# EDGAR Filing Document

**Accession Number:** 0001259708
**File Stem:** 0001193125-26-093640
**Filing Date:** 2026-3
**Character Count:** 1454081
**Document Hash:** 7dfeeef7ce49204eb5a4a67d822223a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093640.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093640

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- **CENTRAL INDEX KEY:** 0001259708

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21413
- **FILM NUMBER:** 26725647

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK FLOATING RATE INCOME STRATEGIES FUND INC
- **DATE OF NAME CHANGE:** 20061020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FLOATING RATE INCOME STRATEGIES FUND INC
- **DATE OF NAME CHANGE:** 20030813

?xml version='1.0' encoding='ASCII'? BlackRock Floating Rate Income Strategies Fund, Inc.

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: 811-21413

Name of Fund: BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Floating Rate Income 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: 12/31/2025

------

Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

------

![](g12003img5e9a1c571.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 Annual Report<br>

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not FDIC Insured • May Lose Value • No Bank Guarantee<br>

------

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.

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Period | Total Cumulative Distributions<br>for the Fiscal Period | Total Cumulative Distributions<br>for the Fiscal Period | Total Cumulative Distributions<br>for the Fiscal Period | Total Cumulative Distributions<br>for the Fiscal Period | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Period |
| Fund Name | Net<br>Income<br>| Net Realized<br>Capital Gains<br>Short-Term<br>| Net Realized<br>Capital Gains<br>Long-Term<br>| Return of<br>Capital <br>(a)<br>| Total Per<br>Common<br>Share<br>| Net<br>Income<br>| Net Realized<br>Capital Gains<br>Short-Term<br>| Net Realized<br>Capital Gains<br>Long-Term<br>| Return of<br>Capital<br>| Total Per<br>Common<br>Share<br>|
| DSU | $0.677729<br>| $—<br>| $—<br>| $0.507031<br>| $1.184760<br>| 57% <br>| —% <br>| —% <br>| 43% <br>| 100% <br>|
| FRA | 0.932746 |  |  | 0.553334 | 1.486080 | 63 |  |  | 37 | 100 |
| BKT | 0.355004 |  |  | 0.703396 | 1.058400 | 34 |  |  | 66 | 100 |
| BLW | 1.028983 |  |  | 0.329417 | 1.358400 | 76 |  |  | 24 | 100 |
| BIT | 0.733441 |  |  | 0.750959 | 1.484400 | 49 |  |  | 51 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name | Amount Per<br>Common Share<br>|
| DSU | $0.098730<br>|
| 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 each Fund

'

s prospectus for a more complete description of a Fund

'

s risks.

2025

BlackRock Annual Report to Shareholders

------

**Table of Contents**

Page

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Supplemental Information](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_C19ab-Footer-FundBookName-934_1)<br>| 2 |
| [Annual](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_RskDeriv-Footer-FundBookName-934_1)<br>[Report:](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_RskDeriv-Footer-FundBookName-934_1)<br>|  |
| [The Benefits and Risks of Leveraging](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_RskDeriv-Footer-FundBookName-934_1)<br>| 4 |
| [Derivative Financial Instruments](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_RskDeriv-Footer-FundBookName-934_1)<br>| 4 |
| [Fund Summary](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FSM-Footer-FundBookName-934_1)<br>| 5 |
| [Financial Statements:](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_SOI-Footer-FundBookName-934_1)<br>|  |
| [Schedules of Investments](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_SOI-Footer-FundBookName-934_1)<br>| 20 |
| [Statements of Assets and Liabilities](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FS-Footer-FundBookName-934_1)<br>| 147 |
| [Statements of Operations](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FS-Footer-FundBookName-934_5)<br>| 151 |
| [Statements of Changes in Net Assets](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FS-Footer-FundBookName-934_7)<br>| 153 |
| [Statements of Cash Flows](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FS-Footer-FundBookName-934_10)<br>| 156 |
| [Financial Highlights](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FIHI-Footer-FundBookName-934_1)<br>| 160 |
| [Notes to Financial Statements](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_NTF-Footer-FundBookName-934_1)<br>| 165 |
| [Report of Independent Registered Public Accounting Firm](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_AUDIT-Footer-FundBookName-934_1)<br>| 182 |
| [Important Tax Information](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_TAX-1-Footer-FundBookName-934_1)<br>| 183 |
| [Investment Objectives, Policies and Risks](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_FIOPR-Footer-FundBookName-934_1)<br>| 184 |
| [Shareholder Update](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_CESF-Footer-FundBookName-934_1)<br>| 198 |
| [Automatic Dividend Reinvestment Plan](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_DIVRE-Footer-FundBookName-934_1)<br>| 211 |
| [Director and Officer Information](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_OFF-Footer-FundBookName-934_1)<br>| 212 |
| [Additional Information](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_ADDInfo-Footer-FundBookName-934_1)<br>| 215 |
| [Glossary of Terms Used in this Report](#xx_91504776-781a-426e-baf4-195f6cfeb0d5_Terms-Footer-FundBookName-934_1)<br>| 218 |

---

------

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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | DSU |
| Initial Offering Date | March 27, 1998 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($10.18)<br>(a)<br>| 11.64% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.098730 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.184760 |
| Leverage as of December 31, 2025<br>(c)<br>| 15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$10.18<br>| &nbsp;&nbsp;&nbsp;$10.76<br>| &nbsp;&nbsp;&nbsp;(5.39)% <br>| &nbsp;&nbsp;&nbsp;$10.86<br>| &nbsp;&nbsp;&nbsp;$9.13<br>|
| Net Asset Value | 10.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;(4.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 |

---

GROWTH OF $10,000 INVESTMENT

![](g12003imgfda6756a2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Fund

'

s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.

Fund Summary

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Fund at NAV<br>(a)(b)<br>| 6.93% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89% <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.32% <br>|
| Fund at Market Price<br>(a)(b)<br>| 6.06 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 |
| Reference Benchmark<br>(c)<br>| 7.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;6.20 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<br>(d)<br>| 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Morningstar LSTA U.S. Leveraged Loan Index | 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(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) 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 issues that meet the following U.S. corporate bond 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.

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 contributions 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 BBB. At the sector level, the largest contributions came from information technology, property & casualty insurance, and media &

entertainment.

Holdings in the construction machinery sector detracted modestly, as did currency 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's positioning remained largely consistent from an asset allocation perspective, with bank loans continuing to represent the dominant weighting. The investment

adviser moderated active positioning at the sector level, highlighted by a decline in the extent of the Fund's overweight in information technology. The overweight in diversified

manufacturing remained stable, while allocations to building materials and chemicals declined modestly. Healthcare remained a notable underweight. The Fund also increased

the extent of its underweight in BB-rated issues.

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 B2 rated issues, and it was underweight in BBs and CCCs. The top sector overweights included property & casualty, technology, and diversified

manufacturing. Healthcare, midstream energy, and retailers 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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Debt Strategies Fund, Inc. (DSU)

Overview of the Fund's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Floating Rate Loan Interests | 72.3%<br>|
| Corporate Bonds | 19.4 |
| Investment Companies | 5.6 |
| Asset-Backed Securities | 1.3 |
| Other\* | 1.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(b)<br>| Percent of Total<br>Investments<br>(a)<br>|
| AA/Aa | &nbsp;&nbsp;—%<br>(c)<br>|
| A | 1.5 |
| BBB/Baa | 7.8 |
| BB/Ba | 30.0 |
| B | 49.0 |
| CCC/Caa | 4.3 |
| C | &nbsp;&nbsp;—<br>(c)<br>|
| N/R | 7.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities.

(b) For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(c) Rounds to less than 0.1%.

\* 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

------

Fund Summary

as of December 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | FRA |
| Initial Offering Date | October 31, 2003 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($11.78)<br>(a)<br>| 12.62% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.123840 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.486080 |
| Leverage as of December 31, 2025<br>(c)<br>| 21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$11.78<br>| &nbsp;&nbsp;&nbsp;$13.75<br>| &nbsp;&nbsp;&nbsp;(14.33)% <br>| &nbsp;&nbsp;&nbsp;$13.75<br>| &nbsp;&nbsp;&nbsp;$11.29<br>|
| Net Asset Value | 12.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;(6.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 |

---

GROWTH OF $10,000 INVESTMENT

![](g12003img706a07a03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Fund

'

s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Fund at NAV<br>(a)(b)<br>| 5.76% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39% <br>|
| Fund at Market Price<br>(a)(b)<br>| &nbsp;&nbsp;(3.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 |
| Morningstar LSTA U.S. Leveraged Loan Index | 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(b) The Fund moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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 contributions to absolute performance. In terms of credit tiers, B rated issues were the leading contributors, followed by those

rated BB. At the sector level, the largest contributions came from information technology, media & entertainment, and property & casualty insurance.

The Fund's allocations to CCC rated bonds and the packaging sector detracted.

The Fund's practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Fund's investment strategy.

Describe recent portfolio activity.

The investment adviser made modest portfolio adjustments in 2025, increasing the Fund's weightings in loans and cash and reducing its allocation to high yield bonds. With

this said, the Fund's allocations remained close to those of the benchmark. The adviser reduced the position in lower-quality B2 and B3 rated securities. It remained overweight

in BBs and had selective holdings in higher-quality, out-of-benchmark securities.

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.

BB and B rated bonds continued to have the largest portfolio weightings. Within the B rated category, the Fund's holdings favored higher-quality B1 issues, with measured

weightings in B2s and B3s. CCC rated issues continued to have a limited weighting, with minimal positions in those rated below CCC. The Fund continued to have selective

allocations to BBB and A rated bonds.

The top sector overweights included property & casualty, diversified manufacturing, building materials, chemicals, media & entertainment. Information technology, healthcare,

consumer cyclical services, and aerospace/defense 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.

Fund Summary

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Overview of the Fund's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>|
| Floating Rate Loan Interests | 93.1%<br>|
| Investment Companies | 2.5 |
| Corporate Bonds | 2.3 |
| Asset-Backed Securities | 1.2 |
| Other\* | 0.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(a)<br>| Percent of Total<br>Investments<br>|
| AA/Aa | 0.1%<br>|
| A | 1.3 |
| BBB/Baa | 10.0 |
| BB/Ba | 27.9 |
| B | 53.2 |
| CCC/Caa | 3.2 |
| C | &nbsp;&nbsp;—<br>(b)<br>|
| N/R | 4.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) Rounds to less than 0.1%.

\* 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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 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 March 24, 2025, BlackRock Enhanced Government Fund, Inc. was reorganized into the Fund.

On September 12, 2025, the Board approved the terms of the issuance of transferable rights (one Right for each outstanding Share owned on the Record Date of

September 29, 2025). Rights entitle the holder to purchase one new Share for every 3 Rights held.

No assurance can be given that the Fund's investment objective will be achieved.

Fund Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BKT |
| Initial Offering Date | July 22, 1988 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($11.04)<br>(a)<br>| 9.59% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.088200 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.058400 |
| Leverage as of December 31, 2025<br>(c)<br>| 19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$11.04<br>| &nbsp;&nbsp;&nbsp;$11.52<br>| &nbsp;&nbsp;&nbsp;(4.17)% <br>| &nbsp;&nbsp;&nbsp;$11.98<br>| &nbsp;&nbsp;&nbsp;$10.88<br>|
| Net Asset Value | 11.51 | &nbsp;&nbsp;&nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;(2.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.50 |

---

GROWTH OF $10,000 INVESTMENT

![](g12003img784375bc4.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) An unmanaged index that includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.

Fund Summary

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Income Trust, Inc. (BKT)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Fund at NAV<br>(a)(b)<br>| 6.78% <br>| &nbsp;&nbsp;&nbsp;(1.30)% <br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18% <br>|
| Fund at Market Price<br>(a)(b)<br>| 5.01 | &nbsp;&nbsp;&nbsp;(1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| FTSE Mortgage Index | 8.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(b) The Fund ' s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund

is actively managed and does not seek to track or replicate the

performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future

performance.

More information about the Fund's historical performance can be found in the "Closed End Funds" section of

blackrock.com

.

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

What factors influenced performance?

Performance of the Fund benefited over the period from an allocation to agency collateralized mortgage obligations ("CMOs") including fixed and floating rate structures and

interest-only and principal-only securities. In addition, allocations to agency passthrough mortgage-backed securities ("MBS") and single-asset/single-borrower securities

within commercial mortgage-backed securities ("CMBS").

The Fund held short positions in Treasury futures to partially hedge against interest rate risk from agency MBS and CMBS exposures. This detracted from return as interest

rates generally declined over the period.

Describe recent portfolio activity.

The Fund

'

s allocation to well-structured agency CMOs, which serve as a source of high-quality income, was reduced over the period. Allocations to agency CMOs, most

notably interest-only securities, were also reduced slightly. At the same time, the Fund

'

s exposure to agency MBS passthroughs and CMBS increased modestly.

The Fund held derivatives during the period as a part of its investment strategy and can sometimes have notional derivative exposure greater than 20%. Derivatives are used

by the portfolio management team as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used

Treasury futures to express duration bias and curve bias. The Fund also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when

relative value opportunities present themselves.

Describe portfolio positioning at period end.

At the end of the period, the Fund held a substantial allocation to agency MBS passthroughs, well-structured agency CMOs, and agency MBS interest-only derivatives. The

Fund

'

s only notable exposure within securitized assets as to CMBS.

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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Income Trust, Inc. (BKT)

Overview of the Fund's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| U.S. Government Sponsored Agency Securities | 92.5%<br>|
| Non-Agency Mortgage-Backed Securities | 5.8 |
| U.S. Treasury Obligations | 1.7 |
| Asset-Backed Securities | &nbsp;&nbsp;—<br>(b)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(c)<br>| Percent of Total<br>Investments<br>(a)<br>|
| AAA/Aaa<br>(d)<br>| 97.0%<br>|
| AA/Aa | 0.1 |
| CCC/Caa | &nbsp;&nbsp;—<br>(b)<br>|
| N/R | 2.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

Fund Summary

------

Fund Summary

as of December 31, 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:

&nbsp;&nbsp;&nbsp;&nbsp;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

intermediate duration, investment grade corporate bonds, mortgage-related securities, asset-backed securities and U.S. Government and agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

senior, secured floating rate loans made to corporate and other business entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BLW |
| Initial Offering Date | July 30, 2003 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($13.74)<br>(a)<br>| 9.89% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.113200 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.358400 |
| Leverage as of December 31, 2025<br>(c)<br>| 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$13.74<br>| &nbsp;&nbsp;&nbsp;$14.13<br>| &nbsp;&nbsp;&nbsp;(2.76)% <br>| &nbsp;&nbsp;&nbsp;$14.38<br>| &nbsp;&nbsp;&nbsp;$12.75<br>|
| Net Asset Value | 13.90 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;(1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 |

---

GROWTH OF $10,000 INVESTMENT

![](g12003imgc1453f605.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) An unmanaged index comprised of issues that meet the following U.S. corporate bond 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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Limited Duration Income Trust (BLW)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Fund at NAV<br>(a)(b)<br>| 9.11% <br>| &nbsp;&nbsp;&nbsp;&nbsp;4.82% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.73% <br>|
| Fund at Market Price<br>(a)(b)<br>| 7.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 |
| Reference Benchmark<br>(c)<br>| 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Morningstar LSTA Leveraged Loan Index<br>(d)<br>| 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 |
| BATS S Benchmark<br>(e)<br>| 6.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(b) The Fund moved from a premium to NAV to a discount 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) A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.

(e) 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.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund

is actively managed and does not seek to track or replicate the

performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future

performance.

More information about the Fund's historical performance can be found in the "Closed End Funds" section of

blackrock.com

.

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

What factors influenced performance?

The largest contributors to the Fund's absolute performance over the period included exposure to a range of credit-oriented sectors including high yield corporate bonds and

bank loans. Holdings of capital securities and collateralized loan obligations ("CLOs") also added to return.

The largest detractor from the Fund's absolute performance was its use of derivatives. Derivatives were primarily used to adjust duration and yield curve exposure, as well as

to hedge credit and currency risk. Currency forwards were used to provide the portfolio with active currency exposure.

Describe recent portfolio activity.

The Fund reduced exposure to spread assets early in the period in anticipation of volatility amid uncertainty surrounding the new administration's policy initiatives. Following

reciprocal tariff announcements and the widening in spreads, risk was added selectively via allocations to investment grade corporate bonds, capital securities and agency

residential mortgage-backed securities. As market conditions evolved, the Fund further added to spread sectors, focusing on opportunities within investment grade and high

yield corporates, along with securitized assets including private student loans within asset-backed securities and conduit commercial mortgage-backed securities.

The Fund increased overall portfolio duration and corresponding interest rate sensitivity over the period as economic data softened and the outlook for monetary policy shifted

toward renewed easing by the Federal Reserve. In an environment of historically tight spreads, this longer duration bias provides a potential offset to the negative impact on

prices within credit-oriented sectors should spreads widen.

Describe portfolio positioning at period end.

At period end, the Fund maintained diversified exposure to non-government spread sectors, with the largest allocations to high yield corporates, bank loans, investment grade

corporates, and capital securities, as well as exposure to CLOs. The Fund was positioned with a somewhat overweight duration and corresponding interest rate sensitivity

relative to the beginning of the period.

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.

Fund Summary

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Limited Duration Income Trust (BLW)

Overview of the Fund's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Corporate Bonds | 46.4%<br>|
| Floating Rate Loan Interests | 38.2 |
| Asset-Backed Securities | 4.4 |
| Preferred Securities | 4.3 |
| Non-Agency Mortgage-Backed Securities | 2.9 |
| U.S. Government Sponsored Agency Securities | 1.8 |
| Other\* | 2.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(b)<br>| Percent of Total<br>Investments<br>(a)<br>|
| AAA/Aaa<br>(c)<br>| 3.8%<br>|
| AA/Aa | 0.7 |
| A | 3.1 |
| BBB/Baa | 9.4 |
| BB/Ba | 32.9 |
| B | 39.5 |
| CCC/Caa | 5.4 |
| C | &nbsp;&nbsp;—<br>(d)<br>|
| N/R | 5.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities.

(b) For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

(c) Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

(d) Rounds to less than 0.1%.

\* 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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 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.

On August 6, 2025, the Fund

'

s Board of Trustees approved the terms of the issuance of transferable rights (one Right for each outstanding Share owned on the Record Date

of August 19, 2025). Rights entitle the holder to purchase one new Share for every 3 Rights held.

No assurance can be given that the Fund's investment objective will be achieved.

Fund Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BIT |
| Initial Offering Date | February 27, 2013 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($13.06)<br>(a)<br>| 11.37% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.123700 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.484400 |
| Leverage as of December 31, 2025<br>(c)<br>| 30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$13.06<br>| &nbsp;&nbsp;&nbsp;$14.60<br>| &nbsp;&nbsp;&nbsp;(10.55)% <br>| &nbsp;&nbsp;&nbsp;$14.89<br>| &nbsp;&nbsp;&nbsp;$12.91<br>|
| Net Asset Value | 13.91 | &nbsp;&nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;&nbsp;(4.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;13.81 |

---

GROWTH OF $10,000 INVESTMENT

![](g12003imgf89f2fae6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents the Fund's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market..

Fund Summary

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Multi-Sector Income Trust (BIT)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Fund at NAV<br>(a)(b)<br>| 6.68% <br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.96% <br>|
| Fund at Market Price<br>(a)(b)<br>| &nbsp;&nbsp;(0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;7.81 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | &nbsp;&nbsp;&nbsp;(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

(b) The Fund moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund

is actively managed and does not seek to track or replicate the

performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future

performance.

More information about the Fund's historical performance can be found in the "Closed End Funds" section of

blackrock.com

.

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

What factors influenced performance?

Positive contributions to the Fund

'

s performance over the period were highlighted by exposure to U.S. high yield corporate bonds. In addition, exposure to non-agency and

agency residential mortgage-backed securities ("MBS"), investment grade corporate bonds and capital securities proved additive.

The principal detractor from the Fund

'

s performance was the use of derivatives. In particular, the use of swaps and swaptions to manage duration and Treasury yield curve

exposures detracted from performance.

Describe recent portfolio activity.

The Fund started the period with relatively low exposure to credit spreads in anticipation of volatility driven by the new administration's policy initiatives. In the wake of

reciprocal tariff announcements and the subsequent widening of spreads, the Fund added risk, focusing on high yield corporates, investment-grade corporates, and capital

securities.

In September, the Fund completed a rights offering. Given still-tight valuations across credit markets at the time, deployment of the new capital was measured, with a portion

of the proceeds allocated to spread sectors. Additions were directed toward select investment grade corporate bonds and securitized assets, including non-agency MBS and

single-asset, single-borrower commercial mortgage-backed securities, reflecting a focus on relative value and underlying collateral quality. In addition, exposure was added

selectively to emerging market debt, supported by a constructive view on the sector.

As the period progressed, the Fund began to increase duration and corresponding interest rate sensitivity as economic data softened and the Federal Reserve appeared

poised to resume policy easing. In an environment of historically tight spreads, this longer duration bias provides a potential offset to the negative impact on prices within

credit-oriented sectors should spreads widen.

Describe portfolio positioning at period end.

At period end, the Fund maintained a diversified exposure within non-governmental spread sectors, most notably high yield corporate bonds, followed by agency and

non-agency MBS, investment grade corporate bonds, and emerging markets debt. The Fund ended the period with a reduced duration compared to the beginning of the

period.

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.

2025

BlackRock Annual Report to Shareholders

------

Fund Summary

as of December 31, 2025

(continued)

BlackRock Multi-Sector Income Trust (BIT)

Overview of the Fund's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>|
| Corporate Bonds | 57.6%<br>|
| U.S. Government Sponsored Agency Securities | 13.2 |
| Non-Agency Mortgage-Backed Securities | 11.6 |
| Asset-Backed Securities | 6.9 |
| Preferred Securities | 4.8 |
| Floating Rate Loan Interests | 3.0 |
| Foreign Agency Obligations | 1.6 |
| Other\* | 1.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(a)<br>| Percent of Total<br>Investments<br>(b)<br>|
| AAA/Aaa<br>(c)<br>| 19.2%<br>|
| AA/Aa | 1.4 |
| A | 3.8 |
| BBB/Baa | 9.7 |
| BB/Ba | 24.4 |
| B | 25.2 |
| CCC/Caa | 8.9 |
| C | 0.4 |
| N/R | 7.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

------

Schedule of Investments

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Bryant Park Funding Ltd., Series 2024-23A, Class D1, <br>(3-mo. CME Term SOFR + 3.85%), 7.70%, <br>05/15/37<br>(a)(b)<br>| USD | 1000 | $1000821<br>|
| Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2, <br>(3-mo. CME Term SOFR + 3.35%), 7.25%, <br>07/15/37<br>(a)(b)<br>|  | 2000 | 2010547 |
| Golub Capital Partners CLO Ltd., Series 2024-74A, <br>Class D1, (3-mo. CME Term SOFR + 3.20%), 7.06%, <br>07/25/37<br>(a)(b)<br>|  | 1500 | 1507874 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, <br>Class D1, (3-mo. CME Term SOFR + 3.35%), 7.21%, <br>07/25/37<br>(a)(b)<br>|  | 1090 | 1093310 |
| Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. <br>CME Term SOFR + 3.45%), 7.33%, 04/20/37<br>(a)(b)<br>|  | 1500 | 1506100 |
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, <br>(3-mo. CME Term SOFR + 4.25%), 8.13%, <br>04/20/37<br>(a)(b)<br>|  | 1590 | 1594913 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-<br>mo. CME Term SOFR + 2.65%), 6.56%, 01/05/38<br>(a)(b)<br>|  | 1000 | 1002413 |
| Total Asset-Backed Securities — 1.5%<br>(Cost: $9,680,000) | Total Asset-Backed Securities — 1.5%<br>(Cost: $9,680,000) | Total Asset-Backed Securities — 1.5%<br>(Cost: $9,680,000) | 9715978 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Electrical Equipment — 0.0% | Electrical Equipment — 0.0% |  |
| SunPower Corp.<br>(c)(d)<br>| 1707 |  |
| Entertainment — 0.1% | Entertainment — 0.1% |  |
| Learfield Communications LLC, (Acquired 09/06/23, <br>Cost: $31,736)<br>(c)(d)(e)<br>| 2526 | 282912 |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| Aimbridge Acquisition Co., Inc.<br>(c)(d)<br>| 6043 | 406437 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc.<br>(d)<br>| 1661 | 1383 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |  |
| Fortrex Equity<br>(c)(d)<br>| 5805 | 156735 |
| Industrial Conglomerates<br>(d)<br> — 0.0% | Industrial Conglomerates<br>(d)<br> — 0.0% |  |
| Ameriforge Group, Inc.<br>(c)<br>| 1664 |  |
| SVP Singer | 15566 | 60318 |
|  |  | 60318 |
| IT Services — 0.1% | IT Services — 0.1% |  |
| Travelport LLC<br>(c)(d)<br>| 230 | 675896 |
| Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% |  |
| Maxeon Solar Technologies Ltd.<br>(d)<br>| 2 | 6 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |  |
| TMK Hawk Midco Corp.<br>(c)(d)<br>| 24798 | 173584 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3<br>(d)<br>| 11960 | $210634<br>|
| Total Common Stocks — 0.3%<br>(Cost: $2,219,017) | Total Common Stocks — 0.3%<br>(Cost: $2,219,017) | 1967905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% |
| Clear Channel Outdoor Holdings, Inc.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/28 | USD | 188 | 188139 |
| 7.50%, 06/01/29 |  | 211 | 209513 |
| 7.88%, 04/01/30 |  | 505 | 531862 |
| 7.13%, 02/15/31 |  | 257 | 269116 |
| 7.50%, 03/15/33 |  | 548 | 578847 |
| CMG Media Corp., 8.88%, 06/18/29<br>(b)<br>|  | 63 | 54121 |
| Lamar Media Corp. |  |  |  |
| 4.00%, 02/15/30 |  | 15 | 14489 |
| 5.38%, 11/01/33<br>(b)<br>|  | 67 | 66561 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<br>(b)<br>|  | 152 | 152260 |
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.00%, 08/15/27 |  | 24 | 24035 |
| 4.25%, 01/15/29 |  | 80 | 77911 |
| 4.63%, 03/15/30 |  | 106 | 103472 |
| 7.38%, 02/15/31 |  | 140 | 148184 |
| Stagwell Global LLC, 5.63%, 08/15/29<br>(b)<br>|  | 32 | 31205 |
|  |  |  | 2449715 |
| Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% | Aerospace & Defense — 0.6% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(b)<br>|  | 80 | 82787 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 93 | 93109 |
| 4.88%, 10/01/29 |  | 32 | 31947 |
| 7.25%, 08/15/30 |  | 103 | 108817 |
| 5.13%, 10/01/31 |  | 88 | 88059 |
| Bombardier, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 02/15/28 |  | 35 | 35105 |
| 8.75%, 11/15/30 |  | 44 | 47538 |
| 7.25%, 07/01/31 |  | 55 | 58611 |
| 7.00%, 06/01/32 |  | 62 | 65512 |
| 6.75%, 06/15/33 |  | 376 | 397427 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(b)<br>|  | 644 | 650511 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(b)<br>|  | 67 | 68813 |
| TransDigm, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/28 |  | 129 | 131272 |
| 6.38%, 03/01/29 |  | 134 | 138190 |
| 6.63%, 03/01/32 |  | 286 | 297560 |
| 6.00%, 01/15/33 |  | 432 | 442139 |
| 6.38%, 05/31/33 |  | 384 | 394033 |
| 6.25%, 01/31/34 |  | 61 | 63298 |
| 6.75%, 01/31/34 |  | 793 | 826056 |
|  |  |  | 4020784 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% |
| Rand Parent LLC, 8.50%, 02/15/30 | USD | 57 | $59386<br>|
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 30 | 31749 |
|  |  |  | 91135 |
| Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% | Automobile Components — 0.3% |
| American Axle & Manufacturing, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 48 | 48886 |
| 7.75%, 10/15/33 |  | 50 | 50929 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>(b)<br>|  |  |  |
| 6.75%, 05/15/28 |  | 85 | 87157 |
| 6.75%, 02/15/30 |  | 280 | 292267 |
| 4.75%, 06/15/31 | EUR | 100 | 119193 |
| 6.75%, 09/15/32 | USD | 420 | 435537 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 21 | 20333 |
| 4.50%, 02/15/32 |  | 33 | 31677 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br>05/31/32<br>(b)<br>|  | 90 | 95658 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29 |  | 26 | 25689 |
| 6.63%, 07/15/30 |  | 34 | 34817 |
| 5.25%, 04/30/31 |  | 3 | 2880 |
| 5.63%, 04/30/33 |  | 30 | 28416 |
| Qnity Electronics, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 08/15/32 |  | 158 | 161547 |
| 6.25%, 08/15/33 |  | 68 | 70486 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(b)<br>|  | 226 | 226723 |
|  |  |  | 1732195 |
| Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% | Automobiles — 0.3% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(b)<br>|  | 111 | 112616 |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 39 | 38888 |
| 5.00%, 02/15/32<br>(b)<br>|  | 25 | 24295 |
| Carvana Co.<br>(b)(f)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |  | 170 | 178360 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 631 | 712017 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(b)<br>|  | 50 | 53454 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<br>(b)<br>|  | 34 | 34986 |
| Ken Garff Automotive LLC, 4.88%, 09/15/28<br>(b)<br>|  | 25 | 24926 |
| LCM Investments Holdings II LLC<br>(b)<br>|  |  |  |
| 4.88%, 05/01/29 |  | 72 | 70935 |
| 8.25%, 08/01/31 |  | 48 | 50769 |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(b)<br>|  | 55 | 55218 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30<br>(b)<br>|  | 142 | 142020 |
| Nissan Motor Co. Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 07/17/32 |  | 200 | 212442 |
| 6.38%, 07/17/33 | EUR | 100 | 120526 |
| 8.13%, 07/17/35 | USD | 200 | 212525 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br>10.00%, 01/15/31<br>(b)<br>|  | 73 | 71763 |
| Venture Holdings Trust, 12.00%, 07/01/49<br>(c)(d)(g)<br>|  | 5150 | 1 |
|  |  |  | 2115741 |
| Banks — 0.0% | Banks — 0.0% | Banks — 0.0% | Banks — 0.0% |
| Banco Espirito Santo SA<br>(d)(g)<br>|  |  |  |
| 2.63%, 05/08/17<br>(h)<br>| EUR | 100 | 25854 |
| 4.75%, 01/15/22 |  | 200 | 51709 |
| 4.00%, 01/21/22 |  | 100 | 25855 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(b)<br>| USD | 37 | 37959 |
|  |  |  | 141377 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% |
| Genmab AS, 7.25%, 12/15/33<br>(b)<br>| USD | 200 | $210082<br>|
| Building Materials<br>(b)<br> — 0.5% | Building Materials<br>(b)<br> — 0.5% | Building Materials<br>(b)<br> — 0.5% | Building Materials<br>(b)<br> — 0.5% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 |  | 70 | 73756 |
| Builders FirstSource, Inc. |  |  |  |
| 6.38%, 03/01/34 |  | 38 | 39289 |
| 6.75%, 05/15/35 |  | 161 | 168328 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.63%, 12/15/30 |  | 576 | 599911 |
| 6.75%, 07/15/31 |  | 309 | 325690 |
| Jeld-Wen, Inc. |  |  |  |
| 4.88%, 12/15/27 |  | 58 | 50623 |
| 7.00%, 09/01/32 |  | 46 | 31606 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |
| 5.25%, 07/15/28 |  | 26 | 25978 |
| 9.75%, 07/15/28 |  | 59 | 59443 |
| Quikrete Holdings, Inc. |  |  |  |
| 6.38%, 03/01/32 |  | 483 | 502745 |
| 6.75%, 03/01/33 |  | 209 | 218257 |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| 6.00%, 11/01/28 |  | 9 | 9042 |
| 8.88%, 11/15/31 |  | 7 | 7487 |
| Standard Building Solutions, Inc. |  |  |  |
| 6.50%, 08/15/32 |  | 219 | 225466 |
| 6.25%, 08/01/33 |  | 338 | 345279 |
| 5.88%, 03/15/34 |  | 104 | 104304 |
| Standard Industries, Inc. |  |  |  |
| 4.38%, 07/15/30 |  | 141 | 136023 |
| 3.38%, 01/15/31 |  | 34 | 31150 |
| Wilsonart LLC, 11.00%, 08/15/32 |  | 177 | 158164 |
|  |  |  | 3112541 |
| Building Products<br>(b)<br> — 0.2% | Building Products<br>(b)<br> — 0.2% | Building Products<br>(b)<br> — 0.2% | Building Products<br>(b)<br> — 0.2% |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 452 | 472077 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |  | 664 | 686857 |
|  |  |  | 1158934 |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Apollo Debt Solutions BDC |  |  |  |
| 5.88%, 08/30/30 |  | 51 | 51584 |
| 6.70%, 07/29/31 |  | 22 | 23214 |
| 6.55%, 03/15/32 |  | 9 | 9287 |
| ARES Strategic Income Fund<br>(b)<br>|  |  |  |
| 5.80%, 09/09/30 |  | 60 | 60581 |
| 5.15%, 01/15/31 |  | 55 | 53973 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 15 | 14942 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 70 | 70879 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 22 | 22621 |
| Compass Group Diversified Holdings LLC, 5.25%, <br>04/15/29<br>(b)<br>|  | 67 | 62059 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(b)<br>|  | 260 | 267311 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 170 | 167663 |
| 9.75%, 01/15/29 |  | 42 | 41872 |
| 4.38%, 02/01/29 |  | 31 | 26747 |
| 10.00%, 11/15/29<br>(b)<br>|  | 138 | 137903 |
| Jane Street Group/JSG Finance, Inc.<br>(b)<br>|  |  |  |
| 6.13%, 11/01/32 |  | 24 | 24421 |
| 6.75%, 05/01/33 |  | 214 | 223372 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Osaic Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/01/32 | USD | 40 | $41785<br>|
| 8.00%, 08/01/33 |  | 97 | 100851 |
|  |  |  | 1401065 |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), <br>9.25%, 11/01/26<br>(b)(f)<br>|  | 105 | 91311 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br>02/15/31<br>(b)<br>|  | 300 | 316385 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 10 | 10239 |
| 6.75%, 04/15/33 |  | 47 | 46753 |
| 7.38%, 02/15/34 |  | 108 | 109725 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 96 | 96233 |
| 5.75%, 11/15/28<br>(b)<br>|  | 348 | 338434 |
| 8.00%, 01/15/33<br>(b)<br>|  | 63 | 60991 |
| Element Solutions, Inc., 3.88%, 09/01/28<br>(b)<br>|  | 590 | 576694 |
| Herens Holdco SARL, 4.75%, 05/15/28<br>(b)<br>|  | 200 | 173655 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br>07/01/28<br>(b)<br>|  | 17 | 17023 |
| Ingevity Corp., 3.88%, 11/01/28<br>(b)<br>|  | 23 | 22395 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(b)<br>|  | 35 | 35351 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(b)<br>|  | 51 | 52513 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<br>(b)<br>|  | 55 | 54450 |
| Olympus Water U.S. Holding Corp.<br>(b)<br>|  |  |  |
| 6.25%, 10/01/29 |  | 200 | 194616 |
| 7.25%, 06/15/31 |  | 600 | 613805 |
| 7.25%, 02/15/33 |  | 484 | 486392 |
| Perimeter Holdings LLC, 01/15/34<br>(b)(i)<br>|  | 196 | 194712 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(b)<br>|  | 185 | 183186 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(b)<br>|  | 196 | 197724 |
| WR Grace Holdings LLC<br>(b)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 49 | 48849 |
| 5.63%, 08/15/29 |  | 1323 | 1259345 |
| 7.38%, 03/01/31 |  | 128 | 131076 |
| 6.63%, 08/15/32 |  | 222 | 224835 |
|  |  |  | 5536692 |
| Commercial Services & Supplies — 1.3% | Commercial Services & Supplies — 1.3% | Commercial Services & Supplies — 1.3% | Commercial Services & Supplies — 1.3% |
| ADT Security Corp.<br>(b)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 55 | 53272 |
| 5.88%, 10/15/33 |  | 172 | 174132 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, <br>05/21/30<br>(b)<br>|  | 200 | 208742 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(b)<br>|  | 1182 | 1245685 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.00%, 06/01/29 |  | 515 | 509671 |
| 6.88%, 06/15/30 |  | 537 | 559112 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<br>(b)<br>|  | 400 | 394046 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<br>(b)<br>|  | 200 | 204238 |
| Brink<br>'<br>s Co.<br>(b)<br>|  |  |  |
| 6.50%, 06/15/29 |  | 39 | 40380 |
| 6.75%, 06/15/32 |  | 159 | 165684 |
| Deluxe Corp., 8.13%, 09/15/29<br>(b)<br>|  | 31 | 32658 |
| FTAI Aviation Investors LLC<br>(b)<br>|  |  |  |
| 5.50%, 05/01/28 |  | 248 | 248217 |
| 7.88%, 12/01/30 |  | 140 | 148877 |
| 7.00%, 05/01/31 |  | 537 | 565508 |
| 7.00%, 06/15/32 |  | 477 | 501448 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| FTAI Aviation Investors LLC<br>(b)<br>(continued)<br>|  |  |  |
| 5.88%, 04/15/33 | USD | 128 | $130071<br>|
| Garda World Security Corp.<br>(b)<br>|  |  |  |
| 7.75%, 02/15/28 |  | 123 | 125779 |
| 6.00%, 06/01/29 |  | 16 | 15691 |
| 8.25%, 08/01/32 |  | 224 | 227657 |
| 8.38%, 11/15/32 |  | 747 | 760904 |
| Herc Holdings, Inc.<br>(b)<br>|  |  |  |
| 7.00%, 06/15/30 |  | 120 | 126291 |
| 5.75%, 03/15/31 |  | 55 | 55816 |
| 7.25%, 06/15/33 |  | 188 | 199352 |
| 6.00%, 03/15/34 |  | 57 | 57760 |
| Hertz Corp., 12.63%, 07/15/29<br>(b)<br>|  | 36 | 36312 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(b)<br>|  | 262 | 269991 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(b)<br>|  | 175 | 177334 |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 |  | 2 | 1870 |
| 4.00%, 05/15/31 |  | 49 | 46835 |
| 5.75%, 10/15/32 |  | 389 | 395901 |
| Sotheby<br>'<br>s/Bidfair Holdings, Inc., 5.88%, 06/01/29<br>(b)<br>|  | 202 | 187939 |
| United Rentals North America, Inc., 5.38%, 11/15/33<br>(b)<br>|  | 200 | 199858 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(b)<br>|  | 41 | 44084 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(b)<br>|  | 225 | 238123 |
|  |  |  | 8349238 |
| Communications Equipment<br>(b)<br> — 0.0% | Communications Equipment<br>(b)<br> — 0.0% | Communications Equipment<br>(b)<br> — 0.0% | Communications Equipment<br>(b)<br> — 0.0% |
| CommScope LLC, 4.75%, 09/01/29 |  | 203 | 202714 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 31 | 29671 |
|  |  |  | 232385 |
| Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% |
| AECOM, 6.00%, 08/01/33 |  | 349 | 357676 |
| Arcosa, Inc. |  |  |  |
| 4.38%, 04/15/29 |  | 97 | 95349 |
| 6.88%, 08/15/32 |  | 125 | 131766 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 586 | 574656 |
| Dycom Industries, Inc., 4.50%, 04/15/29 |  | 37 | 36549 |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>|  | 62 | 62777 |
|  |  |  | 1258773 |
| Consumer Discretionary<br>(b)<br> — 0.2% | Consumer Discretionary<br>(b)<br> — 0.2% | Consumer Discretionary<br>(b)<br> — 0.2% | Consumer Discretionary<br>(b)<br> — 0.2% |
| APi Group DE, Inc. |  |  |  |
| 4.13%, 07/15/29 |  | 67 | 65142 |
| 4.75%, 10/15/29 |  | 32 | 31352 |
| Clarivate Science Holdings Corp. |  |  |  |
| 3.88%, 07/01/28 |  | 328 | 318423 |
| 4.88%, 07/01/29 |  | 291 | 275144 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31 |  | 170 | 175158 |
| Williams Scotsman, Inc. |  |  |  |
| 6.63%, 06/15/29 |  | 71 | 73334 |
| 6.63%, 04/15/30 |  | 188 | 194315 |
| 7.38%, 10/01/31 |  | 169 | 176553 |
|  |  |  | 1309421 |
| Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 63 | 62624 |
| 5.63%, 08/15/30<br>(b)<br>|  | 108 | 110195 |
| 6.50%, 05/15/32 |  | 306 | 318197 |
| 6.00%, 08/15/33<br>(b)<br>|  | 228 | 234067 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(b)<br>|  | 400 | 425140 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(a)(b)<br>|  | 11 | 11372 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(b)<br>|  | 295 | 279913 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 | USD | 3 | $3334<br>|
| 7.88%, 06/15/32 |  | 46 | 48125 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 82 | 84931 |
| 5.38%, 11/15/29 |  | 70 | 70047 |
| 7.88%, 03/15/30 |  | 72 | 76127 |
| 6.13%, 05/15/30 |  | 104 | 106037 |
| 4.00%, 09/15/30 |  | 95 | 89049 |
| 7.50%, 05/15/31 |  | 21 | 22095 |
| 7.13%, 11/15/31 |  | 52 | 54280 |
| 6.75%, 03/15/32 |  | 160 | 164306 |
| 7.13%, 09/15/32 |  | 60 | 62335 |
| 6.50%, 03/15/33 |  | 314 | 316716 |
| Shift4 Payments, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/32 |  | 437 | 451199 |
| 5.50%, 05/15/33 | EUR | 100 | 120350 |
| WEX, Inc., 6.50%, 03/15/33<br>(b)<br>| USD | 176 | 180164 |
|  |  |  | 3290603 |
| Consumer Staples Distribution & Retail<br>(b)<br> — 0.1% | Consumer Staples Distribution & Retail<br>(b)<br> — 0.1% | Consumer Staples Distribution & Retail<br>(b)<br> — 0.1% | Consumer Staples Distribution & Retail<br>(b)<br> — 0.1% |
| Albertsons Cos, Inc. |  |  |  |
| 5.50%, 03/31/31 |  | 60 | 60632 |
| 6.25%, 03/15/33 |  | 228 | 234380 |
| 5.75%, 03/31/34 |  | 104 | 104421 |
| Boots Group Finco LP, 5.38%, 08/31/32 | EUR | 115 | 139653 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>| USD | 39 | 40938 |
| Performance Food Group, Inc. |  |  |  |
| 4.25%, 08/01/29 |  | 41 | 40085 |
| 6.13%, 09/15/32 |  | 152 | 156698 |
| U.S. Foods, Inc., 7.25%, 01/15/32 |  | 40 | 42045 |
| United Natural Foods, Inc., 6.75%, 10/15/28 |  | 65 | 65061 |
|  |  |  | 883913 |
| Containers & Packaging — 0.7% | Containers & Packaging — 0.7% | Containers & Packaging — 0.7% | Containers & Packaging — 0.7% |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(b)<br>|  | 173 | 187964 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(f)(h)<br>| EUR | 100 | 107742 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(b)(f)<br>| USD | 200 | 182750 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh <br>Metal Packaging Finance PLC, 6.25%, 01/30/31<br>(b)<br>|  | 200 | 204555 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br>Packaging Finance PLC, 4.00%, 09/01/29<br>(b)<br>|  | 485 | 456572 |
| Ball Corp. |  |  |  |
| 4.25%, 07/01/32 | EUR | 100 | 120265 |
| 5.50%, 09/15/33 | USD | 44 | 44853 |
| Clydesdale Acquisition Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 49 | 49855 |
| 6.88%, 01/15/30 |  | 111 | 113775 |
| 6.75%, 04/15/32 |  | 425 | 437017 |
| Crown Americas LLC, 5.88%, 06/01/33<br>(b)<br>|  | 274 | 280247 |
| LABL, Inc.<br>(b)<br>|  |  |  |
| 5.88%, 11/01/28 |  | 83 | 52011 |
| 9.50%, 11/01/28 |  | 131 | 82657 |
| 8.63%, 10/01/31 |  | 148 | 78715 |
| Magnera Corp., 7.25%, 11/15/31<br>(b)<br>|  | 33 | 32395 |
| Mauser Packaging Solutions Holding Co.<br>(b)<br>|  |  |  |
| 7.88%, 04/15/30 |  | 1281 | 1270893 |
| 9.25%, 04/15/30 |  | 65 | 62400 |
| Sealed Air Corp.<br>(b)<br>|  |  |  |
| 4.00%, 12/01/27 |  | 19 | 18902 |
| 5.00%, 04/15/29 |  | 15 | 15099 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Sealed Air Corp.<br>(b)<br>(continued)<br>|  |  |  |
| 6.50%, 07/15/32 | USD | 94 | $97514<br>|
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(b)<br>| EUR | 100 | 119106 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30<br>(b)<br>| USD | 180 | 192957 |
|  |  |  | 4208244 |
| Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% |
| Gates Corp., 6.88%, 07/01/29 |  | 74 | 76848 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 18 | 17348 |
| 6.50%, 07/15/32 |  | 129 | 132036 |
|  |  |  | 226232 |
| Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% | Diversified REITs — 0.2% |
| Digital Realty Trust LP, 1.88%, 11/15/29<br>(b)<br>|  | 20 | 20280 |
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(b)<br>|  | 109 | 104058 |
| Iron Mountain, Inc.<br>(b)<br>|  |  |  |
| 5.25%, 07/15/30 |  | 6 | 5927 |
| 5.63%, 07/15/32 |  | 113 | 111223 |
| 6.25%, 01/15/33 |  | 67 | 67561 |
| 4.75%, 01/15/34 | EUR | 200 | 228558 |
| Millrose Properties, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 08/01/30 | USD | 242 | 247620 |
| 6.25%, 09/15/32 |  | 140 | 141258 |
| SBA Communications Corp., 3.13%, 02/01/29 |  | 150 | 143482 |
|  |  |  | 1069967 |
| Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(b)<br>|  | 200 | 212148 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(f)<br>|  | 698 | 715392 |
| 10.75%, 11/30/29 |  | 334 | 369095 |
| Fibercop SpA<br>(b)<br>|  |  |  |
| 6.00%, 09/30/34 |  | 200 | 189469 |
| 7.20%, 07/18/36 |  | 200 | 199050 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<br>(b)<br>|  | 12 | 12039 |
| 5.00%, 05/01/28<br>(b)<br>|  | 21 | 21036 |
| 6.75%, 05/01/29<br>(b)<br>|  | 28 | 28212 |
| 5.88%, 11/01/29 |  | 46 | 46898 |
| 6.00%, 01/15/30<br>(b)<br>|  | 59 | 60001 |
| 8.75%, 05/15/30<br>(b)<br>|  | 420 | 438589 |
| 8.63%, 03/15/31<br>(b)<br>|  | 98 | 103114 |
| Iliad Holding SAS<br>(b)<br>|  |  |  |
| 7.00%, 10/15/28 |  | 200 | 202487 |
| 8.50%, 04/15/31 |  | 250 | 269062 |
| Level 3 Financing, Inc.<br>(b)<br>|  |  |  |
| 3.63%, 01/15/29 |  | 18 | 16612 |
| 4.88%, 06/15/29 |  | 250 | 243125 |
| 6.88%, 06/30/33 |  | 802 | 820748 |
| 7.00%, 03/31/34 |  | 636 | 655567 |
| Lumen Technologies, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 04/15/29 |  | 50 | 49437 |
| 4.13%, 04/15/30 |  | 50 | 49588 |
| 10.00%, 10/15/32 |  | 51 | 51257 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(b)<br>|  | 200 | 202750 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 141 | 156188 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(b)<br>|  | 141 | 144540 |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(b)<br>|  | 794 | 833517 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Zayo Group Holdings, Inc.<br>(b)(f)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 | USD | 555 | $526883<br>|
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 112 | 102400 |
|  |  |  | 6719204 |
| Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% | Electric Utilities — 0.2% |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(b)<br>|  | 69 | 71428 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<br>(b)<br>|  | 200 | 206222 |
| NextEra Energy Capital Holdings, Inc., (5-year CMT + <br>2.46%), 6.75%, 06/15/54<br>(a)<br>|  | 33 | 35230 |
| Pattern Energy Operations LP/Pattern Energy <br>Operations, Inc., 4.50%, 08/15/28<br>(b)<br>|  | 8 | 7890 |
| Texas Competitive Electric Holdings Co. LLC, 1.00%, <br>11/10/21<br>(c)(d)(g)<br>|  | 2375 |  |
| Vistra Operations Co. LLC<br>(b)<br>|  |  |  |
| 7.75%, 10/15/31 |  | 121 | 128161 |
| 6.88%, 04/15/32 |  | 82 | 86381 |
| XPLR Infrastructure Operating Partners LP<br>(b)<br>|  |  |  |
| 8.38%, 01/15/31 |  | 254 | 266606 |
| 7.75%, 04/15/34 |  | 225 | 228666 |
|  |  |  | 1030584 |
| Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% |
| Coherent Corp., 5.00%, 12/15/29 |  | 45 | 44848 |
| Sensata Technologies BV, 4.00%, 04/15/29 |  | 36 | 35125 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 |  | 243 | 237338 |
| 3.75%, 02/15/31 |  | 145 | 136079 |
| 6.63%, 07/15/32 |  | 200 | 209414 |
| WESCO Distribution, Inc., 6.38%, 03/15/33 |  | 73 | 76218 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 29 | 29978 |
|  |  |  | 769000 |
| Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% |
| Archrock Partners LP/Archrock Partners Finance Corp.<br>(b)<br>|  |  |  |
| 6.25%, 04/01/28 |  | 18 | 18103 |
| 6.63%, 09/01/32 |  | 333 | 343441 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(b)<br>|  | 36 | 36808 |
| Kodiak Gas Services LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/29 |  | 133 | 138367 |
| 6.50%, 10/01/33 |  | 173 | 176670 |
| 6.75%, 10/01/35 |  | 104 | 106934 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 18 | 18202 |
| Star Holding LLC, 8.75%, 08/01/31<br>(b)<br>|  | 127 | 122283 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(b)<br>|  | 65 | 69741 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 76 | 78668 |
| 6.25%, 10/01/33 |  | 317 | 320801 |
| Weatherford International Ltd., 6.75%, 10/15/33<br>(b)<br>|  | 214 | 219160 |
|  |  |  | 1649178 |
| Entertainment — 0.0% | Entertainment — 0.0% | Entertainment — 0.0% | Entertainment — 0.0% |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>(b)<br>|  | 152 | 135092 |
| Environmental, Maintenance & Security Service<br>(b)<br> — 0.4% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.4% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.4% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.4% |
| Clean Harbors, Inc., 6.38%, 02/01/31 |  | 7 | 7204 |
| GFL Environmental, Inc. |  |  |  |
| 4.00%, 08/01/28 |  | 8 | 7891 |
| 4.75%, 06/15/29 |  | 111 | 110775 |
| 4.38%, 08/15/29 |  | 65 | 63916 |
| 6.75%, 01/15/31 |  | 77 | 80786 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Madison IAQ LLC, 5.88%, 06/30/29 | USD | 1262 | $1254333<br>|
| Reworld Holding Corp., 4.88%, 12/01/29 |  | 43 | 41331 |
| Waste Pro USA, Inc., 7.00%, 02/01/33 |  | 624 | 642293 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 |  | 152 | 159330 |
|  |  |  | 2367859 |
| Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% |
| Azorra Finance Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 202 | 213363 |
| 7.25%, 01/15/31 |  | 36 | 37722 |
| CrossCountry Intermediate HoldCo LLC<br>(b)<br>|  |  |  |
| 6.50%, 10/01/30 |  | 73 | 74460 |
| 6.75%, 12/01/32 |  | 72 | 73168 |
| Freedom Mortgage Holdings LLC<br>(b)<br>|  |  |  |
| 9.25%, 02/01/29 |  | 42 | 44052 |
| 6.88%, 05/01/31 |  | 84 | 84050 |
| 9.13%, 05/15/31 |  | 102 | 109554 |
| 8.38%, 04/01/32 |  | 152 | 160005 |
| GGAM Finance Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 06/15/28 |  | 29 | 30710 |
| 6.88%, 04/15/29 |  | 65 | 67417 |
| 5.88%, 03/15/30 |  | 173 | 175379 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(b)<br>|  | 141 | 145643 |
| Midcap Financial Issuer Trust, 5.63%, 01/15/30<br>(b)<br>|  | 200 | 187332 |
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 153 | 154932 |
| PennyMac Financial Services, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 12/15/29 |  | 52 | 55330 |
| 7.13%, 11/15/30 |  | 172 | 180811 |
| 6.88%, 05/15/32 |  | 197 | 206238 |
| 6.75%, 02/15/34 |  | 51 | 52720 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(b)<br>|  | 309 | 329182 |
| Rocket Cos., Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/01/29 |  | 172 | 177399 |
| 6.13%, 08/01/30 |  | 546 | 564389 |
| 7.13%, 02/01/32 |  | 164 | 172528 |
| 6.38%, 08/01/33 |  | 280 | 291933 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<br>(b)<br>|  |  |  |
| 2.88%, 10/15/26 |  | 75 | 73906 |
| 3.88%, 03/01/31 |  | 20 | 18992 |
| 4.00%, 10/15/33 |  | 9 | 8362 |
| UWM Holdings LLC<br>(b)<br>|  |  |  |
| 6.63%, 02/01/30 |  | 164 | 166063 |
| 6.25%, 03/15/31 |  | 141 | 140775 |
|  |  |  | 3996415 |
| Food Products<br>(b)<br> — 0.3% | Food Products<br>(b)<br> — 0.3% | Food Products<br>(b)<br> — 0.3% | Food Products<br>(b)<br> — 0.3% |
| Aramark Services, Inc., 5.00%, 02/01/28 |  | 41 | 40994 |
| B&G Foods, Inc., 8.00%, 09/15/28 |  | 22 | 21645 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(f)<br>|  | 460 | 491188 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |  |
| 4.63%, 11/15/28 |  | 258 | 258048 |
| 7.63%, 07/01/29 |  | 241 | 251392 |
| Darling Global Finance BV, 4.50%, 07/15/32 | EUR | 100 | 119056 |
| Darling Ingredients, Inc., 6.00%, 06/15/30 | USD | 151 | 153466 |
| Fiesta Purchaser, Inc. |  |  |  |
| 7.88%, 03/01/31 |  | 5 | 5215 |
| 9.63%, 09/15/32 |  | 80 | 83841 |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/30 |  | 248 | 239894 |
| Post Holdings, Inc. |  |  |  |
| 4.63%, 04/15/30 |  | 36 | 35056 |
| 4.50%, 09/15/31 |  | 28 | 26545 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Post Holdings, Inc.<br>(continued)<br>|  |  |  |
| 6.38%, 03/01/33 | USD | 75 | $75750<br>|
| 6.25%, 10/15/34 |  | 49 | 49272 |
| 6.50%, 03/15/36 |  | 140 | 140189 |
|  |  |  | 1991551 |
| Ground Transportation<br>(b)<br> — 0.0% | Ground Transportation<br>(b)<br> — 0.0% | Ground Transportation<br>(b)<br> — 0.0% | Ground Transportation<br>(b)<br> — 0.0% |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32 |  | 86 | 88688 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 |  | 26 | 27230 |
|  |  |  | 115918 |
| Health Care Equipment & Supplies<br>(b)<br> — 0.1% | Health Care Equipment & Supplies<br>(b)<br> — 0.1% | Health Care Equipment & Supplies<br>(b)<br> — 0.1% | Health Care Equipment & Supplies<br>(b)<br> — 0.1% |
| Bausch & Lomb Corp., 8.38%, 10/01/28 |  | 533 | 556319 |
| Hologic, Inc., 3.25%, 02/15/29 |  | 5 | 4928 |
| Insulet Corp., 6.50%, 04/01/33 |  | 126 | 131341 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 60 | 63990 |
|  |  |  | 756578 |
| Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% | Health Care Providers & Services — 1.0% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(b)<br>|  | 100 | 101000 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(b)<br>|  | 256 | 253765 |
| CHS/Community Health Systems, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 01/15/29 |  | 127 | 126964 |
| 5.25%, 05/15/30 |  | 347 | 325900 |
| 4.75%, 02/15/31 |  | 149 | 132742 |
| 10.88%, 01/15/32 |  | 132 | 144070 |
| 9.75%, 01/15/34 |  | 449 | 471598 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(b)<br>|  | 86 | 89939 |
| DaVita, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 8 | 8328 |
| 6.75%, 07/15/33 |  | 12 | 12443 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(b)<br>|  | 20 | 20442 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(b)<br>|  | 38 | 35733 |
| HealthEquity, Inc., 4.50%, 10/01/29<br>(b)<br>|  | 496 | 487268 |
| IQVIA, Inc., 6.25%, 06/01/32<br>(b)<br>|  | 157 | 164052 |
| LifePoint Health, Inc.<br>(b)<br>|  |  |  |
| 9.88%, 08/15/30 |  | 22 | 23687 |
| 11.00%, 10/15/30 |  | 237 | 259903 |
| 8.38%, 02/15/32 |  | 134 | 145452 |
| 10.00%, 06/01/32 |  | 218 | 231534 |
| Medline Borrower LP<br>(b)<br>|  |  |  |
| 3.88%, 04/01/29 |  | 157 | 153281 |
| 5.25%, 10/01/29 |  | 458 | 460476 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(b)<br>|  | 257 | 265677 |
| Molina Healthcare, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 02/15/31 |  | 177 | 181784 |
| 6.25%, 01/15/33 |  | 106 | 108063 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(b)<br>|  | 28 | 29400 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(b)<br>|  | 175 | 183544 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(b)<br>|  | 373 | 398069 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(b)<br>|  | 530 | 536078 |
| Tenet Healthcare Corp. |  |  |  |
| 6.75%, 05/15/31 |  | 380 | 395393 |
| 6.00%, 11/15/33<br>(b)<br>|  | 167 | 171942 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(b)<br>|  | 231 | 232713 |
|  |  |  | 6151240 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% |
| Diversified Healthcare Trust, 7.25%, 10/15/30 | USD | 43 | $43967<br>|
| MPT Operating Partnership LP/MPT Finance Corp., <br>8.50%, 02/15/32<br>|  | 438 | 467755 |
|  |  |  | 511722 |
| Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(b)<br>|  | 173 | 177566 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(b)<br>|  | 29 | 29683 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/29 |  | 39 | 38612 |
| 6.50%, 04/01/32 |  | 258 | 267568 |
| 6.50%, 06/15/33 |  | 232 | 241173 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<br>(b)<br>|  | 74 | 70188 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(b)(j)<br>|  | 83 | 75003 |
| 8.63%, 11/15/31<br>(b)<br>|  | 645 | 677486 |
| 8.88%, 06/15/32 |  | 237 | 233789 |
| XHR LP, 6.63%, 05/15/30<br>(b)<br>|  | 28 | 28898 |
|  |  |  | 1839966 |
| Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% |
| Acushnet Co., 5.63%, 12/01/33<br>(b)<br>|  | 39 | 39438 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(b)<br>|  | 147 | 144990 |
| Burger King (Restaurant Brands International, Inc.)/New <br>Red Finance, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 09/15/29 |  | 29 | 29527 |
| 4.00%, 10/15/30 |  | 175 | 166671 |
| Caesars Entertainment, Inc.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/30 |  | 342 | 354195 |
| 6.50%, 02/15/32 |  | 226 | 231520 |
| Carnival Corp.<br>(b)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 66 | 68172 |
| 5.75%, 08/01/32 |  | 45 | 46183 |
| 6.13%, 02/15/33 |  | 384 | 396515 |
| Carnival PLC, 4.13%, 07/15/31<br>(b)<br>| EUR | 125 | 148736 |
| Churchill Downs, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 | USD | 47 | 46825 |
| 5.75%, 04/01/30 |  | 308 | 311000 |
| 6.75%, 05/01/31 |  | 188 | 194942 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br>Finance Co., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 01/15/29 |  | 279 | 270974 |
| 6.75%, 01/15/30 |  | 586 | 557154 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(b)<br>|  | 94 | 94954 |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>|  |  |  |
| 5.88%, 03/15/33 |  | 211 | 217074 |
| 5.75%, 09/15/33 |  | 11 | 11258 |
| 5.50%, 03/31/34 |  | 90 | 90618 |
| Light & Wonder International, Inc.<br>(b)<br>|  |  |  |
| 7.50%, 09/01/31 |  | 41 | 42777 |
| 6.25%, 10/01/33 |  | 77 | 77955 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(b)<br>|  | 160 | 166909 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(b)<br>|  | 78 | 55986 |
| Melco Resorts Finance Ltd.<br>(b)<br>|  |  |  |
| 5.38%, 12/04/29 |  | 200 | 197628 |
| 7.63%, 04/17/32 |  | 200 | 210000 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 72 | 73992 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Midwest Gaming Borrower LLC/Midwest Gaming <br>Finance Corp., 4.88%, 05/01/29<br>(b)<br>| USD | 40 | $39345<br>|
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(b)<br>|  | 70 | 72968 |
| NCL Corp. Ltd.<br>(b)<br>|  |  |  |
| 5.88%, 01/15/31 |  | 14 | 13947 |
| 6.75%, 02/01/32 |  | 13 | 13311 |
| 6.25%, 09/15/33 |  | 406 | 405829 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.63%, 09/01/29 |  | 34 | 25755 |
| 5.88%, 09/01/31 |  | 49 | 32462 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br>Finance Corp., 6.63%, 02/01/33<br>(b)<br>|  | 43 | 43961 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(b)<br>|  | 45 | 45933 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(b)<br>|  | 21 | 17857 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(b)<br>|  | 54 | 51570 |
| Station Casinos LLC<br>(b)<br>|  |  |  |
| 4.50%, 02/15/28 |  | 69 | 68430 |
| 4.63%, 12/01/31 |  | 203 | 192455 |
| 6.63%, 03/15/32 |  | 33 | 33781 |
| Vail Resorts, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 07/15/30 |  | 59 | 59959 |
| 6.50%, 05/15/32 |  | 76 | 78869 |
| Viking Cruises Ltd.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 13 | 13075 |
| 9.13%, 07/15/31 |  | 177 | 189539 |
| 5.88%, 10/15/33 |  | 273 | 277221 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<br>(b)<br>|  | 27 | 27043 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(b)<br>|  | 92 | 97623 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42 |  | 538 | 378617 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28<br>(b)<br>|  | 44 | 43390 |
| Wynn Macau Ltd.<br>(b)<br>|  |  |  |
| 5.63%, 08/26/28 |  | 400 | 399208 |
| 5.13%, 12/15/29 |  | 200 | 198196 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.13%, 10/01/29 |  | 144 | 144853 |
| 7.13%, 02/15/31 |  | 433 | 468544 |
| 6.25%, 03/15/33 |  | 45 | 46011 |
|  |  |  | 7725745 |
| Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% | Household Durables — 0.3% |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>(b)<br>|  |  |  |
| 4.63%, 08/01/29 |  | 32 | 30509 |
| 4.63%, 04/01/30 |  | 46 | 43929 |
| 6.88%, 08/01/33 |  | 92 | 92073 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 14 | 14033 |
| Brookfield Residential Properties, Inc./Brookfield <br>Residential U.S. LLC<br>(b)<br>|  |  |  |
| 5.00%, 06/15/29 |  | 228 | 220548 |
| 4.88%, 02/15/30 |  | 56 | 52161 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(b)<br>|  | 83 | 83930 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(b)<br>|  | 26 | 26758 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(b)<br>|  | 13 | 13409 |
| K Hovnanian Enterprises, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 145 | 147982 |
| 8.38%, 10/01/33 |  | 103 | 104678 |
| LGI Homes, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 33 | 34421 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| LGI Homes, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 7.00%, 11/15/32 | USD | 62 | $59264<br>|
| Mattamy Group Corp.<br>(b)<br>|  |  |  |
| 4.63%, 03/01/30 |  | 72 | 69898 |
| 6.00%, 12/15/33 |  | 70 | 69378 |
| Meritage Homes Corp., 1.75%, 05/15/28 |  | 98 | 96383 |
| New Home Co., Inc.<br>(b)<br>|  |  |  |
| 9.25%, 10/01/29 |  | 56 | 58445 |
| 8.50%, 11/01/30 |  | 22 | 22657 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(b)<br>|  | 50 | 52428 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 5 | 4906 |
| 4.38%, 02/01/32 |  | 97 | 91059 |
| Somnigroup International, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 04/15/29 |  | 89 | 86711 |
| 3.88%, 10/15/31 |  | 23 | 21498 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(b)<br>|  | 31 | 32561 |
| SWF Holdings I Corp., 6.50%, 10/06/29<br>(b)<br>|  | 285 | 116873 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(b)<br>|  | 39 | 40127 |
|  |  |  | 1686619 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Central Garden & Pet Co., 4.13%, 10/15/30 |  | 26 | 24919 |
| Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.3% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.3% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.3% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.3% |
| Calpine Corp. |  |  |  |
| 4.50%, 02/15/28 |  | 2 | 2001 |
| 4.63%, 02/01/29 |  | 47 | 46824 |
| 5.00%, 02/01/31 |  | 19 | 19296 |
| Clearway Energy Operating LLC |  |  |  |
| 4.75%, 03/15/28 |  | 8 | 7983 |
| 3.75%, 01/15/32 |  | 184 | 167243 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 23 | 24457 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 131 | 130359 |
| 6.00%, 02/01/33 |  | 186 | 189683 |
| 5.75%, 01/15/34 |  | 232 | 234359 |
| 6.25%, 11/01/34 |  | 334 | 343023 |
| 6.00%, 01/15/36 |  | 733 | 742707 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(a)(k)<br>|  | 44 | 45106 |
| XPLR Infrastructure LP, 2.50%, 06/15/26 |  | 179 | 175653 |
|  |  |  | 2128694 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Amsted Industries, Inc., 6.38%, 03/15/33<br>(b)<br>|  | 150 | 154498 |
| Avient Corp., 6.25%, 11/01/31<br>(b)<br>|  | 37 | 38031 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<br>(b)<br>|  | 81 | 84266 |
| Enpro, Inc., 6.13%, 06/01/33<br>(b)<br>|  | 49 | 50563 |
| NM Holdings Co. LLC, Series B, 9.50%, 07/01/05<br>(c)(d)(g)<br>|  | 5125 | 1 |
|  |  |  | 327359 |
| Insurance<br>(b)<br> — 1.5% | Insurance<br>(b)<br> — 1.5% | Insurance<br>(b)<br> — 1.5% | Insurance<br>(b)<br> — 1.5% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>|  |  |  |
| 4.25%, 10/15/27 |  | 275 | 273252 |
| 6.75%, 10/15/27 |  | 344 | 346021 |
| 6.75%, 04/15/28 |  | 37 | 37672 |
| 5.88%, 11/01/29 |  | 373 | 372672 |
| 7.00%, 01/15/31 |  | 415 | 430552 |
| 7.38%, 10/01/32 |  | 777 | 805647 |
| AmWINS Group, Inc. |  |  |  |
| 6.38%, 02/15/29 |  | 36 | 37023 |
| 4.88%, 06/30/29 |  | 88 | 86543 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>| USD | 106 | $107240<br>|
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>|  | 63 | 63629 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31 |  | 600 | 629013 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32 |  | 800 | 831444 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>|  | 333 | 345525 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>|  |  |  |
| 7.25%, 02/15/31 |  | 400 | 411922 |
| 8.13%, 02/15/32 |  | 245 | 252921 |
| HUB International Ltd. |  |  |  |
| 7.25%, 06/15/30 |  | 989 | 1038376 |
| 7.38%, 01/31/32 |  | 1472 | 1544943 |
| Jones Deslauriers Insurance Management, Inc. |  |  |  |
| 8.50%, 03/15/30 |  | 136 | 142543 |
| 6.88%, 10/01/33 |  | 112 | 108146 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31 |  | 982 | 1017596 |
| Ryan Specialty LLC, 5.88%, 08/01/32 |  | 265 | 270768 |
| USI, Inc., 7.50%, 01/15/32 |  | 226 | 236866 |
|  |  |  | 9390314 |
| Interactive Media & Services<br>(b)<br> — 1.8% | Interactive Media & Services<br>(b)<br> — 1.8% | Interactive Media & Services<br>(b)<br> — 1.8% | Interactive Media & Services<br>(b)<br> — 1.8% |
| Beignet Investor LLC, 6.58%, 05/30/49 |  | 9914 | 10474093 |
| ION Platform Finance U.S., Inc., 5.00%, 05/01/28 |  | 200 | 185651 |
| Snap, Inc. |  |  |  |
| 6.88%, 03/01/33 |  | 291 | 301547 |
| 6.88%, 03/15/34 |  | 162 | 166799 |
|  |  |  | 11128090 |
| Internet Software & Services<br>(b)<br> — 0.2% | Internet Software & Services<br>(b)<br> — 0.2% | Internet Software & Services<br>(b)<br> — 0.2% | Internet Software & Services<br>(b)<br> — 0.2% |
| ANGI Group LLC, 3.88%, 08/15/28 |  | 45 | 41564 |
| Getty Images, Inc. |  |  |  |
| 11.25%, 02/21/30 |  | 393 | 368506 |
| 10.50%, 11/15/30 |  | 38 | 38314 |
| Match Group Holdings II LLC |  |  |  |
| 4.13%, 08/01/30 |  | 137 | 129672 |
| 3.63%, 10/01/31 |  | 65 | 59643 |
| 6.13%, 09/15/33 |  | 141 | 142689 |
| Rakuten Group, Inc., 9.75%, 04/15/29 |  | 200 | 223692 |
| Uber Technologies, Inc., 4.50%, 08/15/29 |  | 330 | 330041 |
|  |  |  | 1334121 |
| IT Services<br>(b)<br> — 0.2% | IT Services<br>(b)<br> — 0.2% | IT Services<br>(b)<br> — 0.2% | IT Services<br>(b)<br> — 0.2% |
| Amentum Holdings, Inc., 7.25%, 08/01/32 |  | 21 | 22136 |
| CACI International, Inc., 6.38%, 06/15/33 |  | 176 | 182103 |
| Fair Isaac Corp., 6.00%, 05/15/33 |  | 426 | 437565 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31 |  | 340 | 354769 |
| KBR, Inc., 4.75%, 09/30/28 |  | 75 | 73500 |
| McAfee Corp., 7.38%, 02/15/30 |  | 99 | 86336 |
| Science Applications International Corp., 5.88%, <br>11/01/33<br>|  | 207 | 209844 |
|  |  |  | 1366253 |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| ATS Corp., 4.13%, 12/15/28<br>(b)<br>|  | 35 | 34140 |
| Chart Industries, Inc., 7.50%, 01/01/30<br>(b)<br>|  | 182 | 189689 |
| Esab Corp., 6.25%, 04/15/29<br>(b)<br>|  | 66 | 67862 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(b)<br>|  | 35 | 30450 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(b)<br>|  | 675 | 707893 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(b)<br>|  | 32 | 34371 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| Terex Corp., 6.25%, 10/15/32<br>(b)<br>| USD | 133 | $136452<br>|
| TK Elevator Midco GmbH, 4.38%, 07/15/27<br>(h)<br>| EUR | 200 | 235866 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(b)<br>| USD | 515 | 515121 |
| Vertiv Group Corp., 4.13%, 11/15/28<br>(b)<br>|  | 781 | 771401 |
|  |  |  | 2723245 |
| Media — 1.3% | Media — 1.3% | Media — 1.3% | Media — 1.3% |
| Adelphia Communications Corp., 10.50%, <br>12/31/49<br>(c)(d)(g)<br>|  | 400 |  |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(b)<br>|  | 76 | 74548 |
| Cable One, Inc. |  |  |  |
| 0.00%, 03/15/26<br>(j)<br>|  | 28 | 27580 |
| 1.13%, 03/15/28 |  | 111 | 90332 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(b)<br>|  | 376 | 371759 |
| 6.38%, 09/01/29<br>(b)<br>|  | 159 | 161186 |
| 4.75%, 03/01/30<br>(b)<br>|  | 290 | 276964 |
| 4.50%, 08/15/30<br>(b)<br>|  | 22 | 20713 |
| 4.25%, 02/01/31<br>(b)<br>|  | 280 | 257278 |
| 4.75%, 02/01/32<br>(b)<br>|  | 216 | 197411 |
| 4.50%, 05/01/32 |  | 189 | 169635 |
| 4.50%, 06/01/33<br>(b)<br>|  | 196 | 171570 |
| 4.25%, 01/15/34<br>(b)<br>|  | 544 | 462549 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(b)<br>|  | 19 | 19716 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(b)<br>|  | 249 | 253602 |
| CSC Holdings LLC<br>(b)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 200 | 171484 |
| 5.38%, 02/01/28 |  | 200 | 145105 |
| 11.25%, 05/15/28 |  | 400 | 318266 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(b)<br>|  | 154 | 155816 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(b)<br>|  |  |  |
| 5.88%, 08/15/27 |  | 95 | 95558 |
| 10.00%, 02/15/31 |  | 300 | 306616 |
| DISH DBS Corp.<br>(b)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 254 | 246316 |
| 5.75%, 12/01/28 |  | 215 | 211077 |
| DISH Network Corp., 11.75%, 11/15/27<br>(b)<br>|  | 593 | 617183 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(b)<br>|  | 210 | 208060 |
| Gray Media, Inc.<br>(b)<br>|  |  |  |
| 10.50%, 07/15/29 |  | 50 | 53767 |
| 9.63%, 07/15/32 |  | 190 | 197176 |
| 7.25%, 08/15/33 |  | 254 | 259545 |
| LCPR Senior Secured Financing DAC, 6.75%, <br>10/15/27<br>(b)<br>|  | 180 | 125811 |
| Live Nation Entertainment, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 10/15/27 |  | 38 | 38077 |
| 3.75%, 01/15/28 |  | 35 | 34408 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(b)<br>|  | 77 | 78819 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(b)<br>|  | 83 | 85103 |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(b)<br>|  | 519 | 535122 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(b)<br>|  | 169 | 176509 |
| Sirius XM Radio LLC<br>(b)<br>|  |  |  |
| 3.13%, 09/01/26 |  | 8 | 7930 |
| 5.00%, 08/01/27 |  | 24 | 24058 |
| 4.00%, 07/15/28 |  | 53 | 51811 |
| Univision Communications, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 08/15/28 |  | 403 | 417377 |
| 8.50%, 07/31/31 |  | 260 | 271604 |
| 9.38%, 08/01/32 |  | 114 | 122529 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(b)<br>| USD | 73 | $75313<br>|
| WULF Compute LLC, 7.75%, 10/15/30<br>(b)<br>|  | 366 | 377071 |
|  |  |  | 7962354 |
| Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<br>(b)<br>|  | 184 | 188153 |
| Arsenal AIC Parent LLC<br>(b)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 46 | 48813 |
| 11.50%, 10/01/31 |  | 561 | 617410 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br>01/31/29<br>(b)<br>|  | 296 | 298147 |
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(b)<br>|  | 104 | 105635 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(b)<br>|  | 165 | 170893 |
| Commercial Metals Co.<br>(b)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 120 | 122704 |
| 6.00%, 12/15/35 |  | 123 | 126094 |
| Constellium SE<br>(b)<br>|  |  |  |
| 3.75%, 04/15/29 |  | 500 | 482804 |
| 6.38%, 08/15/32 |  | 250 | 258005 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(b)<br>|  | 160 | 160500 |
| Kaiser Aluminum Corp.<br>(b)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 468 | 452146 |
| 5.88%, 03/01/34 |  | 207 | 207649 |
| New Gold, Inc., 6.88%, 04/01/32<br>(b)<br>|  | 235 | 249392 |
| Novelis Corp.<br>(b)<br>|  |  |  |
| 4.75%, 01/30/30 |  | 195 | 188109 |
| 6.88%, 01/30/30 |  | 123 | 127717 |
| 3.88%, 08/15/31 |  | 81 | 73829 |
| 6.38%, 08/15/33 |  | 362 | 366985 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<br>(h)<br>| EUR | 100 | 114772 |
| Vallourec SACA, 7.50%, 04/15/32<br>(b)<br>| USD | 200 | 212357 |
|  |  |  | 4572114 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 31 | 30876 |
| 7.88%, 07/15/30 |  | 46 | 43952 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 124 | 122722 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 43 | 45412 |
| 6.00%, 04/15/30 |  | 21 | 21555 |
| 6.50%, 07/01/30 |  | 10 | 10431 |
| 6.50%, 10/15/30 |  | 182 | 189752 |
|  |  |  | 464700 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br>06/01/30<br>(b)<br>|  | 38 | 40481 |
| Oil, Gas & Consumable Fuels — 1.4% | Oil, Gas & Consumable Fuels — 1.4% | Oil, Gas & Consumable Fuels — 1.4% | Oil, Gas & Consumable Fuels — 1.4% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(b)<br>|  | 93 | 97434 |
| Antero Midstream Partners LP/Antero Midstream <br>Finance Corp., 5.38%, 06/15/29<br>(b)<br>|  | 66 | 66002 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 38 | 48307 |
| 5.88%, 06/30/29 |  | 89 | 89233 |
| 6.63%, 07/15/33 |  | 54 | 55892 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(b)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 119 | 124107 |
| 7.25%, 07/15/32 |  | 45 | 47757 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(b)<br>|  | 4 | 4161 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Buckeye Partners LP<br>(continued)<br>|  |  |  |
| 6.75%, 02/01/30<br>(b)<br>| USD | 23 | $24144<br>|
| 5.85%, 11/15/43 |  | 16 | 15004 |
| 5.60%, 10/15/44 |  | 1 | 906 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(b)<br>|  | 285 | 296812 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(b)<br>|  | 30 | 31024 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(b)<br>|  | 130 | 135177 |
| Civitas Resources, Inc.<br>(b)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 57 | 58732 |
| 8.75%, 07/01/31 |  | 48 | 49795 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<br>(b)<br>|  | 32 | 31022 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(b)<br>|  | 29 | 30273 |
| Comstock Resources, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 03/01/29 |  | 378 | 378578 |
| 5.88%, 01/15/30 |  | 2 | 1945 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(b)<br>|  | 250 | 247330 |
| Crescent Energy Finance LLC<br>(b)<br>|  |  |  |
| 7.63%, 04/01/32 |  | 125 | 121190 |
| 7.38%, 01/15/33 |  | 82 | 77814 |
| 8.38%, 01/15/34 |  | 43 | 42714 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(b)<br>|  | 64 | 65464 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(b)<br>|  | 92 | 93881 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(b)<br>|  | 35 | 37077 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>|  | 415 | 451056 |
| Enbridge, Inc.<br>(a)<br>|  |  |  |
| (5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 40 | 42356 |
| (5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 54 | 57161 |
| Energy Transfer LP<br>(a)<br>|  |  |  |
| (5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 75 | 76952 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 127 | 135567 |
| Series H, (5-year CMT + 5.69%), 6.50%<br>(k)<br>|  | 129 | 129568 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 29 | 29119 |
| 8.00%, 05/15/33 |  | 2 | 2076 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(b)<br>|  | 39 | 39712 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(b)<br>|  | 45 | 46471 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(b)<br>|  | 25 | 26060 |
| Hess Midstream Operations LP<br>(b)<br>|  |  |  |
| 6.50%, 06/01/29 |  | 48 | 49570 |
| 4.25%, 02/15/30 |  | 34 | 33255 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(b)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 3 | 3017 |
| 5.75%, 02/01/29 |  | 54 | 53426 |
| 6.00%, 04/15/30 |  | 5 | 4859 |
| 6.25%, 04/15/32 |  | 5 | 4707 |
| 8.38%, 11/01/33 |  | 135 | 137842 |
| 6.88%, 05/15/34 |  | 34 | 31858 |
| 7.25%, 02/15/35 |  | 19 | 18057 |
| Howard Midstream Energy Partners LLC<br>(b)<br>|  |  |  |
| 7.38%, 07/15/32 |  | 27 | 28490 |
| 6.63%, 01/15/34 |  | 168 | 172592 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(b)<br>|  | 176 | 168899 |
| Kinetik Holdings LP, 5.88%, 06/15/30<br>(b)<br>|  | 6 | 6054 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(b)<br>|  | 82 | 84277 |
| Matador Resources Co.<br>(b)<br>|  |  |  |
| 6.88%, 04/15/28 |  | 64 | 65401 |
| 6.50%, 04/15/32 |  | 146 | 148068 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(b)<br>| USD | 47 | $46195<br>|
| NGL Energy Operating LLC/NGL Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 8.13%, 02/15/29 |  | 70 | 72658 |
| 8.38%, 02/15/32 |  | 163 | 168797 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(b)<br>|  | 16 | 16623 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(b)<br>|  | 107 | 104181 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(b)<br>|  | 42 | 42800 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(b)<br>|  | 34 | 32743 |
| Permian Resources Operating LLC<br>(b)<br>|  |  |  |
| 8.00%, 04/15/27 |  | 70 | 70914 |
| 7.00%, 01/15/32 |  | 57 | 59413 |
| 6.25%, 02/01/33 |  | 301 | 308756 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(b)<br>|  | 50 | 51971 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<br>(b)<br>|  | 14 | 13969 |
| Sunoco LP<br>(b)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 40 | 40293 |
| 6.63%, 08/15/32 |  | 45 | 46252 |
| 6.25%, 07/01/33 |  | 48 | 49167 |
| 5.88%, 03/15/34 |  | 83 | 82993 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 35 | 35019 |
| 7.38%, 02/15/29 |  | 149 | 154001 |
| 6.00%, 09/01/31 |  | 32 | 31850 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<br>(b)<br>|  | 135 | 133681 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(b)<br>|  | 15 | 15144 |
| Transocean International Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 05/15/29 |  | 43 | 43338 |
| 8.75%, 02/15/30 |  | 35 | 36833 |
| 8.50%, 05/15/31 |  | 63 | 62403 |
| 7.88%, 10/15/32 |  | 57 | 59531 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(b)<br>|  | 11 | 10748 |
| Valaris Ltd., 8.38%, 04/30/30<br>(b)<br>|  | 59 | 61387 |
| Venture Global LNG, Inc.<br>(b)<br>|  |  |  |
| 9.50%, 02/01/29 |  | 395 | 409408 |
| 7.00%, 01/15/30 |  | 8 | 7699 |
| 8.38%, 06/01/31 |  | 352 | 350038 |
| 9.88%, 02/01/32 |  | 177 | 182854 |
| Venture Global Plaquemines LNG LLC<br>(b)<br>|  |  |  |
| 6.13%, 12/15/30 |  | 258 | 262733 |
| 7.50%, 05/01/33 |  | 62 | 66991 |
| 6.50%, 01/15/34 |  | 271 | 277569 |
| 7.75%, 05/01/35 |  | 74 | 81027 |
| 6.75%, 01/15/36 |  | 420 | 430202 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(b)<br>|  | 27 | 26949 |
| 9.75%, 10/15/30 |  | 28 | 29384 |
| 7.88%, 04/15/32<br>(b)<br>|  | 40 | 39411 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(b)<br>|  | 163 | 164536 |
|  |  |  | 8498706 |
| Passenger Airlines<br>(b)<br> — 0.0% | Passenger Airlines<br>(b)<br> — 0.0% | Passenger Airlines<br>(b)<br> — 0.0% | Passenger Airlines<br>(b)<br> — 0.0% |
| American Airlines, Inc., 8.50%, 05/15/29 |  | 74 | 77396 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.75%, 04/20/29<br>|  | 11 | 11711 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>|  | 93 | 93694 |
| OneSky Flight LLC, 8.88%, 12/15/29 |  | 59 | 63138 |
|  |  |  | 245939 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS, 6.50%, 03/31/32<br>(b)<br>| USD | 200 | $204844<br>|
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 190 | 185072 |
|  |  |  | 389916 |
| Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% | Pharmaceuticals — 0.6% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>|  | 2881 | 2996289 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(b)<br>|  | 56 | 59153 |
| Bausch Health Cos., Inc.<br>(b)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 48 | 42960 |
| 11.00%, 09/30/28 |  | 213 | 220634 |
| Option Care Health, Inc., 4.38%, 10/31/29<br>(b)<br>|  | 79 | 77185 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, <br>10/01/26<br>|  | 130 | 128294 |
|  |  |  | 3524515 |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp., Series AI, 7.00%, 04/15/30<br>|  | 80 | 79656 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(b)<br>|  | 42 | 45581 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(b)<br>|  | 208 | 222164 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(b)<br>|  | 27 | 28209 |
| Howard Hughes Corp., 4.38%, 02/01/31<br>(b)<br>|  | 35 | 33323 |
|  |  |  | 408933 |
| Retail REITs — 0.0% | Retail REITs — 0.0% | Retail REITs — 0.0% | Retail REITs — 0.0% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(b)<br>|  | 97 | 95866 |
| Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(b)<br>|  | 25 | 25516 |
| ON Semiconductor Corp., 0.50%, 03/01/29 |  | 61 | 57706 |
|  |  |  | 83222 |
| Software — 1.1% | Software — 1.1% | Software — 1.1% | Software — 1.1% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(b)<br>|  | 1684 | 1678932 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(b)<br>|  | 21 | 20857 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(b)<br>|  | 386 | 397570 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(b)<br>|  | 219 | 190338 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br>06/15/29<br>(b)<br>|  | 68 | 57651 |
| Cloud Software Group, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 448 | 453863 |
| 9.00%, 09/30/29 |  | 1567 | 1632047 |
| 8.25%, 06/30/32 |  | 340 | 355314 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(b)<br>|  | 513 | 502568 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(b)<br>|  | 109 | 101345 |
| Electronic Arts, Inc., 2.95%, 02/15/51 |  | 49 | 45198 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(b)<br>|  | 366 | 373192 |
| Playtika Holding Corp., 4.25%, 03/15/29<br>(b)<br>|  | 21 | 18832 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(b)<br>|  | 57 | 46873 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(b)<br>|  | 311 | 323569 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 |  | 22 | 21252 |
| 3.88%, 03/15/31 |  | 43 | 41096 |
| UKG, Inc., 6.88%, 02/01/31<br>(b)<br>|  | 630 | 647144 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(b)<br>|  | 162 | 152879 |
|  |  |  | 7060520 |
| Specialty Retail<br>(b)<br> — 0.0% | Specialty Retail<br>(b)<br> — 0.0% | Specialty Retail<br>(b)<br> — 0.0% | Specialty Retail<br>(b)<br> — 0.0% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30 |  | 53 | 53281 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>| USD | 63 | $64886<br>|
| Staples, Inc., 10.75%, 09/01/29 |  | 45 | 44738 |
| Suburban Propane Partners LP/Suburban Energy <br>Finance Corp., 5.00%, 06/01/31<br>|  | 29 | 27841 |
|  |  |  | 190746 |
| Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.1% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.1% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.1% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.1% |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| 8.25%, 12/15/29 |  | 54 | 57264 |
| 8.50%, 07/15/31 |  | 76 | 80800 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>|  | 172 | 177309 |
|  |  |  | 315373 |
| Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.1% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.1% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.1% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.1% |
| Beach Acquisition Bidco LLC |  |  |  |
| 5.25%, 07/15/32 | EUR | 200 | 239283 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33<br>(f)<br>| USD | 239 | 263804 |
| Crocs, Inc. |  |  |  |
| 4.25%, 03/15/29 |  | 57 | 55163 |
| 4.13%, 08/15/31 |  | 13 | 12010 |
|  |  |  | 570260 |
| Utilities — 0.1% | Utilities — 0.1% | Utilities — 0.1% | Utilities — 0.1% |
| TransAlta Corp., 5.88%, 02/01/34 |  | 78 | 78539 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(b)<br>|  | 552 | 546892 |
|  |  |  | 625431 |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Altice France SA<br>(b)<br>|  |  |  |
| 6.88%, 10/15/30 |  | 21 | 20026 |
| 6.50%, 10/15/31 |  | 30 | 28012 |
| 6.50%, 04/15/32 |  | 324 | 310970 |
| 6.88%, 07/15/32 |  | 217 | 208109 |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(b)<br>|  | 235 | 243960 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(b)<br>|  | 580 | 593910 |
| T-Mobile USA, Inc. |  |  |  |
| 3.38%, 04/15/29 |  | 67 | 65300 |
| 3.50%, 04/15/31 |  | 26 | 24858 |
| Vmed O2 U.K. Financing I PLC<br>(b)<br>|  |  |  |
| 4.25%, 01/31/31 |  | 200 | 182402 |
| 4.75%, 07/15/31 |  | 200 | 184643 |
|  |  |  | 1862190 |
| Total Corporate Bonds — 23.1%<br>(Cost: $151,796,677) | Total Corporate Bonds — 23.1%<br>(Cost: $151,796,677) | Total Corporate Bonds — 23.1%<br>(Cost: $151,796,677) | 145579969 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br>12/15/31<br>(c)(f)<br>|  | 66 |  |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>|  | 1664 | 1655322 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 169 | 168275 |
|  |  |  | 1823597 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | USD | 1037 | $1002862<br>|
| Total Fixed Rate Loan Interests — 0.5%<br>(Cost: $2,933,412) | Total Fixed Rate Loan Interests — 0.5%<br>(Cost: $2,933,412) | Total Fixed Rate Loan Interests — 0.5%<br>(Cost: $2,933,412) | 2826459 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 643 | 643776 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>09/24/32<br>|  | 738 | 739845 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>02/07/31<br>|  | 693 | 696648 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 247 | 229511 |
|  |  |  | 2309780 |
| Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% | Aerospace & Defense — 2.4% |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>10/31/30<br>|  | 1209 | 1214128 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-<br>mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29<br>|  | 1106 | 1108404 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>|  | 2296 | 2304040 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>|  | 872 | 875342 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32<br>|  | 502 | 502583 |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | 5 | 5474 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.50%), 6.38%, 02/26/32<br>|  | 602 | 604421 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>|  | 646 | 648329 |
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 02/28/31<br>|  | 4092 | 4105737 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 01/19/32<br>|  | 832 | 835551 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 03/22/30<br>|  | 98 | 97763 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 08/19/32<br>|  | 2998 | 3009357 |
|  |  |  | 15311129 |
| Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30<br>|  | 1764 | 1767551 |
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br>04/09/32<br>|  | 515 | 514722 |
|  |  |  | 2282273 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobile Components — 1.3% | Automobile Components — 1.3% | Automobile Components — 1.3% | Automobile Components — 1.3% |
| Allison Transmission, Inc., 2025 Incremental Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.45%, 11/05/32<br>| USD | 1029 | $1033291<br>|
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 05/06/30<br>|  | 3594 | 3594340 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.47%, 01/28/32<br>|  | 1456 | 1461811 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.84%, <br>01/30/32<br>|  | 94 | 94295 |
| RealTruck Group, Inc. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% <br>Floor + 3.86%), 7.58%, 01/31/28<br>|  | 193 | 147386 |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 5.11%), 8.83%, 01/31/28<br>|  | 555 | 428234 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28<br>|  | 1361 | 1335971 |
|  |  |  | 8095328 |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Naked Juice LLC |  |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br>1.00% Floor + 5.50%), 9.17%, 01/24/29<br>|  | 1510 | 1499002 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.35%), 7.02%, 01/24/29<br>|  | 827 | 543987 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.77%, 01/24/30<br>|  | 569 | 144715 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br>03/31/28<br>|  | 822 | 823794 |
| Sazerac Co., Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32<br>|  | 741 | 741719 |
|  |  |  | 3753217 |
| Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% | Biotechnology — 0.5% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 12/12/31<br>|  | 3048 | 3056461 |
| Building Materials — 0.2% | Building Materials — 0.2% | Building Materials — 0.2% | Building Materials — 0.2% |
| CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/27/32<br>|  | 1392 | 1381426 |
| Building Products — 3.2% | Building Products — 3.2% | Building Products — 3.2% | Building Products — 3.2% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>09/08/32<br>|  | 2939 | 2943617 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>|  | 1172 | 1131040 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.12%, 08/04/31<br>|  | 1793 | 1795307 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br>+ 2.25%), 6.07%, 05/31/30<br>|  | 2799 | 2804921 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>|  | 454 | 447127 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29<br>|  | 429 | 379584 |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 03/19/29<br>|  | 1007 | 1010264 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Building Products (continued) | Building Products (continued) | Building Products (continued) | Building Products (continued) |
| Quikrete Holdings, Inc.<br>(continued)<br>|  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 02/10/32<br>| USD | 2211 | $2217614<br>|
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/30/32<br>|  | 420 | 420714 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, <br>09/22/28<br>|  | 450 | 451045 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 10/19/29<br>|  | 3461 | 3474336 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 2845 | 2752078 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.11%), 5.83%, 10/04/28<br>|  | 98 | 98270 |
|  |  |  | 19925917 |
| Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% | Capital Markets — 3.1% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 390 | 391586 |
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.69%, <br>11/01/30<br>|  | 605 | 607790 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/09/30<br>|  | 541 | 542274 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/24/32<br>|  | 1275 | 1272769 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32<br>(c)<br>|  | 1729 | 1731221 |
| Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>10/31/31<br>|  | 1336 | 1343075 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>05/19/31<br>|  | 3348 | 3354228 |
| Edelman Financial Engines Center LLC, 2024 Term <br>Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.00%), 6.72%, 04/07/28<br>|  | 1241 | 1246640 |
| Focus Financial Partners LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 09/15/31<br>|  | 2150 | 2152926 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br>09/13/32<br>|  | 727 | 731624 |
| GTCR Everest Borrower LLC, Add on Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 09/05/31<br>|  | 468 | 469207 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, <br>01/31/30<br>|  | 287 | 287048 |
| Hudson River Trading LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, <br>03/18/30<br>|  | 459 | 460527 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, <br>12/15/31<br>|  | 3352 | 3334034 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.60%, 07/30/32<br>| USD | 1837 | $1843540<br>|
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, <br>10/16/31<br>(c)<br>|  | 108 | 108403 |
|  |  |  | 19876892 |
| Chemicals — 3.9% | Chemicals — 3.9% | Chemicals — 3.9% | Chemicals — 3.9% |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br>Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br>1.75%), 5.42%, 12/20/29<br>|  | 929 | 931106 |
| Chemours Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>|  | 2199 | 2169027 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, <br>11/01/30<br>|  | 1752 | 1755779 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br>10/04/29<br>|  | 493 | 473119 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.84%, 06/12/31<br>|  | 1566 | 1566820 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>12/18/30<br>|  | 1381 | 1386912 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>|  | 507 | 501614 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>|  | 258 | 258753 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 02/18/30<br>|  | 603 | 485973 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br>7.97%, 10/07/31<br>|  | 522 | 345861 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 1212 | 1057855 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>11/26/31<br>(c)<br>|  | 815 | 817462 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, <br>04/03/28<br>|  | 1091 | 1089860 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.00%), 6.67%, 06/20/31<br>|  | 2270 | 2248023 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 11/03/32<br>|  | 1551 | 1540345 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31<br>|  | 1440 | 1060921 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, <br>10/09/31<br>|  | 504 | 505358 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>|  | 2307 | 2315651 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br>10/29/32<br>|  | 841 | 844684 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.75% Floor + 3.00%), 6.86%, <br>08/02/30<br>| USD | 1990 | $1971795<br>|
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, <br>08/19/32<br>|  | 1224 | 1222782 |
|  |  |  | 24549700 |
| Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br>05/21/31<br>|  | 1733 | 1741733 |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/12/32<br>|  | 2552 | 2554580 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 4163 | 4182188 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.90%), 7.31%, <br>11/17/31<br>|  | 467 | 468563 |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>06/22/30<br>|  | 941 | 943132 |
| Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, <br>10/16/31<br>|  | 3130 | 3145211 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br>5.47%, 08/23/32<br>|  | 1139 | 1144766 |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.71%, 09/29/28<br>|  | 872 | 875360 |
| Creative Artists Agency LLC, 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 10/01/31<br>|  | 2973 | 2983453 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.84%, <br>08/01/29<br>|  | 1390 | 1395890 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), <br>9.09%, 07/31/30<br>(f)<br>|  | 439 | 419432 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>|  | 1877 | 1882094 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>06/02/31<br>|  | 564 | 564947 |
| Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.52%, <br>06/02/32<br>|  | 277 | 277981 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>|  | 1007 | 843882 |
| 2021 Term Loan C, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>|  | 199 | 166533 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br>SOFR + 4.51%), 8.33%, 03/06/28<br>|  | 688 | 183945 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br>10/07/32<br>| USD | 3364 | $3148940<br>|
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br>7.86%, 08/11/28<br>|  | 194 | 160982 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br>Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + <br>3.00%), 6.72%, 05/04/28<br>|  | 2953 | 2962459 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 6.50%), <br>10.32%, 03/10/31<br>|  | 135 | 129676 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 03/26/31<br>|  | 544 | 544472 |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 6.13%, 10/13/30<br>|  | 779 | 779502 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>|  | 2479 | 2471035 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(d)(g)<br>|  | 586 | 70294 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/31<br>|  | 1829 | 1829855 |
|  |  |  | 35870905 |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.48%, <br>10/24/30<br>|  | 1230 | 1232384 |
| Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR <br>at 0.75% Floor + 4.51%), 8.20%, 09/01/28<br>|  | 503 | 477624 |
| Radiate Holdco LLC |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29<br>|  | 32 | 31551 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% <br>Floor + 4.00%), 7.72%, 06/26/29<br>|  | 64 | 63102 |
|  |  |  | 1804661 |
| Construction & Engineering — 1.7% | Construction & Engineering — 1.7% | Construction & Engineering — 1.7% | Construction & Engineering — 1.7% |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31<br>|  | 2832 | 2845675 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>|  | 471 | 471391 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 4.50%), <br>8.35%, 08/01/30<br>|  | 2495 | 2267878 |
| Brown Group Holding LLC |  |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.56%, 07/01/31<br>|  | 1245 | 1250962 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br>+ 2.50%), 6.22%, 07/01/31<br>|  | 1222 | 1227474 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>11/03/31<br>|  | 372 | 374566 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Construction & Engineering (continued) | Construction & Engineering (continued) | Construction & Engineering (continued) | Construction & Engineering (continued) |
| Legence Holdings LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.75% Floor + 2.25%), <br>5.97%, 12/16/31<br>| USD | 740 | $744151<br>|
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>01/25/31<br>|  | 1345 | 1350414 |
|  |  |  | 10532511 |
| Consumer Discretionary — 0.9% | Consumer Discretionary — 0.9% | Consumer Discretionary — 0.9% | Consumer Discretionary — 0.9% |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>|  | 2642 | 2651070 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/31/31<br>|  | 823 | 811270 |
| Element Materials Technology Group U.S. Holdings, Inc., <br>2022 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.68%), 7.35%, 07/06/29<br>|  | 445 | 448175 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.79%, <br>02/21/31<br>(c)<br>|  | 625 | 627187 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.45%, <br>12/31/32<br>|  | 588 | 589364 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/19/31<br>|  | 508 | 509646 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 4.10%), 7.82%, 11/02/27<br>|  | 249 | 243401 |
|  |  |  | 5880113 |
| Consumer Finance — 1.8% | Consumer Finance — 1.8% | Consumer Finance — 1.8% | Consumer Finance — 1.8% |
| Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.67%, 01/31/31<br>|  | 3433 | 3435526 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br>6.67%, 04/01/32<br>|  | 1422 | 1425626 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/28/28<br>|  | 2058 | 2059599 |
| Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>06/30/32<br>|  | 588 | 590589 |
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 1868 | 1871319 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 979 | 977667 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 03/31/28<br>|  | 322 | 322395 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>|  | 422 | 421462 |
|  |  |  | 11104183 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br>08/30/32<br>|  | 1157 | 1162299 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>| USD | 1105 | $1111342<br>|
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>10/03/31<br>|  | 618 | 622010 |
|  |  |  | 2895651 |
| Containers & Packaging — 2.0% | Containers & Packaging — 2.0% | Containers & Packaging — 2.0% | Containers & Packaging — 2.0% |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, <br>09/07/27<br>|  | 1814 | 1819439 |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-<br>mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.50%, 11/29/30<br>|  | 3409 | 3413754 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 6.97%, 04/01/32<br>|  | 1454 | 1452685 |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), <br>6.89%, 04/13/29<br>|  | 190 | 190032 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, <br>10/30/28<br>|  | 1630 | 1026651 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 1005 | 983021 |
| Potters Industries LLC, 2025 Repriced Term Loan B, <br>(1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), <br>6.17%, 12/09/32<br>(c)<br>|  | 806 | 809023 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>02/01/29<br>|  | 1468 | 1478934 |
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, <br>09/15/28<br>|  | 178 | 178192 |
| Ring Container Technologies Group LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.50%), 6.22%, 09/15/32<br>|  | 519 | 519877 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br>09/15/28<br>|  | 973 | 932776 |
|  |  |  | 12804384 |
| Distributors — 1.6% | Distributors — 1.6% | Distributors — 1.6% | Distributors — 1.6% |
| American Builders & Contractors Supply Co., Inc., <br>2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 01/31/31<br>|  | 1430 | 1434532 |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 07/27/28<br>|  | 2972 | 2977715 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 02/09/31<br>|  | 694 | 693698 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>07/02/31<br>|  | 1166 | 1165124 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, 03/31/28<br>(l)<br>|  | 354 | 354242 |
| Gates Corp. |  |  |  |
| 2022 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 11/16/29<br>|  | 304 | 304559 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Distributors (continued) | Distributors (continued) | Distributors (continued) | Distributors (continued) |
| Gates Corp.<br>(continued)<br>|  |  |  |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/04/31<br>| USD | 1751 | $1754691<br>|
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>|  | 363 | 315365 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 08/13/32<br>|  | 1016 | 1017270 |
|  |  |  | 10017196 |
| Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% | Diversified Telecommunication Services — 1.3% |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br>(Prime + 1.75%), 8.50%, 01/31/26<br>(c)<br>|  | 1668 | 1647431 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>|  | 1056 | 1048913 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>|  | 1236 | 1227035 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br>Floor + 6.00%), 9.72%, 06/01/28<br>|  | 119 | 119426 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00% and 0.50% <br>PIK), 7.33%, 03/11/30<br>(f)<br>|  | 4113 | 3889699 |
|  |  |  | 7932504 |
| Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% | Electric Utilities — 0.5% |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br>CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, <br>12/15/27<br>|  | 1112 | 1115345 |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.35%, 12/15/31<br>|  | 606 | 608025 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 12/20/30<br>|  | 1473 | 1480008 |
|  |  |  | 3203378 |
| Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% | Electronic Equipment, Instruments & Components — 0.7% |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31<br>(c)<br>|  | 830 | 833517 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29<br>|  | 783 | 783413 |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 638 | 641682 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 873 | 875754 |
| Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br>09/30/32<br>|  | 240 | 240900 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.92%, 10/27/32<br>(c)<br>|  | 1032 | 1033290 |
|  |  |  | 4408556 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.59%, <br>10/01/32<br>| USD | 321 | $321735<br>|
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.69%, <br>09/22/32<br>|  | 267 | 268335 |
|  |  |  | 590070 |
| Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% | Entertainment — 1.1% |
| Bally<br>'<br>s Corp., 2021 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.51%), 7.37%, 10/02/28<br>|  | 632 | 622366 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br>09/30/31<br>|  | 2568 | 2574479 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, <br>03/04/32<br>|  | 1930 | 1929570 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 07/31/32<br>|  | 328 | 325338 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.73%, 10/21/32<br>|  | 1606 | 1606000 |
|  |  |  | 7057753 |
| Environmental, Maintenance & Security Service — 2.0% | Environmental, Maintenance & Security Service — 2.0% | Environmental, Maintenance & Security Service — 2.0% | Environmental, Maintenance & Security Service — 2.0% |
| Action Environmental Group, Inc., 2023 Term Loan B, <br>(3-mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30<br>|  | 801 | 801243 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32<br>|  | 548 | 552565 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>10/21/28<br>|  | 2925 | 2938131 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>|  | 2450 | 2457210 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, <br>10/17/30<br>|  | 621 | 621618 |
| Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR <br>at 0.50% Floor + 2.50%), 6.70%, 06/21/28<br>|  | 3171 | 3184100 |
| Reworld Holding Corp. |  |  |  |
| 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 365 | 365000 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 165 | 165320 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 1017 | 1017354 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br>+ 2.25%), 5.98%, 11/30/28<br>|  | 775 | 775610 |
|  |  |  | 12878151 |
| Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% | Financial Services — 0.5% |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.39%, 02/27/32<br>|  | 1917 | 1798677 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, <br>10/08/32<br>| USD | 908 | $911687<br>|
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>11/05/28<br>|  | 411 | 413035 |
|  |  |  | 3123399 |
| Food Products — 1.4% | Food Products — 1.4% | Food Products — 1.4% | Food Products — 1.4% |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 10/28/32<br>|  | 4344 | 4361376 |
| Froneri U.S., Inc. |  |  |  |
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.45%, 09/30/31<br>|  | 3126 | 3122507 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 09/30/32<br>|  | 323 | 322877 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 6.50%), 10.34%, <br>03/29/30<br>|  | 136 | 136211 |
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32<br>|  | 61 | 61050 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>01/29/32<br>|  | 991 | 994598 |
| Wellness Pet LLC |  |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.95%), 7.62%, <br>12/31/29<br>|  | 229 | 138675 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.01%), 7.68%, <br>12/31/29<br>|  | 128 | 14063 |
|  |  |  | 9151357 |
| Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% | Ground Transportation — 0.5% |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>04/10/31<br>|  | 3477 | 3475817 |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 833 | 832830 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 01/15/31<br>|  | 1868 | 1884298 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.72%, 08/20/32<br>|  | 942 | 941075 |
|  |  |  | 3658203 |
| Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% | Health Care Providers & Services — 1.8% |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br>09/20/32<br>|  | 199 | 198847 |
| Concentra Health Services, Inc., 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.00%), 5.72%, 07/26/31<br>|  | 609 | 613354 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>11/01/28<br>|  | 1914 | 1922371 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, <br>0.00%, 11/30/28<br>(d)(g)<br>|  | 45 | 7845 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>| USD | 485 | $488214<br>|
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, <br>05/19/31<br>|  | 1058 | 1060547 |
| Medical Solutions Holdings, Inc. |  |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.60%), 7.44%, 11/01/28<br>|  | 536 | 113140 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 7.10%), 10.94%, 11/01/29<br>|  | 536 | 108808 |
| Medline Borrower LP |  |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30<br>|  | 633 | 634841 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 10/23/28<br>|  | 1353 | 1356522 |
| Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, <br>05/30/31<br>|  | 1877 | 1885356 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 871 | 872247 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>12/19/30<br>|  | 1310 | 1314876 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>06/30/28<br>|  | 472 | 472809 |
|  |  |  | 11049777 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/20/30<br>|  | 436 | 435263 |
| Hotels, Restaurants & Leisure — 5.7% | Hotels, Restaurants & Leisure — 5.7% | Hotels, Restaurants & Leisure — 5.7% | Hotels, Restaurants & Leisure — 5.7% |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br>Term SOFR at 1.00% Floor + 1.61% and 6.00% <br>PIK), 11.35%, 03/11/30<br>(f)<br>|  | 189 | 187378 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br>1.00% Floor + 5.61%), 9.35%, 03/11/30<br>|  | 203 | 202833 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>05/31/30<br>(c)<br>|  | 921 | 924889 |
| Burger King (Restaurant Brands International Inc.)/New <br>Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/20/30<br>|  | 1762 | 1762763 |
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br>2.25%), 5.97%, 02/06/31<br>|  | 2872 | 2843154 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/30<br>|  | 922 | 913469 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>|  | 3104 | 3118184 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, <br>01/27/29<br>|  | 3915 | 3912988 |
| Flutter Financing BV |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.42%, 11/30/30<br>|  | 3446 | 3439807 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Flutter Financing BV<br>(continued)<br>|  |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.00%), 5.67%, 06/04/32<br>| USD | 1030 | $1030396<br>|
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 2783 | 2797371 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.44%, 11/01/29<br>|  | 751 | 735493 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 05/27/32<br>|  | 824 | 829009 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.48%, 11/08/30<br>|  | 696 | 699925 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.22%, 12/16/30<br>|  | 1670 | 1672827 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.99%, 04/14/29<br>|  | 975 | 977489 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>11/12/29<br>|  | 1864 | 1650808 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 4.25%), 7.92%, 08/01/30<br>|  | 503 | 464685 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>05/03/29<br>|  | 1023 | 1028356 |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>|  | 460 | 404631 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 234 | 208201 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br>B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.72%, 12/04/31<br>|  | 459 | 454993 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 05/01/31<br>|  | 299 | 294599 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>03/14/31<br>|  | 1869 | 1874224 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.90%, 12/30/32<br>(c)<br>|  | 734 | 723908 |
| Voyager Parent LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>|  | 1035 | 1034867 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>08/03/28<br>|  | 847 | 846686 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/24/30<br>|  | 1131 | 1133038 |
|  |  |  | 36166971 |
| Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% | Household Durables — 0.9% |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.86%, 07/31/28<br>|  | 1955 | 1958233 |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 1973 | 1980195 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Somnigroup International, Inc., Term Loan B, (1-mo. <br>SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>| USD | 377 | $379172<br>|
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, <br>12/19/29<br>|  | 153 | 151492 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.74%, 10/01/32<br>|  | 1428 | 1428714 |
|  |  |  | 5897806 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Lavender U.S. HoldCo 1, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br>12/30/32<br>|  | 859 | 865082 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 03/04/32<br>|  | 252 | 252955 |
|  |  |  | 1118037 |
| Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% | Independent Power and Renewable Electricity Producers — 1.1% |
| Calpine Construction Finance Co. LP, 2025 Repriced <br>Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br>+ 1.75%), 5.47%, 07/31/30<br>|  | 2187 | 2188475 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31<br>|  | 697 | 697294 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>|  | 2806 | 2812141 |
| Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>11/25/32<br>|  | 992 | 991385 |
|  |  |  | 6689295 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.00%), 6.86%, 10/28/32<br>|  | 540 | 543715 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br>CME Term SOFR + 7.50%), 11.43%, 12/31/29<br>|  | 218 | 175248 |
|  |  |  | 718963 |
| Insurance — 7.0% | Insurance — 7.0% | Insurance — 7.0% | Insurance — 7.0% |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 09/19/31<br>|  | 6750 | 6746774 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 5.97%, <br>01/30/32<br>|  | 2570 | 2576465 |
| Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 12/29/31<br>|  | 2411 | 2414493 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br>B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>|  | 2451 | 2443468 |
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/31/28<br>|  | 985 | 980615 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29<br>|  | 953 | 933940 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.35%), 8.07%, 08/19/28<br>|  | 1344 | 1346073 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 832 | 831956 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Asurion LLC<br>(continued)<br>|  |  |  |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>| USD | 1682 | $1680895<br>|
| Baldwin Insurance Group Holdings LLC, 2025 Term Loan <br>B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.25%, 05/26/31<br>|  | 953 | 949472 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 6.12%, <br>06/20/30<br>|  | 4277 | 4296740 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.47%, 02/15/31<br>|  | 1678 | 1680642 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(l)<br>|  | 1096 | 1096395 |
| Jones Deslauriers Insurance Management, Inc., <br>2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.59%, 03/15/30<br>|  | 1104 | 1103983 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 07/02/31<br>|  | 214 | 214186 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/15/31<br>|  | 1865 | 1866115 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 07/31/31<br>|  | 3553 | 3563505 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.42%, 05/06/31<br>|  | 3456 | 3456959 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.75%), 8.42%, 05/06/32<br>|  | 476 | 480942 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 09/29/30<br>|  | 1757 | 1759116 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 11/21/29<br>|  | 3603 | 3610119 |
|  |  |  | 44032853 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 05/03/28<br>|  | 611 | 567085 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.25%), 7.97%, 12/31/31<br>|  | 526 | 448211 |
|  |  |  | 1015296 |
| Internet Software & Services — 2.0% | Internet Software & Services — 2.0% | Internet Software & Services — 2.0% | Internet Software & Services — 2.0% |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.50%), 8.34%, <br>08/15/29<br>|  | 1060 | 855664 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 6.09%, <br>11/08/32<br>|  | 1321 | 1323944 |
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 09/12/29<br>|  | 2823 | 2826371 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 04/16/32<br>|  | 288 | 287699 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 05/30/31<br>| USD | 992 | $993053<br>|
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 11/09/29<br>|  | 1236 | 1237586 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>08/31/28<br>|  | 3399 | 3413473 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 1933 | 1912945 |
|  |  |  | 12850735 |
| IT Services — 3.2% | IT Services — 3.2% | IT Services — 3.2% | IT Services — 3.2% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/29/31<br>|  | 1251 | 1253229 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.75%), 6.42%, 03/26/32<br>|  | 110 | 110844 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>06/17/30<br>|  | 1134 | 1132189 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>|  | 2310 | 2308069 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31<br>(c)<br>|  | 1658 | 1656003 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>09/15/32<br>|  | 3638 | 3556145 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 562 | 560930 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>03/01/29<br>|  | 1635 | 1503664 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at <br>0.75% Floor + 3.85%), 7.69%, 02/01/28<br>|  | 1628 | 1508727 |
| Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.62%, <br>11/15/32<br>|  | 548 | 548685 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.01%), 7.85%, <br>06/02/28<br>|  | 1503 | 1447030 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>06/28/30<br>(c)<br>|  | 994 | 991476 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 6.75%), 10.45%, 10/26/29<br>|  | 3833 | 3761857 |
|  |  |  | 20338848 |
| Leisure Products — 0.3% | Leisure Products — 0.3% | Leisure Products — 0.3% | Leisure Products — 0.3% |
| Bombardier Recreational Products, Inc., 2024 Term Loan <br>B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.97%, 01/22/31<br>|  | 555 | 556163 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, <br>07/22/30<br>|  | 1186 | 1183821 |
|  |  |  | 1739984 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Machinery — 3.0% | Machinery — 3.0% | Machinery — 3.0% | Machinery — 3.0% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (3-<br>mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.42%, 06/23/30<br>| USD | 852 | $854394<br>|
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.48%, <br>03/15/30<br>|  | 472 | 473584 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br>05/14/28<br>(c)<br>|  | 266 | 266392 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.62%, 07/03/31<br>|  | 286 | 287091 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-<br>mo. CME Term SOFR at 2.00% Floor + 6.00%), <br>9.86%, 12/21/29<br>|  | 25 | 25727 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 3869 | 3893200 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, <br>11/22/29<br>|  | 790 | 793708 |
| INNIO Group Holding GmbH, 2025 Term Loan B2, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>6.13%, 11/02/28<br>|  | 855 | 857138 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.23%, 09/26/31<br>|  | 487 | 490124 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>|  | 2506 | 2510800 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.95%, 04/30/30<br>|  | 3205 | 3222959 |
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>|  | 3475 | 3490354 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.87%, <br>01/27/31<br>|  | 2067 | 2069670 |
|  |  |  | 19235141 |
| Media — 3.3% | Media — 3.3% | Media — 3.3% | Media — 3.3% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. <br>CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>|  | 1573 | 1570306 |
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.99%, 12/07/30<br>|  | 1228 | 1226281 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.24%, 12/15/31<br>|  | 857 | 857370 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>12/02/31<br>|  | 902 | 888305 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br>1.50%), 8.25%, 04/15/27<br>|  | 2939 | 2563476 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>|  | 91 | 91083 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/30/30<br>|  | 940 | 936013 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR + 5.25%), 9.12%, 06/04/29<br>|  | 4 | 4396 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| Learfield Communications LLC, 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 06/30/28<br>| USD | 540 | $540736<br>|
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>|  | 1330 | 1214037 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.23% and 1.50% <br>PIK), 8.83%, 09/25/29<br>(f)<br>|  | 2945 | 2250705 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.93%, 04/04/29<br>|  | 684 | 670824 |
| Sunrise Financing Partnership, Term Loan AAA1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, <br>02/16/32<br>|  | 502 | 503526 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br>5.86%, 04/30/28<br>|  | 325 | 324756 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>|  | 3415 | 3428601 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.36%), <br>7.11%, 01/31/29<br>|  | 1212 | 1213515 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.57%, <br>01/24/31<br>|  | 2657 | 2662863 |
|  |  |  | 20946793 |
| Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 05/13/29<br>|  | 97 | 96864 |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br>CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/11/30<br>|  | 2432 | 2403619 |
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.71%, <br>02/26/32<br>|  | 1350 | 1338047 |
| Element Solutions, Inc., 2025 Add-on Term Loan B, <br>12/18/30<br>(l)<br>|  | 444 | 446033 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>03/11/32<br>|  | 2204 | 2211683 |
|  |  |  | 6496246 |
| Oil, Gas & Consumable Fuels — 1.6% | Oil, Gas & Consumable Fuels — 1.6% | Oil, Gas & Consumable Fuels — 1.6% | Oil, Gas & Consumable Fuels — 1.6% |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>11/22/32<br>|  | 479 | 481038 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br>0.00% Floor + 1.75%), 5.41%, 07/30/32<br>|  | 1787 | 1784789 |
| EG America LLC, 2025 USD Repriced Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.32%, <br>02/07/28<br>|  | 325 | 325849 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br>7.12%, 12/21/28<br>|  | 2012 | 2017625 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.94%, 10/04/30<br>|  | 237 | 237381 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>|  | 687 | 687243 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.20%, 04/01/32<br>| USD | 505 | $507938<br>|
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32<br>|  | 313 | 315516 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.98%, 10/05/28<br>|  | 2607 | 2616926 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br>01/02/31<br>|  | 707 | 709253 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.98%, 06/16/32<br>|  | 248 | 248734 |
|  |  |  | 9932292 |
| Passenger Airlines — 1.0% | Passenger Airlines — 1.0% | Passenger Airlines — 1.0% | Passenger Airlines — 1.0% |
| AAdvantage Loyalty IP Ltd. |  |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.13%, 04/20/28<br>|  | 812 | 813202 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 7.13%, 05/28/32<br>|  | 628 | 630595 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 03/21/31<br>|  | 1455 | 1462301 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.85%), 5.69%, <br>01/29/27<br>|  | 143 | 142550 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.26%, 06/04/29<br>|  | 1250 | 1250406 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.75%), 8.44%, <br>08/27/29<br>|  | 931 | 889691 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>02/22/31<br>|  | 1205 | 1209266 |
|  |  |  | 6398011 |
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>|  | 257 | 258285 |
| Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% | Pharmaceuticals — 1.3% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, <br>08/01/32<br>|  | 2047 | 2062221 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br>10/31/32<br>|  | 363 | 363109 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 537 | 532317 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.10%), 7.77%, <br>10/01/27<br>|  | 596 | 584919 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.97%, 05/05/28<br>|  | 1591 | 1590727 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 1529 | 1536023 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.25%), 5.97%, 05/19/31<br>| USD | 367 | $352504<br>|
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/20/29<br>|  | 895 | 897820 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>|  | 121 | 121639 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 1.75%), 5.47%, 08/01/31<br>|  | 316 | 317027 |
|  |  |  | 8358306 |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br>Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 01/31/30<br>|  | 492 | 494928 |
| Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>|  | 504 | 506144 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>08/17/29<br>|  | 1392 | 1397134 |
|  |  |  | 1903278 |
| Software — 10.7% | Software — 10.7% | Software — 10.7% | Software — 10.7% |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>02/24/31<br>|  | 3393 | 3410763 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>|  | 2556 | 2558761 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/25/31<br>|  | 1433 | 1435604 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 3019 | 3008432 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>01/23/32<br>|  | 2276 | 2281775 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>07/06/29<br>|  | 2763 | 2327302 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 6.21%, <br>04/21/32<br>|  | 959 | 956805 |
| Cloud Software Group, Inc. |  |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 03/21/31<br>|  | 2706 | 2707891 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 08/13/32<br>|  | 3564 | 3565913 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 3.85%), 7.57%, 10/08/28<br>|  | 646 | 615038 |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br>6.61%), 10.33%, 06/04/29<br>|  | 488 | 490845 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.61%), 7.33%, 06/02/28<br>|  | 1621 | 1619988 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.75%), 6.62%, 05/01/31<br>|  | 1995 | 1913889 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>| USD | 219 | $220114<br>|
| Dayforce, Inc., 2025 Term Loan, 08/20/32<br>(l)<br>|  | 2915 | 2904594 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>06/26/31<br>(c)<br>|  | 626 | 613010 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.75%), 6.47%, 10/08/29<br>|  | 2855 | 2868809 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.75%), 8.47%, 11/22/32<br>|  | 513 | 516365 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.50%), 6.22%, <br>05/30/31<br>|  | 2608 | 2615392 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/32<br>|  | 4529 | 4515100 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>03/20/32<br>|  | 3089 | 3089413 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.25%), 6.97%, 06/17/31<br>|  | 2050 | 2055321 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 5.25%), 8.97%, 06/17/32<br>|  | 474 | 468786 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 8.09%, 07/01/31<br>|  | 605 | 601723 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/17/27<br>|  | 271 | 259261 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 11/03/31<br>|  | 709 | 709398 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.61%, 07/16/31<br>|  | 2199 | 2203913 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28<br>|  | 1637 | 1635086 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 168 | 149800 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.35%), 10.07%, 07/30/29<br>|  | 82 | 73267 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>05/09/31<br>|  | 3470 | 3488624 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.34%, 02/10/31<br>|  | 3671 | 3672426 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31<br>|  | 2358 | 2364270 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>10/22/29<br>(c)<br>|  | 633 | 636009 |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% <br>Floor + 7.25%), 10.85%, 06/28/30<br>|  | 2180 | 2148950 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Zelis Payments Buyer, Inc. |  |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.97%, 11/26/31<br>| USD | 1715 | $1699677<br>|
| Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br>+ 2.75%), 6.47%, 09/28/29<br>|  | 972 | 961323 |
|  |  |  | 67363637 |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.31%, 04/23/31<br>|  | 787 | 786516 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>09/29/32<br>|  | 335 | 335278 |
| Restoration Hardware, Inc., 2022 Incremental Term <br>Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.35%), 7.07%, 10/20/28<br>|  | 279 | 277174 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, <br>(3-mo. CME Term SOFR + 7.61%), 11.29%, 06/29/28<br>|  | 263 | 247448 |
|  |  |  | 1646416 |
| Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 3002 | 1519582 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 436 | 220543 |
|  |  |  | 1740125 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 12/21/28<br>|  | 1253 | 1253844 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>|  | 630 | 629578 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>09/12/32<br>|  | 301 | 303071 |
|  |  |  | 2186493 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 1.00% Floor + 2.00% and 3.25% <br>PIK), 8.97%, 07/02/29<br>(f)<br>|  | 1942 | 791271 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>|  | 719 | 713501 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 8.00%), 11.89%, <br>08/20/29<br>|  | 1072 | 407565 |
|  |  |  | 1121066 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>| USD | 689 | $686540<br>|
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 3332 | 3339497 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 1289 | 1292223 |
|  |  |  | 5318260 |
| Total Floating Rate Loan Interests — 86.1%<br>(Cost: $549,321,708) | Total Floating Rate Loan Interests — 86.1%<br>(Cost: $549,321,708) | Total Floating Rate Loan Interests — 86.1%<br>(Cost: $549,321,708) | 543175291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Investment Companies | Investment Companies | Investment Companies |
| Equity Funds — 5.0% | Equity Funds — 5.0% |  |
| Hearthside Equity | 8393 | 126592 |
| Invesco Senior Loan ETF | 1141200 | 23965167 |
| SPDR Blackstone Senior Loan ETF | 175000 | 7222250 |
|  |  | 31314009 |
| Fixed Income Funds — 1.7% | Fixed Income Funds — 1.7% |  |
| iShares Broad USD High Yield Corporate Bond ETF<br>(m)<br>| 285000 | 10657575 |
| Total Investment Companies — 6.7%<br>(Cost: $41,996,438) | Total Investment Companies — 6.7%<br>(Cost: $41,996,438) | 41971584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  |  | Benefical<br>Interest (000)<br>|
| Other Interests | Other Interests | Other Interests |
| Capital Markets — 0.0% | Capital Markets — 0.0% | Capital Markets — 0.0% |
| Millennium Lender Claim Trust<br>(c)(n)<br>| USD | 1156 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |
| Millennium Corp.<br>(c)(n)<br>|  | 1084 |
| Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 0.7% | Capital Trusts — 0.7% | Capital Trusts — 0.7% | Capital Trusts — 0.7% |
| Banks<br>(k)<br> — 0.3% | Banks<br>(k)<br> — 0.3% | Banks<br>(k)<br> — 0.3% |  |
| Bank of America Corp.<br>(a)<br>|  |  |  |
| 6.25% | USD | 155 | 157434 |
| 6.63% |  | 365 | 380312 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Banks (continued) | Banks (continued) | Banks (continued) |  |
| Barclays PLC<br>(a)<br>|  |  |  |
| 4.38% | USD | 200 | $193490<br>|
| 9.63% |  | 200 | 226559 |
| Citigroup, Inc. |  |  |  |
| 6.63%<br>(a)<br>|  | 90 | 91465 |
| Series CC, 7.13%<br>(a)<br>|  | 180 | 185574 |
| Series DD, 7.00%<br>(a)<br>|  | 45 | 47460 |
| Series EE, 6.75%<br>(a)<br>|  | 100 | 101793 |
| Series FF, 6.95%<br>(a)<br>|  | 40 | 41239 |
| Series GG, 6.88% |  | 60 | 62346 |
| PNC Financial Services Group, Inc., Series W, 6.25%<br>(a)<br>|  | 30 | 30972 |
| Wells Fargo & Co., 6.85%<br>(a)<br>|  | 44 | 45981 |
|  |  |  | 1564625 |
| Capital Markets<br>(a)<br> — 0.0% | Capital Markets<br>(a)<br> — 0.0% | Capital Markets<br>(a)<br> — 0.0% |  |
| Apollo Global Management, Inc., 6.00%, 12/15/54 |  | 84 | 82951 |
| Goldman Sachs Group, Inc., Series Y, 6.13%<br>(k)<br>|  | 205 | 207860 |
|  |  |  | 290811 |
| Electric Utilities<br>(a)<br> — 0.0% | Electric Utilities<br>(a)<br> — 0.0% | Electric Utilities<br>(a)<br> — 0.0% |  |
| AES Corp., 7.60%, 01/15/55 |  | 71 | 72307 |
| CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 19 | 20263 |
| Dominion Energy, Inc., 6.63%, 05/15/55 |  | 15 | 15457 |
| Duke Energy Corp., 6.45%, 09/01/54 |  | 33 | 34636 |
| NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 |  | 55 | 56774 |
|  |  |  | 199437 |
| Financial Services<br>(a)<br> — 0.1% | Financial Services<br>(a)<br> — 0.1% | Financial Services<br>(a)<br> — 0.1% |  |
| Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 125 | 123856 |
| Corebridge Financial, Inc., 6.38%, 09/15/54 |  | 59 | 59451 |
| Goldman Sachs Group, Inc., 6.85%<br>(k)<br>|  | 85 | 88393 |
| UBS Group AG<br>(b)(k)<br>|  |  |  |
| 7.00% |  | 200 | 204141 |
| 7.75% |  | 200 | 215606 |
| Series NC10, 9.25% |  | 200 | 234552 |
|  |  |  | 925999 |
| Independent Power and Renewable Electricity Producers<br>(a)(b)(k)<br> — <br>0.1% | Independent Power and Renewable Electricity Producers<br>(a)(b)(k)<br> — <br>0.1% | Independent Power and Renewable Electricity Producers<br>(a)(b)(k)<br> — <br>0.1% |  |
| NRG Energy, Inc., 10.25% |  | 145 | 158317 |
| Vistra Corp., 7.00% |  | 301 | 306256 |
|  |  |  | 464573 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |  |
| AltaGas Ltd., 7.20%, 10/15/54<br>(a)(b)<br>|  | 52 | 53910 |
| Oil, Gas & Consumable Fuels<br>(a)(k)<br> — 0.2% | Oil, Gas & Consumable Fuels<br>(a)(k)<br> — 0.2% | Oil, Gas & Consumable Fuels<br>(a)(k)<br> — 0.2% |  |
| Energy Transfer LP, Series G, 7.13% |  | 62 | 63485 |
| Sunoco LP, 7.88%<br>(b)<br>|  | 602 | 618420 |
| Venture Global LNG, Inc., 9.00%<br>(b)<br>|  | 397 | 313523 |
|  |  |  | 995428 |
|  |  |  | 4494783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 382 | 66794 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 1882 | $44233<br>|
| Series G-1 | 1301 | 29923 |
|  |  | 74156 |
|  |  | 140950 |
| Total Preferred Securities — 0.7%<br>(Cost: $4,751,092) | Total Preferred Securities — 0.7%<br>(Cost: $4,751,092) | 4635733 |
| Warrants | Warrants | Warrants |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |  |
| Turbo Cayman Ltd., (Strike Price GBP 0.01)<br>(c)(d)<br>| 1 |  |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Service King (Carnelian Point), (Exercisable 01/14/23, <br>1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br>USD 10.00)<br>(d)<br>| 2435 |  |
| Total Warrants — 0.0%<br>(Cost: $—) | Total Warrants — 0.0%<br>(Cost: $—) |  |
| Total Long-Term Investments — 118.9%<br>(Cost: $762,698,344) | Total Long-Term Investments — 118.9%<br>(Cost: $762,698,344) | 749872919 |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.2% | Money Market Funds — 0.2% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(m)(o)<br>| 1327027 | 1327027 |
| Total Short-Term Securities — 0.2%<br>(Cost: $1,327,027) | Total Short-Term Securities — 0.2%<br>(Cost: $1,327,027) | 1327027 |
| Total Investments — 119.1%<br>(Cost: $764,025,371) | Total Investments — 119.1%<br>(Cost: $764,025,371) | 751199946 |
| Liabilities in Excess of Other Assets — (19.1)% | Liabilities in Excess of Other Assets — (19.1)% | (120399159)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $630800787<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $282,912, representing less than 0.05% of its net assets as of period end, and an original cost of $31,736.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Issuer filed for bankruptcy and/or is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(h) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(i) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Annualized 7-day yield as of period end.

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

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $—<br>| $1,327,027<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $—<br>| $1327027<br>| 1327027 | $108415<br>| $—<br>|
| iShares Broad USD High Yield Corporate Bond ETF |  | 10581811 | &nbsp;&nbsp;— |  | 75764 | 10657575 | 285000 | 394634 |  |
|  |  |  |  | $—<br>| $75764<br>| $11984602<br>|  | $503049<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$4601<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26183<br>|
| U.S. Long Bond | &nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp;25296 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$51479<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 27169 | EUR | 23000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48<br>|
| USD | 116883 | EUR | 99000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| USD | 2002229 | EUR | 1695000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3742<br>|

---

Centrally Cleared Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Fund<br>| &nbsp;&nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Credit<br>Rating<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CDX.NA.HY.44.V1 | 5.00% <br>| Quarterly | 06/20/30 | B- | USD | 500 | &nbsp;&nbsp;&nbsp;$40442<br>| &nbsp;&nbsp;&nbsp;$24555<br>| &nbsp;&nbsp;&nbsp;$15887<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective<br>Date<br>| Termination<br>Date<br>| Notional<br>Amount (000) | Notional<br>Amount (000) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 4000 | $153698<br>| $(43905)<br>| $197603<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 4000 | 8355 | (39084)<br>| 47439 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 10000 | 142666 | (108112)<br>| 250778 |
|  |  |  |  |  |  |  |  |  | $304719<br>| $(191101)<br>| $495820<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$24555<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$15887<br>| &nbsp;&nbsp;&nbsp;$—<br>|
| OTC Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(191101)<br>| &nbsp;&nbsp;&nbsp;495820 | &nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$51479<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$51479<br>|
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3742 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3742 |
| Swaps — centrally cleared<br>Unrealized appreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;15887 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;15887 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;495820 | &nbsp;&nbsp;— | &nbsp;&nbsp;495820 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$15887<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$3742<br>| &nbsp;&nbsp;$547299<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$566928<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$191101<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$191101<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$29366<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$29366<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2803)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2803)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;13629 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;522937 | &nbsp;&nbsp;— | &nbsp;&nbsp;536566 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13629<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2803)<br>| &nbsp;&nbsp;$552303<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$563129<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$51479<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$51479<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(74723)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(74723)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;13996 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(448926)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(434930)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13996<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(74723)<br>| &nbsp;&nbsp;$(397447)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(458174)<br>|

---

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — short | &nbsp;&nbsp;$1814820<br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;1502477 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp;—<br>(a)<br>|
| Average notional value — sell protection | &nbsp;&nbsp;375000 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp;18050000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund's derivative assets and liabilities (by type) were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$12531<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Swaps — centrally cleared | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;495820 | &nbsp;&nbsp;&nbsp;&nbsp;191101 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;512093 | &nbsp;&nbsp;&nbsp;&nbsp;191271 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(12531)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(170)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$499562<br>| &nbsp;&nbsp;&nbsp;&nbsp;$191101<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;$499562<br>| &nbsp;&nbsp;$(191101)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$308461<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;$191101<br>| &nbsp;&nbsp;$(191101)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9715978<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$9715978<br>|
| Common Stocks<br>|  |  |  |  |
| Electrical Equipment | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Entertainment | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;282912 | &nbsp;&nbsp;&nbsp;&nbsp;282912 |
| Financial Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;406437 | &nbsp;&nbsp;&nbsp;&nbsp;406437 |
| Ground Transportation | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1383 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;156735 | &nbsp;&nbsp;&nbsp;&nbsp;156735 |
| Industrial Conglomerates | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60318 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;60318 |
| IT Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;675896 | &nbsp;&nbsp;&nbsp;&nbsp;675896 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Trading Companies & Distributors | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173584 | &nbsp;&nbsp;&nbsp;&nbsp;173584 |
| Wireless Telecommunication Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;210634 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;210634 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;145579967 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;145579969 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2826459 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2826459 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;527774294 | &nbsp;&nbsp;&nbsp;&nbsp;15400997 | &nbsp;&nbsp;&nbsp;&nbsp;543175291 |
| Investment Companies<br>|  |  |  |  |
| Equity Funds | &nbsp;&nbsp;31187417 | &nbsp;&nbsp;&nbsp;&nbsp;126592 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31314009 |
| Fixed Income Funds | &nbsp;&nbsp;10657575 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10657575 |
| Other Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4494783 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4494783 |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;66794 | &nbsp;&nbsp;&nbsp;&nbsp;74156 | &nbsp;&nbsp;&nbsp;&nbsp;140950 |
| Warrants | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;1327027 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1327027 |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15522 | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;15843 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4025)<br>|
|  | &nbsp;&nbsp;$43172025<br>| &nbsp;&nbsp;&nbsp;&nbsp;$690868699<br>| &nbsp;&nbsp;&nbsp;&nbsp;$17171040<br>| &nbsp;&nbsp;&nbsp;&nbsp;$751211764<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$15887<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$15887<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3742 |
| Interest Rate Contracts | &nbsp;&nbsp;51479 | &nbsp;&nbsp;&nbsp;&nbsp;495820 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;547299 |
|  | &nbsp;&nbsp;$51479<br>| &nbsp;&nbsp;&nbsp;&nbsp;$515449<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$566928<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Debt Strategies Fund, Inc. (DSU)

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 $113,000,000 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 year 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Common<br>Stocks<br>| Corporate<br>Bonds<br>| Fixed<br>Rate Loan<br>Interests<br>| Floating<br>Rate Loan<br>Interests<br>| Other<br>&nbsp;&nbsp;&nbsp;&nbsp;Interests<br>| Preferred<br>Stocks<br>| Unfunded<br>Floating<br>Rate Loan<br>Interests<br>|
| Assets |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$1426241<br>| $205241<br>| 2375848 | $22428208<br>| $—<br>(a)<br>| &nbsp;&nbsp;$63638<br>| $—<br>|
| Transfers into Level 3<br>(b)<br>| &nbsp;&nbsp;&nbsp;— |  | 31366 | 1471931 |  | &nbsp;&nbsp;— |  |
| Transfers out of Level 3<br>(c)<br>| &nbsp;&nbsp;&nbsp;— |  | (1672000)<br>| (8397854)<br>|  | &nbsp;&nbsp;— |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— | 666 | 638 | 40723 |  | &nbsp;&nbsp;— |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;311256 | 102 | 3017 | (156530)<br>|  | &nbsp;&nbsp;(20)<br>|  |
| Net change in unrealized appreciation (depreciation)<br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;(246514)<br>| 21627 | (32382)<br>| (33374)<br>|  | &nbsp;&nbsp;10538 | 321 |
| Purchases | &nbsp;&nbsp;&nbsp;1184739 | 2 | 10679 | 12811733 |  | &nbsp;&nbsp;— |  |
| Sales | &nbsp;&nbsp;&nbsp;(980158)<br>| (227636)<br>| (717166)<br>| (12763840)<br>|  | &nbsp;&nbsp;— |  |
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$1695564<br>| $2<br>|  | $15400997<br>| $—<br>(a)<br>| &nbsp;&nbsp;$74156<br>| $321<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, <br>2025<br>(e)<br>| &nbsp;&nbsp;&nbsp;$(246514)<br>| $—<br>| (38844)<br>| $114575<br>| $—<br>(a)<br>| &nbsp;&nbsp;$10538<br>| $321<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Warrants | Total<br>|
| Assets |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$—<br>(a)<br>| &nbsp;&nbsp;$26499176<br>|
| Transfers into Level 3<br>(b)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1503297 |
| Transfers out of Level 3<br>(c)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(10069854)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;42027 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;157825 |
| Net change in unrealized appreciation (depreciation)<br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(279784)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14007153 |
| Sales | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(14688800)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$—<br>(a)<br>| &nbsp;&nbsp;$17171040<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<br>(e)<br>| &nbsp;&nbsp;&nbsp;$—<br>(a)<br>| &nbsp;&nbsp;$(159924)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 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 December 31, 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 December 31, 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

------

Schedule of Investments

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Bryant Park Funding Ltd., Series 2024-23A, Class D1, <br>(3-mo. CME Term SOFR + 3.85%), 7.70%, <br>05/15/37<br>(a)(b)<br>| 1000 | $1000822<br>|
| Golub Capital Partners CLO Ltd., Series 2024-74A, <br>Class D1, (3-mo. CME Term SOFR + 3.20%), 7.06%, <br>07/25/37<br>(a)(b)<br>| 1000 | 1005249 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, <br>Class D1, (3-mo. CME Term SOFR + 3.35%), 7.21%, <br>07/25/37<br>(a)(b)<br>| 1000 | 1003037 |
| Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. <br>CME Term SOFR + 3.45%), 7.33%, 04/20/37<br>(a)(b)<br>| 1670 | 1676791 |
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, <br>(3-mo. CME Term SOFR + 4.25%), 8.13%, <br>04/20/37<br>(a)(b)<br>| 1000 | 1003090 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. <br>CME Term SOFR + 2.65%), 6.56%, 01/05/38<br>(a)(b)<br>| 1000 | 1002413 |
| Total Asset-Backed Securities — 1.6%<br>(Cost: $6,670,000) | Total Asset-Backed Securities — 1.6%<br>(Cost: $6,670,000) | 6691402 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Entertainment — 0.1% | Entertainment — 0.1% |  |
| Learfield Communications LLC, (Acquired 09/06/23, Cost: <br>$27,351)<br>(c)(d)(e)<br>| 2177 | 243824 |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| Aimbridge Acquisition Co., Inc.<br>(c)(d)<br>| 5330 | 358437 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc.<br>(d)<br>| 1472 | 1226 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |  |
| Fortrex Equity<br>(c)(d)<br>| 6425 | 173475 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |  |
| SVP Singer<br>(d)<br>| 17689 | 68545 |
| IT Services — 0.2% | IT Services — 0.2% |  |
| Travelport LLC<br>(c)(d)<br>| 267 | 784628 |
| Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% |  |
| Maxeon Solar Technologies Ltd.<br>(d)<br>| 2 | 6 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |  |
| TMK Hawk Midco Corp.<br>(c)(d)<br>| 23534 | 164741 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |  |
| Incora Top Holdco LLC<br>(c)(d)<br>| 14432 | 82118 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |  |
| Altice France Lux 3<br>(d)<br>| 10219 | 179972 |
| Total Common Stocks — 0.5%<br>(Cost: $3,046,217) | Total Common Stocks — 0.5%<br>(Cost: $3,046,217) | 2056972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Chemicals<br>(b)<br> — 0.1% | Chemicals<br>(b)<br> — 0.1% | Chemicals<br>(b)<br> — 0.1% |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br>07/01/28<br>| $11 | $11015<br>|
| WR Grace Holdings LLC, 5.63%, 08/15/29 | 388 | 369331 |
|  |  | 380346 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(b)<br>| 249 | 244180 |
| Diversified Telecommunication Services<br>(b)(f)<br> — 0.1% | Diversified Telecommunication Services<br>(b)(f)<br> — 0.1% | Diversified Telecommunication Services<br>(b)(f)<br> — 0.1% |
| Zayo Group Holdings, Inc. |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 | 43 | 40635 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 | 204 | 187611 |
|  |  | 228246 |
| Electric Utilities — 0.0% | Electric Utilities — 0.0% | Electric Utilities — 0.0% |
| Texas Competitive Electric Holdings Co. LLC, 1.00%, <br>11/10/21<br>(c)(d)(g)<br>| 1710 |  |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(f)<br>| 483 | 516099 |
| Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br>Co., Inc., 6.75%, 01/15/30<br>(b)<br>| 441 | 419292 |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer, 6.75%, 10/15/27<br>(b)<br>| 357 | 359097 |
| Interactive Media & Services — 1.6% | Interactive Media & Services — 1.6% | Interactive Media & Services — 1.6% |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)<br>| 6609 | 6982376 |
| Internet Software & Services — 0.1% | Internet Software & Services — 0.1% | Internet Software & Services — 0.1% |
| Getty Images, Inc., 11.25%, 02/21/30<br>(b)<br>| 400 | 375070 |
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(b)<br>| 336 | 352373 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(b)<br>| 607 | 625856 |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>| 465 | 505400 |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>| 1265 | 1315621 |
| Software — 0.0% | Software — 0.0% | Software — 0.0% |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., <br>Inc., 8.00%, 06/15/29<br>(b)<br>| 191 | 166003 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |
| Incora Top Holdco LLC, 6.00%, 01/31/33<br>(c)<br>| 303 | 69012 |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br>11/01/23<br>(b)(d)(f)(g)<br>| 396 | 98902 |
| Total Corporate Bonds — 2.9%<br>(Cost: $12,513,371) | Total Corporate Bonds — 2.9%<br>(Cost: $12,513,371) | 12637873 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br>12/15/31<br>(c)(f)<br>| 63 |  |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>| $1701 | $1692943<br>|
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | 164 | 163296 |
|  |  | 1856239 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | 1086 | 1050032 |
| Total Fixed Rate Loan Interests — 0.7%<br>(Cost: $3,011,267) | Total Fixed Rate Loan Interests — 0.7%<br>(Cost: $3,011,267) | 2906271 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.5% | Advertising Agencies — 0.5% | Advertising Agencies — 0.5% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>| 717 | 717050 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>09/24/32<br>| 651 | 652627 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.82%, 02/07/31<br>| 402 | 403938 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>| 241 | 223981 |
|  |  | 1997596 |
| Aerospace & Defense — 3.6% | Aerospace & Defense — 3.6% | Aerospace & Defense — 3.6% |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, 10/31/30<br>| 1206 | 1211412 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. <br>CME Term SOFR + 4.18%), 8.37%, 08/03/29<br>| 1092 | 1094565 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 2225 | 2232454 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 850 | 852380 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32<br>| 502 | 502583 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>| 5 | 5301 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.50%), 6.38%, 02/26/32<br>| 585 | 586816 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>| 609 | 612079 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 02/28/31<br>| 4366 | 4381158 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 01/19/32<br>| 894 | 897003 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 03/22/30<br>| 116 | 116526 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 08/19/32<br>| 2728 | 2738966 |
|  |  | 15231243 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% | Air Freight & Logistics — 0.4% |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30<br>| $1418 | $1421090<br>|
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br>04/09/32<br>| 454 | 453755 |
|  |  | 1874845 |
| Automobile Components — 1.7% | Automobile Components — 1.7% | Automobile Components — 1.7% |
| Allison Transmission, Inc., 2025 Incremental Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.45%, 11/05/32<br>| 902 | 905761 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 05/06/30<br>| 3167 | 3167758 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.47%, 01/28/32<br>| 1428 | 1433777 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.84%, 01/30/32<br>| 93 | 93117 |
| RealTruck Group, Inc. |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR + 3.86%), <br>7.58%, 01/31/28<br>| 150 | 114389 |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR <br>+ 5.11%), 8.83%, 01/31/28<br>| 510 | 393140 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR <br>at 0.50% Floor + 5.10%), 8.99%, 11/17/28<br>| 1178 | 1156337 |
|  |  | 7264279 |
| Beverages — 0.9% | Beverages — 0.9% | Beverages — 0.9% |
| Naked Juice LLC |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br>1.00% Floor + 5.50%), 9.17%, 01/24/29<br>| 1526 | 1514718 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.35%), 7.02%, 01/24/29<br>| 701 | 461178 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.77%, 01/24/30<br>| 546 | 138854 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.25%), 5.92%, 03/31/28<br>| 821 | 822890 |
| Sazerac Co., Inc., Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.50%, 07/09/32<br>| 713 | 711907 |
|  |  | 3649547 |
| Biotechnology — 0.7% | Biotechnology — 0.7% | Biotechnology — 0.7% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 12/12/31<br>| 3065 | 3072985 |
| Building Materials — 0.3% | Building Materials — 0.3% | Building Materials — 0.3% |
| CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 10/27/32<br>| 1143 | 1134285 |
| Building Products — 4.5% | Building Products — 4.5% | Building Products — 4.5% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32<br>| 3284 | 3288382 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>| 1123 | 1083874 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.12%, 08/04/31<br>| 1670 | 1668296 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 6.07%, 05/31/30<br>| 2925 | 2930836 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>| 501 | 493502 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29<br>| 383 | 338414 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Building Products (continued) | Building Products (continued) | Building Products (continued) |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 03/19/29<br>| 976 | $979472<br>|
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 02/10/32<br>| 1655 | 1659229 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/30/32<br>| 406 | 407460 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/22/28<br>| 512 | 513528 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>10/19/29<br>| 3252 | 3264230 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>| 2723 | 2634055 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.11%), 5.83%, 10/04/28<br>| 111 | 111431 |
|  |  | 19372709 |
| Capital Markets — 4.2% | Capital Markets — 4.2% | Capital Markets — 4.2% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>| 364 | 365579 |
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.69%, 11/01/30<br>| 534 | 536814 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/09/30<br>| 599 | 600447 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/24/32<br>| 1115 | 1113049 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32<br>(c)<br>| 1465 | 1467210 |
| Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>10/31/31<br>| 1267 | 1273434 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.67%, 05/19/31<br>| 2965 | 2963155 |
| Edelman Financial Engines Center LLC, 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br>6.72%, 04/07/28<br>| 1202 | 1207504 |
| Focus Financial Partners LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 09/15/31<br>| 1892 | 1894523 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32<br>| 706 | 710490 |
| GTCR Everest Borrower LLC, Add on Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>09/05/31<br>| 435 | 436263 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, <br>01/31/30<br>| 282 | 282057 |
| Hudson River Trading LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, <br>03/18/30<br>| 389 | 390447 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.82%, 12/15/31<br>| 2850 | 2834145 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.60%, 07/30/32<br>| 1720 | $1726123<br>|
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, <br>10/16/31<br>(c)<br>| 101 | 101377 |
|  |  | 17902617 |
| Chemicals — 5.3% | Chemicals — 5.3% | Chemicals — 5.3% |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br>Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br>1.75%), 5.42%, 12/20/29<br>| 1081 | 1083114 |
| Chemours Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>| 1941 | 1914002 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, <br>11/01/30<br>| 1548 | 1551247 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29<br>| 416 | 399477 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.84%, 06/12/31<br>| 1329 | 1329560 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/18/30<br>| 1570 | 1576996 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>| 490 | 484894 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>| 286 | 286092 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>02/18/30<br>| 490 | 395019 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br>7.97%, 10/07/31<br>| 542 | 359012 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>| 1215 | 1060138 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>11/26/31<br>(c)<br>| 716 | 717389 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, <br>04/03/28<br>| 1215 | 1214285 |
| Olympus Water U.S. Holding Corp. |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.00%), 6.67%, 06/20/31<br>| 1999 | 1979765 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 11/03/32<br>| 1441 | 1431100 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31<br>| 1605 | 1182467 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.87%, 10/09/31<br>| 533 | 533975 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>| 2035 | 2042631 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br>10/29/32<br>| 744 | 747259 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 3.00%), 6.86%, 08/02/30<br>| 1755 | 1739083 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32<br>| 658 | 657731 |
|  |  | 22685236 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Services & Supplies — 8.2% | Commercial Services & Supplies — 8.2% | Commercial Services & Supplies — 8.2% |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.87%, 05/21/31<br>| $1954 | $1964049<br>|
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32<br>| 2701 | 2703848 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>08/20/32<br>| 4136 | 4154813 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.90%), 7.31%, <br>11/17/31<br>| 440 | 440574 |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 06/22/30<br>| 1090 | 1092560 |
| Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, <br>10/16/31<br>| 2950 | 2965004 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br>5.47%, 08/23/32<br>| 1166 | 1170941 |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.71%, <br>09/29/28<br>| 992 | 996564 |
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 10/01/31<br>| 3056 | 3066515 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.84%, 08/01/29<br>| 1290 | 1295879 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, <br>07/31/30<br>(f)<br>| 469 | 448256 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>| 1715 | 1718889 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>06/02/31<br>| 456 | 456434 |
| Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.52%, 06/02/32<br>| 268 | 268949 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>| 965 | 808734 |
| 2021 Term Loan C, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>| 191 | 159597 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br>SOFR + 4.51%), 8.33%, 03/06/28<br>| 761 | 203470 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br>10/07/32<br>| 2920 | 2733324 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br>7.86%, 08/11/28<br>| 216 | 178779 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br>Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + <br>3.00%), 6.72%, 05/04/28<br>| 2854 | 2862743 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 6.50%), 10.32%, <br>03/10/31<br>| 149 | 143529 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 03/26/31<br>| 564 | 564344 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 6.13%, 10/13/30<br>| 655 | $655375<br>|
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>| 2192 | 2185259 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(d)(g)<br>| 686 | 82351 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>01/30/31<br>| 1695 | 1695861 |
|  |  | 35016641 |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.48%, 10/24/30<br>| 1370 | 1372682 |
| Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.75% Floor + 4.51%), 8.20%, 09/01/28<br>| 505 | 479303 |
| Radiate Holdco LLC |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29<br>| 31 | 30731 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% <br>Floor + 4.00%), 7.72%, 06/26/29<br>| 31 | 30731 |
|  |  | 1913447 |
| Construction & Engineering — 2.1% | Construction & Engineering — 2.1% | Construction & Engineering — 2.1% |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31<br>| 2749 | 2762231 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>| 407 | 407338 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, <br>08/01/30<br>| 2241 | 2037180 |
| Brown Group Holding LLC, 2022 Incremental Term Loan <br>B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.56%, 07/01/31<br>| 1357 | 1362999 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, 11/03/31<br>| 296 | 297860 |
| Legence Holdings LLC, 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, <br>12/16/31<br>| 605 | 608457 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>01/25/31<br>| 1504 | 1510069 |
|  |  | 8986134 |
| Consumer Discretionary — 1.2% | Consumer Discretionary — 1.2% | Consumer Discretionary — 1.2% |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>| 2239 | 2246169 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/31/31<br>| 751 | 740643 |
| Element Materials Technology Group U.S. Holdings, Inc., <br>2022 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.68%), 7.35%, 07/06/29<br>| 451 | 453973 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.54%, <br>02/21/31<br>(c)<br>| 577 | 579027 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.45%, 12/31/32<br>| 588 | 589364 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/19/31<br>| 525 | $525278<br>|
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at <br>0.75% Floor + 4.10%), 7.82%, 11/02/27<br>| 227 | 221958 |
|  |  | 5356412 |
| Consumer Finance — 2.4% | Consumer Finance — 2.4% | Consumer Finance — 2.4% |
| Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.67%, 01/31/31<br>| 3314 | 3315680 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br>04/01/32<br>| 1268 | 1268430 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/28/28<br>| 1783 | 1783843 |
| Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.17%, 06/30/32<br>| 516 | 518394 |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 06/24/31<br>| 1799 | 1802067 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 06/24/31<br>| 856 | 855181 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 03/31/28<br>| 312 | 312475 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>| 402 | 401629 |
|  |  | 10257699 |
| Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32<br>| 1087 | 1091978 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>| 963 | 968705 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 10/03/31<br>| 620 | 624004 |
|  |  | 2684687 |
| Containers & Packaging — 2.7% | Containers & Packaging — 2.7% | Containers & Packaging — 2.7% |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, <br>09/07/27<br>| 2017 | 2023624 |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. <br>CME Term SOFR at 0.75% Floor + 2.75%), 6.50%, <br>11/29/30<br>| 3212 | 3216886 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 6.97%, 04/01/32<br>| 1410 | 1408284 |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), <br>6.89%, 04/13/29<br>| 175 | 175030 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28<br>| 1556 | 980101 |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.23%, 04/15/30<br>| 880 | 860754 |
| Potters Industries LLC, 2025 Repriced Term Loan B, (1-<br>mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>12/09/32<br>(c)<br>| 596 | 598235 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>02/01/29<br>| 1081 | $1089086<br>|
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, <br>09/15/28<br>| 164 | 164255 |
| Ring Container Technologies Group LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.22%, 09/15/32<br>| 458 | 458892 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br>09/15/28<br>| 853 | 817195 |
|  |  | 11792342 |
| Distributors — 2.4% | Distributors — 2.4% | Distributors — 2.4% |
| American Builders & Contractors Supply Co., Inc., <br>2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 01/31/31<br>| 1593 | 1598641 |
| Core & Main LP |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 07/27/28<br>| 3423 | 3429079 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 02/09/31<br>| 777 | 777217 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>07/02/31<br>| 1135 | 1133228 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, 03/31/28<br>(h)<br>| 308 | 308356 |
| Gates Corp. |  |  |
| 2022 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), <br>5.47%, 11/16/29<br>| 259 | 259624 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), <br>5.47%, 06/04/31<br>| 1684 | 1687908 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>| 314 | 272985 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/13/32<br>| 932 | 930832 |
|  |  | 10397870 |
| Diversified Telecommunication Services — 1.6% | Diversified Telecommunication Services — 1.6% | Diversified Telecommunication Services — 1.6% |
| Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime <br>+ 1.75%), 8.50%, 01/31/26<br>(c)<br>| 1506 | 1487096 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term SOFR <br>at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>| 1022 | 1015843 |
| 2024 Extended Term Loan B2, (1-mo. CME Term SOFR <br>at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>| 1089 | 1081664 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00% and 0.50% <br>PIK), 7.33%, 03/11/30<br>(f)<br>| 3626 | 3428821 |
|  |  | 7013424 |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br>CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, <br>12/15/27<br>| 961 | 963570 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.35%, 12/15/31<br>| 602 | 604051 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>12/20/30<br>| 1299 | 1305527 |
|  |  | 2873148 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31<br>(c)<br>| $437 | $439527<br>|
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29<br>| 851 | 851303 |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.37%, 12/02/31<br>| 560 | 562570 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>| 773 | 775280 |
| Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br>09/30/32<br>| 210 | 210788 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.92%, 10/27/32<br>(c)<br>| 794 | 794993 |
|  |  | 3634461 |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.59%, 10/01/32<br>| 285 | 285653 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.69%, 09/22/32<br>| 234 | 235170 |
|  |  | 520823 |
| Entertainment — 1.5% | Entertainment — 1.5% | Entertainment — 1.5% |
| Bally<br>'<br>s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR <br>at 0.50% Floor + 3.51%), 7.37%, 10/02/28<br>| 576 | 564993 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.42%, 09/30/31<br>| 2501 | 2507585 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.53%, 03/04/32<br>| 1680 | 1680000 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 07/31/32<br>| 304 | 301605 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>10/21/32<br>| 1417 | 1417000 |
|  |  | 6471183 |
| Environmental, Maintenance & Security Service — 3.1% | Environmental, Maintenance & Security Service — 3.1% | Environmental, Maintenance & Security Service — 3.1% |
| Action Environmental Group, Inc., 2023 Term Loan B, (3-<br>mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30<br>| 845 | 845563 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32<br>| 478 | 481982 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/21/28<br>| 3323 | 3338170 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>| 1997 | 2002986 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.48%, 10/17/30<br>| 676 | 676514 |
| Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.70%, 06/21/28<br>| 3607 | 3622438 |
| Reworld Holding Corp. |  |  |
| 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 321 | 321000 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 144 | 143684 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Reworld Holding Corp.<br>(continued)<br>|  |  |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.25%), 5.98%, 01/15/31<br>| 884 | $884210<br>|
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.98%, 11/30/28<br>| 887 | 887284 |
|  |  | 13203831 |
| Financial Services — 0.7% | Financial Services — 0.7% | Financial Services — 0.7% |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.39%, <br>02/27/32<br>| 1698 | 1593236 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32<br>| 884 | 887589 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>11/05/28<br>| 469 | 471035 |
|  |  | 2951860 |
| Food Products — 1.9% | Food Products — 1.9% | Food Products — 1.9% |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 10/28/32<br>| 3829 | 3844316 |
| Froneri U.S., Inc. |  |  |
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.45%, 09/30/31<br>| 2848 | 2844892 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 09/30/32<br>| 304 | 303884 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 6.50%), 10.34%, <br>03/29/30<br>| 149 | 149682 |
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32<br>| 53 | 53043 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, 01/29/32<br>| 868 | 870806 |
| Wellness Pet LLC |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.95%), 7.62%, 12/31/29<br>| 259 | 156751 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.01%), 7.68%, <br>12/31/29<br>| 144 | 15897 |
|  |  | 8239271 |
| Ground Transportation — 0.7% | Ground Transportation — 0.7% | Ground Transportation — 0.7% |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/10/31<br>| 3181 | 3179942 |
| Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% | Health Care Equipment & Supplies — 0.8% |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>| 923 | 922760 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 01/15/31<br>| 1705 | 1720062 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 08/20/32<br>| 818 | 817390 |
|  |  | 3460212 |
| Health Care Providers & Services — 2.5% | Health Care Providers & Services — 2.5% | Health Care Providers & Services — 2.5% |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.97%, 09/20/32<br>| 176 | 176171 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 07/26/31<br>| 574 | 577328 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, 11/01/28<br>| 1621 | $1628324<br>|
| EyeCare Partners LLC, 2024 Third Out Term Loan C, <br>0.00%, 11/30/28<br>(d)(g)<br>| 52 | 8977 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br>07/03/28<br>| 553 | 557061 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, <br>05/19/31<br>| 968 | 970828 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.60%), 7.44%, 11/01/28<br>| 884 | 186630 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 7.10%), 10.94%, 11/01/29<br>| 611 | 124033 |
| Medline Borrower LP |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30<br>| 558 | 559850 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 10/23/28<br>| 1264 | 1267385 |
| Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, <br>05/30/31<br>| 2079 | 2088001 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.67%, 09/27/30<br>| 795 | 795122 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>12/19/30<br>| 1272 | 1276677 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>06/30/28<br>| 442 | 442884 |
|  |  | 10659271 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>05/20/30<br>| 482 | 480989 |
| Hotels, Restaurants & Leisure — 8.7% | Hotels, Restaurants & Leisure — 8.7% | Hotels, Restaurants & Leisure — 8.7% |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 1.61% and 6.00% PIK), <br>11.35%, 03/11/30<br>(f)<br>| 189 | 187689 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br>1.00% Floor + 5.61%), 9.35%, 03/11/30<br>| 204 | 203170 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>05/31/30<br>(c)<br>| 1000 | 1004232 |
| Burger King (Restaurant Brands International Inc.)/New <br>Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/20/30<br>| 1968 | 1968236 |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/31<br>| 2831 | 2795468 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/30<br>| 1016 | 1004069 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>| 3025 | 3038230 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, <br>01/27/29<br>| 4517 | 4515080 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.42%, 11/30/30<br>| 3487 | $3481017<br>|
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.00%), 5.67%, 06/04/32<br>| 874 | 873944 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/22/32<br>| 3107 | 3122804 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, <br>11/01/29<br>| 767 | 752029 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 05/27/32<br>| 799 | 803979 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.48%, 11/08/30<br>| 767 | 771326 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.22%, 12/16/30<br>| 1874 | 1877684 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.99%, 04/14/29<br>| 1111 | 1112980 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.17%, 11/12/29<br>| 1637 | 1449674 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 4.25%), 7.92%, 08/01/30<br>| 443 | 408404 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, 05/03/29<br>| 870 | 873935 |
| Sabre GLBL, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>| 501 | 440759 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>| 255 | 227048 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br>B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.72%, 12/04/31<br>| 536 | 532110 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>05/01/31<br>| 332 | 327656 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 03/14/31<br>| 1937 | 1942586 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.90%, 12/30/32<br>(c)<br>| 670 | 660788 |
| Voyager Parent LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>| 1001 | 999972 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>08/03/28<br>| 719 | 718762 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>05/24/30<br>| 1340 | 1341893 |
|  |  | 37435524 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.86%, 07/31/28<br>| 1735 | 1733983 |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32<br>| 1804 | 1810544 |
| Somnigroup International, Inc., Term Loan B, (1-mo. SOFR <br>at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>| 392 | 394744 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, <br>12/19/29<br>| 80 | $79170<br>|
| Weber-Stephen Products LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.74%, <br>10/01/32<br>| 1261 | 1261631 |
|  |  | 5280072 |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Lavender U.S. HoldCo 1, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br>12/30/32<br>| 747 | 752289 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 03/04/32<br>| 1123 | 1128270 |
|  |  | 1880559 |
| Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% | Independent Power and Renewable Electricity Producers — 1.5% |
| Calpine Construction Finance Co. LP, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>1.75%), 5.47%, 07/31/30<br>| 1968 | 1968761 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31<br>| 688 | 687979 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>| 2848 | 2854417 |
| Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/25/32<br>| 870 | 869461 |
|  |  | 6380618 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.00%), 6.86%, 10/28/32<br>| 455 | 458130 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br>CME Term SOFR + 7.50%), 11.43%, 12/31/29<br>| 247 | 199146 |
|  |  | 657276 |
| Insurance — 10.2% | Insurance — 10.2% | Insurance — 10.2% |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 09/19/31<br>| 7545 | 7541197 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 5.97%, 01/30/32<br>| 2507 | 2512947 |
| Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>12/29/31<br>| 2413 | 2416322 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>| 2042 | 2035886 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR <br>at 0.00% Floor + 5.36%), 9.08%, 01/31/28<br>| 1117 | 1111333 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29<br>| 1066 | 1044680 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.35%), 8.07%, 08/19/28<br>| 1623 | 1624868 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 09/19/30<br>| 403 | 402209 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 09/19/30<br>| 1571 | 1569902 |
| Baldwin Insurance Group Holdings LLC, 2025 Term Loan <br>B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.25%, 05/26/31<br>| 842 | 839180 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 6.12%, 06/20/30<br>| 4407 | $4428162<br>|
| Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/31<br>| 1723 | 1725888 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(h)<br>| 958 | 957771 |
| Jones Deslauriers Insurance Management, Inc., 2025 Term <br>Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.59%, 03/15/30<br>| 1120 | 1120023 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>07/02/31<br>| 198 | 198246 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/15/31<br>| 1726 | 1726685 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 07/31/31<br>| 3361 | 3370940 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.42%, 05/06/31<br>| 3043 | 3044020 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 4.75%), 8.42%, 05/06/32<br>| 529 | 535208 |
| USI, Inc. |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 09/29/30<br>| 1709 | 1711190 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 11/21/29<br>| 3983 | 3990833 |
|  |  | 43907490 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 05/03/28<br>| 594 | 550414 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 12/31/31<br>| 575 | 490503 |
|  |  | 1040917 |
| Internet Software & Services — 2.9% | Internet Software & Services — 2.9% | Internet Software & Services — 2.9% |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.50%), 8.34%, 08/15/29<br>| 933 | 752989 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 2.25%), 6.09%, 11/08/32<br>| 1249 | 1248403 |
| Gen Digital, Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), <br>5.47%, 09/12/29<br>| 2697 | 2700172 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 04/16/32<br>| 204 | 204077 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 05/30/31<br>| 866 | 866778 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 11/09/29<br>| 1645 | 1646550 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28<br>| 3256 | 3270049 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>| 1773 | 1754966 |
|  |  | 12443984 |
| IT Services — 4.4% | IT Services — 4.4% | IT Services — 4.4% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31<br>| 1178 | 1179745 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.42%, 03/26/32<br>| 97 | $97863<br>|
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.42%, 06/17/30<br>| 998 | 993931 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>| 2011 | 2009221 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31<br>(c)<br>| 1848 | 1840725 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32<br>| 3367 | 3291406 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>| 576 | 575655 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>03/01/29<br>| 1445 | 1328538 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at <br>0.75% Floor + 3.85%), 7.69%, 02/01/28<br>| 1563 | 1444289 |
| Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.62%, 11/15/32<br>| 482 | 482602 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 4.01%), 7.85%, 06/02/28<br>| 1372 | 1321451 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>06/28/30<br>(c)<br>| 866 | 863920 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 6.75%), 10.45%, 10/26/29<br>| 3345 | 3282593 |
|  |  | 18711939 |
| Leisure Products — 0.4% | Leisure Products — 0.4% | Leisure Products — 0.4% |
| Bombardier Recreational Products, Inc., 2024 Term Loan <br>B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.97%, 01/22/31<br>| 482 | 483142 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30<br>| 1155 | 1152551 |
|  |  | 1635693 |
| Machinery — 4.3% | Machinery — 4.3% | Machinery — 4.3% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 2.75%), 6.42%, <br>06/23/30<br>| 799 | 801476 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.48%, 03/15/30<br>| 488 | 489638 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br>05/14/28<br>(c)<br>| 301 | 301260 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>| 4078 | 4103588 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.42%, 11/22/29<br>| 768 | 772358 |
| INNIO Group Holding GmbH, 2025 Term Loan B2, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, <br>11/02/28<br>| 736 | 737840 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.23%, 09/26/31<br>| 457 | 460070 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>| 2356 | 2360467 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.95%, 04/30/30<br>| 2831 | $2846965<br>|
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>| 3552 | 3567033 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.87%, 01/27/31<br>| 1804 | 1806560 |
|  |  | 18247255 |
| Media — 4.7% | Media — 4.7% | Media — 4.7% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME <br>Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>| 1738 | 1735655 |
| Charter Communications Operating LLC |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.99%, 12/07/30<br>| 1368 | 1365821 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.24%, 12/15/31<br>| 866 | 866746 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.50%), 8.34%, 12/02/31<br>| 897 | 883382 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), <br>8.25%, 04/15/27<br>| 2566 | 2238036 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>| 105 | 105021 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/30/30<br>| 1049 | 1044799 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR + 5.25%), 9.12%, 06/04/29<br>| 5 | 4796 |
| Learfield Communications LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, <br>06/30/28<br>| 615 | 614975 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>| 1163 | 1061598 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), <br>10.33%, 09/25/29<br>(f)<br>| 2787 | 2126610 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.93%, 04/04/29<br>| 617 | 605141 |
| Sunrise Financing Partnership, Term Loan AAA1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, <br>02/16/32<br>| 433 | 434316 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br>5.86%, 04/30/28<br>| 285 | 284786 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>| 2799 | 2810777 |
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.28%), 7.05%, <br>03/31/31<br>| 988 | 977770 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.57%, 01/24/31<br>| 2970 | 2976601 |
|  |  | 20136830 |
| Metals & Mining — 1.4% | Metals & Mining — 1.4% | Metals & Mining — 1.4% |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 05/13/29<br>| 111 | 111117 |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM <br>Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30<br>| 2121 | 2096248 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.71%, <br>02/26/32<br>| 1196 | $1185805<br>|
| Element Solutions, Inc., 2025 Add-on Term Loan B, <br>12/18/30<br>(h)<br>| 390 | 391786 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, 03/11/32<br>| 2103 | 2110111 |
|  |  | 5895067 |
| Oil, Gas & Consumable Fuels — 2.2% | Oil, Gas & Consumable Fuels — 2.2% | Oil, Gas & Consumable Fuels — 2.2% |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/22/32<br>| 452 | 454028 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br>0.00% Floor + 1.75%), 5.41%, 07/30/32<br>| 1569 | 1567543 |
| EG America LLC, 2025 USD Repriced Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.32%, <br>02/07/28<br>| 325 | 325849 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.12%, <br>12/21/28<br>| 1896 | 1901918 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.94%, <br>10/04/30<br>| 263 | 263660 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>| 668 | 668373 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.20%, 04/01/32<br>| 477 | 478833 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 1.75%), 5.59%, 04/07/32<br>| 292 | 294348 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.98%, 10/05/28<br>| 2504 | 2513659 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31<br>| 571 | 572356 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.98%, 06/16/32<br>| 240 | 240710 |
|  |  | 9281277 |
| Passenger Airlines — 1.5% | Passenger Airlines — 1.5% | Passenger Airlines — 1.5% |
| AAdvantage Loyalty IP Ltd. |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.13%, 04/20/28<br>| 819 | 820043 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 7.13%, 05/28/32<br>| 608 | 610608 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.72%, 03/21/31<br>| 1412 | 1419028 |
| American Airlines, Inc. |  |  |
| Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.85%), 5.69%, 01/29/27<br>| 267 | 266123 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.26%, 06/04/29<br>| 1211 | 1212202 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.75%), 8.44%, 08/27/29<br>| 899 | 859141 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>02/22/31<br>| 1172 | 1176123 |
|  |  | 6363268 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>| 228 | 229140 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, <br>08/01/32<br>| $1908 | $1922529<br>|
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br>10/31/32<br>| 417 | 417073 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>| 472 | 468248 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.10%), 7.77%, 10/01/27<br>| 525 | 514424 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.97%, 05/05/28<br>| 1751 | 1750641 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/22/32<br>| 1362 | 1368447 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.25%), 5.97%, 05/19/31<br>| 320 | 307861 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/20/29<br>| 654 | 656671 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br>07/03/28<br>| 138 | 138793 |
|  |  | 7544687 |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br>Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 01/31/30<br>| 553 | 556262 |
| Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>| 438 | 440249 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, 08/17/29<br>| 1110 | 1113215 |
|  |  | 1553464 |
| Software — 14.5% | Software — 14.5% | Software — 14.5% |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>02/24/31<br>| 2996 | 3011781 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29<br>| 2253 | 2255808 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/25/31<br>| 1289 | 1290778 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>| 2790 | 2780572 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, 01/23/32<br>| 2154 | 2159325 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29<br>| 2445 | 2059669 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 6.21%, 04/21/32<br>| 931 | 928927 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 03/21/31<br>| 2849 | 2850795 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 08/13/32<br>| 3911 | 3913943 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 3.85%), 7.57%, 10/08/28<br>| 585 | 557685 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), <br>10.33%, 06/04/29<br>| 441 | 443068 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) |
| CoreLogic, Inc.<br>(continued)<br>|  |  |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.61%), 7.33%, 06/02/28<br>| $1558 | $1557357<br>|
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.62%, 05/01/31<br>| 1944 | 1864155 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>| 192 | 192100 |
| Dayforce, Inc., 2025 Term Loan, 08/20/32<br>(h)<br>| 2495 | 2486093 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>06/26/31<br>(c)<br>| 551 | 540022 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.75%), 6.47%, 10/08/29<br>| 2764 | 2778266 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.75%), 8.47%, 11/22/32<br>| 519 | 522405 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.50%), 6.22%, 05/30/31<br>| 2500 | 2506411 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/32<br>| 3935 | 3922775 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 03/20/32<br>| 2701 | 2701225 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.25%), 6.97%, 06/17/31<br>| 1737 | 1741122 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br>5.25%), 8.97%, 06/17/32<br>| 458 | 452962 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.25%), 8.09%, 07/01/31<br>| 670 | 665622 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/17/27<br>| 259 | 247898 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 11/03/31<br>| 756 | 756778 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.61%, 07/16/31<br>| 1889 | 1893216 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28<br>| 1432 | 1430381 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29<br>| 184 | 163360 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.35%), 10.07%, 07/30/29<br>| 90 | 79809 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/09/31<br>| 3102 | 3119388 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.34%, 02/10/31<br>| 3210 | 3211499 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31<br>| 2229 | 2235072 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>10/22/29<br>(c)<br>| 560 | 563039 |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% <br>Floor + 7.25%), 10.85%, 06/28/30<br>| 1902 | 1874302 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.97%, 11/26/31<br>| 1654 | $1639815<br>|
| Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.47%, 09/28/29<br>| 872 | 862624 |
|  |  | 62260047 |
| Specialty Retail — 0.4% | Specialty Retail — 0.4% | Specialty Retail — 0.4% |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.31%, <br>04/23/31<br>| 766 | 766366 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/32<br>| 294 | 294244 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.35%), <br>7.07%, 10/20/28<br>| 272 | 269790 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, (3-<br>mo. CME Term SOFR + 7.61%), 11.29%, 06/29/28<br>| 234 | 219838 |
|  |  | 1550238 |
| Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% |
| Cubic Corp. |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>| 3074 | 1555925 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>| 455 | 229965 |
|  |  | 1785890 |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 12/21/28<br>| 1144 | 1144799 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>| 575 | 574941 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>09/12/32<br>| 291 | 293002 |
|  |  | 2012742 |
| Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% | Trading Companies & Distributors — 0.2% |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 1.00% Floor + 2.00% and 3.25% PIK), <br>8.97%, 07/02/29<br>(f)<br>| 1843 | 750959 |
| Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% | Transportation Infrastructure — 0.3% |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>| 823 | 814435 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 2.00% Floor + 8.00%), 11.89%, 08/20/29<br>| 1005 | 381850 |
|  |  | 1196285 |
| Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% |
| Digicel International Finance Ltd., 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, <br>08/06/32<br>| 520 | 518143 |
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>| 3115 | 3122009 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>| 1127 | 1129818 |
|  |  | 4769970 |
| Total Floating Rate Loan Interests — 120.6%<br>(Cost: $523,067,875) | Total Floating Rate Loan Interests — 120.6%<br>(Cost: $523,067,875) | 516786442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Investment Companies | Investment Companies | Investment Companies |
| Equity Funds — 3.2% | Equity Funds — 3.2% |  |
| Hearthside Equity | 9223 | $139111<br>|
| Invesco Senior Loan ETF | 534300 | 11220300 |
| SPDR Blackstone Senior Loan ETF | 60000 | 2476200 |
|  |  | 13835611 |
| Fixed Income Funds — 0.1% | Fixed Income Funds — 0.1% |  |
| iShares 0-5 Year High Yield Corporate Bond ETF<br>(i)<br>| 5000 | 214350 |
| Total Investment Companies — 3.3%<br>(Cost: $14,147,328) | Total Investment Companies — 3.3%<br>(Cost: $14,147,328) | 14049961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Benefical<br>Interest (000)<br>|
| Other Interests | Other Interests |
| Capital Markets — 0.0% | Capital Markets — 0.0% |
| Millennium Lender Claim Trust<br>(c)(j)<br>| $1607 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |
| Millennium Corp.<br>(c)(j)<br>| 1508 |
| Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Securities | Preferred Securities | Preferred Securities |
| Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 338 | 59199 |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 1814 | 42615 |
| Series G-1 | 1252 | 28800 |
|  |  | 71415 |
|  |  | 130614 |
| Total Preferred Securities — 0.0%<br>(Cost: $301,718) | Total Preferred Securities — 0.0%<br>(Cost: $301,718) | 130614 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Warrants | Warrants | Warrants |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Service King (Carnelian Point), (Exercisable 01/14/23, <br>1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br>USD 10.00)<br>(d)<br>| 1895 | $—<br>|
| Total Warrants — 0.0%<br>(Cost: $—) | Total Warrants — 0.0%<br>(Cost: $—) |  |
| Total Investments — 129.6%<br>(Cost: $562,757,776) | Total Investments — 129.6%<br>(Cost: $562,757,776) | 555259535 |
| Liabilities in Excess of Other Assets — (29.6)% | Liabilities in Excess of Other Assets — (29.6)% | (126671377)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $428588158<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) Non-income producing security.

(e) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $243,824, representing 0.1% of its net assets as of period end, and an original cost of $27,351.

(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) 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.

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 year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>(b)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $—<br>| $—<br>|  | $17562<br>| $—<br>|
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;213050 |  | &nbsp;&nbsp;— |  | 1300 | 214350 | 5000 | 15061 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF<br>(a)<br>| &nbsp;&nbsp;4089800 |  | &nbsp;&nbsp;(4193536)<br>| 283783 | (180047)<br>|  |  | 179001 |  |
|  |  |  |  | $283783<br>| $(178747)<br>| $214350<br>|  | $211624<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$2415<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3082<br>|
| U.S. Long Bond | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp;10446 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$13528<br>|

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13528<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13528<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$28546<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$28546<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(100)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(100)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(100)<br>| &nbsp;&nbsp;$28546<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$28446<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13528<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13528<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(45)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(45)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(45)<br>| &nbsp;&nbsp;$13528<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$13483<br>|

---

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — short | &nbsp;&nbsp;$921715<br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;—<br>(a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6691402<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$6691402<br>|
| Common Stocks<br>|  |  |  |  |
| Entertainment | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;243824 | &nbsp;&nbsp;&nbsp;&nbsp;243824 |
| Financial Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;358437 | &nbsp;&nbsp;&nbsp;&nbsp;358437 |
| Ground Transportation | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1226 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173475 | &nbsp;&nbsp;&nbsp;&nbsp;173475 |
| Industrial Conglomerates | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;68545 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;68545 |
| IT Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;784628 | &nbsp;&nbsp;&nbsp;&nbsp;784628 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Trading Companies & Distributors | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;164741 | &nbsp;&nbsp;&nbsp;&nbsp;164741 |
| Transportation Infrastructure | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82118 | &nbsp;&nbsp;&nbsp;&nbsp;82118 |
| Wireless Telecommunication Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;179972 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;179972 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12568861 | &nbsp;&nbsp;&nbsp;&nbsp;69012 | &nbsp;&nbsp;&nbsp;&nbsp;12637873 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2906271 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2906271 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;502998427 | &nbsp;&nbsp;&nbsp;&nbsp;13788015 | &nbsp;&nbsp;&nbsp;&nbsp;516786442 |
| Investment Companies<br>|  |  |  |  |
| Equity Funds | &nbsp;&nbsp;13696500 | &nbsp;&nbsp;&nbsp;&nbsp;139111 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13835611 |
| Fixed Income Funds | &nbsp;&nbsp;214350 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;214350 |
| Other Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;59199 | &nbsp;&nbsp;&nbsp;&nbsp;71415 | &nbsp;&nbsp;&nbsp;&nbsp;130614 |
| Warrants | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7310 | &nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;7582 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2726)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2726)<br>|
|  | &nbsp;&nbsp;$13910856<br>| &nbsp;&nbsp;&nbsp;&nbsp;$525617598<br>| &nbsp;&nbsp;&nbsp;&nbsp;$15735937<br>| &nbsp;&nbsp;&nbsp;&nbsp;$555264391<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp;$13528<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$13528<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) Derivative financial instruments are futures contracts. 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 for financial statement purposes. As of period end, bank borrowings

payable of $117,000,000 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 year 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Common<br>Stocks<br>| Corporate<br>Bonds<br>| Fixed<br>Rate Loan<br>Interests<br>| Floating<br>Rate Loan<br>Interests<br>| Other<br>Interests<br>| Preferred<br>Stocks<br>| Unfunded<br>Floating<br>Rate Loan<br>Interests<br>| Total<br>|
| Assets |  |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$1568487<br>| $—<br>| $2483480<br>| $22840992<br>| $—<br>(a)<br>| &nbsp;&nbsp;$61312<br>| $—<br>| $26954271<br>|
| Transfers into Level 3<br>(b)<br>| &nbsp;&nbsp;&nbsp;— |  | 29768 | 1141051 |  | &nbsp;&nbsp;— |  | 1170819 |
| Transfers out of Level 3<br>(c)<br>| &nbsp;&nbsp;&nbsp;— |  | (1710000)<br>| (8469341)<br>|  | &nbsp;&nbsp;— |  | (10179341)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— | 7799 | 574 | 39475 |  | &nbsp;&nbsp;— |  | 47848 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;369465 | (169)<br>| 2966 | (100053)<br>|  | &nbsp;&nbsp;— |  | 272209 |
| Net change in unrealized appreciation (depreciation)<br>(d)(e)<br>| &nbsp;&nbsp;&nbsp;(1089412)<br>| (91174)<br>| (29225)<br>| (61130)<br>|  | &nbsp;&nbsp;10103 | 272 | (1260566)<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Common<br>Stocks<br>| Corporate<br>Bonds<br>| Fixed<br>Rate Loan<br>Interests<br>| Floating<br>Rate Loan<br>Interests<br>| Other<br>Interests<br>| Preferred<br>Stocks<br>| Unfunded<br>Floating<br>Rate Loan<br>Interests<br>| Total<br>|
| Purchases | &nbsp;&nbsp;&nbsp;$2054703<br>| $152556<br>| $10024<br>| $11941330<br>| $—<br>| &nbsp;&nbsp;— | $—<br>| $14158613<br>|
| Sales | &nbsp;&nbsp;&nbsp;(1096020)<br>|  | (787587)<br>| (13544309)<br>|  | &nbsp;&nbsp;— |  | (15427916)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$1807223<br>| $69012<br>| $—<br>| $13788015<br>| $—<br>(a)<br>| &nbsp;&nbsp;$71415<br>| $272<br>| $15735937<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at <br>December 31, 2025<br>(e)<br>| &nbsp;&nbsp;&nbsp;$(1089411)<br>| $(91174)<br>| $(36415)<br>| $96431<br>| $—<br>| &nbsp;&nbsp;$10103<br>| $272<br>| $(1110194)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 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 December 31, 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 December 31, 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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Sterling COOFS Trust<br>(a)(b)<br>|  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 | 435 | $—<br>|
| Series 2004-2, Class Note, 2.08%, 03/30/30 | 132 |  |
| Total Asset-Backed Securities — 0.0%<br>(Cost: $38,480) | Total Asset-Backed Securities — 0.0%<br>(Cost: $38,480) |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| Collateralized Mortgage Obligations<br>(b)<br> — 0.6% | Collateralized Mortgage Obligations<br>(b)<br> — 0.6% | Collateralized Mortgage Obligations<br>(b)<br> — 0.6% |
| Bravo Residential Funding Trust, Series 2021-NQM1, <br>Class A1, 0.94%, 02/25/49<br>(c)<br>| 29 | 26553 |
| Chase Home Lending Mortgage Trust, Series 2019-ATR1, <br>Class A12, 6.50%, 04/25/49<br>(c)<br>| 27 | 27217 |
| COLT Mortgage Loan Trust, Series 2022-2, Class A1, <br>2.99%, 02/25/67<br>| 95 | 90944 |
| CSMC, Series 2022-ATH1, Class A1A, 2.87%, 01/25/67<br>(c)<br>| 79 | 76802 |
| Ellington Financial Mortgage Trust, Series 2022-1, <br>Class A1, 2.21%, 01/25/67<br>(c)<br>| 186 | 163611 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, <br>06/01/51<br>(c)<br>| 151 | 126350 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2022-<br>PJ2, Class A4, 2.50%, 06/25/52<br>(c)<br>| 75 | 62807 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ2, <br>Class A2, 2.50%, 11/25/51<br>(c)<br>| 72 | 60557 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, <br>10/25/69<br>| 76 | 76212 |
| JP Morgan Mortgage Trust<br>(c)<br>|  |  |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 | 86 | 84851 |
| Series 2022-INV3, Class A3B, 3.00%, 09/25/52 | 74 | 65056 |
| Mello Mortgage Capital Acceptance, Series 2022-INV2, <br>Class A3, 3.00%, 04/25/52<br>(c)<br>| 79 | 69322 |
| MFA Trust, Series 2020-NQM1, Class A1, 2.48%, <br>03/25/65<br>(c)<br>| 26 | 25516 |
| OBX Trust, Series 2022-INC3, Class A1, 3.00%, <br>02/25/52<br>(c)<br>| 76 | 66174 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br>10/25/59<br>(c)<br>| 129 | 130130 |
| Provident Funding Mortgage Trust, Series 2024-1, <br>Class A1, 5.50%, 12/25/54<br>(c)<br>| 122 | 123552 |
| RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, <br>02/25/52<br>(c)<br>| 76 | 66267 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br>5.50%, 10/25/54<br>(c)<br>| 139 | 140135 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65<br>(c)<br>| 200 | 180406 |
| TRK Trust, Series 2021-INV2, Class A1, 1.97%, <br>11/25/56<br>(c)<br>| 95 | 86088 |
| Verus Securitization Trust |  |  |
| Series 2022-1, Class A1, 2.72%, 01/25/67 | 67 | 63256 |
| Series 2022-3, Class A1, 4.13%, 02/25/67 | 266 | 255668 |
| Series 2024-6, Class A1, 5.80%, 07/25/69 | 102 | 103165 |
|  |  | 2170639 |
| Commercial Mortgage-Backed Securities — 7.4% | Commercial Mortgage-Backed Securities — 7.4% | Commercial Mortgage-Backed Securities — 7.4% |
| 1301 Trust, Series 2025-1301, Class A, 5.06%, <br>08/11/42<br>(b)(c)<br>| 210 | 212589 |
| 1345 Trust, Series 2025-AOA, Class A, (1-mo. Term SOFR <br>+ 1.60%), 5.35%, 06/15/42<br>(b)(c)<br>| 450 | 451400 |
| ARES Trust, Series 2025-IND3, Class A, (1-mo. Term <br>SOFR + 1.50%), 5.25%, 04/15/42<br>(b)(c)<br>| 212 | 212132 |
| BAMLL Trust, Series 2024-BHP, Class A, (1-mo. Term <br>SOFR + 2.35%), 6.10%, 08/15/39<br>(b)(c)<br>| 135 | 135223 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| BAY Mortgage Trust, Series 2025-LIVN, Class A, (1-mo. <br>Term SOFR + 1.80%), 5.55%, 05/15/35<br>(b)(c)<br>| $481 | $481334<br>|
| BBCMS Mortgage Trust, Series 2018-TALL, Class A, (1-<br>mo. Term SOFR + 0.92%), 4.67%, 03/15/37<br>(b)(c)<br>| 290 | 274513 |
| Benchmark Mortgage Trust, Series 2025-V18, Class B, <br>5.94%, 10/15/58<br>| 200 | 205605 |
| BFLD Commercial Mortgage Trust<br>(b)(c)<br>|  |  |
| Series 2025-5MW, Class A, 4.67%, 10/10/42 | 510 | 509970 |
| Series 2025-660F, Class A, (1-mo. Term SOFR + <br>1.50%), 5.25%, 11/15/42<br>| 335 | 335942 |
| Series 2025-660F, Class B, (1-mo. Term SOFR + <br>1.80%), 5.55%, 11/15/42<br>| 130 | 130405 |
| BFLD Trust<br>(b)(c)<br>|  |  |
| Series 2025-EWEST, Class A, (1-mo. Term SOFR + <br>1.55%), 5.30%, 06/15/42<br>| 345 | 344999 |
| Series 2025-FPM, Class A, 5.01%, 10/10/40 | 263 | 265984 |
| BLP Commercial Mortgage Trust, Series 2023-IND, <br>Class A, (1-mo. Term SOFR + 1.69%), 5.44%, <br>03/15/40<br>(b)(c)<br>| 489 | 489869 |
| BPR Commercial Mortgage Trust, Series 2025-STAR, <br>Class B, 5.38%, 11/05/42<br>(b)(c)<br>| 160 | 160583 |
| BPR Trust<br>(b)<br>|  |  |
| Series 2021-TY, Class A, (1-mo. Term SOFR + 1.16%), <br>4.92%, 09/15/38<br>(c)<br>| 213 | 212934 |
| Series 2025-ALDR, Class A, 5.67%, 06/05/42 | 190 | 196236 |
| BRCK Trust, Series 2025-830B, Class A, 4.96%, <br>12/10/42<br>(b)(c)<br>| 805 | 805212 |
| BSTN Commercial Mortgage Trust<br>(b)(c)<br>|  |  |
| Series 2025-1C, Class A, 5.37%, 06/15/44 | 155 | 159164 |
| Series 2025-HUB, Class A, 4.90%, 04/13/41 | 145 | 145574 |
| BX Commercial Mortgage Trust<br>(b)(c)<br>|  |  |
| Series 2024-GPA3, Class A, (1-mo. Term SOFR + <br>1.29%), 5.04%, 12/15/39<br>| 185 | 184612 |
| Series 2025-BCAT, Class A, (1-mo. Term SOFR + <br>1.38%), 5.13%, 08/15/42<br>| 570 | 570890 |
| Series 2025-JDI, Class A, (1-mo. Term SOFR + 1.40%), <br>5.15%, 11/15/42<br>| 590 | 590548 |
| BX Trust<br>(b)(c)<br>|  |  |
| Series 2024-BIO, Class A, (1-mo. Term SOFR + 1.64%), <br>5.39%, 02/15/41<br>| 145 | 144685 |
| Series 2024-VLT4, Class A, (1-mo. Term SOFR + <br>1.49%), 5.24%, 06/15/41<br>| 105 | 104967 |
| Series 2025-ARIA, Class A, 5.03%, 12/13/42 | 1145 | 1155379 |
| Series 2025-LIFE, Class A, 5.88%, 06/13/47 | 330 | 337466 |
| Series 2025-LUNR, Class A, (1-mo. Term SOFR + <br>1.50%), 5.25%, 06/15/40<br>| 511 | 511054 |
| Series 2025-OMG, Class A, (1-mo. Term SOFR + <br>1.35%), 5.10%, 10/15/42<br>| 209 | 209130 |
| Series 2025-ROIC, Class A, (1-mo. Term SOFR + <br>1.14%), 4.89%, 03/15/30<br>| 90 | 89552 |
| Series 2025-TAIL, Class A, (1-mo. Term SOFR + <br>1.40%), 5.15%, 06/15/35<br>| 362 | 362000 |
| Series 2025-VOLT, Class A, (1-mo. Term SOFR + <br>1.70%), 5.45%, 12/15/44<br>| 465 | 465289 |
| CENT, Series 2025-CITY, Class A, 4.92%, 07/10/40<br>(b)(c)<br>| 335 | 339074 |
| CHI Commercial Mortgage Trust, Series 2025-110W, <br>Class A, 5.10%, 12/13/40<br>(b)(c)<br>| 935 | 936512 |
| CIP Commercial Mortgage Trust, Series 2025-SBAY, <br>Class A, (1-mo. Term SOFR + 1.40%), 5.15%, <br>10/15/37<br>(b)(c)<br>| 283 | 283263 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, <br>Class A, 5.82%, 10/12/40<br>(b)(c)<br>| 340 | 350388 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| Commercial Mortgage Trust, Series 2024-WCL1, Class A, <br>(1-mo. Term SOFR + 1.84%), 5.59%, 06/15/41<br>(b)(c)<br>| $410 | $410507<br>|
| CRB Commercial Mortgage Trust, Series 2025-CRE1, <br>Class A, 3.85%, 09/15/58<br>(b)(c)<br>| 1996 | 1992025 |
| CSAIL Commercial Mortgage Trust, Series 2018-C14, <br>Class XA, 0.51%, 11/15/51<br>(c)<br>| 1879 | 21713 |
| CSRO Trust, Series 2023, Class A, 7.12%, 07/10/40<br>(b)<br>| 177 | 183744 |
| CSTL Commercial Mortgage Trust<br>(b)(c)<br>|  |  |
| Series 2024-GATE, Class A, 4.76%, 11/10/41 | 425 | 427704 |
| Series 2025-GATE2, Class A, 4.56%, 11/10/42 | 290 | 289083 |
| DBC Mortgage Trust, Series 2025-DBC, Class A, (1-mo. <br>Term SOFR + 1.35%), 5.10%, 11/15/42<br>(b)(c)<br>| 565 | 565436 |
| DC Trust, Series 2025-LXP, Class A, (1-mo. Term SOFR + <br>1.59%), 5.33%, 08/15/37<br>(b)(c)<br>| 73 | 73113 |
| Durst Commercial Mortgage Trust, Series 2025-151, <br>Class A, 5.15%, 08/10/42<br>(b)(c)<br>| 215 | 219309 |
| Extended Stay America Trust, Series 2025-ESH, Class A, <br>(1-mo. Term SOFR + 1.30%), 5.05%, 10/15/42<br>(b)(c)<br>| 190 | 190297 |
| GS Mortgage Securities Corp. Trust, Series 2023-FUN, <br>Class A, (1-mo. Term SOFR + 2.09%), 5.84%, <br>03/15/28<br>(b)(c)<br>| 280 | 281039 |
| GSAT Trust, Series 2025-BMF, Class A, (1-mo. Term SOFR <br>+ 1.50%), 5.25%, 07/15/40<br>(b)(c)<br>| 645 | 645806 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, <br>Class A, 5.47%, 01/13/40<br>(b)(c)<br>| 460 | 476923 |
| ILPT Commercial Mortgage Trust, Series 2025-LPF2, <br>Class A, 5.29%, 07/13/42<br>(b)(c)<br>| 553 | 563671 |
| INT Commercial Mortgage Trust, Series 2025-PLAZA, <br>Class A, 4.88%, 11/05/37<br>(b)(c)<br>| 100 | 100285 |
| INV Mortgage Trust, Series 2025-STAY, Class A, (1-mo. <br>Term SOFR + 1.35%), 5.10%, 03/15/42<br>(b)(c)<br>| 510 | 510637 |
| JP Morgan Chase Commercial Mortgage Securities Trust, <br>Series 2025-BHR5, Class A, (1-mo. Term SOFR + <br>1.69%), 5.44%, 03/15/40<br>(b)(c)<br>| 90 | 90146 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, <br>Class A, (1-mo. Term SOFR + 1.54%), 5.29%, <br>12/15/39<br>(b)(c)<br>| 155 | 155297 |
| LQR Trust, Series 2025-CALI, Class A, (1-mo. Term SOFR <br>+ 1.60%), 5.33%, 01/15/43<br>(c)<br>| 669 | 668998 |
| MAD Commercial Mortgage Trust, Series 2025-11MD, <br>Class A, 4.75%, 10/15/42<br>(b)(c)<br>| 220 | 220834 |
| MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38<br>(b)<br>| 569 | 590945 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, <br>Class A, (1-mo. Term SOFR + 1.40%), 5.16%, <br>03/15/39<br>(b)(c)<br>| 235 | 234854 |
| NCMF Trust, Series 2025-MFS, Class A, 4.88%, <br>06/10/33<br>(b)(c)<br>| 493 | 494775 |
| NJ WBRK, Series 2025-WBRK, Class A, 5.87%, <br>03/05/35<br>(b)(c)<br>| 320 | 332348 |
| NRTH Commercial Mortgage Trust, Series 2025-PARK, <br>Class A, (1-mo. Term SOFR + 1.39%), 5.14%, <br>10/15/40<br>(b)(c)<br>| 580 | 580544 |
| NYC Commercial Mortgage Trust<br>(b)(c)<br>|  |  |
| Series 2025-28L, Class A, 4.67%, 11/05/38 | 156 | 156330 |
| Series 2025-3BP, Class A, (1-mo. Term SOFR + 1.21%), <br>4.96%, 02/15/42<br>| 510 | 505866 |
| NYCT Trust, Series 2025-77C, Class A, 4.79%, <br>01/10/38<br>(b)(c)<br>| 1455 | 1461142 |
| PENN Commercial Mortgage Trust, Series 2025-P11, <br>Class A, 5.34%, 08/10/42<br>(b)(c)<br>| 89 | 91167 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| PRM Trust, Series 2025-PRM6, Class A, 4.48%, <br>07/05/33<br>(b)(c)<br>| 394 | $393548<br>|
| SDAL Trust, Series 2025-DAL, Class A, (1-mo. Term SOFR <br>+ 2.44%), 6.19%, 04/15/42<br>(b)(c)<br>| 476 | 478957 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, <br>Class A, (1-mo. Term SOFR + 1.39%), 5.14%, <br>05/15/39<br>(b)(c)<br>| 111 | 110862 |
| SHRN Trust, Series 2025-MF18, Class A, (1-mo. Term <br>SOFR + 1.20%), 4.95%, 10/15/40<br>(b)(c)<br>| 500 | 500309 |
| UNIV Trust, Series 2025-APTS, Class A, (1-mo. Term <br>SOFR + 1.65%), 5.40%, 11/15/42<br>(b)(c)<br>| 380 | 380469 |
| Wells Fargo Commercial Mortgage Trust<br>(c)<br>|  |  |
| Series 2018-AUS, Class A, 4.06%, 08/17/36<br>(b)<br>| 583 | 573877 |
| Series 2018-C44, Class XA, 0.71%, 05/15/51 | 4387 | 58480 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, <br>Class A, 5.35%, 07/15/40<br>(b)(c)<br>| 231 | 237373 |
|  |  | 27632890 |
| Interest Only Collateralized Mortgage Obligations — 0.0% | Interest Only Collateralized Mortgage Obligations — 0.0% | Interest Only Collateralized Mortgage Obligations — 0.0% |
| CitiMortgage Alternative Loan Trust, Series 2007-A5, <br>Class 1A7, 6.00%, 05/25/37<br>| 101 | 22260 |
| IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, <br>Class 4AX, 0.17%, 01/25/37<br>(a)<br>| 16165 | 2 |
|  |  | 22262 |
| Principal Only Collateralized Mortgage Obligations<br>(d)<br> — 0.0% | Principal Only Collateralized Mortgage Obligations<br>(d)<br> — 0.0% | Principal Only Collateralized Mortgage Obligations<br>(d)<br> — 0.0% |
| Residential Asset Securitization Trust, Series 2005-A15, <br>Class 1A8, 2.58%, 02/25/36<br>| 75 | 53637 |
| Washington Mutual Mortgage Pass-Through Certificates <br>Trust, Series 2005-9, Class CP, 5.00%, 11/25/35<br>| 43 | 25080 |
|  |  | 78717 |
| Total Non-Agency Mortgage-Backed Securities — 8.0%<br>(Cost: $29,803,955) | Total Non-Agency Mortgage-Backed Securities — 8.0%<br>(Cost: $29,803,955) | 29904508 |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| Agency Obligations — 3.6% | Agency Obligations — 3.6% |  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 2.75%, 02/22/30 | 400 | 385550 |
| 1.84%, 01/25/36 | 500 | 387281 |
| Federal Home Loan Banks, 1.61%, 01/27/33 | 300 | 252758 |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 5.50%, 07/20/55 | 722 | 736889 |
| 6.00%, 07/20/55 | 472 | 490543 |
| Resolution Funding Corp. Principal Strip, 0.00%, <br>04/15/30<br>(e)<br>| 13000 | 11005054 |
|  |  | 13258075 |
| Collateralized Mortgage Obligations — 45.2% | Collateralized Mortgage Obligations — 45.2% |  |
| Fannie Mae REMICS |  |  |
| Series 2004-31, Class ZG, 7.50%, 05/25/34 | 1211 | 1309644 |
| Series 2005-73, Class DS, (30-day Avg SOFR + <br>17.25%), 7.18%, 08/25/35<br>(c)<br>| 17 | 17620 |
| Series 2010-134, Class DB, 4.50%, 12/25/40 | 4340 | 4357324 |
| Series 2010-136, Class CY, 4.00%, 12/25/40 | 2175 | 2143557 |
| Series 2010-47, Class JB, 5.00%, 05/25/30 | 871 | 884149 |
| Series 2011-117, Class CP, 4.00%, 11/25/41 | 14350 | 13944023 |
| Series 2011-8, Class ZA, 4.00%, 02/25/41 | 2868 | 2802291 |
| Series 2011-99, Class CB, 4.50%, 10/25/41 | 21321 | 21497013 |
| Series 2012-104, Class QD, 4.00%, 09/25/42 | 1639 | 1525910 |
| Series 2017-90, Class WB, 3.00%, 11/25/47 | 433 | 351504 |
| Series 2018-32, Class PS, (30-day Avg SOFR + 7.10%), <br>2.58%, 05/25/48<br>(c)<br>| 3359 | 2880635 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |  |
| Fannie Mae REMICS<br>(continued)<br>|  |  |
| Series 2018-50, Class EB, 4.00%, 07/25/48 | $1848 | $1816904<br>|
| Series 2020-57, Class LI, 2.00%, 08/25/50 | 5500 | 4160768 |
| Series 2020-79, Class JA, 1.50%, 11/25/50 | 167 | 154623 |
| Series 2022-25, Class KL, 4.00%, 05/25/52 | 1000 | 925535 |
| Series 2022-31, Class BZ, 4.00%, 10/25/51 | 762 | 659517 |
| Series 2024-48, Class FC, (30-day Avg SOFR + 1.10%), <br>4.97%, 07/25/54<br>(c)<br>| 576 | 577668 |
| Series 2024-83, Class FA, (30-day Avg SOFR + 1.15%), <br>5.02%, 10/25/54<br>(c)<br>| 715 | 716769 |
| Series 2025-2, Class FG, (30-day Avg SOFR + 1.45%), <br>5.32%, 02/25/55<br>(c)<br>| 193 | 194589 |
| Series 2025-35, Class FJ, (30-day Avg SOFR + 1.60%), <br>5.47%, 05/25/55<br>(c)<br>| 266 | 269062 |
| Series 2025-74, Class AT, 5.00%, 09/25/55 | 11158 | 11168026 |
| Series 5444, Class FC, (30-day Avg SOFR + 1.12%), <br>4.99%, 08/25/54<br>(c)<br>| 1852 | 1857420 |
| Series 5471, Class FM, (30-day Avg SOFR + 1.40%), <br>5.27%, 11/25/54<br>(c)<br>| 782 | 788117 |
| Series 5499, Class FW, (30-day Avg SOFR + 1.40%), <br>5.27%, 02/25/55<br>(c)<br>| 5707 | 5751020 |
| Freddie Mac REMICS |  |  |
| Series 2218, Class Z, 8.50%, 03/15/30 | 82 | 87318 |
| Series 2731, Class ZA, 4.50%, 01/15/34 | 913 | 918066 |
| Series 2927, Class BZ, 5.50%, 02/15/35 | 714 | 736266 |
| Series 3745, Class ZA, 4.00%, 10/15/40 | 1264 | 1228585 |
| Series 3762, Class LN, 4.00%, 11/15/40 | 1972 | 1899605 |
| Series 3780, Class ZA, 4.00%, 12/15/40 | 2828 | 2720866 |
| Series 3856, Class PB, 5.00%, 05/15/41 | 4958 | 5116696 |
| Series 3963, Class JB, 4.50%, 11/15/41 | 380 | 383317 |
| Series 4016, Class BX, 4.00%, 09/15/41 | 12773 | 12584923 |
| Series 4269, Class PM, 4.00%, 08/15/41 | 8884 | 8489239 |
| Series 4299, Class JY, 4.00%, 01/15/44 | 1000 | 956433 |
| Series 4398, Class ZX, 4.00%, 09/15/54 | 390 | 360855 |
| Series 4615, Class LB, 4.50%, 09/15/41 | 6014 | 5987176 |
| Series 4748, Class BM, 3.50%, 11/15/47 | 3351 | 2940985 |
| Series 4774, Class L, 4.50%, 03/15/48 | 4173 | 4149212 |
| Series 4830, Class AV, 4.00%, 10/15/33 | 1069 | 1035471 |
| Series 4921, Class NL, 3.00%, 10/25/49 | 504 | 337317 |
| Series 5230, Class DL, 3.50%, 09/25/44 | 400 | 347758 |
| Series 5249, Class LB, 4.00%, 08/25/52 | 6295 | 6038964 |
| Series 5468, Class FM, (30-day Avg SOFR + 1.20%), <br>5.07%, 11/25/54<br>(c)<br>| 639 | 641800 |
| Series 5468, Class MF, (30-day Avg SOFR + 1.30%), <br>5.17%, 11/25/54<br>(c)<br>| 495 | 497831 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-2, Class MA, 3.50%, 11/25/57 | 363 | 356906 |
| Series 2019-1, Class MA, 3.50%, 07/25/58 | 692 | 677200 |
| Series 2019-2, Class MA, 3.50%, 08/26/58 | 283 | 276169 |
| Freddie Mac Structured Pass-Through Certificates, <br>Series T-11, Class A9, 0.13%, 01/25/28<br>(c)<br>| 10 | 9846 |
| Ginnie Mae |  |  |
| Series 2011-88, Class PY, 4.00%, 06/20/41 | 6019 | 5927366 |
| Series 2012-16, Class HJ, 4.00%, 09/20/40 | 4061 | 3988866 |
| Series 2015-96, Class ZM, 4.00%, 07/20/45 | 9515 | 9079782 |
| Series 2018-91, Class ZL, 4.00%, 07/20/48 | 6912 | 6080089 |
| Series 2022-63, Class ZM, 3.50%, 10/20/50 | 4734 | 3896914 |
|  |  | 168505509 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities<br>(c)<br> — 0.3% | Commercial Mortgage-Backed Securities<br>(c)<br> — 0.3% |  |
| Freddie Mac Multifamily Structured Pass Through <br>Certificates<br>|  |  |
| Series K094, Class X1, 0.87%, 06/25/29 | $1366 | $36531<br>|
| Series K104, Class X1, 1.11%, 01/25/30 | 1297 | 48386 |
| Series K105, Class X1, 1.51%, 01/25/30 | 1779 | 92242 |
| Series K107, Class X1, 1.58%, 01/25/30 | 1197 | 65621 |
| Series K109, Class X1, 1.57%, 04/25/30 | 917 | 50607 |
| Series K110, Class X1, 1.64%, 04/25/30 | 366 | 21056 |
| Series K113, Class X1, 1.37%, 06/25/30 | 1567 | 78681 |
| Series K115, Class X1, 1.31%, 06/25/30 | 1918 | 94794 |
| Series K120, Class X1, 1.03%, 10/25/30 | 3807 | 150558 |
| Series K122, Class X1, 0.87%, 11/25/30 | 1636 | 57268 |
| Ginnie Mae |  |  |
| Series 2013-63, Class IO, 0.70%, 09/16/51 | 2225 | 50784 |
| Series 2014-169, Class IO, 0.59%, 10/16/56 | 11403 | 245738 |
|  |  | 992266 |
| Interest Only Collateralized Mortgage Obligations — 11.8% | Interest Only Collateralized Mortgage Obligations — 11.8% |  |
| Fannie Mae REMIC Trust, Series 1999-W4, Class IO, <br>6.50%, 12/25/28<br>| 11 | 357 |
| Fannie Mae REMICS |  |  |
| Series 2006-36, Class PS, (30-day Avg SOFR + 6.49%), <br>2.61%, 05/25/36<br>(c)<br>| 1536 | 159982 |
| Series 2011-134, Class ST, (30-day Avg SOFR + <br>5.89%), 2.01%, 12/25/41<br>(c)<br>| 9242 | 970655 |
| Series 2012-47, Class NI, 4.50%, 04/25/42 | 128 | 16566 |
| Series 2013-10, Class PI, 3.00%, 02/25/43 | 2960 | 353459 |
| Series 2013-45, Class EI, 4.00%, 04/25/43 | 1109 | 89338 |
| Series 2015-66, Class AS, (30-day Avg SOFR + 6.14%), <br>2.26%, 09/25/45<br>(c)<br>| 6060 | 371047 |
| Series 2020-12, Class JI, 4.50%, 03/25/50 | 5696 | 1351452 |
| Series 2021-13, Class AI, 4.00%, 01/25/49 | 16351 | 2948043 |
| Series 2021-23, Class CI, 3.50%, 07/25/46 | 14482 | 2589153 |
| Series 2021-26, Class AI, 3.50%, 05/25/50 | 21240 | 3910579 |
| Series 2021-67, Class IG, 3.00%, 10/25/51 | 5531 | 901278 |
| Series 5119, Class IC, 4.00%, 06/25/51 | 16093 | 3272326 |
| Freddie Mac REMICS |  |  |
| Series 3923, Class SD, (30-day Avg SOFR + 5.89%), <br>1.90%, 09/15/41<br>(c)<br>| 11901 | 1189837 |
| Series 3954, Class SL, (30-day Avg SOFR + 5.89%), <br>1.90%, 11/15/41<br>(c)<br>| 6698 | 637602 |
| Series 4026, Class IO, 4.50%, 04/15/32 | 319 | 18578 |
| Series 4706, Class IG, 4.00%, 07/15/47 | 10396 | 1994571 |
| Series 5013, Class JI, 4.00%, 09/25/50 | 15172 | 3133292 |
| Series 5083, Class IN, 4.50%, 07/25/32 | 6943 | 490189 |
| Series 5116B, Class CI, 3.00%, 06/25/51 | 15464 | 2062115 |
| Series 5138, Class IP, 3.00%, 04/25/51 | 14724 | 2505797 |
| Series 5236, Class JI, 4.00%, 02/25/52 | 25289 | 2864218 |
| Ginnie Mae |  |  |
| Series 2009-116, Class KS, (1-mo. Term SOFR + <br>6.36%), 2.62%, 12/16/39<br>(c)<br>| 353 | 35550 |
| Series 2011-52, Class MJ, (1-mo. Term SOFR + 6.54%), <br>2.80%, 04/20/41<br>(c)<br>| 1569 | 123772 |
| Series 2012-97, Class JS, (1-mo. Term SOFR + 6.14%), <br>2.40%, 08/16/42<br>(c)<br>| 1685 | 58395 |
| Series 2020-146, Class IO, 3.50%, 10/20/50 | 4958 | 941175 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 | 24844 | 3573888 |
| Series 2021-193, Class IA, 3.00%, 11/20/51 | 12238 | 2032949 |
| Series 2021-87, Class NI, 3.00%, 05/20/51 | 6636 | 1116747 |
| Series 2022-10, Class IT, 3.50%, 01/20/52 | 10515 | 1594752 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Interest Only Collateralized Mortgage Obligations (continued) | Interest Only Collateralized Mortgage Obligations (continued) |  |
| Ginnie Mae<br>(continued)<br>|  |  |
| series 2022-60H, Class IH, 2.50%, 02/20/51 | 19216 | $2754978<br>|
| Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, <br>05/15/29<br>(c)<br>| 2626 | 3 |
|  |  | 44062643 |
| Mortgage-Backed Securities — 66.2% | Mortgage-Backed Securities — 66.2% |  |
| Fannie Mae Mortgage-Backed Securities, 4.00%, <br>02/01/56 - 01/01/57<br>(f)<br>| 25300 | 24053079 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 5.50%, 01/01/39 | 2955 | 3040907 |
| 4.00%, 05/01/39 | 116 | 114280 |
| 3.50%, 01/01/46 | 641 | 611157 |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 8.00%, 01/15/27 - 06/15/27 | 1 | 703 |
| 5.00%, 11/15/35 - 10/20/39 | 746 | 770606 |
| 6.50%, 12/20/54 - 11/20/55 | 4840 | 5056997 |
| 6.00%, 04/20/55 - 12/20/55 | 10855 | 11196198 |
| 7.00%, 06/20/55 | 606 | 630324 |
| 5.50%, 10/20/55 - 12/20/55 | 965 | 980357 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 06/01/31 | 400 | 379892 |
| 5.50%, 02/01/33 - 12/01/54<br>(f)<br>| 32935 | 33577833 |
| 5.00%, 06/01/33 - 06/01/55<br>(g)<br>| 30073 | 30388799 |
| 4.00%, 09/01/33 - 10/01/53 | 23232 | 22461490 |
| 3.50%, 02/01/35 - 02/15/56<br>(f)(g)<br>| 52330 | 48359419 |
| 6.00%, 02/01/36 - 01/01/55<br>(f)<br>| 23907 | 24693607 |
| 6.50%, 10/01/38 - 10/01/53 | 1445 | 1518940 |
| 4.50%, 04/01/39 - 07/01/52 | 8999 | 8918910 |
| 2.50%, 01/20/41<br>(g)<br>| 180 | 170248 |
| 3.00%, 03/01/43 - 01/14/56<br>(g)<br>| 33964 | 30089633 |
|  |  | 247013379 |
| Principal Only Collateralized Mortgage Obligations<br>(d)<br> — 1.2% | Principal Only Collateralized Mortgage Obligations<br>(d)<br> — 1.2% |  |
| Fannie Mae Interest Strip |  |  |
| Series 337, Class 1, 4.98%, 07/25/33 | 1160 | 1020653 |
| Series 397, Class 1, 4.68%, 09/25/39 | 1626 | 1293528 |
| Fannie Mae REMIC Trust, Series 1999-W4, Class PO, <br>7.00%, 02/25/29<br>| 5 | 4780 |
| Fannie Mae REMICS |  |  |
| Series 2002-13B, Class PR, 4.00%, 03/25/32 | 8 | 7997 |
| Series 2011-90, Class AO, 4.41%, 09/25/41 | 2755 | 2151842 |
|  |  | 4478800 |
| Total U.S. Government Sponsored Agency Securities — 128.3%<br>(Cost: $497,545,800) | Total U.S. Government Sponsored Agency Securities — 128.3%<br>(Cost: $497,545,800) | 478310672 |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |
| U.S. Treasury Bonds<br>(f)<br>|  |  |
| 2.25%, 05/15/41 | 840 | 617827 |
| 2.75%, 08/15/42 - 11/15/42 | 950 | 733318 |
| 2.88%, 05/15/52 | 1525 | 1065594 |
| U.S. Treasury Notes |  |  |
| 4.38%, 11/30/28 | 700 | 715887 |
| 4.00%, 01/31/29 - 02/15/34 | 820 | 828539 |
| 4.25%, 02/28/29 - 06/30/31 | 1190 | 1215835 |
| 4.13%, 03/31/29 | 450 | 457453 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| U.S. Treasury Obligations (continued) | U.S. Treasury Obligations (continued) | U.S. Treasury Obligations (continued) |
| U.S. Treasury Notes<br>(continued)<br>|  |  |
| 4.63%, 04/30/29<br>(f)<br>| 2700 | $2787223<br>|
| 1.13%, 02/15/31 | 330 | 290542 |
| Total U.S. Treasury Obligations — 2.3%<br>(Cost: $8,630,704) | Total U.S. Treasury Obligations — 2.3%<br>(Cost: $8,630,704) | 8712218 |
| Total Long-Term Investments — 138.6%<br>(Cost: $536,018,939) | Total Long-Term Investments — 138.6%<br>(Cost: $536,018,939) | 516927398 |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Borrowed Bond Agreement — 0.2% | Borrowed Bond Agreement — 0.2% |  |
| BNP Paribas SA, 3.89%, 01/02/26 (Purchased on <br>12/31/2025 to be repurchased at $713,044, <br>Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, <br>par and fair values of $917,000 and $704,657, <br>respectively)<br>| 713 | 712968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | <br>Shares<br>|
| Money Market Funds — 0.2% | Money Market Funds — 0.2% |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(h)(i)<br>| 948102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Par<br>(000)<br>|  |
| U.S. Government Sponsored Agency Securities — 0.0% | U.S. Government Sponsored Agency Securities — 0.0% |  |
| Ginnie Mae Mortgage-Backed Securities, 8.00%, <br>05/15/26 - 12/15/26<br>| $1 | 630 |
| U.S. Treasury Obligations — 0.7% | U.S. Treasury Obligations — 0.7% |  |
| U.S. Treasury Notes<br>(f)<br>|  |  |
| 4.13%, 10/31/26 | 850 | 853631 |
| 4.25%, 11/30/26 - 12/31/26 | 1600 | 1611034 |
|  |  | 2464665 |
| Total Short-Term Securities — 1.1%<br>(Cost: $4,108,405) | Total Short-Term Securities — 1.1%<br>(Cost: $4,108,405) | 4126365 |
| Total Investments Before Borrowed Bonds and TBA Sale <br>Commitments — 139.7%<br>(Cost: $540,127,344) | Total Investments Before Borrowed Bonds and TBA Sale <br>Commitments — 139.7%<br>(Cost: $540,127,344) | 521053763 |
| Borrowed Bonds | Borrowed Bonds | Borrowed Bonds |
| U.S. Governments Obligations — (0.2)% | U.S. Governments Obligations — (0.2)% |  |
| U.S. Treasury Bonds, 2.75%, 11/15/42<br>(j)<br>| (917)<br>| (704657)<br>|
| Total Borrowed Bonds — (0.2)%<br>(Proceeds: $(842347))<br>|  | (704657)<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| TBA Sale Commitments<br>(g) | TBA Sale Commitments<br>(g) | TBA Sale Commitments<br>(g) |
| Mortgage-Backed Securities — (5.0)% | Mortgage-Backed Securities — (5.0)% |  |
| Uniform Mortgage-Backed Securities |  |  |
| 3.50%, 01/14/56 | $(20215)<br>| $(18687030)<br>|
| 4.50%, 01/15/55 | (28)<br>| (27332)<br>|
| Total TBA Sale Commitments — (5.0)%<br>(Proceeds: $(18535516)) | Total TBA Sale Commitments — (5.0)%<br>(Proceeds: $(18535516)) | (18714362)<br>|
| Total Investments, Net of Borrowed Bonds and TBA Sale <br>Commitments — 134.5%<br>(Cost: $520,749,481) | Total Investments, Net of Borrowed Bonds and TBA Sale <br>Commitments — 134.5%<br>(Cost: $520,749,481) | 501634744 |
| Liabilities in Excess of Other Assets — (34.5)% | Liabilities in Excess of Other Assets — (34.5)% | (128753143)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $372881601<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(d) Rates are discount rates or a range of discount rates as of period end.

(e) Zero-coupon bond.

(f) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

(g) Represents or includes a TBA transaction.

(h) Affiliate of the Fund.

(i) Annualized 7-day yield as of period end.

(j) All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $8180892<br>| $—<br>| $(7,232,790)<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $948102<br>| 948102 | $300918<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>|
| Deutsche Bank Securities, Inc. | 3.97% <br>| 12/10/25 | 01/14/26 | &nbsp;&nbsp;$14148232<br>| &nbsp;&nbsp;$14182557<br>| &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| Deutsche Bank Securities, Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;14811096 | &nbsp;&nbsp;14847030 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;16078036 | &nbsp;&nbsp;16111419 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;8911553 | &nbsp;&nbsp;8933173 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;10811885 | &nbsp;&nbsp;10838116 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;12163233 | &nbsp;&nbsp;12192743 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;859563 | &nbsp;&nbsp;859563 | U.S. Treasury Obligations | Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;1459063 | &nbsp;&nbsp;1459063 | U.S. Treasury Obligations | Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;2811375 | &nbsp;&nbsp;2811375 | U.S. Treasury Obligations | Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;625800 | &nbsp;&nbsp;625800 | U.S. Treasury Obligations | Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;749313 | &nbsp;&nbsp;749313 | U.S. Treasury Obligations | Up to 30 Days |
| BNP Paribas SA | 3.97 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;1082750 | &nbsp;&nbsp;1082750 | U.S. Treasury Obligations | Up to 30 Days |
|  |  |  |  | &nbsp;&nbsp;$84511899<br>| &nbsp;&nbsp;$84692902<br>|  |  |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Income Trust, Inc. (BKT)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Long Contracts<br>|  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$19564<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(82351)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;5247 | &nbsp;&nbsp;&nbsp;&nbsp;(75)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(82426)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;13342 | &nbsp;&nbsp;&nbsp;&nbsp;18837 |
| U.S. Long Bond | &nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;11328 | &nbsp;&nbsp;&nbsp;&nbsp;81497 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp;(7546)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;92788 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$10362<br>|

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$100334<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$100334<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized depreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$89972<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$89972<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$279358<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$279358<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(193330)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(193330)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;21 | &nbsp;&nbsp;— | &nbsp;&nbsp;21 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(193309)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(193309)<br>|

---

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp;$29869680<br>|
| Average notional value of contracts — short | &nbsp;&nbsp;37587365 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp;102461 |
| Average notional value — receives fixed rate | &nbsp;&nbsp;102461 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>|
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29904506 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;29904508 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;478310672 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;478310672 |
| U.S. Treasury Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8712218 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8712218 |
| Short-Term Securities<br>|  |  |  |  |
| Borrowed Bond Agreement | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;712968 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;712968 |
| Money Market Funds | &nbsp;&nbsp;948102 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;948102 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;630 |
| U.S. Treasury Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2464665 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2464665 |
| Liabilities |  |  |  |  |
| Investments<br>|  |  |  |  |
| Borrowed Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(704657)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(704657)<br>|
| TBA Sale Commitments | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18714362)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(18714362)<br>|
|  | &nbsp;&nbsp;$948102<br>| &nbsp;&nbsp;&nbsp;&nbsp;$500686640<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2<br>| &nbsp;&nbsp;&nbsp;&nbsp;$501634744<br>|
| Derivative Financial Instruments<br>(a)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp;$100334<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$100334<br>|
| Liabilities<br>|  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp;(89972)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89972)<br>|
|  | &nbsp;&nbsp;$10362<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10362<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Derivative financial instruments are futures contracts. 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 $84,692,902 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

Schedule of Investments

------

Schedule of Investments

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo. <br>CME Term SOFR + 2.40%), 6.29%, 04/16/37<br>(a)(b)<br>| USD | 500 | &nbsp;&nbsp;$502409<br>|
| Anchorage Capital CLO Ltd., Series 2015-7A, <br>Class DR3, (3-mo. CME Term SOFR + 3.80%), <br>7.66%, 04/28/37<br>(a)(b)<br>|  | 1000 | &nbsp;&nbsp;1002390 |
| Apidos CLO XVIII-R<br>(a)(b)<br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.33%), 5.19%, 01/22/38<br>|  | 2255 | &nbsp;&nbsp;2262385 |
| Series 2018-18A, Class BR2, (3-mo. CME Term <br>SOFR + 1.70%), 5.56%, 01/22/38<br>|  | 1353 | &nbsp;&nbsp;1358180 |
| Argent Securities Trust, Series 2006-W5, Class A1, <br>(1-mo. Term SOFR + 0.41%), 4.15%, 06/25/36<br>(a)<br>|  | 3509 | &nbsp;&nbsp;2347972 |
| Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, <br>(3-mo. CME Term SOFR + 3.36%), 7.23%, <br>07/24/34<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;244751 |
| Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. <br>CME Term SOFR + 1.70%), 5.58%, 01/20/38<br>(a)(b)<br>|  | 750 | &nbsp;&nbsp;752823 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br>(3-mo. CME Term SOFR + 2.60%), 6.50%, <br>04/15/37<br>(a)(b)<br>|  | 800 | &nbsp;&nbsp;804241 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br>CME Term SOFR + 1.02%), 4.90%, 04/20/32<br>(a)(b)<br>|  | 1491 | &nbsp;&nbsp;1491049 |
| Cedar Funding XIV CLO Ltd., Series 2021-14A, <br>Class B1R, (3-mo. CME Term SOFR + 1.70%), <br>5.60%, 10/15/37<br>(a)(b)<br>|  | 500 | &nbsp;&nbsp;501573 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, <br>Class B, (3-mo. CME Term SOFR + 1.80%), 5.68%, <br>04/20/35<br>(a)(b)<br>|  | 450 | &nbsp;&nbsp;450984 |
| CIFC Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br>SOFR + 2.45%), 6.32%, 04/21/37<br>|  | 550 | &nbsp;&nbsp;552888 |
| Series 2018-1A, Class A1R, (3-mo. CME Term <br>SOFR + 1.32%), 5.20%, 01/18/38<br>|  | 1804 | &nbsp;&nbsp;1809611 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR <br>+ 1.70%), 5.58%, 01/18/38<br>|  | 2255 | &nbsp;&nbsp;2264453 |
| Series 2019-1A, Class D1R2, (3-mo. CME Term <br>SOFR + 3.05%), 6.93%, 10/20/37<br>|  | 500 | &nbsp;&nbsp;498525 |
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR <br>+ 5.35%), 9.21%, 01/22/38<br>|  | 500 | &nbsp;&nbsp;500468 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, <br>Class A7, 7.28%, 10/25/36<br>|  | 288 | &nbsp;&nbsp;165028 |
| Concord Music Royalties LLC, Series 2024-1A, <br>Class A, 5.64%, 10/20/74<br>(b)<br>|  | 272 | &nbsp;&nbsp;274436 |
| Creeksource Dunes Creek CLO Ltd., Series 2024-1A, <br>Class A1, (3-mo. CME Term SOFR + 1.41%), 5.31%, <br>01/15/38<br>(a)(b)<br>|  | 500 | &nbsp;&nbsp;501885 |
| CWABS Asset-Backed Certificates Trust, Series 2006-<br>26, Class 1A, (1-mo. Term SOFR + 0.39%), 4.13%, <br>06/25/37<br>(a)<br>|  | 403 | &nbsp;&nbsp;377153 |
| Dryden CLO Ltd., Series 2018-64A, Class D, (3-mo. <br>CME Term SOFR + 2.91%), 6.80%, 04/18/31<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;250179 |
| GoldenTree Loan Management U.S. CLO Ltd., <br>Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br>+ 1.08%), 4.96%, 10/20/34<br>(a)(b)<br>|  | 280 | &nbsp;&nbsp;279841 |
| GoodLeap Home Improvement Solutions Trust, <br>Series 2025-1A, Class B, 6.27%, 02/20/49<br>(b)<br>|  | 248 | &nbsp;&nbsp;251861 |
| GreenSky Home Improvement Issuer Trust, <br>Series 2024-2, Class C, 5.55%, 10/27/59<br>(b)<br>|  | 97 | &nbsp;&nbsp;97640 |
| Lyra Music Assets Delaware LP, Series 2025-1A, <br>Class A2, 5.60%, 09/20/65<br>(b)<br>|  | 271 | &nbsp;&nbsp;273627 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br>Class BR2, (3-mo. CME Term SOFR + 1.95%), <br>5.85%, 04/15/37<br>(a)(b)<br>| USD | 875 | &nbsp;&nbsp;$877492<br>|
| Mariner Finance Issuance Trust, Series 2024-AA, <br>Class E, 9.02%, 09/22/36<br>(b)<br>|  | 497 | &nbsp;&nbsp;513326 |
| Nelnet Student Loan Trust, Series 2025-BA, Class D, <br>6.04%, 05/17/55<br>(b)<br>|  | 801 | &nbsp;&nbsp;799579 |
| OCP CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2019-16A, Class DR, (3-mo. CME Term <br>SOFR + 3.41%), 7.34%, 04/10/33<br>|  | 250 | &nbsp;&nbsp;250001 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR <br>+ 1.33%), 5.20%, 01/21/38<br>|  | 1000 | &nbsp;&nbsp;1003790 |
| Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME <br>Term SOFR + 3.31%), 7.22%, 07/15/34<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;246448 |
| Octagon Investment Partners XVII Ltd., Series 2013-<br>1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), <br>5.52%, 01/25/31<br>(a)(b)<br>|  | 177 | &nbsp;&nbsp;176857 |
| OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME <br>Term SOFR + 5.80%), 9.69%, 01/20/31<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;230387 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, <br>(3-mo. CME Term SOFR + 1.65%), 5.55%, <br>01/15/38<br>(a)(b)<br>|  | 1520 | &nbsp;&nbsp;1524723 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, <br>(3-mo. CME Term SOFR + 1.65%), 5.51%, <br>01/25/38<br>(a)(b)<br>|  | 1600 | &nbsp;&nbsp;1605010 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br>(3-mo. CME Term SOFR + 1.55%), 5.45%, <br>04/15/38<br>(a)(b)<br>|  | 300 | &nbsp;&nbsp;300778 |
| Regatta XXIV Funding Ltd., Series 2021-5A, <br>Class D1R, (3-mo. CME Term SOFR + 2.80%), <br>6.68%, 01/20/38<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;250607 |
| Regional Management Issuance Trust, Series 2021-3, <br>Class A, 3.88%, 10/17/33<br>(b)(c)<br>|  | 980 | &nbsp;&nbsp;957950 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, <br>(3-mo. CME Term SOFR + 1.40%), 5.30%, <br>01/15/38<br>(a)(b)(d)<br>|  | 2977 | &nbsp;&nbsp;2987951 |
| RR Ltd., Series 2022-24A, Class A1A2, (3-mo. CME <br>Term SOFR + 1.31%), 5.21%, 01/15/37<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;250940 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, <br>6.39%, 11/20/35<br>(b)<br>|  | 159 | &nbsp;&nbsp;162551 |
| Sterling COOFS Trust<br>(b)(c)<br>|  |  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 |  | 607 | &nbsp;&nbsp;— |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 357 | &nbsp;&nbsp;— |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br>6.03%, 07/30/54<br>(b)<br>|  | 292 | &nbsp;&nbsp;296064 |
| Symphony CLO Ltd., Series 2023-40A, Class AR, (3-<br>mo. CME Term SOFR + 1.31%), 5.22%, <br>01/05/38<br>(a)(b)<br>|  | 500 | &nbsp;&nbsp;501859 |
| Trimaran CAVU Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-1A, Class D1R, (3-mo. CME Term <br>SOFR + 3.40%), 7.26%, 07/23/37<br>|  | 250 | &nbsp;&nbsp;250514 |
| Series 2021-2A, Class D1, (3-mo. CME Term SOFR <br>+ 3.51%), 7.37%, 10/25/34<br>|  | 500 | &nbsp;&nbsp;500589 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br>6.46%, 03/30/32<br>(e)<br>| GBP | 19 | &nbsp;&nbsp;26594 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br>Class A, 5.50%, 08/16/32<br>(b)<br>| USD | 234 | &nbsp;&nbsp;235476 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, <br>01/25/47<br>(b)<br>|  | 408 | &nbsp;&nbsp;411138 |
| Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME <br>Term SOFR + 1.91%), 5.79%, 10/17/32<br>(a)(b)<br>|  | 500 | &nbsp;&nbsp;500246 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br>(3-mo. CME Term SOFR + 2.90%), 6.77%, <br>10/24/37<br>(a)(b)<br>| USD | 500 | &nbsp;&nbsp;$498806<br>|
| Whitebox CLO III Ltd., Series 2021-3A, Class DR, (3-<br>mo. CME Term SOFR + 2.85%), 6.75%, <br>10/15/35<br>(a)(b)<br>|  | 250 | &nbsp;&nbsp;251243 |
| Wireless PropCo Funding LLC, Series 2025-1A, <br>Class B, 4.30%, 06/25/55<br>(b)<br>|  | 870 | &nbsp;&nbsp;833561 |
| Total Asset-Backed Securities — 6.7%<br>(Cost: $36,481,614) | Total Asset-Backed Securities — 6.7%<br>(Cost: $36,481,614) | Total Asset-Backed Securities — 6.7%<br>(Cost: $36,481,614) | &nbsp;&nbsp;36260832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Capital Markets — 0.0% | Capital Markets — 0.0% |  |
| Wom New Holdco<br>(c)(f)<br>| 549 | &nbsp;&nbsp;12627 |
| Entertainment — 0.0% | Entertainment — 0.0% |  |
| Learfield Communications LLC, (Acquired 09/06/23, <br>Cost: $22,469)<br>(c)(f)(g)<br>| 1788 | &nbsp;&nbsp;200256 |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Aimbridge Acquisition Co., Inc.<br>(c)(f)<br>| 2750 | &nbsp;&nbsp;184897 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc.<br>(f)<br>| 464 | &nbsp;&nbsp;387 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |  |
| Fortrex Equity<br>(c)(f)<br>| 3500 | &nbsp;&nbsp;94500 |
| Household Products — 0.0% | Household Products — 0.0% |  |
| Berkline Benchcraft Equity LLC<br>(c)(f)<br>| 3155 | &nbsp;&nbsp;— |
| Industrial Conglomerates<br>(f)<br> — 0.0% | Industrial Conglomerates<br>(f)<br> — 0.0% |  |
| Ameriforge Group, Inc.<br>(c)<br>| 801 | &nbsp;&nbsp;— |
| SVP Singer | 4245 | &nbsp;&nbsp;16449 |
|  |  | &nbsp;&nbsp;16449 |
| IT Services — 0.1% | IT Services — 0.1% |  |
| Travelport LLC<br>(c)(f)<br>| 90 | &nbsp;&nbsp;264481 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |  |
| ADLER Group SA<br>(c)(f)<br>| 33168 | &nbsp;&nbsp;— |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |  |
| TMK Hawk Midco Corp.<br>(c)(f)<br>| 10062 | &nbsp;&nbsp;70436 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |  |
| Incora Top Holdco LLC<br>(b)(c)(f)<br>| 9432 | &nbsp;&nbsp;53668 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |  |
| Altice France Lux 3<br>(f)<br>| 15143 | &nbsp;&nbsp;266692 |
| Total Common Stocks — 0.2%<br>(Cost: $1,661,416) | Total Common Stocks — 0.2%<br>(Cost: $1,661,416) | &nbsp;&nbsp;1164393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies — 1.0% | Advertising Agencies — 1.0% | Advertising Agencies — 1.0% | Advertising Agencies — 1.0% |
| Clear Channel Outdoor Holdings, Inc.<br>(b)(d)<br>|  |  |  |
| 7.75%, 04/15/28 | USD | 470 | &nbsp;&nbsp;470347 |
| 7.50%, 06/01/29 |  | 797 | &nbsp;&nbsp;791382 |
| 7.88%, 04/01/30 |  | 636 | &nbsp;&nbsp;669831 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Advertising Agencies (continued) | Advertising Agencies (continued) | Advertising Agencies (continued) | Advertising Agencies (continued) |
| Clear Channel Outdoor Holdings, Inc.<br>(b)(d)<br>(continued)<br>|  |  |  |
| 7.13%, 02/15/31 | USD | 826 | &nbsp;&nbsp;$864941<br>|
| 7.50%, 03/15/33 |  | 1013 | &nbsp;&nbsp;1070023 |
| CMG Media Corp., 8.88%, 06/18/29<br>(b)<br>|  | 230 | &nbsp;&nbsp;197584 |
| Lamar Media Corp. |  |  |  |
| 4.00%, 02/15/30 |  | 40 | &nbsp;&nbsp;38639 |
| 5.38%, 11/01/33<br>(b)<br>|  | 209 | &nbsp;&nbsp;207630 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<br>(b)(d)<br>|  | 414 | &nbsp;&nbsp;414707 |
| Omnicom Group, Inc., 5.40%, 10/01/48<br>(b)(d)<br>|  | 200 | &nbsp;&nbsp;185187 |
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.00%, 08/15/27 |  | 88 | &nbsp;&nbsp;88127 |
| 4.25%, 01/15/29<br>(d)<br>|  | 222 | &nbsp;&nbsp;216203 |
| 4.63%, 03/15/30<br>(d)<br>|  | 107 | &nbsp;&nbsp;104448 |
| 7.38%, 02/15/31<br>(d)<br>|  | 254 | &nbsp;&nbsp;268849 |
| Stagwell Global LLC, 5.63%, 08/15/29<br>(b)(d)<br>|  | 101 | &nbsp;&nbsp;98490 |
|  |  |  | &nbsp;&nbsp;5686388 |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(b)<br>|  | 303 | &nbsp;&nbsp;313557 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27<br>(d)<br>|  | 127 | &nbsp;&nbsp;127149 |
| 4.88%, 10/01/29 |  | 101 | &nbsp;&nbsp;100834 |
| 7.25%, 08/15/30<br>(d)<br>|  | 535 | &nbsp;&nbsp;565215 |
| 5.13%, 10/01/31<br>(d)<br>|  | 215 | &nbsp;&nbsp;215144 |
| Bombardier, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 02/15/28<br>(d)<br>|  | 542 | &nbsp;&nbsp;543619 |
| 8.75%, 11/15/30<br>(d)<br>|  | 251 | &nbsp;&nbsp;271182 |
| 7.25%, 07/01/31 |  | 34 | &nbsp;&nbsp;36232 |
| 7.00%, 06/01/32<br>(d)<br>|  | 254 | &nbsp;&nbsp;268387 |
| 6.75%, 06/15/33 |  | 337 | &nbsp;&nbsp;356204 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(b)(d)<br>|  | 952 | &nbsp;&nbsp;961625 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(b)<br>|  | 295 | &nbsp;&nbsp;302984 |
| Northrop Grumman Corp., 3.85%, 04/15/45<br>(d)<br>|  | 600 | &nbsp;&nbsp;479774 |
| TransDigm, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/28<br>(d)<br>|  | 1152 | &nbsp;&nbsp;1172294 |
| 6.38%, 03/01/29<br>(d)<br>|  | 1477 | &nbsp;&nbsp;1523184 |
| 6.63%, 03/01/32<br>(d)<br>|  | 1386 | &nbsp;&nbsp;1442021 |
| 6.00%, 01/15/33<br>(d)<br>|  | 944 | &nbsp;&nbsp;966156 |
| 6.38%, 05/31/33<br>(d)<br>|  | 1321 | &nbsp;&nbsp;1355514 |
| 6.25%, 01/31/34 |  | 192 | &nbsp;&nbsp;199235 |
| 6.75%, 01/31/34<br>(d)<br>|  | 1355 | &nbsp;&nbsp;1411482 |
|  |  |  | &nbsp;&nbsp;12611792 |
| Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 234 | &nbsp;&nbsp;243793 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 114 | &nbsp;&nbsp;120646 |
|  |  |  | &nbsp;&nbsp;364439 |
| Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% |
| American Axle & Manufacturing, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 151 | &nbsp;&nbsp;153787 |
| 7.75%, 10/15/33 |  | 158 | &nbsp;&nbsp;160935 |
| Aptiv Swiss Holdings Ltd., 4.40%, 10/01/46<br>(d)<br>|  | 240 | &nbsp;&nbsp;194574 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>(b)<br>|  |  |  |
| 6.75%, 05/15/28<br>(d)<br>|  | 839 | &nbsp;&nbsp;860290 |
| 6.75%, 02/15/30 |  | 359 | &nbsp;&nbsp;374728 |
| 4.75%, 06/15/31 | EUR | 295 | &nbsp;&nbsp;351620 |
| 6.75%, 09/15/32<br>(d)<br>| USD | 684 | &nbsp;&nbsp;709303 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 87 | &nbsp;&nbsp;84237 |
| 4.50%, 02/15/32 |  | 134 | &nbsp;&nbsp;128628 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br>05/31/32<br>(b)(d)<br>| USD | 112 | &nbsp;&nbsp;$119041<br>|
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 |  | 119 | &nbsp;&nbsp;121860 |
| 5.25%, 04/30/31 |  | 13 | &nbsp;&nbsp;12481 |
| 5.63%, 04/30/33 |  | 109 | &nbsp;&nbsp;103245 |
| IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), <br>7.00%, 11/15/31<br>(e)(h)<br>| EUR | 100 | &nbsp;&nbsp;126878 |
| Mahle GmbH, 6.50%, 05/02/31<br>(e)<br>|  | 100 | &nbsp;&nbsp;122197 |
| Qnity Electronics, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 08/15/32 | USD | 277 | &nbsp;&nbsp;283218 |
| 6.25%, 08/15/33 |  | 214 | &nbsp;&nbsp;221822 |
| Schaeffler AG<br>(e)<br>|  |  |  |
| 4.25%, 04/01/28 | EUR | 100 | &nbsp;&nbsp;119966 |
| 4.75%, 08/14/29 |  | 100 | &nbsp;&nbsp;121400 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(b)(d)<br>| USD | 453 | &nbsp;&nbsp;454449 |
| ZF Europe Finance BV, 7.00%, 06/12/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;123806 |
|  |  |  | &nbsp;&nbsp;4948465 |
| Automobiles — 1.3% | Automobiles — 1.3% | Automobiles — 1.3% | Automobiles — 1.3% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(b)<br>| USD | 158 | &nbsp;&nbsp;160301 |
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 |  | 146 | &nbsp;&nbsp;145581 |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;122702 |
| Carvana Co.<br>(b)(d)(h)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 | USD | 693 | &nbsp;&nbsp;725983 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 1557 | &nbsp;&nbsp;1757635 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(b)<br>|  | 200 | &nbsp;&nbsp;213814 |
| General Motors Financial Co., Inc., 6.00%, 01/09/28<br>(d)<br>|  | 1000 | &nbsp;&nbsp;1033221 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, <br>08/15/29<br>(b)<br>|  | 200 | &nbsp;&nbsp;209439 |
| LCM Investments Holdings II LLC<br>(b)(d)<br>|  |  |  |
| 4.88%, 05/01/29 |  | 183 | &nbsp;&nbsp;180294 |
| 8.25%, 08/01/31 |  | 266 | &nbsp;&nbsp;281346 |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(b)<br>|  | 174 | &nbsp;&nbsp;174691 |
| Nissan Motor Acceptance Co. LLC, 6.13%, <br>09/30/30<br>(b)(d)<br>|  | 446 | &nbsp;&nbsp;446062 |
| Nissan Motor Co. Ltd. |  |  |  |
| 5.25%, 07/17/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;120658 |
| 7.75%, 07/17/32<br>(b)<br>| USD | 204 | &nbsp;&nbsp;216691 |
| 6.38%, 07/17/33<br>(b)<br>| EUR | 145 | &nbsp;&nbsp;174762 |
| 8.13%, 07/17/35<br>(b)(d)<br>| USD | 607 | &nbsp;&nbsp;645012 |
| RCI Banque SA, (5-year EURIBOR ICE Swap + <br>2.20%), 4.75%, 03/24/37<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;119769 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive <br>LLC, 10.00%, 01/15/31<br>(b)<br>| USD | 232 | &nbsp;&nbsp;228070 |
|  |  |  | &nbsp;&nbsp;6956031 |
| Banks — 0.1% | Banks — 0.1% | Banks — 0.1% | Banks — 0.1% |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br>Swap + 2.45%), 4.63%, 12/11/36<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;120567 |
| Banco Espirito Santo SA<br>(f)(i)<br>|  |  |  |
| 4.75%, 01/15/22<br>(a)<br>|  | 100 | &nbsp;&nbsp;25855 |
| 4.00%, 01/21/22 |  | 100 | &nbsp;&nbsp;25855 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<br>(b)(d)<br>| USD | 200 | &nbsp;&nbsp;200096 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br>Swap + 3.15%), 5.88%, 06/28/35<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;125561 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(b)<br>| USD | 143 | &nbsp;&nbsp;146707 |
|  |  |  | &nbsp;&nbsp;644641 |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br>Worldwide, Inc., 4.90%, 02/01/46<br>(d)<br>|  | 741 | &nbsp;&nbsp;685343 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Biotechnology<br>(b)<br> — 0.1% | Biotechnology<br>(b)<br> — 0.1% | Biotechnology<br>(b)<br> — 0.1% | Biotechnology<br>(b)<br> — 0.1% |
| Genmab AS |  |  |  |
| 6.25%, 12/15/32 | USD | 200 | &nbsp;&nbsp;$204969<br>|
| 7.25%, 12/15/33 |  | 435 | &nbsp;&nbsp;456929 |
|  |  |  | &nbsp;&nbsp;661898 |
| Building Materials — 1.4% | Building Materials — 1.4% | Building Materials — 1.4% | Building Materials — 1.4% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, <br>08/15/33<br>(b)<br>|  | 222 | &nbsp;&nbsp;233911 |
| Builders FirstSource, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/34 |  | 146 | &nbsp;&nbsp;150954 |
| 6.75%, 05/15/35 |  | 172 | &nbsp;&nbsp;179828 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;122445 |
| 6.63%, 12/15/30<br>(b)(d)<br>| USD | 1778 | &nbsp;&nbsp;1851808 |
| 6.75%, 07/15/31<br>(b)<br>|  | 212 | &nbsp;&nbsp;223450 |
| Jeld-Wen, Inc.<br>(b)<br>|  |  |  |
| 4.88%, 12/15/27 |  | 257 | &nbsp;&nbsp;224313 |
| 7.00%, 09/01/32<br>(d)<br>|  | 193 | &nbsp;&nbsp;132606 |
| New Enterprise Stone & Lime Co., Inc.<br>(b)<br>|  |  |  |
| 5.25%, 07/15/28 |  | 81 | &nbsp;&nbsp;80932 |
| 9.75%, 07/15/28 |  | 300 | &nbsp;&nbsp;302250 |
| Quikrete Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/32<br>(d)<br>|  | 1202 | &nbsp;&nbsp;1251138 |
| 6.75%, 03/01/33 |  | 318 | &nbsp;&nbsp;332085 |
| Smyrna Ready Mix Concrete LLC<br>(b)<br>|  |  |  |
| 6.00%, 11/01/28 |  | 56 | &nbsp;&nbsp;56259 |
| 8.88%, 11/15/31<br>(d)<br>|  | 38 | &nbsp;&nbsp;40646 |
| Standard Building Solutions, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/15/32<br>(d)<br>|  | 494 | &nbsp;&nbsp;508586 |
| 6.25%, 08/01/33<br>(d)<br>|  | 625 | &nbsp;&nbsp;638461 |
| 5.88%, 03/15/34 |  | 279 | &nbsp;&nbsp;279816 |
| Standard Industries, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 |  | 2 | &nbsp;&nbsp;1995 |
| 4.38%, 07/15/30<br>(d)<br>|  | 519 | &nbsp;&nbsp;500682 |
| 3.38%, 01/15/31<br>(d)<br>|  | 353 | &nbsp;&nbsp;323410 |
| Wilsonart LLC, 11.00%, 08/15/32<br>(b)<br>|  | 305 | &nbsp;&nbsp;272542 |
|  |  |  | &nbsp;&nbsp;7708117 |
| Building Products<br>(b)(d)<br> — 0.5% | Building Products<br>(b)(d)<br> — 0.5% | Building Products<br>(b)(d)<br> — 0.5% | Building Products<br>(b)(d)<br> — 0.5% |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 893 | &nbsp;&nbsp;932666 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |  | 1526 | &nbsp;&nbsp;1578530 |
|  |  |  | &nbsp;&nbsp;2511196 |
| Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% |
| Apollo Debt Solutions BDC |  |  |  |
| 5.88%, 08/30/30<br>(d)<br>|  | 163 | &nbsp;&nbsp;164867 |
| 6.70%, 07/29/31 |  | 70 | &nbsp;&nbsp;73863 |
| 6.55%, 03/15/32 |  | 45 | &nbsp;&nbsp;46433 |
| ARES Strategic Income Fund<br>(b)(d)<br>|  |  |  |
| 5.80%, 09/09/30 |  | 220 | &nbsp;&nbsp;222130 |
| 5.15%, 01/15/31 |  | 175 | &nbsp;&nbsp;171732 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 70 | &nbsp;&nbsp;69730 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<br>(d)<br>|  | 223 | &nbsp;&nbsp;225801 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26<br>(d)<br>|  | 84 | &nbsp;&nbsp;86372 |
| Compass Group Diversified Holdings LLC, 5.25%, <br>04/15/29<br>(b)<br>|  | 220 | &nbsp;&nbsp;204321 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(b)(d)<br>|  | 259 | &nbsp;&nbsp;266283 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27<br>(d)<br>|  | 611 | &nbsp;&nbsp;602602 |
| 9.75%, 01/15/29 |  | 170 | &nbsp;&nbsp;169480 |
| 4.38%, 02/01/29<br>(d)<br>|  | 124 | &nbsp;&nbsp;106986 |
| 10.00%, 11/15/29<br>(b)<br>|  | 193 | &nbsp;&nbsp;192864 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Jane Street Group/JSG Finance, Inc.<br>(b)<br>|  |  |  |
| 6.13%, 11/01/32 | USD | 78 | &nbsp;&nbsp;$79370<br>|
| 6.75%, 05/01/33 |  | 339 | &nbsp;&nbsp;353847 |
| Osaic Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/01/32 |  | 127 | &nbsp;&nbsp;132667 |
| 8.00%, 08/01/33 |  | 212 | &nbsp;&nbsp;220415 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br>04/01/32<br>(b)(h)(j)<br>|  | 179 | &nbsp;&nbsp;163840 |
|  |  |  | &nbsp;&nbsp;3553603 |
| Chemicals — 1.9% | Chemicals — 1.9% | Chemicals — 1.9% | Chemicals — 1.9% |
| Advancion Sciences, Inc., (9.25% Cash or 10.00% <br>PIK), 9.25%, 11/01/26<br>(b)(h)<br>|  | 331 | &nbsp;&nbsp;288409 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br>02/15/31<br>(b)(d)<br>|  | 273 | &nbsp;&nbsp;287910 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<br>(b)(d)<br>|  | 297 | &nbsp;&nbsp;285496 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 26 | &nbsp;&nbsp;26620 |
| 6.75%, 04/15/33<br>(d)<br>|  | 181 | &nbsp;&nbsp;180050 |
| 7.38%, 02/15/34 |  | 213 | &nbsp;&nbsp;216402 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 282 | &nbsp;&nbsp;282685 |
| 5.75%, 11/15/28<br>(b)(d)<br>|  | 670 | &nbsp;&nbsp;651582 |
| 8.00%, 01/15/33<br>(b)<br>|  | 150 | &nbsp;&nbsp;145217 |
| Element Solutions, Inc., 3.88%, 09/01/28<br>(b)(d)<br>|  | 1262 | &nbsp;&nbsp;1233539 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;117518 |
| Herens Holdco SARL, 4.75%, 05/15/28<br>(b)(d)<br>| USD | 212 | &nbsp;&nbsp;184075 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., <br>9.00%, 07/01/28<br>(b)<br>|  | 6 | &nbsp;&nbsp;6008 |
| Ingevity Corp., 3.88%, 11/01/28<br>(b)<br>|  | 84 | &nbsp;&nbsp;81792 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<br>(b)(d)<br>|  | 590 | &nbsp;&nbsp;587720 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;117136 |
| Kronos International, Inc., 9.50%, 03/15/29<br>(e)<br>|  | 100 | &nbsp;&nbsp;109098 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(b)<br>| USD | 153 | &nbsp;&nbsp;154534 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(b)<br>|  | 147 | &nbsp;&nbsp;151362 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<br>(b)<br>|  | 169 | &nbsp;&nbsp;167310 |
| Olympus Water U.S. Holding Corp.<br>(b)(d)<br>|  |  |  |
| 7.25%, 06/15/31 |  | 596 | &nbsp;&nbsp;609713 |
| 7.25%, 02/15/33 |  | 1331 | &nbsp;&nbsp;1337577 |
| Perimeter Holdings LLC, 01/15/34<br>(b)(k)<br>|  | 527 | &nbsp;&nbsp;523537 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(b)<br>|  | 362 | &nbsp;&nbsp;358451 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(b)(d)<br>|  | 413 | &nbsp;&nbsp;416632 |
| WR Grace Holdings LLC<br>(b)(d)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 119 | &nbsp;&nbsp;118633 |
| 5.63%, 08/15/29 |  | 1191 | &nbsp;&nbsp;1133696 |
| 7.38%, 03/01/31 |  | 235 | &nbsp;&nbsp;240648 |
| 6.63%, 08/15/32 |  | 487 | &nbsp;&nbsp;493219 |
|  |  |  | &nbsp;&nbsp;10506569 |
| Commercial Services & Supplies — 3.8% | Commercial Services & Supplies — 3.8% | Commercial Services & Supplies — 3.8% | Commercial Services & Supplies — 3.8% |
| ADT Security Corp.<br>(b)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 107 | &nbsp;&nbsp;103638 |
| 5.88%, 10/15/33<br>(d)<br>|  | 453 | &nbsp;&nbsp;458614 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., <br>7.00%, 05/21/30<br>(b)(d)<br>|  | 476 | &nbsp;&nbsp;496806 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(b)(d)<br>|  | 2340 | &nbsp;&nbsp;2466076 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(b)(d)<br>|  |  |  |
| 6.00%, 06/01/29 |  | 1156 | &nbsp;&nbsp;1144038 |
| 6.88%, 06/15/30 |  | 895 | &nbsp;&nbsp;931853 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<br>(b)(d)<br>|  | 1543 | &nbsp;&nbsp;1519981 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| BCP V Modular Services Finance II PLC, 6.50%, <br>07/10/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;$109569<br>|
| Belron U.K. Finance PLC, 5.75%, 10/15/29<br>(b)(d)<br>| USD | 796 | &nbsp;&nbsp;812867 |
| Boels Topholding BV, 5.75%, 05/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;121515 |
| Brink<br>'<br>s Co.<br>(b)<br>|  |  |  |
| 6.50%, 06/15/29 | USD | 157 | &nbsp;&nbsp;162557 |
| 6.75%, 06/15/32 |  | 68 | &nbsp;&nbsp;70858 |
| Deluxe Corp., 8.13%, 09/15/29<br>(b)<br>|  | 132 | &nbsp;&nbsp;139059 |
| FTAI Aviation Investors LLC<br>(b)(d)<br>|  |  |  |
| 5.50%, 05/01/28 |  | 740 | &nbsp;&nbsp;740647 |
| 7.88%, 12/01/30 |  | 671 | &nbsp;&nbsp;713544 |
| 7.00%, 05/01/31 |  | 838 | &nbsp;&nbsp;882488 |
| 7.00%, 06/15/32 |  | 427 | &nbsp;&nbsp;448885 |
| 5.88%, 04/15/33 |  | 367 | &nbsp;&nbsp;372939 |
| Garda World Security Corp.<br>(b)<br>|  |  |  |
| 7.75%, 02/15/28<br>(d)<br>|  | 532 | &nbsp;&nbsp;544022 |
| 6.00%, 06/01/29 |  | 65 | &nbsp;&nbsp;63745 |
| 8.25%, 08/01/32<br>(d)<br>|  | 599 | &nbsp;&nbsp;608778 |
| 8.38%, 11/15/32<br>(d)<br>|  | 1057 | &nbsp;&nbsp;1076674 |
| Herc Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29<br>(d)<br>|  | 36 | &nbsp;&nbsp;37372 |
| 7.00%, 06/15/30 |  | 388 | &nbsp;&nbsp;408342 |
| 5.75%, 03/15/31 |  | 147 | &nbsp;&nbsp;149182 |
| 7.25%, 06/15/33 |  | 197 | &nbsp;&nbsp;208896 |
| 6.00%, 03/15/34 |  | 152 | &nbsp;&nbsp;154026 |
| Hertz Corp., 12.63%, 07/15/29<br>(b)<br>|  | 152 | &nbsp;&nbsp;153317 |
| ION Platform Finance SARL<br>(e)<br>|  |  |  |
| 7.88%, 05/01/29 | EUR | 100 | &nbsp;&nbsp;119274 |
| 6.50%, 09/30/30 |  | 100 | &nbsp;&nbsp;113724 |
| Loxam SAS, 6.38%, 05/31/29<br>(e)<br>|  | 90 | &nbsp;&nbsp;109439 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(b)(d)<br>| USD | 595 | &nbsp;&nbsp;613147 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(b)<br>|  | 471 | &nbsp;&nbsp;477282 |
| Service Corp. International<br>(d)<br>|  |  |  |
| 5.13%, 06/01/29 |  | 238 | &nbsp;&nbsp;239571 |
| 3.38%, 08/15/30 |  | 273 | &nbsp;&nbsp;255282 |
| 4.00%, 05/15/31 |  | 370 | &nbsp;&nbsp;353649 |
| 5.75%, 10/15/32 |  | 556 | &nbsp;&nbsp;565863 |
| Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;120350 |
| Sotheby<br>'<br>s, 7.38%, 10/15/27<br>(b)(d)<br>| USD | 691 | &nbsp;&nbsp;686956 |
| Sotheby<br>'<br>s/Bidfair Holdings, Inc., 5.88%, 06/01/29<br>(b)(d)<br>|  | 453 | &nbsp;&nbsp;421468 |
| United Rentals North America, Inc., 5.38%, <br>11/15/33<br>(b)(d)<br>|  | 538 | &nbsp;&nbsp;537619 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(b)<br>|  | 172 | &nbsp;&nbsp;184937 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(b)(d)<br>|  | 618 | &nbsp;&nbsp;654045 |
|  |  |  | &nbsp;&nbsp;20552894 |
| Communications Equipment<br>(b)(d)<br> — 0.2% | Communications Equipment<br>(b)(d)<br> — 0.2% | Communications Equipment<br>(b)(d)<br> — 0.2% | Communications Equipment<br>(b)(d)<br> — 0.2% |
| CommScope LLC, 4.75%, 09/01/29 |  | 780 | &nbsp;&nbsp;778900 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 116 | &nbsp;&nbsp;111027 |
|  |  |  | &nbsp;&nbsp;889927 |
| Construction & Engineering — 0.5% | Construction & Engineering — 0.5% | Construction & Engineering — 0.5% | Construction & Engineering — 0.5% |
| AECOM, 6.00%, 08/01/33<br>(b)(d)<br>|  | 605 | &nbsp;&nbsp;620040 |
| Arcosa, Inc.<br>(b)<br>|  |  |  |
| 4.38%, 04/15/29<br>(d)<br>|  | 232 | &nbsp;&nbsp;228050 |
| 6.88%, 08/15/32 |  | 31 | &nbsp;&nbsp;32678 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(b)(d)<br>|  | 1494 | &nbsp;&nbsp;1465080 |
| Dycom Industries, Inc., 4.50%, 04/15/29<br>(b)<br>|  | 119 | &nbsp;&nbsp;117548 |
| Heathrow Finance PLC, 4.13%, 09/01/29<br>(e)(l)<br>| GBP | 100 | &nbsp;&nbsp;126550 |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>(b)<br>| USD | 167 | &nbsp;&nbsp;169093 |
|  |  |  | &nbsp;&nbsp;2759039 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Discretionary — 0.5% | Consumer Discretionary — 0.5% | Consumer Discretionary — 0.5% | Consumer Discretionary — 0.5% |
| APi Group DE, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 07/15/29 | USD | 132 | &nbsp;&nbsp;$128339<br>|
| 4.75%, 10/15/29 |  | 100 | &nbsp;&nbsp;97975 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br>2.50%), 4.55%, 05/01/30<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;118564 |
| Clarivate Science Holdings Corp.<br>(b)(d)<br>|  |  |  |
| 3.88%, 07/01/28 | USD | 730 | &nbsp;&nbsp;708687 |
| 4.88%, 07/01/29 |  | 883 | &nbsp;&nbsp;834886 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<br>(b)(d)<br>|  | 303 | &nbsp;&nbsp;312193 |
| Williams Scotsman, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29 |  | 32 | &nbsp;&nbsp;33052 |
| 6.63%, 04/15/30 |  | 213 | &nbsp;&nbsp;220154 |
| 7.38%, 10/01/31<br>(d)<br>|  | 378 | &nbsp;&nbsp;394894 |
|  |  |  | &nbsp;&nbsp;2848744 |
| Consumer Finance — 1.6% | Consumer Finance — 1.6% | Consumer Finance — 1.6% | Consumer Finance — 1.6% |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26<br>(d)<br>|  | 406 | &nbsp;&nbsp;403576 |
| 5.63%, 08/15/30<br>(b)<br>|  | 341 | &nbsp;&nbsp;347930 |
| 6.50%, 05/15/32<br>(d)<br>|  | 1219 | &nbsp;&nbsp;1267589 |
| 6.00%, 08/15/33<br>(b)(d)<br>|  | 450 | &nbsp;&nbsp;461974 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(b)(d)<br>|  | 800 | &nbsp;&nbsp;850280 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(a)(b)<br>|  | 41 | &nbsp;&nbsp;42387 |
| Capital One Financial Corp., (1-day SOFR + 2.60%), <br>5.82%, 02/01/34<br>(a)(d)<br>|  | 440 | &nbsp;&nbsp;460517 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(b)(d)<br>|  | 1130 | &nbsp;&nbsp;1072209 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 8 | &nbsp;&nbsp;8891 |
| 7.88%, 06/15/32 |  | 133 | &nbsp;&nbsp;139143 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 119 | &nbsp;&nbsp;123254 |
| 5.38%, 11/15/29<br>(d)<br>|  | 189 | &nbsp;&nbsp;189128 |
| 7.88%, 03/15/30<br>(d)<br>|  | 370 | &nbsp;&nbsp;391205 |
| 6.13%, 05/15/30 |  | 327 | &nbsp;&nbsp;333405 |
| 4.00%, 09/15/30 |  | 179 | &nbsp;&nbsp;167788 |
| 7.50%, 05/15/31 |  | 82 | &nbsp;&nbsp;86276 |
| 7.13%, 11/15/31 |  | 111 | &nbsp;&nbsp;115866 |
| 6.75%, 03/15/32<br>(d)<br>|  | 330 | &nbsp;&nbsp;338882 |
| 7.13%, 09/15/32 |  | 197 | &nbsp;&nbsp;204667 |
| 6.50%, 03/15/33<br>(d)<br>|  | 429 | &nbsp;&nbsp;432711 |
| Shift4 Payments, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/32<br>(d)<br>|  | 823 | &nbsp;&nbsp;849741 |
| 5.50%, 05/15/33 | EUR | 270 | &nbsp;&nbsp;324944 |
| WEX, Inc., 6.50%, 03/15/33<br>(b)<br>| USD | 339 | &nbsp;&nbsp;347021 |
| Worldline SA/France, 0.00%, 07/30/26<br>(e)(j)(m)<br>| EUR | 2 | &nbsp;&nbsp;2747 |
|  |  |  | &nbsp;&nbsp;8962131 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Albertsons Cos, Inc.<br>(b)<br>|  |  |  |
| 5.50%, 03/31/31 | USD | 163 | &nbsp;&nbsp;164719 |
| 6.25%, 03/15/33<br>(d)<br>|  | 139 | &nbsp;&nbsp;142889 |
| 5.75%, 03/31/34 |  | 282 | &nbsp;&nbsp;283141 |
| B&M European Value Retail SA, 6.50%, 11/27/31<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;132654 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<br>(e)<br>|  | 100 | &nbsp;&nbsp;125370 |
| Boots Group Finco LP<br>(b)<br>|  |  |  |
| 5.38%, 08/31/32 | EUR | 360 | &nbsp;&nbsp;437174 |
| 7.38%, 08/31/32 | GBP | 160 | &nbsp;&nbsp;223042 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>(b)<br>| USD | 163 | &nbsp;&nbsp;171101 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br>5.64%, 07/01/29<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;118876 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| Market Bidco Finco PLC, 6.75%, 01/31/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;$116238<br>|
| Performance Food Group, Inc.<br>(b)(d)<br>|  |  |  |
| 4.25%, 08/01/29 | USD | 171 | &nbsp;&nbsp;167184 |
| 6.13%, 09/15/32 |  | 277 | &nbsp;&nbsp;285561 |
| U.S. Foods, Inc., 7.25%, 01/15/32<br>(b)(d)<br>|  | 184 | &nbsp;&nbsp;193407 |
| United Natural Foods, Inc., 6.75%, 10/15/28<br>(b)<br>|  | 253 | &nbsp;&nbsp;253238 |
|  |  |  | &nbsp;&nbsp;2814594 |
| Containers & Packaging — 2.2% | Containers & Packaging — 2.2% | Containers & Packaging — 2.2% | Containers & Packaging — 2.2% |
| ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, <br>06/30/27<br>(b)(h)<br>|  | —<br>(n)<br>| &nbsp;&nbsp;— |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(b)<br>|  | 547 | &nbsp;&nbsp;592812 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(e)(h)<br>| EUR | 200 | &nbsp;&nbsp;215485 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(b)(d)(h)<br>| USD | 802 | &nbsp;&nbsp;732828 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh <br>Metal Packaging Finance PLC, 6.25%, 01/30/31<br>(b)<br>|  | 315 | &nbsp;&nbsp;322174 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br>Metal Packaging Finance PLC<br>(b)<br>|  |  |  |
| 3.25%, 09/01/28 |  | 200 | &nbsp;&nbsp;192297 |
| 4.00%, 09/01/29<br>(d)<br>|  | 1600 | &nbsp;&nbsp;1506217 |
| Ball Corp. |  |  |  |
| 4.25%, 07/01/32 | EUR | 145 | &nbsp;&nbsp;174385 |
| 5.50%, 09/15/33<br>(d)<br>| USD | 150 | &nbsp;&nbsp;152909 |
| Clydesdale Acquisition Holdings, Inc.<br>(b)(d)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 380 | &nbsp;&nbsp;386631 |
| 6.88%, 01/15/30 |  | 427 | &nbsp;&nbsp;437675 |
| 6.75%, 04/15/32 |  | 785 | &nbsp;&nbsp;807195 |
| Crown Americas LLC, 5.88%, 06/01/33<br>(b)(d)<br>|  | 545 | &nbsp;&nbsp;557425 |
| Fedrigoni SpA, 6.13%, 06/15/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;114528 |
| Graham Packaging Co., Inc., 7.13%, 08/15/28<br>(b)<br>| USD | 60 | &nbsp;&nbsp;60051 |
| LABL, Inc.<br>(b)<br>|  |  |  |
| 5.88%, 11/01/28 |  | 233 | &nbsp;&nbsp;146006 |
| 9.50%, 11/01/28 |  | 551 | &nbsp;&nbsp;347665 |
| 8.63%, 10/01/31 |  | 327 | &nbsp;&nbsp;173917 |
| Magnera Corp., 7.25%, 11/15/31<br>(b)<br>|  | 142 | &nbsp;&nbsp;139396 |
| Mauser Packaging Solutions Holding Co.<br>(b)<br>|  |  |  |
| 7.88%, 04/15/30<br>(d)<br>|  | 3672 | &nbsp;&nbsp;3643029 |
| 9.25%, 04/15/30 |  | 249 | &nbsp;&nbsp;239040 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28<br>(b)<br>| EUR | 115 | &nbsp;&nbsp;139036 |
| 5.25%, 06/01/29<br>(e)<br>|  | 100 | &nbsp;&nbsp;121242 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br>05/13/27<br>(b)<br>| USD | 39 | &nbsp;&nbsp;39138 |
| Sealed Air Corp.<br>(b)<br>|  |  |  |
| 4.00%, 12/01/27 |  | 72 | &nbsp;&nbsp;71627 |
| 5.00%, 04/15/29 |  | 59 | &nbsp;&nbsp;59388 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(b)<br>| EUR | 305 | &nbsp;&nbsp;363273 |
| Trivium Packaging Finance BV |  |  |  |
| 6.63%, 07/15/30<br>(e)<br>|  | 100 | &nbsp;&nbsp;123747 |
| 6.63%, 07/15/30<br>(b)<br>|  | 100 | &nbsp;&nbsp;123747 |
| 12.25%, 01/15/31<br>(b)<br>| USD | 200 | &nbsp;&nbsp;217007 |
|  |  |  | &nbsp;&nbsp;12199870 |
| Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% |
| Gates Corp., 6.88%, 07/01/29 |  | 196 | &nbsp;&nbsp;203542 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 59 | &nbsp;&nbsp;56864 |
| 6.50%, 07/15/32<br>(d)<br>|  | 230 | &nbsp;&nbsp;235413 |
|  |  |  | &nbsp;&nbsp;495819 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% | Diversified REITs — 0.4% |
| Digital Realty Trust LP, 1.88%, 11/15/29<br>(b)(j)<br>| USD | 85 | &nbsp;&nbsp;$86190<br>|
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(b)<br>|  | 179 | &nbsp;&nbsp;170885 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 07/15/30<br>(b)<br>|  | 23 | &nbsp;&nbsp;22722 |
| 5.63%, 07/15/32<br>(b)<br>|  | 19 | &nbsp;&nbsp;18701 |
| 6.25%, 01/15/33<br>(b)(d)<br>|  | 78 | &nbsp;&nbsp;78653 |
| 4.75%, 01/15/34<br>(b)<br>| EUR | 500 | &nbsp;&nbsp;571396 |
| 4.75%, 01/15/34<br>(e)<br>|  | 100 | &nbsp;&nbsp;114279 |
| Millrose Properties, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 08/01/30<br>(d)<br>| USD | 493 | &nbsp;&nbsp;504450 |
| 6.25%, 09/15/32 |  | 277 | &nbsp;&nbsp;279488 |
| SBA Communications Corp., 3.13%, 02/01/29<br>(d)<br>|  | 586 | &nbsp;&nbsp;560536 |
|  |  |  | &nbsp;&nbsp;2407300 |
| Diversified Telecommunication Services — 4.1% | Diversified Telecommunication Services — 4.1% | Diversified Telecommunication Services — 4.1% | Diversified Telecommunication Services — 4.1% |
| AT&T, Inc., 4.30%, 02/15/30<br>(d)<br>|  | 1350 | &nbsp;&nbsp;1351705 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(b)(d)<br>|  | 420 | &nbsp;&nbsp;445510 |
| EchoStar Corp.<br>(d)<br>|  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(h)<br>|  | 1903 | &nbsp;&nbsp;1949191 |
| 10.75%, 11/30/29 |  | 1328 | &nbsp;&nbsp;1468242 |
| eircom Finance DAC, 5.00%, 04/30/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;119520 |
| Eutelsat SA, 1.50%, 10/13/28<br>(e)<br>|  | 100 | &nbsp;&nbsp;112347 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<br>(e)<br>|  | 100 | &nbsp;&nbsp;119416 |
| 5.13%, 06/30/32<br>(e)<br>|  | 100 | &nbsp;&nbsp;119440 |
| 6.00%, 09/30/34<br>(b)(d)<br>| USD | 242 | &nbsp;&nbsp;229257 |
| 7.20%, 07/18/36<br>(b)(d)<br>|  | 200 | &nbsp;&nbsp;199050 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<br>(b)(d)<br>|  | 314 | &nbsp;&nbsp;315014 |
| 5.00%, 05/01/28<br>(b)(d)<br>|  | 753 | &nbsp;&nbsp;754295 |
| 6.75%, 05/01/29<br>(b)<br>|  | 111 | &nbsp;&nbsp;111841 |
| 5.88%, 11/01/29 |  | 180 | &nbsp;&nbsp;181729 |
| 6.00%, 01/15/30<br>(b)<br>|  | 244 | &nbsp;&nbsp;248138 |
| 8.75%, 05/15/30<br>(b)(d)<br>|  | 1312 | &nbsp;&nbsp;1370070 |
| 8.63%, 03/15/31<br>(b)(d)<br>|  | 371 | &nbsp;&nbsp;390360 |
| Iliad Holding SAS |  |  |  |
| 7.00%, 10/15/28<br>(b)(d)<br>|  | 343 | &nbsp;&nbsp;347265 |
| 5.38%, 04/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;121320 |
| 8.50%, 04/15/31<br>(b)(d)<br>| USD | 479 | &nbsp;&nbsp;515523 |
| 7.00%, 04/15/32<br>(b)(d)<br>|  | 211 | &nbsp;&nbsp;217468 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118948 |
| Level 3 Financing, Inc.<br>(b)<br>|  |  |  |
| 3.63%, 01/15/29 | USD | 61 | &nbsp;&nbsp;56298 |
| 4.88%, 06/15/29<br>(d)<br>|  | 964 | &nbsp;&nbsp;937976 |
| 6.88%, 06/30/33<br>(d)<br>|  | 1917 | &nbsp;&nbsp;1961397 |
| 7.00%, 03/31/34<br>(d)<br>|  | 1853 | &nbsp;&nbsp;1909650 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;122107 |
| Lumen Technologies, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 04/15/29 | USD | 200 | &nbsp;&nbsp;198164 |
| 4.13%, 04/15/30 |  | 200 | &nbsp;&nbsp;198771 |
| 10.00%, 10/15/32 |  | 221 | &nbsp;&nbsp;222550 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(b)(d)<br>|  | 493 | &nbsp;&nbsp;499779 |
| SoftBank Group Corp., 3.88%, 07/06/32<br>(e)<br>| EUR | 200 | &nbsp;&nbsp;219741 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 381 | &nbsp;&nbsp;422040 |
| Verizon Communications, Inc., 3.70%, 03/22/61<br>(d)<br>|  | 1000 | &nbsp;&nbsp;674775 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(b)<br>|  | 351 | &nbsp;&nbsp;359813 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(b)(d)<br>| USD | 1010 | &nbsp;&nbsp;$1060267<br>|
| Zayo Group Holdings, Inc.<br>(b)(h)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30<br>(d)<br>|  | 2356 | &nbsp;&nbsp;2238268 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 250 | &nbsp;&nbsp;229468 |
|  |  |  | &nbsp;&nbsp;22116713 |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(b)(d)<br>|  | 299 | &nbsp;&nbsp;309522 |
| California Buyer Ltd./Atlantica Sustainable <br>Infrastructure PLC, 6.38%, 02/15/32<br>(b)<br>|  | 225 | &nbsp;&nbsp;225371 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<br>(b)<br>|  | 400 | &nbsp;&nbsp;412444 |
| Enel Finance International NV, 3.63%, 05/25/27<br>(b)(d)<br>|  | 900 | &nbsp;&nbsp;894221 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 145 | &nbsp;&nbsp;143533 |
| Pattern Energy Operations LP/Pattern Energy <br>Operations, Inc., 4.50%, 08/15/28<br>(b)<br>|  | 84 | &nbsp;&nbsp;82848 |
| Public Power Corp. SA, 4.63%, 10/31/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;120275 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br>04/24/33<br>(e)<br>| USD | 127 | &nbsp;&nbsp;131405 |
| Texas Competitive Electric Holdings Co. LLC, 1.00%, <br>11/10/21<br>(c)(f)(i)<br>|  | 780 | &nbsp;&nbsp;— |
| Vistra Operations Co. LLC<br>(b)(d)<br>|  |  |  |
| 7.75%, 10/15/31 |  | 172 | &nbsp;&nbsp;182178 |
| 6.88%, 04/15/32 |  | 396 | &nbsp;&nbsp;417154 |
| XPLR Infrastructure Operating Partners LP<br>(b)(d)<br>|  |  |  |
| 8.38%, 01/15/31 |  | 547 | &nbsp;&nbsp;574148 |
| 7.75%, 04/15/34 |  | 576 | &nbsp;&nbsp;585384 |
|  |  |  | &nbsp;&nbsp;4078483 |
| Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% |
| Coherent Corp., 5.00%, 12/15/29<br>(d)<br>|  | 300 | &nbsp;&nbsp;298985 |
| Sensata Technologies BV, 4.00%, 04/15/29 |  | 168 | &nbsp;&nbsp;163916 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30<br>(d)<br>|  | 387 | &nbsp;&nbsp;377983 |
| 3.75%, 02/15/31 |  | 54 | &nbsp;&nbsp;50678 |
| 6.63%, 07/15/32<br>(d)<br>|  | 227 | &nbsp;&nbsp;237685 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 149 | &nbsp;&nbsp;155580 |
| 6.38%, 03/15/33 |  | 93 | &nbsp;&nbsp;97100 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 117 | &nbsp;&nbsp;120946 |
|  |  |  | &nbsp;&nbsp;1502873 |
| Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% | Energy Equipment & Services — 0.8% |
| Archrock Partners LP/Archrock Partners Finance <br>Corp.<br>(b)(d)<br>|  |  |  |
| 6.25%, 04/01/28 |  | 291 | &nbsp;&nbsp;292670 |
| 6.63%, 09/01/32 |  | 501 | &nbsp;&nbsp;516709 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(b)<br>|  | 96 | &nbsp;&nbsp;98154 |
| Kodiak Gas Services LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/29<br>(d)<br>|  | 566 | &nbsp;&nbsp;588839 |
| 6.50%, 10/01/33 |  | 318 | &nbsp;&nbsp;324746 |
| 6.75%, 10/01/35<br>(d)<br>|  | 240 | &nbsp;&nbsp;246770 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 71 | &nbsp;&nbsp;71797 |
| OEG Finance PLC, 7.25%, 09/27/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;122845 |
| Star Holding LLC, 8.75%, 08/01/31<br>(b)(d)<br>| USD | 256 | &nbsp;&nbsp;246492 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(b)<br>|  | 206 | &nbsp;&nbsp;221026 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)(d)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 291 | &nbsp;&nbsp;301217 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Energy Equipment & Services (continued) | Energy Equipment & Services (continued) | Energy Equipment & Services (continued) | Energy Equipment & Services (continued) |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)(d)<br>(continued)<br>|  |  |  |
| 6.25%, 10/01/33 | USD | 557 | &nbsp;&nbsp;$563679<br>|
| Weatherford International Ltd., 6.75%, 10/15/33<br>(b)(d)<br>|  | 556 | &nbsp;&nbsp;569406 |
|  |  |  | &nbsp;&nbsp;4164350 |
| Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% |
| Brightstar Lottery PLC/ Brightstar Global Solutions <br>Corp., 5.75%, 01/15/33<br>|  | 227 | &nbsp;&nbsp;225373 |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>(d)<br>|  | 190 | &nbsp;&nbsp;168865 |
|  |  |  | &nbsp;&nbsp;394238 |
| Environmental, Maintenance & Security Service — 0.8% | Environmental, Maintenance & Security Service — 0.8% | Environmental, Maintenance & Security Service — 0.8% | Environmental, Maintenance & Security Service — 0.8% |
| Biffa Group Holdings Ltd., 5.25%, 06/15/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;117180 |
| GFL Environmental, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 08/01/28<br>(d)<br>| USD | 121 | &nbsp;&nbsp;119354 |
| 4.75%, 06/15/29 |  | 237 | &nbsp;&nbsp;236518 |
| 4.38%, 08/15/29<br>(d)<br>|  | 405 | &nbsp;&nbsp;398248 |
| 6.75%, 01/15/31<br>(d)<br>|  | 254 | &nbsp;&nbsp;266490 |
| Luna 15 SARL<br>(h)<br>|  |  |  |
| (10.50% PIK), 10.50%, 07/01/32<br>(b)<br>| EUR | 200 | &nbsp;&nbsp;244401 |
| (10.50% PIK), 10.50%, 07/01/32<br>(e)<br>|  | 100 | &nbsp;&nbsp;122200 |
| Madison IAQ LLC<br>(b)<br>|  |  |  |
| 4.13%, 06/30/28 | USD | 240 | &nbsp;&nbsp;235825 |
| 5.88%, 06/30/29<br>(d)<br>|  | 554 | &nbsp;&nbsp;550634 |
| Paprec Holding SA, 4.13%, 07/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118080 |
| Republic Services, Inc., 3.38%, 11/15/27<br>(d)<br>| USD | 750 | &nbsp;&nbsp;744219 |
| Reworld Holding Corp., 4.88%, 12/01/29<br>(b)<br>|  | 142 | &nbsp;&nbsp;136488 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<br>(b)(d)<br>|  | 941 | &nbsp;&nbsp;968586 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<br>(b)<br>|  | 20 | &nbsp;&nbsp;20965 |
|  |  |  | &nbsp;&nbsp;4279188 |
| Financial Services — 3.5% | Financial Services — 3.5% | Financial Services — 3.5% | Financial Services — 3.5% |
| Ally Financial, Inc., Series B, (5-year CMT + 3.87%), <br>4.70%<br>(a)(d)(o)<br>|  | 2000 | &nbsp;&nbsp;1979674 |
| Azorra Finance Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 174 | &nbsp;&nbsp;183787 |
| 7.25%, 01/15/31 |  | 114 | &nbsp;&nbsp;119453 |
| CrossCountry Intermediate HoldCo LLC<br>(b)<br>|  |  |  |
| 6.50%, 10/01/30 |  | 228 | &nbsp;&nbsp;232559 |
| 6.75%, 12/01/32 |  | 118 | &nbsp;&nbsp;119915 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br>01/18/29<br>(a)(d)<br>|  | 1100 | &nbsp;&nbsp;1151633 |
| Freedom Mortgage Holdings LLC<br>(b)<br>|  |  |  |
| 9.25%, 02/01/29 |  | 186 | &nbsp;&nbsp;195086 |
| 6.88%, 05/01/31 |  | 124 | &nbsp;&nbsp;124074 |
| 9.13%, 05/15/31 |  | 293 | &nbsp;&nbsp;314699 |
| 8.38%, 04/01/32 |  | 195 | &nbsp;&nbsp;205270 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<br>(e)<br>| EUR | 27 | &nbsp;&nbsp;30382 |
| GGAM Finance Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 06/15/28 | USD | 150 | &nbsp;&nbsp;158845 |
| 6.88%, 04/15/29 |  | 205 | &nbsp;&nbsp;212623 |
| 5.88%, 03/15/30 |  | 117 | &nbsp;&nbsp;118609 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(b)<br>|  | 359 | &nbsp;&nbsp;370822 |
| Intrum Investments And Financing AB, 8.00%, <br>09/11/27<br>(e)(f)(i)<br>| EUR | 100 | &nbsp;&nbsp;119061 |
| JPMorgan Chase & Co., (1-day SOFR + 1.13%), <br>5.00%, 07/22/30<br>(a)(d)<br>| USD | 2600 | &nbsp;&nbsp;2669255 |
| Midcap Financial Issuer Trust<br>(b)<br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | &nbsp;&nbsp;199650 |
| 5.63%, 01/15/30 |  | 400 | &nbsp;&nbsp;374664 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, <br>04/18/30<br>(a)(d)<br>| USD | 2600 | &nbsp;&nbsp;$2708747<br>|
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 411 | &nbsp;&nbsp;416190 |
| PennyMac Financial Services, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 12/15/29<br>(d)<br>|  | 258 | &nbsp;&nbsp;274524 |
| 7.13%, 11/15/30<br>(d)<br>|  | 148 | &nbsp;&nbsp;155582 |
| 6.88%, 05/15/32 |  | 277 | &nbsp;&nbsp;289990 |
| 6.75%, 02/15/34 |  | 163 | &nbsp;&nbsp;168497 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(b)(d)<br>|  | 487 | &nbsp;&nbsp;518808 |
| PRA Group Europe Holding II SARL, 6.25%, <br>09/30/32<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;114582 |
| Rocket Cos., Inc.<br>(b)(d)<br>|  |  |  |
| 6.50%, 08/01/29 | USD | 409 | &nbsp;&nbsp;421838 |
| 6.13%, 08/01/30 |  | 1117 | &nbsp;&nbsp;1154620 |
| 7.13%, 02/01/32 |  | 655 | &nbsp;&nbsp;689059 |
| 6.38%, 08/01/33 |  | 906 | &nbsp;&nbsp;944613 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br>Inc.<br>(b)<br>|  |  |  |
| 2.88%, 10/15/26<br>(d)<br>|  | 471 | &nbsp;&nbsp;464130 |
| 3.88%, 03/01/31 |  | 49 | &nbsp;&nbsp;46530 |
| 4.00%, 10/15/33 |  | 28 | &nbsp;&nbsp;26015 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br>01/14/31<br>(h)<br>| EUR | 100 | &nbsp;&nbsp;21082 |
| UBS AG, 5.00%, 07/09/27<br>(d)<br>| USD | 1200 | &nbsp;&nbsp;1223479 |
| UWM Holdings LLC<br>(b)<br>|  |  |  |
| 6.63%, 02/01/30<br>(d)<br>|  | 256 | &nbsp;&nbsp;259220 |
| 6.25%, 03/15/31 |  | 268 | &nbsp;&nbsp;267573 |
|  |  |  | &nbsp;&nbsp;19045140 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Aramark Services, Inc., 5.00%, 02/01/28<br>(b)<br>|  | 194 | &nbsp;&nbsp;193971 |
| B&G Foods, Inc., 8.00%, 09/15/28<br>(b)<br>|  | 89 | &nbsp;&nbsp;87564 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(d)(h)<br>|  | 1428 | &nbsp;&nbsp;1523833 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>(b)(d)<br>|  |  |  |
| 4.63%, 11/15/28 |  | 457 | &nbsp;&nbsp;457084 |
| 7.63%, 07/01/29 |  | 1323 | &nbsp;&nbsp;1380050 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<br>(b)<br>| EUR | 180 | &nbsp;&nbsp;214301 |
| 4.50%, 07/15/32<br>(e)<br>|  | 100 | &nbsp;&nbsp;119056 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<br>(b)(d)<br>| USD | 249 | &nbsp;&nbsp;253066 |
| Fiesta Purchaser, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 03/01/31 |  | 19 | &nbsp;&nbsp;19815 |
| 9.63%, 09/15/32 |  | 91 | &nbsp;&nbsp;95370 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.85%, <br>12/15/29<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;119422 |
| Lamb Weston Holdings, Inc.<br>(b)(d)<br>|  |  |  |
| 4.88%, 05/15/28 | USD | 257 | &nbsp;&nbsp;256345 |
| 4.13%, 01/31/30 |  | 312 | &nbsp;&nbsp;301803 |
| 4.38%, 01/31/32 |  | 200 | &nbsp;&nbsp;190535 |
| Post Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 04/15/30<br>(d)<br>|  | 118 | &nbsp;&nbsp;114904 |
| 4.50%, 09/15/31 |  | 32 | &nbsp;&nbsp;30338 |
| 6.25%, 02/15/32 |  | 102 | &nbsp;&nbsp;104802 |
| 6.38%, 03/01/33 |  | 71 | &nbsp;&nbsp;71710 |
| 6.25%, 10/15/34 |  | 107 | &nbsp;&nbsp;107594 |
| 6.50%, 03/15/36 |  | 363 | &nbsp;&nbsp;363491 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br>Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br>03/01/29<br>(b)<br>|  | 129 | &nbsp;&nbsp;124284 |
|  |  |  | &nbsp;&nbsp;6129338 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<br>(b)<br>| USD | 290 | &nbsp;&nbsp;$299064<br>|
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<br>(b)(d)<br>|  | 1144 | &nbsp;&nbsp;1183664 |
| Union Pacific Corp., 3.20%, 05/20/41<br>(d)<br>|  | 600 | &nbsp;&nbsp;470321 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br>08/01/32<br>(b)<br>|  | 216 | &nbsp;&nbsp;226218 |
|  |  |  | &nbsp;&nbsp;2179267 |
| Health Care Equipment & Supplies<br>(b)<br> — 0.4% | Health Care Equipment & Supplies<br>(b)<br> — 0.4% | Health Care Equipment & Supplies<br>(b)<br> — 0.4% | Health Care Equipment & Supplies<br>(b)<br> — 0.4% |
| Avantor Funding, Inc. |  |  |  |
| 4.63%, 07/15/28<br>(d)<br>|  | 417 | &nbsp;&nbsp;414734 |
| 3.88%, 11/01/29 |  | 209 | &nbsp;&nbsp;199858 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<br>(d)<br>|  | 1333 | &nbsp;&nbsp;1391319 |
| Hologic, Inc., 3.25%, 02/15/29 |  | 14 | &nbsp;&nbsp;13798 |
| Insulet Corp., 6.50%, 04/01/33 |  | 192 | &nbsp;&nbsp;200138 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 184 | &nbsp;&nbsp;196238 |
|  |  |  | &nbsp;&nbsp;2416085 |
| Health Care Providers & Services — 2.7% | Health Care Providers & Services — 2.7% | Health Care Providers & Services — 2.7% | Health Care Providers & Services — 2.7% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(b)(d)<br>|  | 123 | &nbsp;&nbsp;124230 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(b)(d)<br>|  | 345 | &nbsp;&nbsp;341988 |
| Charles River Laboratories International, Inc., 4.00%, <br>03/15/31<br>(b)<br>|  | 42 | &nbsp;&nbsp;39795 |
| CHS/Community Health Systems, Inc.<br>(b)(d)<br>|  |  |  |
| 6.00%, 01/15/29 |  | 458 | &nbsp;&nbsp;457870 |
| 5.25%, 05/15/30 |  | 828 | &nbsp;&nbsp;777652 |
| 4.75%, 02/15/31 |  | 540 | &nbsp;&nbsp;481078 |
| 10.88%, 01/15/32 |  | 358 | &nbsp;&nbsp;390736 |
| 9.75%, 01/15/34 |  | 923 | &nbsp;&nbsp;969453 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(b)<br>|  | 340 | &nbsp;&nbsp;355573 |
| DaVita, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 93 | &nbsp;&nbsp;96810 |
| 6.75%, 07/15/33 |  | 57 | &nbsp;&nbsp;59103 |
| Elevance Health, Inc., 3.65%, 12/01/27<br>(d)<br>|  | 1000 | &nbsp;&nbsp;995218 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;125230 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(b)<br>| USD | 76 | &nbsp;&nbsp;77680 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(b)<br>|  | 154 | &nbsp;&nbsp;144814 |
| HCA, Inc., 5.50%, 06/15/47<br>(d)<br>|  | 650 | &nbsp;&nbsp;614255 |
| HealthEquity, Inc., 4.50%, 10/01/29<br>(b)(d)<br>|  | 615 | &nbsp;&nbsp;604173 |
| IQVIA, Inc., 6.25%, 06/01/32<br>(b)(d)<br>|  | 556 | &nbsp;&nbsp;580974 |
| LifePoint Health, Inc.<br>(b)<br>|  |  |  |
| 9.88%, 08/15/30<br>(d)<br>|  | 129 | &nbsp;&nbsp;138893 |
| 11.00%, 10/15/30<br>(d)<br>|  | 582 | &nbsp;&nbsp;638241 |
| 8.38%, 02/15/32 |  | 228 | &nbsp;&nbsp;247486 |
| 10.00%, 06/01/32<br>(d)<br>|  | 282 | &nbsp;&nbsp;299508 |
| Medline Borrower LP<br>(b)(d)<br>|  |  |  |
| 3.88%, 04/01/29 |  | 435 | &nbsp;&nbsp;424694 |
| 5.25%, 10/01/29 |  | 1280 | &nbsp;&nbsp;1286920 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(b)(d)<br>|  | 637 | &nbsp;&nbsp;658506 |
| Molina Healthcare, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 02/15/31 |  | 324 | &nbsp;&nbsp;332758 |
| 6.25%, 01/15/33 |  | 58 | &nbsp;&nbsp;59129 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(b)<br>|  | 118 | &nbsp;&nbsp;123900 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(b)<br>|  | 196 | &nbsp;&nbsp;205569 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(b)(d)<br>|  | 858 | &nbsp;&nbsp;915665 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(b)(d)<br>|  | 878 | &nbsp;&nbsp;888069 |
| Tenet Healthcare Corp.<br>(d)<br>|  |  |  |
| 6.13%, 06/15/30 |  | 250 | &nbsp;&nbsp;255823 |
| 6.75%, 05/15/31 |  | 451 | &nbsp;&nbsp;469270 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Tenet Healthcare Corp.<br>(d)<br>(continued)<br>|  |  |  |
| 6.00%, 11/15/33<br>(b)<br>| USD | 450 | &nbsp;&nbsp;$463317<br>|
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(b)(d)<br>|  | 284 | &nbsp;&nbsp;286106 |
|  |  |  | &nbsp;&nbsp;14930486 |
| Health Care REITs — 0.6% | Health Care REITs — 0.6% | Health Care REITs — 0.6% | Health Care REITs — 0.6% |
| Alexandria Real Estate Equities, Inc., 4.00%, <br>02/01/50<br>(d)<br>|  | 450 | &nbsp;&nbsp;335633 |
| Diversified Healthcare Trust, 7.25%, 10/15/30<br>(b)<br>|  | 133 | &nbsp;&nbsp;135991 |
| Healthpeak OP LLC, 2.88%, 01/15/31<br>(d)<br>|  | 1000 | &nbsp;&nbsp;926470 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<br>(b)<br>| EUR | 260 | &nbsp;&nbsp;317512 |
| 7.00%, 02/15/32<br>(e)<br>|  | 100 | &nbsp;&nbsp;122120 |
| 8.50%, 02/15/32<br>(b)(d)<br>| USD | 819 | &nbsp;&nbsp;874638 |
| Ventas Realty LP, 4.13%, 01/15/26<br>(d)<br>|  | 650 | &nbsp;&nbsp;649928 |
|  |  |  | &nbsp;&nbsp;3362292 |
| Hotel & Resort REITs — 0.7% | Hotel & Resort REITs — 0.7% | Hotel & Resort REITs — 0.7% | Hotel & Resort REITs — 0.7% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(b)<br>|  | 224 | &nbsp;&nbsp;229912 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(b)<br>|  | 123 | &nbsp;&nbsp;125896 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/29<br>(d)<br>|  | 302 | &nbsp;&nbsp;298992 |
| 6.50%, 04/01/32<br>(d)<br>|  | 342 | &nbsp;&nbsp;354683 |
| 6.50%, 06/15/33 |  | 272 | &nbsp;&nbsp;282754 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(b)(m)<br>|  | 261 | &nbsp;&nbsp;235854 |
| 8.63%, 11/15/31<br>(b)(d)<br>|  | 1418 | &nbsp;&nbsp;1489419 |
| 8.88%, 06/15/32<br>(d)<br>|  | 496 | &nbsp;&nbsp;489281 |
| XHR LP, 6.63%, 05/15/30<br>(b)<br>|  | 121 | &nbsp;&nbsp;124882 |
|  |  |  | &nbsp;&nbsp;3631673 |
| Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% |
| Acushnet Co., 5.63%, 12/01/33<br>(b)<br>|  | 105 | &nbsp;&nbsp;106180 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(b)<br>|  | 166 | &nbsp;&nbsp;163730 |
| Burger King (Restaurant Brands International, <br>Inc.)/New Red Finance, Inc.<br>(b)<br>|  |  |  |
| 3.88%, 01/15/28 |  | 108 | &nbsp;&nbsp;106461 |
| 4.38%, 01/15/28<br>(d)<br>|  | 134 | &nbsp;&nbsp;133155 |
| 5.63%, 09/15/29 |  | 129 | &nbsp;&nbsp;131346 |
| 4.00%, 10/15/30<br>(d)<br>|  | 351 | &nbsp;&nbsp;334294 |
| Caesars Entertainment, Inc.<br>(b)(d)<br>|  |  |  |
| 7.00%, 02/15/30 |  | 1335 | &nbsp;&nbsp;1382602 |
| 6.50%, 02/15/32 |  | 579 | &nbsp;&nbsp;593142 |
| Carnival Corp.<br>(b)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 227 | &nbsp;&nbsp;234469 |
| 5.75%, 08/01/32<br>(d)<br>|  | 180 | &nbsp;&nbsp;184731 |
| 6.13%, 02/15/33<br>(d)<br>|  | 649 | &nbsp;&nbsp;670151 |
| Carnival PLC, 4.13%, 07/15/31<br>(b)<br>| EUR | 395 | &nbsp;&nbsp;470006 |
| Churchill Downs, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 | USD | 137 | &nbsp;&nbsp;136491 |
| 5.75%, 04/01/30<br>(d)<br>|  | 699 | &nbsp;&nbsp;705808 |
| 6.75%, 05/01/31 |  | 392 | &nbsp;&nbsp;406475 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br>Finance Co., Inc.<br>(b)(d)<br>|  |  |  |
| 4.63%, 01/15/29 |  | 436 | &nbsp;&nbsp;423458 |
| 6.75%, 01/15/30 |  | 136 | &nbsp;&nbsp;129305 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(b)<br>|  | 408 | &nbsp;&nbsp;412141 |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>|  |  |  |
| 6.13%, 04/01/32 |  | 226 | &nbsp;&nbsp;234025 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 5.88%, 03/15/33<br>(d)<br>| USD | 152 | &nbsp;&nbsp;$156375<br>|
| 5.75%, 09/15/33 |  | 49 | &nbsp;&nbsp;50147 |
| 5.50%, 03/31/34 |  | 242 | &nbsp;&nbsp;243662 |
| Light & Wonder International, Inc.<br>(b)<br>|  |  |  |
| 7.25%, 11/15/29 |  | 51 | &nbsp;&nbsp;52380 |
| 7.50%, 09/01/31<br>(d)<br>|  | 87 | &nbsp;&nbsp;90770 |
| 6.25%, 10/01/33 |  | 242 | &nbsp;&nbsp;245000 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(b)<br>|  | 321 | &nbsp;&nbsp;334861 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(b)(d)<br>|  | 267 | &nbsp;&nbsp;191645 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32<br>(b)(d)<br>|  | 461 | &nbsp;&nbsp;484050 |
| Merlin Entertainments Group U.S. Holdings, Inc., <br>7.38%, 02/15/31<br>(b)<br>|  | 400 | &nbsp;&nbsp;356310 |
| MGM China Holdings Ltd., 5.88%, 05/15/26<br>(e)<br>|  | 250 | &nbsp;&nbsp;250620 |
| MGM Resorts International, 6.13%, 09/15/29<br>(d)<br>|  | 260 | &nbsp;&nbsp;267194 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br>Finance Corp., 4.88%, 05/01/29<br>(b)<br>|  | 72 | &nbsp;&nbsp;70822 |
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(b)<br>|  | 250 | &nbsp;&nbsp;260600 |
| NCL Corp. Ltd.<br>(b)(d)<br>|  |  |  |
| 5.88%, 01/15/31 |  | 56 | &nbsp;&nbsp;55788 |
| 6.75%, 02/01/32 |  | 92 | &nbsp;&nbsp;94201 |
| 6.25%, 09/15/33 |  | 762 | &nbsp;&nbsp;761679 |
| Pinewood Finco PLC, 6.00%, 03/27/30<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;135554 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.63%, 09/01/29 | USD | 116 | &nbsp;&nbsp;87870 |
| 5.88%, 09/01/31 |  | 166 | &nbsp;&nbsp;109975 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br>Finance Corp., 6.63%, 02/01/33<br>(b)<br>|  | 166 | &nbsp;&nbsp;169709 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(b)<br>|  | 140 | &nbsp;&nbsp;142902 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(b)(d)<br>|  | 129 | &nbsp;&nbsp;109692 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(b)<br>|  | 232 | &nbsp;&nbsp;221560 |
| Station Casinos LLC<br>(b)<br>|  |  |  |
| 4.63%, 12/01/31 |  | 172 | &nbsp;&nbsp;163066 |
| 6.63%, 03/15/32 |  | 99 | &nbsp;&nbsp;101343 |
| TUI AG, 5.88%, 03/15/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;121576 |
| Vail Resorts, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 07/15/30 | USD | 189 | &nbsp;&nbsp;192073 |
| 6.50%, 05/15/32<br>(d)<br>|  | 329 | &nbsp;&nbsp;341419 |
| Viking Cruises Ltd.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 51 | &nbsp;&nbsp;51296 |
| 9.13%, 07/15/31<br>(d)<br>|  | 549 | &nbsp;&nbsp;587891 |
| 5.88%, 10/15/33<br>(d)<br>|  | 536 | &nbsp;&nbsp;544288 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<br>(b)<br>|  | 162 | &nbsp;&nbsp;162257 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(b)<br>|  | 304 | &nbsp;&nbsp;322581 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42<br>(d)<br>|  | 1712 | &nbsp;&nbsp;1204820 |
| Wynn Macau Ltd.<br>(b)(d)<br>|  |  |  |
| 5.63%, 08/26/28 |  | 1000 | &nbsp;&nbsp;998020 |
| 5.13%, 12/15/29 |  | 410 | &nbsp;&nbsp;406302 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.13%, 10/01/29<br>(d)<br>|  | 513 | &nbsp;&nbsp;516039 |
| 7.13%, 02/15/31<br>(d)<br>|  | 463 | &nbsp;&nbsp;501007 |
| 6.25%, 03/15/33 |  | 190 | &nbsp;&nbsp;194270 |
|  |  |  | &nbsp;&nbsp;18309584 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>(b)<br>|  |  |  |
| 4.63%, 08/01/29 |  | 100 | &nbsp;&nbsp;95339 |
| 4.63%, 04/01/30 |  | 145 | &nbsp;&nbsp;138473 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Ashton Woods USA LLC/Ashton Woods Finance <br>Co.<br>(b)<br>(continued)<br>|  |  |  |
| 6.88%, 08/01/33 | USD | 138 | &nbsp;&nbsp;$138110<br>|
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 54 | &nbsp;&nbsp;54128 |
| Brookfield Residential Properties, Inc./Brookfield <br>Residential U.S. LLC<br>(b)<br>|  |  |  |
| 5.00%, 06/15/29 |  | 208 | &nbsp;&nbsp;201202 |
| 4.88%, 02/15/30<br>(d)<br>|  | 286 | &nbsp;&nbsp;266396 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(b)(d)<br>|  | 173 | &nbsp;&nbsp;174937 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(b)<br>|  | 115 | &nbsp;&nbsp;118354 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(b)<br>|  | 51 | &nbsp;&nbsp;52605 |
| K Hovnanian Enterprises, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 296 | &nbsp;&nbsp;302088 |
| 8.38%, 10/01/33 |  | 323 | &nbsp;&nbsp;328262 |
| LGI Homes, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 89 | &nbsp;&nbsp;92833 |
| 7.00%, 11/15/32 |  | 161 | &nbsp;&nbsp;153895 |
| Mattamy Group Corp., 6.00%, 12/15/33<br>(b)<br>|  | 68 | &nbsp;&nbsp;67396 |
| Meritage Homes Corp., 1.75%, 05/15/28<br>(j)<br>|  | 390 | &nbsp;&nbsp;383563 |
| New Home Co., Inc.<br>(b)<br>|  |  |  |
| 9.25%, 10/01/29 |  | 224 | &nbsp;&nbsp;233781 |
| 8.50%, 11/01/30 |  | 57 | &nbsp;&nbsp;58702 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(b)<br>|  | 172 | &nbsp;&nbsp;180351 |
| Somnigroup International, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 04/15/29 |  | 204 | &nbsp;&nbsp;198754 |
| 3.88%, 10/15/31 |  | 48 | &nbsp;&nbsp;44865 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(b)<br>|  | 120 | &nbsp;&nbsp;126044 |
| SWF Holdings I Corp., 6.50%, 10/06/29<br>(b)<br>|  | 210 | &nbsp;&nbsp;85936 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(b)<br>|  | 103 | &nbsp;&nbsp;105976 |
|  |  |  | &nbsp;&nbsp;3601990 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Berkline Benchcraft LLC, (4.50% PIK), 4.50%, <br>05/03/12<br>(a)(c)(f)(h)(i)<br>|  | 200 | &nbsp;&nbsp;— |
| Independent Power and Renewable Electricity Producers<br>(b)<br> — 1.1% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 1.1% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 1.1% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 1.1% |
| Calpine Corp. |  |  |  |
| 4.50%, 02/15/28 |  | 7 | &nbsp;&nbsp;7005 |
| 5.13%, 03/15/28<br>(d)<br>|  | 865 | &nbsp;&nbsp;865970 |
| 4.63%, 02/01/29<br>(d)<br>|  | 106 | &nbsp;&nbsp;105603 |
| 5.00%, 02/01/31 |  | 67 | &nbsp;&nbsp;68045 |
| Clearway Energy Operating LLC<br>(d)<br>|  |  |  |
| 4.75%, 03/15/28 |  | 279 | &nbsp;&nbsp;278392 |
| 3.75%, 01/15/32 |  | 155 | &nbsp;&nbsp;140884 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 92 | &nbsp;&nbsp;97828 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 209 | &nbsp;&nbsp;207977 |
| 6.00%, 02/01/33<br>(d)<br>|  | 808 | &nbsp;&nbsp;823997 |
| 5.75%, 01/15/34<br>(d)<br>|  | 604 | &nbsp;&nbsp;610143 |
| 6.25%, 11/01/34<br>(d)<br>|  | 268 | &nbsp;&nbsp;275240 |
| 6.00%, 01/15/36<br>(d)<br>|  | 1609 | &nbsp;&nbsp;1630308 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(a)(o)<br>|  | 181 | &nbsp;&nbsp;185551 |
| XPLR Infrastructure LP, 2.50%, 06/15/26<br>(j)<br>|  | 632 | &nbsp;&nbsp;620182 |
|  |  |  | &nbsp;&nbsp;5917125 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Amsted Industries, Inc., 6.38%, 03/15/33<br>(b)<br>|  | 125 | &nbsp;&nbsp;128748 |
| Avient Corp., 6.25%, 11/01/31<br>(b)<br>|  | 158 | &nbsp;&nbsp;162402 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<br>(b)<br>|  | 105 | &nbsp;&nbsp;109234 |
| Enpro, Inc., 6.13%, 06/01/33<br>(b)<br>|  | 161 | &nbsp;&nbsp;166135 |
| Maxam Prill SARL, 6.00%, 07/15/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;120068 |
|  |  |  | &nbsp;&nbsp;686587 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance — 4.3% | Insurance — 4.3% | Insurance — 4.3% | Insurance — 4.3% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(b)(d)<br>|  |  |  |
| 4.25%, 10/15/27 | USD | 627 | &nbsp;&nbsp;$623015<br>|
| 6.75%, 10/15/27 |  | 195 | &nbsp;&nbsp;196145 |
| 6.75%, 04/15/28 |  | 282 | &nbsp;&nbsp;287125 |
| 5.88%, 11/01/29 |  | 799 | &nbsp;&nbsp;798297 |
| 7.00%, 01/15/31 |  | 866 | &nbsp;&nbsp;898454 |
| 7.38%, 10/01/32 |  | 816 | &nbsp;&nbsp;846085 |
| AmWINS Group, Inc., 6.38%, 02/15/29<br>(b)<br>|  | 138 | &nbsp;&nbsp;141921 |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>(b)<br>|  | 337 | &nbsp;&nbsp;340942 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>(b)<br>|  | 263 | &nbsp;&nbsp;265626 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<br>(e)<br>| EUR | 330 | &nbsp;&nbsp;399711 |
| 7.75%, 02/15/31<br>(b)(d)<br>| USD | 1395 | &nbsp;&nbsp;1462455 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<br>(b)(d)<br>|  | 1487 | &nbsp;&nbsp;1545447 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>(b)<br>|  | 763 | &nbsp;&nbsp;791697 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>(b)(d)<br>|  |  |  |
| 7.25%, 02/15/31 |  | 1600 | &nbsp;&nbsp;1647686 |
| 8.13%, 02/15/32 |  | 748 | &nbsp;&nbsp;772184 |
| HUB International Ltd.<br>(b)(d)<br>|  |  |  |
| 7.25%, 06/15/30 |  | 2764 | &nbsp;&nbsp;2901993 |
| 7.38%, 01/31/32 |  | 4345 | &nbsp;&nbsp;4560312 |
| Jones Deslauriers Insurance Management, Inc.<br>(b)<br>|  |  |  |
| 8.50%, 03/15/30<br>(d)<br>|  | 747 | &nbsp;&nbsp;782937 |
| 6.88%, 10/01/33 |  | 351 | &nbsp;&nbsp;338923 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<br>(b)(d)<br>|  | 2505 | &nbsp;&nbsp;2595801 |
| Ryan Specialty LLC<br>(b)<br>|  |  |  |
| 4.38%, 02/01/30 |  | 125 | &nbsp;&nbsp;122680 |
| 5.88%, 08/01/32 |  | 232 | &nbsp;&nbsp;237050 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;123136 |
| USI, Inc., 7.50%, 01/15/32<br>(b)(d)<br>| USD | 536 | &nbsp;&nbsp;561770 |
|  |  |  | &nbsp;&nbsp;23241392 |
| Interactive Media & Services — 1.8% | Interactive Media & Services — 1.8% | Interactive Media & Services — 1.8% | Interactive Media & Services — 1.8% |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)(d)<br>|  | 7177 | &nbsp;&nbsp;7582593 |
| iliad SA<br>(e)<br>|  |  |  |
| 5.63%, 02/15/30 | EUR | 100 | &nbsp;&nbsp;126275 |
| 4.25%, 01/09/32 |  | 100 | &nbsp;&nbsp;118548 |
| ION Platform Finance U.S., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 05/01/28 | USD | 200 | &nbsp;&nbsp;185044 |
| 5.00%, 05/01/28<br>(d)<br>|  | 403 | &nbsp;&nbsp;374087 |
| 8.75%, 05/01/29 |  | 217 | &nbsp;&nbsp;219845 |
| 9.50%, 05/30/29 |  | 200 | &nbsp;&nbsp;202540 |
| 9.00%, 08/01/29 |  | 200 | &nbsp;&nbsp;196908 |
| Snap, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 03/01/33<br>(d)<br>|  | 456 | &nbsp;&nbsp;472528 |
| 6.88%, 03/15/34 |  | 235 | &nbsp;&nbsp;241961 |
|  |  |  | &nbsp;&nbsp;9720329 |
| Internet Software & Services<br>(b)<br> — 0.4% | Internet Software & Services<br>(b)<br> — 0.4% | Internet Software & Services<br>(b)<br> — 0.4% | Internet Software & Services<br>(b)<br> — 0.4% |
| Cablevision Lightpath LLC |  |  |  |
| 3.88%, 09/15/27 |  | 200 | &nbsp;&nbsp;195201 |
| 5.63%, 09/15/28<br>(d)<br>|  | 400 | &nbsp;&nbsp;390940 |
| Getty Images, Inc. |  |  |  |
| 11.25%, 02/21/30 |  | 230 | &nbsp;&nbsp;215665 |
| 10.50%, 11/15/30 |  | 118 | &nbsp;&nbsp;118975 |
| Match Group Holdings II LLC |  |  |  |
| 4.63%, 06/01/28 |  | 157 | &nbsp;&nbsp;155596 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) |
| Match Group Holdings II LLC<br>(continued)<br>|  |  |  |
| 4.13%, 08/01/30 | USD | 198 | &nbsp;&nbsp;$187409<br>|
| 3.63%, 10/01/31<br>(d)<br>|  | 200 | &nbsp;&nbsp;183518 |
| 6.13%, 09/15/33 |  | 260 | &nbsp;&nbsp;263114 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/27 |  | 214 | &nbsp;&nbsp;228809 |
| 9.75%, 04/15/29<br>(d)<br>|  | 361 | &nbsp;&nbsp;403764 |
|  |  |  | &nbsp;&nbsp;2342991 |
| IT Services — 0.6% | IT Services — 0.6% | IT Services — 0.6% | IT Services — 0.6% |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br>10/30/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118495 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<br>(b)(d)<br>| USD | 87 | &nbsp;&nbsp;91705 |
| Atos SE<br>(e)(l)<br>|  |  |  |
| 5.41%, 12/18/26 | EUR | 28 | &nbsp;&nbsp;32450 |
| 9.73%, 12/18/26 |  | 39 | &nbsp;&nbsp;52218 |
| CACI International, Inc., 6.38%, 06/15/33<br>(b)<br>| USD | 296 | &nbsp;&nbsp;306265 |
| Fair Isaac Corp.<br>(b)<br>|  |  |  |
| 4.00%, 06/15/28 |  | 354 | &nbsp;&nbsp;349133 |
| 6.00%, 05/15/33<br>(d)<br>|  | 1113 | &nbsp;&nbsp;1143215 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<br>(b)(d)<br>|  | 453 | &nbsp;&nbsp;472678 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<br>(b)<br>|  | 148 | &nbsp;&nbsp;152143 |
| McAfee Corp., 7.38%, 02/15/30<br>(b)(d)<br>|  | 305 | &nbsp;&nbsp;265984 |
| Science Applications International Corp.<br>(b)<br>|  |  |  |
| 4.88%, 04/01/28<br>(d)<br>|  | 113 | &nbsp;&nbsp;112700 |
| 5.88%, 11/01/33 |  | 235 | &nbsp;&nbsp;238229 |
|  |  |  | &nbsp;&nbsp;3335215 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| Deuce Finco PLC, 7.00%, 11/20/31<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;136138 |
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| ATS Corp., 4.13%, 12/15/28<br>(b)<br>| USD | 108 | &nbsp;&nbsp;105347 |
| Chart Industries, Inc.<br>(b)<br>|  |  |  |
| 7.50%, 01/01/30<br>(d)<br>|  | 436 | &nbsp;&nbsp;454419 |
| 9.50%, 01/01/31 |  | 79 | &nbsp;&nbsp;83853 |
| Esab Corp., 6.25%, 04/15/29<br>(b)<br>|  | 266 | &nbsp;&nbsp;273506 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(b)(d)<br>|  | 145 | &nbsp;&nbsp;126150 |
| Husky Injection Molding Systems Ltd./Titan Co-<br>Borrower LLC, 9.00%, 02/15/29<br>(b)(d)<br>|  | 741 | &nbsp;&nbsp;777109 |
| IMA Industria Macchine Automatiche SpA, (3-mo. <br>EURIBOR + 3.75%), 5.78%, 04/15/29<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;118872 |
| King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), <br>5.31%, 12/01/32<br>(a)(e)<br>|  | 100 | &nbsp;&nbsp;118629 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(b)<br>| USD | 137 | &nbsp;&nbsp;147152 |
| Terex Corp.<br>(b)<br>|  |  |  |
| 5.00%, 05/15/29 |  | 65 | &nbsp;&nbsp;64779 |
| 6.25%, 10/15/32<br>(d)<br>|  | 172 | &nbsp;&nbsp;176463 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<br>(e)<br>| EUR | 311 | &nbsp;&nbsp;366771 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(b)(d)<br>| USD | 1729 | &nbsp;&nbsp;1729406 |
| Vertiv Group Corp., 4.13%, 11/15/28<br>(b)(d)<br>|  | 730 | &nbsp;&nbsp;721028 |
|  |  |  | &nbsp;&nbsp;5263484 |
| Media — 4.1% | Media — 4.1% | Media — 4.1% | Media — 4.1% |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(b)<br>|  | 205 | &nbsp;&nbsp;201085 |
| Cable One, Inc.<br>(j)<br>|  |  |  |
| 0.00%, 03/15/26<br>(m)<br>|  | 88 | &nbsp;&nbsp;86680 |
| 1.13%, 03/15/28<br>(d)<br>|  | 777 | &nbsp;&nbsp;632323 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(b)<br>|  | 57 | &nbsp;&nbsp;56357 |
| 6.38%, 09/01/29<br>(b)(d)<br>|  | 1282 | &nbsp;&nbsp;1299622 |
| 4.75%, 03/01/30<br>(b)(d)<br>|  | 179 | &nbsp;&nbsp;170954 |
| 4.25%, 02/01/31<br>(b)(d)<br>|  | 920 | &nbsp;&nbsp;845342 |
| 4.75%, 02/01/32<br>(b)(d)<br>|  | 479 | &nbsp;&nbsp;437778 |
| 4.50%, 05/01/32<br>(d)<br>|  | 455 | &nbsp;&nbsp;408379 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| CCO Holdings LLC/CCO Holdings Capital <br>Corp.<br>(continued)<br>|  |  |  |
| 4.50%, 06/01/33<br>(b)(d)<br>| USD | 486 | &nbsp;&nbsp;$425424<br>|
| 4.25%, 01/15/34<br>(b)(d)<br>|  | 996 | &nbsp;&nbsp;846873 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital, 5.38%, <br>05/01/47<br>(d)<br>|  | 425 | &nbsp;&nbsp;350091 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(b)<br>|  | 75 | &nbsp;&nbsp;77828 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(b)(d)<br>|  | 678 | &nbsp;&nbsp;690531 |
| CSC Holdings LLC<br>(b)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 600 | &nbsp;&nbsp;514451 |
| 5.38%, 02/01/28 |  | 600 | &nbsp;&nbsp;435315 |
| 11.25%, 05/15/28 |  | 600 | &nbsp;&nbsp;477399 |
| 11.75%, 01/31/29<br>(d)<br>|  | 400 | &nbsp;&nbsp;297179 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(b)(d)<br>|  | 484 | &nbsp;&nbsp;489708 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(b)(d)<br>|  |  |  |
| 5.88%, 08/15/27 |  | 366 | &nbsp;&nbsp;368148 |
| 10.00%, 02/15/31 |  | 1089 | &nbsp;&nbsp;1113014 |
| DISH DBS Corp.<br>(b)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 1212 | &nbsp;&nbsp;1175334 |
| 5.75%, 12/01/28 |  | 934 | &nbsp;&nbsp;916957 |
| DISH Network Corp., 11.75%, 11/15/27<br>(b)<br>|  | 1301 | &nbsp;&nbsp;1354055 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(b)<br>|  | 563 | &nbsp;&nbsp;557799 |
| Gray Media, Inc.<br>(b)(d)<br>|  |  |  |
| 10.50%, 07/15/29 |  | 226 | &nbsp;&nbsp;243027 |
| 9.63%, 07/15/32 |  | 572 | &nbsp;&nbsp;593604 |
| 7.25%, 08/15/33 |  | 545 | &nbsp;&nbsp;556897 |
| LCPR Senior Secured Financing DAC, 6.75%, <br>10/15/27<br>(b)<br>|  | 560 | &nbsp;&nbsp;391412 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<br>(b)(d)<br>|  | 157 | &nbsp;&nbsp;157320 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(b)<br>|  | 160 | &nbsp;&nbsp;163780 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(b)<br>|  | 222 | &nbsp;&nbsp;227626 |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(b)<br>|  | 200 | &nbsp;&nbsp;206213 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(b)(d)<br>|  | 655 | &nbsp;&nbsp;684102 |
| Sirius XM Radio LLC<br>(b)<br>|  |  |  |
| 3.13%, 09/01/26 |  | 397 | &nbsp;&nbsp;393510 |
| 5.00%, 08/01/27<br>(d)<br>|  | 477 | &nbsp;&nbsp;478162 |
| 4.00%, 07/15/28 |  | 97 | &nbsp;&nbsp;94824 |
| Sunrise FinCo I BV |  |  |  |
| 4.88%, 07/15/31<br>(b)(d)<br>|  | 249 | &nbsp;&nbsp;237173 |
| 4.63%, 05/15/32<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118699 |
| Univision Communications, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 08/15/28<br>(d)<br>| USD | 592 | &nbsp;&nbsp;613120 |
| 8.50%, 07/31/31<br>(d)<br>|  | 347 | &nbsp;&nbsp;362486 |
| 9.38%, 08/01/32 |  | 370 | &nbsp;&nbsp;397681 |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(b)<br>|  | 196 | &nbsp;&nbsp;202211 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, <br>07/15/28<br>(b)(d)<br>|  | 554 | &nbsp;&nbsp;543538 |
| VZ Secured Financing BV, 5.25%, 01/15/33<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;115217 |
| WULF Compute LLC, 7.75%, 10/15/30<br>(b)(d)<br>| USD | 850 | &nbsp;&nbsp;875711 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<br>(b)<br>|  | 225 | &nbsp;&nbsp;200871 |
| Ziggo BV, 4.88%, 01/15/30<br>(b)<br>|  | 200 | &nbsp;&nbsp;189046 |
|  |  |  | &nbsp;&nbsp;22274856 |
| Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% | Metals & Mining — 2.1% |
| Advanced Drainage Systems, Inc., 6.38%, <br>06/15/30<br>(b)(d)<br>|  | 240 | &nbsp;&nbsp;245417 |
| Arsenal AIC Parent LLC<br>(b)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 186 | &nbsp;&nbsp;197376 |
| 11.50%, 10/01/31<br>(d)<br>|  | 939 | &nbsp;&nbsp;1033419 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br>01/31/29<br>(b)(d)<br>| USD | 806 | &nbsp;&nbsp;$811847<br>|
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(b)<br>|  | 279 | &nbsp;&nbsp;283387 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(b)(d)<br>|  | 437 | &nbsp;&nbsp;452606 |
| Commercial Metals Co.<br>(b)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 321 | &nbsp;&nbsp;328233 |
| 6.00%, 12/15/35 |  | 331 | &nbsp;&nbsp;339326 |
| Constellium SE<br>(b)(d)<br>|  |  |  |
| 5.63%, 06/15/28 |  | 500 | &nbsp;&nbsp;499928 |
| 3.75%, 04/15/29 |  | 735 | &nbsp;&nbsp;709722 |
| 6.38%, 08/15/32 |  | 317 | &nbsp;&nbsp;327151 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(b)<br>|  | 70 | &nbsp;&nbsp;70219 |
| First Quantum Minerals Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 03/01/33 |  | 200 | &nbsp;&nbsp;213106 |
| 7.25%, 02/15/34 |  | 200 | &nbsp;&nbsp;210190 |
| Freeport Indonesia PT, 4.76%, 04/14/27<br>(e)<br>|  | 200 | &nbsp;&nbsp;200500 |
| Glencore Funding LLC, 6.14%, 04/01/55<br>(b)(d)<br>|  | 500 | &nbsp;&nbsp;515971 |
| Kaiser Aluminum Corp.<br>(b)(d)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 770 | &nbsp;&nbsp;743915 |
| 5.88%, 03/01/34 |  | 418 | &nbsp;&nbsp;419311 |
| New Gold, Inc., 6.88%, 04/01/32<br>(b)<br>|  | 305 | &nbsp;&nbsp;323679 |
| Novelis Corp.<br>(b)(d)<br>|  |  |  |
| 4.75%, 01/30/30 |  | 630 | &nbsp;&nbsp;607736 |
| 6.88%, 01/30/30 |  | 348 | &nbsp;&nbsp;361346 |
| 3.88%, 08/15/31 |  | 860 | &nbsp;&nbsp;783858 |
| 6.38%, 08/15/33 |  | 678 | &nbsp;&nbsp;687337 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<br>(e)<br>| EUR | 200 | &nbsp;&nbsp;229544 |
| Samarco Mineracao SA<br>(h)<br>|  |  |  |
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31<br>(e)<br>| USD | 28 | &nbsp;&nbsp;28395 |
| (9.00% PIK), 9.50%, 06/30/31<br>(b)<br>|  | 6 | &nbsp;&nbsp;5683 |
| Stillwater Mining Co., 4.50%, 11/16/29<br>(b)<br>|  | 200 | &nbsp;&nbsp;188500 |
| Vallourec SACA, 7.50%, 04/15/32<br>(b)(d)<br>|  | 517 | &nbsp;&nbsp;548942 |
| Vedanta Resources Finance II PLC, 10.88%, <br>09/17/29<br>(b)<br>|  | 200 | &nbsp;&nbsp;210812 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<br>(b)<br>|  | 22 | &nbsp;&nbsp;22575 |
|  |  |  | &nbsp;&nbsp;11600031 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 82 | &nbsp;&nbsp;81672 |
| 7.88%, 07/15/30 |  | 144 | &nbsp;&nbsp;137590 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 284 | &nbsp;&nbsp;281073 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 171 | &nbsp;&nbsp;180594 |
| 6.00%, 04/15/30 |  | 90 | &nbsp;&nbsp;92376 |
| 6.50%, 07/01/30 |  | 87 | &nbsp;&nbsp;90750 |
| 6.50%, 10/15/30 |  | 238 | &nbsp;&nbsp;248137 |
|  |  |  | &nbsp;&nbsp;1112192 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br>9.50%, 06/01/30<br>(b)<br>|  | 123 | &nbsp;&nbsp;131031 |
| Oil, Gas & Consumable Fuels — 6.5% | Oil, Gas & Consumable Fuels — 6.5% | Oil, Gas & Consumable Fuels — 6.5% | Oil, Gas & Consumable Fuels — 6.5% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(b)<br>|  | 393 | &nbsp;&nbsp;411737 |
| Antero Midstream Partners LP/Antero Midstream <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.38%, 06/15/29 |  | 206 | &nbsp;&nbsp;206005 |
| 6.63%, 02/01/32 |  | 230 | &nbsp;&nbsp;238069 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 165 | &nbsp;&nbsp;209754 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>(continued)<br>|  |  |  |
| 5.88%, 06/30/29 | USD | 35 | &nbsp;&nbsp;$35092<br>|
| 6.63%, 07/15/33<br>(d)<br>|  | 170 | &nbsp;&nbsp;175957 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(b)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 224 | &nbsp;&nbsp;233613 |
| 7.25%, 07/15/32 |  | 180 | &nbsp;&nbsp;191029 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(b)<br>|  | 20 | &nbsp;&nbsp;20804 |
| 6.75%, 02/01/30<br>(b)<br>|  | 87 | &nbsp;&nbsp;91328 |
| 5.85%, 11/15/43 |  | 145 | &nbsp;&nbsp;135978 |
| 5.60%, 10/15/44 |  | 86 | &nbsp;&nbsp;77946 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(b)(d)<br>|  | 623 | &nbsp;&nbsp;648820 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(b)<br>|  | 110 | &nbsp;&nbsp;113753 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(b)<br>|  | 778 | &nbsp;&nbsp;808983 |
| Civitas Resources, Inc.<br>(b)(d)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 232 | &nbsp;&nbsp;239051 |
| 8.75%, 07/01/31 |  | 179 | &nbsp;&nbsp;185695 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<br>(b)<br>|  | 96 | &nbsp;&nbsp;93067 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(b)<br>|  | 114 | &nbsp;&nbsp;119005 |
| Comstock Resources, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 03/01/29<br>(d)<br>|  | 362 | &nbsp;&nbsp;362804 |
| 6.75%, 03/01/29 |  | 137 | &nbsp;&nbsp;136725 |
| 5.88%, 01/15/30<br>(d)<br>|  | 443 | &nbsp;&nbsp;430886 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(b)<br>|  | 1617 | &nbsp;&nbsp;1599728 |
| Crescent Energy Finance LLC<br>(b)<br>|  |  |  |
| 7.63%, 04/01/32<br>(d)<br>|  | 273 | &nbsp;&nbsp;264680 |
| 7.38%, 01/15/33<br>(d)<br>|  | 206 | &nbsp;&nbsp;195484 |
| 8.38%, 01/15/34 |  | 165 | &nbsp;&nbsp;163901 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(b)<br>|  | 173 | &nbsp;&nbsp;176958 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(b)<br>|  | 291 | &nbsp;&nbsp;296951 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(b)<br>|  | 125 | &nbsp;&nbsp;132418 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 61 | &nbsp;&nbsp;64904 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)(d)<br>|  | 298 | &nbsp;&nbsp;323891 |
| Enbridge, Inc., Series 2020-A, (5-year CMT + 5.31%), <br>5.75%, 07/15/80<br>(a)(d)<br>|  | 2000 | &nbsp;&nbsp;2019002 |
| Energy Transfer LP<br>(d)<br>|  |  |  |
| 3.90%, 07/15/26 |  | 235 | &nbsp;&nbsp;234797 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<br>(a)<br>|  | 469 | &nbsp;&nbsp;500636 |
| Series H, (5-year CMT + 5.69%), 6.50%<br>(a)(o)<br>|  | 4409 | &nbsp;&nbsp;4428417 |
| EQT Corp., 4.50%, 01/15/29 |  | 20 | &nbsp;&nbsp;20047 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 182 | &nbsp;&nbsp;182749 |
| 8.00%, 05/15/33 |  | 9 | &nbsp;&nbsp;9343 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(b)<br>|  | 125 | &nbsp;&nbsp;127280 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(b)<br>|  | 189 | &nbsp;&nbsp;195177 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(b)(d)<br>|  | 112 | &nbsp;&nbsp;116747 |
| Hess Corp., 4.30%, 04/01/27 |  | 50 | &nbsp;&nbsp;50212 |
| Hess Midstream Operations LP<br>(b)<br>|  |  |  |
| 6.50%, 06/01/29 |  | 222 | &nbsp;&nbsp;229259 |
| 4.25%, 02/15/30 |  | 112 | &nbsp;&nbsp;109546 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(b)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 145 | &nbsp;&nbsp;145823 |
| 5.75%, 02/01/29 |  | 155 | &nbsp;&nbsp;153353 |
| 6.00%, 04/15/30 |  | 21 | &nbsp;&nbsp;20406 |
| 6.25%, 04/15/32 |  | 16 | &nbsp;&nbsp;15062 |
| 8.38%, 11/01/33<br>(d)<br>|  | 301 | &nbsp;&nbsp;307338 |
| 6.88%, 05/15/34 |  | 211 | &nbsp;&nbsp;197709 |
| 7.25%, 02/15/35 |  | 83 | &nbsp;&nbsp;78881 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Howard Midstream Energy Partners LLC<br>(b)(d)<br>|  |  |  |
| 7.38%, 07/15/32 | USD | 111 | &nbsp;&nbsp;$117124<br>|
| 6.63%, 01/15/34 |  | 305 | &nbsp;&nbsp;313337 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43<br>(c)<br>|  | 1240 | &nbsp;&nbsp;1093493 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(b)(d)<br>|  | 502 | &nbsp;&nbsp;481745 |
| Kinetik Holdings LP<br>(b)<br>|  |  |  |
| 6.63%, 12/15/28 |  | 58 | &nbsp;&nbsp;59721 |
| 5.88%, 06/15/30 |  | 53 | &nbsp;&nbsp;53475 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(b)<br>|  | 148 | &nbsp;&nbsp;152110 |
| Matador Resources Co.<br>(b)(d)<br>|  |  |  |
| 6.88%, 04/15/28 |  | 276 | &nbsp;&nbsp;282041 |
| 6.50%, 04/15/32 |  | 303 | &nbsp;&nbsp;307292 |
| MPLX LP, 4.25%, 12/01/27<br>(d)<br>|  | 185 | &nbsp;&nbsp;185489 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 29 | &nbsp;&nbsp;24933 |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(b)<br>|  | 127 | &nbsp;&nbsp;124825 |
| NGL Energy Operating LLC/NGL Energy Finance <br>Corp.<br>(b)(d)<br>|  |  |  |
| 8.13%, 02/15/29 |  | 233 | &nbsp;&nbsp;241846 |
| 8.38%, 02/15/32 |  | 687 | &nbsp;&nbsp;711433 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(b)(d)<br>|  | 48 | &nbsp;&nbsp;49868 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(b)<br>|  | 358 | &nbsp;&nbsp;348568 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(b)<br>|  | 172 | &nbsp;&nbsp;175277 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(b)<br>|  | 160 | &nbsp;&nbsp;154086 |
| Permian Resources Operating LLC<br>(b)<br>|  |  |  |
| 8.00%, 04/15/27 |  | 272 | &nbsp;&nbsp;275552 |
| 5.88%, 07/01/29<br>(d)<br>|  | 411 | &nbsp;&nbsp;413409 |
| 7.00%, 01/15/32<br>(d)<br>|  | 221 | &nbsp;&nbsp;230356 |
| 6.25%, 02/01/33 |  | 184 | &nbsp;&nbsp;188741 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 52 | &nbsp;&nbsp;52509 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 130 | &nbsp;&nbsp;139141 |
| 5.95%, 01/28/31 |  | 158 | &nbsp;&nbsp;152928 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br>07/03/36<br>(b)<br>|  | 50 | &nbsp;&nbsp;52993 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(b)<br>|  | 192 | &nbsp;&nbsp;199569 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<br>(b)<br>|  | 200 | &nbsp;&nbsp;164750 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<br>(b)<br>|  | 51 | &nbsp;&nbsp;50889 |
| Sunoco LP<br>(b)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 124 | &nbsp;&nbsp;124909 |
| 6.63%, 08/15/32 |  | 201 | &nbsp;&nbsp;206591 |
| 6.25%, 07/01/33 |  | 208 | &nbsp;&nbsp;213058 |
| 5.88%, 03/15/34 |  | 125 | &nbsp;&nbsp;124989 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 148 | &nbsp;&nbsp;148080 |
| 7.38%, 02/15/29<br>(d)<br>|  | 501 | &nbsp;&nbsp;517815 |
| 6.00%, 09/01/31 |  | 100 | &nbsp;&nbsp;99532 |
| TGNR Intermediate Holdings LLC, 5.50%, <br>10/15/29<br>(b)(d)<br>|  | 347 | &nbsp;&nbsp;343610 |
| Transcontinental Gas Pipe Line Co. LLC, 4.00%, <br>03/15/28<br>(d)<br>|  | 280 | &nbsp;&nbsp;279767 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(b)<br>|  | 56 | &nbsp;&nbsp;56537 |
| Transocean International Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 05/15/29<br>(d)<br>|  | 111 | &nbsp;&nbsp;111872 |
| 8.75%, 02/15/30<br>(d)<br>|  | 37 | &nbsp;&nbsp;38400 |
| 8.50%, 05/15/31<br>(d)<br>|  | 248 | &nbsp;&nbsp;245650 |
| 7.88%, 10/15/32 |  | 183 | &nbsp;&nbsp;191125 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(b)<br>|  | 59 | &nbsp;&nbsp;60353 |
| Valaris Ltd., 8.38%, 04/30/30<br>(b)(d)<br>|  | 237 | &nbsp;&nbsp;246590 |
| Venture Global LNG, Inc.<br>(b)<br>|  |  |  |
| 9.50%, 02/01/29<br>(d)<br>|  | 1496 | &nbsp;&nbsp;1550570 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Venture Global LNG, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 7.00%, 01/15/30 | USD | 32 | &nbsp;&nbsp;$30798<br>|
| 8.38%, 06/01/31<br>(d)<br>|  | 1039 | &nbsp;&nbsp;1033209 |
| 9.88%, 02/01/32<br>(d)<br>|  | 1251 | &nbsp;&nbsp;1292374 |
| Venture Global Plaquemines LNG LLC<br>(b)<br>|  |  |  |
| 6.13%, 12/15/30<br>(d)<br>|  | 693 | &nbsp;&nbsp;705713 |
| 7.50%, 05/01/33<br>(d)<br>|  | 290 | &nbsp;&nbsp;313345 |
| 6.50%, 01/15/34<br>(d)<br>|  | 864 | &nbsp;&nbsp;884943 |
| 7.75%, 05/01/35 |  | 318 | &nbsp;&nbsp;348195 |
| 6.75%, 01/15/36<br>(d)<br>|  | 927 | &nbsp;&nbsp;949517 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<br>(b)<br>|  | 8 | &nbsp;&nbsp;8180 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(b)<br>|  | 115 | &nbsp;&nbsp;114782 |
| 9.75%, 10/15/30<br>(d)<br>|  | 138 | &nbsp;&nbsp;144821 |
| 7.88%, 04/15/32<br>(b)(d)<br>|  | 305 | &nbsp;&nbsp;300512 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(b)<br>|  | 324 | &nbsp;&nbsp;327053 |
|  |  |  | &nbsp;&nbsp;35337190 |
| Passenger Airlines<br>(b)<br> — 0.2% | Passenger Airlines<br>(b)<br> — 0.2% | Passenger Airlines<br>(b)<br> — 0.2% | Passenger Airlines<br>(b)<br> — 0.2% |
| American Airlines, Inc., 8.50%, 05/15/29<br>(d)<br>|  | 306 | &nbsp;&nbsp;320043 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.75%, 04/20/29<br>|  | 48 | &nbsp;&nbsp;48371 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>|  | 323 | &nbsp;&nbsp;325410 |
| OneSky Flight LLC, 8.88%, 12/15/29 |  | 250 | &nbsp;&nbsp;267534 |
|  |  |  | &nbsp;&nbsp;961358 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS |  |  |  |
| 5.50%, 03/31/32<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;121232 |
| 6.50%, 03/31/32<br>(b)<br>| USD | 317 | &nbsp;&nbsp;324677 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 95 | &nbsp;&nbsp;92536 |
|  |  |  | &nbsp;&nbsp;538445 |
| Pharmaceuticals — 1.7% | Pharmaceuticals — 1.7% | Pharmaceuticals — 1.7% | Pharmaceuticals — 1.7% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>|  | 4154 | &nbsp;&nbsp;4320230 |
| AbbVie, Inc., 4.25%, 11/14/28<br>(d)<br>|  | 1000 | &nbsp;&nbsp;1011081 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(b)<br>|  | 175 | &nbsp;&nbsp;184854 |
| Bausch Health Cos., Inc.<br>(b)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 140 | &nbsp;&nbsp;125300 |
| 11.00%, 09/30/28 |  | 641 | &nbsp;&nbsp;663973 |
| CVS Health Corp., 3.75%, 04/01/30<br>(d)<br>|  | 1000 | &nbsp;&nbsp;976457 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;119281 |
| Grifols SA<br>(e)<br>|  |  |  |
| 2.25%, 11/15/27 |  | 163 | &nbsp;&nbsp;190623 |
| 7.13%, 05/01/30 |  | 100 | &nbsp;&nbsp;123296 |
| Gruenenthal GmbH, 4.63%, 11/15/31<br>(e)<br>|  | 100 | &nbsp;&nbsp;118752 |
| Nidda Healthcare Holding GmbH<br>(e)<br>|  |  |  |
| 7.00%, 02/21/30 |  | 100 | &nbsp;&nbsp;121990 |
| (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<br>(a)<br>|  | 100 | &nbsp;&nbsp;118581 |
| Option Care Health, Inc., 4.38%, 10/31/29<br>(b)(d)<br>| USD | 245 | &nbsp;&nbsp;239373 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br>4.13%, 04/30/28<br>(b)(d)<br>|  | 400 | &nbsp;&nbsp;389774 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.89%, <br>12/31/29<br>(a)(e)<br>| EUR | 42 | &nbsp;&nbsp;50742 |
| Teva Pharmaceutical Finance Netherlands III BV, <br>3.15%, 10/01/26<br>(d)<br>| USD | 302 | &nbsp;&nbsp;298036 |
|  |  |  | &nbsp;&nbsp;9052343 |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br>12/31/28<br>(h)<br>| EUR | 56 | &nbsp;&nbsp;72307 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) |
| Alexandrite Lake Lux Holdings SARL, 6.75%, <br>07/30/30<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;$119547<br>|
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp.<br>|  |  |  |
| 7.00%, 04/15/30<br>(b)<br>| USD | 39 | &nbsp;&nbsp;38746 |
| Series AI, 7.00%, 04/15/30<br>(d)<br>|  | 271 | &nbsp;&nbsp;270032 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(b)<br>|  | 133 | &nbsp;&nbsp;144341 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(b)<br>|  | 181 | &nbsp;&nbsp;193325 |
| Fantasia Holdings Group Co. Ltd.<br>(e)(f)(i)<br>|  |  |  |
| 11.75%, 04/17/22 |  | 400 | &nbsp;&nbsp;4000 |
| 11.88%, 06/01/23 |  | 200 | &nbsp;&nbsp;2000 |
| 9.25%, 07/28/23 |  | 200 | &nbsp;&nbsp;2000 |
| 9.88%, 10/19/23 |  | 200 | &nbsp;&nbsp;2000 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(b)<br>|  | 84 | &nbsp;&nbsp;87762 |
| Howard Hughes Corp.<br>(b)<br>|  |  |  |
| 4.13%, 02/01/29 |  | 149 | &nbsp;&nbsp;144793 |
| 4.38%, 02/01/31 |  | 54 | &nbsp;&nbsp;51413 |
| New Immo Holding SA, 3.25%, 07/23/27<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;117260 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30<br>(e)<br>| USD | 200 | &nbsp;&nbsp;199951 |
| Vivion Investments SARL<br>(e)<br>|  |  |  |
| 5.63%, 06/08/30 | EUR | 100 | &nbsp;&nbsp;113186 |
| (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<br>(h)<br>|  | 14 | &nbsp;&nbsp;16428 |
|  |  |  | &nbsp;&nbsp;1579091 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(b)(d)<br>| USD | 327 | &nbsp;&nbsp;323178 |
| Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(b)<br>|  | 76 | &nbsp;&nbsp;77568 |
| Broadcom, Inc.<br>(d)<br>|  |  |  |
| 4.11%, 09/15/28 |  | 1594 | &nbsp;&nbsp;1598380 |
| 3.50%, 02/15/41 |  | 700 | &nbsp;&nbsp;569440 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 |  | 272 | &nbsp;&nbsp;282846 |
| ON Semiconductor Corp., 0.50%, 03/01/29<br>(j)<br>|  | 258 | &nbsp;&nbsp;244068 |
| QUALCOMM, Inc., 4.30%, 05/20/47<br>(d)<br>|  | 600 | &nbsp;&nbsp;503775 |
|  |  |  | &nbsp;&nbsp;3276077 |
| Software — 3.0% | Software — 3.0% | Software — 3.0% | Software — 3.0% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(b)(d)<br>|  | 3066 | &nbsp;&nbsp;3056773 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(b)(d)<br>|  | 79 | &nbsp;&nbsp;78462 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(b)(d)<br>|  | 686 | &nbsp;&nbsp;706562 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(b)(d)<br>|  | 220 | &nbsp;&nbsp;191207 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br>06/15/29<br>(b)(d)<br>|  | 296 | &nbsp;&nbsp;250952 |
| Cloud Software Group, Inc.<br>(b)(d)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 1673 | &nbsp;&nbsp;1694896 |
| 9.00%, 09/30/29 |  | 3024 | &nbsp;&nbsp;3149527 |
| 8.25%, 06/30/32 |  | 674 | &nbsp;&nbsp;704357 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(b)(d)<br>|  | 1313 | &nbsp;&nbsp;1286300 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(b)(d)<br>|  | 339 | &nbsp;&nbsp;315193 |
| Elastic NV, 4.13%, 07/15/29<br>(b)<br>|  | 226 | &nbsp;&nbsp;218874 |
| Electronic Arts, Inc., 2.95%, 02/15/51<br>(d)<br>|  | 156 | &nbsp;&nbsp;143896 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(b)(d)<br>|  | 367 | &nbsp;&nbsp;374212 |
| IPD 3 BV, Series NOV, 5.50%, 06/15/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118257 |
| Oracle Corp.<br>(d)<br>|  |  |  |
| 3.60%, 04/01/50 | USD | 785 | &nbsp;&nbsp;488985 |
| 6.13%, 08/03/65 |  | 500 | &nbsp;&nbsp;442796 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(b)(d)<br>|  | 354 | &nbsp;&nbsp;291105 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(b)(d)<br>|  | 363 | &nbsp;&nbsp;377670 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 112 | &nbsp;&nbsp;$108189<br>|
| 3.88%, 03/15/31 |  | 251 | &nbsp;&nbsp;239887 |
| UKG, Inc., 6.88%, 02/01/31<br>(b)(d)<br>|  | 1759 | &nbsp;&nbsp;1806868 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(b)<br>|  | 388 | &nbsp;&nbsp;366155 |
|  |  |  | &nbsp;&nbsp;16411123 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30<br>(b)<br>|  | 168 | &nbsp;&nbsp;168890 |
| Afflelou SAS, 6.00%, 07/25/29<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;122255 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br>01/15/32<br>(a)(e)<br>|  | 100 | &nbsp;&nbsp;118420 |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>(b)<br>| USD | 170 | &nbsp;&nbsp;175089 |
| Staples, Inc., 10.75%, 09/01/29<br>(b)<br>|  | 185 | &nbsp;&nbsp;183923 |
| Suburban Propane Partners LP/Suburban Energy <br>Finance Corp., 5.00%, 06/01/31<br>(b)<br>|  | 91 | &nbsp;&nbsp;87363 |
|  |  |  | &nbsp;&nbsp;855940 |
| Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.2% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.2% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.2% | Technology Hardware, Storage & Peripherals<br>(b)<br> — 0.2% |
| Seagate Data Storage Technology Pte Ltd. |  |  |  |
| 8.25%, 12/15/29 |  | 449 | &nbsp;&nbsp;476136 |
| 8.50%, 07/15/31<br>(d)<br>|  | 557 | &nbsp;&nbsp;592181 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>|  | 151 | &nbsp;&nbsp;155661 |
|  |  |  | &nbsp;&nbsp;1223978 |
| Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% | Textiles, Apparel & Luxury Goods — 0.3% |
| Beach Acquisition Bidco LLC<br>(b)<br>|  |  |  |
| 5.25%, 07/15/32 | EUR | 435 | &nbsp;&nbsp;520441 |
| (10.00% Cash or 10.75% PIK), 10.00%, <br>07/15/33<br>(d)(h)<br>| USD | 759 | &nbsp;&nbsp;837771 |
| Crocs, Inc., 4.25%, 03/15/29<br>(b)<br>|  | 25 | &nbsp;&nbsp;24194 |
| Levi Strauss & Co.<br>(b)<br>|  |  |  |
| 4.00%, 08/15/30 | EUR | 120 | &nbsp;&nbsp;143214 |
| 3.50%, 03/01/31 | USD | 16 | &nbsp;&nbsp;14899 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br>5.78%, 07/01/29<br>(a)(e)<br>| EUR | 100 | &nbsp;&nbsp;118481 |
|  |  |  | &nbsp;&nbsp;1659000 |
| Tobacco — 0.1% | Tobacco — 0.1% | Tobacco — 0.1% | Tobacco — 0.1% |
| BAT Capital Corp., 7.08%, 08/02/43<br>(d)<br>| USD | 500 | &nbsp;&nbsp;561609 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Edge Finco PLC, 8.13%, 08/15/31<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;143221 |
| Incora Top Holdco LLC, 6.00%, 01/31/33<br>(c)<br>| USD | 198 | &nbsp;&nbsp;45099 |
| Mobico Group PLC, 3.63%, 11/20/28<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;121487 |
| Ocado Group PLC, 11.00%, 06/15/30<br>(e)<br>|  | 100 | &nbsp;&nbsp;135959 |
|  |  |  | &nbsp;&nbsp;445766 |
| Utilities — 0.3% | Utilities — 0.3% | Utilities — 0.3% | Utilities — 0.3% |
| TransAlta Corp., 5.88%, 02/01/34 | USD | 209 | &nbsp;&nbsp;210444 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(b)(d)<br>|  | 1351 | &nbsp;&nbsp;1338498 |
|  |  |  | &nbsp;&nbsp;1548942 |
| Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% |
| American Water Capital Corp., 4.45%, 06/01/32<br>(d)<br>|  | 900 | &nbsp;&nbsp;900489 |
| Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% | Wireless Telecommunication Services — 1.0% |
| Altice France SA |  |  |  |
| 6.88%, 10/15/30<br>(b)<br>|  | 357 | &nbsp;&nbsp;346660 |
| 6.50%, 10/15/31<br>(b)<br>|  | 246 | &nbsp;&nbsp;233136 |
| 6.50%, 04/15/32<br>(b)<br>|  | 1122 | &nbsp;&nbsp;1075456 |
| 5.63%, 07/15/32<br>(e)<br>| EUR | 11 | &nbsp;&nbsp;12300 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) |
| Altice France SA<br>(continued)<br>|  |  |  |
| 6.88%, 07/15/32<br>(b)<br>| USD | 335 | &nbsp;&nbsp;$321264<br>|
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(b)(d)<br>|  | 945 | &nbsp;&nbsp;981033 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(b)<br>|  | 1328 | &nbsp;&nbsp;1359849 |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br>11/01/23<br>(b)(f)(h)(i)<br>|  | 236 | &nbsp;&nbsp;59120 |
| Telecom Argentina SA, 9.25%, 05/28/33<br>(b)<br>|  | 5 | &nbsp;&nbsp;4910 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<br>(e)<br>| GBP | 100 | &nbsp;&nbsp;127589 |
| 4.25%, 01/31/31<br>(b)(d)<br>| USD | 600 | &nbsp;&nbsp;547206 |
| 4.75%, 07/15/31<br>(b)<br>|  | 200 | &nbsp;&nbsp;184643 |
| 6.75%, 01/15/33<br>(b)<br>|  | 254 | &nbsp;&nbsp;251723 |
| WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31<br>(b)(h)<br>|  | 12 | &nbsp;&nbsp;12149 |
| Zegona Finance PLC, 6.75%, 07/15/29<br>(e)<br>| EUR | 90 | &nbsp;&nbsp;111147 |
|  |  |  | &nbsp;&nbsp;5628185 |
| Total Corporate Bonds — 71.2%<br>(Cost: $380,038,350) | Total Corporate Bonds — 71.2%<br>(Cost: $380,038,350) | Total Corporate Bonds — 71.2%<br>(Cost: $380,038,350) | &nbsp;&nbsp;386974585 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br>12/15/31<br>(c)(h)<br>| USD | 27 | &nbsp;&nbsp;— |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>|  | 1018 | &nbsp;&nbsp;1012795 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 91 | &nbsp;&nbsp;90610 |
|  |  |  | &nbsp;&nbsp;1103405 |
| Software — 0.1% | Software — 0.1% | Software — 0.1% | Software — 0.1% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 595 | &nbsp;&nbsp;575294 |
| Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $1,729,093) | Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $1,729,093) | Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $1,729,093) | &nbsp;&nbsp;1678699 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.2% | Advertising Agencies — 0.2% | Advertising Agencies — 0.2% | Advertising Agencies — 0.2% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 347 | &nbsp;&nbsp;347597 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>09/24/32<br>|  | 401 | &nbsp;&nbsp;402003 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>02/07/31<br>|  | 236 | &nbsp;&nbsp;236784 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 148 | &nbsp;&nbsp;137338 |
|  |  |  | &nbsp;&nbsp;1123722 |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>10/31/30<br>|  | 656 | &nbsp;&nbsp;658758 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, <br>(6-mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29<br>|  | 648 | &nbsp;&nbsp;650003 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>|  | 1282 | &nbsp;&nbsp;1286334 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| Dynasty Acquisition Co., Inc.<br>(continued)<br>|  |  |  |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| USD | 488 | &nbsp;&nbsp;$489504<br>|
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/27/32<br>|  | 250 | &nbsp;&nbsp;250837 |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | 3 | &nbsp;&nbsp;3180 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.38%, 02/26/32<br>|  | 351 | &nbsp;&nbsp;352090 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>|  | 370 | &nbsp;&nbsp;371573 |
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 02/28/31<br>|  | 2696 | &nbsp;&nbsp;2705279 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 01/19/32<br>|  | 486 | &nbsp;&nbsp;487652 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 03/22/30<br>|  | 843 | &nbsp;&nbsp;845135 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 08/19/32<br>|  | 1679 | &nbsp;&nbsp;1685441 |
|  |  |  | &nbsp;&nbsp;9785786 |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br>03/18/30<br>|  | 758 | &nbsp;&nbsp;759183 |
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br>04/09/32<br>|  | 285 | &nbsp;&nbsp;284846 |
|  |  |  | &nbsp;&nbsp;1044029 |
| Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% | Automobile Components — 0.9% |
| Allison Transmission, Inc., 2025 Incremental Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.45%, 11/05/32<br>|  | 507 | &nbsp;&nbsp;509114 |
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 05/06/30<br>|  | 2061 | &nbsp;&nbsp;2061211 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.47%, 01/28/32<br>|  | 873 | &nbsp;&nbsp;876086 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.84%, <br>01/30/32<br>|  | 49 | &nbsp;&nbsp;48863 |
| RealTruck Group, Inc. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.75% Floor + 3.86%), 7.58%, 01/31/28<br>|  | 106 | &nbsp;&nbsp;81392 |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 5.11%), 8.83%, 01/31/28<br>|  | 312 | &nbsp;&nbsp;240432 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28<br>|  | 829 | &nbsp;&nbsp;813755 |
|  |  |  | &nbsp;&nbsp;4630853 |
| Beverages — 0.5% | Beverages — 0.5% | Beverages — 0.5% | Beverages — 0.5% |
| Naked Juice LLC |  |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br>1.00% Floor + 5.50%), 9.17%, 01/24/29<br>|  | 1003 | &nbsp;&nbsp;995268 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.35%), 7.02%, 01/24/29<br>|  | 448 | &nbsp;&nbsp;294422 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Beverages (continued) | Beverages (continued) | Beverages (continued) | Beverages (continued) |
| Naked Juice LLC<br>(continued)<br>|  |  |  |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.77%, 01/24/30<br>| USD | 329 | &nbsp;&nbsp;$83706<br>|
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br>03/31/28<br>|  | 500 | &nbsp;&nbsp;501212 |
| Sazerac Co., Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32<br>|  | 600 | &nbsp;&nbsp;599081 |
|  |  |  | &nbsp;&nbsp;2473689 |
| Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% | Biotechnology — 0.3% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 12/12/31<br>|  | 1710 | &nbsp;&nbsp;1714958 |
| Building Materials — 0.1% | Building Materials — 0.1% | Building Materials — 0.1% | Building Materials — 0.1% |
| CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/27/32<br>|  | 738 | &nbsp;&nbsp;732393 |
| Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% | Building Products — 2.2% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>09/08/32<br>|  | 2030 | &nbsp;&nbsp;2032724 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 5.25%), 8.97%, <br>07/08/30<br>|  | 566 | &nbsp;&nbsp;545787 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 08/04/31<br>|  | 913 | &nbsp;&nbsp;912159 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.07%, 05/31/30<br>|  | 1475 | &nbsp;&nbsp;1478207 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>|  | 256 | &nbsp;&nbsp;252001 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29<br>|  | 193 | &nbsp;&nbsp;170536 |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 03/19/29<br>|  | 694 | &nbsp;&nbsp;695980 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 02/10/32<br>|  | 378 | &nbsp;&nbsp;379224 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 04/14/31<br>|  | 785 | &nbsp;&nbsp;787065 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/30/32<br>|  | 245 | &nbsp;&nbsp;245385 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, <br>09/22/28<br>|  | 213 | &nbsp;&nbsp;213769 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 10/19/29<br>|  | 2144 | &nbsp;&nbsp;2152308 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 1673 | &nbsp;&nbsp;1618622 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.11%), 5.83%, 10/04/28<br>|  | 389 | &nbsp;&nbsp;391245 |
|  |  |  | &nbsp;&nbsp;11875012 |
| Capital Markets — 2.1% | Capital Markets — 2.1% | Capital Markets — 2.1% | Capital Markets — 2.1% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 212 | &nbsp;&nbsp;212775 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.69%, <br>11/01/30<br>| USD | 319 | &nbsp;&nbsp;$320889<br>|
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/09/30<br>|  | 330 | &nbsp;&nbsp;331347 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/24/32<br>|  | 715 | &nbsp;&nbsp;713749 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>11/01/32<br>(c)<br>|  | 921 | &nbsp;&nbsp;921875 |
| Citadel Securities LP, 2024 First Lien Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.67%, 10/31/31<br>|  | 882 | &nbsp;&nbsp;886491 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>05/19/31<br>|  | 1857 | &nbsp;&nbsp;1855991 |
| Edelman Financial Engines Center LLC, 2024 Term <br>Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.00%), 6.72%, 04/07/28<br>|  | 757 | &nbsp;&nbsp;760357 |
| Focus Financial Partners LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 09/15/31<br>|  | 1242 | &nbsp;&nbsp;1243602 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br>09/13/32<br>|  | 414 | &nbsp;&nbsp;416633 |
| GTCR Everest Borrower LLC, Add on Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 09/05/31<br>|  | 258 | &nbsp;&nbsp;258563 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, <br>01/31/30<br>|  | 178 | &nbsp;&nbsp;178255 |
| Hudson River Trading LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, <br>03/18/30<br>|  | 429 | &nbsp;&nbsp;430492 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, <br>12/15/31<br>|  | 1895 | &nbsp;&nbsp;1879637 |
| Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.60%, <br>07/30/32<br>|  | 1112 | &nbsp;&nbsp;1115959 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.22%, 10/16/31<br>(c)<br>|  | 81 | &nbsp;&nbsp;81302 |
|  |  |  | &nbsp;&nbsp;11607917 |
| Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% | Chemicals — 2.5% |
| Advancion Holdings LLC, 2020 USD Term Loan, (1-mo. <br>CME Term SOFR + 4.10%), 7.82%, 11/24/27<br>|  | 325 | &nbsp;&nbsp;296042 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br>Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br>1.75%), 5.42%, 12/20/29<br>|  | 624 | &nbsp;&nbsp;625052 |
| Chemours Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>|  | 1277 | &nbsp;&nbsp;1259538 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, <br>11/01/30<br>|  | 929 | &nbsp;&nbsp;931411 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br>10/04/29<br>|  | 254 | &nbsp;&nbsp;243219 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.84%, 06/12/31<br>| USD | 832 | &nbsp;&nbsp;$347976<br>|
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>12/18/30<br>|  | 809 | &nbsp;&nbsp;812882 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>|  | 304 | &nbsp;&nbsp;300969 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>|  | 311 | &nbsp;&nbsp;311327 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 02/18/30<br>|  | 292 | &nbsp;&nbsp;235480 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br>7.97%, 10/07/31<br>|  | 296 | &nbsp;&nbsp;195944 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 689 | &nbsp;&nbsp;601824 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>11/26/31<br>(c)<br>|  | 425 | &nbsp;&nbsp;426239 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, <br>04/03/28<br>|  | 719 | &nbsp;&nbsp;718069 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.00%), 6.67%, 06/20/31<br>|  | 1395 | &nbsp;&nbsp;1381720 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 11/03/32<br>|  | 836 | &nbsp;&nbsp;830257 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.35%), 8.29%, <br>04/08/31<br>|  | 845 | &nbsp;&nbsp;622579 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, <br>10/09/31<br>|  | 276 | &nbsp;&nbsp;275953 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>|  | 1357 | &nbsp;&nbsp;1362089 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br>10/29/32<br>|  | 467 | &nbsp;&nbsp;469045 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.75% Floor + 3.00%), 6.86%, <br>08/02/30<br>|  | 1114 | &nbsp;&nbsp;1103797 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, <br>08/19/32<br>|  | 439 | &nbsp;&nbsp;438487 |
|  |  |  | &nbsp;&nbsp;13789899 |
| Commercial Services & Supplies — 4.0% | Commercial Services & Supplies — 4.0% | Commercial Services & Supplies — 4.0% | Commercial Services & Supplies — 4.0% |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br>05/21/31<br>|  | 1004 | &nbsp;&nbsp;1008643 |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/12/32<br>|  | 1507 | &nbsp;&nbsp;1508280 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 2707 | &nbsp;&nbsp;2719098 |
| Anticimex International AB, 2025 USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.90%), <br>7.31%, 11/17/31<br>|  | 260 | &nbsp;&nbsp;261166 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>06/22/30<br>| USD | 1026 | &nbsp;&nbsp;$1028035<br>|
| Belron Finance LLC, 2025 Repriced Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>6.12%, 10/16/31<br>|  | 1906 | &nbsp;&nbsp;1915554 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br>5.47%, 08/23/32<br>|  | 702 | &nbsp;&nbsp;705391 |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.71%, 09/29/28<br>|  | 450 | &nbsp;&nbsp;452109 |
| Creative Artists Agency LLC, 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 10/01/31<br>|  | 1784 | &nbsp;&nbsp;1790061 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.84%, <br>08/01/29<br>|  | 817 | &nbsp;&nbsp;820436 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), <br>9.09%, 07/31/30<br>(h)<br>|  | 336 | &nbsp;&nbsp;320830 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>|  | 1057 | &nbsp;&nbsp;1059838 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 06/02/31<br>|  | 536 | &nbsp;&nbsp;536602 |
| Herc Holdings, Inc., Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.52%, <br>06/02/32<br>|  | 156 | &nbsp;&nbsp;156552 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.61%), 7.33%, 06/30/28<br>|  | 597 | &nbsp;&nbsp;500074 |
| 2021 Term Loan C, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.61%), 7.33%, 06/30/28<br>|  | 118 | &nbsp;&nbsp;98685 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.42%, 10/07/32<br>|  | 1848 | &nbsp;&nbsp;1729857 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br>7.86%, 08/11/28<br>|  | 109 | &nbsp;&nbsp;89794 |
| Mavis Tire Express Services Topco Corp., <br>2025 Repriced Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 3.00%), 6.72%, 05/04/28<br>|  | 1726 | &nbsp;&nbsp;1731402 |
| Packers Holdings LLC, 2025 Takeback Term Loan, <br>(1-mo. CME Term SOFR at 1.00% Floor + 6.50%), <br>10.32%, 03/10/31<br>|  | 81 | &nbsp;&nbsp;78181 |
| PG Investment Co. 59 SARL, 2025 Repriced Term <br>Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 5.92%, 03/26/31<br>|  | 377 | &nbsp;&nbsp;377554 |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 6.13%, 10/13/30<br>|  | 396 | &nbsp;&nbsp;396768 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>|  | 1476 | &nbsp;&nbsp;1471786 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(f)(i)<br>| USD | 453 | &nbsp;&nbsp;$54384<br>|
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/31<br>|  | 1052 | &nbsp;&nbsp;1052151 |
|  |  |  | &nbsp;&nbsp;21863231 |
| Communications Equipment — 0.2% | Communications Equipment — 0.2% | Communications Equipment — 0.2% | Communications Equipment — 0.2% |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.48%, <br>10/24/30<br>|  | 821 | &nbsp;&nbsp;822307 |
| Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR <br>at 0.75% Floor + 4.51%), 8.20%, 09/01/28<br>|  | 305 | &nbsp;&nbsp;289233 |
| Radiate Holdco LLC |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29<br>|  | 19 | &nbsp;&nbsp;19113 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% <br>Floor + 4.00%), 7.72%, 06/26/29<br>|  | 38 | &nbsp;&nbsp;38227 |
|  |  |  | &nbsp;&nbsp;1168880 |
| Construction & Engineering — 1.1% | Construction & Engineering — 1.1% | Construction & Engineering — 1.1% | Construction & Engineering — 1.1% |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31<br>|  | 1725 | &nbsp;&nbsp;1732829 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>|  | 254 | &nbsp;&nbsp;254211 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 4.50%), <br>8.35%, 08/01/30<br>|  | 1356 | &nbsp;&nbsp;1232826 |
| Brown Group Holding LLC |  |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.56%, 07/01/31<br>|  | 739 | &nbsp;&nbsp;741817 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.50%), 6.22%, 07/01/31<br>|  | 708 | &nbsp;&nbsp;711434 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>11/03/31<br>|  | 162 | &nbsp;&nbsp;163375 |
| Legence Holdings LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.75% Floor + 2.25%), <br>5.97%, 12/16/31<br>|  | 384 | &nbsp;&nbsp;386058 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>01/25/31<br>|  | 1017 | &nbsp;&nbsp;1020781 |
|  |  |  | &nbsp;&nbsp;6243331 |
| Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>|  | 1476 | &nbsp;&nbsp;1480791 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 01/31/31<br>|  | 443 | &nbsp;&nbsp;436249 |
| Element Materials Technology Group U.S. Holdings, <br>Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR <br>at 0.50% Floor + 3.68%), 7.35%, 07/06/29<br>|  | 334 | &nbsp;&nbsp;336253 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.54%, 02/21/31<br>(c)<br>|  | 352 | &nbsp;&nbsp;353408 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.45%, <br>12/31/32<br>|  | 336 | &nbsp;&nbsp;336779 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/19/31<br>| USD | 298 | &nbsp;&nbsp;$298453<br>|
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 4.10%), 7.82%, 11/02/27<br>|  | 183 | &nbsp;&nbsp;179269 |
|  |  |  | &nbsp;&nbsp;3421202 |
| Consumer Finance — 1.2% | Consumer Finance — 1.2% | Consumer Finance — 1.2% | Consumer Finance — 1.2% |
| Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.67%, 01/31/31<br>|  | 2182 | &nbsp;&nbsp;2183413 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br>6.67%, 04/01/32<br>|  | 786 | &nbsp;&nbsp;786003 |
| Corpay Technologies Operating Co. LLC, Term Loan <br>B5, (1-mo. CME Term SOFR at 0.00% Floor + <br>1.75%), 5.47%, 04/28/28<br>|  | 1243 | &nbsp;&nbsp;1243436 |
| Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>06/30/32<br>|  | 318 | &nbsp;&nbsp;319860 |
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 1009 | &nbsp;&nbsp;1011054 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 534 | &nbsp;&nbsp;533259 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 03/31/28<br>|  | 168 | &nbsp;&nbsp;168638 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>|  | 308 | &nbsp;&nbsp;307420 |
|  |  |  | &nbsp;&nbsp;6553083 |
| Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% | Consumer Staples Distribution & Retail — 0.4% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br>08/30/32<br>|  | 659 | &nbsp;&nbsp;662018 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>|  | 611 | &nbsp;&nbsp;614301 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>10/03/31<br>|  | 643 | &nbsp;&nbsp;647927 |
|  |  |  | &nbsp;&nbsp;1924246 |
| Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% | Containers & Packaging — 1.3% |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, <br>09/07/27<br>|  | 983 | &nbsp;&nbsp;985611 |
| Charter Next Generation, Inc., 2024 Term Loan B1, <br>(1-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.50%, 11/29/30<br>|  | 1866 | &nbsp;&nbsp;1868587 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.97%, 04/01/32<br>|  | 928 | &nbsp;&nbsp;926495 |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), <br>6.89%, 04/13/29<br>|  | 105 | &nbsp;&nbsp;105018 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, <br>10/30/28<br>|  | 926 | &nbsp;&nbsp;583320 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 550 | &nbsp;&nbsp;537972 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Potters Industries LLC, 2025 Repriced Term Loan B, <br>(1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), <br>6.17%, 12/09/32<br>(c)<br>| USD | 478 | &nbsp;&nbsp;$479793<br>|
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 4.00%), <br>7.72%, 02/01/29<br>|  | 422 | &nbsp;&nbsp;425718 |
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, <br>09/15/28<br>|  | 102 | &nbsp;&nbsp;101539 |
| Ring Container Technologies Group LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.50%), 6.22%, 09/15/32<br>|  | 279 | &nbsp;&nbsp;279934 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br>09/15/28<br>|  | 516 | &nbsp;&nbsp;495069 |
|  |  |  | &nbsp;&nbsp;6789056 |
| Distributors — 1.1% | Distributors — 1.1% | Distributors — 1.1% | Distributors — 1.1% |
| American Builders & Contractors Supply Co., Inc., <br>2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 01/31/31<br>|  | 841 | &nbsp;&nbsp;843997 |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.69%, 07/27/28<br>|  | 1511 | &nbsp;&nbsp;1513983 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.69%, 02/09/31<br>|  | 373 | &nbsp;&nbsp;373379 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>07/02/31<br>|  | 686 | &nbsp;&nbsp;685211 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, <br>03/31/28<br>(p)<br>|  | 246 | &nbsp;&nbsp;246339 |
| Gates Corp. |  |  |  |
| 2022 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 11/16/29<br>|  | 174 | &nbsp;&nbsp;174747 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/04/31<br>|  | 1276 | &nbsp;&nbsp;1278202 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>|  | 254 | &nbsp;&nbsp;220528 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 08/13/32<br>|  | 561 | &nbsp;&nbsp;560297 |
|  |  |  | &nbsp;&nbsp;5896683 |
| Diversified REITs — 0.0% | Diversified REITs — 0.0% | Diversified REITs — 0.0% | Diversified REITs — 0.0% |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>01/31/31<br>|  | 254 | &nbsp;&nbsp;254033 |
| Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% | Diversified Telecommunication Services — 0.7% |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br>(Prime + 1.75%), 8.50%, 01/31/26<br>(c)<br>|  | 508 | &nbsp;&nbsp;501915 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>|  | 534 | &nbsp;&nbsp;530869 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>|  | 713 | &nbsp;&nbsp;707902 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at <br>2.00% Floor + 6.00%), 9.72%, 06/01/28<br>|  | 45 | &nbsp;&nbsp;44663 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.00% and <br>0.50% PIK), 7.33%, 03/11/30<br>(h)<br>|  | 2162 | &nbsp;&nbsp;2045933 |
|  |  |  | &nbsp;&nbsp;3831282 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% | Electric Utilities — 0.3% |
| Constellation Renewables LLC, 2020 Term Loan, (3-<br>mo. CME Term SOFR at 1.00% Floor + 2.00%), <br>5.82%, 12/15/27<br>| USD | 533 | &nbsp;&nbsp;$534717<br>|
| Talen Energy Supply LLC, 2024-1 Incremental Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.35%, 12/15/31<br>|  | 335 | &nbsp;&nbsp;335805 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 12/20/30<br>|  | 885 | &nbsp;&nbsp;888918 |
|  |  |  | &nbsp;&nbsp;1759440 |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31<br>(c)<br>|  | 227 | &nbsp;&nbsp;227683 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29<br>|  | 455 | &nbsp;&nbsp;454913 |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 379 | &nbsp;&nbsp;380907 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 480 | &nbsp;&nbsp;482004 |
| Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br>09/30/32<br>|  | 133 | &nbsp;&nbsp;133499 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.92%, 10/27/32<br>(c)<br>|  | 531 | &nbsp;&nbsp;531664 |
|  |  |  | &nbsp;&nbsp;2210670 |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.59%, <br>10/01/32<br>|  | 164 | &nbsp;&nbsp;164376 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.69%, <br>09/22/32<br>|  | 148 | &nbsp;&nbsp;148740 |
|  |  |  | &nbsp;&nbsp;313116 |
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Bally<br>'<br>s Corp., 2021 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.51%), 7.37%, 10/02/28<br>|  | 258 | &nbsp;&nbsp;254505 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br>09/30/31<br>|  | 1345 | &nbsp;&nbsp;1348440 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, <br>03/04/32<br>|  | 1062 | &nbsp;&nbsp;1061471 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan <br>B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 5.92%, 07/31/32<br>|  | 188 | &nbsp;&nbsp;185907 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.73%, 10/21/32<br>|  | 899 | &nbsp;&nbsp;899000 |
|  |  |  | &nbsp;&nbsp;3749323 |
| Environmental, Maintenance & Security Service — 1.3% | Environmental, Maintenance & Security Service — 1.3% | Environmental, Maintenance & Security Service — 1.3% | Environmental, Maintenance & Security Service — 1.3% |
| Action Environmental Group, Inc., 2023 Term Loan B, <br>(3-mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30<br>|  | 447 | &nbsp;&nbsp;447279 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.50%), 5.22%, <br>10/08/32<br>|  | 391 | &nbsp;&nbsp;394257 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>10/21/28<br>|  | 1500 | &nbsp;&nbsp;1506744 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>|  | 1302 | &nbsp;&nbsp;1305643 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, <br>10/17/30<br>| USD | 345 | &nbsp;&nbsp;$345721<br>|
| Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR <br>at 0.50% Floor + 2.50%), 6.70%, 06/21/28<br>|  | 1784 | &nbsp;&nbsp;1792079 |
| Reworld Holding Corp. |  |  |  |
| 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 210 | &nbsp;&nbsp;210000 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 80 | &nbsp;&nbsp;79886 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 492 | &nbsp;&nbsp;491607 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.25%), 5.98%, 11/30/28<br>|  | 378 | &nbsp;&nbsp;377931 |
|  |  |  | &nbsp;&nbsp;6951147 |
| Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% | Financial Services — 0.3% |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.39%, 02/27/32<br>|  | 1113 | &nbsp;&nbsp;1044495 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, <br>10/08/32<br>|  | 521 | &nbsp;&nbsp;523115 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.42%, 11/05/28<br>|  | 207 | &nbsp;&nbsp;207748 |
|  |  |  | &nbsp;&nbsp;1775358 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Aramark Services, Inc., 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/06/28<br>|  | 383 | &nbsp;&nbsp;383474 |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 10/28/32<br>|  | 2427 | &nbsp;&nbsp;2436708 |
| Froneri U.S., Inc. |  |  |  |
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.45%, 09/30/31<br>|  | 1757 | &nbsp;&nbsp;1754996 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.12%, 09/30/32<br>|  | 516 | &nbsp;&nbsp;515804 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. <br>CME Term SOFR at 2.00% Floor + 6.50%), 10.34%, <br>03/29/30<br>|  | 70 | &nbsp;&nbsp;70351 |
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32<br>|  | 34 | &nbsp;&nbsp;34028 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>01/29/32<br>|  | 535 | &nbsp;&nbsp;536491 |
| Wellness Pet LLC |  |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.95%), 7.62%, <br>12/31/29<br>|  | 107 | &nbsp;&nbsp;64960 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.01%), 7.68%, <br>12/31/29<br>|  | 60 | &nbsp;&nbsp;6588 |
|  |  |  | &nbsp;&nbsp;5803400 |
| Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% | Ground Transportation — 0.4% |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>04/10/31<br>|  | 2377 | &nbsp;&nbsp;2376808 |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 449 | &nbsp;&nbsp;449650 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) |
| Bausch & Lomb Corp.<br>(continued)<br>|  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 01/15/31<br>| USD | 1051 | &nbsp;&nbsp;$1060289<br>|
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 08/20/32<br>|  | 540 | &nbsp;&nbsp;539160 |
|  |  |  | &nbsp;&nbsp;2049099 |
| Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br>09/20/32<br>|  | 99 | &nbsp;&nbsp;99423 |
| Concentra Health Services, Inc., 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.00%), 5.72%, 07/26/31<br>|  | 343 | &nbsp;&nbsp;345037 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>11/01/28<br>|  | 989 | &nbsp;&nbsp;993787 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, <br>0.00%, 11/30/28<br>(f)(i)<br>|  | 16 | &nbsp;&nbsp;2719 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>|  | 252 | &nbsp;&nbsp;253560 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.65%, 05/19/31<br>|  | 596 | &nbsp;&nbsp;597482 |
| Medical Solutions Holdings, Inc. |  |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR <br>at 0.50% Floor + 3.60%), 7.44%, 11/01/28<br>|  | 386 | &nbsp;&nbsp;81386 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br>at 0.50% Floor + 7.10%), 10.94%, 11/01/29<br>|  | 247 | &nbsp;&nbsp;50141 |
| Medline Borrower LP |  |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30<br>|  | 1151 | &nbsp;&nbsp;1155171 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 10/23/28<br>|  | 785 | &nbsp;&nbsp;787238 |
| Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, <br>05/30/31<br>|  | 1119 | &nbsp;&nbsp;1121207 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 462 | &nbsp;&nbsp;461853 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 12/19/30<br>|  | 855 | &nbsp;&nbsp;858244 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>06/30/28<br>|  | 249 | &nbsp;&nbsp;249372 |
|  |  |  | &nbsp;&nbsp;7056620 |
| Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/20/30<br>|  | 245 | &nbsp;&nbsp;244836 |
| Hotels, Restaurants & Leisure — 4.1% | Hotels, Restaurants & Leisure — 4.1% | Hotels, Restaurants & Leisure — 4.1% | Hotels, Restaurants & Leisure — 4.1% |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br>Term SOFR at 1.00% Floor + 1.61% and 6.00% <br>PIK), 11.35%, 03/11/30<br>(h)<br>|  | 109 | &nbsp;&nbsp;108212 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR <br>at 1.00% Floor + 5.61%), 9.35%, 03/11/30<br>|  | 117 | &nbsp;&nbsp;117137 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>05/31/30<br>(c)<br>| USD | 654 | &nbsp;&nbsp;$656469<br>|
| Burger King (Restaurant Brands International Inc.)/New <br>Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/20/30<br>|  | 1109 | &nbsp;&nbsp;1108892 |
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br>2.25%), 5.97%, 02/06/31<br>|  | 1893 | &nbsp;&nbsp;1869015 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/30<br>|  | 482 | &nbsp;&nbsp;475866 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>|  | 1873 | &nbsp;&nbsp;1880904 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, <br>01/27/29<br>|  | 2618 | &nbsp;&nbsp;2616395 |
| Flutter Financing BV |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.42%, 11/30/30<br>|  | 1689 | &nbsp;&nbsp;1686019 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.00%), 5.67%, 06/04/32<br>|  | 532 | &nbsp;&nbsp;531926 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 1294 | &nbsp;&nbsp;1300554 |
| Great Canadian Gaming Corp., 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.44%, 11/01/29<br>|  | 461 | &nbsp;&nbsp;451505 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 05/27/32<br>|  | 486 | &nbsp;&nbsp;488595 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan <br>B4, (1-mo. CME Term SOFR at 0.00% Floor + <br>1.75%), 5.48%, 11/08/30<br>|  | 1350 | &nbsp;&nbsp;1357979 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>12/16/30<br>|  | 945 | &nbsp;&nbsp;947188 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.99%, 04/14/29<br>|  | 654 | &nbsp;&nbsp;655591 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>11/12/29<br>|  | 1085 | &nbsp;&nbsp;960645 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.25%), 7.92%, <br>08/01/30<br>|  | 254 | &nbsp;&nbsp;234025 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>05/03/29<br>|  | 533 | &nbsp;&nbsp;536071 |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>|  | 297 | &nbsp;&nbsp;261588 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 158 | &nbsp;&nbsp;140833 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br>B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.00%), 5.72%, 12/04/31<br>|  | 237 | &nbsp;&nbsp;235208 |
| Six Flags Entertainment Corp., 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 05/01/31<br>|  | 211 | &nbsp;&nbsp;207772 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>03/14/31<br>| USD | 1388 | &nbsp;&nbsp;$1391924<br>|
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.90%, 12/30/32<br>(c)<br>|  | 416 | &nbsp;&nbsp;410280 |
| Voyager Parent LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>|  | 637 | &nbsp;&nbsp;637071 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>08/03/28<br>|  | 424 | &nbsp;&nbsp;423887 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/24/30<br>|  | 676 | &nbsp;&nbsp;677594 |
|  |  |  | &nbsp;&nbsp;22369145 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.86%, 07/31/28<br>|  | 1240 | &nbsp;&nbsp;1239366 |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 1150 | &nbsp;&nbsp;1154578 |
| Somnigroup International, Inc., Term Loan B, (1-mo. <br>SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>|  | 284 | &nbsp;&nbsp;285012 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 4.61%), <br>8.33%, 12/19/29<br>|  | 129 | &nbsp;&nbsp;127248 |
| Weber-Stephen Products LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.74%, 10/01/32<br>|  | 845 | &nbsp;&nbsp;845422 |
|  |  |  | &nbsp;&nbsp;3651626 |
| Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% | Household Products — 0.1% |
| Lavender U.S. HoldCo 1, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br>12/30/32<br>|  | 471 | &nbsp;&nbsp;474335 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 03/04/32<br>|  | 201 | &nbsp;&nbsp;202081 |
|  |  |  | &nbsp;&nbsp;676416 |
| Independent Power and Renewable Electricity Producers — 0.8% | Independent Power and Renewable Electricity Producers — 0.8% | Independent Power and Renewable Electricity Producers — 0.8% | Independent Power and Renewable Electricity Producers — 0.8% |
| Calpine Construction Finance Co. LP, 2025 Repriced <br>Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 07/31/30<br>|  | 1202 | &nbsp;&nbsp;1202505 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31<br>|  | 411 | &nbsp;&nbsp;410310 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>|  | 1849 | &nbsp;&nbsp;1853480 |
| Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>11/25/32<br>|  | 605 | &nbsp;&nbsp;604625 |
|  |  |  | &nbsp;&nbsp;4070920 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.00%), 6.86%, 10/28/32<br>|  | 286 | &nbsp;&nbsp;287968 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-<br>mo. CME Term SOFR + 7.50%), 11.43%, 12/31/29<br>|  | 59 | &nbsp;&nbsp;47795 |
|  |  |  | &nbsp;&nbsp;335763 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance — 4.5% | Insurance — 4.5% | Insurance — 4.5% | Insurance — 4.5% |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 09/19/31<br>| USD | 3454 | &nbsp;&nbsp;$3452767<br>|
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 5.97%, <br>01/30/32<br>|  | 1776 | &nbsp;&nbsp;1780500 |
| Amynta Agency Borrower, Inc., 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 12/29/31<br>|  | 1192 | &nbsp;&nbsp;1193714 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br>B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>|  | 1242 | &nbsp;&nbsp;1238015 |
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/31/28<br>|  | 364 | &nbsp;&nbsp;362238 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29<br>|  | 538 | &nbsp;&nbsp;527240 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.35%), 8.07%, 08/19/28<br>|  | 776 | &nbsp;&nbsp;776668 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 249 | &nbsp;&nbsp;248375 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 1414 | &nbsp;&nbsp;1412938 |
| Baldwin Insurance Group Holdings LLC, 2025 Term <br>Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.25%, 05/26/31<br>|  | 510 | &nbsp;&nbsp;508303 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 6.12%, <br>06/20/30<br>|  | 2147 | &nbsp;&nbsp;2156792 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.47%, 02/15/31<br>|  | 1115 | &nbsp;&nbsp;1117257 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(p)<br>|  | 614 | &nbsp;&nbsp;614391 |
| Jones Deslauriers Insurance Management, Inc., <br>2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.59%, 03/15/30<br>|  | 578 | &nbsp;&nbsp;578235 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 07/02/31<br>|  | 251 | &nbsp;&nbsp;251348 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/15/31<br>|  | 1201 | &nbsp;&nbsp;1201459 |
| Sedgwick Claims Management Services, Inc., <br>2023 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 07/31/31<br>|  | 2069 | &nbsp;&nbsp;2075204 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.42%, 05/06/31<br>|  | 1956 | &nbsp;&nbsp;1956458 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.75%), 8.42%, 05/06/32<br>|  | 227 | &nbsp;&nbsp;229299 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.92%, 09/29/30<br>|  | 1021 | &nbsp;&nbsp;1022382 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.92%, 11/21/29<br>|  | 1501 | &nbsp;&nbsp;1503655 |
|  |  |  | &nbsp;&nbsp;24207238 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 05/03/28<br>| USD | 355 | &nbsp;&nbsp;$329075<br>|
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.25%), 7.97%, 12/31/31<br>|  | 320 | &nbsp;&nbsp;273064 |
|  |  |  | &nbsp;&nbsp;602139 |
| Internet Software & Services — 1.4% | Internet Software & Services — 1.4% | Internet Software & Services — 1.4% | Internet Software & Services — 1.4% |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 4.50%), 8.34%, <br>08/15/29<br>|  | 637 | &nbsp;&nbsp;513760 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 6.09%, <br>11/08/32<br>|  | 682 | &nbsp;&nbsp;682033 |
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 09/12/29<br>|  | 1742 | &nbsp;&nbsp;1743695 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 04/16/32<br>|  | 272 | &nbsp;&nbsp;271771 |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 05/30/31<br>|  | 537 | &nbsp;&nbsp;538214 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 11/09/29<br>|  | 651 | &nbsp;&nbsp;651983 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>08/31/28<br>|  | 1877 | &nbsp;&nbsp;1885341 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 1080 | &nbsp;&nbsp;1068563 |
|  |  |  | &nbsp;&nbsp;7355360 |
| IT Services — 2.2% | IT Services — 2.2% | IT Services — 2.2% | IT Services — 2.2% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/29/31<br>|  | 699 | &nbsp;&nbsp;699700 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.42%, 03/26/32<br>|  | 536 | &nbsp;&nbsp;537629 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>06/17/30<br>|  | 622 | &nbsp;&nbsp;619761 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>|  | 716 | &nbsp;&nbsp;714908 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31<br>(c)<br>|  | 1315 | &nbsp;&nbsp;1310446 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>09/15/32<br>|  | 2131 | &nbsp;&nbsp;2083052 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 309 | &nbsp;&nbsp;308599 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>03/01/29<br>|  | 933 | &nbsp;&nbsp;857636 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR <br>at 0.75% Floor + 3.85%), 7.69%, 02/01/28<br>|  | 960 | &nbsp;&nbsp;887432 |
| Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.62%, <br>11/15/32<br>|  | 296 | &nbsp;&nbsp;296370 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| IT Services (continued) | IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.01%), 7.85%, <br>06/02/28<br>| USD | 944 | &nbsp;&nbsp;$909248<br>|
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>06/28/30<br>(c)<br>|  | 530 | &nbsp;&nbsp;528963 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 6.75%), 10.45%, 10/26/29<br>|  | 2007 | &nbsp;&nbsp;1970107 |
|  |  |  | &nbsp;&nbsp;11723851 |
| Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% | Leisure Products — 0.2% |
| Bombardier Recreational Products, Inc., 2024 Term <br>Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 5.97%, 01/22/31<br>|  | 303 | &nbsp;&nbsp;304089 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, <br>07/22/30<br>|  | 697 | &nbsp;&nbsp;695091 |
|  |  |  | &nbsp;&nbsp;999180 |
| Machinery — 2.0% | Machinery — 2.0% | Machinery — 2.0% | Machinery — 2.0% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br>(3-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.42%, 06/23/30<br>|  | 541 | &nbsp;&nbsp;542955 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.48%, <br>03/15/30<br>|  | 239 | &nbsp;&nbsp;239361 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br>05/14/28<br>(c)<br>|  | 119 | &nbsp;&nbsp;119249 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.62%, 07/03/31<br>|  | 153 | &nbsp;&nbsp;153445 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br>(3-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br>9.86%, 12/21/29<br>|  | 105 | &nbsp;&nbsp;106583 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 2138 | &nbsp;&nbsp;2152262 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, <br>11/22/29<br>|  | 413 | &nbsp;&nbsp;414867 |
| INNIO Group Holding GmbH, 2025 Term Loan B2, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>6.13%, 11/02/28<br>|  | 439 | &nbsp;&nbsp;440098 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.23%, 09/26/31<br>|  | 285 | &nbsp;&nbsp;286380 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>|  | 1494 | &nbsp;&nbsp;1497131 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.95%, 04/30/30<br>|  | 1834 | &nbsp;&nbsp;1844727 |
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>|  | 2035 | &nbsp;&nbsp;2043628 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.87%, <br>01/27/31<br>|  | 1237 | &nbsp;&nbsp;1238295 |
|  |  |  | &nbsp;&nbsp;11078981 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media — 2.2% | Media — 2.2% | Media — 2.2% | Media — 2.2% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. <br>CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>| USD | 897 | &nbsp;&nbsp;$895289<br>|
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.99%, 12/07/30<br>|  | 633 | &nbsp;&nbsp;631951 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.24%, 12/15/31<br>|  | 482 | &nbsp;&nbsp;482336 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>12/02/31<br>|  | 520 | &nbsp;&nbsp;512404 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br>1.50%), 8.25%, 04/15/27<br>|  | 1789 | &nbsp;&nbsp;1560279 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>|  | 53 | &nbsp;&nbsp;53340 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/30/30<br>|  | 376 | &nbsp;&nbsp;374600 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR + 5.25%), 9.12%, 06/04/29<br>|  | 4 | &nbsp;&nbsp;3497 |
| Learfield Communications LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 06/30/28<br>|  | 356 | &nbsp;&nbsp;356079 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>|  | 760 | &nbsp;&nbsp;693736 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.23% and <br>1.50% PIK), 10.33%, 09/25/29<br>(h)<br>|  | 2067 | &nbsp;&nbsp;1577360 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.93%, 04/04/29<br>|  | 392 | &nbsp;&nbsp;384366 |
| Sunrise Financing Partnership, Term Loan AAA1, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.43%, 02/16/32<br>|  | 249 | &nbsp;&nbsp;249757 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br>5.86%, 04/30/28<br>|  | 180 | &nbsp;&nbsp;179865 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>|  | 1929 | &nbsp;&nbsp;1937222 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.36%), <br>7.11%, 01/31/29<br>|  | 607 | &nbsp;&nbsp;607759 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.57%, <br>01/24/31<br>|  | 1622 | &nbsp;&nbsp;1625263 |
|  |  |  | &nbsp;&nbsp;12125103 |
| Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% | Metals & Mining — 0.7% |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 05/13/29<br>|  | 51 | &nbsp;&nbsp;51395 |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br>CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/11/30<br>|  | 1236 | &nbsp;&nbsp;1221576 |
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.71%, 02/26/32<br>|  | 712 | &nbsp;&nbsp;705437 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| Element Solutions, Inc., 2025 Add-on Term Loan B, <br>12/18/30<br>(p)<br>| USD | 243 | &nbsp;&nbsp;$244113<br>|
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>03/11/32<br>|  | 1367 | &nbsp;&nbsp;1371224 |
|  |  |  | &nbsp;&nbsp;3593745 |
| Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% | Oil, Gas & Consumable Fuels — 1.0% |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>11/22/32<br>|  | 237 | &nbsp;&nbsp;238021 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br>0.00% Floor + 1.75%), 5.41%, 07/30/32<br>|  | 1076 | &nbsp;&nbsp;1074435 |
| EG America LLC, 2025 USD Repriced Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.32%, 02/07/28<br>|  | 181 | &nbsp;&nbsp;181247 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br>7.12%, 12/21/28<br>|  | 1128 | &nbsp;&nbsp;1131189 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.94%, 10/04/30<br>|  | 130 | &nbsp;&nbsp;130516 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>|  | 440 | &nbsp;&nbsp;439955 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.20%, 04/01/32<br>|  | 306 | &nbsp;&nbsp;307955 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32<br>|  | 173 | &nbsp;&nbsp;174391 |
| Oryx Midstream Services Permian Basin LLC, <br>2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 10/05/28<br>|  | 1442 | &nbsp;&nbsp;1447513 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br>01/02/31<br>|  | 352 | &nbsp;&nbsp;353220 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.98%, 06/16/32<br>|  | 140 | &nbsp;&nbsp;140414 |
|  |  |  | &nbsp;&nbsp;5618856 |
| Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% | Passenger Airlines — 0.8% |
| AAdvantage Loyalty IP Ltd. |  |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.13%, 04/20/28<br>|  | 486 | &nbsp;&nbsp;486540 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 7.13%, 05/28/32<br>|  | 361 | &nbsp;&nbsp;362767 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 03/21/31<br>|  | 823 | &nbsp;&nbsp;826768 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.85%), 5.69%, <br>01/29/27<br>|  | 414 | &nbsp;&nbsp;413635 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.26%, 06/04/29<br>|  | 337 | &nbsp;&nbsp;337332 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.00%, 02/15/28<br>|  | 650 | &nbsp;&nbsp;651487 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.75%), 8.44%, <br>08/27/29<br>| USD | 595 | &nbsp;&nbsp;$568336<br>|
| United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>02/22/31<br>|  | 703 | &nbsp;&nbsp;705208 |
|  |  |  | &nbsp;&nbsp;4352073 |
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>|  | 140 | &nbsp;&nbsp;140700 |
| Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% | Pharmaceuticals — 1.0% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.50%), <br>7.22%, 08/01/32<br>|  | 1172 | &nbsp;&nbsp;1180853 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br>10/31/32<br>|  | 310 | &nbsp;&nbsp;310457 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 283 | &nbsp;&nbsp;280909 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.10%), 7.77%, <br>10/01/27<br>|  | 324 | &nbsp;&nbsp;317650 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan <br>B2, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.97%, 05/05/28<br>|  | 1082 | &nbsp;&nbsp;1082022 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 873 | &nbsp;&nbsp;877451 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br>05/19/31<br>|  | 198 | &nbsp;&nbsp;189945 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/20/29<br>|  | 329 | &nbsp;&nbsp;330091 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>|  | 63 | &nbsp;&nbsp;63175 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 08/01/31<br>|  | 600 | &nbsp;&nbsp;585443 |
|  |  |  | &nbsp;&nbsp;5217996 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br>Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 01/31/30<br>|  | 254 | &nbsp;&nbsp;255557 |
| Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% | Semiconductors & Semiconductor Equipment — 0.3% |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>|  | 235 | &nbsp;&nbsp;236693 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>08/17/29<br>|  | 1188 | &nbsp;&nbsp;1191879 |
|  |  |  | &nbsp;&nbsp;1428572 |
| Software — 7.4% | Software — 7.4% | Software — 7.4% | Software — 7.4% |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>02/24/31<br>|  | 1995 | &nbsp;&nbsp;2005959 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>| USD | 1430 | &nbsp;&nbsp;$1431146<br>|
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/25/31<br>|  | 832 | &nbsp;&nbsp;833512 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 1836 | &nbsp;&nbsp;1829397 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>01/23/32<br>|  | 1487 | &nbsp;&nbsp;1490465 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>07/06/29<br>|  | 1563 | &nbsp;&nbsp;1316894 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 6.21%, <br>04/21/32<br>|  | 516 | &nbsp;&nbsp;514743 |
| Cloud Software Group, Inc. |  |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.92%, 03/21/31<br>|  | 1476 | &nbsp;&nbsp;1476914 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.92%, 08/13/32<br>|  | 2530 | &nbsp;&nbsp;2531361 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 3.85%), 7.57%, 10/08/28<br>|  | 263 | &nbsp;&nbsp;250413 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.61%), 7.33%, 06/02/28<br>|  | 1051 | &nbsp;&nbsp;1050324 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.75%), 6.62%, 05/01/31<br>|  | 1633 | &nbsp;&nbsp;1566846 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>|  | 214 | &nbsp;&nbsp;214351 |
| Dayforce, Inc., 2025 Term Loan, 08/20/32<br>(p)<br>|  | 1610 | &nbsp;&nbsp;1604252 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>06/26/31<br>(c)<br>|  | 339 | &nbsp;&nbsp;332207 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.75%), 6.47%, 10/08/29<br>|  | 1737 | &nbsp;&nbsp;1746082 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 4.75%), 8.47%, 11/22/32<br>|  | 284 | &nbsp;&nbsp;285863 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.50%), 6.22%, <br>05/30/31<br>|  | 1694 | &nbsp;&nbsp;1698245 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/32<br>|  | 2493 | &nbsp;&nbsp;2485625 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>03/20/32<br>|  | 1888 | &nbsp;&nbsp;1888090 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 3.25%), 6.97%, 06/17/31<br>|  | 1169 | &nbsp;&nbsp;1172137 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 5.25%), 8.97%, 06/17/32<br>|  | 191 | &nbsp;&nbsp;188899 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 8.09%, 07/01/31<br>|  | 286 | &nbsp;&nbsp;283940 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/17/27<br>|  | 162 | &nbsp;&nbsp;155282 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 11/03/31<br>|  | 519 | &nbsp;&nbsp;519258 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.61%, 07/16/31<br>| USD | 1198 | &nbsp;&nbsp;$1200666<br>|
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28<br>|  | 922 | &nbsp;&nbsp;920989 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 114 | &nbsp;&nbsp;101328 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.35%), 10.07%, 07/30/29<br>|  | 53 | &nbsp;&nbsp;47366 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>05/09/31<br>|  | 2086 | &nbsp;&nbsp;2045429 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.34%, 02/10/31<br>|  | 2125 | &nbsp;&nbsp;2126029 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31<br>|  | 1530 | &nbsp;&nbsp;1533595 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>10/22/29<br>(c)<br>|  | 353 | &nbsp;&nbsp;355177 |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at <br>0.00% Floor + 7.25%), 10.85%, 06/28/30<br>|  | 1204 | &nbsp;&nbsp;1186208 |
| Zelis Payments Buyer, Inc. |  |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.97%, 11/26/31<br>|  | 1182 | &nbsp;&nbsp;1171717 |
| Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.47%, 09/28/29<br>|  | 637 | &nbsp;&nbsp;629863 |
|  |  |  | &nbsp;&nbsp;40190572 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.31%, 04/23/31<br>|  | 511 | &nbsp;&nbsp;510801 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>09/29/32<br>|  | 193 | &nbsp;&nbsp;193160 |
| Restoration Hardware, Inc. |  |  |  |
| 2022 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 3.35%), 7.07%, 10/20/28<br>|  | 140 | &nbsp;&nbsp;138861 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.61%), 6.33%, 10/20/28<br>|  | 305 | &nbsp;&nbsp;300375 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, <br>(3-mo. CME Term SOFR + 7.61%), 11.29%, <br>06/29/28<br>|  | 192 | &nbsp;&nbsp;180318 |
|  |  |  | &nbsp;&nbsp;1323515 |
| Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% | Technology Hardware, Storage & Peripherals — 0.2% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 1866 | &nbsp;&nbsp;944410 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 262 | &nbsp;&nbsp;132802 |
|  |  |  | &nbsp;&nbsp;1077212 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 12/21/28<br>| USD | 703 | &nbsp;&nbsp;$703097<br>|
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>|  | 352 | &nbsp;&nbsp;351939 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.92%, 09/12/32<br>|  | 179 | &nbsp;&nbsp;180232 |
|  |  |  | &nbsp;&nbsp;1235268 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 1.00% Floor + 2.00% and <br>3.25% PIK), 8.97%, 07/02/29<br>(h)<br>|  | 788 | &nbsp;&nbsp;321075 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>|  | 612 | &nbsp;&nbsp;606172 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 8.00%), 11.89%, <br>08/20/29<br>|  | 254 | &nbsp;&nbsp;96399 |
|  |  |  | &nbsp;&nbsp;702571 |
| Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>|  | 356 | &nbsp;&nbsp;354729 |
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 1890 | &nbsp;&nbsp;1894253 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 709 | &nbsp;&nbsp;710773 |
|  |  |  | &nbsp;&nbsp;2959755 |
| Total Floating Rate Loan Interests — 58.6%<br>(Cost: $321,468,104) | Total Floating Rate Loan Interests — 58.6%<br>(Cost: $321,468,104) | Total Floating Rate Loan Interests — 58.6%<br>(Cost: $321,468,104) | &nbsp;&nbsp;318626291 |
| Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations |
| Argentina — 0.0% | Argentina — 0.0% | Argentina — 0.0% |  |
| Argentine Republic Government International Bonds, <br>1.75%, 07/09/27<br>(l)<br>|  | 27 | &nbsp;&nbsp;23174 |
| Barbados — 0.0% | Barbados — 0.0% | Barbados — 0.0% |  |
| Barbados Government International Bonds, 8.00%, <br>06/26/35<br>(b)<br>|  | 9 | &nbsp;&nbsp;9487 |
| Bulgaria — 0.0% | Bulgaria — 0.0% | Bulgaria — 0.0% |  |
| Bulgaria Government International Bonds, Series 13Y, <br>5.00%, 03/05/37<br>(e)<br>|  | 24 | &nbsp;&nbsp;23832 |
| Chile — 0.0% | Chile — 0.0% | Chile — 0.0% |  |
| Chile Government International Bonds, 4.34%, <br>03/07/42<br>(d)<br>|  | 200 | &nbsp;&nbsp;178600 |
| Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% |  |
| Colombia Government International Bonds, 8.00%, <br>04/20/33<br>(d)<br>|  | 200 | &nbsp;&nbsp;215000 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Dominican Republic — 0.1% | Dominican Republic — 0.1% | Dominican Republic — 0.1% |  |
| Dominican Republic International Bonds<br>(b)<br>|  |  |  |
| 4.50%, 01/30/30<br>(d)<br>| USD | 200 | &nbsp;&nbsp;$195619<br>|
| 7.05%, 02/03/31 |  | 150 | &nbsp;&nbsp;161091 |
|  |  |  | &nbsp;&nbsp;356710 |
| Ecuador — 0.0% | Ecuador — 0.0% | Ecuador — 0.0% |  |
| Ecuador Government International Bonds, 6.90%, <br>07/31/30<br>(b)(l)<br>|  | 23 | &nbsp;&nbsp;22297 |
| Egypt — 0.0% | Egypt — 0.0% | Egypt — 0.0% |  |
| Egypt Government International Bonds, 7.50%, <br>02/16/61<br>(b)(d)<br>|  | 200 | &nbsp;&nbsp;174360 |
| Guatemala — 0.1% | Guatemala — 0.1% | Guatemala — 0.1% |  |
| Guatemala Government Bonds, 7.05%, 10/04/32<br>(b)(d)<br>|  | 200 | &nbsp;&nbsp;219300 |
| Ivory Coast — 0.0% | Ivory Coast — 0.0% | Ivory Coast — 0.0% |  |
| Ivory Coast Government International Bonds, 5.88%, <br>10/17/31<br>(e)<br>| EUR | 100 | &nbsp;&nbsp;118401 |
| Mexico — 0.0% | Mexico — 0.0% | Mexico — 0.0% |  |
| Mexico Government International Bonds, 5.38%, <br>03/22/33<br>(d)<br>| USD | 200 | &nbsp;&nbsp;198146 |
| Morocco — 0.0% | Morocco — 0.0% | Morocco — 0.0% |  |
| Morocco Government International Bonds, 2.38%, <br>12/15/27<br>(b)(d)<br>|  | 200 | &nbsp;&nbsp;192000 |
| Panama — 0.1% | Panama — 0.1% | Panama — 0.1% |  |
| Panama Government International Bonds, 7.50%, <br>03/01/31<br>(d)<br>|  | 200 | &nbsp;&nbsp;221700 |
| Romania — 0.1% | Romania — 0.1% | Romania — 0.1% |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<br>(b)<br>|  | 62 | &nbsp;&nbsp;62988 |
| 2.12%, 07/16/31<br>(e)<br>| EUR | 156 | &nbsp;&nbsp;160817 |
| 6.25%, 09/10/34<br>(b)<br>|  | 33 | &nbsp;&nbsp;40745 |
| 6.75%, 07/11/39<br>(b)<br>|  | 13 | &nbsp;&nbsp;15893 |
| 6.50%, 10/07/45<br>(b)<br>|  | 16 | &nbsp;&nbsp;18679 |
|  |  |  | &nbsp;&nbsp;299122 |
| South Africa — 0.0% | South Africa — 0.0% | South Africa — 0.0% |  |
| Republic of South Africa Government International <br>Bonds, Series 30Y, 5.00%, 10/12/46<br>(d)<br>| USD | 230 | &nbsp;&nbsp;180207 |
| Total Foreign Agency Obligations — 0.5%<br>(Cost: $2,363,650) | Total Foreign Agency Obligations — 0.5%<br>(Cost: $2,363,650) | Total Foreign Agency Obligations — 0.5%<br>(Cost: $2,363,650) | &nbsp;&nbsp;2432336 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Investment Companies | Investment Companies | Investment Companies |
| Equity Funds — 1.3% | Equity Funds — 1.3% |  |
| Hearthside Equity | 4335 | &nbsp;&nbsp;65385 |
| Invesco Senior Loan ETF | 335000 | &nbsp;&nbsp;7035000 |
|  |  | &nbsp;&nbsp;7100385 |
| Total Investment Companies — 1.3%<br>(Cost: $7,086,839) | Total Investment Companies — 1.3%<br>(Cost: $7,086,839) | &nbsp;&nbsp;7100385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| Collateralized Mortgage Obligations — 2.1% | Collateralized Mortgage Obligations — 2.1% | Collateralized Mortgage Obligations — 2.1% | Collateralized Mortgage Obligations — 2.1% |
| Alternative Loan Trust |  |  |  |
| Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 | USD | 922 | &nbsp;&nbsp;$481354<br>|
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1731 | &nbsp;&nbsp;639929 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 528 | &nbsp;&nbsp;238900 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| Series 2005-17, Class 1A6, 5.50%, 09/25/35 |  | 65 | &nbsp;&nbsp;64977 |
| Series 2006-17, Class A2, 6.00%, 12/25/36 |  | 611 | &nbsp;&nbsp;266077 |
| Series 2007-HY5, Class 3A1, 4.85%, 09/25/37<br>(a)<br>|  | 137 | &nbsp;&nbsp;127610 |
| COLT Mortgage Loan Trust<br>(b)<br>|  |  |  |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1244 | &nbsp;&nbsp;1253743 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1080 | &nbsp;&nbsp;1089802 |
| Ellington Financial Mortgage Trust, Series 2021-2, <br>Class A1, 0.93%, 06/25/66<br>(a)(b)<br>|  | 163 | &nbsp;&nbsp;138832 |
| GCAT Trust<br>(a)(b)<br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67<br>(d)<br>|  | 1200 | &nbsp;&nbsp;1196102 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 802 | &nbsp;&nbsp;806653 |
| GSR Mortgage Loan Trust, Series 2005-AR5, <br>Class 2A3, 4.68%, 10/25/35<br>(a)<br>|  | 290 | &nbsp;&nbsp;142417 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, <br>10/25/69<br>(b)<br>|  | 483 | &nbsp;&nbsp;487114 |
| JP Morgan Mortgage Trust, Series 2022-DSC1, <br>Class A1, 4.75%, 01/25/63<br>(a)(b)<br>|  | 292 | &nbsp;&nbsp;288100 |
| OBX Trust<br>(b)<br>|  |  |  |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 624 | &nbsp;&nbsp;626665 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<br>(a)<br>|  | 946 | &nbsp;&nbsp;954252 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br>5.50%, 10/25/54<br>(a)(b)<br>|  | 741 | &nbsp;&nbsp;745949 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br>Class A1A, 4.10%, 07/25/57<br>(b)<br>|  | 465 | &nbsp;&nbsp;462606 |
| Verus Securitization Trust, Series 2022-3, Class A1, <br>4.13%, 02/25/67<br>(b)(d)<br>|  | 1095 | &nbsp;&nbsp;1054629 |
|  |  |  | &nbsp;&nbsp;11065711 |
| Commercial Mortgage-Backed Securities<br>(b)<br> — 2.4% | Commercial Mortgage-Backed Securities<br>(b)<br> — 2.4% | Commercial Mortgage-Backed Securities<br>(b)<br> — 2.4% | Commercial Mortgage-Backed Securities<br>(b)<br> — 2.4% |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, <br>Class D, (1-mo. Term SOFR + 2.69%), 6.44%, <br>11/15/41<br>(a)<br>|  | 630 | &nbsp;&nbsp;632341 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, <br>Class A, (1-mo. Term SOFR + 1.85%), 5.60%, <br>08/15/42<br>(a)<br>|  | 381 | &nbsp;&nbsp;382432 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, <br>Class D, (1-mo. Term SOFR + 2.59%), 6.34%, <br>03/15/41<br>(a)<br>|  | 343 | &nbsp;&nbsp;342662 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, <br>Class D, 7.00%, 11/05/39<br>(a)<br>|  | 200 | &nbsp;&nbsp;208064 |
| BX Commercial Mortgage Trust |  |  |  |
| Series 2021-CIP, Class A, (1-mo. Term SOFR + <br>1.04%), 4.79%, 12/15/38<br>(a)<br>|  | 880 | &nbsp;&nbsp;879770 |
| Series 2021-XL2, Class A, (1-mo. Term SOFR + <br>0.80%), 4.55%, 10/15/38<br>(a)<br>|  | 120 | &nbsp;&nbsp;120252 |
| Series 2024-MF, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 02/15/39<br>|  | 451 | &nbsp;&nbsp;452139 |
| Series 2024-XL4, Class C, (1-mo. Term SOFR + <br>2.19%), 5.94%, 02/15/39<br>(a)<br>|  | 93 | &nbsp;&nbsp;93033 |
| BX Trust<br>(a)<br>|  |  |  |
| Series 2022 VAMF, Class A, (1-mo. Term SOFR + <br>0.85%), 4.60%, 01/15/39<br>|  | 1200 | &nbsp;&nbsp;1199271 |
| Series 2024-BIO, Class C, (1-mo. Term SOFR + <br>2.64%), 6.39%, 02/15/41<br>|  | 240 | &nbsp;&nbsp;237603 |
| Series 2024-CNYN, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 04/15/41<br>|  | 577 | &nbsp;&nbsp;578396 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| BX Trust<br>(a)<br>(continued)<br>|  |  |  |
| Series 2024-PAT, Class B, (1-mo. Term SOFR + <br>3.04%), 6.79%, 03/15/41<br>| USD | 170 | &nbsp;&nbsp;$170690<br>|
| Century Plaza Towers, Series 2019-CPT, Class C, <br>3.00%, 11/13/39<br>(a)<br>|  | 250 | &nbsp;&nbsp;225854 |
| CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term <br>SOFR + 3.04%), 6.79%, 08/15/41<br>(a)<br>|  | 660 | &nbsp;&nbsp;659531 |
| DBC Mortgage Trust, Series 2025-DBC, Class C, (1-<br>mo. Term SOFR + 2.05%), 5.80%, 11/15/42<br>(a)<br>|  | 1240 | &nbsp;&nbsp;1239998 |
| DC Trust<br>(a)<br>|  |  |  |
| Series 2024-HLTN, Class C, 7.04%, 04/13/40 |  | 220 | &nbsp;&nbsp;220460 |
| Series 2025-LXP, Class B, (1-mo. Term SOFR + <br>1.84%), 5.58%, 08/15/37<br>|  | 274 | &nbsp;&nbsp;274510 |
| Series 2025-LXP, Class C, (1-mo. Term SOFR + <br>2.24%), 5.98%, 08/15/37<br>|  | 293 | &nbsp;&nbsp;293636 |
| GS Mortgage Securities Corp. Trust<br>(a)<br>|  |  |  |
| Series 2025-800D, Class A, (1-mo. Term SOFR + <br>2.65%), 6.38%, 11/25/41<br>|  | 195 | &nbsp;&nbsp;195261 |
| Series 2025-800D, Class B, (1-mo. Term SOFR + <br>3.45%), 7.18%, 11/25/41<br>|  | 900 | &nbsp;&nbsp;899899 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br>Class C, (1-mo. Term SOFR + 2.39%), 6.14%, <br>06/15/39<br>(a)<br>|  | 800 | &nbsp;&nbsp;801979 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, <br>8.73%, 06/12/39<br>|  | 790 | &nbsp;&nbsp;800853 |
| MIC Trust, Series 2023-MIC, Class B, 9.53%, <br>12/05/38<br>(a)<br>|  | 234 | &nbsp;&nbsp;254298 |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br>Class D, (1-mo. Term SOFR + 2.94%), 6.69%, <br>11/15/34<br>(a)<br>|  | 270 | &nbsp;&nbsp;270674 |
| VEGAS, Series 2024-GCS, Class D, 6.22%, <br>07/10/36<br>(a)<br>|  | 650 | &nbsp;&nbsp;643340 |
| VRTX Trust, Series 2025-HQ, Class B, 5.49%, <br>08/05/42<br>(a)<br>|  | 895 | &nbsp;&nbsp;904564 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-<br>BPRC, Class D, 7.08%, 07/15/43<br>|  | 250 | &nbsp;&nbsp;251969 |
|  |  |  | &nbsp;&nbsp;13233479 |
| Total Non-Agency Mortgage-Backed Securities — 4.5%<br>(Cost: $25,182,220) | Total Non-Agency Mortgage-Backed Securities — 4.5%<br>(Cost: $25,182,220) | Total Non-Agency Mortgage-Backed Securities — 4.5%<br>(Cost: $25,182,220) | &nbsp;&nbsp;24299190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Benefical<br>Interest (000)<br>|  |
| Other Interests | Other Interests | Other Interests | Other Interests |
| Capital Markets — 0.0% | Capital Markets — 0.0% | Capital Markets — 0.0% |  |
| Millennium Lender Claim Trust<br>(c)(q)<br>| USD | 918 | &nbsp;&nbsp;— |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |  |
| Millennium Corp.<br>(c)(q)<br>|  | 861 | &nbsp;&nbsp;— |
| Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) | &nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 6.3% | Capital Trusts — 6.3% | Capital Trusts — 6.3% | Capital Trusts — 6.3% |
| Banks — 3.5% | Banks — 3.5% | Banks — 3.5% |  |
| Bank of America Corp., 6.63%<br>(d)(o)<br>| USD | 4260 | &nbsp;&nbsp; $4438711<br>|
| Barclays PLC<br>(a)(d)(o)<br>|  |  |  |
| 4.38% |  | 2455 | &nbsp;&nbsp;2375086 |
| 8.00% |  | 2200 | &nbsp;&nbsp;2347336 |
| 9.63% |  | 805 | &nbsp;&nbsp;911901 |
| ING Groep NV, 3.88%<br>(a)(d)(o)<br>|  | 1750 | &nbsp;&nbsp;1699119 |
| JPMorgan Chase & Co.<br>(a)(d)<br>|  |  |  |
| Series II, 6.41%<br>(o)<br>|  | 4000 | &nbsp;&nbsp;4009940 |
| Series U, 5.07%, 01/15/87 |  | 325 | &nbsp;&nbsp;301945 |
| Krung Thai Bank PCL, 4.40%<br>(a)(e)(o)<br>|  | 202 | &nbsp;&nbsp;201192 |
| Lloyds Banking Group PLC, 6.75%<br>(a)(d)(o)<br>|  | 450 | &nbsp;&nbsp;453745 |
| NatWest Group PLC, 8.13%<br>(a)(d)(o)<br>|  | 735 | &nbsp;&nbsp;826979 |
| Nordea Bank Abp, 3.75%<br>(a)(b)(d)(o)<br>|  | 560 | &nbsp;&nbsp;530949 |
| PNC Financial Services Group, Inc., Series W, <br>6.25%<br>(a)(d)(o)<br>|  | 619 | &nbsp;&nbsp;639047 |
|  |  |  | &nbsp;&nbsp;18735950 |
| Capital Markets — 0.0% | Capital Markets — 0.0% | Capital Markets — 0.0% |  |
| State Street Corp., 4.98%, 06/01/77<br>(a)(d)<br>|  | 194 | &nbsp;&nbsp;173332 |
| Electric Utilities<br>(a)(d)<br> — 1.1% | Electric Utilities<br>(a)(d)<br> — 1.1% | Electric Utilities<br>(a)(d)<br> — 1.1% |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, <br>05/01/79<br>|  | 3750 | &nbsp;&nbsp;3786604 |
| PG&E Corp., 7.38%, 03/15/55 |  | 2078 | &nbsp;&nbsp;2164218 |
|  |  |  | &nbsp;&nbsp;5950822 |
| Financial Services<br>(a)(b)(d)(o)<br> — 1.0% | Financial Services<br>(a)(b)(d)(o)<br> — 1.0% | Financial Services<br>(a)(b)(d)(o)<br> — 1.0% |  |
| UBS Group AG |  |  |  |
| Series NC10, 9.25% |  | 4400 | &nbsp;&nbsp;5160131 |
| Series NC5, 9.25% |  | 200 | &nbsp;&nbsp;219450 |
|  |  |  | &nbsp;&nbsp;5379581 |
| Health Care Equipment & Supplies<br>(a)(d)<br> — 0.6% | Health Care Equipment & Supplies<br>(a)(d)<br> — 0.6% | Health Care Equipment & Supplies<br>(a)(d)<br> — 0.6% |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 635 | &nbsp;&nbsp;663175 |
| 7.00%, 03/10/55 |  | 2605 | &nbsp;&nbsp;2732770 |
|  |  |  | &nbsp;&nbsp;3395945 |
| Independent Power and Renewable Electricity Producers<br>(a)(b)(o)<br> — <br>0.1% | Independent Power and Renewable Electricity Producers<br>(a)(b)(o)<br> — <br>0.1% | Independent Power and Renewable Electricity Producers<br>(a)(b)(o)<br> — <br>0.1% |  |
| NRG Energy, Inc., 10.25%<br>(d)<br>|  | 475 | &nbsp;&nbsp;518624 |
| Vistra Corp., 7.00% |  | 209 | &nbsp;&nbsp;212650 |
|  |  |  | &nbsp;&nbsp;731274 |
| Utilities — 0.0% | Utilities — 0.0% | Utilities — 0.0% |  |
| Electricite de France SA, 3.00%<br>(a)(e)(o)<br>| EUR | 200 | &nbsp;&nbsp;231827 |
|  |  |  | &nbsp;&nbsp;34598731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.3%<br>(f) | Preferred Stocks — 0.3%<br>(f) | Preferred Stocks — 0.3%<br>(f) |
| Capital Markets — 0.3% | Capital Markets — 0.3% |  |
| Morgan Stanley, Series F, 6.88%<br>(o)<br>| 55000 | &nbsp;&nbsp;1381050 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 107 | &nbsp;&nbsp;18661 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 2283 | &nbsp;&nbsp;$53651<br>|
| Series G-1 | 1576 | &nbsp;&nbsp;36248 |
|  |  | &nbsp;&nbsp;89899 |
|  |  | &nbsp;&nbsp;1489610 |
| Total Preferred Securities — 6.6%<br>(Cost: $35,049,284) | Total Preferred Securities — 6.6%<br>(Cost: $35,049,284) | &nbsp;&nbsp;36088341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| Mortgage-Backed Securities<br>(d)<br> — 2.7% | Mortgage-Backed Securities<br>(d)<br> — 2.7% | Mortgage-Backed Securities<br>(d)<br> — 2.7% |  |
| Freddie Mac Mortgage-Backed Securities, 4.00%, <br>05/01/39<br>| USD | 730 | &nbsp;&nbsp;718667 |
| Uniform Mortgage-Backed Securities |  |  |  |
| 3.50%, 09/01/42 - 10/01/42 |  | 7801 | &nbsp;&nbsp;7468296 |
| 4.50%, 06/01/44 |  | 1428 | &nbsp;&nbsp;1431938 |
| 5.00%, 11/01/44 - 01/15/55<br>(r)<br>|  | 4881 | &nbsp;&nbsp;4932459 |
|  |  |  | &nbsp;&nbsp;14551360 |
| Total U.S. Government Sponsored Agency Securities — 2.7%<br>(Cost: $14,149,207) | Total U.S. Government Sponsored Agency Securities — 2.7%<br>(Cost: $14,149,207) | Total U.S. Government Sponsored Agency Securities — 2.7%<br>(Cost: $14,149,207) | &nbsp;&nbsp;14551360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Warrants | Warrants | Warrants |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Service King (Carnelian Point), (Exercisable 01/14/23, <br>1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br>USD 10.00)<br>(f)<br>| 1315 | &nbsp;&nbsp;— |
| Total Warrants — 0.0%<br>(Cost: $—) | Total Warrants — 0.0%<br>(Cost: $—) | &nbsp;&nbsp;— |
| Total Long-Term Investments — 152.6%<br>(Cost: $825,209,777) | Total Long-Term Investments — 152.6%<br>(Cost: $825,209,777) | &nbsp;&nbsp;829176412 |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.8% | Money Market Funds — 0.8% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br>Shares, 3.65%<br>(s)(t)<br>| 4079242 | &nbsp;&nbsp;4079242 |
| Total Short-Term Securities — 0.8%<br>(Cost: $4,079,242) | Total Short-Term Securities — 0.8%<br>(Cost: $4,079,242) | &nbsp;&nbsp;4079242 |
| Total Investments — 153.4%<br>(Cost: $829,289,019) | Total Investments — 153.4%<br>(Cost: $829,289,019) | &nbsp;&nbsp;833255654 |
| Liabilities in Excess of Other Assets — (53.4)% | Liabilities in Excess of Other Assets — (53.4)% | &nbsp;&nbsp;(289939832)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | &nbsp;&nbsp;$543315822<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $200,256, representing less than 0.05% of its net assets as of period end, and an original cost of $22,469.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuer filed for bankruptcy and/or is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(k) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rounds to less than 1,000.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Represents or includes a TBA transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(t) 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

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $346004<br>| $3,733,238<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $—<br>| $4079242<br>| 4079242 | $142406<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| TD Securities (USA) LLC | 3.93%<br>(b)<br>| 06/11/24 | Open | &nbsp;&nbsp;$297660<br>| &nbsp;&nbsp;$321798<br>| Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.84<br>(b)<br>| 12/06/24 | Open | &nbsp;&nbsp;162975 | &nbsp;&nbsp;171141 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.75<br>(b)<br>| 12/09/24 | Open | &nbsp;&nbsp;662500 | &nbsp;&nbsp;694783 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.77<br>(b)<br>| 12/09/24 | Open | &nbsp;&nbsp;178500 | &nbsp;&nbsp;187237 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.77<br>(b)<br>| 12/09/24 | Open | &nbsp;&nbsp;342656 | &nbsp;&nbsp;359428 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.84<br>(b)<br>| 12/09/24 | Open | &nbsp;&nbsp;322000 | &nbsp;&nbsp;338004 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.84<br>(b)<br>| 12/17/24 | Open | &nbsp;&nbsp;243815 | &nbsp;&nbsp;255671 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.86<br>(b)<br>| 12/17/24 | Open | &nbsp;&nbsp;623290 | &nbsp;&nbsp;653730 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 3.74<br>(b)<br>| 04/03/25 | Open | &nbsp;&nbsp;892500 | &nbsp;&nbsp;922027 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 05/06/25 | Open | &nbsp;&nbsp;394313 | &nbsp;&nbsp;406052 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.70<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;223215 | &nbsp;&nbsp;229263 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;354469 | &nbsp;&nbsp;364297 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;198300 | &nbsp;&nbsp;203798 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80 | 05/19/25 | Open | &nbsp;&nbsp;333856 | &nbsp;&nbsp;343113 | Capital Trusts | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80<br>(b)<br>| 06/05/25 | Open | &nbsp;&nbsp;103598 | &nbsp;&nbsp;106248 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 3.90<br>(b)<br>| 06/16/25 | Open | &nbsp;&nbsp;756551 | &nbsp;&nbsp;775271 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 3.90<br>(b)<br>| 06/16/25 | Open | &nbsp;&nbsp;784350 | &nbsp;&nbsp;803295 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 07/14/25 | Open | &nbsp;&nbsp;841253 | &nbsp;&nbsp;858864 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 07/18/25 | Open | &nbsp;&nbsp;690046 | &nbsp;&nbsp;704138 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.60<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;936424 | &nbsp;&nbsp;954444 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.65<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;247180 | &nbsp;&nbsp;251895 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;462590 | &nbsp;&nbsp;471521 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;154000 | &nbsp;&nbsp;157001 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1045791 | &nbsp;&nbsp;1066173 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;115094 | &nbsp;&nbsp;117337 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;224910 | &nbsp;&nbsp;229293 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;461093 | &nbsp;&nbsp;470079 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;100595 | &nbsp;&nbsp;102555 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;746000 | &nbsp;&nbsp;760539 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.75<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;3760000 | &nbsp;&nbsp;3832811 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.75<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1297688 | &nbsp;&nbsp;1323037 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.75<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;789313 | &nbsp;&nbsp;804732 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.75<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;437250 | &nbsp;&nbsp;445792 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.78<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;474375 | &nbsp;&nbsp;483707 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.79<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;167200 | &nbsp;&nbsp;170497 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.81<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;509269 | &nbsp;&nbsp;519357 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.82<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;4126875 | &nbsp;&nbsp;4208816 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.85<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;350509 | &nbsp;&nbsp;357516 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.85<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;634433 | &nbsp;&nbsp;646979 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.85<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;62563 | &nbsp;&nbsp;63800 | Corporate Bonds | Open/Demand |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| BNP Paribas SA | 3.88%<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;$625975<br>| &nbsp;&nbsp;$638292<br>| Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;618445 | &nbsp;&nbsp;630895 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;777225 | &nbsp;&nbsp;792871 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;593667 | &nbsp;&nbsp;605672 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;95798 | &nbsp;&nbsp;97735 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;173250 | &nbsp;&nbsp;176754 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;243840 | &nbsp;&nbsp;248771 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;209050 | &nbsp;&nbsp;213277 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.12<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1862080 | &nbsp;&nbsp;1899479 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.15<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1623000 | &nbsp;&nbsp;1655821 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.15<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;791798 | &nbsp;&nbsp;807810 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.15 | 07/21/25 | Open | &nbsp;&nbsp;184092 | &nbsp;&nbsp;187815 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/23/25 | Open | &nbsp;&nbsp;447943 | &nbsp;&nbsp;456561 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/23/25 | Open | &nbsp;&nbsp;273458 | &nbsp;&nbsp;278719 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 07/23/25 | Open | &nbsp;&nbsp;748573 | &nbsp;&nbsp;763381 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 07/23/25 | Open | &nbsp;&nbsp;714139 | &nbsp;&nbsp;728266 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/25/25 | Open | &nbsp;&nbsp;221921 | &nbsp;&nbsp;226136 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.88<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;332995 | &nbsp;&nbsp;339056 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;160862 | &nbsp;&nbsp;163803 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;400000 | &nbsp;&nbsp;407314 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;263145 | &nbsp;&nbsp;267957 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;406858 | &nbsp;&nbsp;414297 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;87290 | &nbsp;&nbsp;88886 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;204688 | &nbsp;&nbsp;208430 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;761880 | &nbsp;&nbsp;775811 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;206243 | &nbsp;&nbsp;210014 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;401528 | &nbsp;&nbsp;408869 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.60<br>(b)<br>| 08/07/25 | Open | &nbsp;&nbsp;408598 | &nbsp;&nbsp;415459 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 08/08/25 | Open | &nbsp;&nbsp;808498 | &nbsp;&nbsp;822901 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/08/25 | Open | &nbsp;&nbsp;914233 | &nbsp;&nbsp;930445 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80<br>(b)<br>| 08/11/25 | Open | &nbsp;&nbsp;329175 | &nbsp;&nbsp;334807 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/11/25 | Open | &nbsp;&nbsp;719153 | &nbsp;&nbsp;731630 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/12/25 | Open | &nbsp;&nbsp;582902 | &nbsp;&nbsp;592941 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/12/25 | Open | &nbsp;&nbsp;647100 | &nbsp;&nbsp;658244 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/12/25 | Open | &nbsp;&nbsp;725440 | &nbsp;&nbsp;737934 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 08/13/25 | Open | &nbsp;&nbsp;934895 | &nbsp;&nbsp;950433 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.25<br>(b)<br>| 08/19/25 | Open | &nbsp;&nbsp;138465 | &nbsp;&nbsp;138837 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/22/25 | Open | &nbsp;&nbsp;439580 | &nbsp;&nbsp;446587 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(0.75)<br>(b)<br>| 08/26/25 | Open | &nbsp;&nbsp;94250 | &nbsp;&nbsp;94250 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/28/25 | Open | &nbsp;&nbsp;1258456 | &nbsp;&nbsp;1278110 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 08/28/25 | Open | &nbsp;&nbsp;564558 | &nbsp;&nbsp;573374 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 09/03/25 | Open | &nbsp;&nbsp;875000 | &nbsp;&nbsp;887311 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 09/03/25 | Open | &nbsp;&nbsp;950000 | &nbsp;&nbsp;963366 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/12/25 | Open | &nbsp;&nbsp;580469 | &nbsp;&nbsp;588161 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/12/25 | Open | &nbsp;&nbsp;624608 | &nbsp;&nbsp;632885 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/19/25 | Open | &nbsp;&nbsp;506850 | &nbsp;&nbsp;513074 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 09/22/25 | Open | &nbsp;&nbsp;615897 | &nbsp;&nbsp;623270 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 09/22/25 | Open | &nbsp;&nbsp;485450 | &nbsp;&nbsp;491262 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 09/23/25 | Open | &nbsp;&nbsp;96094 | &nbsp;&nbsp;97053 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/24/25 | Open | &nbsp;&nbsp;603250 | &nbsp;&nbsp;610292 | Capital Trusts | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/24/25 | Open | &nbsp;&nbsp;1772500 | &nbsp;&nbsp;1793191 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/29/25 | Open | &nbsp;&nbsp;1125373 | &nbsp;&nbsp;1137828 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.90<br>(b)<br>| 09/30/25 | Open | &nbsp;&nbsp;51920 | &nbsp;&nbsp;52494 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/30/25 | Open | &nbsp;&nbsp;327990 | &nbsp;&nbsp;331580 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.90 | 10/01/25 | Open | &nbsp;&nbsp;566 | &nbsp;&nbsp;572 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.60<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;33975 | &nbsp;&nbsp;34324 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.64<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;654089 | &nbsp;&nbsp;660799 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;398688 | &nbsp;&nbsp;403052 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/03/25 | Open | &nbsp;&nbsp;1047611 | &nbsp;&nbsp;1058699 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.60<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1173619 | &nbsp;&nbsp;1184868 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.65<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1439680 | &nbsp;&nbsp;1453655 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.68<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;376084 | &nbsp;&nbsp;379762 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Nomura Securities International, Inc. | 3.72%<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;$112370<br>| &nbsp;&nbsp;$113480<br>| Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;131075 | &nbsp;&nbsp;132370 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;358531 | &nbsp;&nbsp;362073 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;94056 | &nbsp;&nbsp;94988 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;312885 | &nbsp;&nbsp;315983 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;95290 | &nbsp;&nbsp;96234 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;258445 | &nbsp;&nbsp;261004 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;775030 | &nbsp;&nbsp;782705 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;131771 | &nbsp;&nbsp;133076 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;288210 | &nbsp;&nbsp;291064 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;390816 | &nbsp;&nbsp;394686 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.75<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;214561 | &nbsp;&nbsp;216696 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.75<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;163272 | &nbsp;&nbsp;164896 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.87<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;106503 | &nbsp;&nbsp;107594 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;307110 | &nbsp;&nbsp;310279 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;750350 | &nbsp;&nbsp;758092 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;376675 | &nbsp;&nbsp;380562 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;179224 | &nbsp;&nbsp;181073 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;3545000 | &nbsp;&nbsp;3581578 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;310685 | &nbsp;&nbsp;313891 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;218829 | &nbsp;&nbsp;221086 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;232234 | &nbsp;&nbsp;234630 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;326988 | &nbsp;&nbsp;330361 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;762550 | &nbsp;&nbsp;770418 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;37159 | &nbsp;&nbsp;37543 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;76800 | &nbsp;&nbsp;77592 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;510351 | &nbsp;&nbsp;515617 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;761852 | &nbsp;&nbsp;769712 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1440200 | &nbsp;&nbsp;1455060 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;263306 | &nbsp;&nbsp;266023 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1266509 | &nbsp;&nbsp;1279577 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/07/25 | Open | &nbsp;&nbsp;270323 | &nbsp;&nbsp;272961 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.71<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;193973 | &nbsp;&nbsp;195838 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;309083 | &nbsp;&nbsp;312078 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;818370 | &nbsp;&nbsp;826575 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1124955 | &nbsp;&nbsp;1136234 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;516385 | &nbsp;&nbsp;521562 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1770624 | &nbsp;&nbsp;1788376 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;446781 | &nbsp;&nbsp;451261 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1047188 | &nbsp;&nbsp;1057686 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.89<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;209444 | &nbsp;&nbsp;211549 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;172500 | &nbsp;&nbsp;174238 | Corporate Bonds | Open/Demand |
| Citigroup Global Markets, Inc. | 3.73<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1287200 | &nbsp;&nbsp;1299644 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br>Bank<br>| 3.80<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;349751 | &nbsp;&nbsp;353191 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.70<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;252200 | &nbsp;&nbsp;254620 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;259290 | &nbsp;&nbsp;261902 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;530980 | &nbsp;&nbsp;536329 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1226619 | &nbsp;&nbsp;1238975 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;320288 | &nbsp;&nbsp;323514 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;276814 | &nbsp;&nbsp;279602 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;321598 | &nbsp;&nbsp;324837 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;773343 | &nbsp;&nbsp;781059 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1369918 | &nbsp;&nbsp;1383587 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;344850 | &nbsp;&nbsp;348291 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;853905 | &nbsp;&nbsp;862425 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1275920 | &nbsp;&nbsp;1288557 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;245079 | &nbsp;&nbsp;247460 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1173000 | &nbsp;&nbsp;1184337 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;178756 | &nbsp;&nbsp;180482 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;975000 | &nbsp;&nbsp;984424 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;453750 | &nbsp;&nbsp;458136 | Corporate Bonds | Open/Demand |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| TD Securities (USA) LLC | 3.82%<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;$266000<br>| &nbsp;&nbsp;$268575<br>| Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;714375 | &nbsp;&nbsp;721270 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;175061 | &nbsp;&nbsp;176783 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;143260 | &nbsp;&nbsp;144686 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;256648 | &nbsp;&nbsp;259202 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1127913 | &nbsp;&nbsp;1139121 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;422725 | &nbsp;&nbsp;426932 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;398700 | &nbsp;&nbsp;402668 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;441225 | &nbsp;&nbsp;445616 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;532475 | &nbsp;&nbsp;537774 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;313171 | &nbsp;&nbsp;316288 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;389216 | &nbsp;&nbsp;393089 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1092960 | &nbsp;&nbsp;1103836 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;211990 | &nbsp;&nbsp;214100 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;195381 | &nbsp;&nbsp;197326 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;320569 | &nbsp;&nbsp;323760 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;660880 | &nbsp;&nbsp;667457 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;129806 | &nbsp;&nbsp;131100 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;236160 | &nbsp;&nbsp;238513 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;178943 | &nbsp;&nbsp;180711 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;672016 | &nbsp;&nbsp;678704 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;489782 | &nbsp;&nbsp;494663 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;154114 | &nbsp;&nbsp;155626 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4220081 | &nbsp;&nbsp;4233099 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;317831 | &nbsp;&nbsp;320994 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;54186 | &nbsp;&nbsp;54725 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;350026 | &nbsp;&nbsp;353509 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;552947 | &nbsp;&nbsp;558457 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;109656 | &nbsp;&nbsp;110747 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;224536 | &nbsp;&nbsp;226774 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;333554 | &nbsp;&nbsp;336873 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;577019 | &nbsp;&nbsp;582761 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;269118 | &nbsp;&nbsp;271796 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;475324 | &nbsp;&nbsp;479988 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;259335 | &nbsp;&nbsp;261916 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;642206 | &nbsp;&nbsp;648588 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;145225 | &nbsp;&nbsp;146672 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;1459575 | &nbsp;&nbsp;1474100 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;382623 | &nbsp;&nbsp;386435 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;349363 | &nbsp;&nbsp;352840 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;173075 | &nbsp;&nbsp;174797 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;878489 | &nbsp;&nbsp;887170 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;829347 | &nbsp;&nbsp;837600 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;959500 | &nbsp;&nbsp;969048 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1329660 | &nbsp;&nbsp;1342892 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;214515 | &nbsp;&nbsp;216650 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;107809 | &nbsp;&nbsp;108883 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;706879 | &nbsp;&nbsp;713913 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;261765 | &nbsp;&nbsp;264334 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;291259 | &nbsp;&nbsp;294161 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;619944 | &nbsp;&nbsp;626114 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;204438 | &nbsp;&nbsp;206472 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1713548 | &nbsp;&nbsp;1730600 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;203835 | &nbsp;&nbsp;205863 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;171350 | &nbsp;&nbsp;173055 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;361430 | &nbsp;&nbsp;365027 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;146610 | &nbsp;&nbsp;148069 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;893909 | &nbsp;&nbsp;902805 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;642105 | &nbsp;&nbsp;648450 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2442375 | &nbsp;&nbsp;2466680 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;183792 | &nbsp;&nbsp;185621 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;479460 | &nbsp;&nbsp;484231 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| TD Securities (USA) LLC | 3.90%<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;$488588<br>| &nbsp;&nbsp;$493450<br>| Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;207373 | &nbsp;&nbsp;209430 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;470535 | &nbsp;&nbsp;475224 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;259875 | &nbsp;&nbsp;262425 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;265050 | &nbsp;&nbsp;267691 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;303413 | &nbsp;&nbsp;306411 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;359825 | &nbsp;&nbsp;363411 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;252787 | &nbsp;&nbsp;255306 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;123113 | &nbsp;&nbsp;124338 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;552825 | &nbsp;&nbsp;558334 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;129231 | &nbsp;&nbsp;130517 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;906889 | &nbsp;&nbsp;915914 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;228993 | &nbsp;&nbsp;231271 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;297123 | &nbsp;&nbsp;300079 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;552325 | &nbsp;&nbsp;557821 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1561455 | &nbsp;&nbsp;1576994 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;247650 | &nbsp;&nbsp;250114 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;504738 | &nbsp;&nbsp;509760 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;554641 | &nbsp;&nbsp;560161 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 10/09/25 | Open | &nbsp;&nbsp;697810 | &nbsp;&nbsp;704754 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;537795 | &nbsp;&nbsp;543147 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;555770 | &nbsp;&nbsp;561301 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;261515 | &nbsp;&nbsp;264117 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.93<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1293233 | &nbsp;&nbsp;1306140 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.85<br>(b)<br>| 10/10/25 | Open | &nbsp;&nbsp;413110 | &nbsp;&nbsp;417122 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/14/25 | Open | &nbsp;&nbsp;1525552 | &nbsp;&nbsp;1539801 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;528033 | &nbsp;&nbsp;532371 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/22/25 | Open | &nbsp;&nbsp;1150220 | &nbsp;&nbsp;1159747 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.71<br>(b)<br>| 10/23/25 | Open | &nbsp;&nbsp;164471 | &nbsp;&nbsp;165765 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 10/24/25 | Open | &nbsp;&nbsp;49512 | &nbsp;&nbsp;49912 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/28/25 | Open | &nbsp;&nbsp;88425 | &nbsp;&nbsp;89100 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.80 | 10/29/25 | Open | &nbsp;&nbsp;23415 | &nbsp;&nbsp;23587 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/30/25 | Open | &nbsp;&nbsp;419063 | &nbsp;&nbsp;422127 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;607713 | &nbsp;&nbsp;611435 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;377775 | &nbsp;&nbsp;380519 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;1017900 | &nbsp;&nbsp;1025221 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;714350 | &nbsp;&nbsp;719488 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.15 | 11/03/25 | Open | &nbsp;&nbsp;422764 | &nbsp;&nbsp;425688 | Capital Trusts | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 11/03/25 | Open | &nbsp;&nbsp;657803 | &nbsp;&nbsp;662352 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 11/04/25 | Open | &nbsp;&nbsp;285950 | &nbsp;&nbsp;287895 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/05/25 | Open | &nbsp;&nbsp;504781 | &nbsp;&nbsp;508124 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/05/25 | Open | &nbsp;&nbsp;483120 | &nbsp;&nbsp;486319 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.79<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;164063 | &nbsp;&nbsp;165112 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.79<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;212300 | &nbsp;&nbsp;213658 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;1518248 | &nbsp;&nbsp;1528127 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;1390568 | &nbsp;&nbsp;1399617 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;547375 | &nbsp;&nbsp;550937 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 11/07/25 | Open | &nbsp;&nbsp;776220 | &nbsp;&nbsp;781231 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/10/25 | Open | &nbsp;&nbsp;991213 | &nbsp;&nbsp;997211 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;136965 | &nbsp;&nbsp;137711 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;790500 | &nbsp;&nbsp;795023 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;547976 | &nbsp;&nbsp;551112 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;424284 | &nbsp;&nbsp;426712 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.90<br>(b)<br>| 11/14/25 | Open | &nbsp;&nbsp;611100 | &nbsp;&nbsp;614552 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/14/25 | Open | &nbsp;&nbsp;434768 | &nbsp;&nbsp;437206 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 11/19/25 | Open | &nbsp;&nbsp;1235363 | &nbsp;&nbsp;1241629 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 11/19/25 | Open | &nbsp;&nbsp;473235 | &nbsp;&nbsp;475635 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/19/25 | Open | &nbsp;&nbsp;411098 | &nbsp;&nbsp;413168 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.00<br>(b)<br>| 11/20/25 | Open | &nbsp;&nbsp;222269 | &nbsp;&nbsp;223132 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.80<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;211207 | &nbsp;&nbsp;212205 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.80<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;189546 | &nbsp;&nbsp;190441 | Foreign Agency Obligations | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;397425 | &nbsp;&nbsp;399335 | Corporate Bonds | Open/Demand |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| U.S. Bancorp Investments, Inc. | 3.87%<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;$386100<br>| &nbsp;&nbsp;$387956<br>| Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;403133 | &nbsp;&nbsp;405070 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.65<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;250860 | &nbsp;&nbsp;251920 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;434995 | &nbsp;&nbsp;436927 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;160674 | &nbsp;&nbsp;161387 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 11/26/25 | Open | &nbsp;&nbsp;3230677 | &nbsp;&nbsp;3230677 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.79<br>(b)<br>| 11/28/25 | Open | &nbsp;&nbsp;82425 | &nbsp;&nbsp;82425 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/28/25 | Open | &nbsp;&nbsp;107240 | &nbsp;&nbsp;107240 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 12/02/25 | Open | &nbsp;&nbsp;125715 | &nbsp;&nbsp;126139 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.88<br>(b)<br>| 12/03/25 | Open | &nbsp;&nbsp;872760 | &nbsp;&nbsp;875764 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.69<br>(b)<br>| 12/05/25 | Open | &nbsp;&nbsp;634403 | &nbsp;&nbsp;636347 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.57<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;31980 | &nbsp;&nbsp;32053 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.82 | 12/08/25 | Open | &nbsp;&nbsp;52304 | &nbsp;&nbsp;52432 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;229001 | &nbsp;&nbsp;229661 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;793904 | &nbsp;&nbsp;796192 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;402360 | &nbsp;&nbsp;403511 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;383333 | &nbsp;&nbsp;384429 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;207394 | &nbsp;&nbsp;207951 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;407813 | &nbsp;&nbsp;408941 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;361725 | &nbsp;&nbsp;362726 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;435256 | &nbsp;&nbsp;436460 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;514800 | &nbsp;&nbsp;516224 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;385083 | &nbsp;&nbsp;386148 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;411435 | &nbsp;&nbsp;412573 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 12/09/25 | Open | &nbsp;&nbsp;381031 | &nbsp;&nbsp;382085 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;357852 | &nbsp;&nbsp;358842 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;384606 | &nbsp;&nbsp;385670 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;495743 | &nbsp;&nbsp;497115 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;460739 | &nbsp;&nbsp;462014 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87<br>(b)<br>| 12/09/25 | Open | &nbsp;&nbsp;430920 | &nbsp;&nbsp;432104 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;695347 | &nbsp;&nbsp;697034 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;5237048 | &nbsp;&nbsp;5249754 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;2414626 | &nbsp;&nbsp;2420484 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1933454 | &nbsp;&nbsp;1938145 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1380586 | &nbsp;&nbsp;1383935 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;419554 | &nbsp;&nbsp;420572 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;293563 | &nbsp;&nbsp;294322 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;313500 | &nbsp;&nbsp;314276 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;165325 | &nbsp;&nbsp;165739 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;504631 | &nbsp;&nbsp;505911 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90 | 12/11/25 | Open | &nbsp;&nbsp;68529 | &nbsp;&nbsp;68703 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.55 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;478906 | &nbsp;&nbsp;479898 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.60 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;1552500 | &nbsp;&nbsp;1555760 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.60 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;177353 | &nbsp;&nbsp;177725 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.65 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;252534 | &nbsp;&nbsp;253071 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;279824 | &nbsp;&nbsp;280436 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;341590 | &nbsp;&nbsp;342337 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;182455 | &nbsp;&nbsp;182854 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;180381 | &nbsp;&nbsp;180776 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;554400 | &nbsp;&nbsp;555613 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;1118448 | &nbsp;&nbsp;1120894 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 1.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;443754 | &nbsp;&nbsp;444233 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.20 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;79180 | &nbsp;&nbsp;79328 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;855440 | &nbsp;&nbsp;857137 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;77391 | &nbsp;&nbsp;77545 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.45 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;98905 | &nbsp;&nbsp;99104 | Corporate Bonds | 31 - 90 Days |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| BofA Securities, Inc. | 3.50% <br>| 12/12/25 | 03/04/26 | &nbsp;&nbsp;$228750<br>| &nbsp;&nbsp;$229217<br>| Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;69709 | &nbsp;&nbsp;69855 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;509595 | &nbsp;&nbsp;510665 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;250800 | &nbsp;&nbsp;251327 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;108768 | &nbsp;&nbsp;108996 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;116438 | &nbsp;&nbsp;116682 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;233594 | &nbsp;&nbsp;234084 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;213495 | &nbsp;&nbsp;213943 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;398750 | &nbsp;&nbsp;399587 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;187500 | &nbsp;&nbsp;187894 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;460688 | &nbsp;&nbsp;461668 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;316399 | &nbsp;&nbsp;317072 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;533176 | &nbsp;&nbsp;534312 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;82305 | &nbsp;&nbsp;82480 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;145750 | &nbsp;&nbsp;146060 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;70361 | &nbsp;&nbsp;70511 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;526456 | &nbsp;&nbsp;527577 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;424118 | &nbsp;&nbsp;425021 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;655314 | &nbsp;&nbsp;656728 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;180550 | &nbsp;&nbsp;180940 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;586845 | &nbsp;&nbsp;588112 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;357723 | &nbsp;&nbsp;358495 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;168923 | &nbsp;&nbsp;169287 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1684855 | &nbsp;&nbsp;1688491 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;452904 | &nbsp;&nbsp;453881 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;133300 | &nbsp;&nbsp;133588 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;203726 | &nbsp;&nbsp;204166 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;179393 | &nbsp;&nbsp;179785 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1006250 | &nbsp;&nbsp;1008451 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;319725 | &nbsp;&nbsp;320424 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;88840 | &nbsp;&nbsp;89034 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;355039 | &nbsp;&nbsp;355815 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;389880 | &nbsp;&nbsp;390733 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.80 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1062534 | &nbsp;&nbsp;1064889 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.80 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;601250 | &nbsp;&nbsp;602583 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;547943 | &nbsp;&nbsp;549173 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;415755 | &nbsp;&nbsp;416689 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;222938 | &nbsp;&nbsp;223438 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;37860 | &nbsp;&nbsp;37945 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;298191 | &nbsp;&nbsp;298861 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;186470 | &nbsp;&nbsp;186889 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;133166 | &nbsp;&nbsp;133465 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;335160 | &nbsp;&nbsp;335913 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1171489 | &nbsp;&nbsp;1174120 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;380816 | &nbsp;&nbsp;381672 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;263956 | &nbsp;&nbsp;264548 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;494863 | &nbsp;&nbsp;495974 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;636864 | &nbsp;&nbsp;638294 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1940715 | &nbsp;&nbsp;1945074 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;546620 | &nbsp;&nbsp;547848 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;468683 | &nbsp;&nbsp;469735 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2245750 | &nbsp;&nbsp;2250794 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;206256 | &nbsp;&nbsp;206719 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.87 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;302470 | &nbsp;&nbsp;303153 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.87 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;302820 | &nbsp;&nbsp;303504 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.87 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;452344 | &nbsp;&nbsp;453365 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;349129 | &nbsp;&nbsp;349921 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;309306 | &nbsp;&nbsp;310008 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;334661 | &nbsp;&nbsp;335421 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;965055 | &nbsp;&nbsp;967245 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;775097 | &nbsp;&nbsp;776856 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.89 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;54256 | &nbsp;&nbsp;54380 | Corporate Bonds | 31 - 90 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| BofA Securities, Inc. | 3.90% <br>| 12/12/25 | 03/04/26 | &nbsp;&nbsp;$455100<br>| &nbsp;&nbsp;$456135<br>| Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.90 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;352908 | &nbsp;&nbsp;353710 | Corporate Bonds | 31 - 90 Days |
| Merrill Lynch International | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;698447 | &nbsp;&nbsp;699975 | Corporate Bonds | 31 - 90 Days |
| BNP Paribas SA | 3.85<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;776520 | &nbsp;&nbsp;778264 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;187931 | &nbsp;&nbsp;188340 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;1220966 | &nbsp;&nbsp;1223715 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 3.85 | 12/15/25 | 03/04/26 | &nbsp;&nbsp;19724 | &nbsp;&nbsp;19762 | Corporate Bonds | 31 - 90 Days |
| Nomura Securities International, Inc. | 3.75<br>(b)<br>| 12/15/25 | Open | &nbsp;&nbsp;328843 | &nbsp;&nbsp;329391 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/17/25 | Open | &nbsp;&nbsp;182825 | &nbsp;&nbsp;183142 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.26 | 12/18/25 | 01/09/26 | &nbsp;&nbsp;2710467 | &nbsp;&nbsp;2714957 | Asset-Backed Securities | Up to 30 Days |
| BofA Securities, Inc. | 4.31 | 12/18/25 | 01/09/26 | &nbsp;&nbsp;1078773 | &nbsp;&nbsp;1080581 | &nbsp;&nbsp;Non-Agency Mortgage-Backed <br>Securities<br>| Up to 30 Days |
| BofA Securities, Inc. | 4.31 | 12/18/25 | 01/09/26 | &nbsp;&nbsp;956954 | &nbsp;&nbsp;958558 | &nbsp;&nbsp;Non-Agency Mortgage-Backed <br>Securities<br>| Up to 30 Days |
| Barclays Bank PLC | 3.75 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;830250 | &nbsp;&nbsp;831547 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.75 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;447000 | &nbsp;&nbsp;447698 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.80 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;479522 | &nbsp;&nbsp;480282 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.80 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2864063 | &nbsp;&nbsp;2868597 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.85 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2338312 | &nbsp;&nbsp;2342063 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.90<br>(b)<br>| 12/18/25 | 01/16/26 | &nbsp;&nbsp;4202240 | &nbsp;&nbsp;4209069 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;392067 | &nbsp;&nbsp;392704 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2357525 | &nbsp;&nbsp;2361356 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1870200 | &nbsp;&nbsp;1873239 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 1.50 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;148590 | &nbsp;&nbsp;148683 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;112753 | &nbsp;&nbsp;112926 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1390359 | &nbsp;&nbsp;1392526 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;220213 | &nbsp;&nbsp;220556 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;874088 | &nbsp;&nbsp;875450 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;7176958 | &nbsp;&nbsp;7188176 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.80 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;341719 | &nbsp;&nbsp;342260 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.80 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;245168 | &nbsp;&nbsp;245556 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.80 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;301818 | &nbsp;&nbsp;302295 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;92825 | &nbsp;&nbsp;92976 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1189703 | &nbsp;&nbsp;1191636 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;188082 | &nbsp;&nbsp;188388 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1096185 | &nbsp;&nbsp;1097967 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;466817 | &nbsp;&nbsp;467576 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1212007 | &nbsp;&nbsp;1213976 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;544959 | &nbsp;&nbsp;545845 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;418100 | &nbsp;&nbsp;418779 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;565360 | &nbsp;&nbsp;566279 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;396375 | &nbsp;&nbsp;397019 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90<br>(b)<br>| 12/18/25 | 01/16/26 | &nbsp;&nbsp;1231704 | &nbsp;&nbsp;1233705 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;590783 | &nbsp;&nbsp;591743 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;775678 | &nbsp;&nbsp;776938 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;868480 | &nbsp;&nbsp;869891 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.90 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;456628 | &nbsp;&nbsp;457370 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.75 | 12/18/25 | 03/04/26 | &nbsp;&nbsp;1534225 | &nbsp;&nbsp;1536622 | Corporate Bonds | 31 - 90 Days |
| BNP Paribas SA | 3.87<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;842733 | &nbsp;&nbsp;844092 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.90<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;1649063 | &nbsp;&nbsp;1651742 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.85<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;210855 | &nbsp;&nbsp;211193 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.95<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;188385 | &nbsp;&nbsp;188695 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.95 | 12/18/25 | Open | &nbsp;&nbsp;238481 | &nbsp;&nbsp;238873 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.95<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;169506 | &nbsp;&nbsp;169785 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.95<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;172683 | &nbsp;&nbsp;172967 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.95<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;182499 | &nbsp;&nbsp;182799 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.95 | 12/18/25 | Open | &nbsp;&nbsp;136743 | &nbsp;&nbsp;136968 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;1447380 | &nbsp;&nbsp;1449732 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.95<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;195594 | &nbsp;&nbsp;195916 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;2590250 | &nbsp;&nbsp;2594362 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;628063 | &nbsp;&nbsp;629060 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;288844 | &nbsp;&nbsp;289302 | Capital Trusts | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| U.S. Bancorp Investments, Inc. | 3.81%<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;$2603250<br>| &nbsp;&nbsp;$2607383<br>| Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;226775 | &nbsp;&nbsp;227135 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;326250 | &nbsp;&nbsp;326768 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;496830 | &nbsp;&nbsp;497619 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.87 | 12/18/25 | Open | &nbsp;&nbsp;68850 | &nbsp;&nbsp;68968 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.60<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;227695 | &nbsp;&nbsp;228014 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.00<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;105668 | &nbsp;&nbsp;105668 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;37573 | &nbsp;&nbsp;37629 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;651665 | &nbsp;&nbsp;652335 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;540700 | &nbsp;&nbsp;541262 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;155928 | &nbsp;&nbsp;156090 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;431875 | &nbsp;&nbsp;432324 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;477750 | &nbsp;&nbsp;478246 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.90 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;628910 | &nbsp;&nbsp;629591 | Capital Trusts | Up to 30 Days |
| RBC Capital Markets, LLC | 3.79<br>(b)<br>| 12/23/25 | Open | &nbsp;&nbsp;160351 | &nbsp;&nbsp;160520 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.75 | 12/31/25 | 01/30/26 | &nbsp;&nbsp;1034344 | &nbsp;&nbsp;1034344 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 3.90<br>(b)<br>| 12/31/25 | Open | &nbsp;&nbsp;74393 | &nbsp;&nbsp;74393 | Corporate Bonds | Open/Demand |
|  |  |  |  | &nbsp;&nbsp;$288161504<br>| &nbsp;&nbsp;$290500724<br>|  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Long Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$8051<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(10406)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;133834 | &nbsp;&nbsp;&nbsp;&nbsp;86539 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;89630 | &nbsp;&nbsp;&nbsp;&nbsp;(54251)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21882 |
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;30021 | &nbsp;&nbsp;&nbsp;&nbsp;119494 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp;5724 |
| U.S. Long Bond | &nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;11675 | &nbsp;&nbsp;&nbsp;&nbsp;79909 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;2242 | &nbsp;&nbsp;&nbsp;&nbsp;25341 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;230468 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$252350<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| EUR | 15846 | USD | 18554 | Canadian Imperial Bank of Commerce | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78<br>|
| EUR | 42657 | USD | 49514 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 |
| USD | 14101906 | EUR | 11936000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27421 |
| USD | 764987 | EUR | 646560 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 |
| USD | 114729 | EUR | 97000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| USD | 341196 | EUR | 289000 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
| USD | 198237 | GBP | 146808 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31880 |
| USD | 48242 | EUR | 41279 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294)<br>|
| USD | 122955 | EUR | 105200 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741)<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Forward Foreign Currency Exchange Contracts (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 238474 | EUR | 204054 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1455)<br>|
| USD | 1375928 | GBP | 1028000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9511)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12001)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19879<br>|

---

Centrally Cleared Credit Default Swaps — Buy Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Paid<br>by the Fund<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| CDX.NA.HY.45.V1 | 5.00% <br>| &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 5875 | &nbsp;&nbsp;&nbsp;$(457176)<br>| &nbsp;&nbsp;&nbsp;$(430122)<br>| &nbsp;&nbsp;&nbsp;$(27054)<br>|
| CDX.NA.IG.45.V1 | 1.00 | &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 14100 | &nbsp;&nbsp;&nbsp;(323932)<br>| &nbsp;&nbsp;&nbsp;(308837)<br>| &nbsp;&nbsp;&nbsp;(15095)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(781108)<br>| &nbsp;&nbsp;&nbsp;$(738959)<br>| &nbsp;&nbsp;&nbsp;$(42149)<br>|

---

OTC Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Fund<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| Counterparty | Termination<br>Date<br>| Credit<br>Rating<br>(a)<br>| Notional<br>Amount (000)<br>(b) | Notional<br>Amount (000)<br>(b) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CMA CGM SA | 5.00% <br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 06/20/27 | BB+ | EUR | 30 | $2139<br>| $2228<br>| $(89)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | NR | EUR | 7 | 430 | (581)<br>| 1011 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 4 | 258 | (327)<br>| 585 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 12 | 727 | (919)<br>| 1646 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | NR | EUR | 4 | 211 | (273)<br>| 484 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | NR | EUR | 8 | 442 | (613)<br>| 1055 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 12/20/27 | NR | EUR | 5 | 320 | (428)<br>| 748 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 33 | 5171 | 4228 | 943 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 7 | 1353 | 885 | 468 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 20 | 2733 | 1931 | 802 |
|  |  |  |  |  |  |  |  | $13784<br>| $6131<br>| $7653<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| Rate | Frequency | Reference | Frequency | Counterparty | Effective<br>Date<br>| Termination<br>Date<br>| Notional<br>Amount (000) | Notional<br>Amount (000) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 1000 | $38425<br>| $(10976)<br>| $49401<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 2000 | 4178 | (19542)<br>| 23720 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 8000 | 114132 | (86490)<br>| 200622 |
|  |  |  |  |  |  |  |  |  | $156735<br>| $(117008)<br>| $273743<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(738959)<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(42149)<br>|
| OTC Swaps | &nbsp;&nbsp;9272 | &nbsp;&nbsp;&nbsp;(120149)<br>| &nbsp;&nbsp;&nbsp;281485 | &nbsp;&nbsp;&nbsp;(89)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$317007<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$317007<br>|
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;31880 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;31880 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;17014 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;273743 | &nbsp;&nbsp;— | &nbsp;&nbsp;290757 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$17014<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$31880<br>| &nbsp;&nbsp;$590750<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$639644<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized depreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$64657<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$64657<br>|
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;12001 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;12001 |
| Swaps — centrally cleared<br>Unrealized depreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;42149 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;42149 |
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;3230 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;117008 | &nbsp;&nbsp;— | &nbsp;&nbsp;120238 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$45379<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$12001<br>| &nbsp;&nbsp;$181665<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$239045<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$390921<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$390921<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(961785)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(961785)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;(259249)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;200668 | &nbsp;&nbsp;— | &nbsp;&nbsp;(58581)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(259249)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(961785)<br>| &nbsp;&nbsp;$591589<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(629445)<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(241354)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(241354)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(156292)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(156292)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;190535 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(124372)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;66163 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$190535<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(156292)<br>| &nbsp;&nbsp;$(365726)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(331483)<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp;$181792444<br>|
| Average notional value of contracts — short | &nbsp;&nbsp;49640461 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;14123972 |
| Average amounts sold — in USD | &nbsp;&nbsp;65911 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp;22775000 |
| Average notional value — sell protection | &nbsp;&nbsp;180042 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp;11137500 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$90766<br>| &nbsp;&nbsp;&nbsp;&nbsp;$155257<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;31880 | &nbsp;&nbsp;&nbsp;&nbsp;12001 |
| Swaps — centrally cleared | &nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;290757 | &nbsp;&nbsp;&nbsp;&nbsp;120238 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;414694 | &nbsp;&nbsp;&nbsp;&nbsp;287496 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(92057)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(155257)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$322637<br>| &nbsp;&nbsp;&nbsp;&nbsp;$132239<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$1011<br>| &nbsp;&nbsp;$(581)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$430<br>|
| Barclays Bank PLC | &nbsp;&nbsp;2231 | &nbsp;&nbsp;(1246)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;985 |
| BNP Paribas SA | &nbsp;&nbsp;32592 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;32592 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;78 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;78 |
| Citibank N.A. | &nbsp;&nbsp;484 | &nbsp;&nbsp;(273)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;211 |
| Deutsche Bank AG | &nbsp;&nbsp;1353 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1353 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;6375 | &nbsp;&nbsp;(613)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;5762 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;277069 | &nbsp;&nbsp;(117525)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;159544 |
| Societe Generale | &nbsp;&nbsp;418 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;418 |
| Standard Chartered Bank | &nbsp;&nbsp;383 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;383 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;643 | &nbsp;&nbsp;(643)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$322637<br>| &nbsp;&nbsp;$(120881)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$201756<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$581<br>| &nbsp;&nbsp;$(581)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Bank PLC | &nbsp;&nbsp;1246 | &nbsp;&nbsp;(1246)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Citibank N.A. | &nbsp;&nbsp;273 | &nbsp;&nbsp;(273)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| HSBC Bank PLC | &nbsp;&nbsp;9511 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;9511 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;613 | &nbsp;&nbsp;(613)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;$117525<br>| &nbsp;&nbsp;$(117525)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Wells Fargo Bank N.A. | &nbsp;&nbsp;2490 | &nbsp;&nbsp;(643)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1847 |
|  | &nbsp;&nbsp;$132239<br>| &nbsp;&nbsp;$(120881)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$11358<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$35302882<br>| &nbsp;&nbsp;&nbsp;&nbsp;$957950<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36260832<br>|
| Common Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;283528 | &nbsp;&nbsp;&nbsp;&nbsp;880865 | &nbsp;&nbsp;&nbsp;&nbsp;1164393 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;385835993 | &nbsp;&nbsp;&nbsp;&nbsp;1138592 | &nbsp;&nbsp;&nbsp;&nbsp;386974585 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1678699 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1678699 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;310248621 | &nbsp;&nbsp;&nbsp;&nbsp;8377670 | &nbsp;&nbsp;&nbsp;&nbsp;318626291 |
| Foreign Agency Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2432336 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2432336 |
| Investment Companies<br>|  |  |  |  |
| Equity Funds | &nbsp;&nbsp;7035000 | &nbsp;&nbsp;&nbsp;&nbsp;65385 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7100385 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24299190 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24299190 |
| Other Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34598731 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34598731 |
| Preferred Stocks<br>|  |  |  |  |
| Capital Markets | &nbsp;&nbsp;1381050 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1381050 |
| Ground Transportation | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18661 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18661 |
| IT Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89899 | &nbsp;&nbsp;&nbsp;&nbsp;89899 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14551360 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14551360 |
| Warrants | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;4079242 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4079242 |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5482 | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;5653 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2848)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2848)<br>|
|  | &nbsp;&nbsp;$12495292<br>| &nbsp;&nbsp;&nbsp;&nbsp;$809318020<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11445147<br>| &nbsp;&nbsp;&nbsp;&nbsp;$833258459<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7742<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7742<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31880 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31880 |
| Interest Rate Contracts | &nbsp;&nbsp;317007 | &nbsp;&nbsp;&nbsp;&nbsp;273743 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;590750 |
| Liabilities<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42238)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(42238)<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(12001)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(12001)<br>|
| Interest Rate Contracts | &nbsp;&nbsp;(64657)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(64657)<br>|
|  | &nbsp;&nbsp;$252350<br>| &nbsp;&nbsp;&nbsp;&nbsp;$259126<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$511476<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 $290,500,724 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 year 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Asset-Backed<br>Securities<br>| Common<br>Stocks<br>| Corporate<br>Bonds<br>| Fixed<br>Rate Loan<br>Interests<br>| Floating<br>Rate Loan<br>Interests<br>| Other<br>Interests<br>| Preferred<br>Stocks<br>|
| Assets |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$917574<br>| $605755<br>| $1235747<br>| $1606112<br>| $13579446<br>| $—<br>(a)<br>| &nbsp;&nbsp;$77041<br>|
| Transfers into Level 3<br>(b)<br>| &nbsp;&nbsp;&nbsp;— |  |  | 12727 | 635435 |  | &nbsp;&nbsp;— |
| Transfers out of Level 3<br>(c)<br>| &nbsp;&nbsp;&nbsp;— |  |  |  | (6126331)<br>|  | &nbsp;&nbsp;— |
| Other<br>(d)<br>| &nbsp;&nbsp;&nbsp;— |  |  | (1023000)<br>| 1023000 |  | &nbsp;&nbsp;— |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;(11750)<br>|  | 5591 | 884 | 26361 |  | &nbsp;&nbsp;— |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;— | 127110 | (35)<br>| 3478 | (90132)<br>|  | &nbsp;&nbsp;(120)<br>|
| Net change in unrealized appreciation (depreciation)<br>(e)(f)<br>| &nbsp;&nbsp;&nbsp;52126 | (541402)<br>| 12559 | (12426)<br>| (61443)<br>|  | &nbsp;&nbsp;12978 |
| Purchases | &nbsp;&nbsp;&nbsp;— | 1240592 | 96199 | 7855 | 7770212 |  | &nbsp;&nbsp;— |
| Sales | &nbsp;&nbsp;&nbsp;— | (551190)<br>| (211469)<br>| (595630)<br>| (8378878)<br>|  | &nbsp;&nbsp;— |
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$957950<br>| $880865<br>| $1138592<br>| $—<br>| $8377670<br>| $—<br>(a)<br>| &nbsp;&nbsp;$89899<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at <br>December 31, 2025<br>(f)<br>| &nbsp;&nbsp;&nbsp;$52126<br>| $(541402)<br>| $(3344)<br>| $(17528)<br>| $34232<br>| $—<br>| &nbsp;&nbsp;$12978<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Unfunded<br>Floating Rate<br>Loan<br>Interests<br>| Total<br>|
| Assets |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$—<br>| $18021675<br>|
| Transfers into Level 3<br>(b)<br>| &nbsp;&nbsp;&nbsp;— | 648162 |
| Transfers out of Level 3<br>(c)<br>| &nbsp;&nbsp;&nbsp;— | (6126331)<br>|
| Other<br>(d)<br>| &nbsp;&nbsp;&nbsp;— |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— | 21086 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;— | 40301 |
| Net change in unrealized appreciation (depreciation)<br>(e)(f)<br>| &nbsp;&nbsp;&nbsp;171 | (537437)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;— | 9114858 |
| Sales | &nbsp;&nbsp;&nbsp;— | (9737167)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$171<br>| $11445147<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<br>(f)<br>| &nbsp;&nbsp;&nbsp;$171<br>| $(462767)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Rounds to less than $1.

(b) As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of December 31, 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, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 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) Certain Level 3 investments were re-classified between Fixed Rate Loan Interests and Floating Rate Loan Interests.

(e) Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

(f) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Limited Duration Income Trust (BLW)

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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3-mo. <br>CME Term SOFR + 1.46%), 5.34%, 07/20/37<br>(a)(b)<br>| USD | 1626 | $1630972<br>|
| AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo. <br>CME Term SOFR + 2.40%), 6.29%, 04/16/37<br>(a)(b)<br>|  | 500 | 502409 |
| Anchorage Capital CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2015-7A, Class AR3, (3-mo. CME Term SOFR <br>+ 1.56%), 5.42%, 04/28/37<br>|  | 919 | 922375 |
| Series 2015-7A, Class DR3, (3-mo. CME Term SOFR <br>+ 3.80%), 7.66%, 04/28/37<br>|  | 250 | 250597 |
| Apidos CLO XVIII-R<br>(a)(b)<br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.33%), 5.19%, 01/22/38<br>|  | 1450 | 1454749 |
| Series 2018-18A, Class BR2, (3-mo. CME Term <br>SOFR + 1.70%), 5.56%, 01/22/38<br>|  | 870 | 873331 |
| Argent Securities Trust, Series 2006-W5, Class A1, (1-<br>mo. Term SOFR + 0.41%), 4.15%, 06/25/36<br>(a)<br>|  | 3509 | 2347972 |
| Atrium XV, Series 15A, Class D1R, (3-mo. CME Term <br>SOFR + 3.30%), 7.19%, 07/16/37<br>(a)(b)<br>|  | 550 | 548286 |
| Ballyrock CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2024-28A, Class A2, (3-mo. CME Term SOFR <br>+ 1.70%), 5.58%, 01/20/38<br>|  | 250 | 250941 |
| Series 2025-30A, Class C1, (3-mo. CME Term SOFR <br>+ 2.85%), 6.84%, 10/25/38<br>|  | 1000 | 1001413 |
| Bear Stearns Asset-Backed Securities I Trust, <br>Series 2006-HE9, Class 2A, (1-mo. Term SOFR + <br>0.39%), 4.13%, 11/25/36<br>(a)<br>|  | 495 | 488405 |
| BlueMountain CLO Ltd., Series 2018-3A, Class A1R, <br>(3-mo. CME Term SOFR + 1.19%), 5.05%, <br>10/25/30<br>(a)(b)<br>|  | 343 | 343370 |
| BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, <br>Class A1AR, (3-mo. CME Term SOFR + 1.26%), <br>5.15%, 10/20/30<br>(a)(b)<br>|  | 317 | 317443 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br>(3-mo. CME Term SOFR + 2.60%), 6.50%, <br>04/15/37<br>(a)(b)<br>|  | 1000 | 1005301 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br>(3-mo. CME Term SOFR + 1.07%), 4.95%, <br>07/18/34<br>(a)(b)<br>|  | 2500 | 2498769 |
| Carlyle Global Market Strategies CLO Ltd., Series 2015-<br>1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), <br>5.13%, 07/20/31<br>(a)(b)<br>|  | 283 | 282605 |
| Carrington Mortgage Loan Trust<br>(a)<br>|  |  |  |
| Series 2006-FRE2, Class A2, (1-mo. Term SOFR + <br>0.23%), 3.97%, 10/25/36<br>|  | 2419 | 1886327 |
| Series 2006-FRE2, Class A5, (1-mo. Term SOFR + <br>0.19%), 3.93%, 03/25/35<br>|  | 4983 | 3883415 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br>CME Term SOFR + 1.02%), 4.90%, 04/20/32<br>(a)(b)<br>|  | 932 | 931906 |
| C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term <br>SOFR + 0.43%), 4.17%, 10/25/36<br>(a)<br>|  | 3478 | 2447984 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, <br>(3-mo. CME Term SOFR + 1.80%), 5.68%, <br>04/20/35<br>(a)(b)<br>|  | 400 | 400875 |
| CIFC Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br>SOFR + 2.45%), 6.32%, 04/21/37<br>|  | 700 | 703676 |
| Series 2018-1A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.32%), 5.20%, 01/18/38<br>|  | 1160 | 1163608 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR <br>+ 1.70%), 5.58%, 01/18/38<br>|  | 1450 | 1456078 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| CIFC Funding Ltd.<br>(a)(b)<br>(continued)<br>|  |  |  |
| Series 2020-1A, Class DR, (3-mo. CME Term SOFR <br>+ 3.36%), 7.27%, 07/15/36<br>| USD | 500 | $500299<br>|
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR <br>+ 5.35%), 9.21%, 01/22/38<br>|  | 500 | 500468 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, <br>Class A7, 7.28%, 10/25/36<br>|  | 288 | 165028 |
| Compass Datacenters Issuer II LLC, Series 2025-2A, <br>Class A1, 4.93%, 11/25/50<br>(b)<br>|  | 363 | 362312 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, <br>5.64%, 10/20/74<br>(b)<br>|  | 171 | 172532 |
| Consolidated Communications LLC/Fidium Fiber <br>Finance Holdco LLC, Series 2025-4A, Class B, <br>5.77%, 12/20/55<br>(b)<br>|  | 750 | 754333 |
| CWABS Asset-Backed Certificates Trust, Series 2006-<br>26, Class 1A, (1-mo. Term SOFR + 0.39%), 4.13%, <br>06/25/37<br>(a)<br>|  | 403 | 377153 |
| CWHEQ Revolving Home Equity Loan Trust, <br>Series 2006-I, Class 1A, (1-mo. Term SOFR + <br>0.25%), 4.00%, 01/15/37<br>(a)<br>|  | 258 | 249995 |
| DB Master Finance LLC, Series 2025-1A, Class A2I, <br>4.89%, 08/20/55<br>(b)<br>|  | 509 | 510042 |
| Dryden Senior Loan Fund, Series 2015-37A, Class AR, <br>(3-mo. CME Term SOFR + 1.36%), 5.27%, <br>01/15/31<br>(a)(b)<br>|  | 48 | 48079 |
| Dryden XXVI Senior Loan Fund, Series 2013-26A, <br>Class BR, (3-mo. CME Term SOFR + 1.71%), 5.62%, <br>04/15/29<br>(a)(b)<br>|  | 965 | 965009 |
| FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br>5.00%, 05/19/39<br>(b)<br>|  | 3800 | 3769217 |
| Fremont Home Loan Trust<br>(a)<br>|  |  |  |
| Series 2006-A, Class 2A3, (1-mo. Term SOFR + <br>0.43%), 4.17%, 05/25/36<br>|  | 3726 | 2438894 |
| Series 2006-D, Class 2A3, (1-mo. Term SOFR + <br>0.41%), 4.15%, 11/25/36<br>|  | 5738 | 1997969 |
| GoldenTree Loan Management U.S. CLO Ltd., <br>Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br>+ 1.08%), 4.96%, 10/20/34<br>(a)(b)<br>|  | 250 | 249858 |
| GoodLeap Home Improvement Solutions Trust<br>(b)<br>|  |  |  |
| Series 2025-1A, Class B, 6.27%, 02/20/49 |  | 183 | 185708 |
| Series 2025-3A, Class A, 5.00%, 10/20/49 |  | 133 | 133692 |
| GreenSky Home Improvement Issuer Trust, <br>Series 2024-2, Class C, 5.55%, 10/27/59<br>(b)<br>|  | 97 | 97640 |
| Home Equity Mortgage Loan Asset-Backed Trust, <br>Series 2006-E, Class 2A3, (1-mo. Term SOFR + <br>0.45%), 4.19%, 04/25/37<br>(a)<br>|  | 2885 | 2075941 |
| Long Beach Mortgage Loan Trust, Series 2006-7, <br>Class 2A3, (1-mo. Term SOFR + 0.43%), 4.17%, <br>08/25/36<br>(a)<br>|  | 4627 | 1829431 |
| Lyra Music Assets Delaware LP, Series 2025-1A, <br>Class A2, 5.60%, 09/20/65<br>(b)<br>|  | 183 | 184909 |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br>Class A1R, (3-mo. CME Term SOFR + 1.50%), <br>5.38%, 04/18/37<br>(a)(b)<br>|  | 1450 | 1454446 |
| Madison Park Funding XXX Ltd., Series 2018-30A, <br>Class BR, (3-mo. CME Term SOFR + 1.75%), 5.64%, <br>07/16/37<br>(a)(b)<br>|  | 300 | 301171 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br>Class BR2, (3-mo. CME Term SOFR + 1.95%), <br>5.85%, 04/15/37<br>(a)(b)<br>|  | 875 | 877492 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Mariner Finance Issuance Trust, Series 2024-AA, <br>Class E, 9.02%, 09/22/36<br>(b)<br>| USD | 470 | $485439<br>|
| Mastr Asset Backed Securities Trust, Series 2006-HE2, <br>Class A3, (1-mo. Term SOFR + 0.41%), 4.15%, <br>06/25/36<br>(a)<br>|  | 6530 | 2177323 |
| Navient Education Loan Trust, Series 2025-A, Class B, <br>5.32%, 07/15/55<br>(b)<br>|  | 667 | 673789 |
| Navient Student Loan Trust, Series 2019-BA, <br>Class A2A, 3.39%, 12/15/59<br>(b)<br>|  | 112 | 110807 |
| Nelnet Student Loan Trust, Series 2025-BA, Class D, <br>6.04%, 05/17/55<br>(b)<br>|  | 471 | 470165 |
| Neuberger Berman Loan Advisers CLO Ltd., <br>Series 2021-46A, Class BR, (3-mo. CME Term SOFR <br>+ 1.50%), 5.38%, 01/20/37<br>(a)(b)<br>|  | 250 | 250410 |
| OCP CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-13A, Class AR2, (3-mo. CME Term <br>SOFR + 1.34%), 5.21%, 11/26/37<br>|  | 590 | 592257 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR + <br>1.33%), 5.20%, 01/21/38<br>|  | 1000 | 1003790 |
| Octagon 55 Ltd., Series 2021-1A, Class A1R, (3-mo. <br>CME Term SOFR + 1.26%), 5.23%, 03/20/38<br>(a)(b)<br>|  | 1000 | 1002554 |
| Octagon Investment Partners XVII Ltd., Series 2013-1A, <br>Class BR2, (3-mo. CME Term SOFR + 1.66%), <br>5.52%, 01/25/31<br>(a)(b)<br>|  | 177 | 176857 |
| Octagon Investment Partners XXII Ltd., Series 2014-1A, <br>Class DRR, (3-mo. CME Term SOFR + 3.01%), <br>6.87%, 01/22/30<br>(a)(b)<br>|  | 500 | 500408 |
| OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME <br>Term SOFR + 5.80%), 9.69%, 01/20/31<br>(a)(b)<br>|  | 250 | 230387 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, <br>(3-mo. CME Term SOFR + 1.65%), 5.55%, <br>01/15/38<br>(a)(b)<br>|  | 810 | 812517 |
| Park Blue CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2023-15A, Class AR, (3-mo. CME Term SOFR <br>+ 1.22%), 5.10%, 10/20/38<br>|  | 1000 | 1001521 |
| Series 2025-9A, Class C, (3-mo. CME Term SOFR + <br>2.00%), 6.08%, 10/20/38<br>|  | 500 | 502339 |
| Planet Fitness Master Issuer LLC, Series 2025-1A, <br>Class A2II, 5.65%, 12/06/55<br>(b)<br>|  | 228 | 227914 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-<br>mo. CME Term SOFR + 1.65%), 5.51%, <br>01/25/38<br>(a)(b)<br>|  | 1700 | 1705323 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br>(3-mo. CME Term SOFR + 1.55%), 5.45%, <br>04/15/38<br>(a)(b)<br>|  | 850 | 852205 |
| Regional Management Issuance Trust, Series 2021-3, <br>Class A, 3.88%, 10/17/33<br>(c)<br>|  | 1110 | 1085025 |
| Renaissance Home Equity Loan Trust, Series 2007-3, <br>Class AF2, 7.00%, 09/25/37<br>|  | 3441 | 1321259 |
| Republic Finance Issuance Trust, Series 2025-A, <br>Class A, 4.59%, 11/20/34<br>(b)<br>|  | 1015 | 1018272 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, <br>(3-mo. CME Term SOFR + 1.40%), 5.30%, <br>01/15/38<br>(a)(b)<br>|  | 1914 | 1921299 |
| RR Ltd., Series 2022-24A, Class A2R2, (3-mo. CME <br>Term SOFR + 1.70%), 5.60%, 01/15/37<br>(a)(b)<br>|  | 1000 | 1001014 |
| Sagard-Halseypoint CLO Ltd., Series 2025-10A, <br>Class A1, (3-mo. CME Term SOFR + 1.35%), 5.23%, <br>10/20/38<br>(a)(b)<br>|  | 1000 | 1002984 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Service Experts Issuer LLC, Series 2024-1A, Class A, <br>6.39%, 11/20/35<br>(b)<br>| USD | 159 | $162551<br>|
| SMB Private Education Loan Trust, Series 2021-A, <br>Class B, 2.31%, 01/15/53<br>(b)<br>|  | 106 | 103825 |
| SoFi Personal Loan Trust |  |  |  |
| Series 2023-1A, Class A, 6.00%, 11/12/30<br>(b)<br>|  | 76 | 76324 |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | 170542 |
| Series 2024-1A, Class A, 6.06%, 02/12/31<br>(b)<br>|  | 167 | 165851 |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br>6.03%, 07/30/54<br>(b)<br>|  | 292 | 296064 |
| Symphony CLO XV Ltd., Series 2014-15A, Class AR3, <br>(3-mo. CME Term SOFR + 1.34%), 5.22%, <br>01/17/32<br>(a)(b)<br>|  | 165 | 165120 |
| TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, <br>(3-mo. CME Term SOFR + 1.19%), 5.10%, <br>07/15/30<br>(a)(b)<br>|  | 467 | 466927 |
| Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-mo. <br>CME Term SOFR + 3.15%), 7.01%, 07/25/37<br>(a)(b)<br>|  | 250 | 249494 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br>6.46%, 03/30/32<br>(d)<br>| GBP | 32 | 45590 |
| Upgrade Master Pass-Thru Trust<br>(b)<br>|  |  |  |
| Series 2025-ST4, Class A, 5.50%, 08/16/32 | USD | 168 | 168674 |
| Series 2025-ST7, Class A, 4.55%, 11/15/32 |  | 416 | 415979 |
| Series 2025-ST7, Class B, 4.98%, 11/15/32 |  | 185 | 185247 |
| Series 2025-ST8, Class D, 5.91%, 12/15/33 |  | 150 | 150256 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, <br>01/25/47<br>(b)<br>|  | 279 | 280799 |
| Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME <br>Term SOFR + 1.26%), 5.17%, 10/15/30<br>(a)(b)<br>|  | 32 | 32280 |
| WaMu Asset-Backed Certificates WaMu Trust, <br>Series 2007-HE3, Class 2A3, (1-mo. Term SOFR + <br>0.35%), 4.09%, 05/25/37<br>(a)(e)<br>|  | 4891 | 4408906 |
| Warwick Capital CLO Ltd., Series 2024-5A, Class A1, <br>(3-mo. CME Term SOFR + 1.36%), 5.24%, <br>01/20/38<br>(a)(b)<br>|  | 250 | 250848 |
| Whetstone Park CLO Ltd., Series 2021-1A, Class B1, <br>(3-mo. CME Term SOFR + 1.86%), 5.75%, <br>01/20/35<br>(a)(b)<br>|  | 275 | 275706 |
| Wireless PropCo Funding LLC, Series 2025-1A, <br>Class B, 4.30%, 06/25/55<br>(b)<br>|  | 725 | 694634 |
| Total Asset-Backed Securities — 9.7%<br>(Cost: $83,248,248) | Total Asset-Backed Securities — 9.7%<br>(Cost: $83,248,248) | Total Asset-Backed Securities — 9.7%<br>(Cost: $83,248,248) | 76685900 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Capital Markets — 0.0% | Capital Markets — 0.0% |  |
| Wom New Holdco<br>(c)<br>| 485 | 11155 |
| Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% |  |
| Quorum Restructuring Equity<br>(c)<br>| 3969 | 1985 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |  |
| ADLER Group SA<br>(c)(f)<br>| 33367 |  |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3 | 15328 | $267314<br>|
| Total Common Stocks — 0.0%<br>(Cost: $299,130) | Total Common Stocks — 0.0%<br>(Cost: $299,130) | 280454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies — 1.1% | Advertising Agencies — 1.1% | Advertising Agencies — 1.1% | Advertising Agencies — 1.1% |
| Clear Channel Outdoor Holdings, Inc.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/28<br>(e)<br>| USD | 493 | 493364 |
| 7.50%, 06/01/29<br>(e)<br>|  | 967 | 960184 |
| 7.88%, 04/01/30<br>(e)<br>|  | 1088 | 1145874 |
| 7.13%, 02/15/31 |  | 1192 | 1248195 |
| 7.50%, 03/15/33<br>(e)<br>|  | 2792 | 2949165 |
| CMG Media Corp., 8.88%, 06/18/29<br>(b)<br>|  | 315 | 270604 |
| Lamar Media Corp. |  |  |  |
| 4.00%, 02/15/30 |  | 53 | 51196 |
| 5.38%, 11/01/33<br>(b)<br>|  | 317 | 314923 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<br>(b)<br>|  | 217 | 217371 |
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.00%, 08/15/27 |  | 120 | 120173 |
| 4.25%, 01/15/29 |  | 326 | 317487 |
| 4.63%, 03/15/30<br>(e)<br>|  | 122 | 119090 |
| 7.38%, 02/15/31 |  | 332 | 351409 |
| Stagwell Global LLC, 5.63%, 08/15/29<br>(b)<br>|  | 129 | 125794 |
|  |  |  | 8684829 |
| Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(b)<br>|  | 442 | 457399 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 157 | 157184 |
| 4.88%, 10/01/29 |  | 129 | 128789 |
| 7.25%, 08/15/30 |  | 444 | 469076 |
| 5.13%, 10/01/31 |  | 350 | 350235 |
| Bombardier, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 02/15/28 |  | 228 | 228681 |
| 8.75%, 11/15/30 |  | 531 | 573697 |
| 7.25%, 07/01/31 |  | 205 | 218458 |
| 7.00%, 06/01/32 |  | 403 | 425826 |
| 6.75%, 06/15/33 |  | 460 | 486214 |
| Czechoslovak Group A/S, 5.25%, 01/10/31<br>(d)<br>| EUR | 100 | 121633 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(b)<br>| USD | 2400 | 2424264 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(b)<br>|  | 279 | 286551 |
| Lockheed Martin Corp., 5.70%, 11/15/54<br>(e)<br>|  | 451 | 455000 |
| Northrop Grumman Corp., 4.75%, 06/01/43<br>(e)<br>|  | 680 | 626497 |
| RTX Corp., 4.35%, 04/15/47<br>(e)<br>|  | 700 | 593193 |
| TransDigm, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/28 |  | 848 | 862938 |
| 6.38%, 03/01/29 |  | 1979 | 2040881 |
| 6.63%, 03/01/32 |  | 2013 | 2094363 |
| 6.00%, 01/15/33 |  | 1177 | 1204624 |
| 6.38%, 05/31/33 |  | 1973 | 2024549 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| TransDigm, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 6.25%, 01/31/34 | USD | 263 | $272910<br>|
| 6.75%, 01/31/34<br>(e)<br>|  | 4121 | 4292781 |
|  |  |  | 20795743 |
| Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% | Air Freight & Logistics<br>(b)<br> — 0.1% |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 312 | 325058 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 155 | 164036 |
|  |  |  | 489094 |
| Automobile Components — 1.0% | Automobile Components — 1.0% | Automobile Components — 1.0% | Automobile Components — 1.0% |
| American Axle & Manufacturing, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 229 | 233227 |
| 7.75%, 10/15/33 |  | 239 | 243440 |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 280 | 257611 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>(b)<br>|  |  |  |
| 6.75%, 05/15/28 |  | 1058 | 1084847 |
| 6.75%, 02/15/30 |  | 488 | 509379 |
| 4.75%, 06/15/31 | EUR | 380 | 452935 |
| 6.75%, 09/15/32 | USD | 2305 | 2390268 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 119 | 115221 |
| 4.50%, 02/15/32 |  | 182 | 174703 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br>05/31/32<br>(b)<br>|  | 151 | 160493 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29 |  | 81 | 80033 |
| 6.63%, 07/15/30 |  | 225 | 230408 |
| 5.25%, 04/30/31 |  | 18 | 17281 |
| 5.63%, 04/30/33 |  | 137 | 129766 |
| IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), <br>7.00%, 11/15/31<br>(d)(g)<br>| EUR | 100 | 126878 |
| Mahle GmbH, 6.50%, 05/02/31<br>(d)<br>|  | 100 | 122197 |
| Qnity Electronics, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 08/15/32 | USD | 378 | 386485 |
| 6.25%, 08/15/33 |  | 294 | 304746 |
| Schaeffler AG<br>(d)<br>|  |  |  |
| 4.25%, 04/01/28 | EUR | 100 | 119966 |
| 4.75%, 08/14/29 |  | 100 | 121400 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(b)<br>| USD | 527 | 528686 |
| ZF Europe Finance BV, 7.00%, 06/12/30<br>(d)<br>| EUR | 100 | 123806 |
| ZF Finance GmbH, 2.00%, 05/06/27<br>(d)<br>|  | 100 | 115470 |
|  |  |  | 8029246 |
| Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% | Automobiles — 1.5% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(b)<br>| USD | 254 | 257699 |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 22 | 21937 |
| 5.00%, 02/15/32<br>(b)<br>|  | 40 | 38872 |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29<br>(d)<br>| GBP | 100 | 122702 |
| Carvana Co.<br>(b)(g)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 | USD | 927 | 971904 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 2575 | 2905257 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(b)<br>|  | 264 | 282235 |
| Ford Motor Credit Co. LLC, 6.95%, 06/10/26<br>(e)<br>|  | 1250 | 1260884 |
| General Motors Co., 6.25%, 10/02/43<br>(e)<br>|  | 2194 | 2224773 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, <br>08/15/29<br>(b)<br>|  | 200 | 209439 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<br>(b)<br>|  | 114 | 117305 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobiles (continued) | Automobiles (continued) | Automobiles (continued) | Automobiles (continued) |
| LCM Investments Holdings II LLC<br>(b)<br>|  |  |  |
| 4.88%, 05/01/29 | USD | 173 | $170442<br>|
| 8.25%, 08/01/31 |  | 235 | 248558 |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(b)<br>|  | 237 | 237941 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30<br>(b)<br>|  | 677 | 677095 |
| Nissan Motor Co. Ltd. |  |  |  |
| 5.25%, 07/17/29<br>(d)<br>| EUR | 100 | 120658 |
| 7.75%, 07/17/32<br>(b)<br>| USD | 279 | 296357 |
| 6.38%, 07/17/33<br>(b)<br>| EUR | 200 | 241051 |
| 8.13%, 07/17/35<br>(b)<br>| USD | 1269 | 1348468 |
| RCI Banque SA<br>(a)(d)<br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br>03/24/37<br>| EUR | 100 | 119769 |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br>10/09/34<br>|  | 100 | 123859 |
|  |  |  | 11997205 |
| Banks — 0.3% | Banks — 0.3% | Banks — 0.3% | Banks — 0.3% |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br>Swap + 2.45%), 4.63%, 12/11/36<br>(a)(d)<br>|  | 100 | 120567 |
| Al Rajhi Sukuk Ltd., (6 year USD CMT + 1.59%), <br>6.25%<br>(a)(d)(h)<br>| USD | 400 | 404984 |
| Banco Mercantil del Norte SA, (5-year CMT + 4.07%), <br>8.38%<br>(a)(b)(h)<br>|  | 200 | 209400 |
| Bangkok Bank PCL, 5.30%, 09/21/28<br>(b)<br>|  | 200 | 205554 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo <br>Financiero BBVA Mexico, (5-year CMT + 3.38%), <br>7.63%, 02/11/35<br>|  | 200 | 209850 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<br>(b)<br>|  | 200 | 200097 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br>Swap + 3.15%), 5.88%, 06/28/35<br>(a)(d)<br>| EUR | 100 | 125561 |
| Standard Chartered PLC, (5-year USD SOFR ICE Swap <br>+ 1.97%), 4.87%, 03/15/33<br>(a)(b)(e)<br>| USD | 500 | 502405 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(b)<br>|  | 195 | 200055 |
|  |  |  | 2178473 |
| Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% | Beverages — 0.2% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br>Worldwide, Inc., 4.90%, 02/01/46<br>(e)<br>|  | 2000 | 1849779 |
| Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% | Biotechnology — 0.2% |
| Amgen, Inc., 4.95%, 10/01/41 |  | 250 | 236231 |
| Genmab AS<br>(b)<br>|  |  |  |
| 6.25%, 12/15/32 |  | 290 | 297205 |
| 7.25%, 12/15/33 |  | 711 | 746843 |
| Gilead Sciences, Inc., 4.15%, 03/01/47<br>(e)<br>|  | 700 | 581346 |
|  |  |  | 1861625 |
| Building Materials — 1.4% | Building Materials — 1.4% | Building Materials — 1.4% | Building Materials — 1.4% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33<br>(b)<br>|  | 304 | 320311 |
| Builders FirstSource, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/34 |  | 77 | 79613 |
| 6.75%, 05/15/35 |  | 234 | 244650 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<br>(d)<br>| EUR | 100 | 122445 |
| 6.63%, 12/15/30<br>(b)(e)<br>| USD | 3248 | 3382831 |
| 6.75%, 07/15/31<br>(b)<br>|  | 299 | 315150 |
| Jeld-Wen, Inc.<br>(b)<br>|  |  |  |
| 4.88%, 12/15/27 |  | 331 | 288901 |
| 7.00%, 09/01/32<br>(e)<br>|  | 246 | 169022 |
| New Enterprise Stone & Lime Co., Inc.<br>(b)<br>|  |  |  |
| 5.25%, 07/15/28 |  | 103 | 102914 |
| 9.75%, 07/15/28 |  | 208 | 209560 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Building Materials (continued) | Building Materials (continued) | Building Materials (continued) | Building Materials (continued) |
| Quikrete Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/32 | USD | 1754 | $1825703<br>|
| 6.75%, 03/01/33 |  | 596 | 622397 |
| Smyrna Ready Mix Concrete LLC<br>(b)<br>|  |  |  |
| 6.00%, 11/01/28 |  | 42 | 42194 |
| 8.88%, 11/15/31 |  | 33 | 35298 |
| Standard Building Solutions, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/15/32 |  | 776 | 798912 |
| 6.25%, 08/01/33 |  | 1302 | 1330041 |
| 5.88%, 03/15/34 |  | 458 | 459339 |
| Standard Industries, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 |  | 6 | 5984 |
| 4.38%, 07/15/30 |  | 297 | 286517 |
| 3.38%, 01/15/31 |  | 125 | 114522 |
| Wilsonart LLC, 11.00%, 08/15/32<br>(b)<br>|  | 475 | 424452 |
|  |  |  | 11180756 |
| Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% |
| Lowe<br>'<br>s Cos., Inc., 2.80%, 09/15/41<br>(e)<br>|  | 400 | 287536 |
| QXO Building Products, Inc., 6.75%, 04/30/32<br>(b)<br>|  | 1855 | 1937397 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30<br>(b)(e)<br>|  | 3095 | 3201540 |
|  |  |  | 5426473 |
| Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% |
| Apollo Debt Solutions BDC |  |  |  |
| 5.88%, 08/30/30 |  | 220 | 222520 |
| 6.70%, 07/29/31 |  | 110 | 116071 |
| 6.55%, 03/15/32 |  | 60 | 61911 |
| ARES Strategic Income Fund<br>(b)<br>|  |  |  |
| 5.80%, 09/09/30 |  | 300 | 302905 |
| 5.15%, 01/15/31 |  | 239 | 234536 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 95 | 94633 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 348 | 352372 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 112 | 115162 |
| Compass Group Diversified Holdings LLC, 5.25%, <br>04/15/29<br>(b)<br>|  | 281 | 260652 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(b)<br>|  | 401 | 412276 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 991 | 977379 |
| 9.75%, 01/15/29 |  | 219 | 218330 |
| 4.38%, 02/01/29<br>(e)<br>|  | 158 | 136321 |
| 10.00%, 11/15/29<br>(b)<br>|  | 323 | 322772 |
| Jane Street Group/JSG Finance, Inc.<br>(b)<br>|  |  |  |
| 6.13%, 11/01/32 |  | 105 | 106844 |
| 6.75%, 05/01/33 |  | 503 | 525029 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<br>(b)<br>|  | 200 | 196750 |
| Osaic Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/01/32 |  | 174 | 181764 |
| 8.00%, 08/01/33 |  | 547 | 568714 |
| Raymond James Financial, Inc., 4.95%, 07/15/46<br>(e)<br>|  | 400 | 365755 |
| SURA Asset Management SA, 6.35%, 05/13/32<br>(b)<br>|  | 200 | 213266 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br>04/01/32<br>(b)(g)<br>|  | 158 | 144769 |
|  |  |  | 6130731 |
| Chemicals — 2.4% | Chemicals — 2.4% | Chemicals — 2.4% | Chemicals — 2.4% |
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), <br>9.25%, 11/01/26<br>(b)(g)<br>|  | 424 | 369699 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br>02/15/31<br>(b)<br>|  | 358 | 377552 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 42 | 43002 |
| 6.75%, 04/15/33<br>(e)<br>|  | 245 | 243715 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Celanese U.S. Holdings LLC<br>(continued)<br>|  |  |  |
| 7.38%, 02/15/34 | USD | 349 | $354574<br>|
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 435 | 436056 |
| 5.75%, 11/15/28<br>(b)<br>|  | 1392 | 1353734 |
| 8.00%, 01/15/33<br>(b)<br>|  | 416 | 402735 |
| Element Solutions, Inc., 3.88%, 09/01/28<br>(b)<br>|  | 2068 | 2021362 |
| EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26<br>(d)<br>|  | 200 | 199688 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<br>(d)<br>| EUR | 100 | 117518 |
| HB Fuller Co., 4.25%, 10/15/28 | USD | 90 | 89050 |
| Herens Holdco SARL, 4.75%, 05/15/28<br>(b)<br>|  | 271 | 235303 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<br>(b)<br>|  | 1315 | 1309920 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<br>(d)<br>| EUR | 100 | 117136 |
| Kronos International, Inc., 9.50%, 03/15/29<br>(d)<br>|  | 100 | 109098 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(b)<br>| USD | 195 | 196955 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(b)<br>|  | 209 | 215201 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<br>(b)<br>|  | 218 | 215820 |
| OCP SA |  |  |  |
| 5.13%, 06/23/51<br>(d)<br>|  | 200 | 164954 |
| 7.50%, 05/02/54<br>(b)<br>|  | 200 | 220996 |
| Olympus Water U.S. Holding Corp.<br>(b)<br>|  |  |  |
| 7.25%, 06/15/31 |  | 905 | 925822 |
| 7.25%, 02/15/33 |  | 2489 | 2501300 |
| Perimeter Holdings LLC, 01/15/34<br>(b)(i)<br>|  | 865 | 859316 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 196300 |
| Sherwin-Williams Co., 3.80%, 08/15/49 |  | 310 | 232008 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(b)<br>|  | 586 | 580255 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(b)<br>|  | 566 | 570977 |
| WR Grace Holdings LLC<br>(b)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 170 | 169475 |
| 5.63%, 08/15/29<br>(e)<br>|  | 3178 | 3025093 |
| 7.38%, 03/01/31 |  | 354 | 362508 |
| 6.63%, 08/15/32 |  | 659 | 667415 |
|  |  |  | 18884537 |
| Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% | Commercial Services & Supplies — 4.3% |
| ADT Security Corp.<br>(b)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 117 | 113324 |
| 5.88%, 10/15/33 |  | 687 | 695514 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., <br>7.00%, 05/21/30<br>(b)<br>|  | 1553 | 1620883 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(b)(e)<br>|  | 4395 | 4631797 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.00%, 06/01/29<br>(e)<br>|  | 2367 | 2342507 |
| 6.88%, 06/15/30 |  | 1708 | 1778329 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 4.63%, 06/01/28<br>(b)<br>|  | 2247 | 2213018 |
| 4.88%, 06/01/28<br>(d)<br>| GBP | 100 | 131231 |
| BCP V Modular Services Finance II PLC, 6.50%, <br>07/10/31<br>(d)<br>| EUR | 100 | 109569 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<br>(b)<br>| USD | 799 | 815931 |
| Boels Topholding BV, 5.75%, 05/15/30<br>(d)<br>| EUR | 100 | 121515 |
| Brink<br>'<br>s Co.<br>(b)<br>|  |  |  |
| 6.50%, 06/15/29 | USD | 208 | 215362 |
| 6.75%, 06/15/32 |  | 313 | 326157 |
| Deluxe Corp., 8.13%, 09/15/29<br>(b)<br>|  | 170 | 179091 |
| FTAI Aviation Investors LLC<br>(b)<br>|  |  |  |
| 5.50%, 05/01/28 |  | 652 | 652571 |
| 7.88%, 12/01/30 |  | 937 | 996410 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| FTAI Aviation Investors LLC<br>(b)<br>(continued)<br>|  |  |  |
| 7.00%, 05/01/31 | USD | 1682 | $1771294<br>|
| 7.00%, 06/15/32 |  | 1041 | 1094354 |
| 5.88%, 04/15/33 |  | 582 | 591418 |
| Garda World Security Corp.<br>(b)<br>|  |  |  |
| 7.75%, 02/15/28 |  | 474 | 484711 |
| 6.00%, 06/01/29 |  | 86 | 84340 |
| 8.25%, 08/01/32 |  | 1076 | 1093565 |
| 8.38%, 11/15/32 |  | 2185 | 2225669 |
| Herc Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29<br>(e)<br>|  | 170 | 176477 |
| 7.00%, 06/15/30 |  | 529 | 556735 |
| 5.75%, 03/15/31 |  | 242 | 245592 |
| 7.25%, 06/15/33 |  | 522 | 553521 |
| 6.00%, 03/15/34 |  | 250 | 253332 |
| Hertz Corp., 12.63%, 07/15/29<br>(b)<br>|  | 195 | 196690 |
| ION Platform Finance SARL<br>(d)<br>|  |  |  |
| 7.88%, 05/01/29 | EUR | 100 | 119274 |
| 6.50%, 09/30/30 |  | 100 | 113724 |
| Loxam SAS, 6.38%, 05/31/29<br>(d)<br>|  | 90 | 109439 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(b)<br>| USD | 1503 | 1548841 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(b)<br>|  | 774 | 784323 |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 |  | 13 | 12156 |
| 4.00%, 05/15/31 |  | 503 | 480771 |
| 5.75%, 10/15/32 |  | 1065 | 1083893 |
| Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33<br>(d)<br>| EUR | 100 | 120350 |
| Sotheby<br>'<br>s, 7.38%, 10/15/27<br>(b)(e)<br>| USD | 1016 | 1010054 |
| Sotheby<br>'<br>s/Bidfair Holdings, Inc., 5.88%, 06/01/29<br>(b)<br>|  | 490 | 455893 |
| United Rentals North America, Inc., 5.38%, 11/15/33<br>(b)<br>|  | 881 | 880376 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(b)<br>|  | 221 | 237622 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(b)<br>|  | 1053 | 1114416 |
|  |  |  | 34342039 |
| Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% |
| CommScope LLC, 4.75%, 09/01/29<br>(e)<br>|  | 1114 | 1112429 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 67 | 64128 |
|  |  |  | 1176557 |
| Construction & Engineering — 0.5% | Construction & Engineering — 0.5% | Construction & Engineering — 0.5% | Construction & Engineering — 0.5% |
| AECOM, 6.00%, 08/01/33<br>(b)<br>|  | 954 | 977717 |
| Arcosa, Inc.<br>(b)<br>|  |  |  |
| 4.38%, 04/15/29 |  | 477 | 468879 |
| 6.88%, 08/15/32 |  | 40 | 42165 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(b)<br>|  | 1501 | 1471944 |
| Heathrow Finance PLC, 4.13%, 09/01/29<br>(d)(j)<br>| GBP | 100 | 126550 |
| IHS Holding Ltd., 6.25%, 11/29/28<br>(b)<br>| USD | 200 | 198584 |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>(b)<br>|  | 274 | 277433 |
|  |  |  | 3563272 |
| Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% | Consumer Discretionary — 0.6% |
| Amber Finco PLC, 6.63%, 07/15/29<br>(d)<br>| EUR | 100 | 123408 |
| APi Group DE, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 07/15/29 | USD | 168 | 163340 |
| 4.75%, 10/15/29 |  | 128 | 125408 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br>2.50%), 4.55%, 05/01/30<br>(a)(d)<br>| EUR | 100 | 118564 |
| Clarivate Science Holdings Corp.<br>(b)<br>|  |  |  |
| 3.88%, 07/01/28 | USD | 1412 | 1370775 |
| 4.88%, 07/01/29<br>(e)<br>|  | 1271 | 1201744 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<br>(b)<br>|  | 436 | 449229 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) |
| Williams Scotsman, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29 | USD | 49 | $50611<br>|
| 6.63%, 04/15/30 |  | 693 | 716277 |
| 7.38%, 10/01/31 |  | 301 | 314452 |
|  |  |  | 4633808 |
| Consumer Finance — 1.8% | Consumer Finance — 1.8% | Consumer Finance — 1.8% | Consumer Finance — 1.8% |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 534 | 530812 |
| 5.63%, 08/15/30<br>(b)<br>|  | 466 | 475470 |
| 6.50%, 05/15/32<br>(e)<br>|  | 2510 | 2610049 |
| 6.00%, 08/15/33<br>(b)<br>|  | 598 | 613912 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(b)<br>|  | 1606 | 1706937 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(a)(b)<br>|  | 55 | 56861 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(b)<br>|  | 2350 | 2229815 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 10 | 11113 |
| 7.88%, 06/15/32 |  | 400 | 418476 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 438 | 453656 |
| 5.38%, 11/15/29 |  | 251 | 251170 |
| 7.88%, 03/15/30 |  | 362 | 382747 |
| 6.13%, 05/15/30 |  | 447 | 455755 |
| 4.00%, 09/15/30 |  | 231 | 216530 |
| 7.50%, 05/15/31 |  | 162 | 170448 |
| 7.13%, 11/15/31 |  | 141 | 147181 |
| 6.75%, 03/15/32<br>(e)<br>|  | 431 | 442600 |
| 7.13%, 09/15/32 |  | 261 | 271158 |
| 6.50%, 03/15/33 |  | 1183 | 1193234 |
| Shift4 Payments, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/32<br>(e)<br>|  | 1020 | 1053142 |
| 5.50%, 05/15/33 | EUR | 365 | 439277 |
| WEX, Inc., 6.50%, 03/15/33<br>(b)<br>| USD | 518 | 530257 |
|  |  |  | 14660600 |
| Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% | Consumer Staples Distribution & Retail — 0.5% |
| Albertsons Cos, Inc.<br>(b)<br>|  |  |  |
| 5.50%, 03/31/31 |  | 254 | 256678 |
| 6.25%, 03/15/33<br>(e)<br>|  | 258 | 265219 |
| 5.75%, 03/31/34 |  | 440 | 441780 |
| B&M European Value Retail SA, 6.50%, 11/27/31<br>(d)<br>| GBP | 100 | 132654 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<br>(d)<br>| EUR | 104 | 118444 |
| Boots Group Finco LP<br>(b)<br>|  |  |  |
| 5.38%, 08/31/32 |  | 495 | 601114 |
| 7.38%, 08/31/32 | GBP | 215 | 299713 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>(b)<br>| USD | 214 | 224636 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br>5.64%, 07/01/29<br>(a)(d)<br>| EUR | 100 | 118877 |
| Market Bidco Finco PLC, 6.75%, 01/31/31<br>(d)<br>|  | 100 | 116238 |
| Performance Food Group, Inc.<br>(b)<br>|  |  |  |
| 4.25%, 08/01/29 | USD | 383 | 374452 |
| 6.13%, 09/15/32 |  | 428 | 441229 |
| U.S. Foods, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 02/15/29 |  | 191 | 189927 |
| 7.25%, 01/15/32 |  | 346 | 363689 |
| United Natural Foods, Inc., 6.75%, 10/15/28<br>(b)<br>|  | 334 | 334314 |
|  |  |  | 4278964 |
| Containers & Packaging — 2.3% | Containers & Packaging — 2.3% | Containers & Packaging — 2.3% | Containers & Packaging — 2.3% |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(b)<br>|  | 857 | 929370 |
| 9.50%, 12/01/30 |  | 56 | 60690 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Ardagh Group SA<br>(continued)<br>|  |  |  |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(d)(g)<br>| EUR | 343 | $369556<br>|
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(b)(g)<br>| USD | 1324 | 1209805 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh <br>Metal Packaging Finance PLC, 6.25%, 01/30/31<br>(b)<br>|  | 515 | 526729 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br>Metal Packaging Finance PLC<br>(b)<br>|  |  |  |
| 3.25%, 09/01/28 |  | 200 | 192297 |
| 4.00%, 09/01/29<br>(e)<br>|  | 3002 | 2826040 |
| Ball Corp. |  |  |  |
| 4.25%, 07/01/32 | EUR | 195 | 234517 |
| 5.50%, 09/15/33<br>(e)<br>| USD | 268 | 273197 |
| Clydesdale Acquisition Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 558 | 567737 |
| 6.88%, 01/15/30 |  | 627 | 642675 |
| 6.75%, 04/15/32 |  | 1584 | 1628787 |
| Crown Americas LLC, 5.88%, 06/01/33<br>(b)<br>|  | 743 | 759940 |
| Fedrigoni SpA, 6.13%, 06/15/31<br>(d)<br>| EUR | 100 | 114528 |
| LABL, Inc.<br>(b)<br>|  |  |  |
| 5.88%, 11/01/28 | USD | 91 | 57024 |
| 9.50%, 11/01/28 |  | 632 | 398774 |
| 8.63%, 10/01/31 |  | 310 | 164876 |
| LD Celulose International GmbH, 7.95%, 01/26/32<br>(b)<br>|  | 200 | 209750 |
| Magnera Corp., 7.25%, 11/15/31<br>(b)<br>|  | 183 | 179644 |
| Mauser Packaging Solutions Holding Co.<br>(b)<br>|  |  |  |
| 7.88%, 04/15/30<br>(e)<br>|  | 4853 | 4814711 |
| 9.25%, 04/15/30 |  | 328 | 314880 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28<br>(b)<br>| EUR | 150 | 181351 |
| 5.25%, 06/01/29<br>(d)<br>|  | 100 | 121242 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br>05/13/27<br>(b)<br>| USD | 51 | 51181 |
| Sealed Air Corp.<br>(b)<br>|  |  |  |
| 4.00%, 12/01/27 |  | 98 | 97492 |
| 5.00%, 04/15/29 |  | 77 | 77506 |
| 6.50%, 07/15/32 |  | 48 | 49794 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br>02/15/31<br>(b)<br>|  | 28 | 29158 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(b)<br>| EUR | 415 | 494290 |
| Trivium Packaging Finance BV |  |  |  |
| 6.63%, 07/15/30<br>(b)<br>|  | 115 | 142309 |
| 6.63%, 07/15/30<br>(d)<br>|  | 110 | 136121 |
| 8.25%, 07/15/30<br>(b)<br>| USD | 180 | 192957 |
| 12.25%, 01/15/31<br>(b)<br>|  | 200 | 217007 |
|  |  |  | 18265935 |
| Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% |
| Gates Corp., 6.88%, 07/01/29 |  | 344 | 357237 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 77 | 74212 |
| 6.50%, 07/15/32<br>(e)<br>|  | 495 | 506649 |
|  |  |  | 938098 |
| Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% |
| American Tower Corp., 2.30%, 09/15/31<br>(e)<br>|  | 1000 | 888201 |
| Digital Realty Trust LP, 1.88%, 11/15/29<br>(b)<br>|  | 109 | 110526 |
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(b)<br>|  | 266 | 253941 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 07/15/30<br>(b)<br>|  | 31 | 30625 |
| 5.63%, 07/15/32<br>(b)<br>|  | 89 | 87600 |
| 6.25%, 01/15/33<br>(b)<br>|  | 403 | 406372 |
| 4.75%, 01/15/34<br>(b)<br>| EUR | 800 | 914234 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified REITs (continued) | Diversified REITs (continued) | Diversified REITs (continued) | Diversified REITs (continued) |
| Iron Mountain, Inc.<br>(continued)<br>|  |  |  |
| 4.75%, 01/15/34<br>(d)<br>| EUR | 104 | $118850<br>|
| Millrose Properties, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 08/01/30 | USD | 742 | 759232 |
| 6.25%, 09/15/32 |  | 1041 | 1050352 |
| SBA Communications Corp., 3.13%, 02/01/29<br>(e)<br>|  | 651 | 622711 |
| Trust 2401, 7.70%, 01/23/32<br>(b)<br>|  | 200 | 221090 |
|  |  |  | 5463734 |
| Diversified Telecommunication Services — 4.3% | Diversified Telecommunication Services — 4.3% | Diversified Telecommunication Services — 4.3% | Diversified Telecommunication Services — 4.3% |
| AT&T, Inc., 4.35%, 06/15/45<br>(e)<br>|  | 2656 | 2191462 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(b)<br>|  | 400 | 424296 |
| Corning, Inc., 4.38%, 11/15/57<br>(e)<br>|  | 1915 | 1544800 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(e)(g)<br>|  | 3125 | 3201367 |
| 10.75%, 11/30/29 |  | 1780 | 1968564 |
| eircom Finance DAC, 5.00%, 04/30/31<br>(d)<br>| EUR | 100 | 119520 |
| Eutelsat SA, 1.50%, 10/13/28<br>(d)<br>|  | 100 | 112347 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<br>(d)<br>|  | 100 | 119416 |
| 5.13%, 06/30/32<br>(d)<br>|  | 100 | 119440 |
| 6.00%, 09/30/34<br>(b)<br>| USD | 897 | 849768 |
| 7.20%, 07/18/36<br>(b)<br>|  | 358 | 356299 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<br>(b)<br>|  | 405 | 406308 |
| 5.00%, 05/01/28<br>(b)<br>|  | 1139 | 1140959 |
| 6.75%, 05/01/29<br>(b)<br>|  | 151 | 152143 |
| 5.88%, 11/01/29 |  | 241 | 243979 |
| 6.00%, 01/15/30<br>(b)<br>|  | 319 | 324410 |
| 8.75%, 05/15/30<br>(b)<br>|  | 1528 | 1595630 |
| 8.63%, 03/15/31<br>(b)<br>|  | 331 | 348272 |
| Iliad Holding SAS |  |  |  |
| 5.38%, 04/15/30<br>(d)<br>| EUR | 100 | 121320 |
| 8.50%, 04/15/31<br>(b)<br>| USD | 850 | 914812 |
| 7.00%, 04/15/32<br>(b)<br>|  | 944 | 972936 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<br>(d)<br>| EUR | 117 | 139169 |
| Level 3 Financing, Inc.<br>(b)<br>|  |  |  |
| 3.63%, 01/15/29 | USD | 83 | 76601 |
| 4.88%, 06/15/29 |  | 1473 | 1432979 |
| 6.88%, 06/30/33<br>(e)<br>|  | 2838 | 2904234 |
| 7.00%, 03/31/34<br>(e)<br>|  | 4102 | 4227406 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<br>(d)<br>| EUR | 100 | 122107 |
| Lumen Technologies, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 04/15/30 | USD | 259 | 256764 |
| 10.00%, 10/15/32 |  | 283 | 284052 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(b)<br>|  | 857 | 868784 |
| SoftBank Group Corp.<br>(d)<br>|  |  |  |
| 5.25%, 10/10/29 | EUR | 100 | 119305 |
| 3.88%, 07/06/32 |  | 100 | 109871 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 520 | 576013 |
| Verizon Communications, Inc.<br>(e)<br>|  |  |  |
| 4.50%, 08/10/33 |  | 500 | 492078 |
| 3.00%, 11/20/60 |  | 1250 | 728385 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(b)<br>|  | 533 | 546382 |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(b)<br>|  | 2202 | 2311593 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Zayo Group Holdings, Inc.<br>(b)(g)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30<br>(e)<br>| USD | 1610 | $1529576<br>|
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 337 | 309444 |
|  |  |  | 34262791 |
| Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% | Electric Utilities — 1.6% |
| AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br>06/10/55<br>(a)(b)<br>|  | 200 | 209428 |
| AES Panama Generation Holdings SRL, 4.38%, <br>05/31/30<br>(d)<br>|  | 208 | 194475 |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(b)(e)<br>|  | 440 | 455484 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br>PLC<br>|  |  |  |
| 5.63%, 02/15/32<br>(d)<br>| EUR | 100 | 120049 |
| 6.38%, 02/15/32<br>(b)<br>| USD | 290 | 290478 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<br>(b)<br>|  | 600 | 618666 |
| Diamond II Ltd., 7.95%, 07/28/26<br>(b)<br>|  | 200 | 200438 |
| Duke Energy Corp., 4.80%, 12/15/45<br>(e)<br>|  | 1500 | 1329909 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50<br>(e)<br>|  | 3410 | 2351951 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br>09/27/28<br>(b)<br>|  | 200 | 201938 |
| Minejesa Capital BV, 5.63%, 08/10/37<br>(b)<br>|  | 200 | 198250 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 145 | 143533 |
| MVM Energetika Zrt, 7.50%, 06/09/28<br>(d)<br>|  | 200 | 211094 |
| Pacific Gas and Electric Co. |  |  |  |
| 4.95%, 07/01/50 |  | 910 | 769161 |
| 6.75%, 01/15/53 |  | 1450 | 1542113 |
| Public Power Corp. SA, 4.63%, 10/31/31<br>(d)<br>| EUR | 100 | 120275 |
| SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, <br>12/31/28<br>(b)(g)<br>| USD | 35 | 20753 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br>04/24/33<br>(d)<br>|  | 128 | 131405 |
| Virginia Electric and Power Co., 6.35%, 11/30/37<br>(e)<br>|  | 750 | 823431 |
| Vistra Operations Co. LLC<br>(b)<br>|  |  |  |
| 7.75%, 10/15/31 |  | 480 | 508405 |
| 6.88%, 04/15/32 |  | 438 | 461398 |
| XPLR Infrastructure Operating Partners LP<br>(b)<br>|  |  |  |
| 8.38%, 01/15/31<br>(e)<br>|  | 851 | 893236 |
| 7.75%, 04/15/34 |  | 934 | 949217 |
|  |  |  | 12745087 |
| Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.3% |
| Coherent Corp., 5.00%, 12/15/29<br>(e)<br>|  | 547 | 545149 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 |  | 810 | 791127 |
| 3.75%, 02/15/31 |  | 26 | 24401 |
| 6.63%, 07/15/32 |  | 500 | 523536 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 197 | 205700 |
| 6.38%, 03/15/33 |  | 353 | 368562 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 184 | 190205 |
|  |  |  | 2648680 |
| Energy Equipment & Services — 1.0% | Energy Equipment & Services — 1.0% | Energy Equipment & Services — 1.0% | Energy Equipment & Services — 1.0% |
| Archrock Partners LP/Archrock Partners Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.25%, 04/01/28 |  | 770 | 774419 |
| 6.63%, 09/01/32 |  | 639 | 659036 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(b)<br>|  | 158 | 161546 |
| Kodiak Gas Services LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/29<br>(e)<br>|  | 685 | 712641 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Energy Equipment & Services (continued) | Energy Equipment & Services (continued) | Energy Equipment & Services (continued) | Energy Equipment & Services (continued) |
| Kodiak Gas Services LLC<br>(b)<br>(continued)<br>|  |  |  |
| 6.50%, 10/01/33 | USD | 447 | $456482<br>|
| 6.75%, 10/01/35<br>(e)<br>|  | 873 | 897627 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 92 | 93033 |
| OEG Finance PLC, 7.25%, 09/27/29<br>(d)<br>| EUR | 100 | 122845 |
| Star Holding LLC, 8.75%, 08/01/31<br>(b)<br>| USD | 783 | 753919 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(b)<br>|  | 280 | 300423 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 509 | 526872 |
| 6.25%, 10/01/33<br>(e)<br>|  | 1335 | 1351006 |
| Weatherford International Ltd., 6.75%, 10/15/33<br>(b)<br>|  | 806 | 825434 |
|  |  |  | 7635283 |
| Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% |
| Brightstar Lottery PLC/ Brightstar Global Solutions <br>Corp., 5.75%, 01/15/33<br>|  | 372 | 369335 |
| Motion Bondco DAC, 6.63%, 11/15/27 |  | 204 | 198080 |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>|  | 274 | 243520 |
|  |  |  | 810935 |
| Environmental, Maintenance & Security Service — 0.7% | Environmental, Maintenance & Security Service — 0.7% | Environmental, Maintenance & Security Service — 0.7% | Environmental, Maintenance & Security Service — 0.7% |
| Biffa Group Holdings Ltd.<br>(d)<br>|  |  |  |
| 5.25%, 06/15/31 | EUR | 100 | 117180 |
| 7.38%, 06/15/31 | GBP | 100 | 135957 |
| Clean Harbors, Inc., 6.38%, 02/01/31<br>(b)<br>| USD | 53 | 54544 |
| GFL Environmental, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 08/01/28 |  | 567 | 559288 |
| 4.38%, 08/15/29 |  | 519 | 510347 |
| 6.75%, 01/15/31 |  | 444 | 465832 |
| Luna 15 SARL<br>(g)<br>|  |  |  |
| (10.50% PIK), 10.50%, 07/01/32<br>(b)<br>| EUR | 145 | 177190 |
| (10.50% PIK), 10.50%, 07/01/32<br>(d)<br>|  | 100 | 122200 |
| Madison IAQ LLC<br>(b)<br>|  |  |  |
| 4.13%, 06/30/28 | USD | 320 | 314434 |
| 5.88%, 06/30/29 |  | 932 | 926338 |
| Paprec Holding SA, 4.13%, 07/15/30<br>(d)<br>| EUR | 100 | 118080 |
| Reworld Holding Corp., 4.88%, 12/01/29<br>(b)<br>| USD | 181 | 173974 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<br>(b)<br>|  | 1900 | 1955700 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<br>(b)<br>|  | 174 | 182391 |
|  |  |  | 5813455 |
| Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% | Financial Services — 3.9% |
| Ally Financial, Inc., Series B, (5-year CMT + 3.87%), <br>4.70%<br>(a)(h)<br>|  | 3000 | 2969512 |
| Azorra Finance Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 223 | 235544 |
| 7.25%, 01/15/31 |  | 155 | 162414 |
| BNP Paribas SA, (5-year CMT + 4.90%), 7.75%<br>(a)(b)(h)<br>|  | 3000 | 3168537 |
| CrossCountry Intermediate HoldCo LLC<br>(b)<br>|  |  |  |
| 6.50%, 10/01/30 |  | 346 | 352919 |
| 6.75%, 12/01/32 |  | 193 | 196132 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br>01/18/29<br>(a)(e)<br>|  | 815 | 853256 |
| Freedom Mortgage Holdings LLC<br>(b)<br>|  |  |  |
| 9.25%, 02/01/29 |  | 220 | 230746 |
| 6.88%, 05/01/31 |  | 204 | 204123 |
| 9.13%, 05/15/31 |  | 517 | 555287 |
| 8.38%, 04/01/32 |  | 415 | 436856 |
| GGAM Finance Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 06/15/28 |  | 177 | 187437 |
| 6.88%, 04/15/29 |  | 341 | 353680 |
| 5.88%, 03/15/30 |  | 281 | 284864 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(b)<br>| USD | 469 | $484444<br>|
| Intrum Investments And Financing AB, 8.00%, <br>09/11/27<br>(d)(f)(k)<br>| EUR | 100 | 119061 |
| JPMorgan Chase & Co.<br>(a)(e)<br>|  |  |  |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30 | USD | 3000 | 3079909 |
| (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 |  | 2250 | 2228649 |
| Midcap Financial Issuer Trust<br>(b)<br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | 199650 |
| 5.63%, 01/15/30 |  | 400 | 374664 |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, <br>04/18/30<br>(a)(e)<br>|  | 3000 | 3125477 |
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 675 | 683524 |
| PennyMac Financial Services, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 12/15/29<br>(e)<br>|  | 266 | 283037 |
| 7.13%, 11/15/30 |  | 319 | 335342 |
| 6.88%, 05/15/32 |  | 376 | 393632 |
| 6.75%, 02/15/34 |  | 831 | 859027 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(b)<br>|  | 1077 | 1147343 |
| PRA Group Europe Holding II SARL, 6.25%, 09/30/32<br>(d)<br>| EUR | 100 | 114582 |
| Rocket Cos., Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/01/29 | USD | 456 | 470313 |
| 6.13%, 08/01/30 |  | 1704 | 1761389 |
| 7.13%, 02/01/32<br>(e)<br>|  | 916 | 963631 |
| 6.38%, 08/01/33 |  | 1925 | 2007041 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br>Inc.<br>(b)<br>|  |  |  |
| 2.88%, 10/15/26 |  | 333 | 328143 |
| 3.88%, 03/01/31 |  | 74 | 70270 |
| 4.00%, 10/15/33 |  | 35 | 32518 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br>01/14/31<br>(g)<br>| EUR | 100 | 21082 |
| UBS AG, 5.00%, 07/09/27<br>(e)<br>| USD | 900 | 917610 |
| UWM Holdings LLC<br>(b)<br>|  |  |  |
| 6.63%, 02/01/30 |  | 573 | 580208 |
| 6.25%, 03/15/31 |  | 559 | 558109 |
|  |  |  | 31329962 |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Aramark Services, Inc., 5.00%, 02/01/28<br>(b)<br>|  | 492 | 491927 |
| B&G Foods, Inc., 8.00%, 09/15/28<br>(b)<br>|  | 118 | 116097 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(g)<br>|  | 1773 | 1891977 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 11/15/28 |  | 1198 | 1198220 |
| 7.63%, 07/01/29 |  | 1528 | 1593890 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<br>(b)<br>| EUR | 250 | 297640 |
| 4.50%, 07/15/32<br>(d)<br>|  | 100 | 119056 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<br>(b)(e)<br>| USD | 84 | 85372 |
| Fiesta Purchaser, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 03/01/31 |  | 25 | 26073 |
| 9.63%, 09/15/32 |  | 117 | 122618 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.85%, <br>12/15/29<br>(a)(d)<br>| EUR | 100 | 119422 |
| Lamb Weston Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 01/31/30 | USD | 368 | 355972 |
| 4.38%, 01/31/32<br>(e)<br>|  | 516 | 491581 |
| Post Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 04/15/30 |  | 397 | 386584 |
| 4.50%, 09/15/31 |  | 42 | 39818 |
| 6.25%, 02/15/32 |  | 130 | 133572 |
| 6.38%, 03/01/33 |  | 317 | 320170 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Post Holdings, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 6.25%, 10/15/34 | USD | 168 | $168932<br>|
| 6.50%, 03/15/36 |  | 592 | 592800 |
| Premier Foods Finance PLC, 3.50%, 10/15/26<br>(d)<br>| GBP | 100 | 133240 |
|  |  |  | 8684961 |
| Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% | Ground Transportation — 0.3% |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<br>(b)<br>| USD | 568 | 585752 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<br>(b)(e)<br>|  | 1525 | 1578219 |
| Union Pacific Corp., 3.20%, 05/20/41 |  | 275 | 215564 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br>08/01/32<br>(b)<br>|  | 291 | 304766 |
|  |  |  | 2684301 |
| Health Care Equipment & Supplies<br>(b)<br> — 0.3% | Health Care Equipment & Supplies<br>(b)<br> — 0.3% | Health Care Equipment & Supplies<br>(b)<br> — 0.3% | Health Care Equipment & Supplies<br>(b)<br> — 0.3% |
| Avantor Funding, Inc. |  |  |  |
| 4.63%, 07/15/28<br>(e)<br>|  | 624 | 620610 |
| 3.88%, 11/01/29 |  | 31 | 29644 |
| Bausch & Lomb Corp., 8.38%, 10/01/28 |  | 1440 | 1503000 |
| Hologic, Inc., 3.25%, 02/15/29 |  | 22 | 21683 |
| Insulet Corp., 6.50%, 04/01/33 |  | 187 | 194926 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 233 | 248497 |
|  |  |  | 2618360 |
| Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(b)(e)<br>|  | 168 | 169681 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(b)<br>|  | 1233 | 1222237 |
| Charles River Laboratories International, Inc., 4.00%, <br>03/15/31<br>(b)<br>|  | 55 | 52112 |
| CHS/Community Health Systems, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 01/15/29 |  | 610 | 609826 |
| 5.25%, 05/15/30 |  | 2571 | 2414664 |
| 4.75%, 02/15/31 |  | 775 | 690436 |
| 10.88%, 01/15/32<br>(e)<br>|  | 482 | 526074 |
| 9.75%, 01/15/34 |  | 1258 | 1321313 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(b)<br>|  | 522 | 545910 |
| DaVita, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 86 | 89523 |
| 6.75%, 07/15/33 |  | 49 | 50808 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<br>(d)<br>| EUR | 100 | 125230 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(b)<br>| USD | 98 | 100166 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(b)<br>|  | 200 | 188071 |
| HCA, Inc., 5.70%, 11/15/55<br>(e)<br>|  | 1650 | 1572339 |
| HealthEquity, Inc., 4.50%, 10/01/29<br>(b)<br>|  | 559 | 549159 |
| IQVIA, Inc., 6.25%, 06/01/32<br>(b)<br>|  | 1220 | 1274800 |
| LifePoint Health, Inc.<br>(b)<br>|  |  |  |
| 9.88%, 08/15/30 |  | 193 | 207802 |
| 11.00%, 10/15/30<br>(e)<br>|  | 867 | 950783 |
| 8.38%, 02/15/32 |  | 452 | 490630 |
| 10.00%, 06/01/32 |  | 961 | 1020663 |
| Medline Borrower LP<br>(b)<br>|  |  |  |
| 3.88%, 04/01/29 |  | 888 | 866962 |
| 5.25%, 10/01/29<br>(e)<br>|  | 2001 | 2011817 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(b)<br>|  | 557 | 575805 |
| Molina Healthcare, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 02/15/31 |  | 598 | 614164 |
| 6.25%, 01/15/33 |  | 198 | 201854 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47<br>(e)<br>|  | 686 | 563262 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(b)<br>|  | 152 | 159600 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(b)<br>|  | 259 | 271645 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(b)(e)<br>|  | 1614 | 1722474 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(b)(e)<br>|  | 2249 | 2274792 |
| Tenet Healthcare Corp. |  |  |  |
| 6.75%, 05/15/31 |  | 1097 | 1141438 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Tenet Healthcare Corp.<br>(continued)<br>|  |  |  |
| 6.00%, 11/15/33<br>(b)<br>| USD | 726 | $747485<br>|
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(b)<br>|  | 403 | 405988 |
| UnitedHealth Group, Inc., 3.95%, 10/15/42<br>(e)<br>|  | 750 | 620884 |
|  |  |  | 26350397 |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Diversified Healthcare Trust, 7.25%, 10/15/30<br>(b)<br>|  | 182 | 186093 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<br>(b)<br>| EUR | 355 | 433527 |
| 7.00%, 02/15/32<br>(d)<br>|  | 100 | 122120 |
| 8.50%, 02/15/32<br>(b)<br>| USD | 1527 | 1630734 |
|  |  |  | 2372474 |
| Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(b)<br>|  | 295 | 302785 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(b)<br>|  | 158 | 161720 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/29 |  | 142 | 140586 |
| 6.50%, 04/01/32 |  | 1028 | 1066124 |
| 6.50%, 06/15/33 |  | 523 | 543678 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(b)(l)<br>|  | 1115 | 1007577 |
| 8.63%, 11/15/31<br>(b)(e)<br>|  | 2330 | 2447353 |
| 8.88%, 06/15/32 |  | 604 | 595817 |
| XHR LP, 6.63%, 05/15/30<br>(b)<br>|  | 156 | 161005 |
|  |  |  | 6426645 |
| Hotels, Restaurants & Leisure — 3.9% | Hotels, Restaurants & Leisure — 3.9% | Hotels, Restaurants & Leisure — 3.9% | Hotels, Restaurants & Leisure — 3.9% |
| Acushnet Co., 5.63%, 12/01/33<br>(b)<br>|  | 172 | 173933 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(b)<br>|  | 397 | 391571 |
| Burger King (Restaurant Brands International, Inc.)/New <br>Red Finance, Inc.<br>(b)<br>|  |  |  |
| 3.88%, 01/15/28 |  | 69 | 68017 |
| 4.38%, 01/15/28 |  | 58 | 57634 |
| 4.00%, 10/15/30 |  | 771 | 734304 |
| Caesars Entertainment, Inc.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/30<br>(e)<br>|  | 1631 | 1689156 |
| 6.50%, 02/15/32 |  | 1237 | 1267213 |
| Carnival Corp.<br>(b)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 366 | 378043 |
| 5.75%, 08/01/32 |  | 706 | 724554 |
| 6.13%, 02/15/33 |  | 1133 | 1169924 |
| Carnival PLC, 4.13%, 07/15/31<br>(b)<br>| EUR | 535 | 636591 |
| Churchill Downs, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 | USD | 374 | 372610 |
| 5.75%, 04/01/30 |  | 1073 | 1083450 |
| 6.75%, 05/01/31 |  | 508 | 526759 |
| Essendi SA, 5.50%, 11/15/31<br>(d)<br>| EUR | 100 | 120479 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br>Finance Co., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 01/15/29 | USD | 412 | 400148 |
| 6.75%, 01/15/30 |  | 172 | 163533 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30<br>(d)<br>| EUR | 125 | 144880 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(b)<br>| USD | 1081 | 1091972 |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>|  |  |  |
| 6.13%, 04/01/32 |  | 195 | 201924 |
| 5.88%, 03/15/33 |  | 571 | 587437 |
| 5.75%, 09/15/33 |  | 185 | 189332 |
| 5.50%, 03/31/34 |  | 397 | 399726 |
| Light & Wonder International, Inc.<br>(b)<br>|  |  |  |
| 7.25%, 11/15/29 |  | 213 | 218765 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Light & Wonder International, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 7.50%, 09/01/31<br>(e)<br>| USD | 110 | $114766<br>|
| 6.25%, 10/01/33 |  | 449 | 454567 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(b)<br>|  | 439 | 457956 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(b)<br>|  | 352 | 252656 |
| Melco Resorts Finance Ltd.<br>(b)<br>|  |  |  |
| 5.75%, 07/21/28 |  | 200 | 199766 |
| 5.38%, 12/04/29 |  | 1000 | 988140 |
| 7.63%, 04/17/32 |  | 544 | 571200 |
| 6.50%, 09/24/33 |  | 200 | 200260 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br>02/15/31<br>(b)<br>|  | 600 | 534466 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<br>(d)<br>|  | 250 | 250620 |
| 7.13%, 06/26/31<br>(b)<br>|  | 200 | 211500 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 428 | 439843 |
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(b)<br>|  | 342 | 356501 |
| NCL Corp. Ltd.<br>(b)<br>|  |  |  |
| 5.88%, 01/15/31 |  | 137 | 136482 |
| 6.75%, 02/01/32 |  | 131 | 134134 |
| 6.25%, 09/15/33<br>(e)<br>|  | 1635 | 1634311 |
| Pinewood Finco PLC, 6.00%, 03/27/30<br>(d)<br>| GBP | 100 | 135554 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.63%, 09/01/29 | USD | 148 | 112110 |
| 5.88%, 09/01/31 |  | 214 | 141775 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br>Finance Corp., 6.63%, 02/01/33<br>(b)<br>|  | 225 | 230028 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(b)<br>|  | 213 | 217415 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(b)(e)<br>|  | 160 | 136052 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(b)<br>|  | 303 | 289365 |
| Station Casinos LLC<br>(b)<br>|  |  |  |
| 4.63%, 12/01/31 |  | 354 | 335612 |
| 6.63%, 03/15/32 |  | 173 | 177094 |
| TUI AG, 5.88%, 03/15/29<br>(d)<br>| EUR | 100 | 121576 |
| Vail Resorts, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 07/15/30 | USD | 278 | 282520 |
| 6.50%, 05/15/32 |  | 479 | 497081 |
| Viking Cruises Ltd.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 66 | 66382 |
| 9.13%, 07/15/31 |  | 708 | 758155 |
| 5.88%, 10/15/33 |  | 815 | 827602 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<br>(b)<br>|  | 206 | 206327 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(b)<br>|  | 414 | 439304 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42<br>(e)<br>|  | 2558 | 1800192 |
| Wynn Macau Ltd. |  |  |  |
| 5.63%, 08/26/28<br>(b)<br>|  | 1163 | 1160697 |
| 5.63%, 08/26/28<br>(d)<br>|  | 200 | 199604 |
| 5.13%, 12/15/29<br>(b)<br>|  | 610 | 604498 |
| 6.75%, 02/15/34<br>(b)<br>|  | 200 | 202812 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.13%, 10/01/29 |  | 958 | 963676 |
| 7.13%, 02/15/31<br>(e)<br>|  | 275 | 297574 |
| 6.25%, 03/15/33 |  | 606 | 619620 |
|  |  |  | 30551748 |
| Household Durables — 0.8% | Household Durables — 0.8% | Household Durables — 0.8% | Household Durables — 0.8% |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>(b)<br>|  |  |  |
| 4.63%, 04/01/30 |  | 185 | 176673 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Ashton Woods USA LLC/Ashton Woods Finance <br>Co.<br>(b)<br>(continued)<br>|  |  |  |
| 6.88%, 08/01/33 | USD | 188 | $188150<br>|
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 74 | 74176 |
| Brookfield Residential Properties, Inc./Brookfield <br>Residential U.S. LLC<br>(b)<br>|  |  |  |
| 5.00%, 06/15/29 |  | 874 | 845433 |
| 4.88%, 02/15/30 |  | 656 | 611034 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(b)(e)<br>|  | 411 | 415603 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(b)<br>|  | 151 | 155404 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(b)<br>|  | 67 | 69108 |
| K Hovnanian Enterprises, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 801 | 817474 |
| 8.38%, 10/01/33 |  | 716 | 727663 |
| LGI Homes, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 116 | 120996 |
| 7.00%, 11/15/32 |  | 291 | 278159 |
| Mattamy Group Corp., 6.00%, 12/15/33<br>(b)<br>|  | 111 | 110014 |
| Meritage Homes Corp., 1.75%, 05/15/28<br>(e)<br>|  | 521 | 512401 |
| New Home Co., Inc.<br>(b)<br>|  |  |  |
| 9.25%, 10/01/29 |  | 296 | 308925 |
| 8.50%, 11/01/30 |  | 94 | 96806 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(b)<br>|  | 228 | 239070 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 64 | 62794 |
| 4.38%, 02/01/32 |  | 15 | 14081 |
| Somnigroup International, Inc., 3.88%, 10/15/31<br>(b)<br>|  | 66 | 61690 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(b)<br>|  | 158 | 165958 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(b)<br>|  | 166 | 170796 |
|  |  |  | 6222408 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Central Garden & Pet Co., 4.13%, 10/15/30 |  | 159 | 152390 |
| Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.9% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.9% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.9% | Independent Power and Renewable Electricity Producers<br>(b)<br> — 0.9% |
| Calpine Corp. |  |  |  |
| 4.50%, 02/15/28 |  | 10 | 10007 |
| 5.13%, 03/15/28<br>(e)<br>|  | 567 | 567636 |
| 5.00%, 02/01/31 |  | 88 | 89373 |
| Clearway Energy Operating LLC, 4.75%, 03/15/28 |  | 53 | 52884 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 126 | 133982 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 260 | 258727 |
| 6.00%, 02/01/33 |  | 1038 | 1058551 |
| 5.75%, 01/15/34 |  | 916 | 925316 |
| 6.25%, 11/01/34 |  | 847 | 869882 |
| 6.00%, 01/15/36 |  | 2795 | 2832015 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(a)(h)<br>|  | 240 | 246034 |
|  |  |  | 7044407 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| Amsted Industries, Inc., 6.38%, 03/15/33<br>(b)<br>|  | 169 | 174068 |
| Avient Corp., 6.25%, 11/01/31<br>(b)<br>|  | 227 | 233324 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<br>(b)<br>|  | 142 | 147726 |
| Enpro, Inc., 6.13%, 06/01/33<br>(b)<br>|  | 219 | 225985 |
| Maxam Prill SARL, 6.00%, 07/15/30<br>(d)<br>| EUR | 100 | 120068 |
|  |  |  | 901171 |
| Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% | Insurance — 5.3% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(b)<br>|  |  |  |
| 4.25%, 10/15/27 | USD | 2111 | 2097582 |
| 6.75%, 10/15/27<br>(e)<br>|  | 141 | 141828 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(b)<br>(continued)<br>|  |  |  |
| 5.88%, 11/01/29 | USD | 2301 | $2298976<br>|
| 7.00%, 01/15/31 |  | 1268 | 1315519 |
| 7.38%, 10/01/32<br>(e)<br>|  | 1758 | 1822816 |
| AmWINS Group, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 02/15/29 |  | 182 | 187171 |
| 4.88%, 06/30/29 |  | 147 | 144566 |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>(b)<br>|  | 460 | 465381 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>(b)<br>|  | 339 | 342385 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<br>(d)<br>| EUR | 375 | 454217 |
| 7.75%, 02/15/31<br>(b)<br>| USD | 2814 | 2950070 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<br>(b)<br>|  | 3053 | 3172998 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>(b)(e)<br>|  | 1255 | 1302202 |
| Berkshire Hathaway Finance Corp., 5.75%, 01/15/40 |  | 250 | 271216 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/31 |  | 2495 | 2569361 |
| 8.13%, 02/15/32<br>(e)<br>|  | 1761 | 1817937 |
| HUB International Ltd.<br>(b)(e)<br>|  |  |  |
| 7.25%, 06/15/30 |  | 4105 | 4309942 |
| 7.38%, 01/31/32 |  | 7760 | 8144539 |
| Jones Deslauriers Insurance Management, Inc.<br>(b)<br>|  |  |  |
| 8.50%, 03/15/30 |  | 903 | 946441 |
| 6.88%, 10/01/33 |  | 996 | 961730 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<br>(b)(e)<br>|  | 4270 | 4424779 |
| Ryan Specialty LLC<br>(b)<br>|  |  |  |
| 4.38%, 02/01/30 |  | 163 | 159974 |
| 5.88%, 08/01/32 |  | 445 | 454687 |
| Teachers Insurance & Annuity Association of America, <br>4.27%, 05/15/47<br>(b)<br>|  | 700 | 574520 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<br>(d)<br>| EUR | 100 | 123135 |
| USI, Inc., 7.50%, 01/15/32<br>(b)(e)<br>| USD | 894 | 936983 |
|  |  |  | 42390955 |
| Interactive Media & Services — 2.2% | Interactive Media & Services — 2.2% | Interactive Media & Services — 2.2% | Interactive Media & Services — 2.2% |
| Alphabet, Inc., 5.35%, 11/15/45<br>(e)<br>|  | 1570 | 1560083 |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)(e)<br>|  | 11670 | 12329298 |
| iliad SA, 4.25%, 01/09/32<br>(d)<br>| EUR | 100 | 118548 |
| ION Platform Finance U.S., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 05/01/28 | USD | 200 | 185044 |
| 5.00%, 05/01/28 |  | 514 | 477124 |
| 8.75%, 05/01/29 |  | 217 | 219845 |
| 9.50%, 05/30/29 |  | 400 | 405079 |
| 9.00%, 08/01/29 |  | 200 | 196908 |
| Prosus NV, 4.03%, 08/03/50<br>(d)<br>|  | 304 | 211280 |
| Snap, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 03/01/33<br>(e)<br>|  | 840 | 870446 |
| 6.88%, 03/15/34 |  | 715 | 736180 |
|  |  |  | 17309835 |
| Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% |
| Amazon.com, Inc., 3.95%, 04/13/52<br>(e)<br>|  | 2980 | 2325707 |
| Cablevision Lightpath LLC<br>(b)<br>|  |  |  |
| 3.88%, 09/15/27 |  | 418 | 407971 |
| 5.63%, 09/15/28 |  | 401 | 391917 |
| Getty Images, Inc.<br>(b)<br>|  |  |  |
| 11.25%, 02/21/30 |  | 243 | 227855 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) |
| Getty Images, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 10.50%, 11/15/30 | USD | 185 | $186529<br>|
| Match Group Holdings II LLC<br>(b)<br>|  |  |  |
| 4.13%, 08/01/30 |  | 262 | 247986 |
| 3.63%, 10/01/31 |  | 64 | 58726 |
| 6.13%, 09/15/33 |  | 789 | 798448 |
| Rakuten Group, Inc.<br>(b)<br>|  |  |  |
| 11.25%, 02/15/27 |  | 283 | 302584 |
| 9.75%, 04/15/29 |  | 474 | 530150 |
|  |  |  | 5477873 |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br>10/30/30<br>(d)<br>| EUR | 100 | 118495 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<br>(b)(e)<br>| USD | 115 | 121220 |
| Atos SE<br>(d)(j)<br>|  |  |  |
| 5.41%, 12/18/26 | EUR | 47 | 54469 |
| 9.73%, 12/18/26 |  | 54 | 72179 |
| CACI International, Inc., 6.38%, 06/15/33<br>(b)<br>| USD | 464 | 480091 |
| Fair Isaac Corp.<br>(b)<br>|  |  |  |
| 4.00%, 06/15/28 |  | 112 | 110460 |
| 6.00%, 05/15/33 |  | 1640 | 1684521 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<br>(b)(e)<br>|  | 998 | 1041353 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<br>(b)<br>|  | 195 | 200459 |
| KBR, Inc., 4.75%, 09/30/28<br>(b)<br>|  | 204 | 199920 |
| McAfee Corp., 7.38%, 02/15/30<br>(b)<br>|  | 430 | 374993 |
| Science Applications International Corp.<br>(b)<br>|  |  |  |
| 4.88%, 04/01/28 |  | 239 | 238366 |
| 5.88%, 11/01/33 |  | 533 | 540323 |
|  |  |  | 5236849 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| Deuce Finco PLC, 7.00%, 11/20/31<br>(d)<br>| GBP | 100 | 136138 |
| Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% | Machinery — 0.9% |
| Chart Industries, Inc.<br>(b)<br>|  |  |  |
| 7.50%, 01/01/30 | USD | 587 | 611798 |
| 9.50%, 01/01/31 |  | 102 | 108266 |
| Esab Corp., 6.25%, 04/15/29<br>(b)<br>|  | 138 | 141894 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(b)(e)<br>|  | 170 | 147900 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(b)(e)<br>|  | 1602 | 1680065 |
| IMA Industria Macchine Automatiche SpA, (3-mo. <br>EURIBOR + 3.75%), 5.78%, 04/15/29<br>(a)(d)<br>| EUR | 100 | 118872 |
| King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.31%, <br>12/01/32<br>(a)(d)<br>|  | 100 | 118629 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(b)<br>| USD | 175 | 187967 |
| Terex Corp.<br>(b)<br>|  |  |  |
| 5.00%, 05/15/29 |  | 42 | 41857 |
| 6.25%, 10/15/32<br>(e)<br>|  | 253 | 259566 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<br>(d)<br>| EUR | 372 | 438710 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(b)<br>| USD | 2566 | 2566603 |
| Vertiv Group Corp., 4.13%, 11/15/28<br>(b)<br>|  | 687 | 678557 |
|  |  |  | 7100684 |
| Media — 4.7% | Media — 4.7% | Media — 4.7% | Media — 4.7% |
| Allwyn Entertainment Financing U.K. PLC, 4.13%, <br>02/15/31<br>(d)<br>| EUR | 100 | 115757 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(b)<br>| USD | 336 | 329582 |
| Cable One, Inc. |  |  |  |
| 0.00%, 03/15/26<br>(l)<br>|  | 114 | 112290 |
| 1.13%, 03/15/28 |  | 1148 | 934242 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(b)<br>|  | 76 | 75143 |
| 6.38%, 09/01/29<br>(b)<br>|  | 1243 | 1260086 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| CCO Holdings LLC/CCO Holdings Capital <br>Corp.<br>(continued)<br>|  |  |  |
| 4.75%, 03/01/30<br>(b)<br>| USD | 229 | $218706<br>|
| 4.25%, 02/01/31<br>(b)<br>|  | 1418 | 1302929 |
| 4.75%, 02/01/32<br>(b)<br>|  | 829 | 757658 |
| 4.50%, 05/01/32 |  | 803 | 720722 |
| 4.50%, 06/01/33<br>(b)<br>|  | 874 | 765063 |
| 4.25%, 01/15/34<br>(b)(e)<br>|  | 3382 | 2875628 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital, 5.38%, 05/01/47<br>|  | 3000 | 2471234 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(b)<br>|  | 101 | 104808 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(b)(e)<br>|  | 1096 | 1116257 |
| CSC Holdings LLC<br>(b)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 606 | 519596 |
| 5.38%, 02/01/28 |  | 800 | 580421 |
| 11.25%, 05/15/28 |  | 1317 | 1047891 |
| 11.75%, 01/31/29 |  | 883 | 656023 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(b)(e)<br>|  | 841 | 850919 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(b)<br>|  |  |  |
| 5.88%, 08/15/27<br>(e)<br>|  | 648 | 651804 |
| 10.00%, 02/15/31 |  | 616 | 629584 |
| DISH DBS Corp.<br>(b)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 1555 | 1507957 |
| 5.75%, 12/01/28 |  | 1201 | 1179085 |
| DISH Network Corp., 11.75%, 11/15/27<br>(b)<br>|  | 2070 | 2154415 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(b)<br>|  | 924 | 915465 |
| Gray Media, Inc.<br>(b)<br>|  |  |  |
| 10.50%, 07/15/29<br>(e)<br>|  | 103 | 110760 |
| 9.63%, 07/15/32 |  | 824 | 855121 |
| 7.25%, 08/15/33 |  | 1046 | 1068833 |
| LCPR Senior Secured Financing DAC, 6.75%, <br>10/15/27<br>(b)<br>|  | 580 | 405391 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<br>(b)(e)<br>|  | 412 | 412839 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(b)<br>|  | 781 | 799451 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(b)<br>|  | 314 | 321957 |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(b)<br>|  | 400 | 412426 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(b)(e)<br>|  | 889 | 928498 |
| Sirius XM Radio LLC<br>(b)<br>|  |  |  |
| 3.13%, 09/01/26 |  | 50 | 49560 |
| 5.00%, 08/01/27 |  | 983 | 985394 |
| 4.00%, 07/15/28 |  | 96 | 93846 |
| Sunrise FinCo I BV |  |  |  |
| 4.88%, 07/15/31<br>(b)<br>|  | 794 | 756285 |
| 4.63%, 05/15/32<br>(d)<br>| EUR | 100 | 118699 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br>03/01/28<br>(b)<br>| USD | 400 | 397460 |
| Univision Communications, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 08/15/28 |  | 1009 | 1044996 |
| 8.50%, 07/31/31 |  | 356 | 371888 |
| 9.38%, 08/01/32 |  | 1584 | 1702504 |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(b)<br>|  | 306 | 315697 |
| Virgin Media O2 Vendor Financing Notes V DAC, <br>7.88%, 03/15/32<br>(d)<br>| GBP | 100 | 135216 |
| VZ Secured Financing BV, 5.25%, 01/15/33<br>(d)<br>| EUR | 100 | 115217 |
| WULF Compute LLC, 7.75%, 10/15/30<br>(b)(e)<br>| USD | 1328 | 1368170 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<br>(b)<br>|  | 295 | 263364 |
| Ziggo BV, 4.88%, 01/15/30<br>(b)<br>|  | 217 | 205115 |
|  |  |  | 37091952 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Metals & Mining — 2.5% | Metals & Mining — 2.5% | Metals & Mining — 2.5% | Metals & Mining — 2.5% |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<br>(b)<br>| USD | 364 | $372216<br>|
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |  | 200 | 191912 |
| Arsenal AIC Parent LLC<br>(b)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 312 | 331082 |
| 11.50%, 10/01/31 |  | 1160 | 1276642 |
| BHP Billiton Finance USA Ltd., 5.00%, 09/30/43 |  | 250 | 237424 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br>01/31/29<br>(b)<br>|  | 1014 | 1021356 |
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(b)<br>|  | 456 | 463171 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(b)<br>|  | 563 | 583106 |
| Commercial Metals Co.<br>(b)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 526 | 537852 |
| 6.00%, 12/15/35 |  | 542 | 555635 |
| Constellium SE<br>(b)<br>|  |  |  |
| 5.63%, 06/15/28 |  | 250 | 249964 |
| 3.75%, 04/15/29<br>(e)<br>|  | 1492 | 1440687 |
| 6.38%, 08/15/32 |  | 422 | 435513 |
| CSN Resources SA, 4.63%, 06/10/31<br>(d)<br>|  | 200 | 153160 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(b)<br>|  | 110 | 110344 |
| First Quantum Minerals Ltd.<br>(b)<br>|  |  |  |
| 9.38%, 03/01/29 |  | 892 | 939276 |
| 8.00%, 03/01/33 |  | 265 | 282365 |
| 7.25%, 02/15/34 |  | 253 | 265890 |
| Freeport Indonesia PT, 4.76%, 04/14/27<br>(d)<br>|  | 200 | 200500 |
| Glencore Funding LLC, 6.14%, 04/01/55<br>(b)(e)<br>|  | 600 | 619165 |
| Kaiser Aluminum Corp.<br>(b)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 1209 | 1168044 |
| 5.88%, 03/01/34 |  | 872 | 874735 |
| Navoi Mining & Metallurgical Combinat<br>(b)<br>|  |  |  |
| 6.70%, 10/17/28 |  | 200 | 207000 |
| 6.95%, 10/17/31 |  | 200 | 213125 |
| New Gold, Inc., 6.88%, 04/01/32<br>(b)<br>|  | 415 | 440415 |
| Nexa Resources SA, 6.75%, 04/09/34<br>(b)<br>|  | 200 | 213250 |
| Novelis Corp.<br>(b)<br>|  |  |  |
| 4.75%, 01/30/30<br>(e)<br>|  | 618 | 596160 |
| 6.88%, 01/30/30 |  | 605 | 628202 |
| 3.88%, 08/15/31 |  | 1169 | 1065500 |
| 6.38%, 08/15/33 |  | 1681 | 1704149 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<br>(d)<br>| EUR | 300 | 344316 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | 343821 |
| Samarco Mineracao SA<br>(g)<br>|  |  |  |
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31<br>(d)<br>|  | 203 | 206562 |
| (9.00% PIK), 9.50%, 06/30/31<br>(b)<br>|  | 15 | 15348 |
| Stillwater Mining Co., 4.50%, 11/16/29<br>(b)<br>|  | 200 | 188500 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 73 | 74497 |
| Vallourec SACA, 7.50%, 04/15/32<br>(b)<br>|  | 555 | 589289 |
| Vedanta Resources Finance II PLC, 10.88%, <br>09/17/29<br>(b)<br>|  | 200 | 210813 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<br>(b)<br>|  | 169 | 173416 |
|  |  |  | 19524402 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 135 | 134460 |
| 7.88%, 07/15/30 |  | 197 | 188231 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 388 | 384001 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 226 | 238679 |
| 6.00%, 04/15/30 |  | 115 | 118036 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) |
| Starwood Property Trust, Inc.<br>(continued)<br>|  |  |  |
| 6.50%, 07/01/30 | USD | 292 | $304588<br>|
| 6.50%, 10/15/30 |  | 323 | 336758 |
|  |  |  | 1704753 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br>06/01/30<br>(b)<br>|  | 169 | 180034 |
| Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% | Oil, Gas & Consumable Fuels — 7.1% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(b)<br>|  | 504 | 528029 |
| Antero Midstream Partners LP/Antero Midstream <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.38%, 06/15/29 |  | 263 | 263007 |
| 6.63%, 02/01/32 |  | 383 | 396437 |
| Apache Corp., 5.25%, 02/01/42<br>(e)<br>|  | 800 | 696688 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 214 | 272044 |
| 6.63%, 07/15/33<br>(e)<br>|  | 232 | 240130 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(b)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 296 | 308702 |
| 7.25%, 07/15/32 |  | 238 | 252583 |
| Breakwater Energy Holdings SARL, 9.25%, 11/15/30<br>(b)<br>|  | 250 | 261789 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(b)<br>|  | 27 | 28086 |
| 6.75%, 02/01/30<br>(b)<br>|  | 118 | 123871 |
| 5.85%, 11/15/43 |  | 182 | 170675 |
| 5.60%, 10/15/44 |  | 117 | 106043 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(b)<br>|  | 1225 | 1275769 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<br>(d)<br>| GBP | 100 | 141035 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(b)<br>| USD | 149 | 154083 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(b)<br>|  | 1110 | 1154205 |
| Civitas Resources, Inc.<br>(b)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 300 | 309118 |
| 8.75%, 07/01/31 |  | 252 | 261425 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<br>(b)<br>|  | 124 | 120211 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(b)<br>|  | 154 | 160761 |
| Comstock Resources, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 03/01/29<br>(e)<br>|  | 436 | 436968 |
| 6.75%, 03/01/29 |  | 180 | 179639 |
| 5.88%, 01/15/30 |  | 844 | 820921 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(b)<br>|  | 1938 | 1917299 |
| Crescent Energy Finance LLC<br>(b)<br>|  |  |  |
| 7.63%, 04/01/32<br>(e)<br>|  | 340 | 329638 |
| 7.38%, 01/15/33 |  | 296 | 280890 |
| 8.38%, 01/15/34 |  | 175 | 173835 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(b)<br>|  | 283 | 289475 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(b)<br>|  | 397 | 405118 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(b)<br>|  | 166 | 175851 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 139 | 147896 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>|  | 391 | 424971 |
| Empresa Nacional del Petroleo, 5.95%, 07/30/34<br>(b)<br>|  | 200 | 208688 |
| Enbridge, Inc.<br>(a)(e)<br>|  |  |  |
| (3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 |  | 1865 | 1886166 |
| Series 2020-A, (5-year CMT + 5.31%), 5.75%, <br>07/15/80<br>|  | 3000 | 3028503 |
| Energean PLC, 5.63%, 05/12/31<br>(b)<br>| EUR | 100 | 117519 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Energy Transfer LP |  |  |  |
| 6.13%, 12/15/45<br>(e)<br>| USD | 500 | $490808<br>|
| 5.30%, 04/15/47 |  | 350 | 310581 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<br>(a)<br>|  | 695 | 741881 |
| Series H, (5-year CMT + 5.69%), 6.50%<br>(a)(e)(h)<br>|  | 4521 | 4540910 |
| EQT Corp., 4.50%, 01/15/29 |  | 32 | 32075 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 227 | 227934 |
| 8.00%, 05/15/33 |  | 16 | 16610 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(b)<br>|  | 170 | 173101 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<br>(b)<br>|  | 200 | 139000 |
| Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36<br>(b)<br>|  | 200 | 208786 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(b)<br>|  | 242 | 249909 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(b)(e)<br>|  | 147 | 153230 |
| Hess Corp., 4.30%, 04/01/27 |  | 750 | 753173 |
| Hess Midstream Operations LP<br>(b)<br>|  |  |  |
| 6.50%, 06/01/29 |  | 365 | 376935 |
| 4.25%, 02/15/30 |  | 151 | 147691 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(b)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 188 | 189067 |
| 5.75%, 02/01/29 |  | 206 | 203810 |
| 6.00%, 04/15/30 |  | 28 | 27208 |
| 6.25%, 04/15/32 |  | 21 | 19769 |
| 8.38%, 11/01/33 |  | 405 | 413527 |
| 6.88%, 05/15/34 |  | 574 | 537844 |
| 7.25%, 02/15/35 |  | 107 | 101690 |
| Howard Midstream Energy Partners LLC<br>(b)<br>|  |  |  |
| 7.38%, 07/15/32 |  | 152 | 160387 |
| 6.63%, 01/15/34<br>(e)<br>|  | 417 | 428398 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43<br>(c)<br>|  | 1406 | 1239292 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(b)(e)<br>|  | 961 | 922225 |
| KazMunayGas National Co. JSC, 5.75%, 04/19/47<br>(d)<br>|  | 200 | 188644 |
| Kinetik Holdings LP, 6.63%, 12/15/28<br>(b)<br>|  | 76 | 78255 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(b)<br>|  | 190 | 195277 |
| Matador Resources Co.<br>(b)<br>|  |  |  |
| 6.88%, 04/15/28 |  | 332 | 339266 |
| 6.50%, 04/15/32 |  | 399 | 404652 |
| MC Brazil Downstream Trading SARL, 7.25%, <br>06/30/31<br>(d)<br>|  | 181 | 158806 |
| MPLX LP, 1.75%, 03/01/26 |  | 235 | 234073 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 35 | 30092 |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(b)<br>|  | 204 | 200507 |
| NGL Energy Operating LLC/NGL Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 8.13%, 02/15/29 |  | 759 | 787815 |
| 8.38%, 02/15/32 |  | 827 | 856412 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(b)<br>|  | 119 | 123631 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(b)<br>|  | 528 | 514090 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(b)<br>|  | 227 | 231325 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(b)<br>|  | 198 | 190682 |
| Permian Resources Operating LLC<br>(b)<br>|  |  |  |
| 8.00%, 04/15/27 |  | 230 | 233004 |
| 5.88%, 07/01/29 |  | 528 | 531095 |
| 7.00%, 01/15/32<br>(e)<br>|  | 288 | 300193 |
| 6.25%, 02/01/33 |  | 731 | 749835 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 148 | 149449 |
| Petroleos del Peru SA, 4.75%, 06/19/32<br>(b)<br>|  | 200 | 148812 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 336 | 360827 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Petroleos Mexicanos<br>(continued)<br>|  |  |  |
| 5.95%, 01/28/31 | USD | 256 | $247782<br>|
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br>07/03/36<br>(b)<br>|  | 155 | 164277 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(b)<br>|  | 253 | 262974 |
| PRIO Luxembourg Holding SARL, 6.75%, 10/15/30<br>(b)<br>|  | 200 | 194976 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<br>(b)<br>|  | 200 | 164750 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<br>(b)<br>|  | 66 | 65856 |
| Shell Finance U.S., Inc., 4.00%, 05/10/46<br>(e)<br>|  | 450 | 363802 |
| Sunoco LP<br>(b)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 169 | 170238 |
| 6.63%, 08/15/32 |  | 253 | 260038 |
| 6.25%, 07/01/33 |  | 346 | 354414 |
| 5.88%, 03/15/34 |  | 171 | 170985 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 178 | 178096 |
| 7.38%, 02/15/29 |  | 973 | 1005657 |
| 6.00%, 09/01/31 |  | 128 | 127401 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<br>(b)<br>|  | 290 | 287167 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(b)<br>|  | 76 | 76729 |
| Transocean International Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 05/15/29 |  | 156 | 157225 |
| 8.75%, 02/15/30 |  | 150 | 156736 |
| 8.50%, 05/15/31 |  | 311 | 308054 |
| 7.88%, 10/15/32 |  | 273 | 285121 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(b)<br>|  | 78 | 79368 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<br>(d)<br>|  | 200 | 203188 |
| Valaris Ltd., 8.38%, 04/30/30<br>(b)<br>|  | 232 | 241388 |
| Venture Global LNG, Inc.<br>(b)<br>|  |  |  |
| 9.50%, 02/01/29 |  | 2186 | 2265739 |
| 7.00%, 01/15/30 |  | 47 | 45234 |
| 8.38%, 06/01/31<br>(e)<br>|  | 2345 | 2331929 |
| 9.88%, 02/01/32 |  | 1399 | 1445268 |
| Venture Global Plaquemines LNG LLC<br>(b)<br>|  |  |  |
| 6.13%, 12/15/30 |  | 1136 | 1156839 |
| 7.50%, 05/01/33 |  | 505 | 545653 |
| 6.50%, 01/15/34 |  | 1172 | 1200409 |
| 7.75%, 05/01/35 |  | 1425 | 1560309 |
| 6.75%, 01/15/36 |  | 1435 | 1469857 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<br>(b)<br>|  | 77 | 78733 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(b)<br>|  | 140 | 139735 |
| 9.75%, 10/15/30 |  | 148 | 155315 |
| 7.88%, 04/15/32<br>(b)(e)<br>|  | 271 | 267012 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(b)<br>|  | 398 | 401750 |
|  |  |  | 56450655 |
| Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% | Passenger Airlines — 0.2% |
| ABRA Global Finance, (6.00% Cash + 8.00% PIK), <br>14.00%, 10/22/29<br>(b)(g)<br>|  | 167 | 166848 |
| American Airlines, Inc., 8.50%, 05/15/29<br>(b)<br>|  | 429 | 448688 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.75%, 04/20/29<br>(b)<br>|  | 67 | 68229 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28 |  | 165 | 166167 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>(b)<br>|  | 460 | 463432 |
| OneSky Flight LLC, 8.88%, 12/15/29<br>(b)<br>|  | 318 | 340303 |
|  |  |  | 1653667 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS |  |  |  |
| 5.50%, 03/31/32<br>(d)<br>| EUR | 100 | $121232<br>|
| 6.50%, 03/31/32<br>(b)<br>| USD | 431 | 441438 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 232 | 225983 |
|  |  |  | 788653 |
| Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% | Pharmaceuticals — 1.8% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>|  | 6640 | 6905712 |
| AbbVie, Inc., 5.35%, 03/15/44<br>(e)<br>|  | 1500 | 1482331 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(b)<br>|  | 239 | 252458 |
| Bausch Health Cos., Inc.<br>(b)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 214 | 191530 |
| 11.00%, 09/30/28 |  | 644 | 667081 |
| Becton Dickinson & Co., 4.69%, 12/15/44<br>(e)<br>|  | 600 | 531525 |
| CVS Health Corp., 6.00%, 06/01/44<br>(e)<br>|  | 1110 | 1115455 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<br>(d)<br>| EUR | 100 | 119281 |
| Grifols SA<br>(d)<br>|  |  |  |
| 2.25%, 11/15/27 |  | 214 | 250266 |
| 7.13%, 05/01/30 |  | 100 | 123296 |
| Gruenenthal GmbH, 4.63%, 11/15/31<br>(d)<br>|  | 100 | 118752 |
| Nidda Healthcare Holding GmbH<br>(d)<br>|  |  |  |
| 7.00%, 02/21/30 |  | 100 | 121990 |
| (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<br>(a)<br>|  | 100 | 118581 |
| Option Care Health, Inc., 4.38%, 10/31/29<br>(b)<br>| USD | 314 | 306787 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br>4.13%, 04/30/28<br>(b)<br>|  | 600 | 584661 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.89%, <br>12/31/29<br>(a)(d)<br>| EUR | 42 | 50742 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 | USD | 521 | 514162 |
| 6.75%, 03/01/28 |  | 400 | 415380 |
| Viatris, Inc., 2.30%, 06/22/27 |  | 392 | 380774 |
|  |  |  | 14250764 |
| Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% | Real Estate Management & Development — 0.4% |
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br>12/31/28<br>(g)<br>| EUR | 145 | 186861 |
| Alexandrite Lake Lux Holdings SARL, 6.75%, <br>07/30/30<br>(d)<br>|  | 100 | 119547 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<br>(d)<br>| USD | 200 | 204414 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp.<br>|  |  |  |
| 7.00%, 04/15/30<br>(b)<br>|  | 24 | 24216 |
| Series AI, 7.00%, 04/15/30 |  | 348 | 346501 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(b)<br>|  | 535 | 580621 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(b)<br>|  | 399 | 426170 |
| Fantasia Holdings Group Co. Ltd.<br>(d)(f)(k)<br>|  |  |  |
| 11.75%, 04/17/22 |  | 430 | 4300 |
| 12.25%, 10/18/22 |  | 200 | 2000 |
| 11.88%, 06/01/23 |  | 200 | 2000 |
| 9.25%, 07/28/23 |  | 400 | 4000 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(b)<br>|  | 345 | 360449 |
| New Immo Holding SA<br>(d)<br>|  |  |  |
| 3.25%, 07/23/27 | EUR | 100 | 117260 |
| 4.95%, 11/14/30 |  | 100 | 118199 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30<br>(d)<br>| USD | 200 | 199951 |
| Vivion Investments SARL<br>(d)<br>|  |  |  |
| 5.63%, 06/08/30 | EUR | 100 | 113186 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) |
| Vivion Investments SARL<br>(d)<br>(continued)<br>|  |  |  |
| (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<br>(g)<br>| EUR | 14 | $16428<br>|
| (6.50% PIK), 6.50%, 02/28/29<br>(g)<br>|  | 100 | 117180 |
|  |  |  | 2943283 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(b)<br>| USD | 434 | 428927 |
| Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(b)<br>|  | 104 | 106145 |
| Broadcom, Inc.<br>(e)<br>|  |  |  |
| 4.15%, 04/15/32<br>(b)<br>|  | 1000 | 977844 |
| 3.50%, 02/15/41 |  | 800 | 650788 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 |  | 371 | 385794 |
| QUALCOMM, Inc.<br>(e)<br>|  |  |  |
| 5.40%, 05/20/33 |  | 400 | 423572 |
| 4.30%, 05/20/47 |  | 700 | 587737 |
|  |  |  | 3131880 |
| Software — 3.5% | Software — 3.5% | Software — 3.5% | Software — 3.5% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(b)(e)<br>|  | 5989 | 5970976 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(b)<br>|  | 105 | 104285 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(b)<br>|  | 1570 | 1617059 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(b)<br>|  | 238 | 206851 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br>06/15/29<br>(b)<br>|  | 373 | 316234 |
| Cloud Software Group, Inc.<br>(b)(e)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 1389 | 1407179 |
| 9.00%, 09/30/29 |  | 4375 | 4556608 |
| 8.25%, 06/30/32 |  | 1597 | 1668929 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(b)<br>|  | 1759 | 1723231 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(b)(e)<br>|  | 476 | 442572 |
| Elastic NV, 4.13%, 07/15/29<br>(b)<br>|  | 413 | 399977 |
| Electronic Arts, Inc., 2.95%, 02/15/51<br>(e)<br>|  | 236 | 217688 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(b)<br>|  | 1361 | 1387745 |
| IPD 3 BV, 5.50%, 06/15/31<br>(d)<br>| EUR | 100 | 118867 |
| Microsoft Corp., 2.92%, 03/17/52<br>(e)<br>| USD | 3550 | 2325381 |
| Oracle Corp. |  |  |  |
| 3.95%, 03/25/51 |  | 250 | 164490 |
| 6.13%, 08/03/65<br>(e)<br>|  | 600 | 531356 |
| Playtika Holding Corp., 4.25%, 03/15/29<br>(b)<br>|  | 67 | 60083 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(b)(e)<br>|  | 445 | 366134 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(b)<br>|  | 674 | 701239 |
| TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 5.53%, <br>07/31/31<br>(a)(d)<br>| EUR | 100 | 118325 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 206 | 198991 |
| 3.88%, 03/15/31 |  | 209 | 199746 |
| UKG, Inc., 6.88%, 02/01/31<br>(b)(e)<br>|  | 2126 | 2183855 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(b)<br>|  | 955 | 901232 |
|  |  |  | 27889033 |
| Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% | Specialty Retail — 0.2% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30<br>(b)<br>|  | 229 | 230213 |
| Afflelou SAS, 6.00%, 07/25/29<br>(d)<br>| EUR | 100 | 122255 |
| Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.27%, <br>09/30/31<br>(a)(d)<br>|  | 100 | 118512 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br>01/15/32<br>(a)(d)<br>|  | 100 | 118420 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>(b)<br>| USD | 265 | $272933<br>|
| Staples, Inc., 10.75%, 09/01/29<br>(b)<br>|  | 243 | 241586 |
| Suburban Propane Partners LP/Suburban Energy <br>Finance Corp., 5.00%, 06/01/31<br>(b)<br>|  | 117 | 112323 |
|  |  |  | 1216242 |
| Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% |
| Apple, Inc., 2.65%, 02/08/51<br>(e)<br>|  | 2500 | 1545431 |
| Seagate Data Storage Technology Pte Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 12/15/29 |  | 341 | 361609 |
| 8.50%, 07/15/31 |  | 615 | 653845 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>(b)<br>|  | 339 | 349463 |
|  |  |  | 2910348 |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| Beach Acquisition Bidco LLC<br>(b)<br>|  |  |  |
| 5.25%, 07/15/32 | EUR | 613 | 733403 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33<br>(g)<br>| USD | 2346 | 2589475 |
| Levi Strauss & Co.<br>(b)<br>|  |  |  |
| 4.00%, 08/15/30 | EUR | 165 | 196919 |
| 3.50%, 03/01/31 | USD | 21 | 19556 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br>5.78%, 07/01/29<br>(a)(d)<br>| EUR | 100 | 118480 |
|  |  |  | 3657833 |
| Tobacco<br>(e)<br> — 0.3% | Tobacco<br>(e)<br> — 0.3% | Tobacco<br>(e)<br> — 0.3% | Tobacco<br>(e)<br> — 0.3% |
| Altria Group, Inc., 3.40%, 02/04/41 | USD | 750 | 579929 |
| BAT Capital Corp. |  |  |  |
| 7.08%, 08/02/43 |  | 500 | 561609 |
| 4.54%, 08/15/47 |  | 715 | 593112 |
| Philip Morris International, Inc., 3.88%, 08/21/42 |  | 900 | 741702 |
|  |  |  | 2476352 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| Edge Finco PLC, 8.13%, 08/15/31<br>(d)<br>| GBP | 100 | 143222 |
| FedEx Corp.<br>(e)<br>|  |  |  |
| 3.90%, 02/01/35 | USD | 500 | 460223 |
| 4.40%, 01/15/47 |  | 500 | 387235 |
| Mobico Group PLC, 3.63%, 11/20/28<br>(d)<br>| GBP | 100 | 121487 |
| Ocado Group PLC, 11.00%, 06/15/30<br>(d)<br>|  | 100 | 135959 |
|  |  |  | 1248126 |
| Utilities — 0.4% | Utilities — 0.4% | Utilities — 0.4% | Utilities — 0.4% |
| AES Andes SA, 6.30%, 03/15/29<br>(b)<br>| USD | 200 | 206336 |
| TransAlta Corp., 5.88%, 02/01/34 |  | 343 | 345370 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(b)(e)<br>|  | 2391 | 2368873 |
|  |  |  | 2920579 |
| Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% | Wireless Telecommunication Services — 1.5% |
| Altice France SA<br>(b)<br>|  |  |  |
| 6.88%, 10/15/30 |  | 376 | 364375 |
| 6.50%, 10/15/31 |  | 452 | 429239 |
| 6.50%, 04/15/32 |  | 1945 | 1864509 |
| 6.88%, 07/15/32 |  | 445 | 426747 |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(b)<br>|  | 1659 | 1722258 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(b)<br>|  | 2182 | 2234330 |
| Liberty Costa Rica Senior Secured Finance, 10.88%, <br>01/15/31<br>(b)<br>|  | 200 | 209626 |
| SoftBank Group Corp., 6.88%, 01/10/31<br>(d)<br>|  | 200 | 200281 |
| Telecom Argentina SA, 9.25%, 05/28/33<br>(b)<br>|  | 45 | 47269 |
| Turk Telekomunikasyon A/S, 6.95%, 10/07/32<br>(b)<br>|  | 200 | 204062 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<br>(b)<br>|  | 200 | 212104 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) |
| Veon Midco BV, 3.38%, 11/25/27<br>(b)<br>| USD | 200 | $189062<br>|
| Verizon Communications, Inc., 5.75%, 11/30/45<br>(e)<br>|  | 1590 | 1578644 |
| VF Ukraine PAT via VFU Funding PLC, 9.63%, <br>02/11/27<br>(d)<br>|  | 154 | 148413 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<br>(d)<br>| GBP | 200 | 255179 |
| 4.25%, 01/31/31<br>(b)<br>| USD | 800 | 729608 |
| 4.75%, 07/15/31<br>(b)<br>|  | 602 | 555775 |
| 7.75%, 04/15/32<br>(b)<br>|  | 252 | 262609 |
| 6.75%, 01/15/33<br>(b)<br>|  | 397 | 393441 |
| WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31<br>(b)(g)<br>|  | 11 | 10735 |
| Zegona Finance PLC, 6.75%, 07/15/29<br>(d)<br>| EUR | 90 | 111147 |
|  |  |  | 12149413 |
| Total Corporate Bonds — 81.2%<br>(Cost: $633,762,859) | Total Corporate Bonds — 81.2%<br>(Cost: $633,762,859) | Total Corporate Bonds — 81.2%<br>(Cost: $633,762,859) | 644356183 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>| USD | 2147 | 2136370 |
| Software — 0.3% | Software — 0.3% | Software — 0.3% | Software — 0.3% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 2620 | 2532891 |
| Total Fixed Rate Loan Interests — 0.6%<br>(Cost: $4,766,759) | Total Fixed Rate Loan Interests — 0.6%<br>(Cost: $4,766,759) | Total Fixed Rate Loan Interests — 0.6%<br>(Cost: $4,766,759) | 4669261 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.2% | Advertising Agencies — 0.2% | Advertising Agencies — 0.2% | Advertising Agencies — 0.2% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 864 | 864807 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 5.10%), <br>9.03%, 04/11/29<br>|  | 566 | 558698 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 112 | 103947 |
|  |  |  | 1527452 |
| Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% | Aerospace & Defense — 0.1% |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | 15 | 15479 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.38%, 02/26/32<br>|  | 393 | 394358 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>|  | 260 | 260536 |
| Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.57%, <br>12/11/31<br>|  | 191 | 191249 |
|  |  |  | 861622 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/28/32<br>| USD | 471 | $472308<br>|
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% <br>Floor + 4.85%), 8.74%, 11/17/28<br>|  | 39 | 38380 |
| 2022 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 5.10%), 8.99%, 11/17/28<br>|  | 314 | 308271 |
|  |  |  | 818959 |
| Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.42%, 12/12/31<br>|  | 250 | 250755 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>09/08/32<br>|  | 59 | 59325 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>|  | 131 | 126099 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 10/19/29<br>|  | 650 | 652456 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 274 | 264981 |
|  |  |  | 1102861 |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 61 | 60936 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br>09/13/32<br>|  | 400 | 402544 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.22%, 10/16/31<br>(c)<br>|  | 181 | 182308 |
|  |  |  | 645788 |
| Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% | Chemicals — 0.2% |
| Advancion Holdings LLC, 2020 2nd Lien Term Loan, <br>(1-mo. CME Term SOFR + 7.85%), 11.57%, 11/24/28<br>|  | 118 | 105195 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br>10/04/29<br>|  | 682 | 654347 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 400 | 349266 |
| Olympus Water U.S. Holding Corp., 2025 USD Term <br>Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>3.25%), 6.92%, 11/03/32<br>|  | 352 | 349582 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.35%), 8.29%, <br>04/08/31<br>|  | 46 | 33549 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, <br>08/19/32<br>|  | 193 | 193333 |
|  |  |  | 1685272 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/12/32<br>| USD | 201 | $201215<br>|
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 661 | 663658 |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, <br>02/23/29<br>|  | 452 | 427870 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), <br>9.09%, 07/31/30<br>(g)<br>|  | 170 | 162875 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.42%, 10/07/32<br>|  | 138 | 129429 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(f)(k)<br>|  | 138 | 16508 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/31<br>|  | 377 | 377671 |
|  |  |  | 1979226 |
| Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% |
| COMMSCOPE, 2024 Term Loan, (1-mo. CME Term <br>SOFR at 2.00% Floor + 4.75%), 8.47%, 12/17/29<br>|  | 189 | 188972 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 4.50%), <br>8.35%, 08/01/30<br>|  | 1116 | 1014971 |
| Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% |
| Camelot U.S. Acquisition LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.25%), 6.97%, 01/31/31<br>|  | 367 | 367231 |
| Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>11/01/31<br>|  | 91 | 92181 |
|  |  |  | 459412 |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br>08/30/32<br>|  | 1094 | 1099011 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>|  | 233 | 234519 |
|  |  |  | 1333530 |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, <br>10/30/28<br>|  | 467 | 293832 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 357 | 349192 |
| Potters Industries LLC, 2025 Repriced Term Loan B, <br>(1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), <br>6.17%, 12/09/32<br>(c)<br>|  | 140 | 140525 |
|  |  |  | 783549 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.25%), 9.04%, <br>11/29/30<br>| USD | 78 | $76732<br>|
| Frontier Communications Holdings LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.24%, 07/01/31<br>|  | 98 | 97859 |
| Lumen Technologies, Inc., 2024 Term Loan A, (1-mo. <br>CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, <br>06/01/28<br>|  | 81 | 81500 |
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.85%), 8.57%, <br>10/01/31<br>(c)<br>|  | 330 | 330528 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.00% and <br>0.50% PIK), 7.33%, 03/11/30<br>(g)<br>|  | 1565 | 1481170 |
|  |  |  | 2067789 |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 399 | 401418 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 162 | 162116 |
|  |  |  | 563534 |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, <br>07/31/31<br>|  | 102 | 100255 |
| Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, <br>10/08/32<br>|  | 114 | 114463 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 261 | 260993 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 01/15/31<br>|  | 606 | 611935 |
|  |  |  | 872928 |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.75%), 7.65%, 05/19/31<br>|  | 439 | 440429 |
| 2024 Incremental Term Loan B1, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.33%, 05/19/31<br>|  | 200 | 200661 |
| Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br>Term SOFR at 1.00% Floor + 6.60% and 4.00% PIK), <br>14.53%, 01/28/28<br>(g)<br>|  | 343 | 244226 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 755 | 755365 |
|  |  |  | 1640681 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.44%, 11/01/29<br>|  | 172 | 168223 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>| USD | 71 | $62804<br>|
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 35 | 30837 |
|  |  |  | 261864 |
| Household Durables — 0.0% | Household Durables — 0.0% | Household Durables — 0.0% | Household Durables — 0.0% |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 114 | 114534 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 4.61%), <br>8.33%, 12/19/29<br>|  | 52 | 51160 |
|  |  |  | 165694 |
| Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% | Insurance — 0.2% |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br>B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>|  | 292 | 291276 |
| Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 285 | 284573 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.49%, 04/18/30<br>|  | 42 | 41864 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(m)<br>|  | 318 | 318575 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 07/02/31<br>|  | 50 | 49811 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.42%, 05/06/32<br>|  | 852 | 861354 |
|  |  |  | 1847453 |
| Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% |
| MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28<br>|  | 115 | 106236 |
| Internet Software & Services — 0.1% | Internet Software & Services — 0.1% | Internet Software & Services — 0.1% | Internet Software & Services — 0.1% |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>08/31/28<br>|  | 72 | 72121 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 464 | 459420 |
|  |  |  | 531541 |
| IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% | IT Services — 0.2% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/29/31<br>|  | 44 | 43967 |
| Finastra USA, Inc. |  |  |  |
| 2025 2nd Lien Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 7.00%), 10.72%, 09/15/33<br>|  | 219 | 214254 |
| 2025 USD Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 09/15/32<br>|  | 822 | 802980 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 148 | 148160 |
|  |  |  | 1209361 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, <br>07/22/30<br>| USD | 291 | $290246<br>|
| Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% | Machinery — 0.2% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br>06/23/30<br>(m)<br>|  | 49 | 49138 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br>(3-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br>9.86%, 12/21/29<br>|  | 123 | 124959 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 1048 | 1054307 |
|  |  |  | 1228404 |
| Media — 0.4% | Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. <br>CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>|  | 422 | 421833 |
| CMG Media Corp., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29<br>|  | 266 | 247435 |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>7.15%, 01/31/32<br>|  | 184 | 179885 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br>1.50%), 8.25%, 04/15/27<br>|  | 533 | 464549 |
| Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 5.50%), 9.34%, <br>02/17/31<br>|  | 1144 | 1140919 |
| Gray Media, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.11%), 6.99%, 12/01/28<br>|  | 145 | 145360 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br>5.25%), 9.12%, 06/04/29<br>|  | 1 | 1241 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>06/25/31<br>|  | 16 | 15825 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.23% and 1.50% <br>PIK), 10.45%, 09/25/29<br>(g)<br>|  | 738 | 564737 |
| Versant Media Group, Inc., Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.16%, <br>01/30/31<br>|  | 173 | 172893 |
|  |  |  | 3354677 |
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br>CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/11/30<br>|  | 622 | 614741 |
| Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br>01/02/31<br>|  | 330 | 331206 |
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>|  | 132 | 132660 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.50%), <br>7.22%, 08/01/32<br>| USD | 508 | $511536<br>|
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 239 | 236791 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.10%), 7.77%, <br>10/01/27<br>|  | 1 | 1608 |
|  |  |  | 749935 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Ascend Learning LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 12/11/28<br>|  | 47 | 46879 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>|  | 928 | 928959 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 740 | 737395 |
| Boxer Parent Company Inc., 2024 2nd Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br>9.47%, 07/30/32<br>|  | 339 | 325694 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>07/06/29<br>|  | 94 | 79211 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.61%), 7.33%, 06/02/28<br>|  | 201 | 201085 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>|  | 119 | 119062 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-<br>mo. CME Term SOFR at 0.50% Floor + 4.75%), <br>8.47%, 11/22/32<br>|  | 230 | 231509 |
| RealPage, Inc., 2024 Incremental Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br>04/24/28<br>|  | 200 | 200924 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 25 | 22187 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.35%), 10.07%, 07/30/29<br>|  | 13 | 11372 |
|  |  |  | 2904277 |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 204 | 103136 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 29 | 14961 |
|  |  |  | 118097 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% | Wireless Telecommunication Services — 0.3% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>| USD | 386 | $384622<br>|
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 1480 | 1483330 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 319 | 319798 |
|  |  |  | 2187750 |
| Total Floating Rate Loan Interests — 4.3%<br>(Cost: $34,576,496) | Total Floating Rate Loan Interests — 4.3%<br>(Cost: $34,576,496) | Total Floating Rate Loan Interests — 4.3%<br>(Cost: $34,576,496) | 34046161 |
| Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations |
| Argentina — 0.0% | Argentina — 0.0% | Argentina — 0.0% |  |
| Argentine Republic Government International Bonds, <br>1.75%, 07/09/27<br>(j)<br>|  | 209 | 178270 |
| Bahrain — 0.0% | Bahrain — 0.0% | Bahrain — 0.0% |  |
| Bahrain Government International Bonds, 5.45%, <br>09/16/32<br>(d)<br>|  | 200 | 194120 |
| Barbados — 0.0% | Barbados — 0.0% | Barbados — 0.0% |  |
| Barbados Government International Bonds, 8.00%, <br>06/26/35<br>(b)<br>|  | 314 | 330975 |
| Benin — 0.1% | Benin — 0.1% | Benin — 0.1% |  |
| Benin Government International Bonds, 7.96%, <br>02/13/38<br>(b)<br>|  | 400 | 415624 |
| Brazil — 0.0% | Brazil — 0.0% | Brazil — 0.0% |  |
| Brazilian Government International Bond, 6.63%, <br>03/15/35<br>|  | 306 | 315486 |
| Bulgaria — 0.0% | Bulgaria — 0.0% | Bulgaria — 0.0% |  |
| Bulgaria Government International Bonds, Series 13Y, <br>5.00%, 03/05/37<br>(d)<br>|  | 190 | 188670 |
| Cayman Islands — 0.0% | Cayman Islands — 0.0% | Cayman Islands — 0.0% |  |
| Kyrgyz Republic International Bonds, 7.75%, <br>06/03/30<br>(b)<br>|  | 200 | 205750 |
| Chile — 0.1% | Chile — 0.1% | Chile — 0.1% |  |
| Chile Government International Bonds |  |  |  |
| 3.75%, 01/14/32 | EUR | 146 | 174153 |
| 4.34%, 03/07/42<br>(e)<br>| USD | 200 | 178600 |
|  |  |  | 352753 |
| Colombia — 0.1% | Colombia — 0.1% | Colombia — 0.1% |  |
| Colombia Government International Bonds |  |  |  |
| 8.00%, 04/20/33 |  | 200 | 215000 |
| 8.00%, 11/14/35 |  | 200 | 213050 |
| 7.75%, 11/07/36 |  | 200 | 208450 |
| 6.50%, 11/26/38 | EUR | 137 | 155770 |
|  |  |  | 792270 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Costa Rica — 0.0% | Costa Rica — 0.0% | Costa Rica — 0.0% |  |
| Costa Rica Government International Bonds, 7.30%, <br>11/13/54<br>(b)<br>| USD | 200 | $224100<br>|
| Dominican Republic — 0.1% | Dominican Republic — 0.1% | Dominican Republic — 0.1% |  |
| Dominican Republic International Bonds<br>(b)<br>|  |  |  |
| 4.50%, 01/30/30 |  | 360 | 352114 |
| 7.05%, 02/03/31 |  | 300 | 322182 |
| 6.95%, 03/15/37 |  | 150 | 161325 |
|  |  |  | 835621 |
| Ecuador — 0.0% | Ecuador — 0.0% | Ecuador — 0.0% |  |
| Ecuador Government International Bonds, 6.90%, <br>07/31/30<br>(b)(j)<br>|  | 182 | 179789 |
| Egypt — 0.1% | Egypt — 0.1% | Egypt — 0.1% |  |
| Egypt Government International Bond, 9.45%, <br>02/04/33<br>(b)<br>|  | 200 | 228886 |
| Egypt Government International Bonds |  |  |  |
| 5.63%, 04/16/30<br>(d)<br>| EUR | 147 | 172322 |
| 7.63%, 05/29/32<br>(d)<br>| USD | 200 | 212452 |
| 8.50%, 01/31/47<br>(b)<br>|  | 200 | 196025 |
| 7.50%, 02/16/61<br>(b)<br>|  | 200 | 174360 |
|  |  |  | 984045 |
| Gabon — 0.0% | Gabon — 0.0% | Gabon — 0.0% |  |
| Gabon Government International Bonds, Series 4Y, <br>9.50%, 02/18/29<br>(d)<br>|  | 200 | 173126 |
| Guatemala — 0.1% | Guatemala — 0.1% | Guatemala — 0.1% |  |
| Guatemala Government Bonds<br>(b)<br>|  |  |  |
| 7.05%, 10/04/32 |  | 200 | 219300 |
| 6.60%, 06/13/36 |  | 200 | 214754 |
| 6.25%, 08/15/36 |  | 200 | 209252 |
|  |  |  | 643306 |
| Hungary — 0.1% | Hungary — 0.1% | Hungary — 0.1% |  |
| Hungary Government International Bonds<br>(b)<br>|  |  |  |
| 5.25%, 06/16/29 |  | 200 | 203775 |
| 5.50%, 03/26/36 |  | 200 | 199836 |
| 6.75%, 09/23/55 |  | 200 | 208358 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<br>(d)<br>| EUR | 274 | 344700 |
|  |  |  | 956669 |
| Indonesia — 0.0% | Indonesia — 0.0% | Indonesia — 0.0% |  |
| Indonesia Government International Bonds, 3.88%, <br>01/15/33<br>|  | 138 | 163527 |
| Ivory Coast — 0.1% | Ivory Coast — 0.1% | Ivory Coast — 0.1% |  |
| Ivory Coast Government International Bond, 8.25%, <br>01/30/37<br>(b)<br>| USD | 200 | 217218 |
| Ivory Coast Government International Bonds |  |  |  |
| 6.38%, 03/03/28<br>(d)<br>|  | 200 | 202737 |
| 5.88%, 10/17/31<br>(d)<br>| EUR | 202 | 239171 |
| 8.08%, 04/01/36<br>(b)<br>| USD | 200 | 216012 |
|  |  |  | 875138 |
| Jordan — 0.0% | Jordan — 0.0% | Jordan — 0.0% |  |
| Jordan Government International Bonds, 7.50%, <br>01/13/29<br>(b)<br>|  | 200 | 210436 |
| Kenya — 0.0% | Kenya — 0.0% | Kenya — 0.0% |  |
| Republic of Kenya Government International Bonds, <br>9.75%, 02/16/31<br>(b)<br>|  | 200 | 218500 |
| Latvia — 0.1% | Latvia — 0.1% | Latvia — 0.1% |  |
| Latvia Government International Bonds, 5.13%, <br>07/30/34<br>(b)<br>|  | 400 | 409336 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Mexico — 0.2% | Mexico — 0.2% | Mexico — 0.2% |  |
| Eagle Funding Luxco SARL, 5.50%, 08/17/30<br>(b)<br>| USD | 250 | $254250<br>|
| Mexico Government International Bonds |  |  |  |
| 5.38%, 03/22/33 |  | 200 | 198146 |
| 5.63%, 09/22/35 |  | 324 | 320031 |
| 6.63%, 01/29/38 |  | 200 | 208900 |
| 5.13%, 03/19/38 | EUR | 123 | 143872 |
|  |  |  | 1125199 |
| Montenegro — 0.0% | Montenegro — 0.0% | Montenegro — 0.0% |  |
| Montenegro Government International Bonds, 2.88%, <br>12/16/27<br>(d)<br>|  | 142 | 163599 |
| Morocco — 0.1% | Morocco — 0.1% | Morocco — 0.1% |  |
| Morocco Government International Bonds<br>(b)<br>|  |  |  |
| 5.95%, 03/08/28 | USD | 200 | 205937 |
| 4.75%, 04/02/35 | EUR | 290 | 347498 |
|  |  |  | 553435 |
| Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% |  |
| Nigeria Government International Bonds |  |  |  |
| 10.38%, 12/09/34<br>(b)<br>| USD | 200 | 236989 |
| 9.13%, 01/13/46<br>(b)<br>|  | 200 | 214750 |
| 7.63%, 11/28/47<br>(d)<br>|  | 200 | 188646 |
|  |  |  | 640385 |
| Oman — 0.1% | Oman — 0.1% | Oman — 0.1% |  |
| Oman Government International Bonds, 6.75%, <br>01/17/48<br>(d)<br>|  | 309 | 340768 |
| Panama — 0.1% | Panama — 0.1% | Panama — 0.1% |  |
| Panama Government International Bonds |  |  |  |
| 7.50%, 03/01/31 |  | 200 | 221700 |
| 6.40%, 02/14/35 |  | 200 | 210633 |
|  |  |  | 432333 |
| Paraguay — 0.0% | Paraguay — 0.0% | Paraguay — 0.0% |  |
| Paraguay Government International Bonds, 2.74%, <br>01/29/33<br>|  | 200 | 178800 |
| Peru — 0.1% | Peru — 0.1% | Peru — 0.1% |  |
| Corp. Financiera de Desarrollo SA, 5.50%, 05/06/30<br>(b)<br>|  | 200 | 205500 |
| Peru Government International Bonds |  |  |  |
| 2.78%, 01/23/31 |  | 310 | 286905 |
| 1.86%, 12/01/32<br>(e)<br>|  | 201 | 166076 |
|  |  |  | 658481 |
| Poland — 0.0% | Poland — 0.0% | Poland — 0.0% |  |
| Republic of Poland Government International Bonds |  |  |  |
| Series 10Y, 4.88%, 10/04/33<br>(e)<br>|  | 138 | 139924 |
| Series 30Y, 5.50%, 04/04/53 |  | 180 | 171766 |
|  |  |  | 311690 |
| Republic of North Macedonia — 0.0% | Republic of North Macedonia — 0.0% | Republic of North Macedonia — 0.0% |  |
| North Macedonia Government International Bonds, <br>6.96%, 03/13/27<br>(d)<br>| EUR | 134 | 163185 |
| Romania — 0.1% | Romania — 0.1% | Romania — 0.1% |  |
| Romanian Government International Bonds |  |  |  |
| 2.12%, 07/16/31<br>(d)<br>|  | 366 | 377300 |
| 6.25%, 09/10/34<br>(b)<br>|  | 297 | 366706 |
| 6.75%, 07/11/39<br>(b)<br>|  | 71 | 86801 |
| 6.50%, 10/07/45<br>(b)<br>|  | 185 | 215977 |
|  |  |  | 1046784 |
| Saudi Arabia — 0.0% | Saudi Arabia — 0.0% | Saudi Arabia — 0.0% |  |
| Saudi Government International Bonds, 5.00%, <br>01/18/53<br>(b)<br>| USD | 238 | 212157 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Serbia — 0.1% | Serbia — 0.1% | Serbia — 0.1% |  |
| Serbia International Bonds |  |  |  |
| 6.50%, 09/26/33<br>(d)<br>| USD | 200 | $214500<br>|
| 6.00%, 06/12/34<br>(b)<br>|  | 200 | 206500 |
|  |  |  | 421000 |
| South Africa — 0.1% | South Africa — 0.1% | South Africa — 0.1% |  |
| Republic of South Africa Government International <br>Bonds<br>|  |  |  |
| 7.10%, 11/19/36<br>(b)<br>|  | 200 | 214588 |
| 7.95%, 11/19/54<br>(b)<br>|  | 200 | 215000 |
| Series 30Y, 5.00%, 10/12/46 |  | 200 | 156702 |
| Series 30Y, 5.75%, 09/30/49 |  | 200 | 168750 |
|  |  |  | 755040 |
| Trinidad And Tobago — 0.1% | Trinidad And Tobago — 0.1% | Trinidad And Tobago — 0.1% |  |
| Trinidad & Tobago Government International Bonds, <br>6.40%, 06/26/34<br>(b)<br>|  | 400 | 402800 |
| Turkey — 0.1% | Turkey — 0.1% | Turkey — 0.1% |  |
| Turkiye Government International Bonds, Series 7Y, <br>7.13%, 02/12/32<br>|  | 400 | 423600 |
| Ukraine — 0.0% | Ukraine — 0.0% | Ukraine — 0.0% |  |
| Ukraine Government International Bonds<br>(d)(j)<br>|  |  |  |
| 4.50%, 02/01/29 |  | 55 | 41368 |
| 3.00%, 02/01/30 |  | 6 | 3591 |
| 3.00%, 02/01/34 |  | 15 | 7357 |
| 4.50%, 02/01/34 |  | 34 | 20623 |
| 3.00%, 02/01/35 |  | 13 | 7181 |
| 3.00%, 02/01/36 |  | 13 | 7164 |
|  |  |  | 87284 |
| United Arab Emirates — 0.0% | United Arab Emirates — 0.0% | United Arab Emirates — 0.0% |  |
| Republic of Armenia International Bonds, 6.75%, <br>03/12/35<br>(b)<br>|  | 200 | 208126 |
| Uruguay — 0.0% | Uruguay — 0.0% | Uruguay — 0.0% |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |  | 260 | 242742 |
| Uzbekistan — 0.1% | Uzbekistan — 0.1% | Uzbekistan — 0.1% |  |
| Republic of Uzbekistan International Bonds<br>(b)<br>|  |  |  |
| 5.38%, 05/29/27 | EUR | 100 | 120074 |
| 7.85%, 10/12/28 | USD | 200 | 213996 |
|  |  |  | 334070 |
| Total Foreign Agency Obligations — 2.2%<br>(Cost: $17,296,732) | Total Foreign Agency Obligations — 2.2%<br>(Cost: $17,296,732) | Total Foreign Agency Obligations — 2.2%<br>(Cost: $17,296,732) | 17548989 |
| Municipal Bonds | Municipal Bonds | Municipal Bonds | Municipal Bonds |
| Arizona — 0.1% | Arizona — 0.1% | Arizona — 0.1% |  |
| Maricopa County Industrial Development Authority, RB, <br>7.38%, 10/01/29<br>(b)<br>|  | 700 | 734318 |
| California — 0.1% | California — 0.1% | California — 0.1% |  |
| Golden State Tobacco Securitization Corp., Refunding <br>RB, Series A-1, 3.71%, 06/01/41<br>|  | 1000 | 777447 |
| Illinois — 0.1% | Illinois — 0.1% | Illinois — 0.1% |  |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 698 | 715399 |
| Massachusetts — 0.1% | Massachusetts — 0.1% | Massachusetts — 0.1% |  |
| Massachusetts Educational Financing Authority, <br>Refunding RB, Series A, 6.35%, 07/01/49<br>|  | 680 | 703351 |
| New York — 0.1% | New York — 0.1% | New York — 0.1% |  |
| New York City Municipal Water Finance Authority, <br>Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 1000 | 1035586 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Texas — 0.1% | Texas — 0.1% | Texas — 0.1% |  |
| Port of Beaumont Navigation District, Refunding ARB, <br>Series B, 10.00%, 07/01/26<br>(b)<br>| USD | 850 | $853312<br>|
| Total Municipal Bonds — 0.6%<br>(Cost: $4,712,471) | Total Municipal Bonds — 0.6%<br>(Cost: $4,712,471) | Total Municipal Bonds — 0.6%<br>(Cost: $4,712,471) | 4819413 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| Collateralized Mortgage Obligations — 12.6% | Collateralized Mortgage Obligations — 12.6% | Collateralized Mortgage Obligations — 12.6% | Collateralized Mortgage Obligations — 12.6% |
| A&D Mortgage Trust, Series 2024-NQM5, Class A1, <br>5.70%, 11/25/69<br>(b)<br>|  | 1280 | 1288727 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br>10/25/64<br>(b)<br>|  | 398 | 399855 |
| Ajax Mortgage Loan Trust, Series 2017-D, Class B, <br>0.00%, 12/25/57<br>(a)(b)<br>|  | 1 | 265 |
| Alternative Loan Trust |  |  |  |
| Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + <br>0.56%), 4.30%, 05/25/35<br>(a)<br>|  | 932 | 824758 |
| Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + <br>0.51%), 4.25%, 12/25/36<br>(a)<br>|  | 2260 | 451637 |
| Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |  | 1304 | 519471 |
| Series 2006-J7, Class 2A1, (1-mo. SOFR US + <br>1.61%), 2.72%, 11/20/46<br>(a)<br>|  | 2281 | 2036751 |
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1731 | 639929 |
| Series 2006-OA14, Class 3A1, (12-mo. MTA + <br>0.85%), 4.88%, 11/25/46<br>(a)<br>|  | 3408 | 3128948 |
| Series 2006-OA16, Class A2, (1-mo. Term SOFR + <br>0.49%), 4.23%, 10/25/46<br>(a)<br>|  | 2268 | 2149341 |
| Series 2006-OA18, Class A1, (1-mo. Term SOFR + <br>0.35%), 4.09%, 12/25/46<br>(a)<br>|  | 1176 | 1071759 |
| Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + <br>0.53%), 4.27%, 07/25/46<br>(a)<br>|  | 2551 | 2370916 |
| Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + <br>0.49%), 4.23%, 07/25/46<br>(a)<br>|  | 926 | 851641 |
| Series 2007-12T1, Class A22, 5.75%, 06/25/37 |  | 3202 | 1345377 |
| Series 2007-12T1, Class A5, 6.00%, 06/25/37 |  | 1554 | 679395 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 528 | 238900 |
| Series 2007-22, Class 2A16, 6.50%, 09/25/37 |  | 6830 | 2374751 |
| Series 2007-23CB, Class A1, 6.00%, 09/25/37 |  | 3773 | 1707510 |
| Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + <br>0.46%), 4.20%, 04/25/37<br>(a)<br>|  | 1267 | 943192 |
| Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), <br>4.87%, 03/25/47<br>(a)<br>|  | 1244 | 1094900 |
| Angel Oak Mortgage Trust<br>(b)<br>|  |  |  |
| Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 1481 | 1488307 |
| Series 2025-11, Class A1, 4.98%, 10/25/70<br>(a)<br>|  | 620 | 620983 |
| Series 2025-7, Class A1, 5.51%, 06/25/70 |  | 1413 | 1426595 |
| Bravo Residential Funding Trust<br>(b)<br>|  |  |  |
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49<br>(a)<br>|  | 372 | 343153 |
| Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 307 | 306287 |
| Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 848 | 850436 |
| Chase Home Lending Mortgage Trust, Series 2019-<br>ATR1, Class A12, 6.50%, 04/25/49<br>(a)(b)<br>|  | 293 | 295834 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + <br>0.51%), 4.25%, 04/25/46<br>(a)<br>|  | 3115 | 2866316 |
| Series 2007-J2, Class 2A1, (1-mo. Term SOFR + <br>0.76%), 4.50%, 07/25/37<br>(a)<br>|  | 2594 | 638486 |
| Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |  | 1433 | 467372 |
| CIM Trust<br>(b)<br>|  |  |  |
| Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 880 | 879666 |
| Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 824 | 827530 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |
| Citigroup Mortgage Loan Trust, Series 2006-AR7, <br>Class 2A3A, 4.58%, 11/25/36<br>(a)<br>| USD | 290 | $278819<br>|
| COLT Mortgage Loan Trust<br>(b)<br>|  |  |  |
| Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 743 | 746802 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1041 | 1046387 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1244 | 1253743 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1080 | 1089802 |
| Series 2025-6, Class A1, 5.53%, 08/25/70 |  | 1709 | 1724960 |
| CSMC<br>(a)(b)<br>|  |  |  |
| Series 2011-4R, Class 1A2, (1-mo. Term SOFR + <br>1.61%), 5.60%, 09/27/37<br>|  | 660 | 554272 |
| Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |  | 1500 | 1160994 |
| CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, <br>05/25/67<br>(a)(b)<br>|  | 2191 | 2189900 |
| Deephaven Residential Mortgage Trust, Series 2025-<br>INV1, Class M1, 5.73%, 11/25/60<br>(a)(b)<br>|  | 1500 | 1500446 |
| Ellington Financial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 500 | 498926 |
| Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 158 | 134749 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, <br>2.50%, 06/01/51<br>(a)(b)<br>|  | 1848 | 1547794 |
| GCAT Trust<br>(a)(b)<br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 809 | 806233 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 802 | 806653 |
| Series 2025-NQM6, Class A1, 4.94%, 10/25/70 |  | 453 | 453046 |
| GS Mortgage-Backed Securities Trust<br>(b)<br>|  |  |  |
| Series 2025-DSC2, Class M1, 5.79%, 01/25/66<br>(a)<br>|  | 1500 | 1502351 |
| Series 2025-NQM5, Class A1, 5.01%, 07/25/65 |  | 353 | 353679 |
| Series 2025-NQM5, Class M1, 5.75%, 07/25/65<br>(a)<br>|  | 1500 | 1498673 |
| Homes Trust<br>(b)<br>|  |  |  |
| Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 483 | 487114 |
| Series 2025-NQM3, Class A1, 5.63%, 02/25/70<br>(a)<br>|  | 1172 | 1183324 |
| Series 2025-NQM5, Class M1, 5.80%, 09/25/70<br>(a)<br>|  | 731 | 731885 |
| JP Morgan Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |  | 400 | 394657 |
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |  | 262 | 258754 |
| Series 2024-INV1, Class A3, 5.50%, 04/25/55 |  | 1459 | 1471300 |
| Series 2025-NQM4, Class A1, 4.95%, 03/25/66 |  | 2349 | 2350844 |
| Series 2025-VIS3, Class A1, 5.06%, 02/25/66 |  | 1967 | 1973675 |
| MFA Trust<br>(b)<br>|  |  |  |
| Series 2021-NQM1, Class M1, 2.31%, 04/25/65<br>(a)<br>|  | 2000 | 1726319 |
| Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1063 | 1068880 |
| Mill City Mortgage Trust, Series 2023-NQM2, Class A1, <br>6.24%, 12/25/67<br>(b)<br>|  | 1192 | 1192369 |
| Morgan Stanley Re-REMIC Trust, Series 2010-R5, <br>Class 7B, 3.90%, 05/26/37<br>(b)<br>|  | 2376 | 3012608 |
| Morgan Stanley Residential Mortgage Loan Trust<br>(a)(b)<br>|  |  |  |
| Series 2024-NQM5, Class A1, 5.65%, 10/25/69 |  | 1158 | 1170712 |
| Series 2025-SPL1, Class A1, 4.25%, 02/25/65 |  | 3927 | 3843641 |
| New Residential Mortgage Loan Trust<br>(a)(b)<br>|  |  |  |
| Series 2025-NQM5, Class A1, 5.11%, 08/25/65 |  | 3794 | 3805146 |
| Series 2025-NQM5, Class M1, 6.09%, 08/25/65 |  | 1500 | 1508226 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust, <br>Series 2006-AF1, Class 1A2, 6.16%, 05/25/36<br>(a)<br>|  | 6387 | 1124499 |
| OBX Trust<br>(b)<br>|  |  |  |
| Series 2023-NQM1, Class A1, 6.12%, 11/25/62<br>(a)<br>|  | 320 | 319228 |
| Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 894 | 898992 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 858 | 861662 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<br>(a)<br>|  | 946 | 954253 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br>10/25/59<br>(a)(b)<br>|  | 1656 | 1669997 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |
| PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, <br>06/25/58<br>(b)<br>| USD | 767 | $768262<br>|
| Provident Funding Mortgage Trust, Series 2024-1, <br>Class A1, 5.50%, 12/25/54<br>(a)(b)<br>|  | 1275 | 1287684 |
| Radian Mortgage Capital Trust, Series 2024-J2, <br>Class A4, 5.50%, 03/25/55<br>(a)(b)<br>|  | 512 | 516680 |
| Residential Asset Securitization Trust, Series 2006-A8, <br>Class 2A5, (1-mo. Term SOFR + 0.71%), 4.45%, <br>08/25/36<br>(a)<br>|  | 6300 | 1165881 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br>5.50%, 10/25/54<br>(a)(b)<br>|  | 741 | 745949 |
| SG Residential Mortgage Trust, Series 2022-2, <br>Class A1, 5.35%, 08/25/62<br>(b)<br>|  | 544 | 543804 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br>Class A1A, 4.10%, 07/25/57<br>(b)<br>|  | 546 | 543189 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, <br>05/25/65<br>(a)(b)<br>|  | 1750 | 1578553 |
| Starwood Mortgage Residential Trust, Series 2020-3, <br>Class M1, 3.54%, 04/25/65<br>(a)(b)<br>|  | 1057 | 959577 |
| Towd Point Mortgage Trust, Series 2017-4, Class A1, <br>2.75%, 06/25/57<br>(a)(b)<br>|  | 12 | 12246 |
| Verus Securitization Trust<br>(b)<br>|  |  |  |
| Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 372 | 357935 |
| Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 213 | 211935 |
| Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 646 | 647809 |
| Series 2024-8, Class A1, 5.36%, 10/25/69<br>(a)<br>|  | 1426 | 1433462 |
| Series 2024-R1, Class A1, 5.22%, 09/25/69<br>(a)<br>|  | 1442 | 1443302 |
| Series 2025-11, Class M1, 5.66%, 11/25/70<br>(a)<br>|  | 900 | 897601 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58<br>(b)<br>|  | 1142 | 1147274 |
|  |  |  | 100546445 |
| Commercial Mortgage-Backed Securities — 3.7% | Commercial Mortgage-Backed Securities — 3.7% | Commercial Mortgage-Backed Securities — 3.7% | Commercial Mortgage-Backed Securities — 3.7% |
| Bank, Series 2025-5YR17, Class B, 5.99%, 11/15/58<br>(a)<br>|  | 409 | 421275 |
| Bayview Commercial Asset Trust, Series 2007-2A, <br>Class A1, (1-mo. Term SOFR + 0.52%), 4.25%, <br>07/25/37<br>(a)(b)<br>|  | 894 | 837159 |
| BBCMS Mortgage Trust, Series 2025-C35, Class C, <br>6.11%, 07/15/58<br>(a)<br>|  | 643 | 650080 |
| BFLD Commercial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2024-UNIV, Class D, (1-mo. Term SOFR + <br>2.69%), 6.44%, 11/15/41<br>|  | 630 | 632341 |
| Series 2025-5MW, Class D, 6.37%, 10/10/42 |  | 968 | 985511 |
| Series 2025-660F, Class D, (1-mo. Term SOFR + <br>2.75%), 6.50%, 11/15/42<br>|  | 416 | 418079 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, <br>Class A, (1-mo. Term SOFR + 1.85%), 5.60%, <br>08/15/42<br>(a)(b)<br>|  | 435 | 436635 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, <br>Class D, (1-mo. Term SOFR + 2.59%), 6.34%, <br>03/15/41<br>(a)(b)<br>|  | 343 | 342662 |
| BMO Mortgage Trust, Series 2025-C13, Class A5, <br>5.35%, 10/15/58<br>|  | 1972 | 2032548 |
| BPR Commercial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2024-PARK, Class D, 7.00%, 11/05/39 |  | 200 | 208064 |
| Series 2025-STAR, Class B, 5.38%, 11/05/42 |  | 420 | 421530 |
| BRCK Trust<br>(a)(b)<br>|  |  |  |
| Series 2025-830B, Class E, 7.51%, 12/10/42 |  | 135 | 134873 |
| Series 2025-830B, Class F, 8.40%, 12/10/42 |  | 120 | 120026 |
| BSTN Commercial Mortgage Trust, Series 2025-HUB, <br>Class A, 4.90%, 04/13/41<br>(a)(b)<br>|  | 265 | 266048 |
| BX Commercial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2021-CIP, Class A, (1-mo. Term SOFR + <br>1.04%), 4.79%, 12/15/38<br>|  | 528 | 527862 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| BX Commercial Mortgage Trust<br>(a)(b)<br>(continued)<br>|  |  |  |
| Series 2022-LP2, Class A, (1-mo. Term SOFR + <br>1.01%), 4.76%, 02/15/39<br>| USD | 247 | $246567<br>|
| Series 2024-MF, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 02/15/39<br>|  | 451 | 452139 |
| BX Trust<br>(a)(b)<br>|  |  |  |
| Series 2021-LBA, Class AJV, (1-mo. Term SOFR + <br>0.91%), 4.67%, 02/15/36<br>|  | 1650 | 1647974 |
| Series 2024-BIO, Class C, (1-mo. Term SOFR + <br>2.64%), 6.39%, 02/15/41<br>|  | 240 | 237603 |
| Series 2024-CNYN, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 04/15/41<br>|  | 577 | 578396 |
| Series 2024-PAT, Class B, (1-mo. Term SOFR + <br>3.04%), 6.79%, 03/15/41<br>|  | 170 | 170690 |
| Series 2025-OMG, Class A, (1-mo. Term SOFR + <br>1.35%), 5.10%, 10/15/42<br>|  | 418 | 418261 |
| Century Plaza Towers, Series 2019-CPT, Class C, <br>3.00%, 11/13/39<br>(a)(b)<br>|  | 250 | 225854 |
| CIP Commercial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2025-SBAY, Class A, (1-mo. Term SOFR + <br>1.40%), 5.15%, 10/15/37<br>|  | 658 | 658611 |
| Series 2025-SBAY, Class E, (1-mo. Term SOFR + <br>3.75%), 7.50%, 10/15/37<br>|  | 375 | 375580 |
| CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term <br>SOFR + 3.04%), 6.79%, 08/15/41<br>(a)(b)<br>|  | 660 | 659530 |
| CSMC, Series 2021-BHAR, Class C, (1-mo. Term SOFR <br>+ 2.11%), 5.87%, 11/15/38<br>(a)(b)<br>|  | 270 | 266955 |
| DBC Mortgage Trust, Series 2025-DBC, Class C, (1-mo. <br>Term SOFR + 2.05%), 5.80%, 11/15/42<br>(a)(b)<br>|  | 1628 | 1627998 |
| DC Trust<br>(a)(b)<br>|  |  |  |
| Series 2024-HLTN, Class C, 7.04%, 04/13/40 |  | 220 | 220460 |
| Series 2025-LXP, Class B, (1-mo. Term SOFR + <br>1.84%), 5.58%, 08/15/37<br>|  | 188 | 188350 |
| Series 2025-LXP, Class C, (1-mo. Term SOFR + <br>2.24%), 5.98%, 08/15/37<br>|  | 202 | 202438 |
| Extended Stay America Trust, Series 2025-ESH, <br>Class B, (1-mo. Term SOFR + 1.60%), 5.35%, <br>10/15/42<br>(a)(b)<br>|  | 1750 | 1752733 |
| GS Mortgage Securities Corp. Trust<br>(a)(b)<br>|  |  |  |
| Series 2023-FUN, Class B, (1-mo. Term SOFR + <br>2.79%), 6.54%, 03/15/28<br>|  | 550 | 552721 |
| Series 2023-SHIP, Class E, 7.43%, 09/10/38 |  | 275 | 276090 |
| Series 2025-800D, Class A, (1-mo. Term SOFR + <br>2.65%), 6.38%, 11/25/41<br>|  | 120 | 120160 |
| Series 2025-800D, Class B, (1-mo. Term SOFR + <br>3.45%), 7.18%, 11/25/41<br>|  | 500 | 499944 |
| JP Morgan Chase Commercial Mortgage Securities <br>Trust, Series 2016-NINE, Class B, 2.85%, <br>09/06/38<br>(a)(b)<br>|  | 275 | 271223 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br>Class C, (1-mo. Term SOFR + 2.39%), 6.14%, <br>06/15/39<br>(a)(b)<br>|  | 800 | 801979 |
| LQR Trust, Series 2025-CALI, Class E, (1-mo. Term <br>SOFR + 3.95%), 7.68%, 01/15/43<br>(a)<br>|  | 437 | 436998 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, <br>8.73%, 06/12/39<br>(b)<br>|  | 790 | 800853 |
| MF1 Trust, Series 2021-W10, Class A, (1-mo. Term <br>SOFR + 1.07%), 4.82%, 12/15/34<br>(a)(b)<br>|  | 520 | 519705 |
| MIC Trust, Series 2023-MIC, Class B, 9.53%, <br>12/05/38<br>(a)(b)<br>|  | 233 | 253212 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, <br>Class A, (1-mo. Term SOFR + 1.40%), 5.16%, <br>03/15/39<br>(a)(b)<br>| USD | 409 | $408745<br>|
| NRTH Commercial Mortgage Trust, Series 2025-PARK, <br>Class B, (1-mo. Term SOFR + 1.64%), 5.39%, <br>10/15/40<br>(a)(b)<br>|  | 234 | 234073 |
| NYC Commercial Mortgage Trust, Series 2025-11X, <br>Class A, (1-mo. Term SOFR + 1.74%), 5.49%, <br>10/15/40<br>(a)(b)<br>|  | 490 | 491524 |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br>Class D, (1-mo. Term SOFR + 2.94%), 6.69%, <br>11/15/34<br>(a)(b)<br>|  | 270 | 270674 |
| VEGAS, Series 2024-GCS, Class D, 6.22%, <br>07/10/36<br>(a)(b)<br>|  | 650 | 643340 |
| VRTX Trust, Series 2025-HQ, Class B, 5.49%, <br>08/05/42<br>(a)(b)<br>|  | 620 | 626625 |
| VTR Commercial Mortgage Trust, Series 2025-STEM, <br>Class D, 6.49%, 10/13/39<br>(a)(b)<br>|  | 381 | 382686 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1600 | 1586528 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43<br>(b)<br>|  | 250 | 251969 |
| Series 2025-C65, Class A5, 5.29%, 10/15/58 |  | 1315 | 1351580 |
|  |  |  | 29145461 |
| Total Non-Agency Mortgage-Backed Securities — 16.3%<br>(Cost: $144,832,603) | Total Non-Agency Mortgage-Backed Securities — 16.3%<br>(Cost: $144,832,603) | Total Non-Agency Mortgage-Backed Securities — 16.3%<br>(Cost: $144,832,603) | 129691906 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 6.5%<br>(a) | Capital Trusts — 6.5%<br>(a) | Capital Trusts — 6.5%<br>(a) | Capital Trusts — 6.5%<br>(a) |
| Banks — 3.5% | Banks — 3.5% | Banks — 3.5% |  |
| Bank of America Corp., 6.63%<br>(e)(h)<br>|  | 3635 | 3787492 |
| Bank of Montreal, 7.70%, 05/26/84<br>(e)<br>|  | 3000 | 3185126 |
| Barclays PLC<br>(h)<br>|  |  |  |
| 4.38% |  | 2835 | 2742717 |
| 8.00% |  | 200 | 213394 |
| 9.63% |  | 1105 | 1251740 |
| Citigroup, Inc., Series BB, 7.20%<br>(h)<br>|  | 2500 | 2595322 |
| Credit Agricole SA, 6.70%<br>(b)(h)<br>|  | 3000 | 3055779 |
| HSBC Holdings PLC<br>(h)<br>|  |  |  |
| 4.70% |  | 465 | 441690 |
| 6.00%<br>(e)<br>|  | 230 | 231907 |
| JPMorgan Chase & Co. |  |  |  |
| Series II, 6.41%<br>(e)(h)<br>|  | 4000 | 4009940 |
| Series U, 5.07%, 01/15/87 |  | 358 | 332603 |
| Lloyds Banking Group PLC, 6.75%<br>(h)<br>|  | 515 | 519286 |
| NatWest Group PLC, 8.13%<br>(h)<br>|  | 595 | 669459 |
| Nordea Bank Abp, 3.75%<br>(b)(h)<br>|  | 560 | 530949 |
| PNC Financial Services Group, Inc., Series W, <br>6.25%<br>(e)(h)<br>|  | 4156 | 4290596 |
|  |  |  | 27858000 |
| Building Materials — 0.0% | Building Materials — 0.0% | Building Materials — 0.0% |  |
| Cemex SAB de C.V., 7.20%<br>(b)(h)<br>|  | 200 | 208480 |
| Capital Markets — 0.1% | Capital Markets — 0.1% | Capital Markets — 0.1% |  |
| State Street Corp., 4.98%, 06/01/77 |  | 624 | 557520 |
| Diversified Telecommunication Services<br>(d)<br> — 0.1% | Diversified Telecommunication Services<br>(d)<br> — 0.1% | Diversified Telecommunication Services<br>(d)<br> — 0.1% |  |
| British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | 144699 |
| Telefonica Europe BV, 6.14%<br>(h)<br>| EUR | 100 | 125398 |
|  |  |  | 270097 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, <br>05/01/79<br>(e)<br>| USD | 4500 | $4543925<br>|
| PG&E Corp., 7.38%, 03/15/55 |  | 1424 | 1483083 |
|  |  |  | 6027008 |
| Financial Services<br>(h)<br> — 1.5% | Financial Services<br>(h)<br> — 1.5% | Financial Services<br>(h)<br> — 1.5% |  |
| Bank of New York Mellon Corp., Series I, 3.75%<br>(e)<br>|  | 2845 | 2802764 |
| Goldman Sachs Group, Inc., Series W, 7.50% |  | 2500 | 2661723 |
| UBS Group AG<br>(b)<br>|  |  |  |
| Series NC10, 9.25% |  | 5300 | 6215612 |
| Series NC5, 9.25% |  | 200 | 219450 |
|  |  |  | 11899549 |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 635 | 663175 |
| 7.00%, 03/10/55<br>(e)<br>|  | 2605 | 2732770 |
|  |  |  | 3395945 |
| Independent Power and Renewable Electricity Producers<br>(b)(h)<br> — 0.1% | Independent Power and Renewable Electricity Producers<br>(b)(h)<br> — 0.1% | Independent Power and Renewable Electricity Producers<br>(b)(h)<br> — 0.1% |  |
| NRG Energy, Inc., 10.25% |  | 625 | 682400 |
| Vistra Corp., 7.00% |  | 267 | 271663 |
|  |  |  | 954063 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |  |
| Heimstaden Bostad AB, 2.63%<br>(d)(h)<br>| EUR | 100 | 114149 |
| Utilities — 0.0% | Utilities — 0.0% | Utilities — 0.0% |  |
| Electricite de France SA, 3.00%<br>(d)(h)<br>|  | 200 | 231827 |
|  |  |  | 51516638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.3% | Preferred Stocks — 0.3% | Preferred Stocks — 0.3% |
| Capital Markets — 0.3% | Capital Markets — 0.3% |  |
| Morgan Stanley, Series F, 6.88%<br>(h)<br>| 100000 | 2511000 |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 842 | 19787 |
| Series G-1 | 582 | 13386 |
|  |  | 33173 |
|  |  | 2544173 |
| Total Preferred Securities — 6.8%<br>(Cost: $52,824,698) | Total Preferred Securities — 6.8%<br>(Cost: $52,824,698) | 54060811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| Agency Obligations<br>(e)<br> — 0.1% | Agency Obligations<br>(e)<br> — 0.1% | Agency Obligations<br>(e)<br> — 0.1% |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 5.50%, 07/20/55 | USD | 260 | 265247 |
| 6.00%, 07/20/55 |  | 170 | 176574 |
|  |  |  | 441821 |
| Collateralized Mortgage Obligations — 0.7% | Collateralized Mortgage Obligations — 0.7% | Collateralized Mortgage Obligations — 0.7% |  |
| Fannie Mae REMICS |  |  |  |
| Series 2025-2, Class FG, (30-day Avg SOFR + <br>1.45%), 5.32%, 02/25/55<br>(a)<br>|  | 140 | 141441 |
| Series 2025-35, Class FJ, (30-day Avg SOFR + <br>1.60%), 5.47%, 05/25/55<br>(a)<br>|  | 193 | 195313 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |  |
| Fannie Mae REMICS<br>(continued)<br>|  |  |  |
| Series 2025-74, Class AT, 5.00%, 09/25/55 | USD | 3402 | $3405202<br>|
| Series 5209, Class EQ, 3.00%, 04/25/52 |  | 1340 | 1014625 |
| Series 5471, Class FM, (30-day Avg SOFR + 1.40%), <br>5.27%, 11/25/54<br>(a)<br>|  | 567 | 571466 |
| Ginnie Mae, Series 2017-136, Class GB, 3.00%, <br>03/20/47<br>|  | 434 | 417546 |
|  |  |  | 5745593 |
| Interest Only Collateralized Mortgage Obligations — 0.5% | Interest Only Collateralized Mortgage Obligations — 0.5% | Interest Only Collateralized Mortgage Obligations — 0.5% |  |
| Fannie Mae REMICS, Series 5112, Class KI, 3.50%, <br>06/25/51<br>|  | 4524 | 844124 |
| Ginnie Mae |  |  |  |
| Series 2019-151, Class IA, 3.50%, 12/20/49 |  | 8567 | 1593704 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 |  | 5693 | 818976 |
| Series 2021-175, Class IE, 4.00%, 09/20/47 |  | 4122 | 856910 |
|  |  |  | 4113714 |
| Mortgage-Backed Securities<br>(e)<br> — 17.3% | Mortgage-Backed Securities<br>(e)<br> — 17.3% | Mortgage-Backed Securities<br>(e)<br> — 17.3% |  |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| 2.50%, 09/01/32 |  | 1766 | 1704366 |
| 4.00%, 05/01/39 |  | 2635 | 2594269 |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 6.00%, 11/20/55 |  | 538 | 552560 |
| 6.50%, 11/20/55 |  | 182 | 190371 |
| Uniform Mortgage-Backed Securities |  |  |  |
| 2.00%, 08/01/31 - 09/01/35 |  | 7041 | 6573075 |
| 2.50%, 12/01/31 |  | 489 | 473874 |
| 1.50%, 01/01/36 - 06/01/36 |  | 5673 | 5165096 |
| 3.50%, 09/01/42 - 06/01/49 |  | 15528 | 14765525 |
| 4.50%, 06/01/44 - 05/01/53 |  | 9554 | 9480855 |
| 5.00%, 11/01/44 - 11/01/45 |  | 10399 | 10606004 |
| 4.00%, 05/01/52 |  | 23881 | 23070053 |
| 6.50%, 01/01/54 |  | 3753 | 3951944 |
| 5.50%, 08/01/54 - 12/01/55<br>(n)<br>|  | 56906 | 57914092 |
|  |  |  | 137042084 |
| Total U.S. Government Sponsored Agency Securities — 18.6%<br>(Cost: $145,138,324) | Total U.S. Government Sponsored Agency Securities — 18.6%<br>(Cost: $145,138,324) | Total U.S. Government Sponsored Agency Securities — 18.6%<br>(Cost: $145,138,324) | 147343212 |
| Total Long-Term Investments — 140.3%<br>(Cost: $1,121,458,320) | Total Long-Term Investments — 140.3%<br>(Cost: $1,121,458,320) | Total Long-Term Investments — 140.3%<br>(Cost: $1,121,458,320) | 1113502290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.6% | Money Market Funds — 0.6% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(o)(p)<br>| 5027827 | 5027827 |
| Total Short-Term Securities — 0.6%<br>(Cost: $5,027,827) | Total Short-Term Securities — 0.6%<br>(Cost: $5,027,827) | 5027827 |
| Total Investments — 140.9%<br>(Cost: $1,126,486,147) | Total Investments — 140.9%<br>(Cost: $1,126,486,147) | 1118530117 |
| Liabilities in Excess of Other Assets — (40.9)% | Liabilities in Excess of Other Assets — (40.9)% | (324707627)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $793822490<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(d) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Issuer filed for bankruptcy and/or is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Represents or includes a TBA transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Affiliate of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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 year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $5197114<br>| $—<br>| $(169,287)<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $5027827<br>| 5027827 | $262658<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Goldman Sachs & Co. LLC | 3.60%<br>(b)<br>| 08/07/25 | Open | &nbsp;&nbsp;$242688<br>| &nbsp;&nbsp;$246763<br>| Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.25<br>(b)<br>| 08/19/25 | Open | &nbsp;&nbsp;187425 | &nbsp;&nbsp;187929 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(0.75)<br>(b)<br>| 08/26/25 | Open | &nbsp;&nbsp;110500 | &nbsp;&nbsp;110500 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 3.74<br>(b)<br>| 09/18/25 | Open | &nbsp;&nbsp;720313 | &nbsp;&nbsp;729050 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 09/23/25 | Open | &nbsp;&nbsp;131250 | &nbsp;&nbsp;132560 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/24/25 | Open | &nbsp;&nbsp;3175563 | &nbsp;&nbsp;3212633 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 09/30/25 | Open | &nbsp;&nbsp;3319463 | &nbsp;&nbsp;3355800 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.64<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;914726 | &nbsp;&nbsp;924109 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;3254063 | &nbsp;&nbsp;3289290 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;3061240 | &nbsp;&nbsp;3094380 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;2756250 | &nbsp;&nbsp;2786089 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.57<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;140525 | &nbsp;&nbsp;141861 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.60<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;168596 | &nbsp;&nbsp;170212 | Foreign Agency Obligations | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/07/25 | Open | &nbsp;&nbsp;2397050 | &nbsp;&nbsp;2421258 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;277500 | &nbsp;&nbsp;280206 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;601776 | &nbsp;&nbsp;607643 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;361463 | &nbsp;&nbsp;364987 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;523500 | &nbsp;&nbsp;528604 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;577500 | &nbsp;&nbsp;583131 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;588875 | &nbsp;&nbsp;594617 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;357000 | &nbsp;&nbsp;360481 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;545985 | &nbsp;&nbsp;551309 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;611150 | &nbsp;&nbsp;617057 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;392500 | &nbsp;&nbsp;396294 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.83<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;499509 | &nbsp;&nbsp;504342 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;965700 | &nbsp;&nbsp;975196 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/15/25 | Open | &nbsp;&nbsp;2624480 | &nbsp;&nbsp;2648442 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/15/25 | Open | &nbsp;&nbsp;2487905 | &nbsp;&nbsp;2510621 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| U.S. Bancorp Investments, Inc. | 3.86%<br>(b)<br>| 10/20/25 | Open | &nbsp;&nbsp;$3674825<br>| &nbsp;&nbsp;$3706152<br>| Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 3.79<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;633463 | &nbsp;&nbsp;638645 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 10/22/25 | Open | &nbsp;&nbsp;400575 | &nbsp;&nbsp;403845 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/22/25 | Open | &nbsp;&nbsp;1705823 | &nbsp;&nbsp;1719951 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;737338 | &nbsp;&nbsp;741854 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.80<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;3925000 | &nbsp;&nbsp;3952818 | Capital Trusts | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.80<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;3630456 | &nbsp;&nbsp;3656187 | Capital Trusts | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.80<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;2652963 | &nbsp;&nbsp;2671765 | Capital Trusts | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;3750516 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86 | 10/31/25 | Open | &nbsp;&nbsp;485181 | &nbsp;&nbsp;488505 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;4077850 | &nbsp;&nbsp;4105783 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/03/25 | Open | &nbsp;&nbsp;6696550 | &nbsp;&nbsp;6742421 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/04/25 | Open | &nbsp;&nbsp;1170313 | &nbsp;&nbsp;1178196 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.80<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;2090125 | &nbsp;&nbsp;2103528 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.80<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;1527248 | &nbsp;&nbsp;1537041 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.80<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;2219763 | &nbsp;&nbsp;2233997 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/06/25 | Open | &nbsp;&nbsp;2820319 | &nbsp;&nbsp;2838672 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 11/10/25 | Open | &nbsp;&nbsp;2984284 | &nbsp;&nbsp;3002342 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.74<br>(b)<br>| 11/12/25 | Open | &nbsp;&nbsp;11859638 | &nbsp;&nbsp;11895245 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;2070975 | &nbsp;&nbsp;2082480 | Capital Trusts | Open/Demand |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;2280438 | &nbsp;&nbsp;2293107 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;2279700 | &nbsp;&nbsp;2292365 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;1515625 | &nbsp;&nbsp;1524045 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.80<br>(b)<br>| 11/14/25 | Open | &nbsp;&nbsp;843158 | &nbsp;&nbsp;847805 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.83<br>(b)<br>| 11/14/25 | Open | &nbsp;&nbsp;1248320 | &nbsp;&nbsp;1255252 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.00<br>(b)<br>| 11/20/25 | Open | &nbsp;&nbsp;197491 | &nbsp;&nbsp;198258 | Corporate Bonds | Open/Demand |
| Citigroup Global Markets, Inc. | 1.75<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;773346 | &nbsp;&nbsp;775151 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;900025 | &nbsp;&nbsp;904330 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.65<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;352240 | &nbsp;&nbsp;353728 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;755849 | &nbsp;&nbsp;759206 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;381716 | &nbsp;&nbsp;383412 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 11/28/25 | Open | &nbsp;&nbsp;140753 | &nbsp;&nbsp;140753 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 12/03/25 | Open | &nbsp;&nbsp;2084119 | &nbsp;&nbsp;2091257 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 12/05/25 | Open | &nbsp;&nbsp;1555079 | &nbsp;&nbsp;1560050 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.57<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;83640 | &nbsp;&nbsp;83640 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.82<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;137606 | &nbsp;&nbsp;137606 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;1702676 | &nbsp;&nbsp;1707524 | Corporate Bonds | Open/Demand |
| Deutsche Bank Securities, Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;22244617 | &nbsp;&nbsp;22298584 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1646941 | &nbsp;&nbsp;1650937 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;2510087 | &nbsp;&nbsp;2516177 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;457972 | &nbsp;&nbsp;459083 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;5100937 | &nbsp;&nbsp;5113312 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;292596 | &nbsp;&nbsp;293306 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;4157217 | &nbsp;&nbsp;4167302 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;6226268 | &nbsp;&nbsp;6241373 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;8716404 | &nbsp;&nbsp;8737551 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;2298662 | &nbsp;&nbsp;2304239 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;4983687 | &nbsp;&nbsp;4995778 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;5646972 | &nbsp;&nbsp;5660672 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| HSBC Securities (USA), Inc. | 3.97% <br>| 12/10/25 | 01/14/26 | &nbsp;&nbsp;$1257610<br>| &nbsp;&nbsp;$1260661<br>| &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;4661030 | &nbsp;&nbsp;4672339 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;7552809 | &nbsp;&nbsp;7571133 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;3839862 | &nbsp;&nbsp;3849178 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1514522 | &nbsp;&nbsp;1518197 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;4677611 | &nbsp;&nbsp;4688959 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;7691192 | &nbsp;&nbsp;7709851 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;7713518 | &nbsp;&nbsp;7732232 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;139582 | &nbsp;&nbsp;139920 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;121954 | &nbsp;&nbsp;122250 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;96486 | &nbsp;&nbsp;96720 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;184332 | &nbsp;&nbsp;184780 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;159775 | &nbsp;&nbsp;160163 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;170871 | &nbsp;&nbsp;171286 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;401363 | &nbsp;&nbsp;402401 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;409450 | &nbsp;&nbsp;410463 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.85<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;225620 | &nbsp;&nbsp;226185 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.55 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;632923 | &nbsp;&nbsp;634233 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.60 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;231120 | &nbsp;&nbsp;231605 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.65 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;184063 | &nbsp;&nbsp;184454 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.70 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;604200 | &nbsp;&nbsp;605504 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 2.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1412340 | &nbsp;&nbsp;1414606 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.20 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;90280 | &nbsp;&nbsp;90449 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;788326 | &nbsp;&nbsp;789890 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;899578 | &nbsp;&nbsp;901362 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1220260 | &nbsp;&nbsp;1222680 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.45 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;949580 | &nbsp;&nbsp;951491 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.45 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;229520 | &nbsp;&nbsp;229982 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.50 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;417088 | &nbsp;&nbsp;417939 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.55 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;3169380 | &nbsp;&nbsp;3175943 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;868769 | &nbsp;&nbsp;870593 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;693081 | &nbsp;&nbsp;694537 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;220115 | &nbsp;&nbsp;220577 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;136213 | &nbsp;&nbsp;136499 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;398750 | &nbsp;&nbsp;399587 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;755650 | &nbsp;&nbsp;757237 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;208035 | &nbsp;&nbsp;208472 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;201885 | &nbsp;&nbsp;202309 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1294606 | &nbsp;&nbsp;1297325 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;343750 | &nbsp;&nbsp;344472 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;682031 | &nbsp;&nbsp;683464 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;242440 | &nbsp;&nbsp;242949 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;88138 | &nbsp;&nbsp;88323 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;714534 | &nbsp;&nbsp;716055 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2254250 | &nbsp;&nbsp;2259050 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1082312 | &nbsp;&nbsp;1084616 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;451913 | &nbsp;&nbsp;452875 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;93006 | &nbsp;&nbsp;93204 | Corporate Bonds | 31 - 90 Days |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| BofA Securities, Inc. | 3.65% <br>| 12/12/25 | 03/04/26 | &nbsp;&nbsp;$471161<br>| &nbsp;&nbsp;$472164<br>| Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;422624 | &nbsp;&nbsp;423524 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;311905 | &nbsp;&nbsp;312569 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;430920 | &nbsp;&nbsp;431838 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;104873 | &nbsp;&nbsp;105096 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;765833 | &nbsp;&nbsp;767485 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;804739 | &nbsp;&nbsp;806476 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;469965 | &nbsp;&nbsp;470979 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1204600 | &nbsp;&nbsp;1207200 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1108800 | &nbsp;&nbsp;1111193 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;388575 | &nbsp;&nbsp;389414 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2136408 | &nbsp;&nbsp;2141019 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;502434 | &nbsp;&nbsp;503518 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;65835 | &nbsp;&nbsp;65977 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;196075 | &nbsp;&nbsp;196498 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;865863 | &nbsp;&nbsp;867731 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;707940 | &nbsp;&nbsp;709468 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1179360 | &nbsp;&nbsp;1181905 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2970000 | &nbsp;&nbsp;2976410 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;253725 | &nbsp;&nbsp;254273 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1423125 | &nbsp;&nbsp;1426238 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1293750 | &nbsp;&nbsp;1296580 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;782183 | &nbsp;&nbsp;783894 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.77 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;3041250 | &nbsp;&nbsp;3047938 | Capital Trusts | 31 - 90 Days |
| BofA Securities, Inc. | 3.77 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;4359375 | &nbsp;&nbsp;4368962 | Capital Trusts | 31 - 90 Days |
| BofA Securities, Inc. | 3.85 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;394369 | &nbsp;&nbsp;395254 | Corporate Bonds | 31 - 90 Days |
| Nomura Securities International, Inc. | 3.70<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;135889 | &nbsp;&nbsp;136182 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;2160866 | &nbsp;&nbsp;2165732 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.75 | 12/15/25 | Open | &nbsp;&nbsp;443222 | &nbsp;&nbsp;443222 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.96 | 12/15/25 | 01/14/26 | &nbsp;&nbsp;23605920 | &nbsp;&nbsp;23652671 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| Barclays Bank PLC | 3.69 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;426759 | &nbsp;&nbsp;427415 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;478260 | &nbsp;&nbsp;478997 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;3770000 | &nbsp;&nbsp;3775875 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;401000 | &nbsp;&nbsp;401625 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;470625 | &nbsp;&nbsp;471358 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;438125 | &nbsp;&nbsp;438808 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;456250 | &nbsp;&nbsp;456961 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;529935 | &nbsp;&nbsp;530761 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.85 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;3187033 | &nbsp;&nbsp;3192146 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 1.50 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;224790 | &nbsp;&nbsp;224931 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;149370 | &nbsp;&nbsp;149600 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 3.60 | 12/18/25 | 03/04/26 | &nbsp;&nbsp;1243803 | &nbsp;&nbsp;1245669 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/18/25 | 03/04/26 | &nbsp;&nbsp;1143157 | &nbsp;&nbsp;1144872 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/18/25 | 03/04/26 | &nbsp;&nbsp;2181390 | &nbsp;&nbsp;2184662 | Corporate Bonds | 31 - 90 Days |
| BNP Paribas SA | 3.78<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;1464375 | &nbsp;&nbsp;1466681 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.79<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;548625 | &nbsp;&nbsp;549491 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;716625 | &nbsp;&nbsp;717751 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;789375 | &nbsp;&nbsp;790615 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;563500 | &nbsp;&nbsp;564385 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;3003750 | &nbsp;&nbsp;3008468 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;596250 | &nbsp;&nbsp;597187 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;2148750 | &nbsp;&nbsp;2152161 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;891990 | &nbsp;&nbsp;893406 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.81<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;2988750 | &nbsp;&nbsp;2993495 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 3.86<br>(b)<br>| 12/18/25 | Open | &nbsp;&nbsp;2017043 | &nbsp;&nbsp;2020287 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 3.60 | 12/19/25 | 03/04/26 | &nbsp;&nbsp;83173 | &nbsp;&nbsp;83289 | Corporate Bonds | 31 - 90 Days |
| Morgan Stanley & Co. LLC | 0.00<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;134685 | &nbsp;&nbsp;134685 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;1189113 | &nbsp;&nbsp;1190870 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 3.65 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;131691 | &nbsp;&nbsp;131825 | Foreign Agency Obligations | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;1758880 | &nbsp;&nbsp;1760688 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;214422 | &nbsp;&nbsp;214642 | Capital Trusts | Up to 30 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Barclays Bank PLC | 3.74% <br>| 12/23/25 | 01/16/26 | &nbsp;&nbsp;$1809050<br>| &nbsp;&nbsp;$1810929<br>| Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;1054500 | &nbsp;&nbsp;1055596 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;556635 | &nbsp;&nbsp;557213 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;2025200 | &nbsp;&nbsp;2027304 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;657000 | &nbsp;&nbsp;657683 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;823750 | &nbsp;&nbsp;824606 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;928750 | &nbsp;&nbsp;929715 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;531563 | &nbsp;&nbsp;532115 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/31/25 | 01/16/26 | &nbsp;&nbsp;1502550 | &nbsp;&nbsp;1502550 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/31/25 | 01/16/26 | &nbsp;&nbsp;1489538 | &nbsp;&nbsp;1489538 | Corporate Bonds | Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/31/25 | Open | &nbsp;&nbsp;1488913 | &nbsp;&nbsp;1488913 | Corporate Bonds | Open/Demand |
|  |  |  |  | &nbsp;&nbsp;$335182575<br>| &nbsp;&nbsp;$336421288<br>|  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Long Contracts<br>|  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;$235305<br>| &nbsp;&nbsp;&nbsp;&nbsp;$164179<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;130073 | &nbsp;&nbsp;&nbsp;&nbsp;(78722)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;85457 |
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;93548 | &nbsp;&nbsp;&nbsp;&nbsp;307918 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;38070 | &nbsp;&nbsp;&nbsp;&nbsp;52720 |
| U.S. Long Bond | &nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;59415 | &nbsp;&nbsp;&nbsp;&nbsp;406182 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;14868 | &nbsp;&nbsp;&nbsp;&nbsp;197964 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;964784 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1050241<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| EUR | 73947 | USD | 86584 | Canadian Imperial Bank of Commerce | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$364<br>|
| EUR | 145472 | USD | 168856 | HSBC Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 |
| USD | 17995999 | EUR | 15232000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34993 |
| USD | 593722 | EUR | 503000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 |
| USD | 929423 | EUR | 785540 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 |
| USD | 120443 | EUR | 102000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| USD | 318082 | GBP | 235561 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42080 |
| USD | 115992 | EUR | 100299 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1941)<br>|
| USD | 140904 | EUR | 120545 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(835)<br>|
| USD | 169294 | EUR | 144833 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1003)<br>|
| USD | 726538 | EUR | 621563 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4304)<br>|
| USD | 144550 | EUR | 125000 | Deutsche Bank AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2427)<br>|
| USD | 145990 | EUR | 126241 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2446)<br>|
| USD | 166734 | EUR | 144179 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2793)<br>|
| USD | 178279 | EUR | 154162 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2987)<br>|
| USD | 196305 | EUR | 169749 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3289)<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 356280 | EUR | 308084 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5969)<br>|
| USD | 447379 | EUR | 386860 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7495)<br>|
| USD | 116874 | EUR | 100000 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707)<br>|
| USD | 157807 | EUR | 134993 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(920)<br>|
| USD | 165250 | EUR | 141400 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1010)<br>|
| USD | 165449 | EUR | 141558 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(996)<br>|
| USD | 169473 | EUR | 145011 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1032)<br>|
| USD | 248021 | EUR | 212212 | State Street Bank and Trust Co. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1500)<br>|
| USD | 2189556 | GBP | 1636000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15287)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56941)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14861)<br>|

---

Centrally Cleared Credit Default Swaps — Buy Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Paid<br>by the Fund<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| CDX.NA.HY.45.V1 | 5.00% <br>| &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 6675 | &nbsp;&nbsp;&nbsp;$(519430)<br>| &nbsp;&nbsp;&nbsp;$(488692)<br>| &nbsp;&nbsp;&nbsp;$(30738)<br>|
| CDX.NA.IG.45.V1 | 1.00 | &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 14075 | &nbsp;&nbsp;&nbsp;(323357)<br>| &nbsp;&nbsp;&nbsp;(308289)<br>| &nbsp;&nbsp;&nbsp;(15068)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(842787)<br>| &nbsp;&nbsp;&nbsp;$(796981)<br>| &nbsp;&nbsp;&nbsp;$(45806)<br>|

---

OTC Credit Default Swaps — Buy Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligations/Index | Financing<br>Rate Paid<br>by the Fund<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| Counterparty | Termination<br>Date<br>| Notional<br>Amount (000) | Notional<br>Amount (000) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CMBX.NA.7 | 3.00% <br>| Monthly | Deutsche Bank AG | 01/17/47 | USD | 10030 | $1530755<br>| $608573<br>| $922182<br>|

---

OTC Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Fund<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| Counterparty | Termination<br>Date<br>| Credit<br>Rating<br>(a)<br>| Notional<br>Amount (000)<br>(a)(b) | Notional<br>Amount (000)<br>(a)(b) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CMA CGM SA | 5.00% <br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 06/20/27 | BB+ | EUR | 38 | $2673<br>| $2779<br>| $(106)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | NR | EUR | 9 | 538 | (725)<br>| 1263 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 5 | 323 | (408)<br>| 731 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 15 | 909 | (1147)<br>| 2056 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | NR | EUR | 4 | 263 | (341)<br>| 604 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | NR | EUR | 9 | 552 | (765)<br>| 1317 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 12/20/27 | NR | EUR | 7 | 400 | (534)<br>| 934 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 45 | 7052 | 5766 | 1286 |
| Zegona Finance PLC | 5.00 | Quarterly | BNP Paribas SA | 06/20/30 | BB | EUR | 10 | 1916 | 1591 | 325 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 10 | 1932 | 1263 | 669 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 42 | 5740 | 4055 | 1685 |
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4012 | (612302)<br>| (170434)<br>| (441868)<br>|
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 2006 | (306151)<br>| (85119)<br>| (221032)<br>|
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4012 | (612302)<br>| (84226)<br>| (528076)<br>|
|  |  |  |  |  |  |  |  | $(1508457)<br>| $(328245)<br>| $(1180212)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(796981)<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(45806)<br>|
| OTC Swaps | &nbsp;&nbsp;624027 | &nbsp;&nbsp;&nbsp;(343699)<br>| &nbsp;&nbsp;&nbsp;933052 | &nbsp;&nbsp;&nbsp;(1191082)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1128963<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1128963<br>|
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;42080 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;42080 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;1557079 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1557079 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1557079<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$42080<br>| &nbsp;&nbsp;$1128963<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$2728122<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized depreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$78722<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$78722<br>|
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;56941 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;56941 |
| Swaps — centrally cleared<br>Unrealized depreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;45806 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;45806 |
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;1534781 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1534781 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1580587<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$56941<br>| &nbsp;&nbsp;$78722<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1716250<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 December 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2433088)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2433088)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1277973)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1277973)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;(330518)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(330518)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(330518)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1277973)<br>| &nbsp;&nbsp;$(2433088)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(4041579)<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2191715)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2191715)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(261129)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(261129)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;260927 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;260927 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$260927<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(261129)<br>| &nbsp;&nbsp;$(2191715)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(2191917)<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp;$473375663<br>|
| Average notional value of contracts — short | &nbsp;&nbsp;234562272 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;19543398 |
| Average amounts sold — in USD | &nbsp;&nbsp;130215 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp;35193944 |
| Average notional value — sell protection | &nbsp;&nbsp;10666170 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$715660<br>| &nbsp;&nbsp;&nbsp;&nbsp;$61782<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;42080 | &nbsp;&nbsp;&nbsp;&nbsp;56941 |
| Swaps — centrally cleared | &nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;1557079 | &nbsp;&nbsp;&nbsp;&nbsp;1534781 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp;2316452 | &nbsp;&nbsp;&nbsp;&nbsp;1653504 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(717293)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(61782)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$1599159<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1591722<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$1263<br>| &nbsp;&nbsp;$(725)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$538<br>|
| Barclays Bank PLC | &nbsp;&nbsp;2787 | &nbsp;&nbsp;(2787)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BNP Paribas SA | &nbsp;&nbsp;43961 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;43961 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;364 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;364 |
| Citibank N.A. | &nbsp;&nbsp;604 | &nbsp;&nbsp;(341)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;263 |
| Deutsche Bank AG | &nbsp;&nbsp;1533290 | &nbsp;&nbsp;(17714)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(1270000)<br>| &nbsp;&nbsp;245576 |
| HSBC Bank PLC | &nbsp;&nbsp;2192 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2192 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;10201 | &nbsp;&nbsp;(765)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;9436 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;3882 | &nbsp;&nbsp;(640)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3242 |
| Standard Chartered Bank | &nbsp;&nbsp;615 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;615 |
|  | &nbsp;&nbsp;$1599159<br>| &nbsp;&nbsp;$(22972)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1270000)<br>| &nbsp;&nbsp;$306187<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$725<br>| &nbsp;&nbsp;$(725)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Bank PLC | &nbsp;&nbsp;1540393 | &nbsp;&nbsp;(2787)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(1490000)<br>| &nbsp;&nbsp;47606 |
| Citibank N.A. | &nbsp;&nbsp;341 | &nbsp;&nbsp;(341)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Deutsche Bank AG | &nbsp;&nbsp;17714 | &nbsp;&nbsp;(17714)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;765 | &nbsp;&nbsp;(765)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;640 | &nbsp;&nbsp;(640)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Natwest Markets PLC | &nbsp;&nbsp;$24979<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$24979<br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp;6165 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;6165 |
|  | &nbsp;&nbsp;$1591722<br>| &nbsp;&nbsp;$(22972)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1490000)<br>| &nbsp;&nbsp;$78750<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$75600875<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1085025<br>| &nbsp;&nbsp;&nbsp;&nbsp;$76685900<br>|
| Common Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;267314 | &nbsp;&nbsp;&nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp;280454 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;643116891 | &nbsp;&nbsp;&nbsp;&nbsp;1239292 | &nbsp;&nbsp;&nbsp;&nbsp;644356183 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4669261 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4669261 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32875946 | &nbsp;&nbsp;&nbsp;&nbsp;1170215 | &nbsp;&nbsp;&nbsp;&nbsp;34046161 |
| Foreign Agency Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17548989 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17548989 |
| Municipal Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4819413 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4819413 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;129691906 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;129691906 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51516638 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51516638 |
| Preferred Stocks | &nbsp;&nbsp;2511000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33173 | &nbsp;&nbsp;&nbsp;&nbsp;2544173 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;147343212 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;147343212 |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;5027827 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5027827 |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3944 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(738)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(738)<br>|
|  | &nbsp;&nbsp;$7538827<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1107453651<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3540845<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1118533323<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$933052<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$933052<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42080 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42080 |
| Interest Rate Contracts | &nbsp;&nbsp;1128963 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1128963 |
| Liabilities<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1236888)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1236888)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(56941)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(56941)<br>|
| Interest Rate Contracts | &nbsp;&nbsp;(78722)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(78722)<br>|
|  | &nbsp;&nbsp;$1050241<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(318697)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$731544<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) Derivative financial instruments are futures contracts, forward foreign currency exchange contracts and options written. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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 $336,421,288 are categorized as Level 2 within the fair value hierarchy.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Multi-Sector Income Trust (BIT)

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 year 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Asset-Backed<br>Securities<br>| Common<br>Stocks<br>| Corporate<br>Bonds<br>| Fixed<br>Rate Loan<br>Interests<br>| Floating<br>Rate Loan<br>Interests<br>| &nbsp;&nbsp;&nbsp;&nbsp;Preferred<br>Stocks<br>| Total |
| Assets |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$1482655<br>| $—<br>| $1229479<br>| 3767963 | $1456688<br>| $28400<br>| $7965185<br>|
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;— |  |  |  |  |  |  |
| Transfers out of Level 3<br>(a)<br>| &nbsp;&nbsp;&nbsp;— |  |  | (2339000)<br>| (120968)<br>|  | (2459968)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— |  |  | 1547 | 4080 |  | 5627 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;(23315)<br>|  |  | 11843 | (29769)<br>|  | (41241)<br>|
| Net change in unrealized appreciation (depreciation)<br>(b)(c)<br>| &nbsp;&nbsp;&nbsp;207385 | (925)<br>| 59780 | 11283 | (17871)<br>| 4773 | 264425 |
| Purchases | &nbsp;&nbsp;&nbsp;— | 14065 |  | 154374 | 977860 |  | 1146299 |
| Sales | &nbsp;&nbsp;&nbsp;(581700)<br>|  | (49967)<br>| (1608010)<br>| (1099805)<br>|  | (3339482)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$1085025<br>| $13140<br>| $1239292<br>|  | $1170215<br>| $33173<br>| $3540845<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, <br>2025<br>(c)<br>| &nbsp;&nbsp;&nbsp;$45732<br>| $(925)<br>| $59779<br>| (2055)<br>| $2039<br>| $4773<br>| $109343<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 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.

(b) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 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.

2025

BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| ASSETS |  |  |  |  |
| Investments, at value — unaffiliated<br>(a)<br>| $739215344 | $555045185 | $520105661 | $829176412 |
| Investments, at value — affiliated<br>(b)<br>| 11984602 | 214350 | 948102 | 4079242 |
| Cash | 2181284 | 138526 |  | 1836682 |
| Cash pledged: |  |  |  |  |
| Collateral — reverse repurchase agreements |  |  |  | 190000 |
| Futures contracts | 190000 | 96000 | 1038000 | 1619470 |
| Centrally cleared swaps | 38000 |  |  | 471000 |
| Foreign currency, at value<br>(c)<br>| 104828 | 46062 |  | 573367 |
| Receivables: |  |  |  |  |
| Investments sold | 1445924 | 1034502 |  | 2987474 |
| Reverse repurchase agreements |  |  |  | 311979 |
| TBA sale commitments |  |  | 18588473 |  |
| Capital shares sold | 52717 |  |  |  |
| Dividends — unaffiliated |  |  |  | 24158 |
| Dividends — affiliated | 288 | 1203 | 5358 | 3797 |
| Interest — unaffiliated | 6411619 | 3479990 | 2779981 | 9689371 |
| Variation margin on futures contracts | 12531 | 6344 | 46281 | 90766 |
| Variation margin on centrally cleared swaps |  |  |  | 1291 |
| Swap premiums paid |  |  |  | 9272 |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | 3742 |  |  | 31880 |
| OTC swaps | 495820 |  |  | 281485 |
| Unfunded floating rate loan interests | 15843 | 7582 |  | 5653 |
| Deferred offering costs | 116738 | 214807 | 256755 | 136382 |
| Prepaid expenses | 123 | 92 | 59 | 5654 |
| Total assets | 762269403 | 560284643 | 543768670 | 851525335 |
| LIABILITIES |  |  |  |  |
| Bank overdraft |  |  | 95453 |  |
| Cash received as collateral for reverse repurchase agreements |  |  |  | 294183 |
| Borrowed bonds, at value<br>(d)<br>|  |  | 704657 |  |
| TBA sale commitments, at value<br>(e)<br>|  |  | 18714362 |  |
| Reverse repurchase agreements, at value |  |  | 84692902 | 290500724 |
| Payables: |  |  |  |  |
| Investments purchased | 16954921 | 13427365 | 65533290 | 14211078 |
| Reverse repurchase agreements |  |  |  | 1684103 |
| Accounting services fees | 35180 | 31211 | 21824 | 40818 |
| Administration fees |  |  | 47705 |  |
| Bank borrowings | 113000000 | 117000000 |  |  |
| Custodian fees | 12640 | 9059 | 8136 | 21823 |
| Income dividend distributions |  | 150872 | 97321 | 196378 |
| Interest expense and fees | 504292 | 518603 | 1402 |  |
| Investment advisory fees | 342234 | 349680 | 206613 | 390409 |
| Offering costs |  | 89046 |  | 57380 |
| Directors<br>'<br> and Officer<br>'<br>s fees<br>| 299278 | 227 | 152863 | 387676 |
| Other accrued expenses | 1183 | 1094 |  | 2347 |
| Principal payups |  |  | 355761 | 24381 |
| Professional fees | 97685 | 97980 | 44159 | 91491 |
| Reorganization costs |  |  | 162135 |  |
| Transfer agent fees | 25907 | 18622 | 7555 | 16378 |
| Variation margin on futures contracts |  |  | 40931 | 155257 |
| Variation margin on centrally cleared swaps | 170 |  |  |  |
| Swap premiums received | 191101 |  |  | 120149 |

---

Financial Statements

------

Statements of Assets and Liabilities

(continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | $— | $— | $— | $12001 |
| OTC swaps |  |  |  | 89 |
| Unfunded floating rate loan interests | 4025 | 2726 |  | 2848 |
| Total liabilities | 131468616 | 131696485 | 170887069 | 308209513 |
| Commitments and contingent liabilities |  |  |  |  |
| NET ASSETS | $630800787 | $428588158 | $372881601 | $543315822 |
| NET ASSETS CONSIST OF |  |  |  |  |
| Paid-in capital<br>(f)(g)(h)<br>| $778275339 | $507365893 | $551794856 | $643707980 |
| Accumulated loss | (147474552) | (78777735) | (178913255) | (100392158) |
| NET ASSETS | $630800787 | $428588158 | $372881601 | $543315822 |
| Net asset value | $10.14 | $12.10 | $11.51 | $13.90 |
| (a)<br> Investments, at cost<br>—<br>unaffiliated<br>| $752116533 | $562553395 | $539179242 | $825209777 |
| (b)<br> Investments, at cost<br>—<br>affiliated<br>| $11908838 | $204381 | $948102 | $4079242 |
| (c)<br> Foreign currency, at cost<br>| $104211 | $41049 | $— | $588829 |
| (d)<br> Proceeds received from borrowed bonds<br>| $— | $— | $842347 | $— |
| (e)<br> Proceeds from TBA sale commitments<br>| $— | $— | $18535516 | $— |
| (f)<br> Shares outstanding<br>| 62239558 | 35434758 | 32388952 | 39084400 |
| (g)<br> Shares authorized<br>| 400 million | 200 million | 200 million | Unlimited |
| (h)<br> Par value<br>| $0.10 | $0.10 | $0.010 | $0.001 |

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities

(continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BIT |
| ASSETS |  |
| Investments, at value — unaffiliated<br>(a)<br>| $1113502290 |
| Investments, at value — affiliated<br>(b)<br>| 5027827 |
| Cash | 251667 |
| Cash pledged: |  |
| Collateral — reverse repurchase agreements | 11000 |
| Collateral — OTC derivatives | 1490000 |
| Futures contracts | 3850400 |
| Centrally cleared swaps | 514000 |
| Foreign currency, at value<br>(c)<br>| 474582 |
| Receivables: |  |
| Investments sold | 783928 |
| Dividends — unaffiliated | 43915 |
| Dividends — affiliated | 3862 |
| Interest — unaffiliated | 14497268 |
| Variation margin on futures contracts | 715660 |
| Variation margin on centrally cleared swaps | 1633 |
| Swap premiums paid | 624027 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 42080 |
| OTC swaps | 933052 |
| Unfunded floating rate loan interests | 3944 |
| Deferred offering costs | 159492 |
| Prepaid expenses | 3448 |
| Total assets | 1142934075 |
| LIABILITIES |  |
| Cash received: |  |
| Collateral — reverse repurchase agreements | 381000 |
| Collateral — OTC derivatives | 1270000 |
| Reverse repurchase agreements, at value | 336421288 |
| Payables: |  |
| Investments purchased | 7833804 |
| Accounting services fees | 42275 |
| Custodian fees | 19624 |
| Income dividend distributions | 225321 |
| Investment advisory fees | 762843 |
| Directors<br>'<br> and Officer<br>'<br>s fees<br>| 161611 |
| Principal payups | 182187 |
| Professional fees | 138069 |
| Transfer agent fees | 19321 |
| Variation margin on futures contracts | 61782 |
| Swap premiums received | 343699 |

---

Financial Statements

------

Statements of Assets and Liabilities

(continued)

December 31, 2025

---

| | |
|:---|:---|
|  | BIT |
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | $56941 |
| OTC swaps | 1191082 |
| Unfunded floating rate loan interests | 738 |
| Total liabilities | 349111585 |
| Commitments and contingent liabilities |  |
| NET ASSETS | $793822490 |
| NET ASSETS CONSIST OF |  |
| Paid-in capital<br>(d)(e)(f)<br>| $845510979 |
| Accumulated loss | (51688489) |
| NET ASSETS | $793822490 |
| Net asset value | $13.91 |
| (a)<br> Investments, at cost<br>—<br>unaffiliated<br>| $1121458320 |
| (b)<br> Investments, at cost<br>—<br>affiliated<br>| $5027827 |
| (c)<br> Foreign currency, at cost<br>| $488940 |
| (d)<br> Shares outstanding<br>| 57062709 |
| (e)<br> Shares authorized<br>| Unlimited |
| (f)<br> Par value<br>| $0.001 |

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| INVESTMENT INCOME |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp;$2088682<br>| &nbsp;&nbsp;&nbsp;$1103446<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$238792<br>|
| Dividends — affiliated | &nbsp;&nbsp;503049 | &nbsp;&nbsp;&nbsp;211624 | &nbsp;&nbsp;&nbsp;300918 | &nbsp;&nbsp;&nbsp;142406 |
| Interest — unaffiliated | &nbsp;&nbsp;49014008 | &nbsp;&nbsp;&nbsp;41599238 | &nbsp;&nbsp;&nbsp;11910396 | &nbsp;&nbsp;&nbsp;59133336 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp;472178 | &nbsp;&nbsp;&nbsp;563543 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;737677 |
| Other income — unaffiliated | &nbsp;&nbsp;247326 | &nbsp;&nbsp;&nbsp;227695 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;153783 |
| Total investment income | &nbsp;&nbsp;52325243 | &nbsp;&nbsp;&nbsp;43705546 | &nbsp;&nbsp;&nbsp;12211314 | &nbsp;&nbsp;&nbsp;60405994 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp;3807973 | &nbsp;&nbsp;&nbsp;4277701 | &nbsp;&nbsp;&nbsp;1928333 | &nbsp;&nbsp;&nbsp;4699071 |
| Professional | &nbsp;&nbsp;158541 | &nbsp;&nbsp;&nbsp;105673 | &nbsp;&nbsp;&nbsp;81376 | &nbsp;&nbsp;&nbsp;134221 |
| Accounting services | &nbsp;&nbsp;104690 | &nbsp;&nbsp;&nbsp;93567 | &nbsp;&nbsp;&nbsp;62729 | &nbsp;&nbsp;&nbsp;124885 |
| Transfer agent | &nbsp;&nbsp;93364 | &nbsp;&nbsp;&nbsp;61723 | &nbsp;&nbsp;&nbsp;72724 | &nbsp;&nbsp;&nbsp;70098 |
| Directors and Officer | &nbsp;&nbsp;69029 | &nbsp;&nbsp;&nbsp;27837 | &nbsp;&nbsp;&nbsp;34658 | &nbsp;&nbsp;&nbsp;75604 |
| Custodian | &nbsp;&nbsp;39765 | &nbsp;&nbsp;&nbsp;25523 | &nbsp;&nbsp;&nbsp;23962 | &nbsp;&nbsp;&nbsp;61199 |
| Registration | &nbsp;&nbsp;18459 | &nbsp;&nbsp;&nbsp;12596 | &nbsp;&nbsp;&nbsp;17406 | &nbsp;&nbsp;&nbsp;13073 |
| Printing and postage | &nbsp;&nbsp;7136 | &nbsp;&nbsp;&nbsp;3613 | &nbsp;&nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;28242 |
| Administration | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;— |
| Offering | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;101509 |
| Reorganization | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11025 | &nbsp;&nbsp;&nbsp;— |
| Miscellaneous | &nbsp;&nbsp;28891 | &nbsp;&nbsp;&nbsp;14978 | &nbsp;&nbsp;&nbsp;33105 | &nbsp;&nbsp;&nbsp;14553 |
| Total expenses excluding interest expense | &nbsp;&nbsp;4327848 | &nbsp;&nbsp;&nbsp;4623211 | &nbsp;&nbsp;&nbsp;2713946 | &nbsp;&nbsp;&nbsp;5322455 |
| Interest expense and fees — unaffiliated | &nbsp;&nbsp;5621380 | &nbsp;&nbsp;&nbsp;6866662 | &nbsp;&nbsp;&nbsp;3147506 | &nbsp;&nbsp;&nbsp;14432244 |
| Total expenses | &nbsp;&nbsp;9949228 | &nbsp;&nbsp;&nbsp;11489873 | &nbsp;&nbsp;&nbsp;5861452 | &nbsp;&nbsp;&nbsp;19754699 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp;(32667)<br>| &nbsp;&nbsp;&nbsp;(26874)<br>| &nbsp;&nbsp;&nbsp;(5967)<br>| &nbsp;&nbsp;&nbsp;(2603)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp;9916561 | &nbsp;&nbsp;&nbsp;11462999 | &nbsp;&nbsp;&nbsp;5855485 | &nbsp;&nbsp;&nbsp;19752096 |
| Net investment income | &nbsp;&nbsp;42408682 | &nbsp;&nbsp;&nbsp;32242547 | &nbsp;&nbsp;&nbsp;6355829 | &nbsp;&nbsp;&nbsp;40653898 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp;(6912187)<br>| &nbsp;&nbsp;&nbsp;(7529963)<br>| &nbsp;&nbsp;&nbsp;(2606161)<br>| &nbsp;&nbsp;&nbsp;(2482180)<br>|
| Investments — affiliated | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;283783 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(2803)<br>| &nbsp;&nbsp;&nbsp;(100)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(961785)<br>|
| Foreign currency transactions | &nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(25789)<br>|
| Futures contracts | &nbsp;&nbsp;29366 | &nbsp;&nbsp;&nbsp;28546 | &nbsp;&nbsp;&nbsp;279358 | &nbsp;&nbsp;&nbsp;390921 |
| Swaps | &nbsp;&nbsp;536566 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(58581)<br>|
|  | &nbsp;&nbsp;(6348199)<br>| &nbsp;&nbsp;&nbsp;(7217622)<br>| &nbsp;&nbsp;&nbsp;(2326803)<br>| &nbsp;&nbsp;&nbsp;(3137414)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp;3011396 | &nbsp;&nbsp;&nbsp;(459403)<br>| &nbsp;&nbsp;&nbsp;20985088 | &nbsp;&nbsp;&nbsp;9682938 |
| Investments — affiliated | &nbsp;&nbsp;75764 | &nbsp;&nbsp;&nbsp;(178747)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Borrowed bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(19344)<br>| &nbsp;&nbsp;&nbsp;— |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(74723)<br>| &nbsp;&nbsp;&nbsp;(45)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(156292)<br>|
| Foreign currency translations | &nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;5486 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;14250 |
| Futures contracts | &nbsp;&nbsp;51479 | &nbsp;&nbsp;&nbsp;13528 | &nbsp;&nbsp;&nbsp;(193330)<br>| &nbsp;&nbsp;&nbsp;(241354)<br>|
| Swaps | &nbsp;&nbsp;(434930)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;66163 |
| Unfunded floating rate loan interests | &nbsp;&nbsp;10634 | &nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1844 |
|  | &nbsp;&nbsp;2644959 | &nbsp;&nbsp;&nbsp;(615745)<br>| &nbsp;&nbsp;&nbsp;20772435 | &nbsp;&nbsp;&nbsp;9367549 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(3703240)<br>| &nbsp;&nbsp;&nbsp;(7833367)<br>| &nbsp;&nbsp;&nbsp;18445632 | &nbsp;&nbsp;&nbsp;6230135 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;$38705442<br>| &nbsp;&nbsp;&nbsp;$24409180<br>| &nbsp;&nbsp;&nbsp;$24801461<br>| &nbsp;&nbsp;&nbsp;$46884033<br>|

---

See notes to financial statements.

Financial Statements

------

Statements of Operations

(continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BIT |
| INVESTMENT INCOME |  |
| Dividends — unaffiliated | &nbsp;&nbsp;$85130<br>|
| Dividends — affiliated | &nbsp;&nbsp;262658 |
| Interest — unaffiliated | &nbsp;&nbsp;63832905 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp;637209 |
| Other income — unaffiliated | &nbsp;&nbsp;23976 |
| Total investment income | &nbsp;&nbsp;64841878 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp;7701635 |
| Professional | &nbsp;&nbsp;162148 |
| Accounting services | &nbsp;&nbsp;128803 |
| Offering | &nbsp;&nbsp;91233 |
| Transfer agent | &nbsp;&nbsp;77265 |
| Custodian | &nbsp;&nbsp;57210 |
| Directors and Officer | &nbsp;&nbsp;56385 |
| Registration | &nbsp;&nbsp;19184 |
| Printing and postage | &nbsp;&nbsp;6406 |
| Miscellaneous | &nbsp;&nbsp;24443 |
| Total expenses excluding interest expense | &nbsp;&nbsp;8324712 |
| Interest expense — unaffiliated | &nbsp;&nbsp;13157622 |
| Total expenses | &nbsp;&nbsp;21482334 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp;(4824)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp;21477510 |
| Net investment income | &nbsp;&nbsp;43364368 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp;1981776 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(1277973)<br>|
| Foreign currency transactions | &nbsp;&nbsp;2763 |
| Futures contracts | &nbsp;&nbsp;(2433088)<br>|
| Swaps | &nbsp;&nbsp;(330518)<br>|
|  | &nbsp;&nbsp;(2057040)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp;16098700 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(261129)<br>|
| Foreign currency translations | &nbsp;&nbsp;14341 |
| Futures contracts | &nbsp;&nbsp;(2191715)<br>|
| Swaps | &nbsp;&nbsp;260927 |
| Unfunded floating rate loan interests | &nbsp;&nbsp;6237 |
|  | &nbsp;&nbsp;13927361 |
| Net realized and unrealized gain | &nbsp;&nbsp;11870321 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;$55234689<br>|

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | DSU | FRA | FRA |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$42408682<br>| &nbsp;&nbsp;&nbsp;$45000878<br>| &nbsp;&nbsp;&nbsp;$32242547<br>| &nbsp;&nbsp;&nbsp;$40768686<br>|
| Net realized loss | &nbsp;&nbsp;(6348199)<br>| &nbsp;&nbsp;&nbsp;(17286156)<br>| &nbsp;&nbsp;&nbsp;(7217622)<br>| &nbsp;&nbsp;&nbsp;(8976621)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;2644959 | &nbsp;&nbsp;&nbsp;16313448 | &nbsp;&nbsp;&nbsp;(615745)<br>| &nbsp;&nbsp;&nbsp;7419531 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;38705442 | &nbsp;&nbsp;&nbsp;44028170 | &nbsp;&nbsp;&nbsp;24409180 | &nbsp;&nbsp;&nbsp;39211596 |
| DISTRIBUTIONS TO <br>SHAREHOLDERS<br>(a)<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;(42394719)<br>| &nbsp;&nbsp;&nbsp;(45765458)<br>| &nbsp;&nbsp;&nbsp;(32180588)<br>| &nbsp;&nbsp;&nbsp;(41212822)<br>|
| Return of capital | &nbsp;&nbsp;(25068150)<br>| &nbsp;&nbsp;&nbsp;(11106848)<br>| &nbsp;&nbsp;&nbsp;(20388439)<br>| &nbsp;&nbsp;&nbsp;(11167422)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;(67462869)<br>| &nbsp;&nbsp;&nbsp;(56872306)<br>| &nbsp;&nbsp;&nbsp;(52569027)<br>| &nbsp;&nbsp;&nbsp;(52380244)<br>|
| CAPITAL SHARE TRANSACTIONS |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp;106993712 | &nbsp;&nbsp;&nbsp;54828279 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;1902719 | &nbsp;&nbsp;&nbsp;1279363 | &nbsp;&nbsp;&nbsp;1628631 | &nbsp;&nbsp;&nbsp;952515 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;108896431 | &nbsp;&nbsp;&nbsp;56107642 | &nbsp;&nbsp;&nbsp;1628631 | &nbsp;&nbsp;&nbsp;952515 |
| NET ASSETS |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp;80139004 | &nbsp;&nbsp;&nbsp;43263506 | &nbsp;&nbsp;&nbsp;(26531216)<br>| &nbsp;&nbsp;&nbsp;(12216133)<br>|
| Beginning of year | &nbsp;&nbsp;550661783 | &nbsp;&nbsp;&nbsp;507398277 | &nbsp;&nbsp;&nbsp;455119374 | &nbsp;&nbsp;&nbsp;467335507 |
| End of year | &nbsp;&nbsp;$630800787<br>| &nbsp;&nbsp;&nbsp;$550661783<br>| &nbsp;&nbsp;&nbsp;$428588158<br>| &nbsp;&nbsp;&nbsp;$455119374<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

Financial Statements

------

Statements of Changes in Net Assets

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKT | BKT | BLW | BLW |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$6355829<br>| &nbsp;&nbsp;&nbsp;$7733744<br>| &nbsp;&nbsp;&nbsp;$40653898<br>| &nbsp;&nbsp;&nbsp;$41088469<br>|
| Net realized loss | &nbsp;&nbsp;(2326803)<br>| &nbsp;&nbsp;&nbsp;(7543058)<br>| &nbsp;&nbsp;&nbsp;(3137414)<br>| &nbsp;&nbsp;&nbsp;(10713392)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;20772435 | &nbsp;&nbsp;&nbsp;2662162 | &nbsp;&nbsp;&nbsp;9367549 | &nbsp;&nbsp;&nbsp;14642372 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;24801461 | &nbsp;&nbsp;&nbsp;2852848 | &nbsp;&nbsp;&nbsp;46884033 | &nbsp;&nbsp;&nbsp;45017449 |
| DISTRIBUTIONS TO <br>SHAREHOLDERS<br>(a)<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;(10481755)<br>| &nbsp;&nbsp;&nbsp;(8633488)<br>| &nbsp;&nbsp;&nbsp;(40835982)<br>| &nbsp;&nbsp;&nbsp;(42306248)<br>|
| Return of capital | &nbsp;&nbsp;(15867369)<br>| &nbsp;&nbsp;&nbsp;(13918550)<br>| &nbsp;&nbsp;&nbsp;(11285802)<br>| &nbsp;&nbsp;&nbsp;(5391911)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;(26349124)<br>| &nbsp;&nbsp;&nbsp;(22552038)<br>| &nbsp;&nbsp;&nbsp;(52121784)<br>| &nbsp;&nbsp;&nbsp;(47698159)<br>|
| CAPITAL SHARE TRANSACTIONS |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;32187100 | &nbsp;&nbsp;&nbsp;11717264 |
| Net proceeds from the issuance of shares due to reorganization | &nbsp;&nbsp;35673791 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Proceeds from rights offering <br>(Note 11)<br>| &nbsp;&nbsp;87126281 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2075736 | &nbsp;&nbsp;&nbsp;1484160 |
| Redemption of shares due to reorganization | &nbsp;&nbsp;(341)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;122799731 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;34262836 | &nbsp;&nbsp;&nbsp;13201424 |
| NET ASSETS |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp;121252068 | &nbsp;&nbsp;&nbsp;(19699190)<br>| &nbsp;&nbsp;&nbsp;29025085 | &nbsp;&nbsp;&nbsp;10520714 |
| Beginning of year | &nbsp;&nbsp;251629533 | &nbsp;&nbsp;&nbsp;271328723 | &nbsp;&nbsp;&nbsp;514290737 | &nbsp;&nbsp;&nbsp;503770023 |
| End of year | &nbsp;&nbsp;$372881601<br>| &nbsp;&nbsp;&nbsp;$251629533<br>| &nbsp;&nbsp;&nbsp;$543315822<br>| &nbsp;&nbsp;&nbsp;$514290737<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BIT | BIT |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |
| OPERATIONS |  |  |
| Net investment income | &nbsp;&nbsp;$43364368<br>| &nbsp;&nbsp;&nbsp;$38170016<br>|
| Net realized loss | &nbsp;&nbsp;(2057040)<br>| &nbsp;&nbsp;&nbsp;(6077096)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;13927361 | &nbsp;&nbsp;&nbsp;15098365 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;55234689 | &nbsp;&nbsp;&nbsp;47191285 |
| DISTRIBUTIONS TO <br>SHAREHOLDERS<br>(a)<br>|  |  |
| From net investment income | &nbsp;&nbsp;(42280987)<br>| &nbsp;&nbsp;&nbsp;(37506470)<br>|
| Return of capital | &nbsp;&nbsp;(25400669)<br>| &nbsp;&nbsp;&nbsp;(19796668)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;(67681656)<br>| &nbsp;&nbsp;&nbsp;(57303138)<br>|
| CAPITAL SHARE TRANSACTIONS |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp;41322413 | &nbsp;&nbsp;&nbsp;27045369 |
| Proceeds from rights offering <br>(Note 11)<br>| &nbsp;&nbsp;185596458 | &nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;1494688 | &nbsp;&nbsp;&nbsp;2749014 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;228413559 | &nbsp;&nbsp;&nbsp;29794383 |
| NET ASSETS |  |  |
| Total increase in net assets | &nbsp;&nbsp;215966592 | &nbsp;&nbsp;&nbsp;19682530 |
| Beginning of year | &nbsp;&nbsp;577855898 | &nbsp;&nbsp;&nbsp;558173368 |
| End of year | &nbsp;&nbsp;$793822490<br>| &nbsp;&nbsp;&nbsp;$577855898<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

Financial Statements

------

Statements of Cash Flows

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$38705442<br>| &nbsp;&nbsp;$24409180<br>| &nbsp;&nbsp;$24801461<br>| &nbsp;&nbsp;$46884033<br>|
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) <br>operating activities:<br>|  |  |  |  |
| Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp;272047779 | &nbsp;&nbsp;254460046 | &nbsp;&nbsp;884178168 | &nbsp;&nbsp;446754064 |
| Purchases of long-term investments | &nbsp;&nbsp;(364899951)<br>| &nbsp;&nbsp;(208466850)<br>| &nbsp;&nbsp;(979817792)<br>| &nbsp;&nbsp;(416776166)<br>|
| Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp;(1326484)<br>| &nbsp;&nbsp;(99951)<br>| &nbsp;&nbsp;7232790 | &nbsp;&nbsp;(3798847)<br>|
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp;(1332511)<br>| &nbsp;&nbsp;(952058)<br>| &nbsp;&nbsp;10370565 | &nbsp;&nbsp;(2392661)<br>|
| Paid-in-kind income | &nbsp;&nbsp;(472178)<br>| &nbsp;&nbsp;(563543)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(737677)<br>|
| Net realized loss on investments | &nbsp;&nbsp;7088011 | &nbsp;&nbsp;7282982 | &nbsp;&nbsp;2606264 | &nbsp;&nbsp;2491363 |
| Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, foreign currency translations, <br>unfunded floating rate loan interests and forwards<br>| &nbsp;&nbsp;(2574531)<br>| &nbsp;&nbsp;629273 | &nbsp;&nbsp;(20965744)<br>| &nbsp;&nbsp;(9410732)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| Receivables |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp;(288)<br>| &nbsp;&nbsp;968 | &nbsp;&nbsp;6638 | &nbsp;&nbsp;(3064)<br>|
| Interest — unaffiliated | &nbsp;&nbsp;(650350)<br>| &nbsp;&nbsp;897856 | &nbsp;&nbsp;(162563)<br>| &nbsp;&nbsp;493076 |
| Variation margin on futures contracts | &nbsp;&nbsp;(12531)<br>| &nbsp;&nbsp;(6344)<br>| &nbsp;&nbsp;23953 | &nbsp;&nbsp;20725 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1291)<br>|
| Swap premiums paid | &nbsp;&nbsp;2045 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(2237)<br>|
| Prepaid expenses | &nbsp;&nbsp;4302 | &nbsp;&nbsp;3734 | &nbsp;&nbsp;2207 | &nbsp;&nbsp;(1304)<br>|
| Deferred offering costs. | &nbsp;&nbsp;55267 | &nbsp;&nbsp;(214807)<br>| &nbsp;&nbsp;(109320)<br>| &nbsp;&nbsp;(38838)<br>|
| Increase (Decrease) in Liabilities |  |  |  |  |
| Cash received |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(30000)<br>| &nbsp;&nbsp;294183 |
| Collateral — OTC derivatives | &nbsp;&nbsp;(410000)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Collateral — TBA commitments | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(10000)<br>| &nbsp;&nbsp;— |
| Payables |  |  |  |  |
| Accounting services fees | &nbsp;&nbsp;(5598)<br>| &nbsp;&nbsp;(8260)<br>| &nbsp;&nbsp;(7239)<br>| &nbsp;&nbsp;(6730)<br>|
| Administration fees | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;15326 | &nbsp;&nbsp;— |
| Custodian fees | &nbsp;&nbsp;(4879)<br>| &nbsp;&nbsp;(2704)<br>| &nbsp;&nbsp;(11474)<br>| &nbsp;&nbsp;(6474)<br>|
| Interest expense and fees | &nbsp;&nbsp;(37494)<br>| &nbsp;&nbsp;(184206)<br>| &nbsp;&nbsp;(11475)<br>| &nbsp;&nbsp;844735 |
| Investment advisory fees | &nbsp;&nbsp;39222 | &nbsp;&nbsp;(28223)<br>| &nbsp;&nbsp;54311 | &nbsp;&nbsp;(9180)<br>|
| Directors<br>'<br> and Officer<br>'<br>s fees<br>| &nbsp;&nbsp;1067 | &nbsp;&nbsp;(220)<br>| &nbsp;&nbsp;2880 | &nbsp;&nbsp;21957 |
| Other accrued expenses | &nbsp;&nbsp;(7796)<br>| &nbsp;&nbsp;(9029)<br>| &nbsp;&nbsp;(18214)<br>| &nbsp;&nbsp;(1103)<br>|
| Printing and postage fees | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;8938 | &nbsp;&nbsp;— |
| Professional fees | &nbsp;&nbsp;(2889)<br>| &nbsp;&nbsp;(8954)<br>| &nbsp;&nbsp;(10195)<br>| &nbsp;&nbsp;(16114)<br>|
| Proxy fees | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(7475)<br>| &nbsp;&nbsp;— |
| Reorganization costs | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(149448)<br>| &nbsp;&nbsp;— |
| Transfer agent fees | &nbsp;&nbsp;10610 | &nbsp;&nbsp;7300 | &nbsp;&nbsp;(6199)<br>| &nbsp;&nbsp;3038 |
| Variation margin on futures contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(16909)<br>| &nbsp;&nbsp;124564 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;132 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(12978)<br>|
| Swap premiums received | &nbsp;&nbsp;(105162)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(28993)<br>|
| Net cash provided by (used for) operating activities | &nbsp;&nbsp;(53888765)<br>| &nbsp;&nbsp;77146190 | &nbsp;&nbsp;(72030546)<br>| &nbsp;&nbsp;64687349 |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp;(65560150)<br>| &nbsp;&nbsp;(50789524)<br>| &nbsp;&nbsp;(26397417)<br>| &nbsp;&nbsp;(49849670)<br>|
| Payments for offering costs | &nbsp;&nbsp;— | &nbsp;&nbsp;89046 | &nbsp;&nbsp;— | &nbsp;&nbsp;57380 |
| Payments for bank borrowings | &nbsp;&nbsp;(181000000)<br>| &nbsp;&nbsp;(154000000)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Proceeds from bank borrowings | &nbsp;&nbsp;192000000 | &nbsp;&nbsp;128000000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Increase (decrease) in bank overdraft | &nbsp;&nbsp;— | &nbsp;&nbsp;(214336)<br>| &nbsp;&nbsp;44908 | &nbsp;&nbsp;— |
| Proceeds from issuance of capital shares | &nbsp;&nbsp;107739732 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;32187100 |
| Proceeds from rights offering | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;87126281 | &nbsp;&nbsp;— |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;7910281 | &nbsp;&nbsp;(47199004)<br>|
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp;53179582 | &nbsp;&nbsp;(76914814)<br>| &nbsp;&nbsp;68684053 | &nbsp;&nbsp;(64804194)<br>|
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp;2498 | &nbsp;&nbsp;5486 | &nbsp;&nbsp;— | &nbsp;&nbsp;4893 |

---

2025

BlackRock Annual Report to Shareholders

------

Statements of Cash Flows

(continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| CASH AND FOREIGN CURRENCY |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp;$(706685)<br>| &nbsp;&nbsp;$236862<br>| &nbsp;&nbsp;$(3346493)<br>| &nbsp;&nbsp;$(111952)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp;3220797 | &nbsp;&nbsp;43726 | &nbsp;&nbsp;4384493 | &nbsp;&nbsp;4802471 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp;$2514112<br>| &nbsp;&nbsp;$280588<br>| &nbsp;&nbsp;$1038000<br>| &nbsp;&nbsp;$4690519<br>|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp;$5658874<br>| &nbsp;&nbsp;$7050868<br>| &nbsp;&nbsp;$3158981<br>| &nbsp;&nbsp;$13587509<br>|
| NON-CASH FINANCING ACTIVITIES |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp;$1902719<br>| &nbsp;&nbsp;$1628631<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$2075736<br>|
| Fair value of investments acquired through reorganization | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;33806434 | &nbsp;&nbsp;— |
| Net proceeds from the issuance of common shares due to reorganization | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;35673791 | &nbsp;&nbsp;— |
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY <br>AT<br>THE END OF<br>YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES<br>|  |  |  |  |
| Cash | &nbsp;&nbsp;$2181284<br>| &nbsp;&nbsp;$138526<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1836682<br>|
| Cash pledged |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;190000 |
| Futures contracts | &nbsp;&nbsp;190000 | &nbsp;&nbsp;96000 | &nbsp;&nbsp;1038000 | &nbsp;&nbsp;1619470 |
| Centrally cleared swaps | &nbsp;&nbsp;38000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;471000 |
| Foreign currency at value | &nbsp;&nbsp;104828 | &nbsp;&nbsp;46062 | &nbsp;&nbsp;— | &nbsp;&nbsp;573367 |
|  | &nbsp;&nbsp;$2514112<br>| &nbsp;&nbsp;$280588<br>| &nbsp;&nbsp;$1038000<br>| &nbsp;&nbsp;$4690519<br>|

---

See notes to financial statements.

Financial Statements

------

Statements of Cash Flows

(continued)

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BIT |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$55234689<br>|
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |  |
| Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp;466361875 |
| Purchases of long-term investments | &nbsp;&nbsp;(649748849)<br>|
| Net purchases of short-term securities | &nbsp;&nbsp;(45329)<br>|
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp;(5074123)<br>|
| Paid-in-kind income | &nbsp;&nbsp;(637209)<br>|
| Net realized gain on investments | &nbsp;&nbsp;(1969815)<br>|
| Net unrealized (appreciation) depreciation on investments, swaps, foreign currency translations, unfunded floating rate loan interests and forwards | &nbsp;&nbsp;(15896696)<br>|
| (Increase) Decrease in Assets |  |
| Receivables |  |
| Dividends — affiliated | &nbsp;&nbsp;593 |
| Dividends — unaffiliated | &nbsp;&nbsp;9 |
| Interest — unaffiliated | &nbsp;&nbsp;(2668317)<br>|
| Variation margin on futures contracts | &nbsp;&nbsp;(273815)<br>|
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;(1633)<br>|
| Swap premiums paid | &nbsp;&nbsp;97208 |
| Prepaid expenses | &nbsp;&nbsp;1442 |
| Deferred offering costs. | &nbsp;&nbsp;(54986)<br>|
| Increase (Decrease) in Liabilities |  |
| Cash received |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;350000 |
| Collateral — OTC derivatives | &nbsp;&nbsp;(810000)<br>|
| Payables |  |
| Accounting services fees | &nbsp;&nbsp;(8619)<br>|
| Custodian fees | &nbsp;&nbsp;(9025)<br>|
| Interest expense | &nbsp;&nbsp;(373037)<br>|
| Investment advisory fees | &nbsp;&nbsp;128753 |
| Directors<br>'<br> and Officer<br>'<br>s fees<br>| &nbsp;&nbsp;5968 |
| Other accrued expenses | &nbsp;&nbsp;(10665)<br>|
| Professional fees | &nbsp;&nbsp;(11613)<br>|
| Transfer agent fees | &nbsp;&nbsp;1518 |
| Variation margin on futures contracts | &nbsp;&nbsp;32336 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;(16055)<br>|
| Swap premiums received | &nbsp;&nbsp;(60057)<br>|
| Net cash used for operating activities | &nbsp;&nbsp;(155455452)<br>|
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp;(65961647)<br>|
| Proceeds from issuance of capital shares | &nbsp;&nbsp;41322413 |
| Proceeds from rights offering | &nbsp;&nbsp;185596458 |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp;(10695611)<br>|
| Net cash provided by financing activities | &nbsp;&nbsp;150261613 |
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp;4351 |
| CASH AND FOREIGN CURRENCY |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp;(5189488)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp;11781137 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp;$6591649<br>|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp;$13530659<br>|
| NON-CASH FINANCING ACTIVITIES |  |
| Reinvestment of distributions | &nbsp;&nbsp;$1494688<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Statements of Cash Flows

(continued)

Year Ended December 31, 2025

---

| | |
|:---|:---|
|  | BIT |
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT<br>THE END OF<br>YEAR TO THE STATEMENT OF <br>ASSETS AND LIABILITIES<br>|  |
| Cash | &nbsp;&nbsp;$251667<br>|
| Cash pledged |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;11000 |
| Collateral — OTC derivatives | &nbsp;&nbsp;1490000 |
| Futures contracts | &nbsp;&nbsp;3850400 |
| Centrally cleared swaps | &nbsp;&nbsp;514000 |
| Foreign currency at value | &nbsp;&nbsp;474582 |
|  | &nbsp;&nbsp;$6591649<br>|

---

See notes to financial statements.

Financial Statements

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | DSU | DSU | DSU | DSU | DSU |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.63<br>| &nbsp;&nbsp;&nbsp;$10.89<br>| &nbsp;&nbsp;&nbsp;$10.44<br>| &nbsp;&nbsp;&nbsp;$11.56<br>| &nbsp;&nbsp;&nbsp;$11.55<br>|
| Net investment income<br>(a)<br>| 0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.05)<br>| &nbsp;&nbsp;&nbsp;(0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;(1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net increase (decrease) from investment operations | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;(0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Distributions<br>(b)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.74)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(0.99)<br>| &nbsp;&nbsp;&nbsp;(0.68)<br>| &nbsp;&nbsp;&nbsp;(0.62)<br>|
| Return of capital | &nbsp;&nbsp;(0.44)<br>| &nbsp;&nbsp;&nbsp;(0.23)<br>| &nbsp;&nbsp;&nbsp;(0.06)<br>| &nbsp;&nbsp;&nbsp;(0.02)<br>| &nbsp;&nbsp;&nbsp;(0.11)<br>|
| Total distributions | &nbsp;&nbsp;(1.18)<br>| &nbsp;&nbsp;&nbsp;(1.18)<br>| &nbsp;&nbsp;&nbsp;(1.05)<br>| &nbsp;&nbsp;&nbsp;(0.70)<br>| &nbsp;&nbsp;&nbsp;(0.73)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$10.14<br>| &nbsp;&nbsp;&nbsp;$10.63<br>| &nbsp;&nbsp;&nbsp;$10.89<br>| &nbsp;&nbsp;&nbsp;$10.44<br>| &nbsp;&nbsp;&nbsp;$11.56<br>|
| Market price, end of year | &nbsp;&nbsp;$10.18<br>| &nbsp;&nbsp;&nbsp;$10.76<br>| &nbsp;&nbsp;&nbsp;$10.79<br>| &nbsp;&nbsp;&nbsp;$9.20<br>| &nbsp;&nbsp;&nbsp;$11.70<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |
| Based on net asset value | 6.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.74%<br>| &nbsp;&nbsp;&nbsp;(2.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.67%<br>|
| Based on market price | 6.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.14%<br>| &nbsp;&nbsp;&nbsp;(15.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.33%<br>|
| Ratios to Average Net Assets<br>(d)<br>|  |  |  |  |  |
| Total expenses | 1.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34%<br>|
| Total expenses after fees waived and/or reimbursed | 1.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92%<br>|
| Net investment income | 7.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.21%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$630801<br>| &nbsp;&nbsp;&nbsp;$550662<br>| &nbsp;&nbsp;&nbsp;$507398<br>| &nbsp;&nbsp;&nbsp;$486565<br>| &nbsp;&nbsp;&nbsp;$538681<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$113000<br>| &nbsp;&nbsp;&nbsp;$102000<br>| &nbsp;&nbsp;&nbsp;$149000<br>| &nbsp;&nbsp;&nbsp;$164000<br>| &nbsp;&nbsp;&nbsp;$248000<br>|
| Asset coverage, end of year per $1,000 of bank borrowings<br>(e)<br>| &nbsp;&nbsp;$6582<br>| &nbsp;&nbsp;&nbsp;$6399<br>| &nbsp;&nbsp;&nbsp;$4405<br>| &nbsp;&nbsp;&nbsp;$3967<br>| &nbsp;&nbsp;&nbsp;$3172<br>|
| Portfolio turnover rate | &nbsp;&nbsp;38%<br>| &nbsp;&nbsp;&nbsp;43%<br>| &nbsp;&nbsp;&nbsp;30%<br>| &nbsp;&nbsp;&nbsp;18%<br>| &nbsp;&nbsp;&nbsp;47%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(e) 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.

2025

BlackRock Annual Report to Shareholders

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FRA | FRA | FRA | FRA | FRA |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$12.89<br>| &nbsp;&nbsp;&nbsp;$13.26<br>| &nbsp;&nbsp;&nbsp;$12.81<br>| &nbsp;&nbsp;&nbsp;$13.85<br>| &nbsp;&nbsp;&nbsp;$13.81<br>|
| Net investment income<br>(a)<br>| 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.21)<br>| &nbsp;&nbsp;&nbsp;(0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;(1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net increase (decrease) from investment operations | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Distributions<br>(b)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.91)<br>| &nbsp;&nbsp;&nbsp;(1.17)<br>| &nbsp;&nbsp;&nbsp;(1.25)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.67)<br>|
| Return of capital | &nbsp;&nbsp;(0.58)<br>| &nbsp;&nbsp;&nbsp;(0.32)<br>| &nbsp;&nbsp;&nbsp;(0.07)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13)<br>|
| Total distributions | &nbsp;&nbsp;(1.49)<br>| &nbsp;&nbsp;&nbsp;(1.49)<br>| &nbsp;&nbsp;&nbsp;(1.32)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.80)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$12.10<br>| &nbsp;&nbsp;&nbsp;$12.89<br>| &nbsp;&nbsp;&nbsp;$13.26<br>| &nbsp;&nbsp;&nbsp;$12.81<br>| &nbsp;&nbsp;&nbsp;$13.85<br>|
| Market price, end of year | &nbsp;&nbsp;$11.78<br>| &nbsp;&nbsp;&nbsp;$13.75<br>| &nbsp;&nbsp;&nbsp;$12.66<br>| &nbsp;&nbsp;&nbsp;$11.26<br>| &nbsp;&nbsp;&nbsp;$13.43<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |
| Based on net asset value | 5.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.35%<br>| &nbsp;&nbsp;&nbsp;(1.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.48%<br>|
| Based on market price | &nbsp;&nbsp;(3.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.29%<br>| &nbsp;&nbsp;&nbsp;(10.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.74%<br>|
| Ratios to Average Net Assets<br>(d)<br>|  |  |  |  |  |
| Total expenses | 2.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55%<br>|
| Total expenses after fees waived and/or reimbursed | 2.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14%<br>|
| Net investment income | 7.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.76%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$428588<br>| &nbsp;&nbsp;&nbsp;$455119<br>| &nbsp;&nbsp;&nbsp;$467336<br>| &nbsp;&nbsp;&nbsp;$451188<br>| &nbsp;&nbsp;&nbsp;$487833<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$117000<br>| &nbsp;&nbsp;&nbsp;$143000<br>| &nbsp;&nbsp;&nbsp;$144000<br>| &nbsp;&nbsp;&nbsp;$147000<br>| &nbsp;&nbsp;&nbsp;$223000<br>|
| Asset coverage, end of year per $1,000 of bank borrowings<br>(e)<br>| &nbsp;&nbsp;$4663<br>| &nbsp;&nbsp;&nbsp;$4183<br>| &nbsp;&nbsp;&nbsp;$4245<br>| &nbsp;&nbsp;&nbsp;$4069<br>| &nbsp;&nbsp;&nbsp;$3188<br>|
| Portfolio turnover rate | &nbsp;&nbsp;36%<br>| &nbsp;&nbsp;&nbsp;36%<br>| &nbsp;&nbsp;&nbsp;25%<br>| &nbsp;&nbsp;&nbsp;14%<br>| &nbsp;&nbsp;&nbsp;49%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(e) 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

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BKT | BKT | BKT | BKT | BKT |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22<br>(a) | &nbsp;&nbsp;Year Ended<br>12/31/21<br>(a) |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22<br>(a) | &nbsp;&nbsp;Year Ended<br>12/31/21<br>(a) |
| Net asset value, beginning of year | &nbsp;&nbsp;$11.81<br>| &nbsp;&nbsp;&nbsp;$12.73<br>| &nbsp;&nbsp;&nbsp;$13.10<br>| &nbsp;&nbsp;&nbsp;$16.94<br>| &nbsp;&nbsp;&nbsp;$18.54<br>|
| Net investment income<br>(b)<br>| 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;(0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;(3.24)<br>| &nbsp;&nbsp;&nbsp;(1.06)<br>|
| Net increase (decrease) from investment operations | 0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;(2.81)<br>| &nbsp;&nbsp;&nbsp;(0.36)<br>|
| Distributions<br>(c)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.43)<br>| &nbsp;&nbsp;&nbsp;(0.41)<br>| &nbsp;&nbsp;&nbsp;(0.39)<br>| &nbsp;&nbsp;&nbsp;(0.49)<br>| &nbsp;&nbsp;&nbsp;(0.89)<br>|
| Return of capital | &nbsp;&nbsp;(0.63)<br>| &nbsp;&nbsp;&nbsp;(0.65)<br>| &nbsp;&nbsp;&nbsp;(0.67)<br>| &nbsp;&nbsp;&nbsp;(0.54)<br>| &nbsp;&nbsp;&nbsp;(0.35)<br>|
| Total distributions | &nbsp;&nbsp;(1.06)<br>| &nbsp;&nbsp;&nbsp;(1.06)<br>| &nbsp;&nbsp;&nbsp;(1.06)<br>| &nbsp;&nbsp;&nbsp;(1.03)<br>| &nbsp;&nbsp;&nbsp;(1.24)<br>|
| Dilutive effect of rights offer <br>(Note 11)<br>| &nbsp;&nbsp;(0.19)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$11.51<br>| &nbsp;&nbsp;&nbsp;$11.81<br>| &nbsp;&nbsp;&nbsp;$12.73<br>| &nbsp;&nbsp;&nbsp;$13.10<br>| &nbsp;&nbsp;&nbsp;$16.94<br>|
| Market price, end of year | &nbsp;&nbsp;$11.04<br>| &nbsp;&nbsp;&nbsp;$11.52<br>| &nbsp;&nbsp;&nbsp;$12.18<br>| &nbsp;&nbsp;&nbsp;$12.34<br>| &nbsp;&nbsp;&nbsp;$16.95<br>|
| Total Return<br>(d)<br>|  |  |  |  |  |
| Based on net asset value | 6.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.03%<br>| &nbsp;&nbsp;&nbsp;(16.67)%<br>| &nbsp;&nbsp;&nbsp;(2.01)%<br>|
| Based on market price | 5.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.69%<br>| &nbsp;&nbsp;&nbsp;(21.50)%<br>| &nbsp;&nbsp;&nbsp;(0.23)%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |
| Total expenses | 1.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>|
| Total expenses after fees waived and/or reimbursed | 1.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90%<br>|
| Net investment income | 2.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$372882<br>| &nbsp;&nbsp;&nbsp;$251630<br>| &nbsp;&nbsp;&nbsp;$271329<br>| &nbsp;&nbsp;&nbsp;$279035<br>| &nbsp;&nbsp;&nbsp;$360752<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$84693<br>| &nbsp;&nbsp;&nbsp;$76794<br>| &nbsp;&nbsp;&nbsp;$111020<br>| &nbsp;&nbsp;&nbsp;$115764<br>| &nbsp;&nbsp;&nbsp;$115184<br>|
| Portfolio turnover rate<br>(f)<br>| &nbsp;&nbsp;223%<br>| &nbsp;&nbsp;&nbsp;269%<br>| &nbsp;&nbsp;&nbsp;221%<br>| &nbsp;&nbsp;&nbsp;237%<br>| &nbsp;&nbsp;&nbsp;248%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) 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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;112%<br>| &nbsp;&nbsp;&nbsp;133%<br>| &nbsp;&nbsp;&nbsp;106%<br>| &nbsp;&nbsp;&nbsp;122%<br>| &nbsp;&nbsp;&nbsp;119%<br>|

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BLW | BLW | BLW | BLW | BLW |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$14.04<br>| &nbsp;&nbsp;&nbsp;$14.11<br>| &nbsp;&nbsp;&nbsp;$13.51<br>| &nbsp;&nbsp;&nbsp;$16.44<br>| &nbsp;&nbsp;&nbsp;$16.93<br>|
| Net investment income<br>(a)<br>| 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Net realized and unrealized gain (loss) | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;(2.82)<br>| &nbsp;&nbsp;&nbsp;(0.31)<br>|
| Net increase (decrease) from investment operations | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;(1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Distributions<br>(b)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(1.07)<br>| &nbsp;&nbsp;&nbsp;(1.18)<br>| &nbsp;&nbsp;&nbsp;(1.07)<br>| &nbsp;&nbsp;&nbsp;(0.92)<br>| &nbsp;&nbsp;&nbsp;(1.02)<br>|
| Return of capital | &nbsp;&nbsp;(0.29)<br>| &nbsp;&nbsp;&nbsp;(0.15)<br>| &nbsp;&nbsp;&nbsp;(0.14)<br>| &nbsp;&nbsp;&nbsp;(0.16)<br>| &nbsp;&nbsp;&nbsp;(0.16)<br>|
| Total distributions | &nbsp;&nbsp;(1.36)<br>| &nbsp;&nbsp;&nbsp;(1.33)<br>| &nbsp;&nbsp;&nbsp;(1.21)<br>| &nbsp;&nbsp;&nbsp;(1.08)<br>| &nbsp;&nbsp;&nbsp;(1.18)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$13.90<br>| &nbsp;&nbsp;&nbsp;$14.04<br>| &nbsp;&nbsp;&nbsp;$14.11<br>| &nbsp;&nbsp;&nbsp;$13.51<br>| &nbsp;&nbsp;&nbsp;$16.44<br>|
| Market price, end of year | &nbsp;&nbsp;$13.74<br>| &nbsp;&nbsp;&nbsp;$14.13<br>| &nbsp;&nbsp;&nbsp;$13.98<br>| &nbsp;&nbsp;&nbsp;$13.07<br>| &nbsp;&nbsp;&nbsp;$16.85<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |
| Based on net asset value | 9.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.41%<br>| &nbsp;&nbsp;&nbsp;(10.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18%<br>(d)<br>|
| Based on market price | 7.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.17%<br>| &nbsp;&nbsp;&nbsp;(15.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.55%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |
| Total expenses | 3.70%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18%<br>|
| Total expenses after fees waived and/or reimbursed | 3.70%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering <br>costs<br>| 0.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92%<br>|
| Net investment income | 7.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.90%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$543316<br>| &nbsp;&nbsp;&nbsp;$514291<br>| &nbsp;&nbsp;&nbsp;$503770<br>| &nbsp;&nbsp;&nbsp;$482587<br>| &nbsp;&nbsp;&nbsp;$587146<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$290501<br>| &nbsp;&nbsp;&nbsp;$337676<br>| &nbsp;&nbsp;&nbsp;$276235<br>| &nbsp;&nbsp;&nbsp;$275639<br>| &nbsp;&nbsp;&nbsp;$312356<br>|
| Portfolio turnover rate<br>(g)<br>| &nbsp;&nbsp;48%<br>| &nbsp;&nbsp;&nbsp;95%<br>| &nbsp;&nbsp;&nbsp;106%<br>| &nbsp;&nbsp;&nbsp;77%<br>| &nbsp;&nbsp;&nbsp;66%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Includes payment from an affiliate, which had no impact on the Fund ' s total return.

(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) Includes non-recurring expenses of offering costs. Without these costs total expenses and total expenses after fees waived and/or reimbursed would have been 3.68% and 3.68%, respectively.

(g) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;44%<br>| &nbsp;&nbsp;&nbsp;75%<br>| &nbsp;&nbsp;&nbsp;70%<br>| &nbsp;&nbsp;&nbsp;58%<br>| &nbsp;&nbsp;&nbsp;52%<br>|

---

See notes to financial statements.

Financial Highlights

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BIT | BIT | BIT | BIT | BIT | BIT |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Period from<br>11/01/23<br>to 12/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/22 | &nbsp;&nbsp;Year Ended<br>10/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Period from<br>11/01/23<br>to 12/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/22 | &nbsp;&nbsp;Year Ended<br>10/31/21 |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.50<br>| &nbsp;&nbsp;&nbsp;$14.76<br>| &nbsp;&nbsp;&nbsp;$13.78<br>| &nbsp;&nbsp;&nbsp;$14.66<br>| &nbsp;&nbsp;&nbsp;$17.98<br>| &nbsp;&nbsp;&nbsp;$17.66<br>|
| Net investment income<br>(a)<br>| 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;(0.31)<br>| &nbsp;&nbsp;&nbsp;(2.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Net increase (decrease) from investment operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;(1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Distributions<br>(b)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.93)<br>| &nbsp;&nbsp;&nbsp;(0.97)<br>| &nbsp;&nbsp;&nbsp;(0.17)<br>| &nbsp;&nbsp;&nbsp;(0.89)<br>| &nbsp;&nbsp;&nbsp;(1.07)<br>| &nbsp;&nbsp;&nbsp;(1.11)<br>|
| Return of capital | &nbsp;&nbsp;(0.55)<br>| &nbsp;&nbsp;&nbsp;(0.51)<br>| &nbsp;&nbsp;&nbsp;(0.08)<br>| &nbsp;&nbsp;&nbsp;(0.59)<br>| &nbsp;&nbsp;&nbsp;(0.41)<br>| &nbsp;&nbsp;&nbsp;(0.37)<br>|
| Total distributions | &nbsp;&nbsp;(1.48)<br>| &nbsp;&nbsp;&nbsp;(1.48)<br>| &nbsp;&nbsp;&nbsp;(0.25)<br>| &nbsp;&nbsp;&nbsp;(1.48)<br>| &nbsp;&nbsp;&nbsp;(1.48)<br>| &nbsp;&nbsp;&nbsp;(1.48)<br>|
| Dilutive effect of rights offer <br>(Note 11)<br>| &nbsp;&nbsp;(0.17)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$13.91<br>| &nbsp;&nbsp;&nbsp;$14.50<br>| &nbsp;&nbsp;&nbsp;$14.76<br>| &nbsp;&nbsp;&nbsp;$13.78<br>| &nbsp;&nbsp;&nbsp;$14.66<br>| &nbsp;&nbsp;&nbsp;$17.98<br>|
| Market price, end of period | &nbsp;&nbsp;$13.06<br>| &nbsp;&nbsp;&nbsp;$14.60<br>| &nbsp;&nbsp;&nbsp;$15.00<br>| &nbsp;&nbsp;&nbsp;$14.09<br>| &nbsp;&nbsp;&nbsp;$14.43<br>| &nbsp;&nbsp;&nbsp;$18.90<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |  |
| Based on net asset value | 6.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.95%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.08%<br>| &nbsp;&nbsp;&nbsp;(10.47)%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.55%<br>|
| Based on market price | &nbsp;&nbsp;(0.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.29%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.12%<br>| &nbsp;&nbsp;&nbsp;(16.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.13%<br>|
| Ratios to Average Net Assets<br>(f)<br>|  |  |  |  |  |  |
| Total expenses | 3.26%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.29%<br>(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70%<br>|
| Total expenses after fees waived and/or reimbursed | 3.26%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.29%<br>(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees <br>and/or offering costs<br>| 1.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34%<br>(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42%<br>|
| Net investment income | 6.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.64%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.14%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$793822<br>| &nbsp;&nbsp;&nbsp;$577856<br>| &nbsp;&nbsp;&nbsp;$558173<br>| &nbsp;&nbsp;&nbsp;$520821<br>| &nbsp;&nbsp;&nbsp;$552552<br>| &nbsp;&nbsp;&nbsp;$676391<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$336421<br>| &nbsp;&nbsp;&nbsp;$347481<br>| &nbsp;&nbsp;&nbsp;$284576<br>| &nbsp;&nbsp;&nbsp;$285633<br>| &nbsp;&nbsp;&nbsp;$288231<br>| &nbsp;&nbsp;&nbsp;$386820<br>|
| Portfolio turnover rate<br>(j)<br>| &nbsp;&nbsp;48%<br>| &nbsp;&nbsp;&nbsp;134%<br>| &nbsp;&nbsp;&nbsp;28%<br>| &nbsp;&nbsp;&nbsp;151%<br>| &nbsp;&nbsp;&nbsp;112%<br>| &nbsp;&nbsp;&nbsp;75%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Not annualized.

(e) Includes payment from an affiliate, which had no impact on the Fund ' s total return.

(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.25% and 3.25%, respectively.

(h) 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.

(i) Annualized.

(j) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Period from<br>11/01/23<br>to 12/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/22 | &nbsp;&nbsp;Year Ended<br>10/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Period from<br>11/01/23<br>to 12/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/23 | &nbsp;&nbsp;Year Ended<br>10/31/22 | &nbsp;&nbsp;Year Ended<br>10/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;43%<br>| &nbsp;&nbsp;&nbsp;99%<br>| &nbsp;&nbsp;&nbsp;17%<br>| &nbsp;&nbsp;&nbsp;91%<br>| &nbsp;&nbsp;&nbsp;77%<br>| &nbsp;&nbsp;&nbsp;58%<br>|

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund Name<br>| Herein Referred To As<br>| Organized<br>| &nbsp;&nbsp;Diversification<br>Classification<br>|
| 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Target Fund</u> <u>Target Fund's Share Class</u> <u>Shares Prior to Reorganization</u> <u>Conversion Ratio</u> <u>BKT's Share Class</u> <u>Shares of BKT</u> <br> EGF Common 3,551,598 0.84020511 Common 2,984,042(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net assets | &nbsp;&nbsp;$35673791 |
| Paid-in-capital | &nbsp;&nbsp;65879865 |
| Accumulated loss | &nbsp;&nbsp;(30206074)<br>|

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Target Fund | Fair Value of<br>Investments<br>| &nbsp;&nbsp;Cost of<br>Investments<br>|
| EGF | &nbsp;&nbsp;$33806434<br>| &nbsp;&nbsp;$34864291<br>|

---

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 December 31, 2025, were as follows:

• Net investment income: $6,419,192

• Net realized and change in unrealized gain/loss on investments: $19,246,882

• Net increase in net assets resulting from operations: $25,666,074

Notes to Financial Statements

------

Notes to Financial Statements

(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.

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

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.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each

Fund

'

s

financial statements.

Recent Accounting Standard:

The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax

Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The

Funds

'

adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund

'

s financial position or results of operations.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Equity investments (except ETF options, equity index options or those that are customized) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Fixed-income investments and certain derivative instruments 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;

• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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

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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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

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.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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.

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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Borrower | Par | &nbsp;&nbsp;Commitment<br>Amount<br>| Value | &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| DSU | Chicago U.S. Midco III LP | &nbsp;&nbsp;$256791<br>| $256791<br>| &nbsp;&nbsp;$257112<br>| $321<br>|
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;532010 | 526690 | &nbsp;&nbsp;539990 | 13300 |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;171908 | 171908 | &nbsp;&nbsp;170546 | (1362) |
|  | GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;14490 | 14490 | &nbsp;&nbsp;14701 | 211 |
|  | Kaman Corp. | &nbsp;&nbsp;51503 | 51439 | &nbsp;&nbsp;51676 | 237 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;167889 | 167889 | &nbsp;&nbsp;168414 | 525 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;165100 | 165100 | &nbsp;&nbsp;166063 | 963 |
|  | Radiate Holdco, LLC | &nbsp;&nbsp;63579 | 63579 | &nbsp;&nbsp;63102 | (477) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;36543 | 36360 | &nbsp;&nbsp;36646 | 286 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;204176 | 204176 | &nbsp;&nbsp;201990 | (2186) |
|  |  |  |  |  | $11818<br>|
| FRA | Chicago U.S. Midco III LP | &nbsp;&nbsp;$217630<br>| $217630<br>| &nbsp;&nbsp;$217902<br>| 272 |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;438518 | 434133 | &nbsp;&nbsp;439615 | 5482 |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;141153 | 141153 | &nbsp;&nbsp;140035 | (1118) |
|  | Kaman Corp. | &nbsp;&nbsp;50003 | 49940 | &nbsp;&nbsp;50171 | 231 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;148627 | 148627 | &nbsp;&nbsp;149092 | 465 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;143910 | 143910 | &nbsp;&nbsp;144749 | 839 |
|  | Radiate Holdco, LLC | &nbsp;&nbsp;61926 | 61926 | &nbsp;&nbsp;61461 | (465) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;37531 | 37343 | &nbsp;&nbsp;37636 | 293 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;106703 | 106703 | &nbsp;&nbsp;105560 | (1143) |
|  |  |  |  |  | $4856<br>|
| BLW | Chicago U.S. Midco III LP | &nbsp;&nbsp;$136741<br>| $136741<br>| &nbsp;&nbsp;$136912<br>| 171 |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;278248 | 275465 | &nbsp;&nbsp;278943 | 3478 |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;91141 | 91141 | &nbsp;&nbsp;90419 | (722) |
|  | GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;60029 | 60029 | &nbsp;&nbsp;60904 | 875 |
|  | Kaman Corp. | &nbsp;&nbsp;30002 | 29964 | &nbsp;&nbsp;30103 | 139 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;92404 | 92404 | &nbsp;&nbsp;92693 | 289 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;91260 | 91260 | &nbsp;&nbsp;91792 | 532 |
|  | Radiate Holdco, LLC | &nbsp;&nbsp;38516 | 38516 | &nbsp;&nbsp;38227 | (289) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;21728 | 21620 | &nbsp;&nbsp;21789 | 169 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;171501 | 171501 | &nbsp;&nbsp;169664 | (1837) |
|  |  |  |  |  | $2805<br>|
| BIT | Air Comm Corp. LLC | &nbsp;&nbsp;$9276<br>| $9253<br>| &nbsp;&nbsp;$9299<br>| 46 |

---

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Borrower | Par | &nbsp;&nbsp;Commitment<br>Amount<br>| Value | &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| BIT<br> (continued)<br>| GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;$70379<br>| $70379<br>| &nbsp;&nbsp;$71405<br>| $1026<br>|
|  | Jupiter Buyer, Inc. | &nbsp;&nbsp;10617 | 10564 | &nbsp;&nbsp;10717 | 153 |
|  | Kaman Corp. | &nbsp;&nbsp;33667 | 33636 | &nbsp;&nbsp;33780 | 144 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;31079 | 31079 | &nbsp;&nbsp;31176 | 97 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;34840 | 34840 | &nbsp;&nbsp;35043 | 203 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;68952 | 68952 | &nbsp;&nbsp;68214 | (738) |
|  | Titan Acquisition Ltd. | &nbsp;&nbsp;178000 | 178000 | &nbsp;&nbsp;180275 | 2275 |
|  |  |  |  |  | $3206<br>|

---

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.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face

value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund

to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive

a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the year ended December 31, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were

as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund Name | Average Amount<br>Outstanding<br>| Weighted Average<br>Interest Rate<br>|
| BKT | &nbsp;&nbsp;$74198964<br>| 4.21% <br>|
| BLW | &nbsp;&nbsp;320358211 | 4.50 |
| BIT | &nbsp;&nbsp;303687648 | 4.33 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT |
| Counterparty | Borrowed<br>Bonds<br>Agreements<br>(a)<br>| Reverse<br>Repurchase<br>Agreements<br>| Borrowed<br>Bonds at<br>Value<br>including<br>Accrued<br>Interest<br>(b)<br>| Net<br>Amount<br>before<br>Collateral<br>| Non-Cash<br>Collateral<br>Received<br>| Cash<br>Collateral<br>Received<br>| Fair Value of<br>Non-Cash<br>Collateral<br>Pledged<br>Including<br>Accrued<br>Interest<br>(c)<br>| Cash<br>Collateral<br>Pledged<br>| Net<br>Collateral<br>(Received)/<br>Pledged<br>(c)<br>| Net<br>Exposure<br>Due (to)/<br>from<br>Counterparty<br>(d)<br>|
| BNP Paribas SA | &nbsp;&nbsp;$712968<br>| &nbsp;&nbsp;$(7587864)<br>| &nbsp;&nbsp;$(706059)<br>| &nbsp;&nbsp;$(7580955)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$7587864<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$7587864<br>| &nbsp;&nbsp;$6909<br>|
| Deutsche Bank <br>Securities, Inc.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(29029587)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(29029587)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;29029587 | &nbsp;&nbsp;— | &nbsp;&nbsp;29029587 | &nbsp;&nbsp;— |
| HSBC Securities <br>(USA), Inc.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(48075451)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(48075451)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;48075451 | &nbsp;&nbsp;— | &nbsp;&nbsp;48075451 | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$712968<br>| &nbsp;&nbsp;$(84692902)<br>| &nbsp;&nbsp;$(706059)<br>| &nbsp;&nbsp;$(84685993)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$84692902<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$84692902<br>| &nbsp;&nbsp;$6909<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

(b) Includes accrued interest on borrowed bonds in the amount of $1,402 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 $87,632,652 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount |
| BLW |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;$(19618430)<br>| &nbsp;&nbsp;$19618430<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;(20939088)<br>| &nbsp;&nbsp;20939088 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BNP Paribas SA | &nbsp;&nbsp;(45698493)<br>| &nbsp;&nbsp;45698493 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BofA Securities, Inc. | &nbsp;&nbsp;(36421029)<br>| &nbsp;&nbsp;36421029 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;(1299644)<br>| &nbsp;&nbsp;1299644 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp;(3013185)<br>| &nbsp;&nbsp;3013185 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;(2020572)<br>| &nbsp;&nbsp;2020572 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| HSBC Bank PLC | &nbsp;&nbsp;(1578566)<br>| &nbsp;&nbsp;1578566 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;(14492972)<br>| &nbsp;&nbsp;14492972 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;(6163708)<br>| &nbsp;&nbsp;6163708 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount |
| Merrill Lynch International | &nbsp;&nbsp;$(699975)<br>| &nbsp;&nbsp;$699975<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(1522295)<br>| &nbsp;&nbsp;1522295 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Nomura Securities International, Inc. | &nbsp;&nbsp;(26089095)<br>| &nbsp;&nbsp;26089095 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| RBC Capital Markets, LLC | &nbsp;&nbsp;(3958646)<br>| &nbsp;&nbsp;3958646 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| TD Securities (USA) LLC | &nbsp;&nbsp;(65029181)<br>| &nbsp;&nbsp;65029181 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp;(41955845)<br>| &nbsp;&nbsp;41955845 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(290500724)<br>| &nbsp;&nbsp;$290500724<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Collateral, if any, with a value of $328,208,079 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount |
| BIT |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;$(21405312)<br>| &nbsp;&nbsp;$21405312<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;(15261864)<br>| &nbsp;&nbsp;15261864 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BNP Paribas SA | &nbsp;&nbsp;(7428655)<br>| &nbsp;&nbsp;7428655 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BofA Securities, Inc. | &nbsp;&nbsp;(51318581)<br>| &nbsp;&nbsp;51318581 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;(775151)<br>| &nbsp;&nbsp;775151 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;(22298584)<br>| &nbsp;&nbsp;22298584 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;(246763)<br>| &nbsp;&nbsp;246763 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;(116708367)<br>| &nbsp;&nbsp;116708367 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;(9847793)<br>| &nbsp;&nbsp;9847793 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(4093511)<br>| &nbsp;&nbsp;4093511 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Nomura Securities International, Inc. | &nbsp;&nbsp;(1112723)<br>| &nbsp;&nbsp;1112723 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| RBC Capital Markets, LLC | &nbsp;&nbsp;(638645)<br>| &nbsp;&nbsp;638645 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| TD Securities (USA) LLC | &nbsp;&nbsp;(10277130)<br>| &nbsp;&nbsp;10277130 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp;(75008209)<br>| &nbsp;&nbsp;75008209 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(336421288)<br>| &nbsp;&nbsp;$336421288<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net collateral, including accrued interest, if any, with a value of $367,547,432 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.

Short Sale Transactions:

In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes

a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal

to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value

of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statements of

Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was

sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility

of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security

short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is

no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the

Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market

value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)

on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the

difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the

risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts

: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign

currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help

to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure

to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements

of Assets and Liabilities. When

a contract is closed, a realized gain or loss is recorded in the Statements

of Operations equal to the difference between the value at the time it was opened and the value at the

time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of

forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the

value of the referenced foreign currencies, and such value may exceed the amount(s)

reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward

foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.

The Funds

'

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 Funds.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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

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, majority-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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | DSU | FRA |
| Investment advisory fees | 0.55% <br>| 0.75% <br>|

---

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, including the proceeds of

any debt securities or outstanding borrowings used for leverage.

For purposes of calculating these 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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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, FRA, 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, FRA, 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, FRA

'

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 December 31, 2025, amounted to $216,278, $0, $65,063 and $83,525 for each of DSU, FRA, 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

securities of a

Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements

of Operations. For the year ended December 31, 2025,

the amounts waived were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name | Fees Waived and/or Reimbursed<br>by the Manager<br>|
| DSU | &nbsp;&nbsp;$2045<br>|
| FRA | &nbsp;&nbsp;357 |
| BKT | &nbsp;&nbsp;5967 |
| BLW | &nbsp;&nbsp;2603 |
| BIT | &nbsp;&nbsp;4824 |

---

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 year ended December 31, 2025, the amounts waived in investment advisory fees pursuant to these

arrangements were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name | Fees Waived and/or Reimbursed<br>by the Manager<br>|
| DSU | &nbsp;&nbsp;$30622<br>|
| FRA | &nbsp;&nbsp;26517 |

---

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 year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as

follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities | U.S. Government Securities | Other Securities | Other Securities |
| Fund Name<br>| Purchases | Sales | Purchases | Sales |
| DSU | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$365704790<br>| &nbsp;&nbsp;$267725403<br>|
| FRA | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;208454625 | &nbsp;&nbsp;247052914 |
| BKT | &nbsp;&nbsp;974196819 | &nbsp;&nbsp;900495250 | &nbsp;&nbsp;25449114 | &nbsp;&nbsp;2271391 |
| BLW | &nbsp;&nbsp;87239426 | &nbsp;&nbsp;122667483 | &nbsp;&nbsp;327542346 | &nbsp;&nbsp;322372796 |
| BIT | &nbsp;&nbsp;171643943 | &nbsp;&nbsp;123469547 | &nbsp;&nbsp;473942652 | &nbsp;&nbsp;334542018 |

---

For the year

ended December 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
| BKT | &nbsp;&nbsp;$451730112<br>| &nbsp;&nbsp;$451780788<br>|
| BLW | &nbsp;&nbsp;33958149 | &nbsp;&nbsp;33980052 |
| BIT | &nbsp;&nbsp;46035305 | &nbsp;&nbsp;46064965 |

---

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.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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 December 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no

effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses were reclassified to the following accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund Name | Paid-in Capital | &nbsp;&nbsp;Accumulated<br>Earnings (Loss)<br>|
| BKT | &nbsp;&nbsp;$(11025)<br>| &nbsp;&nbsp;$11025<br>|
| BLW | &nbsp;&nbsp;(101509)<br>| &nbsp;&nbsp;101509 |
| BIT | &nbsp;&nbsp;(91233)<br>| &nbsp;&nbsp;91233 |

---

The tax character of distributions paid was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund Name | Year Ended<br>12/31/25<br>| &nbsp;&nbsp;Year Ended<br>12/31/24<br>|
| DSU |  |  |
| Ordinary income | &nbsp;&nbsp;$42394719<br>| &nbsp;&nbsp;&nbsp;$45765458<br>|
| Return of capital | &nbsp;&nbsp;25068150 | &nbsp;&nbsp;&nbsp;11106848 |
|  | &nbsp;&nbsp;$67462869<br>| &nbsp;&nbsp;&nbsp;$56872306<br>|
| FRA |  |  |
| Ordinary income | &nbsp;&nbsp;$32180588<br>| &nbsp;&nbsp;&nbsp;$41212822<br>|
| Return of capital | &nbsp;&nbsp;20388439 | &nbsp;&nbsp;&nbsp;11167422 |
|  | &nbsp;&nbsp;$52569027<br>| &nbsp;&nbsp;&nbsp;$52380244<br>|
| BKT |  |  |
| Ordinary income | &nbsp;&nbsp;$10481755<br>| &nbsp;&nbsp;&nbsp;$8633488<br>|
| Return of capital | &nbsp;&nbsp;15867369 | &nbsp;&nbsp;&nbsp;13918550 |
|  | &nbsp;&nbsp;$26349124<br>| &nbsp;&nbsp;&nbsp;$22552038<br>|
| BLW |  |  |
| Ordinary income | &nbsp;&nbsp;$40835982<br>| &nbsp;&nbsp;&nbsp;$42306248<br>|
| Return of capital | &nbsp;&nbsp;11285802 | &nbsp;&nbsp;&nbsp;5391911 |
|  | &nbsp;&nbsp;$52121784<br>| &nbsp;&nbsp;&nbsp;$47698159<br>|
| BIT |  |  |
| Ordinary income | &nbsp;&nbsp;$42280987<br>| &nbsp;&nbsp;&nbsp;$37506470<br>|
| Return of capital | &nbsp;&nbsp;25400669 | &nbsp;&nbsp;&nbsp;19796668 |
|  | &nbsp;&nbsp;$67681656<br>| &nbsp;&nbsp;&nbsp;$57303138<br>|

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Non-Expiring<br>Capital Loss<br>Carryforwards<br>(a)<br>| Net Unrealized<br>Gains (Losses)<br>(b)<br>| Qualified<br>Late-Year<br>Ordinary Losses<br>(c)<br>| Total |
| DSU | &nbsp;&nbsp;$(134079377)<br>| &nbsp;&nbsp;$(13395175)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(147474552)<br>|
| FRA | &nbsp;&nbsp;(71140524)<br>| &nbsp;&nbsp;(7637211)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(78777735)<br>|
| BKT | &nbsp;&nbsp;(159427374)<br>| &nbsp;&nbsp;(19485881)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(178913255)<br>|
| BLW | &nbsp;&nbsp;(102012402)<br>| &nbsp;&nbsp;1620244 | &nbsp;&nbsp;— | &nbsp;&nbsp;(100392158)<br>|
| BIT | &nbsp;&nbsp;(61478214)<br>| &nbsp;&nbsp;9875439 | &nbsp;&nbsp;(85714)<br>| &nbsp;&nbsp;(51688489)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Subject to limitations, amounts available to offset future realized capital gains.

(b) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, the deferral of compensation to Trustees, the classification of investments and the Partnership Basis Adjustments - Passive Losses.

(c) The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

As of December 31, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | &nbsp;&nbsp;Gross Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Gross Unrealized<br>Depreciation<br>| &nbsp;&nbsp;Net Unrealized<br>Appreciation<br>(Depreciation)<br>|
| DSU | &nbsp;&nbsp;$764226050<br>| &nbsp;&nbsp;$8267085<br>| &nbsp;&nbsp;$(21266006)<br>| &nbsp;&nbsp;$(12998921)<br>|
| FRA | &nbsp;&nbsp;562906615 | &nbsp;&nbsp;3894544 | &nbsp;&nbsp;(11536767)<br>| &nbsp;&nbsp;(7642223)<br>|
| BKT | &nbsp;&nbsp;540178903 | &nbsp;&nbsp;8098748 | &nbsp;&nbsp;(27265045)<br>| &nbsp;&nbsp;(19166297)<br>|
| BLW | &nbsp;&nbsp;830127509 | &nbsp;&nbsp;16636755 | &nbsp;&nbsp;(13540860)<br>| &nbsp;&nbsp;3095895 |
| BIT | &nbsp;&nbsp;1106975095 | &nbsp;&nbsp;48677876 | &nbsp;&nbsp;(37400494)<br>| &nbsp;&nbsp;11277382 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name | Commitment Amounts |
| DSU | &nbsp;&nbsp;$276000000<br>|
| FRA | &nbsp;&nbsp;255000000 |

---

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 year

ended December 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit

agreement were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Maximum<br>Amount Borrowed<br>| Average Amount<br>Outstanding<br>| Daily Weighted Average<br>Interest Rate<br>|
| DSU | &nbsp;&nbsp;$128000000<br>| &nbsp;&nbsp;$105000000<br>| 5.10% <br>|
| FRA | &nbsp;&nbsp;143000000 | &nbsp;&nbsp;130315068 | 5.11 |

---

10. PRINCIPAL RISKS

In the normal course of business, each

Fund

invests 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 or 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

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.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy

of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the

municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities

backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project

or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly

available information on the financial condition of municipal security issuers than for issuers of other securities.

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

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.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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 are 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

As of the close of business on September 29, 2025, BKT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for

shares of BKT's common stock (the "Offer"). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders

to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on October 20, 2025. BKT received from the Offer gross proceeds of

$87,126,281 for the issuance of 8,097,238 Common Shares. The rights offering resulted in $(0.19) or (1.63)% NAV dilution since the Common Shares were issued below

BKT's NAV. BKT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related

to the Offer.

As of the close of business on August 19, 2025, BIT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for

shares of BIT's common stock (the "Offer"). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders

to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on September 9, 2025. BIT received from the Offer gross proceeds of

$185,596,458 for the issuance of 14,265,677 Common Shares. The rights offering resulted in $(0.17) or (1.22)% NAV dilution since the Common Shares were issued below

BIT's NAV. BIT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related

to the Offer.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
| Fund Name | 12/31/25 | 12/31/24 |
| DSU | &nbsp;&nbsp;184,457 | &nbsp;&nbsp;119,031 |
| FRA | &nbsp;&nbsp;130,112 | &nbsp;&nbsp;72,449 |
| BLW | &nbsp;&nbsp;148,923 | &nbsp;&nbsp;105,180 |
| BIT | &nbsp;&nbsp;103,861 | &nbsp;&nbsp;187,269 |

---

For the year ended December 31, 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 year ended December 31, 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, FRA, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 18,000,000, 25,000,000, 12,000,000 and

13,000,000 Common Shares, respectively, through a Shelf Offering. Under the Shelf Offering each Fund 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, 674,242, 18,000,000, 25,000,000, 8,880,956 and 8,315,104 Common Shares, respectively, remain available for issuance under the Shelf Offering. During

the year ended December 31, 2025, DSU, FRA, BKT, BLW and BIT issued 10,245,828, 0, 0, 2,297,599 and 2,851,856 shares respectively under the Shelf Offering. See

Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by each Fund 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.

BKT adopted a discount management program (the "Program") that was comprised of one measurement period beginning on July 9, 2025 and ending on September 30, 2025.

Under the Program, the Trust offered to repurchase a portion of its common shares via tender offer if the Trust's common shares traded at an average daily discount to NAV

of more than 7.50% during the measurement period. The discount trigger was not met and therefore no tender offer was conducted.

On November 14, 2025, the Board approved the renewal of the Program, which will consist of one measurement period beginning on July 9, 2026 and ending on

September 30, 2026. Under the renewed Program, the Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares trade

at an average daily discount to NAV of more than 7.50% during the 12-week measurement period. If the discount trigger is met and a tender offer is conducted, there is no

guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will

have on the market for a Trust's shares or the discount at which a Trust's shares may trade relative to its NAV.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Declaration<br>Date<br>| &nbsp;&nbsp;Record<br>Date<br>| &nbsp;&nbsp;Payable/<br>Paid Date<br>| &nbsp;&nbsp;Dividend Per<br>Common Share<br>|
| DSU | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;$0.098730<br>|
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.098730 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.098730 |
| FRA | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123840 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123840 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123840 |
| BKT | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.088200 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.088200 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.088200 |
| BLW | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.113200 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.113200 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.113200 |
| BIT | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123700 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123700 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.123700 |

---

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors/Trustees of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc., BlackRock Income

Trust, Inc., BlackRock Limited Duration Income Trust, and BlackRock Multi-Sector Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc.,

BlackRock Income Trust, Inc., BlackRock Limited Duration Income Trust, and BlackRock Multi-Sector Income Trust (the "Funds"), including the schedules of investments, as

of December 31, 2025, the related statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period

then ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the

results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial

highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund | Financial Highlights |
| BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, <br>Inc., BlackRock Limited Duration Income Trust and BlackRock Income Trust, Inc.<br>| For each of the five years in the period ended December 31, 2025. |
| BlackRock Multi-Sector Income Trust | For each of the two years in the period ended December 31, 2025, for the period from <br>November 1, 2023 through December 31, 2023 and for each of the three years in the period <br>ended October 31, 2023.<br>|

---

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial

statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)

(PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about

whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we

engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial

reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial

statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by

correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable

basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025

BlackRock Annual Report to Shareholders

------

Important Tax Information

(unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31,

2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name<br>| Qualified Dividend<br>Income<br>|
| DSU | &nbsp;&nbsp;$258245<br>|
| BLW | &nbsp;&nbsp;2420056 |
| BIT | &nbsp;&nbsp;3184913 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended

December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name<br>| Federal Obligation<br>Interest<br>|
| DSU | &nbsp;&nbsp;$44260<br>|
| FRA | &nbsp;&nbsp;6523 |
| BKT | &nbsp;&nbsp;322690 |
| BLW | &nbsp;&nbsp;815945 |
| BIT | &nbsp;&nbsp;87875 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are

advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the

dividends-received deduction for corporate shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name<br>| Dividends-Received<br>Deduction<br>|
| DSU | 0.46% <br>|
| BLW | 3.39 |
| BIT | 4.69 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for

the fiscal year ended December 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name<br>| Interest<br>Dividends<br>|
| DSU | &nbsp;&nbsp;$41243435<br>|
| FRA | &nbsp;&nbsp;30872172 |
| BKT | &nbsp;&nbsp;11475087 |
| BLW | &nbsp;&nbsp;38382600 |
| BIT | &nbsp;&nbsp;39195362 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for

nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Fund Name<br>| Interest-<br>Related<br>Dividends<br>|
| DSU | &nbsp;&nbsp;$33885332<br>|
| FRA | &nbsp;&nbsp;24966570 |
| BKT | &nbsp;&nbsp;10481755 |
| BLW | &nbsp;&nbsp;30877146 |
| BIT | &nbsp;&nbsp;32457335 |

---

Important Tax Information

------

Investment Objectives, Policies and Risks

Recent Changes

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.

During each Fund's most recent fiscal year, there were no material changes in the Fund's investment objectives or policies that have not been approved by shareholders or in

the principal risk factors associated with investment in the Fund.

Investment Objectives and Policies

BlackRock Debt Strategies Fund, Inc. (DSU)

The Fund's primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies' debt instruments, including

Corporate Loans (as defined below), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody's Investor's Service ("Moody's")

or BBB or lower by S&P Global Ratings ("S&P")) or unrated debt instruments which are in the judgment of BlackRock Advisors, LLC (the "Manager") of equivalent quality. Such

investments generally involve greater volatility of price and risks to principal and income than securities in the higher rating categories. As a secondary objective, the Fund will

seek to provide capital appreciation. The Fund's investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding

voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act")).

Under normal market conditions, at least 80% of the Fund's total assets will be invested in debt instruments. The Trust's investments in derivatives will be counted toward the

Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such

securities. The Fund has no restrictions on portfolio maturity or duration of the debt securities in which it may invest.

The Fund's investment policies permit investment in the following asset classes which are described in greater detail below: (i) senior and subordinated corporate loans, both

secured and unsecured ("Corporate Loans"), issued either directly by the borrower or in the form of participation interests in Corporate Loans made by banks and other

financial institutions; (ii) publicly offered and privately placed high-yield debt securities, senior and subordinated, both secured and unsecured; and (iii) convertible debt

instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and nonconvertible preferred stock.

The debt securities and Corporate Loans in which the Fund invests may pay interest at fixed rates or at rates that float at a margin above a generally recognized base lending

rate such as the prime rate of a designated U.S. bank, or that adjust periodically at a margin above the CD rate or LIBOR.

In connection with its investments in corporate debt securities, or restructuring of investments owned by the Fund, the Fund may receive warrants or other non-income

producing debt or equity securities. The Fund may retain such securities until the Manager determines it is appropriate in light of current market conditions to effect a disposition

of such securities.

The Fund will not invest in Corporate Loans that would require the Fund to make any additional investments in connection with its obligation to make future advances to a

borrower in connection with revolving credit facilities if such commitments would exceed 20% of the Fund's total assets or would cause the Fund to fail to meet the

diversification requirements described herein.

The Fund may invest in high-yield corporate debt securities, including Corporate Loans, which are rated in the lower rating categories of the established rating services (Baa

or lower by Moody's and BBB or lower by S&P Global Ratings), or in unrated securities considered by the Manager to be of comparable quality. Securities rated below Baa or

lower by Moody's or BBB or lower by S&P and unrated securities of comparable quality, are commonly known as "junk bonds." Securities which subsequently are downgraded

may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund's total assets may be invested in Distressed Securities (defined below), which includes publicly offered or privately placed debt securities and Corporate

Loans which, at the time of investment, are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest or are rated

in the lowest rating categories (Ca or lower by Moody's and CC or lower by S&P) or which, if unrated, are in the judgment of the Manager of equivalent quality ("Distressed

Securities"). Although the Fund will invest primarily in lower-rated securities, other than with respect to Distressed Securities (which are discussed below) it will not invest in

securities in the lowest rating categories (Ca or below by Moody's and CC or below by S&P) unless the Manager believes that the financial condition of the issuer or the

protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings. Securities which subsequently are downgraded may continue

to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund's total assets may be invested in financial instruments of issuers domiciled outside the United States or that are denominated in various foreign

currencies and multinational foreign currency units, provided that the foreign issuers of any non-U.S. dollar denominated instruments purchased by the Fund are domiciled in

a country that is a member of the Organisation for Economic Co-operation and Development (OECD).

Up to 20% of the Fund's total assets can be invested in convertible debt instruments and preferred stock, each of which may be converted into common stock or other

securities of the same or a different issuer, and non-convertible preferred stock. The types of preferred securities in which the Fund may invest include trust preferred securities.

As a result of conversions of convertible securities or upon an exchange offer or bankruptcy plan of reorganization, a significant portion of the Fund's total assets may be

invested in common stock at certain points in time.

The Fund may engage in various portfolio strategies to seek to increase its return and to hedge its portfolio against movements in interest rates or foreign currencies through

the use of interest rate or foreign currency swap transactions, the purchase of call and put options on securities, the sale of covered call and put options on its portfolio

securities and transactions in financial futures and related options on such futures. There can be no assurance that the Fund will employ these strategies or that, if employed,

they will be effective.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

The Fund may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Fund may make short sales

both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Fund's obligation to replace the borrowed

security will be secured by collateral deposited with the broker dealer, usually cash, U.S. government securities or other liquid securities similar to those borrowed. The Fund

also will be required to segregate similar collateral with its custodian or designate such collateral on its books and records to the extent, if any, necessary so that the value of

both collateral amounts in the aggregate is at all times equal to at least 100% of the current market value of the security sold short. The Fund also may make short sales

"against the box." Short sales "against the box" are not subject to the foregoing 10% limitation.

Subject to other investment restrictions applicable to the Fund, up to 10% of the Fund's assets may be invested in debt instruments, including Corporate Loans, of investment

companies (which may or may not be registered under the Investment Company Act) whose portfolio securities consist entirely of (i) corporate debt or equity securities

acceptable to the Manager or (ii) money market instruments.

The Fund has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.

Leverage:

The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. The Fund generally will not utilize leverage if it anticipates that the

Fund's leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount

of time. At times, the Fund could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a

combination thereof. The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock. The Fund may also utilize leverage through the use of

reverse repurchase agreements.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities

transactions which may otherwise require untimely dispositions of Fund securities. The Fund at times may borrow from affiliates of the Manager, provided that the terms of such

borrowings are no less favorable than those available from comparable sources of funds in the marketplace.

There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund's assets such borrowings will represent. The

Fund does not currently anticipate issuing any preferred stock.

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

The Fund's investment objective is to provide stockholders 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 ("floating rate debt securities"). The Fund's investment objective is a fundamental policy and may

not be changed without stockholder approval.

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). Floating rate debt securities may include, but are not limited to, any combination of the following securities: (i) senior secured floating

rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) participations or assignments in senior floating rate loans or second lien

floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into derivative instruments to effectively convert the fixed-rate interest payments

into floating rate interest payments. The Fund's investments in derivatives will be counted toward the Fund's 80% policy to the extent that they provide investment exposure to

the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy noted above is a non-fundamental policy of the

Trust and may not be changed without 60 days' prior notice to shareholders. "Managed Assets" means the total assets of the Fund (including any assets attributable to money

borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes).

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 BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together

with the Manager, the "Advisors"), the Fund's sub-advisor, to be of comparable quality. Secured loans may be either wholly or partially secured at the time of investment. In

addition to senior loans, floating rate debt securities may include, without limitation, instruments such as catastrophe and other event linked bonds, bank capital securities,

corporate bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities. Due to their floating or variable rate features,

these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the

market value of a floating rate debt security is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed rate debt instrument, although the

value of a floating rate debt security may nonetheless decline as interest rates rise and due to other factors, such as real or perceived changes in credit quality or financial

condition of the issuer or borrower, volatility in the capital markets or other adverse market conditions.

The Fund may invest up to 20% of its total assets in securities other than floating rate debt securities, including, but not limited to, fixed rate debt securities such as convertible

securities, bonds, notes, fixed rate loans and mortgage related and other asset backed securities issued on a public or private basis, collateralized debt obligations (which

include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities), preferred securities, commercial paper,

U.S. government securities, structured notes, credit linked notes, credit linked trust certificates and other hybrid instruments.

To a limited extent, incidental to and in connection with its investment activities or pursuant to a convertible feature in a security, the Fund may acquire warrants and other debt

and equity securities. The Fund may also acquire other debt and equity securities of a borrower or issuer in connection with an amendment, waiver, conversion or exchange

of a senior loan or other debt security or in connection with a bankruptcy or workout of the borrower or issuer.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

The Fund may invest without limit, and generally intends to invest a substantial portion of its assets, in high yield securities, including senior loans and other floating or fixed rate

debt securities, that are rated below investment grade by the established rating services (Ba or lower by Moody's Investor's Service ("Moody's") or BB or lower by S&P Global

Ratings ("S&P")) or, if unrated, are considered by the Advisors to be of comparable quality. High yield bonds commonly are referred to as "junk" bonds. The high yield securities

in which the Fund invests may include credit linked notes, structured notes, credit linked trust certificates or other instruments evidencing interests in special purpose vehicles

or trusts that hold interests in high yield securities. Other than with respect to Distressed Securities (which are discussed below), the high yield securities in which the Fund may

invest do not include securities which, at the time of investment, are in default or the issuers of which are in bankruptcy. The Fund may also invest in investment grade

securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody's or, if unrated, determined to be of comparable quality by the

Advisors.

The Fund may not invest more than 10% of its total assets (at the time of investment) in securities that are rated Caa1 or lower (if rated by Moody's) or CCC+ or lower (if rated

by S&P) by each agency rating such security or, if unrated, are considered by the Advisors to be of comparable quality or are otherwise considered to be distressed securities

("Distressed Securities").

The Fund may invest without limitation in debt securities of issuers domiciled outside the United States. The Fund, however, will not invest more than 10% of its total assets in

debt securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world (including countries that may be

considered "frontier" markets) except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund will invest primarily

in U.S. dollar denominated debt securities. The Fund will not invest more than 10% of its total assets in debt securities denominated in currencies other than the U.S. dollar or

that do not provide for payment to the Fund in U.S. dollars, including obligations of non-U.S. governments and their respective subdivisions, agencies and government

sponsored enterprises.

The Fund may invest in bonds of varying maturities issued by U.S. and non-U.S. corporations and other business or governmental entities. Bonds can be variable or fixed rate

debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. The Fund may also invest in catastrophe or other "event

linked" bonds. The Fund may invest in securities of any maturity.

The Fund may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The

types of preferred securities in which the Fund may invest include trust preferred securities.

The Fund may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged

for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.

The Fund may invest without limit in illiquid securities, which are floating rate debt securities, senior loans, high yield securities and other securities that lack a secondary

trading market or are otherwise considered illiquid.

Leverage:

The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. At times, the Fund could utilize leverage through borrowings, the

issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund also has the ability to utilize leverage through the issuance

of shares of preferred stock. The Fund may also leverage through the use of reverse repurchase agreements. There can be no assurance that the Fund will borrow in order to

leverage its assets or, if it does, what percentage of the Fund's assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

BlackRock Income Trust, Inc. (BKT)

The Fund's investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Fund will seek to

distribute monthly income that is greater than that obtainable on an annualized basis by investment in United States government securities having the same maturity as the

weighted average maturity of the Fund's investments. The Fund's portfolio is expected to consist primarily of mortgage-backed securities and, to a lesser extent, asset-backed

securities.

Mortgage-backed securities are securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property.

There are three basic types of mortgage-backed securities: (i) those issued or guaranteed by the United States government or one of its agencies or instrumentalities, such as

the Government National Mortgage Association ("GNMA"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation

("Freddie Mac"); (ii) those issued by private issuers that are collateralized by securities issued or guaranteed by the United States government or one of its agencies or

instrumentalities; and (iii) those issued by private issuers and collateralized by securities without a government guarantee but usually with some form of private credit

enhancement.

The Fund will invest at least 65% of its assets in mortgage-backed securities. The balance of the Fund's assets generally will be invested in asset-backed securities, which

have structural characteristics similar to mortgage-backed securities but have underlying assets that are not mortgage loans or interests in mortgage loans. The Fund may also

invest in various derivative mortgage-backed and asset-backed securities, such as collateralized mortgage obligations and asset-backed security residual interests and

stripped mortgage-backed securities. The Fund may invest directly in such securities or synthetically through the use of derivatives. In addition, for hedging purposes, the

Fund may utilize a portion of its assets for certain options, futures, interest rate swaps and related transactions. For purposes of enhancing liquidity and/or preserving capital,

the Fund may invest without limit in securities issued by the United States government and its agencies and instrumentalities, or repurchase agreements collateralized by such

securities, certificates of deposit, time deposits or bankers' acceptances of similar quality.

At least 80% of the Fund's assets will be invested in securities that are (i) issued or guaranteed by the United States 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 ("Moody's"). Securities issued or guaranteed by the

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

United States government or its agencies or instrumentalities are generally considered to be of the same or higher quality than privately issued securities rated AAA or Aaa.

No more than 20% of the Fund's assets will be invested in other securities, all of which will have been determined by BlackRock Advisors, LLC (the "Manager") or BlackRock

International Limited ("BIL" and together with the Manager, the "Advisors"), the Fund's sub-advisor, to be of comparable credit quality.

The yield characteristics of mortgage-backed and asset-backed securities differ from traditional debt securities. Among the major differences are that interest and principal

payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be

prepaid at any time. As a result, if the Fund purchases such a security at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a

prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if the Fund purchases these securities at a discount,

faster than expected prepayments will increase, while slower than expected prepayments will reduce, yield to maturity. The Fund may also invest in derivative securities such

as stripped mortgage-backed securities or residual interests, which generally are more sensitive to changes in prepayment and interest rates. The Advisors will seek to

manage these risks (and potential benefits) by investing in a variety of such securities and through hedging techniques.

Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors, including changes in mortgagors' housing needs, job

transfers, unemployment, mortgagors' net equity in the mortgaged properties and servicing decisions. Generally, however, prepayments on fixed rate mortgage loans will

increase during a period of falling interest rates and decrease during a period of rising interest rates. The same factors apply to prepayments on asset-backed securities but

the predominant factor in a particular case may be different than in the case of mortgage-backed securities. Accordingly, amounts available for reinvestment by the Fund are

likely to be greater during a period of declining interest rates than during a period of rising interest rates.

The Fund's yield will also be affected by the interest rates on instruments in which the Fund is able to reinvest the proceeds of payments and prepayments. Accelerated

prepayments on securities purchased by the Fund at a premium also impose a risk of loss of principal because the premium may not have been fully amortized at the time the

principal is repaid in full.

Leverage:

The Fund may borrow from time to time, at the Advisors' discretion, for purposes of investment leverage when yields on available investments exceed interest rates

and other expenses of related borrowing, or when, in the Advisors' opinion, unusual market conditions otherwise make it advantageous for the Fund to increase its investment

capacity.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow for emergency purposes, for the payment of dividends or for the clearance of transactions.

The Fund may enter into reverse repurchase agreements.

BlackRock Limited Duration Income Trust (BLW)

The Fund's investment objective is to provide current income and capital appreciation. The Fund pursues its objective by investing primarily in three distinct asset classes:

&nbsp;&nbsp;&nbsp;&nbsp;

• intermediate duration, investment grade corporate bonds, mortgage related securities and asset-backed securities and U.S. government and agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;

• senior, secured floating rate loans made to corporate and other business entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• U.S. dollar-denominated securities of U.S. and non-U.S. issuers rated below investment grade and, to a limited extent, non-U.S. dollar denominated securities of

non-U.S. issuers rated below investment grade.

The Fund may invest directly in such securities or synthetically through the use of derivatives.

BlackRock Advisors, LLC (the "Manager") and the Fund's sub-advisers, BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL" and collectively with

BIL and the Manager, the "Advisors"), have broad discretion to allocate the Fund's assets among these three principal asset classes.

The Fund's investment objective may be changed by the Board of Trustees of the Fund without prior shareholder approval.

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. In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is

a measure of the price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing of the instrument's expected

principal and interest payments. Specifically, duration measures the anticipated percentage change in net asset value that is expected for every percentage point change in

interest rates. The two have an inverse relationship. Duration differs from maturity in that it takes into account a security's yield, coupon payments and its principal payments

in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend

to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more

sensitive to interest rate changes than a portfolio with a shorter duration.

The Fund is intended to have a relatively low level of interest rate risk compared to investment portfolios of similar credit quality but with longer durations. Certain of the Fund's

other strategies, however, may result in an above average amount of risk and volatility or loss of principal.

The Fund may invest in corporate bonds.

The Fund anticipates that, under normal market conditions, a significant portion of its Managed Assets will be invested in securities rated below investment grade, such as

those rated (Ba or lower by Moody's Investor's Service ("Moody's") or BB or lower by S&P Global Ratings ("S&P")) or securities comparably rated by other rating agencies or

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

in unrated securities determined by the Advisors to be of comparable quality. High yield securities commonly are referred to as "junk" bonds. The Fund may invest in individual

securities of any credit quality. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the

sum of the Fund's accrued liabilities (other than money borrowed for investment purposes).

The Fund may also invest in investment grade securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody's or, if unrated,

determined to be of comparable quality by the Advisors. When the Advisors believe it to be in the best interests of the Fund's shareholders, the Fund will reduce its investment

in lower grade securities and, in certain market conditions, the Fund may invest none of its assets in lower grade securities.

The Fund may invest without limitation in U.S. dollar denominated securities of non-U.S. issuers and, to a limited extent, non-U.S. dollar-denominated securities of non-U.S.

issuers ("Non-U.S. Securities"), including up to 20% of its Managed Assets in issuers located in emerging market countries. The Fund can hold no more than 10% of its

Managed Assets in non-U.S. dollar-denominated Non-U.S. Securities.

Non-U.S. Securities may include debt securities issued by foreign governments and other sovereign entities and debt securities issued by foreign corporations or supranational

entities and securities denominated in U.S. dollars or, to a limited extent (as described above), in foreign currencies or multinational currency units. The Fund may invest in

Brady Bonds and other sovereign debt of countries that have restructured their debt pursuant to the Brady Plan, which are viewed as speculative investments. The Fund may

also purchase debt securities of supranational organizations such as the European Coal and Steel Community, the European Economic Community and the World Bank, which

are chartered to promote economic development.

The Fund may invest in debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities including but not limited to: (1) U.S. Treasury obligations,

which differ in their interest rates, maturities and times of issuance, such as U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years),

and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. government under

the separate trading of registered interest and principal securities program (i.e., "STRIPS"), all of which are backed by the full faith and credit of the United States; and

(2) obligations issued or guaranteed by U.S. government agencies or instrumentalities, including government guaranteed mortgage-related securities, some of which are

backed by the full faith and credit of the U.S. Treasury, some of which are supported by the right of the issuer to borrow from the U.S. government and some of which are backed

only by the credit of the issuer itself.

The Fund may invest in mortgage-related securities, which include collateralized mortgage obligations, stripped mortgage-backed securities, mortgage pass-through

securities, interests in real estate mortgage investment conduits, real estate investment trusts ("REITs"), including debt and preferred stock issued by REITs, as well as other

real estate-related securities. The mortgage-related securities in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates

that change based on multiples of changes in a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those

that do not bear interest. The Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, including

subordinated mortgage-related securities. The Fund will not invest more than 15% of its Managed Assets in commercial mortgage-related securities.

Asset-backed securities are a form of structured debt obligations. The securitization techniques used for asset-backed securities are similar to those used for mortgage-related

securities. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile

home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of asset-backed securities that may be developed in

the future.

In addition to senior, secured floating rate loans made to corporate and other business entities, the Fund may also purchase unsecured loans, other floating rate debt

securities, and credit-linked notes.

A senior loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the

"Agent") for a group of loan investors ("Loan Investors"). The Fund may purchase "Assignments" from the Agent or other Loan Investors. The Fund also may invest in

"Participations." Participations by the Fund in a Loan Investor's portion of a senior loan typically will result in the Fund having a contractual relationship only with such Loan

Investor, not with the borrower, whereas the Fund, as a purchaser of an Assignment, would typically succeed to all the rights and obligations under the loan agreement of the

assigning Loan Investor and become a Loan Investor under the loan agreement with the same rights and obligations as the assigning Loan Investor. The Fund will only acquire

Participations if the Loan Investor selling the Participation, and any other persons interpositioned between the Fund and the Loan Investor, are believed by the Advisors to be

creditworthy at the time they enter into such transactions.

The Fund may also acquire equity securities or debt securities (including non-dollar denominated debt securities) issued in exchange for a senior loan or issued in connection

with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the Advisors, may enhance the value of a senior loan or would otherwise

be consistent with the Fund's investment policies.

The Fund may invest in collateralized bond obligations ("CBOs"), which are structured securities backed by a diversified pool of high yield, public or private fixed-income

securities. Under normal market conditions, the Fund expects to invest in the lower tranches of CBOs.

The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency

forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps)

and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other

derivative instruments or management techniques. The Fund also may purchase derivative instruments that combine features of these instruments.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the

Fund may invest directly. The Fund generally expects to invest in other investment companies either during periods when it has large amounts of uninvested cash, such as the

period shortly after the Fund receives the proceeds of the offering of its common shares, or during periods when there is a shortage of attractive opportunities in the

fixed-income market.

Leverage:

The Fund currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Fund may borrow from banks and other financial

institutions and may also borrow additional funds using such investment techniques as the Advisors may from time to time determine. Of these investment techniques, the

Fund expects primarily to use reverse repurchase agreements and dollar rolls.

The Fund also has the ability to utilize leverage through the issuance of preferred shares. The Fund does not currently anticipate issuing any preferred shares.

The Fund generally will not utilize leverage if it anticipates that the Fund's leveraged capital structure would result in a lower return to shareholders than that obtainable over

time with an unleveraged capital structure. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund's

assets such borrowings will represent.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

BlackRock Multi-Sector Income Trust (BIT)

The Fund's primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Fund's investment objectives may be changed

by the Board of Trustees of the Fund (the "Board," and each member, a "Trustee") without prior shareholder approval.

In investing the Fund's assets, BlackRock Advisors, LLC, the Fund's investment adviser (the "Manager"), and BlackRock International Limited and BlackRock (Singapore)

Limited, the Fund's sub-advisers (each, a "Sub-Advisor" and, collectively with the Manager, the "Managers"), expect to allocate capital across multiple sectors of the fixed-income

securities market by evaluating portfolio risk in light of the available investment opportunities and prevailing risks in the fixed-income market, with the goal of delivering

attractive risk-adjusted returns. In doing so, the Managers seek to find the appropriate balance between risk mitigation and opportunism. The Managers do not manage the

Fund to a benchmark, which provides flexibility to allocate and rotate the Fund's assets across various sectors within the fixed-income universe. This strategy seeks to provide

exposure to those segments of the fixed-income market that the Managers anticipate will provide value while attempting to minimize exposure to those segments that the

Managers anticipate will not provide value. If the Managers' perception of the value of a segment of the fixed-income market or an individual security is incorrect, your

investment in the Fund may lose value.

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in loan and debt instruments and other investments with similar economic

characteristics (collectively "fixed-income securities"). The Fund may invest directly in such securities or synthetically through the use of derivatives. "Managed Assets" means

the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money

borrowed for investment purposes). Fixed-income securities in which the Fund may invest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• mortgage related securities, including mortgage-backed securities ("MBS"), which are structured debt obligations collateralized by pools of commercial mortgages

(commercial mortgage-backed securities or "CMBS") or residential mortgages (residential mortgage-backed securities or "RMBS"), including agency RMBS issued or

guaranteed by U.S. federal agencies or government related guarantors and non-agency RMBS issued by commercial banks, savings and loan institutions, mortgage

bankers, private mortgage insurance companies and other non-governmental issuers; collateralized mortgage obligations ("CMOs"); Real Estate Mortgage Investment

Conduits ("REMICs"), including resecuritizations of REMICs; stripped mortgage-backed securities, including interest-only ("IO") and principal-only ("PO") classes;

delegated underwriting and servicing bonds; MBS credit default swaps and other mortgage related derivative instruments; inverse floating rate instruments which are

derivative interests in MBS; repurchase agreements supported by MBS; and interests in real estate investment trusts ("REITs") that invest the majority of their assets

in real property mortgages or MBS, including debt and preferred stock issued by mortgage REITs;

&nbsp;&nbsp;&nbsp;&nbsp;

• asset-backed securities ("ABS");

&nbsp;&nbsp;&nbsp;&nbsp;

• U.S. Government and agency securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• loans and loan participations, including senior secured floating rate and fixed rate loans or debt ("Senior Loans") and second lien or other subordinated or unsecured

floating rate and fixed rate loans or debt ("Second Lien Loans");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, which may include fixed, variable and floating rate bonds,

debentures, notes and other similar types of debt instrument (collectively referred to herein as "corporate bonds"), of any quality, rated or unrated, including those that

are rated below investment grade quality;

&nbsp;&nbsp;&nbsp;&nbsp;

• collateralized loan obligations ("CLOs");

&nbsp;&nbsp;&nbsp;&nbsp;

• preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;

• convertible securities, including synthetic convertible securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• sovereign debt, including obligations of foreign governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international

agencies and supranational entities;

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;

• municipal securities, including taxable municipal securities such as Build America Bonds ("BABs"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• structured instruments, including structured notes, hybrid or indexed securities, event-linked securities, credit-linked notes ("CLNs"), equity-linked notes and structured

credit products.

The Fund may invest in fixed-income securities of any type, including those with fixed, floating or variable interest rates, those with interest rates that change based on

multiples of changes in a specified reference interest rate or index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as

those that do not bear interest. The Fund may hold securities of any duration or maturity and does not maintain set policies with respect to the average duration or maturity of

the Fund's portfolio. 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.

The Fund may invest in securities of any quality, rated or unrated, including those that are rated below investment grade quality (rated Ba/BB or below by Moody's Investor's

Service, Inc. ("Moody's"), S&P Global Ratings ("S&P"), or Fitch Ratings, Inc. ("Fitch")) or securities that are unrated but judged to be of comparable quality by the Managers.

Such securities, sometimes referred to as "high yield" or "junk" bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in

accordance with the terms of the security and generally involve greater price volatility than securities in higher rating categories. Under normal market conditions, the Fund will

not invest more than 20% of its Managed Assets in securities, other than mortgage related and other asset-backed securities, that are, at the time of investment, rated CCC+

or lower by S&P or Fitch or Caa1 or lower by Moody's, or that are unrated but judged to be of comparable quality by the Managers. For purposes of applying the foregoing

policy, in the case of securities with split ratings (i.e., a security receiving two different ratings from two different rating agencies), the Fund will apply the higher of the applicable

ratings. The Fund may invest in mortgage related and other asset backed securities of any quality, rated or unrated, without limitation.

Under normal market conditions, the Fund will not invest more than 10% of its Managed Assets in CLOs.

Under normal market conditions, the Fund will invest at least 25% of its total assets in mortgage related securities. The Fund's investment in mortgage related securities may

consist entirely of privately issued securities, which are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies

and other non-governmental issuers. The Securities and Exchange Commission (the "SEC") informed the Fund that it is the view of the SEC staff that privately issued MBS

constitute an "industry" for purposes of a fund's industry concentration policy. On July 8, 2013, the Fund obtained formal "no-action" relief from the staff of the SEC that the staff

would not recommend any enforcement action in connection with the Fund's policy to concentrate its investments in the group of industries constituting mortgage related

securities (including privately issued MBS and agency MBS).

Under normal market conditions, the Fund may invest up to 20% of its Managed Assets in securities other than fixed-income securities, including common stocks, warrants,

depositary receipts and other equity securities.

The Fund may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging

markets. Foreign securities in which the Fund may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. The Fund may invest in securities of issuers of any

market capitalization size, including small- and mid-cap companies, and of issuers that operate in any sector or industry.

The Fund may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds ("ETFs"), subject to applicable regulatory limits,

that invest primarily in securities of the types in which the Fund may invest directly. The Fund treats its investments in open- or closed-end investment companies that invest

substantially all of their assets in fixed-income securities as investments in fixed-income securities.

The Fund may make short sales of securities. The Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25%

of the value of its Managed Assets or the Fund's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class.

During temporary defensive periods, and in order to keep the Fund's cash fully invested, the Fund may invest up to 100% of its total assets in liquid, short-term investments,

including high quality, short-term securities. The Fund may not achieve its investment objectives under these circumstances.

The Fund's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Fund's policy to invest at least 80%

of its Managed Assets in fixed-income securities may be changed by the Board; however, if this policy changes, the Fund will provide shareholders at least 60 days' written

notice before implementation of the change.

The percentage limitations applicable to the Fund's portfolio apply only at the time of initial investment and the Fund will not be required to sell investments due to subsequent

changes in the value of investments that it owns.

Leverage:

The Fund currently uses leverage to seek to achieve its investment objectives. The Fund currently leverages its assets through the use of reverse repurchase

agreements and/or dollar rolls. The Fund currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so,

the Fund reserves the right to borrow money from banks or other financial institutions or issue debt securities or preferred shares in the future if it believes that market

conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. The Fund is

permitted to use leverage of up to 50% of its Managed Assets (100% of its net assets).

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities

transactions which otherwise might require untimely dispositions of Fund securities.

2025

BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks

(continued)

Investment Objectives and Policies

(continued)

Risk Factors

This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will

fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Fund will meet its investment

objective or that the Fund's performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted

in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk.

Investment and Market Discount Risk:

An investment in the Fund's common shares is subject to investment risk, including the possible loss of the entire amount that you

invest. As with any stock, the price of the Fund's common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or

less than the original investment. Common shares are designed for long-term investors and the Fund should not be treated as a trading vehicle. Shares of closed-end

management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund's net asset value

could decrease as a result of its investment activities. At any point in time an investment in the Fund's common shares may be worth less than the original amount invested,

even after taking into account distributions paid by the Fund. During periods in which the Fund may use leverage, the Fund's investment, market discount and certain other

risks will be magnified.

Concentration Risk (BIT):

The Fund's strategy of concentrating in mortgage related securities means that its performance will be closely tied to the performance of a

particular market segment. The Fund's concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the

economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance

of these securities will lag the performance of other industries or the broader market as a whole.

Debt Securities Risk:

Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in

further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Credit Risk

—

Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when

due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The

degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Interest Rate Risk

—

The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is

the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming

a current portfolio duration of ten years, and all other factors being equal, the value of the Fund's investments would be expected to decrease by 10%. (Duration is a

measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market

price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's

investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose

money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities

to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically

reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net

asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only

as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will

fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds

that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and

could hurt the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;

• Extension Risk

—

When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Prepayment Risk

—

When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest

the proceeds in securities with lower yields.

U.S. Government Obligations Risk:

Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government

sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that

could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative "debt ceiling." Such non-payment could result in

losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.

U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW):

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. Mortgage-related securities guaranteed by the Government National

Mortgage Association ("GNMA" or "Ginnie Mae") are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and

credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and 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 Treasury.

Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT):

Mortgage- and asset-backed securities represent interests in "pools" of mortgages or other

assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These

securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both

increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

Senior Loans Risk (DSU, FRA, BLW and BIT):

There is less readily available, reliable information about most senior loans than is the case for many other types of securities.

An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral

used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value. No active trading market may exist for certain senior

loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although

senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the

borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is

collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve

a greater risk of loss.

Second Lien Loans Risk (BIT):

Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are

subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing

the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.

CLO Risk (BIT and FRA):

In addition to the general risks associated with fixed-income securities discussed herein, CLOs carry additional risks, including: (i) the possibility that

distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility

that the CLO securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce

disputes with the issuer or unexpected investment results. The credit quality of CLOs depends primarily upon the quality of the underlying assets and the level of credit support

and/or enhancement provided. The underlying assets (e.g., loans) of CLOs are subject to prepayments, which shorten the weighted average maturity and may lower the return

of the securities issued by the CLOs. The value of CLO securities also may change because of changes in the market's perception of the creditworthiness of the servicing

agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each

subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on

the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. CLOs are typically privately offered and sold, and

thus are not registered under the securities laws. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary

market), there often may be a delayed settlement period. As a result, investments in CLOs may be characterized by the Fund as illiquid securities; however, an active dealer

market may exist which would allow such securities to be considered liquid in some circumstances. Finally, CLOs are limited recourse and may not be paid in full and may be

subject to up to 100% loss.

Risks of Loan Assignments and Participations (BLW):

As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning

institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and

remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and

potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning

lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral.

The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan.

In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the

loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As

a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a

participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Corporate Loans Risk (DSU):

Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or

restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing

Rate ("SOFR") or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest

rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,

transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional

investments or to meet the Fund's redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional

cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.

Variable and Floating Rate Instrument Risk (DSU, FRA and BLW):

Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the

securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their

coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These

securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate

securities held by the Fund and may adversely affect the value of the Fund's shares. These securities may be subject to greater illiquidity risk than other fixed-income

securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time. Floating rate securities

generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans.

Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they

are subject to credit risk and default risk, which could impair their value.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

Unrated Securities Risk (BIT):

Because the Fund may purchase securities that are not rated by any rating organization, the Managers may, after assessing their credit

quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading

market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated

securities, the Fund's ability to achieve its investment objectives will be more dependent on the Managers' credit analysis than would be the case when the Fund invests in

rated securities.

High Yield Bonds Risk (DSU, FRA, BLW and BIT):

Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk

investments that are considered speculative and may cause income and principal losses for the Fund.

Distressed Securities Risk (DSU and FRA):

Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund

will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial

risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional

expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation

proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.

Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Collateralized Bond Obligations Risk (BLW):

The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches

representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater

risk, pay higher interest rates.

Collateralized Debt Obligations Risk (FRA):

In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt

obligations ("CDOs"), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will

not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized

statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the

legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly

different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced "fire sale" liquidation due to technical

defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

Sovereign Debt Risk (FRA, BLW and BIT):

Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal

on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt

position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

Municipal Securities Risks (BIT):

Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of

municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,

and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;

• General Obligation Bonds Risks

—

Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Revenue Bonds Risks

—

These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another

source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Private Activity Bonds Risks

—

Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private

enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The

Fund's investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Moral Obligation Bonds Risks

—

Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to

meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Municipal Notes Risks

—

Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid

and the Fund may lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Municipal Lease Obligations Risks

—

In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does

not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Tax-Exempt Status Risk

—

The Fund and its investment manager will rely on the opinion of issuers' bond counsel and, in the case of derivative securities, sponsors'

counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will

independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax

liabilities.

Brady Bonds Risk (BLW):

Brady Bonds involve various risk factors described above associated with investing in non-U.S. securities, including the history of defaults with

respect to commercial bank loans by public and private entities of countries issuing Brady Bonds.

Supranational Entities Risk (BLW):

The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or "stockholders," usually make

initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made,

the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

Yield and Ratings Risk (BKT):

The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market

for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody's, S&P and Fitch,

represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality.

Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may

cease to be rated. The Manager will consider such an event in determining whether the Fund should continue to hold the security.

Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT):

If the other party to a repurchase agreement or purchase and sale contract defaults on

its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the

security in either situation and the market value of the security declines, the Fund may lose money.

Foreign Securities Risk (DSU, FRA, BLW and BIT):

Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the

Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody

business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;

• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national

product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls

and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer

currency, securities, derivatives or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not

have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and

clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due

to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund's net asset value for such refunds may be written down partially or

in full, which will adversely affect the Fund's net asset value.

Emerging Markets Risk (FRA, BLW and BIT):

Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully

develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which

adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

Equity Securities Risk (DSU, FRA, BLW and BIT):

Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition

and overall market and economic conditions.

Small and Mid-Capitalization Company Risk (BIT):

Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and

financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller

companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities

analysts.

Preferred Securities Risk (DSU, FRA, BLW and BIT):

Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and

market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments

to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived

changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred

securities of larger companies.

Convertible Securities Risk (DSU, FRA and BIT):

The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise,

the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when

due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of

its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying

common stock, including the potential for increased volatility in the price of the convertible security.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

Warrants Risk (DSU and FRA):

If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any

value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially 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.

Real Estate-Related Securities Risk (BLW):

The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may

affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease

space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws)

affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real

estate values. If the Fund's real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks

associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value

of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related

securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves

significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore,

subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by

borrowers or tenants.

REIT Investment Risk (BLW and BIT):

Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited

volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment

company registration or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate

taxable income for dividends paid to their shareholders.

Structured Securities Risk (BIT):

Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally

will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive

payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the

general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from

collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured

securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of

payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured

securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the

movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these

factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be

reduced to zero. Certain issuers of such structured securities may be deemed to be "investment companies" as defined in the Investment Company Act. As a result, the Fund's

investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.

Derivatives Risk:

The Fund's use of derivatives may increase its costs, reduce the Fund's returns and/or increase volatility. Derivatives involve significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Leverage Risk

—

The Fund's use of derivatives can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value

of a derivatives position and can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Market Risk

—

Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses

related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict

correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund's derivatives positions to lose value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Counterparty Risk

—

Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its

contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Illiquidity Risk

—

The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position

could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Operational Risk

—

The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures,

inadequate controls and human error.

&nbsp;&nbsp;&nbsp;&nbsp;

• Legal Risk

—

The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Volatility and Correlation Risk

—

Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period.

A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Valuation Risk

—

Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and

market makers may be reluctant to purchase complex instruments or quote prices for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Hedging Risk

—

Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the

Fund's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Tax Risk

—

Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently

unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct

investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

Structured Notes Risk (FRA):

Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal

and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference measure"). The purchase of structured

notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note's value

relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or

more traditional debt securities.

Leverage Risk:

The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund

cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage

involves risks and special considerations for common shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;

• the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;

• the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged,

which may result in a greater decline in the market price of the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;

• leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Fund's investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund's portfolio

declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value

decrease will also tend to cause a greater decline in the market price for the common shares.

Reverse Repurchase Agreements Risk:

Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at

an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or

at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash

collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve

the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

Dollar Rolls Risk (BLW and BIT):

Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the

securities the Fund has sold. These transactions may involve leverage.

Short Sales Risk (DSU and BIT):

Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short

sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date

on which the Fund replaces the security sold short.

Illiquid Investments Risk:

The 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. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the

Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing

transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund's net asset

value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent

years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and

substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of

such market dislocation may occur again at any time. 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.

Inverse Floater and Related Securities Risk (BIT):

Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the

same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in

these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar

instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters,

residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be

considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short

term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender

option bonds and similar instruments that have fixed-income securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the

values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities.

Investment Companies and ETFs Risk (DSU, BLW and BIT):

Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Fund may

acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

Risk Factors

(continued)

companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity's expenses,

including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the

Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the

extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through

an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market

value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated

fund, the ability of the Fund itself to hold other investment companies may be limited.

Risk of Investing in the United States:

Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an

adverse effect on the securities to which the Fund has exposure.

Market Risk and Selection Risk:

Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will

go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not

specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry,

group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like

pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by

Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies.

This means you may lose money.

Shareholder Activism Risk:

Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging

in public campaigns to demand that the Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund's corporate

governance and/or management, commencing proxy contests to attempt to elect the activists' representatives or others to the Fund's Board of Directors, or to seek other

actions such as a termination of the Fund's investment advisory contract with its current investment manager or commencing litigation. If the Fund becomes the subject of

shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Fund may incur

substantial costs defending against such activism if management and the Board determine that the activist's demands are not in the best interest of the Fund. Further, the

Fund's share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

Investment Objectives, Policies and Risks

------

Shareholder Update

(unaudited)

The following information is presented for DSU, FRA, BKT, BLW and BIT, in conformance with annual reporting requirements for funds that have filed a shelf offering

registration statement pursuant to General Instruction A.2 of Form N-2.

Summary of Expenses

BlackRock Debt Strategies Fund, Inc. (DSU)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in

DSU

'

s common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | DSU |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Fund (as a percentage of offering price)<br>(a)<br>| 0.02% |

---

---

| | |
|:---|:---|
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.65% <br>|
| Other expenses | 1.04 |
| Miscellaneous | 0.08<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 0.96<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Acquired fund fees and expenses<br>(f)<br>| 0.03 |
| Total annual expenses<br>(f)<br>| 1.72 |
| Fee waivers<br>(d)<br>|  |
| Total annual Fund operating expenses after fee waivers<br>(d)<br>| 1.72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by DSU. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share

fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage

commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DSU currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average daily value of DSU

'

s net assets, plus the proceeds of any

outstanding debt securities or borrowings used for leverage (together, "average daily Managed Assets").

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DSU and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of DSU's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the "ETFs") managed

by the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually

agreed to waive its investment advisory fees by the amount of investment advisory fees DSU pays to the Manager indirectly through its investment in money market funds managed

by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by DSU (upon the vote of

a majority of the Directors who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), of DSU (the

"Independent Directors")) or a majority of the outstanding voting securities of DSU), upon 90 days' written notice by DSU to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

DSU uses leverage in the form of a credit facility, in an amount equal to approximately 15.2% of DSU

'

s Managed Assets at an annual interest expense to DSU of 5.10% which is based

on current market conditions. The actual amount of interest expense borne by DSU will vary over time in accordance with the level of DSU

'

s use of leverage and variations in market

interest rates. Interest expense is required to be treated as expense of DSU for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The total annual expenses do not correlate to the ratios to average net assets shown in DSU's Financial Highlights for the year ended December 31, 2025, which do not include

acquired fund fees and expenses.The total annual expenses do not correlate to the ratios to average net assets shown in DSU's Financial Highlights for the year ended December 31,

2025, which do not include acquired fund fees and expenses.

The following example illustrates DSU

'

s expenses (including the sales load of $10.00 and offering costs of $0.18) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 1.72% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $27<br>| $64<br>| $103<br>| $211<br>|

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual

Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. DSU's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in

FRA

'

s common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | FRA |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Fund (as a percentage of offering price)<br>(a)<br>| 0.05% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|

---

---

| | |
|:---|:---|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.97% <br>|
| Other expenses | 1.64 |
| Miscellaneous | 0.07<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 1.57<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Acquired fund fees and expenses<br>(f)<br>| 0.03 |
| Total annual expenses<br>(f)<br>| 2.64 |
| Fee waivers<br>(d)<br>|  |
| Total annual Fund operating expenses after fee waivers<br>(d)<br>| 2.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by FRA. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee

and pay $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any

applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FRA currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average daily value of FRA

'

s net assets, plus the proceeds of any

outstanding debt securities or borrowings used for leverage (together, "average daily Managed Assets").

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FRA and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of FRA's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the "ETFs") managed

by the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually

agreed to waive its investment advisory fees by the amount of investment advisory fees FRA pays to the Manager indirectly through its investment in money market funds managed

by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by FRA (upon the vote of

a majority of the Directors who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), of FRA (the

"Independent Directors")) or a majority of the outstanding voting securities of FRA), upon 90 days' written notice by FRA to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FRA uses leverage in the form of a credit facility, in an amount equal to approximately 21.4% of FRA

'

s Managed Assets at an annual interest expense to FRA of 5.11% which is based

on current market conditions. The actual amount of interest expense borne by FRA will vary over time in accordance with the level of FRA

'

s use of leverage and variations in market

interest rates. Interest expense is required to be treated as expense of FRA for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The total annual expenses do not correlate to the ratios to average net assets shown in FRA's Financial Highlights for the year ended December 31, 2025, which do not include

acquired fund fees and expenses.

The following example illustrates FRA

'

s expenses (including the sales load of $10.00 and offering costs of $0.51) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 2.64% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $37<br>| $92<br>| $149<br>| $305<br>|

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual

Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. FRA's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

BlackRock Income Trust, Inc. (BKT)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in

BKT

'

s common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BKT |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Fund (as a percentage of offering price)<br>(a)<br>| 0.07% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.65% <br>|
| Other expenses | 1.32 |
| Miscellaneous | 0.26<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 1.06<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Total annual expenses | 1.97 |
| Fee waivers<br>(d)<br>|  |
| Total annual Fund operating expenses after fee waivers<br>(d)<br>| 1.97 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A.

'

s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BKT. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and

pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any

applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BKT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.65% of the average weekly value of BKT

'

s net assets. For purposes of

calculating this fee, "net assets" means the total assets of BKT minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BKT and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of BKT's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the

Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed

to waive its investment advisory fees by the amount of investment advisory fees BKT pays to the Manager indirectly through its investment in money market funds managed by the

Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BKT (upon the vote of a

majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), of BKT or a majority of the

outstanding voting securities of BKT), upon 90 days' written notice by BKT to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BKT uses leverage in the form of reverse repurchase agreements representing 18.5% of Managed Assets at an annual interest expense to BKT of 4.2% which is based on current

market conditions. The actual amount of interest expenses borne by BKT will vary over time in accordance with the level of BKT

'

s use of reverse repurchase agreements and

variations in market interest rates. Interest expense is required to be treated as an expense of BKT for accounting purposes.

The following example illustrates BKT

'

s expenses (including the sales load of $10.00 and offering costs of $0.72) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 1.97% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $31<br>| $72<br>| $116<br>| $238<br>|

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual

Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BKT's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

BlackRock Limited Duration Income Trust (BLW)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in

BLW

'

s common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BLW |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Fund (as a percentage of offering price)<br>(a)<br>| 0.03% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.88% <br>|
| Other expenses | 2.82 |
| Miscellaneous | 0.12<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 2.70<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Total annual expenses | 3.70 |
| Fee waivers<br>(d)<br>|  |
| Total annual Fund operating expenses after fee waivers<br>(d)<br>| 3.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BLW. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and

pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any

applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BLW currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average weekly value of BLW

'

s managed assets, including the

proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, "managed assets" are determined as total assets of BLW (including

any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BLW and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of BLW's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the

Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed

to waive its investment advisory fees by the amount of investment advisory fees BLW pays to the Manager indirectly through its investment in money market funds managed by the

Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BLW (upon the vote of a

majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of BLW or a majority of the outstanding voting securities of BLW), upon 90 days'

written notice by BLW to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BLW uses leverage in the form of reverse repurchase agreements representing 34.8% of Managed Assets at an annual interest expense to BLW of 4.50%, which is based on current

market conditions. The actual amount of interest expense borne by BLW will vary over time in accordance with the level of BLW

'

s use of reverse repurchase agreements and variations

in market interest rates. Interest expense is required to be treated as an expense of BLW for accounting purposes.

The following example illustrates BLW

'

s expenses (including the sales load of $10.00 and offering costs of $0.25) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 3.70% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $47<br>| $122<br>| $199<br>| $401<br>|

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual

Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BLW's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

BlackRock Multi-Sector Income Trust (BIT)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in

BIT

'

s common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BIT |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Fund (as a percentage of offering price)<br>(a)<br>| 0.02% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 1.17% <br>|
| Other expenses | 2.09 |
| Miscellaneous | 0.09<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 2.00<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Total annual expenses | 3.26 |
| Fee waivers<br>(d)<br>|  |
| Total annual Fund operating expenses after fee waivers<br>(d)<br>| 3.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders

will pay all offering expenses involved with an offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BIT. However, shareholders will pay a

$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and

pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any

applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BIT currently pays the Manager a monthly fee at an annual contractual investment management fee rate of 0.80% of the average daily value of BIT's managed assets. For purposes of

calculating these fees, "managed assets" means the total assets of BIT (including any assets attributable to money borrowed for investment purposes) minus the sum of BIT's accrued

liabilities (other than money borrowed for investment purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BIT and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment

advisory fees with respect to any portion of BIT's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager

or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its

investment advisory fees by the amount of investment advisory fees BIT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its

affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BIT (upon the vote of a majority of the Trustees

who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"), of BIT (the "Independent Trustees")) or a majority

of the outstanding voting securities of BIT), upon 90 days' written notice by BIT to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Assumes the use of leverage in the form of reverse repurchase agreements representing 29.8% of managed assets at an annual interest expense to BIT of 4.3%, which is based on

current market conditions. The actual amount of interest expense borne by BIT will vary over time in accordance with the level of BIT

'

s use of reverse repurchase agreements and

variations in market interest rates. Interest expense is required to be treated as an expense of BIT for accounting purposes.

The following example illustrates BIT

'

s expenses (including the sales load of $10.00 and offering costs of $0.21) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 3.26% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $43<br>| $110<br>| $179<br>| $362<br>|

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual

Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BIT's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

Share Price Data

The following tables summarize each Fund

'

s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium

to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the

respective quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| DSU — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp;$10.65<br>| &nbsp;&nbsp;&nbsp;$10.11<br>| &nbsp;&nbsp;&nbsp;$10.27<br>| &nbsp;&nbsp;&nbsp;$10.12<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70% <br>| &nbsp;&nbsp;&nbsp;(0.10)% <br>| &nbsp;&nbsp;&nbsp;16499290 |
| September 30, 2025 | 10.65 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;17320235 |
| June 30, 2025 | 10.58 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;(9.42)<br>| &nbsp;&nbsp;&nbsp;15099174 |
| March 31, 2025 | 10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;14518024 |
| December 31, 2024 | 11.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;12841588 |
| September 30, 2024 | 11.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;12215259 |
| June 30, 2024 | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;(4.56)<br>| &nbsp;&nbsp;&nbsp;9050082 |
| March 31, 2024 | 11.36 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;(2.13)<br>| &nbsp;&nbsp;&nbsp;9142089 |

---

As of December 31, 2025, DSU

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.18, $10.14, and 0.39%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| FRA — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp;$12.99<br>| &nbsp;&nbsp;&nbsp;$11.58<br>| &nbsp;&nbsp;&nbsp;$12.28<br>| &nbsp;&nbsp;&nbsp;$12.18<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.78% <br>| &nbsp;&nbsp;&nbsp;(4.93)% <br>| &nbsp;&nbsp;&nbsp;13280421 |
| September 30, 2025 | 13.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.93 | &nbsp;&nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;5922866 |
| June 30, 2025 | 13.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;(7.31)<br>| &nbsp;&nbsp;&nbsp;8243212 |
| March 31, 2025 | 13.72 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.91 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;11455675 |
| December 31, 2024 | 14.35 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;9227670 |
| September 30, 2024 | 13.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;(2.55)<br>| &nbsp;&nbsp;&nbsp;10660877 |
| June 30, 2024 | 13.32 | &nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;13.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;(2.74)<br>| &nbsp;&nbsp;&nbsp;8150308 |
| March 31, 2024 | 13.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;(1.88)<br>| &nbsp;&nbsp;&nbsp;(7.28)<br>| &nbsp;&nbsp;&nbsp;10256999 |

---

As of December 31, 2025, FRA

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.78, $12.10, and (2.64)%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| BKT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp;$11.33<br>| &nbsp;&nbsp;&nbsp;$10.88<br>| &nbsp;&nbsp;&nbsp;$12.01<br>| &nbsp;&nbsp;&nbsp;$11.53<br>| &nbsp;&nbsp;&nbsp;(5.66)% <br>| &nbsp;&nbsp;&nbsp;(5.64)% <br>| &nbsp;&nbsp;&nbsp;12153836 |
| September 30, 2025 | 11.83 | &nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp;(1.50)<br>| &nbsp;&nbsp;&nbsp;(6.14)<br>| &nbsp;&nbsp;&nbsp;7463516 |
| June 30, 2025 | 11.98 | &nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.80 | &nbsp;&nbsp;&nbsp;(1.24)<br>| &nbsp;&nbsp;&nbsp;(4.41)<br>| &nbsp;&nbsp;&nbsp;5266469 |
| March 31, 2025 | 11.85 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;(1.17)<br>| &nbsp;&nbsp;&nbsp;(2.41)<br>| &nbsp;&nbsp;&nbsp;3781973 |
| December 31, 2024 | 12.53 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;(1.34)<br>| &nbsp;&nbsp;&nbsp;(3.15)<br>| &nbsp;&nbsp;&nbsp;3964773 |
| September 30, 2024 | 12.61 | &nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;(1.64)<br>| &nbsp;&nbsp;&nbsp;(1.67)<br>| &nbsp;&nbsp;&nbsp;4057128 |
| June 30, 2024 | 11.93 | &nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;&nbsp;(1.08)<br>| &nbsp;&nbsp;&nbsp;(5.36)<br>| &nbsp;&nbsp;&nbsp;4052428 |
| March 31, 2024 | 12.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;(2.91)<br>| &nbsp;&nbsp;&nbsp;(3.77)<br>| &nbsp;&nbsp;&nbsp;3803044 |

---

As of December 31, 2025, BKT

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.04, $11.51, and (4.08)%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| BLW — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp;$14.11<br>| &nbsp;&nbsp;&nbsp;$13.66<br>| &nbsp;&nbsp;&nbsp;$13.99<br>| &nbsp;&nbsp;&nbsp;$13.81<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86% <br>| &nbsp;&nbsp;&nbsp;(1.09)% <br>| &nbsp;&nbsp;&nbsp;6197613 |
| September 30, 2025 | 14.25 | &nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;5600793 |
| June 30, 2025 | 14.21 | &nbsp;&nbsp;&nbsp;&nbsp;12.75 | &nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;(4.64)<br>| &nbsp;&nbsp;&nbsp;5723255 |
| March 31, 2025 | 14.38 | &nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;14.09 | &nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;6997202 |
| December 31, 2024 | 14.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;14.31 | &nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;(0.07)<br>| &nbsp;&nbsp;&nbsp;5952894 |
| September 30, 2024 | 14.61 | &nbsp;&nbsp;&nbsp;&nbsp;13.87 | &nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;(0.64)<br>| &nbsp;&nbsp;&nbsp;6736481 |
| June 30, 2024 | 14.05 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp;&nbsp;14.05 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;(3.83)<br>| &nbsp;&nbsp;&nbsp;5465449 |

---

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| BLW — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| March 31, 2024 | &nbsp;&nbsp;$14.22<br>| &nbsp;&nbsp;&nbsp;$13.56<br>| &nbsp;&nbsp;&nbsp;$14.12<br>| &nbsp;&nbsp;&nbsp;$13.97<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71% <br>| &nbsp;&nbsp;&nbsp;(2.93)% <br>| &nbsp;&nbsp;&nbsp;5369373 |

---

As of December 31, 2025, BLW

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $13.74, $13.90, and (1.15)%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NYSE Market Price<br>Per Common Share | NYSE Market Price<br>Per Common Share | NAV per Common<br>Share on Date of<br>Market Price | NAV per Common<br>Share on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price | Premium/<br>(Discount)<br>on Date of<br>Market Price |  |
| BIT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
| December 31, 2025 | &nbsp;&nbsp;$13.44<br>| &nbsp;&nbsp;&nbsp;$12.91<br>| &nbsp;&nbsp;&nbsp;$14.07<br>| &nbsp;&nbsp;&nbsp;$13.83<br>| &nbsp;&nbsp;&nbsp;(4.48)% <br>| &nbsp;&nbsp;&nbsp;(6.65)% <br>| &nbsp;&nbsp;&nbsp;21716173 |
| September 30, 2025 | 14.89 | &nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;14.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;(5.13)<br>| &nbsp;&nbsp;&nbsp;25765859 |
| June 30, 2025 | 14.60 | &nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;(5.89)<br>| &nbsp;&nbsp;&nbsp;9186315 |
| March 31, 2025 | 14.85 | &nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;14.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;10651208 |
| December 31, 2024 | 15.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;(1.66)<br>| &nbsp;&nbsp;&nbsp;10303483 |
| September 30, 2024 | 15.20 | &nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;(0.76)<br>| &nbsp;&nbsp;&nbsp;7649262 |
| June 30, 2024 | 15.74 | &nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;6786715 |
| March 31, 2024 | 15.88 | &nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;14.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;5453268 |

---

As of December 31, 2025, BIT

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $13.06, $13.91, and (6.11)%, respectively.

Common shares of each Fund have historically traded at both a premium and discount to NAV.

Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of

shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the

discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if

undertaken, would result in the shares trading at a price equal or close to the NAV.

Senior Securities

The following tables set forth information regarding

'

s outstanding senior securities as of the end of each Fund

'

s last ten fiscal years, as applicable. Each of

'

s audited financial

statements, including Deloitte & Touche LLP

'

s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this

annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| DSU — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000)<br>| &nbsp;&nbsp;&nbsp;Asset<br>Coverage<br>(a)<br>| &nbsp;&nbsp;&nbsp;Liquidation<br>Preference<br>| &nbsp;&nbsp;&nbsp;Average<br>Market Value<br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>(b)<br>| &nbsp;&nbsp;&nbsp;Type of<br>Senior Security<br>|
| December 31, 2025 | &nbsp;&nbsp;$113000<br>| &nbsp;&nbsp;&nbsp;$6582<br>| &nbsp;&nbsp;&nbsp;$N/A<br>| &nbsp;&nbsp;&nbsp;$105000<br>| Bank<br>Borrowings<br>|
| December 31, 2024 | &nbsp;&nbsp;102000 | &nbsp;&nbsp;&nbsp;6399 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;126322 | Bank<br>Borrowings<br>|
| December 31, 2023 | &nbsp;&nbsp;149000 | &nbsp;&nbsp;&nbsp;4405 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;137195 | Bank<br>Borrowings<br>|
| December 31, 2022 | &nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;215814 | Bank<br>Borrowings<br>|
| December 31, 2021 | &nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;239134 | Bank<br>Borrowings<br>|
| December 31, 2020 | &nbsp;&nbsp;229000 | &nbsp;&nbsp;&nbsp;3349 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;220721 | Bank<br>Borrowings<br>|
| December 31, 2019 | &nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;3310 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;264317 | Bank<br>Borrowings<br>|
| February 28, 2019 | &nbsp;&nbsp;278000 | &nbsp;&nbsp;&nbsp;3308 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;293419 | Bank<br>Borrowings<br>|
| February 28, 2018 | &nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;348104 | Bank<br>Borrowings<br>|
| February 28, 2017 | &nbsp;&nbsp;318000 | &nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;234238 | Bank<br>Borrowings<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FRA — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000)<br>| &nbsp;&nbsp;&nbsp;Asset<br>Coverage<br>(a)<br>| &nbsp;&nbsp;&nbsp;Liquidation<br>Preference<br>| &nbsp;&nbsp;&nbsp;Average<br>Market Value<br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>(b)<br>| &nbsp;&nbsp;&nbsp;Type of<br>Senior Security<br>|
| December 31, 2025 | &nbsp;&nbsp;$117000<br>| &nbsp;&nbsp;&nbsp;$4663<br>| &nbsp;&nbsp;&nbsp;$N/A<br>| &nbsp;&nbsp;&nbsp;$130315<br>| Bank<br>Borrowings<br>|
| December 31, 2024 | &nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;4183 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;140429 | Bank<br>Borrowings<br>|
| December 31, 2023 | &nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;139403 | Bank<br>Borrowings<br>|
| December 31, 2022 | &nbsp;&nbsp;147000 | &nbsp;&nbsp;&nbsp;4069 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;195518 | Bank<br>Borrowings<br>|
| December 31, 2021 | &nbsp;&nbsp;223000 | &nbsp;&nbsp;&nbsp;3188 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;134068 | Bank<br>Borrowings<br>|
| December 31, 2020 | &nbsp;&nbsp;208000 | &nbsp;&nbsp;&nbsp;3346 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;198650 | Bank<br>Borrowings<br>|
| December 31, 2019 | &nbsp;&nbsp;214000 | &nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;202762 | Bank<br>Borrowings<br>|
| August 31, 2019 | &nbsp;&nbsp;204000 | &nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;217657 | Bank<br>Borrowings<br>|
| August 31, 2018 | &nbsp;&nbsp;233000 | &nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;238022 | Bank<br>Borrowings<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| FRA — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000)<br>| &nbsp;&nbsp;&nbsp;Asset<br>Coverage<br>(a)<br>| &nbsp;&nbsp;&nbsp;Liquidation<br>Preference<br>| &nbsp;&nbsp;&nbsp;Average<br>Market Value<br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>(b)<br>| &nbsp;&nbsp;&nbsp;Type of<br>Senior Security<br>|
| August 31, 2017 | &nbsp;&nbsp;$237000<br>| &nbsp;&nbsp;&nbsp;$3346<br>| &nbsp;&nbsp;&nbsp;$N/A<br>| &nbsp;&nbsp;&nbsp;$226225<br>| Bank<br>Borrowings<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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.

(b) Represents the average daily amount outstanding for loans under the revolving credit agreements.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand DSU

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of DSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | DSU | DSU | DSU | DSU | DSU | DSU |
|  | Year Ended | &nbsp;&nbsp;Period from<br>03/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 02/28/19 | 02/28/18<br>(a)<br>| 02/28/17<br>(a)(b)<br>| 02/29/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$12.25<br>| &nbsp;&nbsp;&nbsp;$12.16<br>| &nbsp;&nbsp;&nbsp;$12.62<br>| &nbsp;&nbsp;&nbsp;$12.70<br>| &nbsp;&nbsp;&nbsp;$11.38<br>| &nbsp;&nbsp;&nbsp;$12.87<br>|
| Net investment income<br>(c)<br>| 0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;(0.43)<br>| &nbsp;&nbsp;&nbsp;(0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;(1.46)<br>|
| Net increase (decrease) from investment operations | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;(0.69)<br>|
| Distributions<br>(d)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.61)<br>| &nbsp;&nbsp;&nbsp;(0.73)<br>| &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>| &nbsp;&nbsp;&nbsp;(0.80)<br>|
| Return of capital | &nbsp;&nbsp;(0.22)<br>| &nbsp;&nbsp;&nbsp;(0.03)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.83)<br>| &nbsp;&nbsp;&nbsp;(0.76)<br>| &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>| &nbsp;&nbsp;&nbsp;(0.80)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$11.55<br>| &nbsp;&nbsp;&nbsp;$12.25<br>| &nbsp;&nbsp;&nbsp;$12.16<br>| &nbsp;&nbsp;&nbsp;$12.62<br>| &nbsp;&nbsp;&nbsp;$12.70<br>| &nbsp;&nbsp;&nbsp;$11.38<br>|
| Market price, end of period | &nbsp;&nbsp;$10.45<br>| &nbsp;&nbsp;&nbsp;$11.20<br>| &nbsp;&nbsp;&nbsp;$10.78<br>| &nbsp;&nbsp;&nbsp;$11.47<br>| &nbsp;&nbsp;&nbsp;$11.68<br>| &nbsp;&nbsp;&nbsp;$9.96<br>|
| Total Return<br>(e)<br>|  |  |  |  |  |  |
| Based on net asset value | 2.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.03%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.60%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.57%<br>| &nbsp;&nbsp;&nbsp;(4.73)%<br>|
| Based on market price | 1.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.42%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.53%<br>| &nbsp;&nbsp;&nbsp;(6.03)%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.48%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21%<br>(h)(i)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18%<br>(h)<br>|
| Total expenses after fees waived and/or reimbursed | 1.47%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21%<br>(h)(i)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18%<br>(h)<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br>fees<br>| 0.91%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92%<br>(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84%<br>(h)<br>|
| Net investment income | 5.65%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.25%<br>(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.04%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.29%<br>(h)<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$537959<br>| &nbsp;&nbsp;&nbsp;$605240<br>| &nbsp;&nbsp;&nbsp;$641220<br>| &nbsp;&nbsp;&nbsp;$742204<br>| &nbsp;&nbsp;&nbsp;$780810<br>| &nbsp;&nbsp;&nbsp;$709236<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$229000<br>| &nbsp;&nbsp;&nbsp;$262000<br>| &nbsp;&nbsp;&nbsp;$278000<br>| &nbsp;&nbsp;&nbsp;$338000<br>| &nbsp;&nbsp;&nbsp;$318000<br>| &nbsp;&nbsp;&nbsp;$190000<br>|
| Asset coverage, end of period per $1,000 of bank borrowings<br>(k)<br>| &nbsp;&nbsp;$3349<br>| &nbsp;&nbsp;&nbsp;$3310<br>| &nbsp;&nbsp;&nbsp;$3308<br>| &nbsp;&nbsp;&nbsp;$3196<br>| &nbsp;&nbsp;&nbsp;$3455<br>| &nbsp;&nbsp;&nbsp;$4733<br>|
| Portfolio turnover rate | &nbsp;&nbsp;67%<br>| &nbsp;&nbsp;&nbsp;53%<br>| &nbsp;&nbsp;&nbsp;62%<br>| &nbsp;&nbsp;&nbsp;59%<br>| &nbsp;&nbsp;&nbsp;55%<br>| &nbsp;&nbsp;&nbsp;41%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Financial Highlights through November 30, 2017.

(b) Per share operating performance amounts have been adjusted to reflect a one-for-three reverse stock split effective after the close of trading on November 15, 2016 for the shareholders of record on November 15, 2016.

(c) Based on average shares outstanding.

(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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 received from an affiliate, which had no impact on the Fund's total return.

(h) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>03/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 02/28/19 | 02/28/18 | 02/28/17 | 02/29/16 |
| Investments in underlying funds | 0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Annualized.

(j) Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

(k) 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.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand FRA

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of FRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | FRA | FRA | FRA | FRA | FRA | FRA |
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18<br>(a)<br>| 08/31/17<br>(a)<br>| 08/31/16<br>(a)<br>|
| Net asset value, beginning of period | &nbsp;&nbsp;$14.55<br>| &nbsp;&nbsp;&nbsp;$14.49<br>| &nbsp;&nbsp;&nbsp;$14.92<br>| &nbsp;&nbsp;&nbsp;$14.93<br>| &nbsp;&nbsp;&nbsp;$14.78<br>| &nbsp;&nbsp;&nbsp;$14.91<br>|
| Net investment income<br>(b)<br>| 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;(0.40)<br>| &nbsp;&nbsp;&nbsp;(0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;(0.14)<br>|
| Net increase from investment operations | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Distributions<br>(c)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.70)<br>| &nbsp;&nbsp;&nbsp;(0.38)<br>| &nbsp;&nbsp;&nbsp;(0.87)<br>| &nbsp;&nbsp;&nbsp;(0.74)<br>| &nbsp;&nbsp;&nbsp;(0.81)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>|
| Return of capital | &nbsp;&nbsp;(0.22)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.92)<br>| &nbsp;&nbsp;&nbsp;(0.38)<br>| &nbsp;&nbsp;&nbsp;(0.87)<br>| &nbsp;&nbsp;&nbsp;(0.74)<br>| &nbsp;&nbsp;&nbsp;(0.81)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$13.81<br>| &nbsp;&nbsp;&nbsp;$14.55<br>| &nbsp;&nbsp;&nbsp;$14.49<br>| &nbsp;&nbsp;&nbsp;$14.92<br>| &nbsp;&nbsp;&nbsp;$14.93<br>| &nbsp;&nbsp;&nbsp;$14.78<br>|
| Market price, end of period | &nbsp;&nbsp;$12.11<br>| &nbsp;&nbsp;&nbsp;$13.44<br>| &nbsp;&nbsp;&nbsp;$12.46<br>| &nbsp;&nbsp;&nbsp;$13.80<br>| &nbsp;&nbsp;&nbsp;$14.10<br>| &nbsp;&nbsp;&nbsp;$13.70<br>|
| Total Return<br>(d)<br>|  |  |  |  |  |  |
| Based on net asset value | 2.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.41%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00%<br>|
| Based on market price | &nbsp;&nbsp;(2.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.08%<br>(e)<br>| &nbsp;&nbsp;&nbsp;(3.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.14%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.69%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20%<br>(f)(g)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54%<br>|
| Total expenses after fees waived and/or reimbursed | 1.67%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20%<br>(f)(g)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.22%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.13%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19%<br>(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14%<br>|
| Net investment income | 5.15%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.26%<br>(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.74%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.27%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.27%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$488051<br>| &nbsp;&nbsp;&nbsp;$522545<br>| &nbsp;&nbsp;&nbsp;$526447<br>| &nbsp;&nbsp;&nbsp;$555370<br>| &nbsp;&nbsp;&nbsp;$555972<br>| &nbsp;&nbsp;&nbsp;$550271<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$208000<br>| &nbsp;&nbsp;&nbsp;$214000<br>| &nbsp;&nbsp;&nbsp;$204000<br>| &nbsp;&nbsp;&nbsp;$233000<br>| &nbsp;&nbsp;&nbsp;$237000<br>| &nbsp;&nbsp;&nbsp;$225000<br>|
| Asset coverage, end of period per $1,000 of bank borrowings<br>(i)<br>| &nbsp;&nbsp;$3346<br>| &nbsp;&nbsp;&nbsp;$3442<br>| &nbsp;&nbsp;&nbsp;$3582<br>| &nbsp;&nbsp;&nbsp;$3385<br>| &nbsp;&nbsp;&nbsp;$3346<br>| &nbsp;&nbsp;&nbsp;$3446<br>|
| Portfolio turnover rate | &nbsp;&nbsp;65%<br>| &nbsp;&nbsp;&nbsp;16%<br>| &nbsp;&nbsp;&nbsp;53%<br>| &nbsp;&nbsp;&nbsp;57%<br>| &nbsp;&nbsp;&nbsp;64%<br>| &nbsp;&nbsp;&nbsp;48%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Financial Highlights through November 30, 2017.

(b) Based on average shares outstanding.

(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(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 expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18<br>(a)<br>| 08/31/17<br>(a)<br>| 08/31/16<br>(a)<br>|
| Investments in underlying funds | 0.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Annualized.

(h) Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

(i) Calculated by subtracting the Fund ' s total liabilities (not including bank borrowings) from the Fund ' s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BKT

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of BKT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BKT | BKT | BKT | BKT | BKT | BKT |
|  | Year Ended | Year Ended | &nbsp;&nbsp;Period from<br>09/01/18<br>| Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | 12/31/19 | to 12/31/18 | 08/31/18 | 08/31/17 | 08/31/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.89<br>| &nbsp;&nbsp;&nbsp;$18.75<br>| &nbsp;&nbsp;&nbsp;$18.94<br>| &nbsp;&nbsp;&nbsp;$20.21<br>| &nbsp;&nbsp;&nbsp;$20.87<br>| &nbsp;&nbsp;&nbsp;$21.24<br>|
| Net investment income<br>(a)<br>| 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gain (loss) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;(1.02)<br>| &nbsp;&nbsp;&nbsp;(0.45)<br>| &nbsp;&nbsp;&nbsp;(0.17)<br>|
| Net increase (decrease) from investment operations | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;(0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| Distributions<br>(b)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(1.01)<br>| &nbsp;&nbsp;&nbsp;(0.89)<br>| &nbsp;&nbsp;&nbsp;(0.40)<br>| &nbsp;&nbsp;&nbsp;(0.90)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(1.04)<br>|
| Return of capital | &nbsp;&nbsp;(0.22)<br>| &nbsp;&nbsp;&nbsp;(0.35)<br>| &nbsp;&nbsp;&nbsp;(0.11)<br>| &nbsp;&nbsp;&nbsp;(0.07)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(1.23)<br>| &nbsp;&nbsp;&nbsp;(1.24)<br>| &nbsp;&nbsp;&nbsp;(0.51)<br>| &nbsp;&nbsp;&nbsp;(0.97)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(1.04)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$18.54<br>| &nbsp;&nbsp;&nbsp;$18.89<br>| &nbsp;&nbsp;&nbsp;$18.75<br>| &nbsp;&nbsp;&nbsp;$18.94<br>| &nbsp;&nbsp;&nbsp;$20.21<br>| &nbsp;&nbsp;&nbsp;$20.87<br>|
| Market price, end of period | &nbsp;&nbsp;$18.21<br>| &nbsp;&nbsp;&nbsp;$18.15<br>| &nbsp;&nbsp;&nbsp;$16.92<br>| &nbsp;&nbsp;&nbsp;$17.31<br>| &nbsp;&nbsp;&nbsp;$18.93<br>| &nbsp;&nbsp;&nbsp;$19.80<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |  |
| Based on net asset value | 4.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06%<br>(d)<br>| &nbsp;&nbsp;&nbsp;(1.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.64%<br>|
| Based on market price | 7.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72%<br>(d)<br>| &nbsp;&nbsp;&nbsp;(3.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.44%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08%<br>(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.29%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08%<br>|
| Total expenses after fees waived and/or reimbursed | 1.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89%<br>|
| Net investment income | 4.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.04%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.72%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.63%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$394195<br>| &nbsp;&nbsp;&nbsp;$401715<br>| &nbsp;&nbsp;&nbsp;$398629<br>| &nbsp;&nbsp;&nbsp;$402763<br>| &nbsp;&nbsp;&nbsp;$430830<br>| &nbsp;&nbsp;&nbsp;$444882<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$156936<br>| &nbsp;&nbsp;&nbsp;$175655<br>| &nbsp;&nbsp;&nbsp;$186799<br>| &nbsp;&nbsp;&nbsp;$186441<br>| &nbsp;&nbsp;&nbsp;$185769<br>| &nbsp;&nbsp;&nbsp;$152859<br>|
| Portfolio turnover rate<br>(h)<br>| &nbsp;&nbsp;69%<br>| &nbsp;&nbsp;&nbsp;255%<br>| &nbsp;&nbsp;&nbsp;95%<br>| &nbsp;&nbsp;&nbsp;373%<br>| &nbsp;&nbsp;&nbsp;346%<br>| &nbsp;&nbsp;&nbsp;141%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Not annualized.

(e) Annualized.

(f) Audit fees were not annualized in the calculation of the expenses ratios. If these expenses were annualized, the total expenses would have been 2.11%.

(g) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | &nbsp;&nbsp;Period from<br>09/01/18<br>| Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | 12/31/19 | to 12/31/18 | 08/31/18 | 08/31/17 | 08/31/16 |
| Investments in underlying funds | &nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;—%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | &nbsp;&nbsp;Period from<br>09/01/18<br>| Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | 12/31/19 | to 12/31/18 | 08/31/18 | 08/31/17 | 08/31/16 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;31%<br>| &nbsp;&nbsp;&nbsp;136%<br>| &nbsp;&nbsp;&nbsp;45%<br>| &nbsp;&nbsp;&nbsp;181%<br>| &nbsp;&nbsp;&nbsp;161%<br>| &nbsp;&nbsp;&nbsp;63%<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BLW

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of BLW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BLW | BLW | BLW | BLW | BLW | BLW |
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$17.05<br>| &nbsp;&nbsp;&nbsp;$17.03<br>| &nbsp;&nbsp;&nbsp;$16.71<br>| &nbsp;&nbsp;&nbsp;$17.02<br>| &nbsp;&nbsp;&nbsp;$16.84<br>| &nbsp;&nbsp;&nbsp;$17.04<br>|
| Net investment income<br>(a)<br>| 0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;(0.22)<br>|
| Net increase from investment operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Distributions<br>(b)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(1.03)<br>| &nbsp;&nbsp;&nbsp;(0.47)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(1.27)<br>| &nbsp;&nbsp;&nbsp;(1.30)<br>|
| Return of capital | &nbsp;&nbsp;(0.15)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(1.18)<br>| &nbsp;&nbsp;&nbsp;(0.47)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(0.95)<br>| &nbsp;&nbsp;&nbsp;(1.27)<br>| &nbsp;&nbsp;&nbsp;(1.30)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$16.93<br>| &nbsp;&nbsp;&nbsp;$17.05<br>| &nbsp;&nbsp;&nbsp;$17.03<br>| &nbsp;&nbsp;&nbsp;$16.71<br>| &nbsp;&nbsp;&nbsp;$17.02<br>| &nbsp;&nbsp;&nbsp;$16.84<br>|
| Market price, end of period | &nbsp;&nbsp;$15.92<br>| &nbsp;&nbsp;&nbsp;$16.39<br>| &nbsp;&nbsp;&nbsp;$15.44<br>| &nbsp;&nbsp;&nbsp;$15.06<br>| &nbsp;&nbsp;&nbsp;$15.99<br>| &nbsp;&nbsp;&nbsp;$15.74<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |  |
| Based on net asset value | 7.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.78%<br>|
| Based on market price | 5.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.32%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.18%<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.59%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.39%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64%<br>(e)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21%<br>|
| Total expenses after fees waived and/or reimbursed | 1.39%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.64%<br>(e)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees <br>and/or offering costs<br>| 0.90%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89%<br>(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89%<br>|
| Net investment income | 6.07%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.32%<br>(e)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.69%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.04%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$603933<br>| &nbsp;&nbsp;&nbsp;$611068<br>| &nbsp;&nbsp;&nbsp;$610251<br>| &nbsp;&nbsp;&nbsp;$612048<br>| &nbsp;&nbsp;&nbsp;$629728<br>| &nbsp;&nbsp;&nbsp;$623219<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$275105<br>| &nbsp;&nbsp;&nbsp;$213399<br>| &nbsp;&nbsp;&nbsp;$202539<br>| &nbsp;&nbsp;&nbsp;$234622<br>| &nbsp;&nbsp;&nbsp;$252280<br>| &nbsp;&nbsp;&nbsp;$263445<br>|
| Portfolio turnover rate | &nbsp;&nbsp;65%<br>| &nbsp;&nbsp;&nbsp;14%<br>| &nbsp;&nbsp;&nbsp;50%<br>| &nbsp;&nbsp;&nbsp;50%<br>| &nbsp;&nbsp;&nbsp;55%<br>| &nbsp;&nbsp;&nbsp;54%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 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.

(d) Not Annualized.

(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Investments in underlying funds | 0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Annualized.

(g) Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.66%.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BIT

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of BIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BIT | BIT | BIT | BIT | BIT |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 10/31/20<br>(a)<br>| 10/31/19<br>(a)<br>| 10/31/18<br>(a)<br>| 10/31/17<br>(a)<br>| 10/31/16<br>(a)<br>|
| Net asset value, beginning of year | &nbsp;&nbsp;$17.28<br>| &nbsp;&nbsp;&nbsp;$18.79<br>| &nbsp;&nbsp;&nbsp;$20.07<br>| &nbsp;&nbsp;&nbsp;$18.91<br>| &nbsp;&nbsp;&nbsp;$18.91<br>|
| Net investment income<br>(b)<br>| 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| Net realized and unrealized gain (loss) | 0.78 | &nbsp;&nbsp;&nbsp;(1.28)<br>| &nbsp;&nbsp;&nbsp;(1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;(0.05)<br>|
| Net increase (decrease) from investment operations | 1.86 | &nbsp;&nbsp;&nbsp;(0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Distributions<br>(c)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.99)<br>| &nbsp;&nbsp;&nbsp;(1.14)<br>| &nbsp;&nbsp;&nbsp;(1.49)<br>| &nbsp;&nbsp;&nbsp;(1.77)<br>| &nbsp;&nbsp;&nbsp;(1.64)<br>|
| Return of capital | &nbsp;&nbsp;(0.49)<br>| &nbsp;&nbsp;&nbsp;(0.27)<br>| &nbsp;&nbsp;&nbsp;(0.04)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(1.48)<br>| &nbsp;&nbsp;&nbsp;(1.41)<br>| &nbsp;&nbsp;&nbsp;(1.53)<br>| &nbsp;&nbsp;&nbsp;(1.77)<br>| &nbsp;&nbsp;&nbsp;(1.64)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$17.66<br>| &nbsp;&nbsp;&nbsp;$17.28<br>(d)<br>| &nbsp;&nbsp;&nbsp;$18.79<br>(b)<br>| &nbsp;&nbsp;&nbsp;$20.07<br>| &nbsp;&nbsp;&nbsp;$18.91<br>|
| Market price, end of period year | &nbsp;&nbsp;$15.65<br>| &nbsp;&nbsp;&nbsp;$17.15<br>| &nbsp;&nbsp;&nbsp;$16.25<br>| &nbsp;&nbsp;&nbsp;$18.55<br>| &nbsp;&nbsp;&nbsp;$16.76<br>|
| Total Return<br>(e)<br>|  |  |  |  |  |
| Based on net asset value | 12.68%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00%<br>(d)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18%<br>(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.34%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.51%<br>(h)<br>|
| Based on market price | 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.76%<br>| &nbsp;&nbsp;&nbsp;(4.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.56%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |
| Total expenses | 2.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05%<br>(j)<br>|
| Total expenses after fees waived and/or reimbursed | 2.19%<br>(k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering <br>costs<br>| 1.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43%<br>|
| Net investment income | 6.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.24%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$662853<br>| &nbsp;&nbsp;&nbsp;$648617<br>| &nbsp;&nbsp;&nbsp;$710832<br>| &nbsp;&nbsp;&nbsp;$765859<br>| &nbsp;&nbsp;&nbsp;$726381<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$353128<br>| &nbsp;&nbsp;&nbsp;$373345<br>| &nbsp;&nbsp;&nbsp;$376302<br>| &nbsp;&nbsp;&nbsp;$471082<br>| &nbsp;&nbsp;&nbsp;$427329<br>|
| Portfolio turnover rate | &nbsp;&nbsp;101%<br>| &nbsp;&nbsp;&nbsp;32%<br>| &nbsp;&nbsp;&nbsp;38%<br>| &nbsp;&nbsp;&nbsp;53%<br>| &nbsp;&nbsp;&nbsp;52%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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) For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value ("NAV") per share and total return performance based on NAV presented herein are different than the information previously published as of October 31, 2019.

(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) 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%.

(g) Amount is greater than (0.005)%.

(h) Includes payment received from an affiliate, which had no impact on the Trust's total return.

(i) Includes payment received from a settlement of litigation, which impacted the Trust's total return. Excluding the payment from a settlement of litigation, the Trust's total return is 16.70%.

(j) Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds

(k) 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%.

2025

BlackRock Annual Report to Shareholders

------

Automatic Dividend Reinvestment Plan

Pursuant to DSU, FRA, BKT, BLW and BIT

'

s Dividend Reinvestment Plan (the "Reinvestment Plan"), Common Shareholders are automatically enrolled to have all distributions

of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") in the respective Fund

'

s Common

Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly

to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent

for the shareholders in administering the Reinvestment Plan.

After DSU, FRA, BKT, BLW and BIT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the

participants' accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds ("newly issued shares") or

(ii) by purchase of outstanding shares on the open market or on the Fund

'

s primary exchange ("open-market purchases"). If, on the dividend payment date, the net asset value

("NAV") per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market premium"), the

Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to

each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95%

of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend

payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market discount"), the

Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable

to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will

invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above

and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the

Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the

payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or

resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of

brokerage commissions incurred with respect to the Reinvestment Plan Agent's open-market purchases in connection with the reinvestment of all distributions. The automatic

reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund

reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in FRA, BKT, BLW and BIT that request a sale of shares

are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

Participants in DSU that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should

be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI

02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101,

Canton, MA 02021.

Automatic Dividend Reinvestment Plan

------

Director and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Independent Directors<br>(a) | Independent Directors<br>(a) | Independent Directors<br>(a) | Independent Directors<br>(a) | Independent Directors<br>(a) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships Held <br>During<br>Past 5 Years<br>|
| R. Glenn Hubbard<br>1958<br>| &nbsp;&nbsp;Chair of the Board (Since <br>2022)<br>Director<br>(Since 2007)<br>| &nbsp;&nbsp;Dean, Columbia Business School from 2004 to 2019; <br>Faculty member, Columbia Business School since 1988.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;ADP (data and <br>information services) <br>from 2004 to 2020; <br>Metropolitan Life <br>Insurance Company <br>(insurance); <br>TotalEnergies SE <br>(multi-energy)<br>|
| W. Carl Kester<br>(d)<br>1951<br>| &nbsp;&nbsp;Vice Chair of the Board <br>(Since 2022)<br>Director<br>(Since 2007)<br>| &nbsp;&nbsp;Baker Foundation Professor and George Fisher Baker Jr. <br>Professor of Business Administration, Emeritus, Harvard <br>Business School since 2022; George Fisher Baker Jr. <br>Professor of Business Administration, Harvard Business <br>School from 2008 to 2022; Deputy Dean for Academic <br>Affairs from 2006 to 2010; Chairman of the Finance Unit, <br>from 2005 to 2006; Senior Associate Dean and Chairman <br>of the MBA Program from 1999 to 2005; Member of the <br>faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 102 Portfolios |  |
| Cynthia L. Egan<br>(d)<br>1955<br>| &nbsp;&nbsp;Director<br>(Since 2016)<br>| &nbsp;&nbsp;Advisor, U.S. Department of the Treasury from 2014 to <br>2015; President, Retirement Plan Services, for T. Rowe <br>Price Group, Inc. from 2007 to 2012; executive positions <br>within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp;Unum (insurance); <br>The Hanover <br>Insurance Group <br>(Board Chair); <br>Huntsman <br>Corporation (Lead <br>Independent Director <br>and non-Executive <br>Vice Chair of the <br>Board) (chemical <br>products)<br>|
| Lorenzo A. Flores<br>1964<br>| &nbsp;&nbsp;Director<br>(Since 2021)<br>| &nbsp;&nbsp;Chief Financial Officer, Lattice Semiconductor Corporation <br>(LSCC) since 2025; Chief Financial Officer, Intel Foundry <br>from 2024 to 2025; Vice Chairman, Kioxia, Inc. from <br>2019 to 2024; Chief Financial Officer, Xilinx, Inc. from <br>2016 to 2019; Corporate Controller, Xilinx, Inc. from <br>2008 to 2016.<br>| 66 RICs consisting of 100 Portfolios |  |
| Stayce D. Harris<br>1959<br>| &nbsp;&nbsp;Director<br>(Since 2021)<br>| &nbsp;&nbsp;Lieutenant General, Inspector General of the United States <br>Air Force from 2017 to 2019; Lieutenant General, Assistant <br>Vice Chief of Staff and Director, Air Staff, United States Air <br>Force from 2016 to 2017; Major General, Commander, <br>22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia <br>from 2014 to 2016; Pilot, United Airlines from 1990 to <br>2020.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;KULR Technology <br>Group, Inc. in 2021; <br>The Boeing Company <br>(airplane <br>manufacturer)<br>|
| J. Phillip Holloman<br>1955<br>| &nbsp;&nbsp;Director<br>(Since 2021)<br>| &nbsp;&nbsp;Interim Executive Chairman, President and Chief <br>Executive Officer of Vestis Corporation since 2025; <br>President and Chief Operating Officer, Cintas Corporation <br>from 2008 to 2018.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;Vestis Corporation <br>(uniforms and <br>facilities services)<br>|
| Catherine A. Lynch<br>(d)<br>1961<br>| &nbsp;&nbsp;Director<br>(Since 2016)<br>| &nbsp;&nbsp;Chief Executive Officer, Chief Investment Officer and <br>various other positions, National Railroad Retirement <br>Investment Trust from 2003 to 2016; Associate Vice <br>President for Treasury Management, The George <br>Washington University from 1999 to 2003; Assistant <br>Treasurer, Episcopal Church of America from 1995 to <br>1999.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp;PennyMac Mortgage <br>Investment Trust<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Director and Officer Information

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Independent Directors<br>(a)<br>(continued) | Independent Directors<br>(a)<br>(continued) | Independent Directors<br>(a)<br>(continued) | Independent Directors<br>(a)<br>(continued) | Independent Directors<br>(a)<br>(continued) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships Held <br>During<br>Past 5 Years<br>|
| Arthur P. Steinmetz<br>(d)<br>1958<br>| &nbsp;&nbsp;Director<br>(Since 2023)<br>| &nbsp;&nbsp;Trustee of Denison University since 2020; Consultant, <br>Posit PBC (enterprise data science) since 2020; Director, <br>ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br>Executive Officer and President of OppenheimerFunds, <br>Inc. from 2015, 2014 and 2013, respectively to 2019; <br>Trustee, President and Principal Executive Officer of <br>104 OppenheimerFunds funds from 2014 to 2019; <br>Portfolio manager of various OppenheimerFunds fixed <br>income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 102 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Interested Directors<br>(a)(e) | Interested Directors<br>(a)(e) | Interested Directors<br>(a)(e) | Interested Directors<br>(a)(e) | Interested Directors<br>(a)(e) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships <br>Held During<br>Past 5 Years<br>|
| Robert Fairbairn<br>1965<br>| &nbsp;&nbsp;Director<br>(Since 2018)<br>| &nbsp;&nbsp;Vice Chairman of BlackRock, Inc. since 2019; Member of <br>BlackRock<br>'<br>s Global Operating Committee; Co-Chair <br>of BlackRock<br>'<br>s Human Capital Committee; Senior <br>Managing Director of BlackRock, Inc. from 2010 to 2019; <br>oversaw BlackRock<br>'<br>s Strategic Partner Program and <br>Strategic Product Management Group from 2012 to 2019; <br>Member of the Board of Managers of BlackRock <br>Investments, LLC from 2011 to 2018; Global Head of <br>BlackRock<br>'<br>s Retail and iShares<br>®<br> businesses from 2012 to <br>2016.<br>| 92 RICs consisting of 268 Portfolios |  |
| John M. Perlowski<br>(d)<br>1964<br>| &nbsp;&nbsp;Director<br>(Since 2015)<br>President and Chief<br>Executive Officer<br>(Since 2010)<br>| &nbsp;&nbsp;Managing Director of BlackRock, Inc. since 2009; Head of <br>BlackRock Global Accounting and Product Services since <br>2009; Advisory Director of Family Resource Network <br>(charitable foundation) since 2009; Member of <br>BlackRock's Global Executive Committee since 2025.<br>| 94 RICs consisting of 270 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b) Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.

(c) Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995.

(d) Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

(e) Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Director and Officer Information

------

Director and Officer Information

(continued)

---

| | | |
|:---|:---|:---|
| Officers Who Are Not Directors<br>(a) | Officers Who Are Not Directors<br>(a) | Officers Who Are Not Directors<br>(a) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>| Principal Occupation(s) During Past 5 Years |
| Stephen Minar<br>1984<br>| &nbsp;&nbsp;Vice President<br>(Since 2025)<br>| Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| Trent Walker<br>1974<br>| &nbsp;&nbsp;Chief Financial Officer<br>(Since 2021)<br>| Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| Jay M. Fife<br>1970<br>| &nbsp;&nbsp;Treasurer<br>(Since 2007)<br>| Managing Director of BlackRock, Inc. since 2007. |
| Aaron Wasserman<br>1974<br>| &nbsp;&nbsp;Chief Compliance Officer<br>(Since 2023)<br>| &nbsp;&nbsp;Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the <br>BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy <br>Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-<br>Income Complex and the iShares Complex from 2014 to 2023. <br>|
| Janey Ahn<br>1975<br>| &nbsp;&nbsp;Secretary<br>(Since 2012)<br>| Managing Director of BlackRock, Inc. since 2018. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b) Officers of the Fund serve at the pleasure of the Board.

Further information about each Fund's Directors and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Effective May 8, 2025, Stephen Minar replaced Jonathan Diorio as Vice President of the Funds.<br>

2025

BlackRock Annual Report to Shareholders

------

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 11, 2025 for shareholders of record on May 19, 2025, to elect director nominees for each Fund. There were no broker

non-votes with regard to any of the Funds.

Shareholders elected the Class III Directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Robert Fairbairn | Robert Fairbairn | Stayce D. Harris | Stayce D. Harris |
| Fund Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld |
| BIT | 28364675 | 864769 | 28297708 | 931736 | 28383256 | 846188 |
| BLW | 30511034 | 512601 | 30545436 | 478199 | 30497600 | 526035 |
| BKT | 17911321 | 432734 | 17915559 | 428496 | 17885604 | 458452 |

---

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Lorenzo A. Flores,

J. Phillip Holloman, R. Glenn Hubbard, W. Carl Kester, Arthur P. Steinmetz, Catherine A. Lynch, and John M. Perlowski.

Shareholders elected the Class III Directors as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| Fund Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld |
| FRA | 24,586,428 | 716,832 | 24,600,948 | 702,312 | 24,618,421 | 684,839 |
| DSU | 38,971,100 | 980,227 | 38,718,807 | 1,232,520 | 38,944,914 | 1,006,413 |

---

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan,

Stayce D. Harris, Lorenzo A. Flores, John M. Perlowski, W. Carl Kester, R. Glenn Hubbard, and Catherine A. Lynch.

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.

Additional Information

------

Additional Information

(continued)

General Information

Each Fund

'

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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds'

portfolios.

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.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses, by enrolling in the electronic delivery

program. Electronic copies of shareholder reports and 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 each Fund

'

s 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 "Advisor") 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.

2025

BlackRock Annual Report to Shareholders

------

Additional Information

(continued)

Shelf Offering Program

From time-to-time, each Fund may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, each Fund 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 each Fund

'

s NAV per Common Share (calculated within

48 hours of pricing). While any such Shelf Offering may allow each Fund 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.

Each Fund has filed a prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of each Fund are not offers to sell a Fund

'

s Common Shares

or solicitations of an offer to buy a Fund

'

s Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of each Fund contains important

information about the Fund, including its investment objectives, risk, charges and expenses. Investors are urged to read a Fund

'

s prospectus carefully and in its entirety before

investing. Copies of each Fund

'

s final prospectus can be obtained from BlackRock at

blackrock.com

.

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

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Currency Abbreviation  | Currency Abbreviation  |
| EUR | <br>Euro<br>|
| GBP | <br>British Pound<br>|
| USD | <br>United States Dollar<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Portfolio Abbreviation  | Portfolio Abbreviation  |
| ARB | <br>Airport Revenue Bonds<br>|
| BAB | <br>Build America Bond<br>|
| BMO | <br>BMO Capital Markets<br>|
| CLO | <br>Collateralized Loan Obligation<br>|
| CME | <br>Chicago Mercantile Exchange<br>|
| CMT | <br>Constant Maturity Treasury<br>|
| CPI | <br>Consumer Price Index<br>|
| DAC | <br>Designated Activity Company<br>|
| ETF | <br>Exchange-Traded Fund<br>|
| EURIBOR | <br>Euro Interbank Offered Rate<br>|
| GMTN | <br>Global Medium-Term Note<br>|
| GO | <br>General Obligation Bonds<br>|
| IO | <br>Interest Only<br>|
| JSC | <br>Joint Stock Company<br>|
| LP | <br>Limited Partnership<br>|
| MTA | <br>Month Treasury Average<br>|
| MTN | <br>Medium-Term Note<br>|
| PCL | <br>Public Company Limited<br>|
| PIK | <br>Payment-in-Kind<br>|
| PO | <br>Principal Only<br>|
| RB | <br>Revenue Bonds<br>|
| REIT | <br>Real Estate Investment Trust<br>|
| REMIC | <br>Real Estate Mortgage Investment Conduit<br>|
| SAB | <br>Special Assessment Bonds<br>|
| SDR | <br>Swedish Depositary Receipt<br>|
| SG | <br>Syncora Guarantee<br>|
| SOFR | <br>Secured Overnight Financing Rate<br>|
| SPDR | <br>Standard & Poor's Depository Receipt<br>|
| STRIP | <br>Separate Trading of Registered Interest & Principal<br>|
| TBA | <br>To-Be-Announced<br>|

---

2025

BlackRock Annual Report to Shareholders

------

THIS PAGE INTENTIONALLY LEFT BLANK.

------

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-BK3-12/25-AR

![](g12003img6197aef17.jpg)

![](g12003img5e9a1c571.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors") has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related<br>Fees<sup>1</sup>** | **(b) Audit-Related<br>Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous<br>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock<br>Floating Rate<br>Income<br>Strategies Fund,<br>Inc. | $73083 | $72726 | $6900 | $0 | $15300 | $15300 | $388 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under

------

common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund, Inc. | $22588 | $15300 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 – Not Applicable

---

| | |
|:---|:---|
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d12003dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC's website at http://www.sec.gov.  |

---

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

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of David Delbos, Managing Director at BlackRock, Mitchell Garfin, CFA, Managing Director at BlackRock and Carly Wilson, Managing Director at BlackRock. Each is jointly responsible for the day-to-day management of the registrant's portfolio, which includes setting the registrant's overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. Delbos and Garfin and Ms. Wilson have been members of the registrant's portfolio management team since 2018.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Biography** |
| &nbsp;&nbsp;&nbsp; David Delbos | Managing Director of BlackRock, Inc. since 2012. |
| &nbsp;&nbsp;&nbsp; Mitchell Garfin, CFA  | Managing Director of BlackRock, Inc. since 2009. |
| &nbsp;&nbsp;&nbsp; Carly Wilson | Managing Director of BlackRock, Inc. since 2019. |

---

(a)(2) As of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Name of Portfolio Manager<br>| **Other Registered<br>Investment<br>Companies** | **Other Pooled<br>Investment<br>Vehicles** | **Other**<br> **Accounts** | **Other Registered<br>Investment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companies**  | **Other Pooled<br>Investment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicles**  | **Other**<br> **Accounts** |
| &nbsp;&nbsp;&nbsp; David Delbos | 30 | 28 | 135 | 0 | 0 | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.26 Billion | $9.30 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 Billion | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$768.1 Million |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | (iii) Number of Other Accounts and<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Name of Portfolio Manager<br>| **Other Registered<br>Investment<br>Companies** | **Other Pooled<br>Investment<br>Vehicles** | **Other**<br> **Accounts** | **Other Registered<br>Investment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companies**  | **Other Pooled<br>Investment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vehicles**  | **Other**<br> **Accounts** |
| &nbsp;&nbsp;&nbsp; Mitchell Garfin, CFA | 30 | 28 | 135 | 0 | 0 | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42.26 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.30 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 Billion | $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$768.1 Million |
| &nbsp;&nbsp;&nbsp; Carly Wilson | 13 | 8 | 12 | 0 | 0 | 0 |
|  | $8.23 Billion | $1.16 Billion | $2.72 Billion | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.'s (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Delbos and Garfin and Ms. Wilson may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Delbos and Garfin and Ms. Wilson may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

------

(a)(3) As of December 31, 2025:

#### Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation**. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Benchmark** |
| &nbsp;&nbsp; Carly Wilson | A combination of market-based indices (e.g., ICE BofA 3-Month U.S. Treasury Bill Index). |
| &nbsp;&nbsp; David Delbos<br> Mitchell Garfin, CFA | A combination of market-based indices (e.g., the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups. |

---

**Distribution of Discretionary Incentive Compensation**. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key

------

employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits**. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity<br>Securities of the Fund<br>Beneficially Owned** |
| &nbsp;&nbsp;&nbsp; David Delbos | $500001 - $1000000 |
| &nbsp;&nbsp;&nbsp; Mitchell Garfin, CFA | $100001 - $500000 |
| &nbsp;&nbsp;&nbsp; Carly Wilson | $10001 - $50000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item212003_item2)

(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](d12003dex99cert.htm)

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d12003dex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Consent of Independent Registered Public Accounting Firm](d12003dex99consent.htm)

------

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 Floating Rate Income Strategies Fund, Inc.

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Floating Rate Income Strategies Fund, Inc. |

---

Date: February 24, 2026

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: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Floating Rate Income Strategies Fund, Inc. |

---

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u>  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Floating Rate Income Strategies Fund, Inc. |

---

Date: February 24, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Floating Rate Income Strategies Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Strategies Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Floating Rate Income Strategies Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Strategies Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Floating Rate Income Strategies Fund, Inc.(the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Floating Rate Income Strategies Fund, Inc.(the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g12003dsp17a.jpg)

---

| |
|:---|
| &nbsp;&nbsp; Closed-End Fund Proxy Voting Policy<br>***Procedures Governing Delegation of Proxy Voting to Fund Adviser***<br>|
| &nbsp;&nbsp;&nbsp; Effective Date: August 1, 2021<br> Last Review Date: September 1, 2024 |

---

&nbsp;&nbsp; **Applies to the following types of Funds registered under the 1940 Act:**<br> ☐ Open-End Mutual Funds (including money market funds)<br> ☐ Money Market Funds<br> ☐ Exchange-Traded Funds<br> ☒ Closed-End Funds<br> ☐ Other<br>

**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock"), (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock proxy voting guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.

![LOGO](g12003dsp17b.jpg)

Public Page 1 of 1

------

## BlackRock

## Active

## Investment

## Stewardship

## Global Engagement and Voting Guidelines
Effective as of January 2026

![LOGO](g12003dsp18.jpg)

------

## Contents

---

| | |
|:---|:---|
|  **[Overview](#proxypol12003_1)** | **3** |
|  **[Introduction to BlackRock](#proxypol12003_2)** | **4** |
|  **[About BlackRock Active Investment Stewardship](#proxypol12003_3)** | **4** |
|  **[Our approach to stewardship within active equities](#proxypol12003_4)** | **5** |
|  **[Our approach to stewardship within fixed income](#proxypol12003_5)** | **5** |
|  **[Boards of Directors](#proxypol12003_6)** | **6** |
|  **[Executive compensation](#proxypol12003_7)** | **9** |
|  **[Non-executive director compensation](#proxypol12003_8)** | **11** |
|  **[Capital structure](#proxypol12003_9)** | **11** |
|  **[Transactions and special situations](#proxypol12003_10)** | **12** |
|  **[Corporate reporting, risk management and audit](#proxypol12003_11)** | **13** |
|  **[Shareholder rights and protections](#proxypol12003_12)** | **14** |
|  **[Shareholder proposals](#proxypol12003_13)** | **15** |
|  **[Corporate political activities](#proxypol12003_14)** | **16** |
|  **[Material sustainability-related risks and opportunities](#proxypol12003_15)** | **16** |
|  **[Key stakeholders](#proxypol12003_16)** | **17** |
|  **[Climate and decarbonization investment objectives](#proxypol12003_17)** | **18** |
|  **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities for non-index equity investment strategies](#proxypol12003_18)** | **19** |

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **2** |

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**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **3** |

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**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own – it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **4** |

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recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **5** |

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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

<sup>6</sup> See the Corporate Governance Codes of <u>Germany,</u> <u>Japan,</u> and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **6** |

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***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

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In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

***Capacity***

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **8** |

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understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nominating, governance and human capital – oversight responsibilities for corporate governance principles and
practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital
management strategies, including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward

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performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pay outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board or relevant board committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **10** |

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**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **11** |

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to

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what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

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management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **14** |

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If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **15** |

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**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **16** |

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**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **17** |

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**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **18** |

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**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **19** |

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In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

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assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adopted these Guidelines which are designed to advance our clients' long-term financial interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or
business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better
understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with

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employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

<sup>○</sup> public companies that include BlackRock employees on their boards of directors

<sup>○</sup> public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

<sup>○</sup> public companies that are the subject of certain transactions involving BlackRock Funds

<sup>○</sup> public companies that are joint venture partners with BlackRock, and

<sup>○</sup> public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may

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determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **23** |

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.

<sup>©</sup>2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere.

All other trademarks are those of their respective owners.

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## Ex-99.Consent

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement 333-289104 on Form N-2 of our report dated February 24, 2026, relating to the financial statements and financial highlights of BlackRock Floating Rate Income Strategies Fund, Inc. appearing in Form N-CSR for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2026