,627
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025(b) | $34,162

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 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.
138
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited)
June 30, 2025

| DSU | FRA | BKT | BLW
ASSETS |  |  |  |
Investments, at value — unaffiliated(a) | $ 698,229,026 | $ 580,331,027 | $ 384,784,546 | $ 876,354,835
Investments, at value — affiliated(b) | 4,688,750 | 6,832,934 | 2,362,061 | 1,310,068
Cash | 213,224 | — | — | 269,043
Cash pledged: |  |  |  |
Futures contracts | — | — | 577,000 | 806,470
Centrally cleared swaps | 41,000 | — | 1,000 | 537,000
Foreign currency, at value(c) | 59,254 | 46,177 | — | 998,900
Receivables: |  |  |  |
Investments sold | 6,912,845 | 6,315,590 | — | 8,259,806
Reverse repurchase agreements | — | — | — | 3,187,431
TBA sale commitments | — | — | 26,261 | —
Capital shares sold | 859,798 | — | — | 206,294
Dividends — unaffiliated | — | — | — | 23,895
Dividends — affiliated | — | 1,714 | 9,874 | 23,051
Interest — unaffiliated | 7,438,456 | 5,592,056 | 2,653,968 | 11,431,493
Variation margin on futures contracts | — | — | 70,125 | 107,391
Variation margin on centrally cleared swaps | 1,794 | — | — | —
Swap premiums paid | — | — | — | 10,677
Unrealized appreciation on: |  |  |  |
Forward foreign currency exchange contracts | — | — | — | 1,761
OTC swaps | 302,526 | — | — | 259,214
Unfunded floating rate loan interests | 468 | 456 | — | 415
Deferred offering costs | 141,399 | — | 148,238 | 94,345
Prepaid expenses | 11,724 | 8,004 | 11,441 | 8,522
Total assets | 718,900,264 | 599,127,958 | 390,644,514 | 903,890,611
LIABILITIES |  |  |  |
Bank overdraft | — | 4,017,606 | 5,307 | —
Cash received: |  |  |  |
Collateral — reverse repurchase agreements | — | — | 275,000 | 2,216,000
Collateral — TBA commitments | — | — | 380,000 | —
Borrowed bonds, at value(d) | — | — | 698,532 | —
TBA sale commitments, at value(e) | — | — | 26,780 | —
Reverse repurchase agreements, at value | — | — | 67,875,132 | 329,899,967
Payables: |  |  |  |
Investments purchased | 20,653,419 | 18,968,943 | 30,675,948 | 24,732,391
Reverse repurchase agreements | — | — | — | 6,097,230
Accounting services fees | 65,666 | 63,133 | 45,566 | 79,119
Administration fees | — | — | 35,322 | —
Bank borrowings | 120,000,000 | 134,000,000 | — | —
Custodian fees | 20,658 | 10,899 | 24,228 | 37,128
Income dividend distributions | — | — | 71,972 | —
Interest expense and fees | 567,717 | 597,084 | 4,956 | —
Investment advisory fees | 310,589 | 350,941 | 152,875 | 389,592
Directors’ and Officer’s fees | 286,916 | 248 | 148,197 | 364,203
Other accrued expenses | 12,149 | 16,337 | 16,927 | 28,131
Principal payups | — | — | 807,957 | 46,233
Professional fees | 51,445 | 74,421 | 16,803 | 60,600
Reorganization costs | — | — | 226,610 | —
Transfer agent fees | 53,479 | 35,832 | 24,583 | 36,858
Variation margin on futures contracts | — | — | 147,323 | 195,928
Variation margin on centrally cleared swaps | — | — | — | 29,895
Swap premiums received | 197,573 | — | — | 130,491

Financial Statements
139

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| DSU | FRA | BKT | BLW
Unrealized depreciation on: |  |  |  |
Forward foreign currency exchange contracts | $ 16,785 | $ — | $ — | $ 179,591
OTC swaps | — | — | — | 1,181
Unfunded floating rate loan interests | 876 | 505 | — | 707
Total liabilities | 142,237,272 | 158,135,949 | 101,660,018 | 364,525,245
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 576,662,992 | $ 440,992,009 | $ 288,984,496 | $ 539,365,366
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(f)(g)(h) | $ 735,304,875 | $ 527,090,313 | $ 480,546,969 | $ 647,874,927
Accumulated loss | (158,641,883) | (86,098,304) | (191,562,473) | (108,509,561)
NET ASSETS | $ 576,662,992 | $ 440,992,009 | $ 288,984,496 | $ 539,365,366
Net asset value | $ 10.35 | $ 12.46 | $ 11.90 | $ 13.98
(a) Investments, at cost—unaffiliated | $713,169,309 | $588,613,517 | $412,678,998 | $874,445,436
(b) Investments, at cost—affiliated | $4,593,335 | $6,537,568 | $2,362,061 | $1,310,068
(c) Foreign currency, at cost | $56,569 | $41,049 | $— | $984,571
(d) Proceeds received from borrowed bonds | $— | $— | $842,347 | $—
(e) Proceeds from TBA sale commitments | $— | $— | $26,261 | $—
(f) Shares outstanding | 55,698,311 | 35,381,351 | 24,291,714 | 38,568,299
(g) Shares authorized | 400million | 200 million | 200 million | Unlimited
(h) Par value | $0.10 | $0.10 | $0.010 | $0.001

See notes to financial statements.
140
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| BIT
ASSETS |
Investments, at value — unaffiliated(a) | $ 903,955,348
Investments, at value — affiliated(b) | 3,897,681
Cash pledged: |
Collateral — reverse repurchase agreements | 1,590,000
Collateral — OTC derivatives | 1,490,000
Futures contracts | 5,037,400
Centrally cleared swaps | 604,000
Foreign currency, at value(c) | 580,299
Receivables: |
Investments sold | 4,562,849
Reverse repurchase agreements | 4,327,390
Capital shares sold | 577,609
Dividends — unaffiliated | 43,446
Dividends — affiliated | 18,786
Interest — unaffiliated | 11,421,397
Variation margin on futures contracts | 174,768
Swap premiums paid | 658,857
Unrealized appreciation on: |
Forward foreign currency exchange contracts | 3,456
OTC swaps | 682,386
Unfunded floating rate loan interests | 395
Deferred offering costs | 123,484
Prepaid expenses | 13,360
Total assets | 939,762,911
LIABILITIES |
Bank overdraft | 161,996
Cash received: |
Collateral — reverse repurchase agreements | 973,000
Collateral — OTC derivatives | 1,680,000
Reverse repurchase agreements, at value | 305,750,268
Payables: |
Investments purchased | 17,663,739
Reverse repurchase agreements | 6,078,191
Accounting services fees | 82,305
Custodian fees | 38,028
Investment advisory fees | 591,488
Offering costs | 91,786
Directors’ and Officer’s fees | 155,789
Other accrued expenses | 16,760
Principal payups | 184,567
Professional fees | 92,959
Transfer agent fees | 46,370
Variation margin on futures contracts | 852,304
Variation margin on centrally cleared swaps | 33,424
Swap premiums received | 371,950

Financial Statements
141

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2025

| BIT
Unrealized depreciation on: |
Forward foreign currency exchange contracts | $ 253,833
OTC swaps | 956,946
Unfunded floating rate loan interests | 275
Total liabilities | 336,075,978
Commitments and contingent liabilities |
NET ASSETS | $ 603,686,933
NET ASSETS CONSIST OF |
Paid-in capital(d)(e)(f) | $ 672,538,975
Accumulated loss | (68,852,042)
NET ASSETS | $ 603,686,933
Net asset value | $ 14.41
(a) Investments, at cost—unaffiliated | $915,925,834
(b) Investments, at cost—affiliated | $3,897,681
(c) Foreign currency, at cost | $589,474
(d) Shares outstanding | 41,906,187
(e) Shares authorized | Unlimited
(f) Par value | $0.001

See notes to financial statements.
142
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Operations (unaudited)
Six Months Ended June 30, 2025

| DSU | FRA | BKT | BLW
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $908,821 | $498,075 | $— | $107,447
Dividends — affiliated | 107,950 | 111,674 | 92,625 | 71,699
Interest — unaffiliated | 24,023,042 | 21,279,268 | 7,452,929 | 29,760,970
Payment-in-kind interest — unaffiliated | 214,856 | 279,393 | — | 372,595
Other income — unaffiliated | 107,997 | 105,787 | — | 80,397
Total investment income | 25,362,666 | 22,274,197 | 7,545,554 | 30,393,108
EXPENSES |  |  |  |
Investment advisory | 1,818,859 | 2,155,250 | 874,400 | 2,325,886
Professional | 74,678 | 56,275 | 32,797 | 71,552
Accounting services | 49,808 | 47,534 | 32,786 | 62,122
Transfer agent | 49,116 | 34,342 | 33,235 | 32,892
Directors and Officer | 37,032 | 13,734 | 19,136 | 42,057
Custodian | 14,012 | 5,821 | 13,255 | 25,468
Registration | 8,512 | 6,122 | 6,874 | 6,297
Printing and postage | 6,461 | 4,317 | 7,086 | 15,501
Administration | — | — | 201,785 | —
Reorganization | — | — | 11,025 | —
Miscellaneous | 15,530 | 8,034 | 18,425 | 9,789
Total expenses excluding interest expense | 2,074,008 | 2,331,429 | 1,250,804 | 2,591,564
Interest expense and fees — unaffiliated | 2,845,389 | 3,543,709 | 1,492,839 | 7,560,943
Total expenses | 4,919,397 | 5,875,138 | 2,743,643 | 10,152,507
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (7,791 ) | (16,192 ) | (1,941 ) | (1,287 )
Total expenses after fees waived and/or reimbursed | 4,911,606 | 5,858,946 | 2,741,702 | 10,151,220
Net investment income | 20,451,060 | 16,415,251 | 4,803,852 | 20,241,888
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (4,231,816 ) | (4,128,029 ) | (3,672,967 ) | (3,221,186 )
Forward foreign currency exchange contracts | (2,208 ) | (100 ) | — | (940,751 )
Foreign currency transactions | (5,533 ) | 113 | — | (51,263 )
Futures contracts | — | — | 797,141 | 1,065,323
Swaps | 534,490 | — | (3 ) | 264,295
| (3,705,067 ) | (4,128,016 ) | (2,875,829 ) | (2,883,582 )
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 972,302 | (1,233,683 ) | 12,342,544 | 7,625,702
Investments — affiliated | 95,415 | 106,650 | — | —
Borrowed bonds | — | — | (13,219 ) | —
Forward foreign currency exchange contracts | (95,250 ) | (45 ) | — | (354,001 )
Foreign currency translations | 6,474 | 5,601 | — | 40,268
Futures contracts | — | — | (510,247 ) | (800,285 )
Swaps | (632,742 ) | — | 9 | (184,107 )
Unfunded floating rate loan interests | (1,592 ) | (1,469 ) | — | (1,253 )
| 344,607 | (1,122,946 ) | 11,819,087 | 6,326,324
Net realized and unrealized gain (loss) | (3,360,460 ) | (5,250,962 ) | 8,943,258 | 3,442,742
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $17,090,600 | $11,164,289 | $13,747,110 | $23,684,630

See notes to financial statements.
Financial Statements
143

Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2025

| BIT
INVESTMENT INCOME |
Dividends — affiliated | $122,250
Interest — unaffiliated | 30,794,566
Payment-in-kind interest — unaffiliated | 310,770
Other income — unaffiliated | 5,016
Total investment income | 31,232,602
EXPENSES |
Investment advisory | 3,618,799
Offering | 91,233
Professional | 83,479
Accounting services | 62,975
Transfer agent | 37,670
Directors and Officer | 28,273
Custodian | 25,107
Registration | 7,788
Printing and postage | 6,696
Miscellaneous | 13,769
Total expenses excluding interest expense | 3,975,789
Interest expense — unaffiliated | 7,085,727
Total expenses | 11,061,516
Less: |
Fees waived and/or reimbursed by the Manager | (2,213 )
Total expenses after fees waived and/or reimbursed | 11,059,303
Net investment income | 20,173,299
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) from: |
Investments — unaffiliated | (708,859 )
Forward foreign currency exchange contracts | (1,253,832 )
Foreign currency transactions | (47,931 )
Futures contracts | 3,330,409
Swaps | 143,101
| 1,462,888
Net change in unrealized appreciation (depreciation) on: |
Investments — unaffiliated | 12,084,244
Forward foreign currency exchange contracts | (496,645 )
Foreign currency translations | 19,212
Futures contracts | (6,680,383 )
Swaps | (13,329 )
Unfunded floating rate loan interests | 3,151
| 4,916,250
Net realized and unrealized gain | 6,379,138
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $26,552,437

See notes to financial statements.
144
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets

| DSU | FRA
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $20,451,060 | $45,000,878 | $16,415,251 | $40,768,686
Net realized loss | (3,705,067 ) | (17,286,156 ) | (4,128,016 ) | (8,976,621 )
Net change in unrealized appreciation (depreciation) | 344,607 | 16,313,448 | (1,122,946 ) | 7,419,531
Net increase in net assets resulting from operations | 17,090,600 | 44,028,170 | 11,164,289 | 39,211,596
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income | (31,947,208 )(b) | (45,765,458 ) | (26,256,266 )(b) | (41,212,822 )
Return of capital | — | (11,106,848 ) | — | (11,167,422 )
Decrease in net assets resulting from distributions to shareholders | (31,947,208 ) | (56,872,306 ) | (26,256,266 ) | (52,380,244 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | 39,986,060 | 54,828,279 | — | —
Reinvestment of distributions | 871,757 | 1,279,363 | 964,612 | 952,515
Net increase in net assets derived from capital share transactions | 40,857,817 | 56,107,642 | 964,612 | 952,515
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 26,001,209 | 43,263,506 | (14,127,365 ) | (12,216,133 )
Beginning of period | 550,661,783 | 507,398,277 | 455,119,374 | 467,335,507
End of period | $576,662,992 | $550,661,783 | $440,992,009 | $455,119,374

(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
145

Statements of Changes in Net Assets(continued)

| BKT | BLW
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $4,803,852 | $7,733,744 | $20,241,888 | $41,088,469
Net realized loss | (2,875,829 ) | (7,543,058 ) | (2,883,582 ) | (10,713,392 )
Net change in unrealized appreciation (depreciation) | 11,819,087 | 2,662,162 | 6,326,324 | 14,642,372
Net increase in net assets resulting from operations | 13,747,110 | 2,852,848 | 23,684,630 | 45,017,449
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income | (12,065,597 )(b) | (8,633,488 ) | (25,652,473 )(b) | (42,306,248 )
Return of capital | — | (13,918,550 ) | — | (5,391,911 )
Decrease in net assets resulting from distributions to shareholders | (12,065,597 ) | (22,552,038 ) | (25,652,473 ) | (47,698,159 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | — | 27,042,472 | 11,717,264
Net proceeds from the issuance of shares due to reorganization | 35,673,791 | — | — | —
Reinvestment of distributions | — | — | — | 1,484,160
Redemption of shares due to reorganization | (341 ) | — | — | —
Net increase in net assets derived from capital share transactions | 35,673,450 | — | 27,042,472 | 13,201,424
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 37,354,963 | (19,699,190 ) | 25,074,629 | 10,520,714
Beginning of period | 251,629,533 | 271,328,723 | 514,290,737 | 503,770,023
End of period | $288,984,496 | $251,629,533 | $539,365,366 | $514,290,737

(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.
146
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| BIT
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24
INCREASE (DECREASE) IN NET ASSETS |  |
OPERATIONS |  |
Net investment income | $20,173,299 | $38,170,016
Net realized gain (loss) | 1,462,888 | (6,077,096 )
Net change in unrealized appreciation (depreciation) | 4,916,250 | 15,098,365
Net increase in net assets resulting from operations | 26,552,437 | 47,191,285
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |
From net investment income | (30,671,055 )(b) | (37,506,470 )
Return of capital | — | (19,796,668 )
Decrease in net assets resulting from distributions to shareholders | (30,671,055 ) | (57,303,138 )
CAPITAL SHARE TRANSACTIONS |  |
Net proceeds from the issuance of shares | 28,721,562 | 27,045,369
Reinvestment of distributions | 1,228,091 | 2,749,014
Net increase in net assets derived from capital share transactions | 29,949,653 | 29,794,383
NET ASSETS |  |
Total increase in net assets | 25,831,035 | 19,682,530
Beginning of period | 577,855,898 | 558,173,368
End of period | $603,686,933 | $577,855,898

(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
147

Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2025

| DSU | FRA | BKT | BLW
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $17,090,600 | $11,164,289 | $13,747,110 | $23,684,630
Adjustments to reconcile net increase 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 | 118,555,251 | 117,680,786 | 477,940,604 | 194,876,482
Purchases of long-term investments | (166,311,818 ) | (99,006,182 ) | (475,238,297 ) | (210,727,316 )
Net proceeds from sales (purchases) of short-term securities | (147,713 ) | (2,523,385 ) | 5,811,953 | (1,482,139 )
Amortization of premium and accretion of discount on investments and other fees | (685,662 ) | (512,818 ) | 3,116,761 | (1,173,936 )
Paid-in-kind income | (214,856 ) | (279,393 ) | — | (372,595 )
Net realized loss on investments | 4,407,584 | 4,164,712 | 3,673,070 | 3,223,928
Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, foreign currency translations and unfunded floating rate loan interests | (334,925 ) | 1,127,033 | (12,329,325 ) | (7,159,118 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | — | 457 | 2,122 | (22,318 )
Dividends — unaffiliated | — | — | — | 263
Interest — unaffiliated | (1,677,187 ) | (1,214,210 ) | (36,550 ) | (1,249,046 )
Variation margin on futures contracts | — | — | 109 | 4,100
Variation margin on centrally cleared swaps | (1,794 ) | — | — | —
Swap premiums paid | 2,045 | — | — | (3,642 )
Prepaid expenses | (7,299 ) | (4,178 ) | (9,175 ) | (4,172 )
Deferred offering costs. | 30,606 | — | (803 ) | 3,199
Increase (Decrease) in Liabilities |  |  |  |
Cash received |  |  |  |
Collateral — reverse repurchase agreements | — | — | 245,000 | 2,216,000
Collateral — OTC derivatives | (410,000 ) | — | — | —
Collateral — TBA commitments | — | — | 370,000 | —
Payables |  |  |  |
Accounting services fees | 24,888 | 23,662 | 16,503 | 31,571
Administration fees | — | — | 2,943 | —
Custodian fees | 3,139 | (864 ) | 4,618 | 8,831
Interest expense and fees | 25,931 | (105,725 ) | (33,530 ) | 569,645
Investment advisory fees | 7,577 | (26,962 ) | 573 | (9,997 )
Directors’ and Officer’s fees | (11,295 ) | (199 ) | (1,786 ) | (1,516 )
Other accrued expenses | 3,170 | 6,214 | (1,287 ) | 24,681
Printing and postage fees | — | — | 8,938 | —
Professional fees | (49,129 ) | (32,513 ) | (37,551 ) | (47,005 )
Proxy fees | — | — | (7,475 ) | —
Reorganization costs | — | — | (84,973 ) | —
Transfer agent fees | 38,182 | 24,510 | 10,829 | 23,518
Variation margin on futures contracts | — | — | 89,483 | 165,235
Variation margin on centrally cleared swaps | (38 ) | — | — | 16,917
Swap premiums received | (98,690 ) | — | — | (18,651 )
Net cash provided by (used for) operating activities | (29,761,433 ) | 30,485,234 | 17,259,864 | 2,577,549
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (31,075,451 ) | (25,291,654 ) | (12,139,239 ) | (25,652,473 )
Payments for bank borrowings | (66,000,000 ) | (62,000,000 ) | — | —
Proceeds from bank borrowings | 84,000,000 | 53,000,000 | — | —
Increase (decrease) in bank overdraft | — | 3,803,270 | (45,238 ) | —
Proceeds from issuance of capital shares | 39,924,999 | — | — | 26,836,178
Net borrowing of reverse repurchase agreements | — | — | (8,881,880 ) | (5,986,996 )
Net cash provided by (used for) for financing activities | 26,849,548 | (30,488,384 ) | (21,066,357 ) | (4,803,291 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 4,566 | 5,601 | — | 34,684

148
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| DSU | FRA | BKT | BLW
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | $(2,907,319 ) | $2,451 | $(3,806,493 ) | $(2,191,058 )
Restricted and unrestricted cash and foreign currency at beginning of period | 3,220,797 | 43,726 | 4,384,493 | 4,802,471
Restricted and unrestricted cash and foreign currency at end of period | $313,478 | $46,177 | $578,000 | $2,611,413
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $2,819,458 | $3,649,434 | $1,526,369 | $6,991,298
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $871,757 | $964,612 | $— | $—
Fair value of investments acquired through reorganization | — | — | 33,806,434 | —
Net proceeds from the issuance of common shares due to reorganization | — | — | 35,673,791 | —
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $213,224 | $— | $— | $269,043
Cash pledged |  |  |  |
Futures contracts | — | — | 577,000 | 806,470
Centrally cleared swaps | 41,000 | — | 1,000 | 537,000
Foreign currency at value | 59,254 | 46,177 | — | 998,900
| $313,478 | $46,177 | $578,000 | $2,611,413

See notes to financial statements.
Financial Statements
149

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| BIT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
Net increase in net assets resulting from operations | $26,552,437
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
Proceeds from sales of long-term investments and principal paydowns/payups | 209,059,204
Purchases of long-term investments | (186,729,787 )
Net proceeds from sales of short-term securities | 1,306,196
Amortization of premium and accretion of discount on investments and other fees | (2,680,636 )
Paid-in-kind income | (310,770 )
Net realized loss on investments | 958,369
Net unrealized appreciation on investments, swaps, foreign currency translations and unfunded floating rate loan interests | (11,632,291 )
(Increase) Decrease in Assets |
Receivables |
Dividends — affiliated | (14,331 )
Dividends — unaffiliated | 478
Interest — unaffiliated | 407,554
Variation margin on futures contracts | 267,077
Swap premiums paid | 62,378
Prepaid expenses | (8,470 )
Deferred offering costs. | (18,978 )
Increase (Decrease) in Liabilities |
Cash received |
Collateral — reverse repurchase agreements | 942,000
Collateral — OTC derivatives | (400,000 )
Payables |
Accounting services fees | 31,411
Custodian fees | 9,379
Interest expense | (469,694 )
Investment advisory fees | (42,602 )
Directors’ and Officer’s fees | 146
Other accrued expenses | 6,095
Professional fees | (56,723 )
Transfer agent fees | 28,567
Variation margin on futures contracts | 822,858
Variation margin on centrally cleared swaps | 17,369
Swap premiums received | (31,806 )
Net cash provided by operating activities | 38,075,430
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
Cash dividends paid to shareholders | (29,442,964 )
Payments for offering costs | 91,786
Increase in bank overdraft | 161,996
Proceeds from issuance of capital shares | 28,143,953
Net borrowing of reverse repurchase agreements | (39,519,173 )
Net cash used for financing activities | (40,564,402 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
Cash impact from foreign exchange fluctuations | 9,534
CASH AND FOREIGN CURRENCY |
Net decrease in restricted and unrestricted cash and foreign currency | (2,479,438 )
Restricted and unrestricted cash and foreign currency at beginning of period | 11,781,137
Restricted and unrestricted cash and foreign currency at end of period | $9,301,699
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
Cash paid during the period for interest expense | $7,555,421
NON-CASH FINANCING ACTIVITIES |
Reinvestment of distributions | $1,228,091

150
2025 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2025

| BIT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
Cash pledged |
Collateral — reverse repurchase agreements | $1,590,000
Collateral — OTC derivatives | 1,490,000
Futures contracts | 5,037,400
Centrally cleared swaps | 604,000
Foreign currency at value | 580,299
| $9,301,699

See notes to financial statements.
Financial Statements
151

Financial Highlights
(For a share outstanding throughout each period)

| DSU
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $10.63 | $10.89 | $10.44 | $11.56 | $11.55 | $12.25
Net investment income(a) | 0.38 | 0.94 | 0.99 | 0.72 | 0.61 | 0.63
Net realized and unrealized gain (loss) | (0.07 ) | (0.02 ) | 0.51 | (1.14 ) | 0.13 | (0.50 )
Net increase (decrease) from investment operations | 0.31 | 0.92 | 1.50 | (0.42 ) | 0.74 | 0.13
Distributions(b) |  |  |  |  |  |
From net investment income | (0.59 )(c) | (0.95 ) | (0.99 ) | (0.68 ) | (0.62 ) | (0.61 )
Return of capital | — | (0.23 ) | (0.06 ) | (0.02 ) | (0.11 ) | (0.22 )
Total distributions | (0.59 ) | (1.18 ) | (1.05 ) | (0.70 ) | (0.73 ) | (0.83 )
Net asset value, end of period | $10.35 | $10.63 | $10.89 | $10.44 | $11.56 | $11.55
Market price, end of period | $10.56 | $10.76 | $10.79 | $9.20 | $11.70 | $10.45
Total Return(d) |  |  |  |  |  |
Based on net asset value | 3.04 %(e) | 8.93 % | 15.74 % | (2.97 )% | 6.67 % | 2.57 %
Based on market price | 3.86 %(e) | 11.28 % | 30.14 % | (15.51 )% | 19.33 % | 1.50 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.77 %(g) | 2.32 % | 2.47 % | 1.90 % | 1.34 % | 1.48 %
Total expenses after fees waived and/or reimbursed | 1.77 %(g) | 2.31 % | 2.47 % | 1.90 % | 1.34 % | 1.47 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.74 %(g) | 0.79 % | 0.79 % | 0.84 % | 0.92 % | 0.91 %
Net investment income | 7.35 %(g) | 8.72 % | 9.25 % | 6.65 % | 5.21 % | 5.65 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $576,663 | $550,662 | $507,398 | $486,565 | $538,681 | $537,959
Borrowings outstanding, end of period (000) | $120,000 | $102,000 | $149,000 | $164,000 | $248,000 | $229,000
Asset coverage, end of period per $1,000 of bank borrowings(h) | $5,806 | $6,399 | $4,405 | $3,967 | $3,172 | $3,349
Portfolio turnover rate | 26 % | 43 % | 30 % | 18 % | 47 % | 67 %

(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) | 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.
152
2025 BlackRock Semi-Annual Report to Shareholders

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

| FRA
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $12.89 | $13.26 | $12.81 | $13.85 | $13.81 | $14.55
Net investment income(a) | 0.46 | 1.16 | 1.24 | 0.84 | 0.67 | 0.69
Net realized and unrealized gain (loss) | (0.15 ) | (0.04 ) | 0.53 | (1.11 ) | 0.17 | (0.51 )
Net increase (decrease) from investment operations | 0.31 | 1.12 | 1.77 | (0.27 ) | 0.84 | 0.18
Distributions(b) |  |  |  |  |  |
From net investment income | (0.74 )(c) | (1.17 ) | (1.25 ) | (0.77 ) | (0.67 ) | (0.70 )
Return of capital | — | (0.32 ) | (0.07 ) | — | (0.13 ) | (0.22 )
Total distributions | (0.74 ) | (1.49 ) | (1.32 ) | (0.77 ) | (0.80 ) | (0.92 )
Net asset value, end of period | $12.46 | $12.89 | $13.26 | $12.81 | $13.85 | $13.81
Market price, end of period | $13.14 | $13.75 | $12.66 | $11.26 | $13.43 | $12.11
Total Return(d) |  |  |  |  |  |
Based on net asset value | 2.52 %(e) | 8.88 % | 15.35 % | (1.34 )% | 6.48 % | 2.76 %
Based on market price | 1.35 %(e) | 21.65 % | 25.29 % | (10.57 )% | 17.74 % | (2.45 )%
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 2.66 %(g) | 2.95 % | 2.88 % | 2.17 % | 1.55 % | 1.69 %
Total expenses after fees waived and/or reimbursed | 2.66 %(g) | 2.95 % | 2.87 % | 2.17 % | 1.54 % | 1.67 %
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.05 %(g) | 1.07 % | 1.04 % | 1.15 % | 1.14 % | 1.13 %
Net investment income | 7.44 %(g) | 8.84 % | 9.45 % | 6.36 % | 4.76 % | 5.15 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $440,992 | $455,119 | $467,336 | $451,188 | $487,833 | $488,051
Borrowings outstanding, end of period (000) | $134,000 | $143,000 | $144,000 | $147,000 | $223,000 | $208,000
Asset coverage, end of period per $1,000 of bank borrowings(h) | $4,291 | $4,183 | $4,245 | $4,069 | $3,188 | $3,346
Portfolio turnover rate | 18 % | 36 % | 25 % | 14 % | 49 % | 65 %

(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) | 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
153

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

| BKT
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22(a) | Year Ended 12/31/21(a) | Year Ended 12/31/20(a)
Net asset value, beginning of period | $11.81 | $12.73 | $13.10 | $16.94 | $18.54 | $18.89
Net investment income(b) | 0.21 | 0.36 | 0.32 | 0.43 | 0.70 | 0.86
Net realized and unrealized gain (loss) | 0.41 | (0.22 ) | 0.37 | (3.24 ) | (1.06 ) | 0.02
Net increase (decrease) from investment operations | 0.62 | 0.14 | 0.69 | (2.81 ) | (0.36 ) | 0.88
Distributions(c) |  |  |  |  |  |
From net investment income | (0.53 )(d) | (0.41 ) | (0.39 ) | (0.49 ) | (0.89 ) | (1.01 )
Return of capital | — | (0.65 ) | (0.67 ) | (0.54 ) | (0.35 ) | (0.22 )
Total distributions | (0.53 ) | (1.06 ) | (1.06 ) | (1.03 ) | (1.24 ) | (1.23 )
Net asset value, end of period | $11.90 | $11.81 | $12.73 | $13.10 | $16.94 | $18.54
Market price, end of period | $11.75 | $11.52 | $12.18 | $12.34 | $16.95 | $18.21
Total Return(e) |  |  |  |  |  |
Based on net asset value | 5.38 %(f) | 1.32 % | 6.03 % | (16.67 )% | (2.01 )% | 4.92 %
Based on market price | 6.68 %(f) | 3.29 % | 7.69 % | (21.50 )% | (0.23 )% | 7.31 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 2.04 %(h)(i)(j) | 2.75 % | 3.23 % | 1.65 % | 0.94 % | 1.18 %
Total expenses after fees waived and/or reimbursed | 2.03 %(h)(i)(j) | 2.75 % | 3.23 % | 1.64 % | 0.94 % | 1.18 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.92 %(h)(i)(j) | 0.93 % | 0.92 % | 0.95 % | 0.90 % | 0.89 %
Net investment income | 3.57 %(h) | 2.96 % | 2.50 % | 2.94 % | 3.91 % | 4.55 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $288,984 | $251,630 | $271,329 | $279,035 | $360,752 | $394,195
Borrowings outstanding, end of period (000) | $67,875 | $76,794 | $111,020 | $115,764 | $115,184 | $156,936
Portfolio turnover rate(k) | 124 % | 269 % | 221 % | 237 % | 248 % | 69 %

(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) | Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 2.04%, 2.04% and 0.93%, respectively.
(j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 2.03%, 2.03% and 0.92%, respectively.
(k) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Portfolio turnover rate (excluding MDRs) | 61 % | 133 % | 106 % | 122 % | 119 % | 31 %

See notes to financial statements.
154
2025 BlackRock Semi-Annual Report to Shareholders

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

| BLW
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of period | $14.04 | $14.11 | $13.51 | $16.44 | $16.93 | $17.05
Net investment income(a) | 0.54 | 1.14 | 1.11 | 0.97 | 1.00 | 0.98
Net realized and unrealized gain (loss) | 0.08 | 0.12 | 0.70 | (2.82 ) | (0.31 ) | 0.08
Net increase (decrease) from investment operations | 0.62 | 1.26 | 1.81 | (1.85 ) | 0.69 | 1.06
Distributions(b) |  |  |  |  |  |
From net investment income | (0.68 )(c) | (1.18 ) | (1.07 ) | (0.92 ) | (1.02 ) | (1.03 )
Return of capital | — | (0.15 ) | (0.14 ) | (0.16 ) | (0.16 ) | (0.15 )
Total distributions | (0.68 ) | (1.33 ) | (1.21 ) | (1.08 ) | (1.18 ) | (1.18 )
Net asset value, end of period | $13.98 | $14.04 | $14.11 | $13.51 | $16.44 | $16.93
Market price, end of period | $14.18 | $14.13 | $13.98 | $13.07 | $16.85 | $15.92
Total Return(d) |  |  |  |  |  |
Based on net asset value | 4.53 %(e) | 9.34 % | 14.41 % | (10.96 )% | 4.18 %(f) | 7.58 %
Based on market price | 5.35 %(e) | 11.06 % | 17.17 % | (15.96 )% | 13.55 % | 5.24 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 3.91 %(h) | 4.47 % | 3.64 % | 2.04 % | 1.18 % | 1.39 %
Total expenses after fees waived and/or reimbursed | 3.91 %(h) | 4.47 % | 3.64 % | 2.04 % | 1.18 % | 1.39 %
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.00 %(h) | 1.01 % | 0.94 % | 0.96 % | 0.92 % | 0.90 %
Net investment income | 7.79 %(h) | 8.13 % | 8.10 % | 6.70 % | 5.90 % | 6.07 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $539,365 | $514,291 | $503,770 | $482,587 | $587,146 | $603,933
Borrowings outstanding, end of period (000) | $329,900 | $337,676 | $276,235 | $275,639 | $312,356 | $275,105
Portfolio turnover rate(i) | 23 % | 95 % | 106 % | 77 % | 66 % | 65 %

(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) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Portfolio turnover rate (excluding MDRs) | 20 % | 75 % | 70 % | 58 % | 52 % | 58 %

See notes to financial statements.
Financial Highlights
155

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

| BIT
| Six Months Ended 06/30/25 (unaudited) | Year Ended 12/31/24 | 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)
Net asset value, beginning of period | $14.50 | $14.76 | $13.78 | $14.66 | $17.98 | $17.66 | $17.28
Net investment income(b) | 0.49 | 0.99 | 0.16 | 0.91 | 1.03 | 1.13 | 1.08
Net realized and unrealized gain (loss) | 0.16 | 0.23 | 1.07 | (0.31 ) | (2.87 ) | 0.67 | 0.78
Net increase (decrease) from investment operations | 0.65 | 1.22 | 1.23 | 0.60 | (1.84 ) | 1.80 | 1.86
Distributions(c) |  |  |  |  |  |  |
From net investment income | (0.74 )(d) | (0.97 ) | (0.17 ) | (0.89 ) | (1.07 ) | (1.11 ) | (0.99 )
Return of capital | — | (0.51 ) | (0.08 ) | (0.59 ) | (0.41 ) | (0.37 ) | (0.49 )
Total distributions | (0.74 ) | (1.48 ) | (0.25 ) | (1.48 ) | (1.48 ) | (1.48 ) | (1.48 )
Net asset value, end of period | $14.41 | $14.50 | $14.76 | $13.78 | $14.66 | $17.98 | $17.66
Market price, end of period | $14.60 | $14.60 | $15.00 | $14.09 | $14.43 | $18.90 | $15.65
Total Return(e) |  |  |  |  |  |  |
Based on net asset value | 4.63 %(f) | 8.66 % | 8.95 %(f) | 4.08 % | (10.47 )%(g) | 10.55 % | 12.68 %(h)
Based on market price | 5.28 %(f) | 7.66 % | 8.29 %(f) | 8.12 % | (16.16 )% | 31.13 % | 0.61 %
Ratios to Average Net Assets(i) |  |  |  |  |  |  |
Total expenses | 3.75 %(j)(k)(l) | 4.29 % | 4.29 %(j)(m) | 3.92 % | 1.99 % | 1.70 % | 2.36 %
Total expenses after fees waived and/or reimbursed | 3.75 %(j)(k)(l) | 4.28 % | 4.29 %(j)(m) | 3.92 % | 1.99 % | 1.70 % | 2.19 %(n)
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.34 %(j)(k)(l) | 1.33 % | 1.34 %(j)(m) | 1.32 % | 1.34 % | 1.42 % | 1.39 %
Net investment income | 6.87 %(j) | 6.77 % | 6.64 %(j) | 6.26 % | 6.39 % | 6.14 % | 6.51 %
Supplemental Data |  |  |  |  |  |  |
Net assets, end of period (000) | $603,687 | $577,856 | $558,173 | $520,821 | $552,552 | $676,391 | $662,853
Borrowings outstanding, end of period (000) | $305,750 | $347,481 | $284,576 | $285,633 | $288,231 | $386,820 | $353,128
Portfolio turnover rate(o) | 21 % | 134 % | 28 % | 151 % | 112 % | 75 % | 101 %

(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) | 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) | Includes payment from an affiliate, which had no impact on the Fund’s total return.
(h) | 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%.
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) | Annualized.
(k) | Includes non-recurring expenses of Offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.74%, 3.74% and 1.32%, respectively.
(l) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.77%, 3.77% and 1.35%, respectively.
(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 06/30/25 (unaudited) | Year Ended 12/31/24 | 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)
Portfolio turnover rate (excluding MDRs) | 20 % | 99 % | 17 % | 91 % | 77 % | 58 % | 72 %

See notes to financial statements.
156
2025 BlackRock Semi-Annual Report to Shareholders

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.
Reorganization: The Board of BKT (the “Acquiring Fund”) and the Board and shareholders of BlackRock Enhanced Government Fund, Inc. (“EGF”) (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares of the Acquiring Fund.
Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on March 21, 2025, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
The reorganization was accomplished by a tax-free exchange of Common Shares of the Acquiring Fund in the following amounts and at the following conversion ratios:

Target Fund | Target Fund’s Share Class | Shares Prior to Reorganization | Conversion Ratio | BKT’s Share Class | Shares of BKT
EGF | Common | 3,551,598 | 0.84020511 | Common | 2,984,042 (a)

(a) | Net of fractional shares redeemed.

The Target Fund’s net assets and composition of net assets on March 21, 2025, the valuation date of the reorganization, were as follows:

| EGF
Net assets | $35,673,791
Paid-in-capital | 65,879,865
Accumulated loss | (30,206,074 )

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $254,726,957. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $290,400,748. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows:

Target Fund | Fair Value of Investments | Cost of Investments
EGF | $33,806,434 | $34,864,291

The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on March 24, 2025.
Assuming the reorganization had been completed on January 1, 2025, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the period ended June 30, 2025, were as follows:
• Net investment income: $4,867,215
• Net realized and change in unrealized gain/loss on investments: $9,717,182
• Net increase in net assets resulting from operations: $14,584,397
Notes to Financial Statements
157

Notes to Financial Statements (unaudited) (continued)
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since March 24, 2025.
Reorganization costs incurred by BKT in connection with the reorganization were expensed by BKT.
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, 2025, 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.
Cash: The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed 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.
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
158
2025 BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements (unaudited) (continued)
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.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.
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 trade or 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 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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 trade or 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 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.
•Interest rate, credit default, inflation and currency 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 market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value 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 occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such 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
Notes to Financial Statements
159

Notes to Financial Statements (unaudited) (continued)
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 as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available 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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening
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Notes to Financial Statements (unaudited) (continued)
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 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.
Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
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 | Citrin Cooperman Advisors LLC | $47,494 | $47,257 | $47,415 | $158
| Clydesdale Acquisition Holdings, Inc. | 19,822 | 19,826 | 19,733 | (93)
| GrafTech Finance, Inc. | 14,490 | 14,490 | 14,526 | 36
| Kaman Corp. | 56,972 | 56,901 | 56,883 | (18)
| Raven Acquisition Holdings LLC | 36,543 | 36,360 | 36,497 | 137
| Signia Aerospace LLC | 47,405 | 47,446 | 47,583 | 137
| Springs Windows Fashions, LLC | 204,176 | 204,176 | 203,411 | (765)
|  |  |  |  | $(408)
FRA | Citrin Cooperman Advisors LLC | $44,983 | $44,758 | $44,908 | 150
| Clydesdale Acquisition Holdings, Inc. | 18,651 | 18,656 | 18,568 | (88)
| Kaman Corp. | 55,313 | 55,244 | 55,227 | (17)
| Raven Acquisition Holdings LLC | 37,531 | 37,343 | 37,484 | 141
| Signia Aerospace LLC | 26,464 | 26,398 | 26,563 | 165
| Springs Windows Fashions, LLC | 106,703 | 106,703 | 106,303 | (400)
|  |  |  |  | $(49)
BLW | Citrin Cooperman Advisors LLC | $27,401 | $27,264 | $27,355 | 91
| Clydesdale Acquisition Holdings, Inc. | 11,118 | 11,122 | 11,068 | (54)
| GrafTech Finance, Inc. | 60,029 | 60,029 | 60,179 | 150
| Kaman Corp. | 33,188 | 33,146 | 33,136 | (10)
| Raven Acquisition Holdings LLC | 21,728 | 21,620 | 21,702 | 82
| Signia Aerospace LLC | 14,750 | 14,713 | 14,805 | 92
| Springs Windows Fashions, LLC | 171,501 | 171,501 | 170,858 | (643)
|  |  |  |  | $(292)
BIT | GrafTech Finance, Inc. | $70,379 | $70,379 | $70,555 | 176
| Jupiter Buyer, Inc. | 10,617 | 10,564 | 10,686 | 122
| Kaman Corp. | 51,917 | 51,852 | 51,836 | (16)

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Fund Name | Borrower | Par | Commitment Amount | Value | Unrealized Appreciation (Depreciation)
BIT(continued) | Signia Aerospace LLC | $15,460 | $15,422 | $15,519 | $97
| Springs Windows Fashions, LLC | 68,952 | 68,952 | 68,693 | (259)
|  |  |  |  | $120

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.
Notes to Financial Statements
163

Notes to Financial Statements (unaudited) (continued)
For the six months ended June 30, 2025, 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 | $66,764,591 | 4.47 %
BLW | 328,349,022 | 4.64
BIT | 320,630,690 | 4.46

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 | $699,213 | $— | $(703,488 ) | $(4,275 ) | $— | $— | $— | $— | $— | $(4,275 )
Citigroup Global Markets, Inc. | — | (6,462,773 ) | — | (6,462,773 ) | — | — | 6,462,773 | — | 6,462,773 | —
HSBC Securities (USA), Inc. | — | (61,412,359 ) | — | (61,412,359 ) | — | — | 61,412,359 | — | 61,412,359 | —
| $699,213 | $(67,875,132 ) | $(703,488 ) | $(67,879,407 ) | $— | $— | $67,875,132 | $— | $67,875,132 | $(4,275 )

(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 $4,956 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 $69,838,313 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 | $(16,231,465 ) | $16,231,465 | $— | $—
Barclays Capital, Inc. | (18,005,906 ) | 18,005,906 | — | —
BNP Paribas SA | (43,341,193 ) | 43,341,193 | — | —
BofA Securities, Inc. | (49,697,872 ) | 49,697,872 | — | —
Credit Agricole Corporate and Investment Bank | (3,375,118 ) | 3,375,118 | — | —
Goldman Sachs & Co. LLC | (6,508,456 ) | 6,508,456 | — | —
HSBC Bank PLC | (2,411,362 ) | 2,411,362 | — | —
HSBC Securities (USA), Inc. | (15,222,733 ) | 15,222,733 | — | —
J.P. Morgan Securities LLC | (9,610,745 ) | 9,610,745 | — | —
Merrill Lynch International | (1,543,630 ) | 1,543,630 | — | —
Nomura Securities International, Inc. | (66,689,231 ) | 66,689,231 | — | —
RBC Capital Markets, LLC | (15,622,085 ) | 15,622,085 | — | —

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Fund Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) | Cash Collateral Pledged/Received(a) | Net Amount
TD Securities (USA) LLC | $(74,400,984 ) | $74,400,984 | $— | $—
U.S. Bancorp Investments, Inc. | (7,239,187 ) | 7,239,187 | — | —
| $(329,899,967 ) | $329,899,967 | $— | $—

(a) | Net collateral, including accrued interest, if any, with a value of $373,276,127 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.

Fund Name/Counterparty | Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) | Cash Collateral Pledged/Received(a) | Net Amount
BIT |  |  |  |
Barclays Bank PLC | $(10,551,864 ) | $10,551,864 | $— | $—
Barclays Capital, Inc. | (16,308,714 ) | 16,308,714 | — | —
BNP Paribas SA | (36,557,153 ) | 36,557,153 | — | —
BofA Securities, Inc. | (47,001,302 ) | 47,001,302 | — | —
Credit Agricole Corporate and Investment Bank | (464,551 ) | 464,551 | — | —
Goldman Sachs & Co. LLC | (10,118,945 ) | 10,118,945 | — | —
HSBC Securities (USA), Inc. | (85,938,524 ) | 85,938,524 | — | —
J.P. Morgan Securities LLC | (13,242,078 ) | 13,242,078 | — | —
Merrill Lynch International | (2,615,021 ) | 2,615,021 | — | —
Nomura Securities International, Inc. | (26,564,791 ) | 26,564,791 | — | —
RBC Capital Markets, LLC | (14,993,738 ) | 14,993,738 | — | —
Santander US Capital Markets LLC | (3,300,795 ) | 3,300,795 | — | —
Societe Generale | (8,940,053 ) | 8,283,296 | 656,757 | —
TD Securities (USA) LLC | (29,152,739 ) | 29,152,739 | — | —
| $(305,750,268 ) | $305,093,511 | $656,757 | $—

(a) | Net collateral, including accrued interest, if any, with a value of $344,419,953 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.

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.
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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.
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 instruments 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).
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
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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, 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, BLW and BIT common shares on a reasonable best efforts basis through an equity shelf offering (a "Shelf Offering") (the "Distribution Agreement"). 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, 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, 2025 amounted to $ 80,843, $ 52,260 and $ 58,052 for each of DSU, 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, 2027. 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
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Notes to Financial Statements (unaudited) (continued)
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, 2025, the amounts waived were as follows:

Fund Name | Fees Waived and/or Reimbursed by the Manager
DSU | $657
FRA | 111
BKT | 1,941
BLW | 1,287
BIT | 2,213

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, 2027. 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, 2025, 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 | $7,134
FRA | 16,081

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, 2025, 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 | $— | $— | $170,557,833 | $119,699,796
FRA | — | — | 104,251,385 | 115,554,742
BKT | 451,586,901 | 477,263,956 | 9,074,391 | 702,909
BLW | 61,420,631 | 61,676,601 | 157,490,374 | 136,758,428
BIT | 43,050,769 | 47,947,270 | 149,022,640 | 156,540,545

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name | Purchases | Sales
BKT | $231,468,975 | $231,510,259
BLW | 22,093,383 | 22,108,255
BIT | 11,860,998 | 11,869,366

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.
Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2025, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
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As of December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name | Non-Expiring Capital Loss Carryforwards
DSU | $(127,245,889 )
FRA | (63,911,717 )
BKT | (123,878,003 )
BLW | (98,861,527 )
BIT | (58,591,886 )

As of June 30, 2025, 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 | $718,054,337 | $7,842,782 | $(22,682,233 ) | $(14,839,451 )
FRA | 595,385,961 | 4,474,353 | (12,696,353 ) | (8,222,000 )
BKT | 415,041,059 | 8,398,521 | (36,456,244 ) | (28,057,723 )
BLW | 877,033,235 | 17,378,940 | (17,242,706 ) | 136,234
BIT | 901,265,192 | 26,293,803 | (23,972,862 ) | 2,320,941

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, 2025, 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 | $128,000,000 | $106,287,293 | 5.15 %
FRA | 143,000,000 | 134,718,232 | 5.16

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, tariffs 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 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
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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. 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.
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.
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.
With 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. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
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
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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.
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 | 06/30/25 | 12/31/24
DSU | 83,813 | 119,031
FRA | 76,705 | 72,449
BLW | 85,452 | 105,180
BIT | 85,257 | 187,269

For the six months ended June 30, 2025, Common Shares of BKT issued and outstanding increased by 2,984,071 as a result of reorganization of EGF with and into BKT.
For the six months ended June 30, 2025, Common Shares of BKT issued and outstanding decreased by 29 as a result of a redemption of fractional shares from the reorganization of EGF with and into BKT.
For the period ended December 31, 2024, shares issued and outstanding remained constant for BKT.
DSU, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity shelf program (a "Shelf Offering"). Under the Shelf Offering, DSU, 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, 7,114,845, 7,333,586 and 11,187,345 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2025, DSU, BLW and BIT issued 3,805,225, 1,844,969 and 1,979,615 shares respectively under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
Initial costs incurred by DSU, 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 items were noted:
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 | 07/01/25 | 07/15/25 | 07/31/25 |  | $0.098730
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.098730
FRA | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.123840
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.123840
BKT | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.088200
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.088200
BLW | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.113200
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.113200
BIT | 07/01/25 | 07/15/25 | 07/31/25 |  | 0.123700
| 08/01/25 | 08/15/25 | 08/29/25 |  | 0.123700

On August 6, 2025, the Board approved the terms of the issuance of transferrable rights (“Rights”) to the holders of BIT’s Common Shares as of August 19, 2025 (the “Record Date”). Shareholders will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle their holders to purchase one new Common
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Share for every three Rights held (1-for-3) (the “Offer”). The expiration date of the Offer is expected to be September 9, 2025. All expenses of the Offer, including sales commissions, will be borne by the Manger, and not by BIT or any of BIT’s shareholders.
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2025 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 8, 2025 (the “May Meeting”) and June 5-6, 2025 (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 (“BSL” 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, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May 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
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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 certain trading, portfolio management, operations and/or information systems owned by BlackRock; 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 each Fund’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 also 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. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2024, as compared to its Performance Peers. 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.
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 below 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. The Board and BlackRock reviewed BKT’s underperformance relative to the Performance Metrics.
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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 also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. 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 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, 2024 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 the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. 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 BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.
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
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
each Fund may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund’s assets will occur primarily through the appreciation of its investment portfolio.
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-advised 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, 2026, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BLW and BIT for a one-year term ending June 30, 2026. 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.
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2025 BlackRock Semi-Annual Report to Shareholders

Additional Information
Proxy Results
Not applicable.
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 a 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 its Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2024. 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, shareholder 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.
Additional Information
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Additional Information(continued)
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:
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
The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Funds. The BAIS Guidelines are available at www.blackrock.com.
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 and BIT filed final prospectuses with the SEC in connection with their Shelf Offerings on January 3, 2023 and June 2, 2025, respectively. This report and the prospectuses of DSU and BIT are not offers to sell DSU and BIT Common Shares or solicitations of an offer to buy DSU and BIT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of DSU and BIT contain important information about DSU and BIT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of DSU and BIT carefully and in their entirety before investing. Copies of the final prospectuses for DSU and BIT can be obtained from BlackRock at blackrock.com.
BKT and BLW filed a registration statement with the SEC to issue additional Common Shares through a Shelf Offering, on June 18, 2025 and March 21, 2025, respectively, which was not effective as of period end. BKT and BLW may not sell any Common Shares in a Shelf Offering until the registration statement filed with the SEC is effective. This report and the preliminary prospectus are not offers to sell BKT and BLW Common Shares and are not solicitations of an offer to buy BKT and BLW Common Shares in any jurisdiction where the offers or sales are not permitted. The preliminary prospectus contains more complete information about BKT’s and BLW’s Shelf Offering and should be read carefully before investing. The information in the preliminary prospectus for BKT and BLW are not complete and may be amended or changed. A copy of the final prospectus for BKT and BLW can be obtained from BlackRock at blackrock.com, when available.
178
2025 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 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
179

Glossary of Terms Used in this Report

Currency Abbreviation
CHF | Swiss Franc
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
MTA | Month Treasury Average
PIK | Payment-in-Kind
PO | Principal Only
RB | Revenue Bonds
REIT | Real Estate Investment Trust
REMIC | Real Estate Mortgage Investment Conduit
SDR | Swedish Depositary Receipt
SG | Syncora Guarantee
SOFR | Secured Overnight Financing Rate
SPDR | Standard & Poor’s Depository Receipt
STRIP | Separate Trading of Registered Interest & Principal
TBA | To-Be-Announced

180
2025 BlackRock Semi-Annual Report to Shareholders

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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-BK3-06/25-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, 2025

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, 2025

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

Date: August 22, 2025