# EDGAR Filing Document

**Accession Number:** 0000832327
**File Stem:** 0001193125-25-196101
**Filing Date:** 2025-9
**Character Count:** 1197657
**Document Hash:** f8f2f3e79f38e37c9825a87b180e8216
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196101.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196101

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK INCOME TRUST, INC.
- **CENTRAL INDEX KEY:** 0000832327

**ORGANIZATION NAME:**
- **EIN:** 133463349
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05542
- **FILM NUMBER:** 251293709

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-825-2257

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK INCOME TRUST INC.
- **DATE OF NAME CHANGE:** 20121009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK INCOME TRUST INC
- **DATE OF NAME CHANGE:** 19930309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKSTONE INCOME TRUST INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? BLACKROCK INCOME TRUST, 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: 811-05542

Name of Fund: BlackRock Income Trust, Inc. (BKT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Income Trust, Inc., 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2025

Date of reporting period: 06/30/2025

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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.

------

![](g15430img86b9e23a1.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<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.

**June 30, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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* <sup>(a)</sup> <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 | $0.366371 | $— | $— | $0.226009 | $0.592380 | 62<br> % <br>| —<br> % <br>| —<br> % <br>| 38<br> % <br>| 100<br> % <br>|
| FRA | 0.472683 |  |  | 0.270357 | 0.743040 | 64 |  |  | 36 | 100 |
| BKT | 0.215043 |  |  | 0.314157 | 0.529200 | 41 |  |  | 59 | 100 |
| BLW | 0.511483 |  |  | 0.167717 | 0.679200 | 75 |  |  | 25 | 100 |
| BIT | 0.454225 |  |  | 0.287975 | 0.742200 | 61 |  |  | 39 | 100 |

---

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

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

Section 19(a) notices for the Funds, as applicable, are available on the BlackRock website at **blackrock.com**.

**Managed Distribution Plan**

The Funds, each with the approval of its Board of Directors or Board of Trustees, as applicable (the "Board"), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plans, the Funds currently distribute the following fixed amounts per share on a monthly basis.

---

| | |
|:---|:---|
| *Fund Name* | *Amount Per* <br>*Common Share*<br>|
| DSU | $0.098730 |
| FRA | 0.123840 |
| BKT | 0.088200 |
| BLW | 0.113200 |
| BIT | 0.123700 |

---

The fixed amounts distributed per share are subject to change at the discretion of each Fund's Board. Each Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under its Plan, a Fund will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, a Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.

Shareholders should not draw any conclusions about a Fund's investment performance from the amount of these distributions or from the terms of the Plan. Each Fund's total return performance is presented in its financial highlights table.

Each Fund's Board may amend, suspend or terminate a Fund's Plan at any time without prior notice to the Fund's shareholders if it deems such actions to be in the best interests of the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund's stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to DSU's, BKT's, BLW's and BIT's prospectus for a more complete description of a Fund's risks.

2025 BlackRock Semi-Annual Report to Shareholders

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Supplemental Information](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_C19ab-Footer-FundBookName-934_1)  | 2 |
| **[Semi-Annual](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_RskDeriv-Footer-FundBookName-934_1)[Report:](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_RskDeriv-Footer-FundBookName-934_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_RskDeriv-Footer-FundBookName-934_1)  | 4 |
| [Derivative Financial Instruments](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_RskDeriv-Footer-FundBookName-934_1)  | 4 |
| [Fund Summary](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FSM-Footer-FundBookName-934_1)  | 5 |
| [Financial Statements:](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_SOI-Footer-FundBookName-934_1)  |  |
| [Schedules of Investments](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_SOI-Footer-FundBookName-934_1)  | 16 |
| [Statements of Assets and Liabilities](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FS-Footer-FundBookName-934_1)  | 139 |
| [Statements of Operations](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FS-Footer-FundBookName-934_5)  | 143 |
| [Statements of Changes in Net Assets](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FS-Footer-FundBookName-934_7)  | 145 |
| [Statements of Cash Flows](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FS-Footer-FundBookName-934_10)  | 148 |
| [Financial Highlights](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_FIHI-Footer-FundBookName-934_1)  | 152 |
| [Notes to Financial Statements](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_NTF-Footer-FundBookName-934_1)  | 157 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_IAA-Footer-FundBookName-934_1)  | 173 |
| [Additional Information](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_ADDInfo-Footer-FundBookName-934_1)  | 177 |
| [Glossary of Terms Used in this Report](#xx_116af5ad-eed2-4ab8-9558-50dc994e167b_Terms-Footer-FundBookName-934_1)  | 180 |

---

------

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 Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)**

**Investment Objective**

**BlackRock Debt Strategies Fund, Inc.'s (DSU) (the "Fund")** primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies' debt instruments, including senior and subordinated corporate loans, both secured and unsecured, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P Global Ratings ("S&P") or Baa or lower by Moody's Investors Service, Inc. ("Moody's")) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund's secondary investment objective is to seek to provide capital appreciation.

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | DSU |
| Initial Offering Date | March 27, 1998 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($10.56)<sup>(a)</sup> | 11.22% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.098730 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.184760 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 17% |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; (1.86)% <br>| &nbsp;&nbsp;&nbsp; $10.86 | &nbsp;&nbsp;&nbsp; $9.13 |
| Net Asset Value | 10.35 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 |

---

**Performance**

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

---

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

---

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

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

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

<sup>(c)</sup> 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. 

<sup>(d)</sup> An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. 

<sup>(e)</sup> An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%. 

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

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

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

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

**What factors influenced performance?**

Positions in leveraged loans made the largest contribution to absolute performance, followed by high yield bonds. In terms of credit tiers, B rated issues were the leading contributors, followed by those rated BB and CCC. At the sector level, the largest contributions came from information technology and property and casualty issues.

Fund Summary

------

Fund Summary as of June 30, 2025(continued)

**BlackRock Debt Strategies Fund, Inc. (DSU)**

At a time of strong returns for the broader market, no aspect of the Fund's positioning significantly detracted from absolute performance. With this said, currency management strategies and an allocation to the construction machinery sector were very small detractors.

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

**Describe recent portfolio activity.**

The Fund increased its allocation to high yield bonds. Its ratings positioning was largely unchanged, with a slight increase in Bs and a small reduction in CCCs.

The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.

**Describe portfolio positioning at period end.**

The Fund was overweight in BBBs, B1s, B2s, and B3s, and it was underweight in BBs and CCCs. The top sector overweights included technology, property and casualty, and diversified manufacturing. Retailers, cable and satellite, and midstream energy were among the largest underweights.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Fund's Total Investments**

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<br>|
| Floating Rate Loan Interests | 75.2<br> %<br>|
| Corporate Bonds | 16.5 |
| Investment Companies | 5.6 |
| Asset-Backed Securities | 1.4 |
| Other\* | 1.3 |

---

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

---

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

---

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

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

\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Schedule of Investments for details.

2025 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025

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

**Investment Objective**

**BlackRock Floating Rate Income Strategies Fund, Inc.'s (FRA) (the "Fund")** investment objective is to provide shareholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its managed assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade at the time of investment or, if unrated, are considered by the investment adviser to be of comparable quality. The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives.

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | FRA |
| Initial Offering Date | October 31, 2003 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($13.14)<sup>(a)</sup> | 11.31% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.123840 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.486080 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 23% |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp; (4.44)% <br>| &nbsp;&nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp; $11.29 |
| Net Asset Value | 12.46 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |

---

**Performance**

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

---

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

---

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

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

<sup>(b)</sup> 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.

<sup>(c)</sup> An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%. 

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

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

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

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

**What factors influenced performance?**

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

Fund Summary

------

Fund Summary as of June 30, 2025(continued)

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

At a time of strong returns for the broader market, no aspect of the Fund's positioning significantly detracted from absolute performance. With this said, an allocation to the construction machinery sector was a small detractor, as were risk management strategies.

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

**Describe recent portfolio activity.**

The Fund increased its weightings in B1 and BBB rated issues, and it trimmed the positions in B2s and CCCs. Asset allocation was largely unchanged, aside from a small reduction in collateralized loan obligations.

The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.

**Describe portfolio positioning at period end.**

The Fund was overweight in BBBs, BBs, and B1s, and it was underweight in B3s and CCCs. The top sector overweights included property and casualty, diversified manufacturing, and technology. Healthcare, retailers, and home construction were among the largest underweights.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Fund's Total Investments**

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<br>|
| Floating Rate Loan Interests | 91.9<br> %<br>|
| Investment Companies | 4.2 |
| Corporate Bonds | 1.4 |
| Asset-Backed Securities | 1.1 |
| Other\* | 1.4 |

---

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

---

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

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Excludes short-term securities.

\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Schedule of Investments for details.

2025 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025

**BlackRock Income Trust, Inc. (BKT)**

**Investment Objective**

**BlackRock Income Trust, Inc.'s (BKT) (the "Fund")** investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Fund seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Fund invests at least 80% of its assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P Global Ratings ("S&P") or Aaa by Moody's Investors Service, Inc ("Moody's"). The Fund may invest directly in such securities or synthetically through the use of derivatives.

On November 21, 2024, the Fund's Board of Directors and the Board of Directors of BlackRock Enhanced Government Fund, Inc. ("EGF") approved the reorganization of EGF into the Fund, with BKT continuing as the surviving fund. The Reorganization was effective on March 24, 2025.

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BKT |
| Initial Offering Date | July 22, 1988 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($11.75)<sup>(a)</sup> | 9.01% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.088200 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.058400 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 19% |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> % <br>| &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $11.28 |
| Net Asset Value | 11.90 | &nbsp;&nbsp;&nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 |

---

**Performance**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Fund at NAV<sup>(a)(b)</sup> | 5.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.80<br> % <br>| &nbsp;&nbsp;&nbsp; (1.23)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 6.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| **FTSE Mortgage Index**<sup>(c)</sup> | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 |

---

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

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

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

<sup>(c)</sup> An unmanaged index that includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.

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

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

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

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

**What factors influenced performance?**

Performance of the Trust benefited over the period from an allocation to fixed-rate structures within agency collateralized mortgage obligations ("CMOs"). Allocations across agency commercial mortgage-backed securities ("CMBS") including single-asset/single-borrower ("SASB") and interest-only securities also proved additive.

Tactical positioning with respect to portfolio duration and corresponding interest rate sensitivity detracted, specifically with respect to the 10-year segment of the Treasury yield curve.

Fund Summary

------

Fund Summary as of June 30, 2025(continued)

**BlackRock Income Trust, Inc. (BKT)**

**Describe recent portfolio activity.**

The Trust's notable allocation to well-structured agency CMOs, which serve as a source of high-quality income, was modestly reduced over the period. Allocations to agency mortgage-backed security ("MBS") passthroughs and agency mortgage derivatives, mostly interest-only securities, were also reduced slightly. At the same time, the Trust's exposure to CMBS and non-agency MBS was increased modestly.

The Trust held derivatives during the period as a part of its investment strategy and can sometimes have notional derivative exposure greater than 20%. Derivatives are used by the investment adviser as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used Treasury futures to express duration bias and curve bias. The Trust also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when relative value opportunities present themselves.

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

**Describe portfolio positioning at period end.**

At the end of the reporting period, the Trust held a substantial allocation to well-structured agency CMOs as well as agency MBS interest only-derivatives. The Trust held only marginal positions in other securitized assets such as non-agency MBS and CMBS, preferring to focus on prepayment and structural opportunities in higher quality agency-backed assets rather than seek credit exposure.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Fund's Total Investments**

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| U.S. Government Sponsored Agency Securities | 93.2<br> %<br>|
| Non-Agency Mortgage-Backed Securities | 3.9 |
| U.S. Treasury Obligations | 2.9 |
| Asset-Backed Securities | &nbsp;&nbsp; — <br><sup>(b)</sup><br>|

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| AAA/Aaa<sup>(d)</sup> | 98.2<br> %<br>|
| AA/Aa | &nbsp;&nbsp; — <br><sup>(e)</sup><br>|
| CCC/Caa | &nbsp;&nbsp; — <br><sup>(e)</sup><br>|
| N/R | 1.8 |

---

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

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> Rounds to less than 0.1%.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Rounds to less than 0.1%.

2025 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)**

**Investment Objective**

**BlackRock Limited Duration Income Trust's (BLW) (the "Fund")** investment objective is to provide current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in three distinct asset classes:

&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;• 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 at the time of investment or unrated and deemed by the investment adviser to be of comparable quality and, to a limited extent, non-U.S. dollar denominated securities of non-U.S. issuers rated below investment grade or unrated and deemed by the investment adviser to be of comparable quality.

The Fund's portfolio normally has an average portfolio duration of less than five years (including the effect of anticipated leverage), although it may be longer from time to time depending on market conditions. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BLW |
| Initial Offering Date | July 30, 2003 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($14.18)<sup>(a)</sup> | 9.58% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.113200 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.358400 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 38% |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> % <br>| &nbsp;&nbsp;&nbsp; $14.38 | &nbsp;&nbsp;&nbsp; $12.75 |
| Net Asset Value | 13.98 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.11 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 |

---

**Performance**

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

---

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

---

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

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

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

<sup>(c)</sup> 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. 

<sup>(d)</sup> An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. 

<sup>(e)</sup> An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%. 

<sup>(f)</sup> A composite index comprised of Bloomberg ABS 1-3 Year AAA Rated ex Home Equity Index, Bloomberg Corporate 1-5 year Index, Bloomberg CMBS Investment Grade 1-3.5 Yr. Index, Bloomberg MBS 15 Yr Index and Bloomberg Credit Ex-Corporate 1-5 Yr Index. 

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

Past performance is not an indication of future results.

Fund Summary

------

Fund Summary as of June 30, 2025(continued)

**BlackRock Limited Duration Income Trust (BLW)**

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

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

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

**What factors influenced performance?**

The largest contributors to the Trust's absolute performance over the period included allocations to credit-oriented sectors including high yield and investment grade corporate bonds, banks loans and collateralized loan obligations ("CLOs"). Exposure to U.S. Treasury bills also contributed to return.

The largest detractor from the Trust's performance was the use of reverse repurchase agreements and derivatives. Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio.

**Describe recent portfolio activity.**

Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.

As the period opened, the Trust trimmed credit exposure to realize gains. In the second quarter, the Trust began reallocating into credit sectors, particularly bank loans along with high yield and investment grade corporate bonds, as credit spreads widened on tariff-related uncertainty and geopolitical tensions.

Toward the end of the period, the Trust again trimmed credit exposure, especially within below investment grade high yield corporate bonds and bank loans, given a recovery in risk assets from earlier tariff-related spread widening.

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

**Describe portfolio positioning at period end.**

At period end, the Trust maintained diversified exposure to non-government spread sectors including bank loans, high yield and investment grade corporate bonds, and CLOs. The Trust also held exposure to U.S. Treasuries.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025(continued)

**BlackRock Limited Duration Income Trust (BLW)**

**Overview of the Fund's Total Investments**

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

---

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

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa<sup>(c)</sup> | 4.9<br> %<br>|
| AA/Aa | 0.8 |
| A | 2.3 |
| BBB/Baa | 9.8 |
| BB/Ba | 31.8 |
| B | 40.2 |
| CCC/Caa | 5.7 |
| N/R | 4.5 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Excludes short-term securities.

<sup>(c)</sup> 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

------

Fund Summary as of June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)**

**Investment Objective**

**BlackRock Multi-Sector Income Trust's (BIT) (the "Fund")** primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Fund may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Fund's investments in loans, the Fund may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BIT |
| Initial Offering Date | February 27, 2013 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($14.60)<sup>(a)</sup> | 10.17% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.123700 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.484400 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 34% |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> % <br>| &nbsp;&nbsp;&nbsp; $14.85 | &nbsp;&nbsp;&nbsp; $13.11 |
| Net Asset Value | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;13.93 |

---

**Performance**

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

---

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

---

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

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund's use of leverage, if any.

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

<sup>(c)</sup> A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

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

Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund's investment strategies, portfolio components or past or future performance.

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

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

**What factors influenced performance?**

Positive contributions to the Trust's performance over the period were highlighted by exposure to credit-oriented sectors led by U.S. high yield corporate bonds, as well as investment grade corporate bonds and floating rate bank loans. In addition, exposure to agency and non-agency residential mortgage-backed securities ("MBS") proved additive.

The main detractors from the Trust's absolute performance were the use of reverse repurchase agreements and derivatives. Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio.

2025 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of June 30, 2025(continued)

**BlackRock Multi-Sector Income Trust (BIT)**

**Describe recent portfolio activity.**

The Trust continued to favor collateralized loan obligations ("CLOs") as a high quality source of attractive risk-adjusted income, increasing its allocation to the sector. The Trust's allocation to high yield corporate bonds was also increased as a source of incremental yield given sound fundamentals within the sector. Conversely, the Trust reduced the allocation to investment grade corporate bonds as spreads narrowed, realizing gains in doing so.

Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.

As the period opened, the Trust trimmed credit exposure to realize gains. In the second quarter, the Trust began reallocating into credit sectors, particularly high yield and investment grade corporate bonds, as credit spreads widened on tariff-related uncertainty and geopolitical tensions.

Toward the end of the period, the Trust again trimmed credit exposure, especially within high yield corporate bonds, given a recovery in risk assets from earlier tariff-related spread widening.

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

**Describe portfolio positioning at period end.**

At period end, the Trust maintained a diversified exposure within non-governmental spread sectors, most notably high yield corporate bonds, followed by non-agency and agency MBS, investment grade corporate bonds and CLOs.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Fund's Total Investments**

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<br>|
| Corporate Bonds | 56.7<br> %<br>|
| Non-Agency Mortgage-Backed Securities | 13.0 |
| U.S. Government Sponsored Agency Securities | 10.2 |
| Asset-Backed Securities | 8.8 |
| Preferred Securities | 5.4 |
| Floating Rate Loan Interests | 3.8 |
| Other\* | 2.1 |

---

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

---

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

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Excludes short-term securities.

\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Schedule of Investments for details.

Fund Summary

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *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%), 8.18%, <br> 05/15/37<sup>(a)(b)</sup><br>| USD | 1000 | $993803 |
| Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2, (3-<br> mo. CME Term SOFR + 3.35%), 7.61%, 07/15/37<sup>(a)(b)</sup><br>|  | 2000 | 2007838 |
| Golub Capital Partners CLO Ltd., Series 2024-74A, <br> Class D1, (3-mo. CME Term SOFR + 3.20%), 7.48%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 1500 | 1502755 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, <br> Class D1, (3-mo. CME Term SOFR + 3.35%), 7.63%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 1090 | 1085683 |
| Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. <br> CME Term SOFR + 3.45%), 7.72%, 04/20/37<sup>(a)(b)</sup><br>|  | 1500 | 1494848 |
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, <br> (3-mo. CME Term SOFR + 4.25%), 8.52%, <br> 04/20/37<sup>(a)(b)</sup><br>|  | 1590 | 1575191 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. <br> CME Term SOFR + 2.65%), 6.89%, 01/05/38<sup>(a)(b)</sup><br>|  | 1000 | 997307 |
| **Total Asset-Backed Securities — 1.7%** <br>**(Cost: $9,680,000)** | **Total Asset-Backed Securities — 1.7%** <br>**(Cost: $9,680,000)** | **Total Asset-Backed Securities — 1.7%** <br>**(Cost: $9,680,000)** | 9657425 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(c)</sup> | 1131 | 12441 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| SunPower Corp.<sup>(c)(d)</sup> | 1707 |  |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| Learfield Communications LLC, (Acquired 09/06/23, Cost: <br> $64,402)<sup>(c)(d)(e)</sup><br>| 5126 | 456214 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(c)(d)</sup> | 15773 | 930647 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(c)</sup> | 1661 | 1661 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Envision Healthcare Corp., (Acquired 11/03/23, Cost: <br> $375,758)<sup>(c)(e)</sup><br>| 12098 | 192056 |
| **Industrial Conglomerates**<sup>(c)</sup> **— 0.0%** | **Industrial Conglomerates**<sup>(c)</sup> **— 0.0%** |  |
| Ameriforge Group, Inc.<sup>(d)</sup> | 1664 |  |
| SVP Singer | 15566 | 73938 |
|  |  | 73938 |
| **IT Services — 0.1%** | **IT Services — 0.1%** |  |
| Travelport Finance Luxembourg SARL<sup>(c)(d)</sup> | 230 | 618015 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Maxeon Solar Technologies Ltd.<sup>(c)</sup> | 2 | 6 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Parent Corp.<sup>(c)(d)</sup> | 24798 | $247978 |
| **Total Common Stocks — 0.4%** <br>**(Cost: $3,964,804)** | **Total Common Stocks — 0.4%** <br>**(Cost: $3,964,804)** | 2532956 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.3%** | **Advertising Agencies — 0.3%** | **Advertising Agencies — 0.3%** | **Advertising Agencies — 0.3%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 | USD | 148 | 146316 |
| 7.75%, 04/15/28 |  | 168 | 158760 |
| 9.00%, 09/15/28 |  | 203 | 212708 |
| 7.50%, 06/01/29 |  | 120 | 110988 |
| 7.88%, 04/01/30 |  | 512 | 528509 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(b)</sup> |  | 47 | 44305 |
| Lamar Media Corp., 4.00%, 02/15/30 |  | 15 | 14330 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)</sup> |  | 289 | 281395 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 24 | 23880 |
| 4.25%, 01/15/29 |  | 98 | 93754 |
| 4.63%, 03/15/30 |  | 22 | 21012 |
| 7.38%, 02/15/31 |  | 140 | 148220 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 32 | 30609 |
|  |  |  | 1814786 |
| **Aerospace & Defense**<sup>(b)</sup> **— 0.7%** | **Aerospace & Defense**<sup>(b)</sup> **— 0.7%** | **Aerospace & Defense**<sup>(b)</sup> **— 0.7%** | **Aerospace & Defense**<sup>(b)</sup> **— 0.7%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29 |  | 71 | 73578 |
| Bombardier, Inc. |  |  |  |
| 6.00%, 02/15/28 |  | 105 | 105632 |
| 7.50%, 02/01/29 |  | 4 | 4200 |
| 8.75%, 11/15/30 |  | 118 | 127744 |
| 7.25%, 07/01/31 |  | 266 | 279220 |
| 7.00%, 06/01/32 |  | 62 | 64566 |
| 6.75%, 06/15/33 |  | 64 | 66317 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<br>|  | 444 | 449553 |
| Goat Holdco LLC, 6.75%, 02/01/32 |  | 85 | 86406 |
| Spirit AeroSystems, Inc. |  |  |  |
| 9.38%, 11/30/29 |  | 111 | 117772 |
| 9.75%, 11/15/30 |  | 128 | 141165 |
| TransDigm, Inc. |  |  |  |
| 6.75%, 08/15/28 |  | 143 | 146023 |
| 6.38%, 03/01/29 |  | 212 | 217500 |
| 7.13%, 12/01/31 |  | 166 | 173921 |
| 6.63%, 03/01/32 |  | 574 | 594316 |
| 6.00%, 01/15/33 |  | 500 | 502717 |
| 6.38%, 05/31/33 |  | 739 | 739670 |
| Triumph Group, Inc., 9.00%, 03/15/28 |  | 191 | 199603 |
|  |  |  | 4089903 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 57 | 57237 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 30 | 31802 |
|  |  |  | 89039 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 05/15/27 | USD | 575 | $577518 |
| 6.75%, 05/15/28 |  | 85 | 87248 |
| 6.75%, 02/15/30 |  | 280 | 291140 |
| 4.75%, 06/15/31 | EUR | 100 | 118247 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 21 | 20698 |
| 4.50%, 02/15/32 |  | 33 | 32258 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)</sup><br>|  | 90 | 93702 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29 |  | 26 | 25413 |
| 6.63%, 07/15/30 |  | 52 | 53042 |
| 5.25%, 04/30/31 |  | 3 | 2881 |
| 5.63%, 04/30/33 |  | 30 | 28724 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 146 | 144379 |
|  |  |  | 1475250 |
| **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 39 | 38467 |
| 5.00%, 02/15/32<sup>(b)</sup> |  | 25 | 23787 |
| Carvana Co.<sup>(b)(f)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 |  | 180 | 189420 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 580 | 656050 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 50 | 53294 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(b)</sup> |  | 34 | 34913 |
| Ken Garff Automotive LLC, 4.88%, 09/15/28<sup>(b)</sup> |  | 25 | 24682 |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 103 | 100162 |
| 8.25%, 08/01/31 |  | 79 | 83992 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(b)</sup> |  | 200 | 183484 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br> 10.00%, 01/15/31<sup>(b)</sup><br>|  | 73 | 71724 |
| Venture Holdings Trust, 12.00%, 07/01/49<sup>(c)(d)(g)</sup> |  | 5150 | 1 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> |  | 56 | 50660 |
|  |  |  | 1510636 |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Banco Espirito Santo SA<sup>(c)(g)</sup> <br>|  |  |  |
| 2.63%, 05/08/17<sup>(h)</sup> | EUR | 100 | 25915 |
| 4.75%, 01/15/22 |  | 200 | 51830 |
| 4.00%, 01/21/22 |  | 100 | 25915 |
| State Street Corp., Series I, (5-year CMT + 2.61%), <br> 6.70%<sup>(a)(i)</sup><br>| USD | 31 | 32373 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 37 | 37970 |
|  |  |  | 174003 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 38 | 38725 |
| 6.75%, 05/15/35 |  | 52 | 53540 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 12/15/30 |  | 731 | 747208 |
| 6.75%, 07/15/31 |  | 309 | 319813 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 |  | 17 | 15760 |
| 7.00%, 09/01/32 |  | 93 | 72814 |
| JH North America Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 01/31/31 |  | 75 | 75655 |
| 6.13%, 07/31/32 |  | 99 | 100644 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 26 | 26069 |
| 9.75%, 07/15/28 |  | 59 | 59138 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 | USD | 443 | $455546 |
| 6.75%, 03/01/33 |  | 80 | 82546 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 27 | 26934 |
| 8.88%, 11/15/31 |  | 71 | 74440 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 287 | 294070 |
| Standard Industries, Inc. |  |  |  |
| 2.25%, 11/21/26<sup>(h)</sup> | EUR | 100 | 116347 |
| 4.38%, 07/15/30<sup>(b)</sup> | USD | 141 | 133505 |
| 3.38%, 01/15/31<sup>(b)</sup> |  | 34 | 30491 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 177 | 160809 |
|  |  |  | 2884054 |
| **Building Products**<sup>(b)</sup> **— 0.2%** | **Building Products**<sup>(b)</sup> **— 0.2%** | **Building Products**<sup>(b)</sup> **— 0.2%** | **Building Products**<sup>(b)</sup> **— 0.2%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 5 | 4586 |
| GYP Holdings III Corp., 4.63%, 05/01/29 |  | 74 | 74172 |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 300 | 309061 |
| White Cap Buyer LLC, 6.88%, 10/15/28 |  | 737 | 735830 |
|  |  |  | 1123649 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
| Apollo Debt Solutions BDC |  |  |  |
| 6.70%, 07/29/31 |  | 35 | 36370 |
| 6.55%, 03/15/32<sup>(b)</sup> |  | 9 | 9193 |
| Ares Capital Corp., 5.50%, 09/01/30 |  | 70 | 69783 |
| Ares Strategic Income Fund |  |  |  |
| 5.60%, 02/15/30 |  | 77 | 76767 |
| 5.80%, 09/09/30<sup>(b)</sup> |  | 60 | 60210 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 15 | 14828 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 170 | 166235 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 135 | 136374 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 28 | 29088 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 34 | 35664 |
| Blue Owl Technology Finance Corp., 6.75%, 04/04/29 |  | 16 | 16317 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)</sup><br>|  | 65 | 58344 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 202 | 206194 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 39 | 39002 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 3.38%, 06/15/26 |  | 59 | 57750 |
| 8.00%, 06/15/27 |  | 54 | 56259 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 183 | 177314 |
| 9.75%, 01/15/29 |  | 42 | 40800 |
| 4.38%, 02/01/29 |  | 31 | 26058 |
| 10.00%, 11/15/29<sup>(b)</sup> |  | 138 | 136623 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33<sup>(b)</sup> |  | 64 | 65805 |
| JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27 |  | 100 | 115100 |
|  |  |  | 1630078 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 37 | 37346 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 300 | 316286 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 8 | 8189 |
| 6.75%, 04/15/33 |  | 47 | 47488 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 96 | 95141 |
| 5.75%, 11/15/28<sup>(b)</sup> |  | 167 | 156530 |
| 8.00%, 01/15/33<sup>(b)</sup> |  | 73 | 68358 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)</sup> |  | 590 | 572179 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> | USD | 200 | $179495 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br> 07/01/28<sup>(b)</sup><br>|  | 77 | 77378 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup> |  | 23 | 21935 |
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(f)</sup><br>|  | 100 | 89206 |
| LYB International Finance III LLC, 6.15%, 05/15/35 |  | 25 | 25948 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 35 | 31713 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 51 | 50852 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<sup>(b)</sup> |  | 55 | 54099 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.75%, 11/15/28 |  | 200 | 210606 |
| 7.25%, 06/15/31 |  | 400 | 408000 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 185 | 179151 |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 |  | 74 | 73572 |
| 5.63%, 08/15/29 |  | 1071 | 969454 |
| 7.38%, 03/01/31 |  | 185 | 189443 |
|  |  |  | 3862369 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(b)</sup> |  | 68 | 65231 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, <br> 05/21/30<sup>(b)</sup><br>|  | 200 | 204106 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> |  | 957 | 999770 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/01/29 |  | 515 | 500874 |
| 6.88%, 06/15/30 |  | 208 | 210821 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<sup>(b)</sup><br>|  | 400 | 388082 |
| APi Group DE, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 07/15/29 |  | 67 | 63879 |
| 4.75%, 10/15/29 |  | 32 | 31404 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> |  | 200 | 201669 |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 63 | 61679 |
| 6.50%, 05/15/32 |  | 520 | 536496 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> |  | 400 | 424606 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 06/15/29 |  | 39 | 40201 |
| 6.75%, 06/15/32 |  | 193 | 200990 |
| Clarivate Science Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 07/01/28 |  | 328 | 314396 |
| 4.88%, 07/01/29 |  | 180 | 169488 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 31 | 31994 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 76 | 79617 |
| Fortress Transportation and Infrastructure Investors LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 05/01/28 |  | 248 | 246665 |
| 7.88%, 12/01/30 |  | 161 | 170823 |
| 7.00%, 05/01/31 |  | 259 | 268178 |
| 7.00%, 06/15/32 |  | 528 | 545175 |
| 5.88%, 04/15/33 |  | 107 | 105653 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 70 | 69566 |
| 7.75%, 02/15/28 |  | 123 | 127251 |
| 6.00%, 06/01/29 |  | 16 | 15617 |
| 8.25%, 08/01/32 |  | 224 | 229870 |
| 8.38%, 11/15/32 |  | 631 | 648169 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 29 | 29754 |
| 7.00%, 06/15/30 |  | 120 | 125323 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Herc Holdings, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 7.25%, 06/15/33 | USD | 61 | $63916 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 36 | 37647 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 106 | 106005 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 262 | 262000 |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 |  | 2 | 1838 |
| 4.00%, 05/15/31 |  | 49 | 45848 |
| 5.75%, 10/15/32 |  | 420 | 424283 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/32 |  | 262 | 272105 |
| 5.50%, 05/15/33 | EUR | 100 | 121848 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)</sup> | USD | 202 | 181905 |
| United Rentals North America, Inc., 6.13%, 03/15/34<sup>(b)</sup> |  | 17 | 17510 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> |  | 41 | 44382 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 188 | 197575 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 176 | 177567 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 71 | 72883 |
| 6.63%, 04/15/30 |  | 222 | 230603 |
| 7.38%, 10/01/31 |  | 49 | 51577 |
|  |  |  | 9416839 |
| **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29 |  | 203 | 198185 |
| 9.50%, 12/15/31 |  | 78 | 81683 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 31 | 28967 |
|  |  |  | 308835 |
| **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** |
| Arcosa, Inc. |  |  |  |
| 4.38%, 04/15/29 |  | 117 | 113179 |
| 6.88%, 08/15/32 |  | 125 | 129727 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 586 | 540665 |
| Dycom Industries, Inc., 4.50%, 04/15/29 |  | 37 | 36012 |
|  |  |  | 819583 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>|  | 11 | 11076 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 49 | 54047 |
| 7.88%, 06/15/32 |  | 74 | 76960 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 30 | 30980 |
| 6.63%, 05/15/29 |  | 129 | 132489 |
| 5.38%, 11/15/29 |  | 26 | 25575 |
| 7.88%, 03/15/30 |  | 72 | 76505 |
| 4.00%, 09/15/30 |  | 95 | 87660 |
| 7.50%, 05/15/31 |  | 21 | 21942 |
| 7.13%, 11/15/31 |  | 52 | 54105 |
| 6.75%, 03/15/32 |  | 152 | 154859 |
| 7.13%, 09/15/32 |  | 112 | 115950 |
| SLM Corp., 6.50%, 01/31/30 |  | 16 | 16794 |
|  |  |  | 858942 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 |  | 39 | 41363 |
| 4.80%, 11/18/44 |  | 77 | 73535 |
|  |  |  | 114898 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/15/27 | USD | 200 | $200614 |
| 4.00%, 09/01/29 |  | 285 | 260170 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(h)</sup> | EUR | 100 | 112757 |
| 4.13%, 08/15/26<sup>(b)</sup> | USD | 200 | 187774 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 100 | 119346 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 | USD | 49 | 49710 |
| 6.88%, 01/15/30 |  | 143 | 146186 |
| 8.75%, 04/15/30 |  | 189 | 193314 |
| 6.75%, 04/15/32 |  | 444 | 455663 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 165 | 166128 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 |  | 83 | 72580 |
| 9.50%, 11/01/28 |  | 131 | 121093 |
| 8.63%, 10/01/31 |  | 148 | 126594 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 1062 | 1079408 |
| 9.25%, 04/15/27 |  | 40 | 39720 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 19 | 18543 |
| 5.00%, 04/15/29 |  | 15 | 14837 |
| 6.50%, 07/15/32 |  | 46 | 47668 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(b)</sup> |  | 27 | 28641 |
|  |  |  | 3440746 |
| **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<sup>(b)</sup> |  | 20 | 21028 |
| Global Net Lease, Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<sup>(b)</sup><br>|  | 35 | 33426 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 138 | 132324 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/30 |  | 6 | 5918 |
| 5.63%, 07/15/32 |  | 44 | 43650 |
| 6.25%, 01/15/33 |  | 217 | 223121 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 42 | 42210 |
| SBA Communications Corp., 3.13%, 02/01/29 |  | 170 | 160561 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital <br> LLC, 10.50%, 02/15/28<sup>(b)</sup><br>|  | 451 | 478079 |
|  |  |  | 1140317 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| Altice Financing SA, 5.75%, 08/15/29<sup>(b)</sup> |  | 200 | 146036 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>|  | 200 | 201026 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(f)</sup> |  | 698 | 637294 |
| 10.75%, 11/30/29 |  | 334 | 343794 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<sup>(b)</sup> |  | 12 | 12005 |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 21 | 20991 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 28 | 28366 |
| 5.88%, 11/01/29 |  | 46 | 46798 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 59 | 59761 |
| 8.75%, 05/15/30<sup>(b)</sup> |  | 553 | 578367 |
| 8.63%, 03/15/31<sup>(b)</sup> |  | 98 | 104126 |
| Iliad Holding SASU<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 10/15/28 |  | 200 | 203655 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Iliad Holding SASU<sup>(b)</sup> (continued) |  |  |  |
| 8.50%, 04/15/31 | USD | 250 | $267406 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 |  | 18 | 15390 |
| 4.88%, 06/15/29 |  | 214 | 199823 |
| 11.00%, 11/15/29 |  | 319 | 365952 |
| 4.50%, 04/01/30 |  | 87 | 78401 |
| 3.88%, 10/15/30 |  | 33 | 28628 |
| 10.75%, 12/15/30 |  | 234 | 265504 |
| 4.00%, 04/15/31 |  | 5 | 3947 |
| 10.00%, 10/15/32 |  | 49 | 49490 |
| 6.88%, 06/30/33 |  | 674 | 685811 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 04/15/29 |  | 50 | 48500 |
| 4.13%, 04/15/30 |  | 50 | 48692 |
| 10.00%, 10/15/32 |  | 51 | 52086 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 200 | 200562 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 110 | 118529 |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)</sup><br>|  | 574 | 601142 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 524 | 491395 |
| 6.13%, 03/01/28 |  | 137 | 118227 |
|  |  |  | 6021704 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 69 | 71128 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 200 | 206072 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(i)</sup><br>|  | 162 | 152527 |
| NextEra Energy Capital Holdings, Inc., (5-year CMT + <br> 2.46%), 6.75%, 06/15/54<sup>(a)</sup><br>|  | 46 | 47724 |
| Pattern Energy Operations LP/Pattern Energy Operations, <br> Inc., 4.50%, 08/15/28<sup>(b)</sup><br>|  | 8 | 7751 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 23 | 25014 |
| Texas Competitive Electric Holdings, Series M, 8.50%, <br> 11/10/21<sup>(c)(d)(g)</sup><br>|  | 2375 |  |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 10/15/31 |  | 163 | 173243 |
| 6.88%, 04/15/32 |  | 82 | 85730 |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)</sup><br>|  | 327 | 349270 |
|  |  |  | 1118459 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** |
| Coherent Corp., 5.00%, 12/15/29 |  | 45 | 44196 |
| Sensata Technologies BV, 4.00%, 04/15/29 |  | 36 | 34239 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 |  | 146 | 139387 |
| 3.75%, 02/15/31 |  | 145 | 132171 |
| 6.63%, 07/15/32 |  | 200 | 205830 |
| WESCO Distribution, Inc., 6.38%, 03/15/33 |  | 205 | 211884 |
| Xerox Corp., 10.25%, 10/15/30 |  | 31 | 32455 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 29 | 29820 |
|  |  |  | 829982 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 77 | 77079 |
| 6.25%, 04/01/28 |  | 18 | 18060 |
| 6.63%, 09/01/32 |  | 115 | 117166 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(b)</sup> |  | 31 | 31966 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> |  | 133 | 137577 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(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)** |
| Oceaneering International, Inc., 6.00%, 02/01/28 | USD | 18 | $18148 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> |  | 127 | 119680 |
| Tidewater, Inc., 07/15/30<sup>(b)(j)</sup> |  | 65 | 66876 |
| USA Compression Partners LP/USA Compression Finance <br> Corp., 7.13%, 03/15/29<sup>(b)</sup><br>|  | 96 | 98393 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)</sup> |  | 137 | 141210 |
|  |  |  | 826155 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> |  | 165 | 160107 |
| Caesars Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 10/15/29 |  | 338 | 322633 |
| 7.00%, 02/15/30 |  | 416 | 430802 |
| 6.50%, 02/15/32 |  | 162 | 166231 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 47 | 46394 |
| 5.75%, 04/01/30 |  | 292 | 292952 |
| 6.75%, 05/01/31 |  | 188 | 193231 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(b)</sup> |  | 19 | 19725 |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> |  | 200 | 201500 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>|  | 94 | 92009 |
| Light & Wonder International, Inc., 7.50%, 09/01/31<sup>(b)</sup> |  | 41 | 42903 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 54 | 46930 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 10/15/27 |  | 58 | 57369 |
| 3.75%, 01/15/28 |  | 35 | 33867 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance <br> Corp., 4.88%, 05/01/29<sup>(b)</sup><br>|  | 40 | 38531 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment <br> Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 70 | 72255 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 519 | 542296 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 09/01/29 |  | 34 | 19465 |
| 5.88%, 09/01/31 |  | 49 | 26827 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance <br> Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 43 | 43056 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(b)</sup><br>|  | 58 | 55892 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> |  | 53 | 54467 |
| Vail Resorts, Inc., 6.50%, 05/15/32<sup>(b)</sup> |  | 90 | 92992 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 92 | 95719 |
| Warnermedia Holdings, Inc., 03/15/42<sup>(j)</sup> |  | 119 | 80176 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 10/01/29 |  | 202 | 200542 |
| 7.13%, 02/15/31 |  | 322 | 343400 |
| 6.25%, 03/15/33 |  | 45 | 45289 |
|  |  |  | 3817560 |
| **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** |
| Clean Harbors, Inc., 6.38%, 02/01/31<sup>(b)</sup> |  | 7 | 7172 |
| GFL Environmental, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 08/01/28 |  | 8 | 7759 |
| 4.75%, 06/15/29 |  | 164 | 161814 |
| 4.38%, 08/15/29 |  | 65 | 63117 |
| 6.75%, 01/15/31 |  | 117 | 122432 |
| Madison IAQ LLC, 5.88%, 06/30/29<sup>(b)</sup> |  | 1203 | 1183480 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 43 | 40908 |
| 5.00%, 09/01/30 |  | 21 | 19848 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)</sup> | USD | 448 | $465077 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 183 | 190514 |
|  |  |  | 2262121 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, <br> 05/15/29<sup>(a)</sup><br>|  | 20 | 20356 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 40 | 41525 |
| 01/15/31<sup>(j)</sup> |  | 36 | 36753 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 42 | 43625 |
| 9.13%, 05/15/31 |  | 102 | 105140 |
| 8.38%, 04/01/32 |  | 50 | 50539 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 02/15/27 |  | 83 | 85576 |
| 8.00%, 06/15/28 |  | 29 | 30674 |
| 6.88%, 04/15/29 |  | 65 | 67199 |
| 5.88%, 03/15/30 |  | 209 | 210484 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 89 | 91336 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)</sup><br>|  | 200 | 193335 |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31<sup>(b)</sup> |  | 40 | 42333 |
| Midcap Financial Issuer Trust, 5.63%, 01/15/30<sup>(b)</sup> |  | 200 | 184750 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 08/01/29 |  | 172 | 175690 |
| 5.13%, 12/15/30 |  | 21 | 21254 |
| 5.75%, 11/15/31 |  | 79 | 80232 |
| 7.13%, 02/01/32 |  | 164 | 170346 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 52 | 55218 |
| 7.13%, 11/15/30 |  | 217 | 224895 |
| 6.88%, 05/15/32 |  | 107 | 109404 |
| 6.88%, 02/15/33 |  | 51 | 52275 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 137 | 141896 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 |  | 383 | 390288 |
| 6.38%, 08/01/33 |  | 311 | 318215 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.88%, 10/15/26 |  | 75 | 73145 |
| 3.88%, 03/01/31 |  | 35 | 32446 |
| 4.00%, 10/15/33 |  | 31 | 27735 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 207 | 207214 |
|  |  |  | 3283878 |
| **Food Products**<sup>(b)</sup> **— 0.5%** | **Food Products**<sup>(b)</sup> **— 0.5%** | **Food Products**<sup>(b)</sup> **— 0.5%** | **Food Products**<sup>(b)</sup> **— 0.5%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<br>|  |  |  |
| 5.88%, 02/15/28 |  | 84 | 83916 |
| 6.25%, 03/15/33 |  | 246 | 253583 |
| Aramark Services, Inc., 5.00%, 02/01/28 |  | 41 | 40835 |
| B&G Foods, Inc., 8.00%, 09/15/28 |  | 22 | 21181 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(f)</sup><br>|  | 439 | 470441 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |  |
| 4.63%, 11/15/28 |  | 258 | 253224 |
| 7.63%, 07/01/29 |  | 273 | 284483 |
| Darling Global Finance BV, 4.50%, 07/15/32 | EUR | 100 | 119219 |
| Darling Ingredients, Inc., 6.00%, 06/15/30 | USD | 174 | 176298 |
| Fiesta Purchaser, Inc. |  |  |  |
| 7.88%, 03/01/31 |  | 5 | 5306 |
| 9.63%, 09/15/32 |  | 80 | 84413 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<br>| USD | 39 | $40391 |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/30 |  | 248 | 236492 |
| Performance Food Group, Inc. |  |  |  |
| 4.25%, 08/01/29 |  | 74 | 71354 |
| 6.13%, 09/15/32 |  | 190 | 194357 |
| Post Holdings, Inc. |  |  |  |
| 4.63%, 04/15/30 |  | 36 | 34604 |
| 4.50%, 09/15/31 |  | 28 | 25990 |
| 6.38%, 03/01/33 |  | 76 | 76693 |
| 6.25%, 10/15/34 |  | 95 | 95540 |
| U.S. Foods, Inc., 7.25%, 01/15/32 |  | 60 | 63183 |
| United Natural Foods, Inc., 6.75%, 10/15/28 |  | 65 | 64153 |
|  |  |  | 2695656 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br> 06/01/30<sup>(b)</sup><br>|  | 38 | 39424 |
| Suburban Propane Partners LP/Suburban Energy Finance <br> Corp., 5.00%, 06/01/31<sup>(b)</sup><br>|  | 29 | 27437 |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 |  | 280 | 280000 |
| 6.75%, 01/15/36 |  | 292 | 292000 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 91 | 97445 |
| 7.75%, 05/01/35 |  | 81 | 87676 |
|  |  |  | 823982 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)</sup> |  | 106 | 108160 |
| **Health Care Equipment & Supplies**<sup>(b)</sup> **— 0.3%** | **Health Care Equipment & Supplies**<sup>(b)</sup> **— 0.3%** | **Health Care Equipment & Supplies**<sup>(b)</sup> **— 0.3%** | **Health Care Equipment & Supplies**<sup>(b)</sup> **— 0.3%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28 |  | 533 | 556319 |
| Insulet Corp., 6.50%, 04/01/33 |  | 144 | 150132 |
| Medline Borrower LP |  |  |  |
| 3.88%, 04/01/29 |  | 157 | 150601 |
| 5.25%, 10/01/29 |  | 458 | 454430 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<br>|  | 275 | 282503 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |  | 60 | 62060 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31 |  | 94 | 97802 |
|  |  |  | 1753847 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> |  | 32 | 32967 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 110 | 107268 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 03/15/27 |  | 320 | 315194 |
| 6.00%, 01/15/29 |  | 180 | 173136 |
| 5.25%, 05/15/30 |  | 225 | 199518 |
| 4.75%, 02/15/31 |  | 72 | 61552 |
| 10.88%, 01/15/32 |  | 301 | 319020 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)</sup> |  | 86 | 89041 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 43 | 44556 |
| 6.75%, 07/15/33 |  | 53 | 54728 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)</sup> |  | 23 | 20819 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 52 | 51554 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 496 | 482252 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(b)</sup> |  | 281 | 288367 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.88%, 08/15/30 |  | 28 | 30288 |
| 11.00%, 10/15/30 |  | 314 | 346404 |
| 8.38%, 02/15/32 |  | 56 | 59670 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| LifePoint Health, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 10.00%, 06/01/32 | USD | 218 | $224903 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(b)</sup> |  | 194 | 197472 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 28 | 27790 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 185 | 194586 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)</sup> |  | 292 | 297552 |
| Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 456 | 471773 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)</sup> |  | 154 | 158841 |
|  |  |  | 4249251 |
| **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 8.50%, 02/15/32<sup>(b)</sup><br>|  | 211 | 220823 |
| **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<sup>(b)</sup><br>|  | 173 | 177920 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>|  | 29 | 29156 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26 |  | 3 | 2835 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/29 |  | 39 | 38118 |
| 6.50%, 04/01/32 |  | 326 | 335274 |
| 6.50%, 06/15/33 |  | 84 | 86415 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(b)</sup> |  | 74 | 69053 |
| Service Properties Trust |  |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 556 | 596906 |
| 8.88%, 06/15/32 |  | 113 | 116193 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 28 | 28528 |
|  |  |  | 1480398 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.63%, <br> 09/15/29<sup>(b)</sup><br>|  | 46 | 46650 |
| Burger King (Restaurant Brands International, Inc.)/New <br> Red Finance, Inc., 4.00%, 10/15/30<sup>(b)</sup><br>|  | 211 | 196624 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 05/01/29 |  | 358 | 361738 |
| 5.88%, 06/15/31 |  | 131 | 133456 |
| 6.13%, 02/15/33 |  | 232 | 237371 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 |  | 139 | 133137 |
| 6.75%, 01/15/30 |  | 586 | 540762 |
| Hilton Domestic Operating Co., Inc., 5.88%, 03/15/33<sup>(b)</sup> |  | 304 | 309739 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 50 | 51584 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> |  | 17 | 17747 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 84 | 84495 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 78 | 61272 |
| Melco Resorts Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 12/04/29 |  | 200 | 187634 |
| 7.63%, 04/17/32 |  | 200 | 202400 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 108 | 109852 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 31 | 32680 |
| 6.25%, 03/01/30 |  | 36 | 36307 |
| 6.75%, 02/01/32 |  | 138 | 140985 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> |  | 46 | 46748 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 36 | 37991 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 25 | 25594 |
| 10.75%, 11/15/29 |  | 88 | 90424 |
| 11.13%, 07/15/30 |  | 121 | 126566 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/28 | USD | 69 | $67662 |
| 4.63%, 12/01/31 |  | 175 | 163928 |
| 6.63%, 03/15/32 |  | 43 | 43968 |
| Vail Resorts, Inc., 5.63%, 07/15/30 |  | 65 | 65000 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 |  | 58 | 58032 |
| 7.00%, 02/15/29 |  | 13 | 13114 |
| 9.13%, 07/15/31 |  | 215 | 231555 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 27 | 26868 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28<sup>(b)</sup> |  | 44 | 43044 |
| Wynn Macau Ltd., 5.63%, 08/26/28<sup>(b)</sup> |  | 400 | 392300 |
|  |  |  | 4317227 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 08/01/29 |  | 32 | 30560 |
| 4.63%, 04/01/30 |  | 46 | 43743 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 14 | 14027 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 06/15/29 |  | 67 | 60975 |
| 4.88%, 02/15/30 |  | 56 | 49985 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 26 | 27106 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 13 | 13294 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)</sup> |  | 209 | 226568 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 33 | 34305 |
| 7.00%, 11/15/32 |  | 62 | 59008 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)</sup> |  | 72 | 69202 |
| Meritage Homes Corp., 1.75%, 05/15/28 |  | 98 | 94886 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 56 | 58057 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 61 | 64063 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 5 | 4829 |
| 4.38%, 02/01/32 |  | 97 | 89071 |
| Somnigroup International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 04/15/29 |  | 89 | 85091 |
| 3.88%, 10/15/31 |  | 23 | 20911 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 31 | 32387 |
| SWF Holdings I Corp., 6.50%, 10/06/29<sup>(b)</sup> |  | 285 | 135400 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 63 | 63554 |
| 6.50%, 06/15/33 |  | 67 | 67215 |
|  |  |  | 1344237 |
| **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 | 24544 |
| 4.13%, 04/30/31<sup>(b)</sup> |  | 39 | 36205 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 15 | 13621 |
|  |  |  | 74370 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.3%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.3%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.3%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.3%** |
| Calpine Corp. |  |  |  |
| 4.63%, 02/01/29 |  | 47 | 46418 |
| 5.00%, 02/01/31 |  | 19 | 18796 |
| Clearway Energy Operating LLC |  |  |  |
| 4.75%, 03/15/28 |  | 8 | 7905 |
| 3.75%, 01/15/32 |  | 215 | 192941 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 23 | 24206 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 131 | 131168 |
| 6.00%, 02/01/33 |  | 186 | 187854 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
| NRG Energy, Inc. (continued) |  |  |  |
| 6.25%, 11/01/34 | USD | 428 | $436067 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(i)</sup> |  | 44 | 45067 |
| XPLR Infrastructure LP |  |  |  |
| 0.00%, 11/15/25<sup>(k)</sup> |  | 152 | 147820 |
| 2.50%, 06/15/26 |  | 179 | 170945 |
|  |  |  | 1409187 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 32 | 32527 |
| Axon Enterprise, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 03/15/30 |  | 21 | 21596 |
| 6.25%, 03/15/33 |  | 127 | 130767 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 49 | 50094 |
| NM Holdings Co. LLC, Series B, 9.50%, 07/01/05<sup>(c)(d)(g)</sup> |  | 5125 |  |
|  |  |  | 234984 |
| **Insurance**<sup>(b)</sup> **— 1.4%** | **Insurance**<sup>(b)</sup> **— 1.4%** | **Insurance**<sup>(b)</sup> **— 1.4%** | **Insurance**<sup>(b)</sup> **— 1.4%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32 |  | 38 | 38539 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<br>|  |  |  |
| 4.25%, 10/15/27 |  | 275 | 269940 |
| 6.75%, 10/15/27 |  | 589 | 588652 |
| 6.75%, 04/15/28 |  | 37 | 37614 |
| 5.88%, 11/01/29 |  | 373 | 367688 |
| 7.00%, 01/15/31 |  | 299 | 309289 |
| 7.38%, 10/01/32 |  | 528 | 544270 |
| AmWINS Group, Inc. |  |  |  |
| 6.38%, 02/15/29 |  | 36 | 36693 |
| 4.88%, 06/30/29 |  | 88 | 85520 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29<br>|  | 53 | 54214 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31 |  | 400 | 418188 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32 |  | 600 | 631348 |
| AssuredPartners, Inc., 7.50%, 02/15/32 |  | 99 | 106081 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<br>|  |  |  |
| 7.25%, 02/15/31 |  | 400 | 414207 |
| 8.13%, 02/15/32 |  | 245 | 254805 |
| HUB International Ltd. |  |  |  |
| 7.25%, 06/15/30 |  | 1007 | 1052350 |
| 7.38%, 01/31/32 |  | 1195 | 1250362 |
| Jones Deslauriers Insurance Management, Inc. |  |  |  |
| 8.50%, 03/15/30 |  | 136 | 144150 |
| 10.50%, 12/15/30 |  | 115 | 122568 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31 |  | 832 | 864241 |
| Ryan Specialty LLC, 5.88%, 08/01/32 |  | 265 | 267084 |
| USI, Inc., 7.50%, 01/15/32 |  | 119 | 125564 |
|  |  |  | 7983367 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 398 | 408398 |
| **Internet Software & Services**<sup>(b)</sup> **— 0.3%** | **Internet Software & Services**<sup>(b)</sup> **— 0.3%** | **Internet Software & Services**<sup>(b)</sup> **— 0.3%** | **Internet Software & Services**<sup>(b)</sup> **— 0.3%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, <br> 05/01/28<br>|  | 200 | 190854 |
| ANGI Group LLC, 3.88%, 08/15/28 |  | 80 | 74587 |
| Getty Images, Inc., 11.25%, 02/21/30 |  | 393 | 390052 |
| Match Group Holdings II LLC |  |  |  |
| 4.13%, 08/01/30 |  | 137 | 128121 |
| 3.63%, 10/01/31 |  | 65 | 58158 |
| Rakuten Group, Inc., 9.75%, 04/15/29 |  | 200 | 219076 |
| Uber Technologies, Inc. |  |  |  |
| 7.50%, 09/15/27 |  | 15 | 15134 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Uber Technologies, Inc. (continued) |  |  |  |
| 6.25%, 01/15/28 | USD | 201 | $201931 |
| 4.50%, 08/15/29 |  | 330 | 327671 |
|  |  |  | 1605584 |
| **IT Services**<sup>(b)</sup> **— 0.1%** | **IT Services**<sup>(b)</sup> **— 0.1%** | **IT Services**<sup>(b)</sup> **— 0.1%** | **IT Services**<sup>(b)</sup> **— 0.1%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32 |  | 63 | 64837 |
| CA Magnum Holdings, 5.38%, 10/31/26 |  | 201 | 199236 |
| CACI International, Inc., 6.38%, 06/15/33 |  | 105 | 108354 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31 |  | 210 | 220000 |
| KBR, Inc., 4.75%, 09/30/28 |  | 75 | 71813 |
| McAfee Corp., 7.38%, 02/15/30 |  | 168 | 158656 |
|  |  |  | 822896 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| ATS Corp., 4.13%, 12/15/28<sup>(b)</sup> |  | 35 | 33467 |
| Chart Industries, Inc., 7.50%, 01/01/30<sup>(b)</sup> |  | 213 | 222995 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 66 | 67575 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)</sup> |  | 35 | 27650 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 586 | 612691 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> |  | 32 | 33678 |
| Terex Corp., 6.25%, 10/15/32<sup>(b)</sup> |  | 43 | 43087 |
| TK Elevator Holdco GmbH |  |  |  |
| 6.63%, 07/15/28<sup>(h)</sup> | EUR | 90 | 106280 |
| 7.63%, 07/15/28<sup>(b)</sup> | USD | 200 | 200208 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(h)</sup> | EUR | 200 | 235576 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 515 | 514639 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 781 | 761464 |
|  |  |  | 2859310 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| Adelphia Communications Corp., 10.50%, 12/31/49<sup>(c)(d)(g)</sup> |  | 400 |  |
| Cable One, Inc. |  |  |  |
| 0.00%, 03/15/26<sup>(k)</sup> |  | 28 | 26491 |
| 1.13%, 03/15/28 |  | 82 | 62525 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<sup>(b)</sup> |  | 376 | 374625 |
| 6.38%, 09/01/29<sup>(b)</sup> |  | 261 | 266229 |
| 4.75%, 03/01/30<sup>(b)</sup> |  | 129 | 124976 |
| 4.50%, 08/15/30<sup>(b)</sup> |  | 22 | 20974 |
| 4.25%, 02/01/31<sup>(b)</sup> |  | 102 | 95286 |
| 7.38%, 03/01/31<sup>(b)</sup> |  | 627 | 654218 |
| 4.75%, 02/01/32<sup>(b)</sup> |  | 37 | 35096 |
| 4.50%, 05/01/32 |  | 7 | 6519 |
| 4.50%, 06/01/33<sup>(b)</sup> |  | 9 | 8226 |
| 4.25%, 01/15/34<sup>(b)</sup> |  | 218 | 194061 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 200 | 190949 |
| 5.38%, 02/01/28 |  | 200 | 183111 |
| 11.25%, 05/15/28 |  | 200 | 199247 |
| 11.75%, 01/31/29 |  | 200 | 190231 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 08/15/27 |  | 173 | 172435 |
| 10.00%, 02/15/31 |  | 171 | 166011 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 188 | 170610 |
| 5.75%, 12/01/28 |  | 215 | 186109 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 511 | 526752 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 90 | 89960 |
| 10.50%, 07/15/29 |  | 215 | 230969 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27<sup>(b)</sup> |  | 180 | 121246 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 145 | 153450 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)</sup> | USD | 169 | $170727 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/01/26 |  | 8 | 7849 |
| 5.00%, 08/01/27 |  | 98 | 97161 |
| 4.00%, 07/15/28 |  | 53 | 50902 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 145 | 144604 |
| 8.00%, 08/15/28 |  | 341 | 346040 |
| 8.50%, 07/31/31 |  | 202 | 202224 |
|  |  |  | 5469813 |
| **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<sup>(b)</sup> |  | 184 | 188187 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 46 | 49091 |
| 11.50%, 10/01/31 |  | 426 | 477517 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 19 | 19017 |
| 4.88%, 10/01/29 |  | 32 | 31343 |
| 7.25%, 08/15/30 |  | 103 | 107934 |
| 5.13%, 10/01/31 |  | 88 | 86006 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>|  | 296 | 298389 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 65 | 67261 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 22 | 21982 |
| 6.88%, 11/01/29<sup>(b)</sup> |  | 165 | 162449 |
| Constellium SE<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 04/15/29 |  | 250 | 234920 |
| 6.38%, 08/15/32 |  | 250 | 254157 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(b)</sup> |  | 105 | 104475 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(b)</sup> |  | 200 | 211930 |
| Kaiser Aluminum Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 63 | 61640 |
| 4.50%, 06/01/31 |  | 468 | 437819 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 164 | 169015 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/30/30 |  | 195 | 186615 |
| 6.88%, 01/30/30 |  | 159 | 164395 |
| 3.88%, 08/15/31 |  | 96 | 86262 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(h)</sup> | EUR | 100 | 114270 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> | USD | 200 | 209652 |
|  |  |  | 3744326 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| 3.75%, 01/15/27 |  | 124 | 120580 |
| 7.75%, 12/01/29 |  | 14 | 14892 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 43 | 45228 |
| 6.00%, 04/15/30 |  | 21 | 21240 |
| 6.50%, 07/01/30 |  | 41 | 42347 |
| 6.50%, 10/15/30 |  | 182 | 187904 |
|  |  |  | 432191 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 93 | 97551 |
| Antero Midstream Partners LP/Antero Midstream Finance <br> Corp., 5.38%, 06/15/29<sup>(b)</sup><br>|  | 66 | 65504 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 38 | 46455 |
| 5.88%, 06/30/29 |  | 89 | 89151 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> (continued)<br>|  |  |  |
| 6.63%, 07/15/33 | USD | 54 | $54783 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 56 | 58445 |
| 7.25%, 07/15/32 |  | 45 | 47685 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(b)</sup> |  | 4 | 4144 |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 23 | 23875 |
| 5.85%, 11/15/43 |  | 16 | 14102 |
| 5.60%, 10/15/44 |  | 1 | 843 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> |  | 30 | 30649 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 130 | 135219 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 |  | 57 | 58363 |
| 8.75%, 07/01/31 |  | 48 | 48533 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 32 | 30226 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 29 | 30027 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 03/01/29 |  | 350 | 350603 |
| 5.88%, 01/15/30 |  | 2 | 1943 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 250 | 246974 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 04/01/32 |  | 171 | 166964 |
| 7.38%, 01/15/33 |  | 147 | 140503 |
| 01/15/34<sup>(j)</sup> |  | 120 | 120075 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., <br> 7.38%, 06/30/33<sup>(b)</sup><br>|  | 92 | 91571 |
| Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, <br> 10/01/30<sup>(b)</sup><br>|  | 35 | 36443 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> |  | 415 | 458108 |
| Enbridge, Inc.<sup>(a)</sup> <br>|  |  |  |
| (5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 40 | 41094 |
| (5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 54 | 56105 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 74 | 81722 |
| Energy Transfer LP<sup>(a)</sup> <br>|  |  |  |
| (5-year CMT + 2.83%), 7.13%, 10/01/54 |  | 75 | 76910 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 127 | 135113 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(i)</sup> |  | 129 | 129576 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 57 | 60087 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 29 | 29429 |
| 8.25%, 01/15/29 |  | 61 | 63787 |
| 8.88%, 04/15/30 |  | 5 | 5309 |
| 7.88%, 05/15/32 |  | 91 | 94617 |
| 8.00%, 05/15/33 |  | 48 | 50185 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 39 | 39547 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 45 | 46118 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 25 | 26404 |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)</sup> |  | 64 | 65818 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 3 | 3007 |
| 5.75%, 02/01/29 |  | 60 | 59219 |
| 6.00%, 04/15/30 |  | 5 | 4861 |
| 6.25%, 04/15/32 |  | 5 | 4774 |
| 8.38%, 11/01/33 |  | 144 | 149413 |
| 6.88%, 05/15/34 |  | 91 | 87163 |
| 7.25%, 02/15/35 |  | 34 | 33247 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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<sup>(b)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 | USD | 37 | $38844 |
| 7.38%, 07/15/32 |  | 27 | 28396 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> |  | 135 | 128378 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 176 | 182150 |
| Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)</sup> |  | 6 | 6051 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 82 | 82580 |
| Matador Resources Co.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/15/28 |  | 64 | 65262 |
| 6.50%, 04/15/32 |  | 75 | 75039 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 46 | 45425 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 02/15/29 |  | 69 | 69711 |
| 8.38%, 02/15/32 |  | 239 | 239718 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 37 | 37674 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 207 | 208839 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 42 | 43496 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 45 | 45994 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 34 | 30525 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 04/15/27 |  | 70 | 71568 |
| 7.00%, 01/15/32 |  | 57 | 59091 |
| 6.25%, 02/01/33 |  | 135 | 136253 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 50 | 52081 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 14 | 13744 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 100 | 104707 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 66 | 67102 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 35 | 34795 |
| 7.38%, 02/15/29 |  | 149 | 153139 |
| 6.00%, 12/31/30 |  | 2 | 1962 |
| 6.00%, 09/01/31 |  | 32 | 31227 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 135 | 130827 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 15 | 15604 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 12 | 11947 |
| Transocean, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 |  | 89 | 87676 |
| 8.25%, 05/15/29 |  | 53 | 49001 |
| 8.75%, 02/15/30 |  | 37 | 38666 |
| 8.50%, 05/15/31 |  | 63 | 56237 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 139 | 142610 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 540 | 588264 |
| 8.38%, 06/01/31 |  | 233 | 242002 |
| 9.88%, 02/01/32 |  | 205 | 221392 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(b)</sup> |  | 27 | 23845 |
| 9.75%, 10/15/30 |  | 62 | 56118 |
| 7.88%, 04/15/32<sup>(b)</sup> |  | 132 | 112863 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 71 | 70529 |
|  |  |  | 7693576 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> |  | 33 | 31116 |
| **Passenger Airlines**<sup>(b)</sup> **— 0.1%** | **Passenger Airlines**<sup>(b)</sup> **— 0.1%** | **Passenger Airlines**<sup>(b)</sup> **— 0.1%** | **Passenger Airlines**<sup>(b)</sup> **— 0.1%** |
| American Airlines, Inc., 8.50%, 05/15/29 |  | 85 | 89125 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>|  | 55 | 53509 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| OneSky Flight LLC, 8.88%, 12/15/29 | USD | 59 | $61433 |
| United Airlines, Inc., 4.63%, 04/15/29 |  | 98 | 95125 |
|  |  |  | 299192 |
| **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<sup>(b)</sup> |  | 200 | 204123 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 236 | 238263 |
|  |  |  | 442386 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 1545 | 1558550 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 386 | 382140 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> |  | 40 | 42342 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> |  | 79 | 76030 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, <br> 10/01/26<br>|  | 130 | 127115 |
|  |  |  | 2186177 |
| **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.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(b)</sup> |  | 37 | 34934 |
| Series AI, 7.00%, 04/15/30 |  | 80 | 74739 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 37 | 37596 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 345 | 329089 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 208 | 223358 |
| Howard Hughes Corp., 4.38%, 02/01/31<sup>(b)</sup> |  | 53 | 48911 |
|  |  |  | 748627 |
| **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<sup>(b)</sup><br>|  | 97 | 94384 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
| MKS, Inc., 1.25%, 06/01/30 |  | 134 | 132057 |
| ON Semiconductor Corp., 0.50%, 03/01/29 |  | 61 | 56376 |
|  |  |  | 188433 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)</sup> |  | 1274 | 1253951 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 43 | 42340 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 280 | 291902 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., <br> Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 219 | 181090 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(b)</sup> |  | 68 | 55261 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 818 | 825618 |
| 9.00%, 09/30/29 |  | 1549 | 1605578 |
| 8.25%, 06/30/32 |  | 813 | 865218 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 89 | 90988 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)</sup> |  | 153 | 156825 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 302 | 308854 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(b)</sup> |  | 363 | 366327 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 21 | 19058 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)</sup> |  | 374 | 388255 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 |  | 22 | 20945 |
| 3.88%, 03/15/31 |  | 43 | 40217 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> | USD | 877 | $909953 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)</sup><br>|  | 162 | 152312 |
|  |  |  | 7574692 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> |  | 45 | 42589 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 33 | 35009 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 76 | 77135 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29 |  | 54 | 57510 |
| 8.50%, 07/15/31 |  | 76 | 81562 |
|  |  |  | 251216 |
| **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.1%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.1%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.1%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.1%** |
| Beach Acquisition Bidco LLC<sup>(j)</sup> <br>|  |  |  |
| 07/15/32 | EUR | 200 | 237357 |
| 07/15/33 | USD | 239 | 247727 |
| Crocs, Inc. |  |  |  |
| 4.25%, 03/15/29 |  | 57 | 54377 |
| 4.13%, 08/15/31 |  | 13 | 11707 |
| Hanesbrands, Inc., 9.00%, 02/15/31 |  | 3 | 3176 |
| Under Armour, Inc., 7.25%, 07/15/30 |  | 38 | 38483 |
|  |  |  | 592827 |
| **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** |
| Gates Corp/DE, 6.88%, 07/01/29 |  | 74 | 76839 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 18 | 16967 |
| 6.50%, 07/15/32 |  | 91 | 93229 |
|  |  |  | 187035 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 07/15/29 |  | 400 | 330610 |
| 5.50%, 10/15/29 |  | 200 | 165783 |
| T-Mobile U.S., Inc. |  |  |  |
| 3.38%, 04/15/29 |  | 67 | 64464 |
| 3.50%, 04/15/31 |  | 26 | 24412 |
| Vmed O2 U.K. Financing I PLC<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 01/31/31 |  | 200 | 183224 |
| 4.75%, 07/15/31 |  | 200 | 185005 |
|  |  |  | 953498 |
| **Total Corporate Bonds — 20.2%** <br>**(Cost: $123,305,378)** | **Total Corporate Bonds — 20.2%** <br>**(Cost: $123,305,378)** | **Total Corporate Bonds — 20.2%** <br>**(Cost: $123,305,378)** | 116237541 |
| **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<sup>(d)</sup><br>|  | 62 |  |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>|  | 13 | 12439 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1037 | 1041105 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 169 | 164212 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| USD | 1672 | $1684540 |
| **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $2,950,135)** | **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $2,950,135)** | **Total Fixed Rate Loan Interests — 0.5%** <br>**(Cost: $2,950,135)** | 2902296 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30<br>|  | 801 | 804148 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30<br>|  | 1215 | 1216996 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. <br> CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>|  | 1111 | 1111589 |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.84%, 05/25/28<br>|  | 3017 | 1562582 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.84%, 05/25/28<br>|  | 614 | 317350 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 2308 | 2308383 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 877 | 876992 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>|  | 552 | 552169 |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR <br> at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 604 | 602964 |
| Peraton Corp. |  |  |  |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>|  | 432 | 300434 |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + <br> 3.85%), 8.18%, 02/01/28<br>|  | 1633 | 1437175 |
| Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>|  | 193 | 193878 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 11/05/28<br>|  | 587 | 590226 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31<sup>(d)</sup><br>|  | 561 | 563590 |
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>|  | 4113 | 4119586 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>|  | 837 | 837799 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 03/22/30<br>|  | 98 | 98070 |
|  |  |  | 17493931 |
| **Automobile Components — 1.6%** | **Automobile Components — 1.6%** | **Automobile Components — 1.6%** | **Automobile Components — 1.6%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 539 | 502310 |
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/06/30<br>|  | 2910 | 2899347 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>|  | 1460 | 1460920 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/02/31<sup>(d)</sup><br>| USD | 1172 | $1165147 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32<sup>(d)</sup><br>|  | 102 | 102127 |
| Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR <br> + 1.75%), 6.08%, 06/04/31<br>|  | 1760 | 1758507 |
| RealTruck Group, Inc., 2023 Incremental Term Loan, (1-<br> mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28<br>|  | 416 | 377216 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 1121 | 1091854 |
|  |  |  | 9357428 |
| **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%), 9.80%, 01/24/29<br>|  | 1510 | 1494004 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>|  | 831 | 659673 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>|  | 559 | 257667 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(d)(l)</sup> |  | 741 | 740074 |
|  |  |  | 3151418 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 11/15/28<br>|  | 2513 | 2513307 |
| **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** | **Broadline Retail — 0.7%** |
| Fanatics Commerce Intermediate Holdco LLC, Term Loan <br> B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(d)</sup><br>|  | 442 | 441231 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>|  | 3666 | 3549522 |
|  |  |  | 3990753 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>|  | 820 | 818855 |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/13/29<br>|  | 112 | 112613 |
| Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR <br> + 3.35%), 7.68%, 11/03/28<br>|  | 2658 | 2660480 |
| CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR + 3.50%), 7.83%, 10/02/28<br>|  | 1190 | 1187044 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 2524 | 2482131 |
|  |  |  | 7261123 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>|  | 1902 | 1903650 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.03%, 02/15/31<br>|  | 1828 | 1812419 |
| Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/09/30<br>|  | 542 | 542675 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>|  | 1067 | 1069462 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 04/30/31<br>| USD | 619 | $619620 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31<br>|  | 1213 | 1214173 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 10/31/31<br>|  | 1343 | 1348179 |
| Edelman Financial Engines Center LLC, 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/07/28<br>|  | 1247 | 1248108 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.08%, 09/15/31<br>|  | 1330 | 1326483 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31<br>|  | 1978 | 1975080 |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31<br>|  | 661 | 661506 |
| Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28<br>|  | 1039 | 1040697 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(d)</sup><br>|  | 227 | 225518 |
|  |  |  | 14987570 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term <br> SOFR + 3.00%), 7.33%, 08/18/28<br>|  | 610 | 607532 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, <br> 11/01/30<br>|  | 1665 | 1657079 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29<br>|  | 150 | 149917 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.08%, 12/18/30<br>|  | 1380 | 1383744 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>|  | 510 | 509204 |
| H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>|  | 260 | 260548 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 02/18/30<br>|  | 606 | 579633 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.58%, 10/07/31<br>|  | 525 | 477463 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>|  | 1218 | 1107878 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 11/26/31<br>|  | 865 | 863574 |
| Momentive Performance Materials, Inc., 2023 Term Loan, <br> (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28<br>|  | 1851 | 1854538 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>|  | 1099 | 1103230 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, <br> 04/08/31<br>|  | 1447 | 1357656 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31<br>|  | 505 | 499688 |
| Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31<br>|  | 1950 | 1925539 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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. CME <br> Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30<br>| USD | 1434 | $1417190 |
| WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28<br>|  | 1236 | 1236981 |
|  |  |  | 16991394 |
| **Commercial Services & Supplies — 5.3%** | **Commercial Services & Supplies — 5.3%** | **Commercial Services & Supplies — 5.3%** | **Commercial Services & Supplies — 5.3%** |
| Action Environmental Group, Inc., 2023 Term Loan B, (3-<br> mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30<sup>(d)</sup><br>|  | 805 | 804814 |
| Allied Universal Holdco LLC, 2021 USD Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.85%), 8.18%, 05/12/28<br>|  | 3733 | 3749199 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>|  | 608 | 610137 |
| Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30<br>|  | 957 | 957741 |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, <br> 09/07/27<br>|  | 1824 | 1826756 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 04/01/32<br>|  | 736 | 734935 |
| Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28<br>|  | 907 | 914254 |
| Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31<br>|  | 3952 | 3904849 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>|  | 1471 | 1471625 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>|  | 2041 | 2039306 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 06/02/31<br>|  | 568 | 566656 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30<br>|  | 626 | 626639 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28<br>|  | 1604 | 1440671 |
| NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.51%), 7.84%, 08/19/26<br>|  | 145 | 131738 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32<br>|  | 2215 | 2218217 |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>|  | 871 | 871380 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>|  | 1223 | 1211534 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30<br>|  | 1821 | 1825690 |
| Reworld Holding Corp , Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>|  | 969 | 970695 |
| Reworld Holding Corp., Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>|  | 75 | 74950 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.50%), 7.83%, 11/14/30<br>|  | 74 | 74132 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br> 9.56%, 02/15/29<br>|  | 248 | 248994 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 08/31/28<br>|  | 2274 | 2262966 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + <br> 4.10%), 8.43%, 11/02/27<br>| USD | 630 | $596771 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>|  | 762 | 728943 |
|  |  |  | 30863592 |
| **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%), 6.07%, 10/24/30<br>|  | 1236 | 1240918 |
| Viasat, Inc. |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.93%, 05/30/30<br>|  | 299 | 285060 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.61%), 8.94%, 03/02/29<br>|  | 194 | 185309 |
|  |  |  | 1711287 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/01/30<br>|  | 3202 | 2667569 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31<br>|  | 374 | 375055 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28<br>|  | 510 | 509964 |
| Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME <br> Term SOFR + 3.11%), 7.44%, 01/21/28<br>|  | 924 | 928263 |
|  |  |  | 4480851 |
| **Construction Materials — 1.7%** | **Construction Materials — 1.7%** | **Construction Materials — 1.7%** | **Construction Materials — 1.7%** |
| American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 01/31/31<br>|  | 1437 | 1441388 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>|  | 717 | 647754 |
| Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29<br>|  | 726 | 666755 |
| Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, <br> 12/14/27<br>|  | 465 | 466293 |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 03/19/29<br>|  | 1012 | 1011256 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.58%, 02/10/32<br>|  | 2222 | 2218541 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.07%, 09/22/28<br>|  | 461 | 461385 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 10/19/29<br>|  | 2922 | 2901109 |
|  |  |  | 9814481 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>|  | 326 | 327581 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31<br>|  | 621 | 625605 |
|  |  |  | 953186 |
| **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, <br> 11/29/30<br>|  | 3427 | 3437581 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>| USD | 6 | $5634 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.58%, 04/01/32<br>|  | 1458 | 1451044 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(l)</sup> |  | 1006 | 998706 |
| Mauser Packaging Solutions Holding Co., 2024 Term Loan <br> B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27<br>|  | 1201 | 1200556 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, <br> 02/01/29<br>|  | 1475 | 1478007 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>|  | 260 | 261214 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>|  | 1118 | 1097074 |
|  |  |  | 9929816 |
| **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| Bright Horizons Family Solutions LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>|  | 1266 | 1268923 |
| Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29<br>|  | 835 | 722277 |
| KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>|  | 783 | 782616 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28<br>|  | 196 | 195090 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30<br>|  | 592 | 592889 |
| PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31<br>|  | 545 | 546351 |
| Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 7.33%, 02/07/31<br>|  | 696 | 698645 |
| Spring Education Group, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30<br>|  | 1386 | 1390808 |
| Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>|  | 492 | 492875 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/30/31<br>|  | 1844 | 1834912 |
|  |  |  | 8525386 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/20/30<br>|  | 438 | 436784 |
| **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime <br> + 1.75%), 9.25%, 01/31/26<sup>(d)</sup><br>|  | 1677 | 1551550 |
| Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, <br> 09/27/29<br>|  | 639 | 605694 |
| Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 2.25%), 6.58%, 09/20/30<br>|  | 572 | 572253 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32<br>|  | 2873 | 2902333 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term SOFR <br> at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 1064 | 1049401 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Lumen Technologies, Inc. (continued) |  |  |  |
| 2024 Extended Term Loan B2, (1-mo. CME Term SOFR <br> at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>| USD | 679 | $669282 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 10.33%, 06/01/28<br>|  | 122 | 125328 |
| ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR <br> at 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>|  | 506 | 454741 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29<br>|  | 2934 | 2553081 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. <br> CME Term SOFR + 3.36%), 7.68%, 01/31/29<br>|  | 1212 | 1200159 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27<br>|  | 4386 | 4162908 |
|  |  |  | 15846730 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>|  | 1385 | 1386613 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. <br> CME Term SOFR + 1.75%), 6.08%, 12/20/30<br>|  | 1285 | 1287291 |
|  |  |  | 2673904 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-mo. <br> CME Term SOFR at 2.00% Floor + 6.00%), 10.32%, <br> 12/21/29<br>|  | 25 | 25420 |
| **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%), 6.07%, 06/20/31<sup>(d)</sup><br>|  | 834 | 833580 |
| Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29<br>|  | 1524 | 1524693 |
|  |  |  | 2358273 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32<br>|  | 300 | 300501 |
| **Entertainment — 2.8%** | **Entertainment — 2.8%** | **Entertainment — 2.8%** | **Entertainment — 2.8%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30<br>|  | 1196 | 1187479 |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>|  | 2981 | 2988427 |
| Delta 2 Lux SARL |  |  |  |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.00%), 6.30%, 09/30/31<br>|  | 1712 | 1712859 |
| 2024 Term Loan B2, 09/30/31<sup>(l)</sup> |  | 856 | 855842 |
| Live Nation Entertainment, Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>|  | 1655 | 1652991 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29<br>|  | 1219 | 1157262 |
| NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26<sup>(f)</sup><br>|  | 649 | 596700 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME <br> Term SOFR + 2.86%), 7.19%, 03/13/28<br>|  | 837 | 821993 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31<br>| USD | 2240 | $2247491 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31<br>|  | 2657 | 2659541 |
|  |  |  | 15880585 |
| **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>|  | 1259 | 1257724 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>|  | 898 | 895128 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 02/27/32<br>|  | 1426 | 1419768 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>|  | 1902 | 1902176 |
| Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31<br>|  | 3145 | 3156235 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 01/31/31<br>|  | 3451 | 3457837 |
| CPI Holdco B LLC |  |  |  |
| 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>|  | 766 | 765042 |
| 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), <br> 6.33%, 05/19/31<br>|  | 1732 | 1726398 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 2597 | 2519598 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>|  | 982 | 935212 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 3120 | 3120967 |
| FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>|  | 420 | 421043 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32<sup>(l)</sup> |  | 727 | 726397 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 01/31/30<br>|  | 288 | 286832 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 171 | 171369 |
| Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 02/15/31<br>|  | 1691 | 1694999 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(l)</sup> |  | 908 | 910724 |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>|  | 1976 | 1982253 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 03/31/28<br>|  | 323 | 323190 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>|  | 424 | 422615 |
|  |  |  | 28095507 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27<br>|  | 3649 | 3657819 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 6.50%), 10.83%, <br> 03/29/30<br>| USD | 146 | $146981 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29<br>|  | 893 | 892038 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28<br>|  | 828 | 830631 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32<br>|  | 1411 | 1410177 |
| Wellness Pet LLC |  |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29<br>|  | 229 | 191967 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.01%), 8.08%, <br> 12/31/29<br>|  | 128 | 70318 |
|  |  |  | 7199931 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR + 1.86%), 6.19%, 08/06/27<br>|  | 554 | 548521 |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31<br>|  | 3191 | 3171934 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), <br> 8.04%, 06/30/28<br>|  | 1012 | 839127 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), <br> 8.04%, 06/30/28<br>|  | 199 | 164733 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29<br>|  | 1046 | 407802 |
|  |  |  | 5132117 |
| **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>|  | 837 | 836044 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.67%, 06/26/30<br>|  | 1917 | 1912734 |
|  |  |  | 2748778 |
| **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** |
| Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27<br>|  | 102 | 102383 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-<br> mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 09/29/28<br>|  | 876 | 878760 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32<br>|  | 1325 | 1327337 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 07/26/31<br>|  | 613 | 614146 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + <br> 2.75%), 7.07%, 05/01/31<br>|  | 2005 | 1994192 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29<br>|  | 1397 | 1402030 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28<br>|  | 2013 | 2017824 |
| EyeCare Partners LLC |  |  |  |
| 2024 Second Out Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, <br> 11/30/28<sup>(f)</sup><br>|  | 471 | 369844 |
| 2024 Superpriority New Money 1st Out Term Loan A, <br> (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br> 9.88%, 08/31/28<br>|  | 684 | 694402 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| EyeCare Partners LLC (continued) |  |  |  |
| 2024 Third Out Term Loan C, (3-mo. CME Term SOFR <br> + 6.85%, 8.84% PIK), 10.98%, 11/30/28<sup>(c)(f)(g)</sup><br>| USD | 44 | $10999 |
| Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 3.75%), 8.08%, 07/01/30<br>|  | 101 | 89908 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27<br>|  | 1295 | 1245578 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 07/03/28<br>|  | 493 | 495445 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 4.36%), 8.70%, 03/06/28<br>|  | 691 | 273045 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, <br> 05/19/31<br>|  | 809 | 799182 |
| Medical Solutions Holdings, Inc. |  |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.60%), 7.88%, 11/01/28<br>|  | 539 | 279225 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.10%), 11.38%, 11/01/29<br>|  | 536 | 226015 |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 10/23/28<br>|  | 7339 | 7342026 |
| Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 10/27/28<br>|  | 697 | 700615 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28<br>|  | 2481 | 2414850 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 07/03/28<br>|  | 123 | 123441 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/19/31<br>|  | 510 | 508858 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 876 | 866971 |
| Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 12/19/30<br>|  | 1317 | 1320851 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 1.75%), 6.08%, 08/01/31<br>|  | 332 | 332756 |
|  |  |  | 26430683 |
| **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** | **Health Care Technology — 0.9%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29<br>|  | 4328 | 4321073 |
| PointClickCare Technologies, Inc., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 11/03/31<br>|  | 711 | 713102 |
| Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>|  | 427 | 428614 |
|  |  |  | 5462789 |
| **Hotels, Restaurants & Leisure — 6.0%** | **Hotels, Restaurants & Leisure — 6.0%** | **Hotels, Restaurants & Leisure — 6.0%** | **Hotels, Restaurants & Leisure — 6.0%** |
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 09/20/30<br>|  | 1850 | 1840225 |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.93%, <br> 03/11/30<br>|  | 183 | 180467 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>|  | 203 | 201562 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30<br>| USD | 823 | $824290 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>|  | 1542 | 1358670 |
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/31<br>|  | 2879 | 2873778 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/30<br>|  | 925 | 922743 |
| Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term <br> SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27<br>|  | 202 | 201400 |
| Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31<br>|  | 677 | 675978 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32<br>|  | 1740 | 1733465 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, <br> 01/27/29<br>|  | 3731 | 3724793 |
| Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30<br>|  | 3463 | 3450154 |
| Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32<sup>(d)</sup><br>|  | 529 | 528339 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/30/29<br>|  | 2797 | 2811037 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, <br> 11/01/29<br>|  | 750 | 731740 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 05/27/32<br>|  | 828 | 833001 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30<br>|  | 696 | 698067 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, <br> 12/15/27<br>|  | 1678 | 1677435 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>|  | 980 | 979802 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30<br>|  | 190 | 187446 |
| Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28<br>|  | 801 | 428696 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29<br>|  | 1249 | 1249822 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>|  | 372 | 371700 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.33%, 12/04/31<br>|  | 461 | 459795 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/01/31<br>|  | 301 | 300727 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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%), 6.33%, 03/14/31<br>| USD | 1879 | $1881094 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(l)</sup> |  | 1038 | 1026177 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 08/03/28<br>|  | 1095 | 1094630 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 05/24/30<br>|  | 1137 | 1140665 |
|  |  |  | 34387698 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32<br>|  | 2518 | 2506229 |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>|  | 585 | 585650 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, (3-<br> mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28<br>|  | 441 | 400365 |
| Somnigroup International, Inc., 1st Lien Term Loan B, <br> 10/24/31<sup>(l)</sup><br>|  | 454 | 454967 |
| Springs Windows Fashions, LLC, 2024 First Lien Second <br> Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% <br> Floor + 4.11%), 8.44%, 10/06/28<br>|  | 658 | 501333 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, <br> 12/19/29<br>|  | 153 | 152558 |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27<br>|  | 816 | 809306 |
|  |  |  | 5410408 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
| Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/31/30<br>|  | 1647 | 1645393 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 697 | 696847 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>|  | 957 | 959491 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.81%, 12/15/31<br>|  | 609 | 610176 |
|  |  |  | 3911907 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(d)(l)</sup><br>|  | 301 | 302505 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31<br>|  | 194 | 194787 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 08/04/31<br>|  | 1525 | 1521949 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| EMRLD Borrower LP (continued) |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.83%, 05/31/30<br>| USD | 1930 | $1927080 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br> CME Term SOFR + 7.50%), 12.06%, 12/31/29<br>|  | 205 | 170174 |
|  |  |  | 4116495 |
| **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** | **Insurance — 5.5%** |
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>|  | 6767 | 6768022 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32<br>|  | 2583 | 2583485 |
| Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 12/29/31<br>|  | 2417 | 2415901 |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 2369 | 2374624 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.31%, 05/26/31<br>|  | 1745 | 1743855 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30<br>|  | 4314 | 4326313 |
| Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.03%, 03/15/30<br>|  | 1110 | 1102610 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31<br>|  | 1874 | 1871229 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 05/06/31<br>|  | 2546 | 2544973 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.75%), 9.05%, 05/06/32<br>|  | 476 | 480847 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 09/29/30<br>|  | 1766 | 1759495 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 11/21/29<br>|  | 3621 | 3613949 |
|  |  |  | 31585303 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 2.75%), 7.08%, 01/31/31<br>|  | 1446 | 1429456 |
| **IT Services — 5.5%** | **IT Services — 5.5%** | **IT Services — 5.5%** | **IT Services — 5.5%** |
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR <br> + 5.36%), 9.69%, 01/31/28<br>|  | 985 | 939810 |
| 2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR <br> + 5.36%), 9.69%, 01/20/29<br>|  | 953 | 882268 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.35%), 8.68%, 08/19/28<br>|  | 1351 | 1335616 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>|  | 319 | 310916 |
| 2025 Term Loan B13, 09/19/30<sup>(l)</sup> |  | 1691 | 1640786 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29<br>|  | 2995 | 2493242 |
| Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.53%, <br> 04/21/32<sup>(d)</sup><br>|  | 961 | 959799 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>| USD | 1363 | $1352902 |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31<br>|  | 2622 | 2626852 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(d)</sup><br>|  | 563 | 563563 |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), <br> 6.08%, 05/30/31<br>|  | 2295 | 2296681 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 11/09/29<br>|  | 1242 | 1242858 |
| Magenta Security Holdings LLC |  |  |  |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>|  | 397 | 331435 |
| 2024 Second Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 7.00%), 11.54%, 07/27/28<br>|  | 466 | 214453 |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(c)(f)(g)</sup><br>|  | 962 | 222963 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>|  | 2031 | 2027406 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.58%, 06/17/32<br>|  | 474 | 464402 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>|  | 609 | 584984 |
| Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan <br> B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 11/17/31<br>|  | 1596 | 1597883 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.55%, 10/26/30<br>|  | 859 | 862416 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.30%, 07/16/31<br>|  | 1682 | 1684494 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 07/31/31<br>|  | 3571 | 3582162 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(l)</sup> |  | 674 | 679264 |
| X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>|  | 2320 | 2263869 |
| X.AI LLC, 1st Lien Term Loan , 06/28/30<sup>(l)</sup> |  | 598 | 569344 |
|  |  |  | 31730368 |
| **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>|  | 1742 | 1742874 |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>|  | 1960 | 1955511 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.79%, 03/15/30<br>|  | 531 | 531499 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(d)</sup><br>|  | 270 | 269618 |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 10/21/28<br>|  | 3054 | 3064476 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 07/03/31<br>| USD | 288 | $287704 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 3888 | 3895738 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29<br>|  | 793 | 791249 |
| Madison IAQ LLC |  |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.56%, 05/06/32<br>|  | 1455 | 1458070 |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.76%, 06/21/28<br>|  | 3187 | 3187915 |
| SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29<br>|  | 1825 | 1830766 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30<br>|  | 2473 | 2478144 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27<br>|  | 2192 | 2193115 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28<br>|  | 572 | 248116 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31<br>|  | 1485 | 1485202 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 2.11%), 6.44%, 10/04/28<br>|  | 98 | 98258 |
|  |  |  | 25518255 |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28<br>|  | 2042 | 1845239 |
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.30%, 12/07/30<br>|  | 1234 | 1233092 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 12/15/31<br>|  | 861 | 862407 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 643 | 636763 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 1977 | 1923262 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.50%), 8.81%, 01/18/28<br>|  | 374 | 368340 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>|  | 260 | 260276 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 09/03/30<br>|  | 942 | 940714 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, <br> 02/21/31<sup>(d)</sup><br>|  | 356 | 356753 |
| Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR + 5.25%), 9.57%, 06/04/29<br>|  | 217 | 216351 |
| Learfield Communications LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 06/30/28<br>|  | 543 | 546297 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>| USD | 2157 | $2166041 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 04/30/28<br>|  | 1066 | 1040565 |
|  |  |  | 12396100 |
| **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** | **Oil, Gas & Consumable Fuels — 1.3%** |
| Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30<br>|  | 349 | 349272 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, <br> 12/21/28<br>|  | 2023 | 2021556 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 10/04/30<br>|  | 243 | 243351 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>|  | 690 | 690270 |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 04/01/32<br>|  | 541 | 542931 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>|  | 313 | 315178 |
| New Fortress Energy, Inc., 2025 Incremental Term Loan B, <br> (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>|  | 192 | 49692 |
| NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.08%, 02/03/31<br>|  | 261 | 258593 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 6.57%, 10/05/28<br>|  | 2620 | 2617775 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>|  | 248 | 247638 |
|  |  |  | 7336256 |
| **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** | **Passenger Airlines — 1.1%** |
| AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32<sup>(l)</sup> |  | 631 | 634471 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>|  | 1462 | 1461977 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27<br>|  | 143 | 141253 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>|  | 1262 | 1249746 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.52%, 04/20/28<br>|  | 816 | 809611 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29<br>|  | 786 | 734470 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>|  | 1052 | 1052070 |
|  |  |  | 6083598 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, <br> 05/04/28<br>|  | 1017 | 1032420 |
| Elanco Animal Health, Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.17%, 08/01/27<br>|  | 758 | 757158 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28<br>| USD | 1597 | $1603776 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(l)</sup> |  | 1775 | 1781106 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31<br>|  | 467 | 457861 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29<br>|  | 899 | 898617 |
|  |  |  | 6530938 |
| **Professional Services — 3.8%** | **Professional Services — 3.8%** | **Professional Services — 3.8%** | **Professional Services — 3.8%** |
| AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28<br>|  | 1733 | 1738724 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31<br>|  | 1481 | 1477694 |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.61%), 10.94%, 06/04/29<br>|  | 488 | 472872 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.61%), 7.94%, 06/02/28<br>|  | 1629 | 1610203 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 04/28/28<br>|  | 2535 | 2534522 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(d)</sup><br>|  | 1662 | 1662252 |
| Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29<br>|  | 4917 | 4912320 |
| Element Materials Technology Group U.S. Holdings, Inc., <br> 2022 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>|  | 448 | 448267 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 432 | 400162 |
| Skopima Consilio Parent LLC, 2024 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br> 8.08%, 05/12/28<br>|  | 817 | 805726 |
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 06/24/31<br>|  | 1878 | 1879260 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 06/24/31<br>|  | 1593 | 1594016 |
| Zelis Payments Buyer, Inc. |  |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.58%, 11/26/31<br>|  | 1728 | 1716630 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), <br> 7.08%, 09/28/29<br>|  | 437 | 433575 |
|  |  |  | 21686223 |
| **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, 2024 Tranche <br> 2 Incremental Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 01/31/30<br>|  | 550 | 552562 |
| **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, (3-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 6.06%, 07/06/29<br>|  | 783 | 787670 |
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>|  | 1105 | 1105835 |
|  |  |  | 1893505 |
| **Software — 9.8%** | **Software — 9.8%** | **Software — 9.8%** | **Software — 9.8%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>|  | 3268 | 3280391 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29<br>| USD | 1065 | $881449 |
| Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>|  | 2889 | 2868297 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30<br>|  | 1137 | 1135393 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.33%, 01/23/32<br>|  | 2286 | 2285967 |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 3391 | 3393344 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 2713 | 2716576 |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>|  | 616 | 556328 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 1601 | 1534260 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>|  | 3170 | 3170983 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(d)</sup><br>|  | 651 | 647801 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>|  | 2447 | 2451517 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(d)</sup><br>|  | 513 | 523260 |
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), <br> 6.08%, 09/12/29<br>|  | 2720 | 2715322 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.08%, 04/16/32<br>|  | 289 | 288350 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>|  | 4311 | 4307525 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>|  | 1414 | 1418841 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32<br>|  | 2544 | 2552375 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>|  | 2353 | 2282141 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 615 | 575948 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 12/31/31<br>|  | 528 | 457710 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>|  | 300 | 291005 |
| Proofpoint, Inc. |  |  |  |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.33%, 08/31/28<br>|  | 3089 | 3089255 |
| 2025 Fungible Term Loan, 08/31/28<sup>(l)</sup> |  | 318 | 318035 |
| QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.30%, 04/30/32<br>|  | 420 | 422213 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>|  | 1841 | 1826622 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>|  | 169 | 165602 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Sabre GLBL, Inc. (continued) |  |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>| USD | 96 | $94153 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>|  | 48 | 47902 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>|  | 806 | 802860 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>|  | 235 | 221890 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/09/31<br>|  | 2826 | 2838350 |
| UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>|  | 3810 | 3823570 |
| Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28<br>|  | 207 | 207612 |
| VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31<br>|  | 2364 | 2373151 |
|  |  |  | 56565998 |
| **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| Fender Musical Instruments Corp., 2021 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), <br> 8.43%, 12/01/28<br>|  | 98 | 87550 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 04/23/31<br>|  | 790 | 789000 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br> Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 3.00%), 7.33%, 05/04/28<br>|  | 2968 | 2964592 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 824 | 813502 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), <br> 7.68%, 10/20/28<br>|  | 281 | 273372 |
|  |  |  | 4928016 |
| **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 07/27/28<br>|  | 2990 | 2987800 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 02/09/31<br>|  | 697 | 697494 |
| Foundation Building Materials, Inc., 2024 Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.28%, 01/29/31<br>|  | 2153 | 2103947 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>|  | 476 | 476772 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 05/12/30<br>|  | 593 | 592802 |
| Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>|  | 277 | 277809 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>|  | 740 | 565795 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), <br> 9.58%, 06/30/29<sup>(d)(f)</sup><br>|  | 1918 | 1150948 |
|  |  |  | 8853367 |
| **Transportation Infrastructure — 1.2%** | **Transportation Infrastructure — 1.2%** | **Transportation Infrastructure — 1.2%** | **Transportation Infrastructure — 1.2%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>|  | 2846 | 2838872 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Brown Group Holding LLC |  |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>| USD | 1255 | $1256121 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.83%, 07/01/31<br>|  | 1742 | 1743630 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>|  | 721 | 715530 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>|  | 217 | 215276 |
|  |  |  | 6769429 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.19%, 04/30/28<br>|  | 812 | 795090 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>|  | 1352 | 1353554 |
|  |  |  | 2148644 |
| **Total Floating Rate Loan Interests — 91.6%** <br>**(Cost: $534,629,862)** | **Total Floating Rate Loan Interests — 91.6%** <br>**(Cost: $534,629,862)** | **Total Floating Rate Loan Interests — 91.6%** <br>**(Cost: $534,629,862)** | 528452051 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 2.5%** | **Equity Funds — 2.5%** |  |
| Hearthside Equity | 8393 | 160306 |
| Janus Henderson AAA CLO ETF | 135000 | 6851250 |
| SPDR Blackstone Senior Loan ETF | 175000 | 7278250 |
|  |  | 14289806 |
| **Fixed Income Funds — 4.3%** | **Fixed Income Funds — 4.3%** |  |
| Invesco Senior Loan ETF | 961200 | 20108304 |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(m)</sup> | 125000 | 4688750 |
|  |  | 24797054 |
| **Total Investment Companies — 6.8%** <br>**(Cost: $39,059,033)** | **Total Investment Companies — 6.8%** <br>**(Cost: $39,059,033)** | 39086860 |

---

&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<sup>(d)(n)</sup> | USD | 1156 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Millennium Corp.<sup>(d)(n)</sup> |  | 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%**<sup>(a)</sup> | **Capital Trusts — 0.7%**<sup>(a)</sup> | **Capital Trusts — 0.7%**<sup>(a)</sup> | **Capital Trusts — 0.7%**<sup>(a)</sup> |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |  |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 | USD | 200 | 201988 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks**<sup>(i)</sup> **— 0.0%** | **Banks**<sup>(i)</sup> **— 0.0%** | **Banks**<sup>(i)</sup> **— 0.0%** |  |
| PNC Financial Services Group, Inc., Series W, 6.25% | USD | 72 | $74032 |
| Wells Fargo & Co., 6.85% |  | 44 | 46236 |
|  |  |  | 120268 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| Apollo Global Management, Inc., 6.00%, 12/15/54 |  | 84 | 81911 |
| Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 125 | 119619 |
|  |  |  | 201530 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |  |
| AES Corp., 7.60%, 01/15/55 |  | 71 | 73102 |
| CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 34 | 35175 |
| Dominion Energy, Inc., 6.63%, 05/15/55 |  | 15 | 15223 |
| Duke Energy Corp., 6.45%, 09/01/54 |  | 49 | 50363 |
| NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 |  | 55 | 56163 |
|  |  |  | 230026 |
| **Financial Services**<sup>(i)</sup> **— 0.3%** | **Financial Services**<sup>(i)</sup> **— 0.3%** | **Financial Services**<sup>(i)</sup> **— 0.3%** |  |
| Bank of America Corp., 6.63% |  | 365 | 378013 |
| Barclays PLC |  |  |  |
| 4.38% |  | 200 | 186168 |
| 9.63% |  | 200 | 222142 |
| Citigroup, Inc. |  |  |  |
| Series CC, 7.13% |  | 180 | 185528 |
| Series DD, 7.00% |  | 45 | 47302 |
| Series EE, 6.75% |  | 100 | 100736 |
| Series FF, 6.95% |  | 40 | 40853 |
| Goldman Sachs Group, Inc. |  |  |  |
| 6.85% |  | 85 | 87719 |
| Series Y, 6.13% |  | 205 | 205270 |
| UBS Group AG<sup>(b)</sup> <br>|  |  |  |
| 7.75% |  | 200 | 210553 |
| Series NC10, 9.25% |  | 200 | 231282 |
|  |  |  | 1895566 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)(i)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(i)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(i)</sup> **— 0.1%** |  |
| NRG Energy, Inc., 10.25% |  | 145 | 161013 |
| Vistra Corp., 7.00% |  | 228 | 230743 |
|  |  |  | 391756 |
| **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| Corebridge Financial, Inc., 6.38%, 09/15/54 |  | 59 | 58804 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |  |
| AltaGas Ltd., 7.20%, 10/15/54<sup>(b)</sup> |  | 52 | 52012 |
| **Oil, Gas & Consumable Fuels**<sup>(i)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(i)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(i)</sup> **— 0.1%** |  |
| Energy Transfer LP, Series G, 7.13% |  | 62 | 63157 |
| Venture Global LNG, Inc., 9.00%<sup>(b)</sup> |  | 715 | 695122 |
|  |  |  | 758279 |
|  |  |  | 3910229 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **IT Services**<sup>(d)</sup> **— 0.0%** | **IT Services**<sup>(d)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 1882 | $42351 |
| Series G-1 | 1301 | 29273 |
|  |  | 71624 |
|  |  | 138418 |
| **Total Preferred Securities — 0.7%** <br>**(Cost: $4,173,432)** | **Total Preferred Securities — 0.7%** <br>**(Cost: $4,173,432)** | 4048647 |
| **Warrants** | **Warrants** | **Warrants** |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |  |
| Turbo Cayman Ltd., (Strike Price GBP 0.01)<sup>(c)(d)</sup> | 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)<sup>(c)</sup><br>| 2435 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Investments — 121.9%** <br>**(Cost: $717,762,644)** | **Total Investments — 121.9%** <br>**(Cost: $717,762,644)** | 702917776 |
| **Liabilities in Excess of Other Assets — (21.9)%** | **Liabilities in Excess of Other Assets — (21.9)%** | (126254784)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $576662992 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $648,270, representing 0.1% of its net assets as of period end, and an original cost of $440,160. 

<sup>(f)</sup> 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. 

<sup>(g)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(h)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(i)</sup> Perpetual security with no stated maturity date.

<sup>(j)</sup> When-issued security.

<sup>(k)</sup> Zero-coupon bond.

<sup>(l)</sup> 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. 

<sup>(m)</sup> Affiliate of the Fund.

<sup>(n)</sup> 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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares<sup>(a)</sup> | &nbsp;&nbsp; $— | $— <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $— |  | $36421 | $— |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp; — | 4593335 | &nbsp;&nbsp; — |  | 95415 | 4688750 | 125000 | 71529 |  |
|  |  |  |  | $— | $95415 | $4688750 |  | $107950 | $— |

---

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

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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 | 973482 | EUR | 834000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(13925)<br>|
| USD | 115535 | EUR | 100000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2860)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16785)<br>|

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *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> % <br>| Quarterly | 06/20/30<br> B | USD | 500 | &nbsp;&nbsp;&nbsp; $38417 | &nbsp;&nbsp;&nbsp; $27048 | &nbsp;&nbsp;&nbsp; $11369 |

---

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | 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, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 10000 | $60764 | $(109763)<br>| $170527 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/20/25 | USD | 4000 | 22877 | (43905)<br>| 66782 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 4000 | 21312 | (43905)<br>| 65217 |
|  |  |  |  |  |  |  |  |  | $104953 | $(197573)<br>| $302526 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <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<sup>(a)</sup> | &nbsp;&nbsp; $27048 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11369 | &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (197573)<br>| &nbsp;&nbsp;&nbsp; 302526 | &nbsp;&nbsp;&nbsp; — |

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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** |  |  |  |  |  |  |  |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $11369 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11369 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 302526 | &nbsp;&nbsp; — | &nbsp;&nbsp; 302526 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11369 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $302526 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $313895 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16785 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16785 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 197573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 197573 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16785 | &nbsp;&nbsp; $197573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $214358 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2208)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2208)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 3364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 531126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 534490 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2208)<br>| &nbsp;&nbsp; $531126 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $532282 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(95250)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(95250)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 9478 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (642220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (632742)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9478 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(95250)<br>| &nbsp;&nbsp; $(642220)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(727992)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $909899 |
| Average amounts sold — in USD | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Average notional value — sell protection | &nbsp;&nbsp; 250000 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 18100000 |

---

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

<sup>(a)</sup> 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 Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**Derivative Financial Instruments — Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16785 |
| Swaps — centrally cleared | &nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 302526 | &nbsp;&nbsp;&nbsp;&nbsp; 197573 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 304320 | &nbsp;&nbsp;&nbsp;&nbsp; 214358 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (1794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $302526 | &nbsp;&nbsp;&nbsp;&nbsp; $214358 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup><br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $302526 | &nbsp;&nbsp; $(200433)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $102093 |

---

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; $13925 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13925 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 200433 | &nbsp;&nbsp; (200433)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $214358 | &nbsp;&nbsp; $(200433)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13925 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(d)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9657425 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9657425 |
| Common Stocks  |  |  |  |  |
| Construction & Engineering | &nbsp;&nbsp; 12441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12441 |
| 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; 456214 | &nbsp;&nbsp;&nbsp;&nbsp; 456214 |
| Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 930647 | &nbsp;&nbsp;&nbsp;&nbsp; 930647 |
| Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1661 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 192056 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73938 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 618015 | &nbsp;&nbsp;&nbsp;&nbsp; 618015 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Trading Companies & Distributors | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $247978 | &nbsp;&nbsp;&nbsp;&nbsp; $247978 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116237540 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 116237541 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2902296 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2902296 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 515059582 | &nbsp;&nbsp;&nbsp;&nbsp; 13392469 | &nbsp;&nbsp;&nbsp;&nbsp; 528452051 |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; 14129500 | &nbsp;&nbsp;&nbsp;&nbsp; 160306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14289806 |
| Fixed Income Funds | &nbsp;&nbsp; 24797054 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24797054 |
| 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; 3910229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3910229 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66794 | &nbsp;&nbsp;&nbsp;&nbsp; 71624 | &nbsp;&nbsp;&nbsp;&nbsp; 138418 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (876)<br>|
|  | &nbsp;&nbsp; $38939001 | &nbsp;&nbsp;&nbsp;&nbsp; $648261282 | &nbsp;&nbsp;&nbsp;&nbsp; $15717085 | &nbsp;&nbsp;&nbsp;&nbsp; $702917368 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11369 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11369 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302526 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16785)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $297110 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $297110 |

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $120,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $1426241 | $205241 | $2375848 | $22428208 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $63638 | $— |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  | 31366 | 3468859 |  | &nbsp;&nbsp; — | 16 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — |  | (1722486)<br>| (12693593)<br>|  | &nbsp;&nbsp; — |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | 666 | 516 | 1998 |  | &nbsp;&nbsp; — |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 51704 | 102 | 4660 | 4338 |  | &nbsp;&nbsp; (19)<br>|  |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; (181103)<br>| 21627 | (28242)<br>| 74674 |  | &nbsp;&nbsp; 8005 | 121 |
| Purchases | &nbsp;&nbsp;&nbsp; 1016762 |  | 3338 | 6952686 |  | &nbsp;&nbsp; — |  |
| Sales | &nbsp;&nbsp;&nbsp; (60750)<br>| (227635)<br>| (665000)<br>| (6844701)<br>|  | &nbsp;&nbsp; — |  |
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $2252854 | $1 | $— | $13392469 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $71624 | $137 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, <br> 2025<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; $(181103)<br>| $— | $(34703)<br>| $123562 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $8005 | $121 |

---

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

---

| | |
|:---|:---|
|  | *Total*  |
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $26499176 |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3500241 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (14416079)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; 3180 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 60785 |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; (104918)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Debt Strategies Fund, Inc. (DSU)** 

---

| | |
|:---|:---|
|  | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp; $7972786 |
| Sales | &nbsp;&nbsp;&nbsp; (7798086)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $15717085 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $(84118)<br>|

---

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

<sup>(a)</sup> Rounds to less than $1.

<sup>(b)</sup> As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(c)</sup> As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(d)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(e)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *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%), 8.18%, <br> 05/15/37<sup>(a)(b)</sup><br>| 1000 | $993803 |
| Golub Capital Partners CLO Ltd., Series 2024-74A, <br> Class D1, (3-mo. CME Term SOFR + 3.20%), 7.48%, <br> 07/25/37<sup>(a)(b)</sup><br>| 1000 | 1001837 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, <br> Class D1, (3-mo. CME Term SOFR + 3.35%), 7.63%, <br> 07/25/37<sup>(a)(b)</sup><br>| 1000 | 996039 |
| Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo. <br> CME Term SOFR + 3.45%), 7.72%, 04/20/37<sup>(a)(b)</sup><br>| 1670 | 1664264 |
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, <br> (3-mo. CME Term SOFR + 4.25%), 8.52%, <br> 04/20/37<sup>(a)(b)</sup><br>| 1000 | 990686 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-<br> mo. CME Term SOFR + 2.65%), 6.89%, 01/05/38<sup>(a)(b)</sup><br>| 1000 | 997307 |
| **Total Asset-Backed Securities — 1.5%** <br>**(Cost: $6,670,000)** | **Total Asset-Backed Securities — 1.5%** <br>**(Cost: $6,670,000)** | 6643936 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(c)</sup> | 991 | 10901 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| Learfield Communications LLC, (Acquired 09/06/23, <br> Cost: $62,530)<sup>(c)(d)(e)</sup><br>| 4977 | 442953 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(c)(d)</sup> | 15800 | 932195 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(c)</sup> | 1472 | 1472 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| SVP Singer<sup>(c)</sup> | 17689 | 84023 |
| **IT Services — 0.2%** | **IT Services — 0.2%** |  |
| Travelport Finance Luxembourg SARL<sup>(c)(d)</sup> | 267 | 717434 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Maxeon Solar Technologies Ltd.<sup>(c)</sup> | 2 | 6 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Parent Corp.<sup>(c)(d)</sup> | 23534 | 235344 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |  |
| Incora Top Holdco LLC<sup>(c)(d)</sup> | 14441 | 333298 |
| **Total Common Stocks — 0.6%** <br>**(Cost: $4,329,119)** | **Total Common Stocks — 0.6%** <br>**(Cost: $4,329,119)** | 2757626 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Chemicals**<sup>(b)</sup> **— 0.1%** | **Chemicals**<sup>(b)</sup> **— 0.1%** | **Chemicals**<sup>(b)</sup> **— 0.1%** |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br> 07/01/28<br>| $51 | 51251 |
| WR Grace Holdings LLC, 5.63%, 08/15/29 | 388 | 351212 |
|  |  | 402463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> | $249 | $229736 |
| **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br> 11/01/23<sup>(c)(f)(g)</sup><br>| 364 | 121866 |
| Zayo Group Holdings, Inc., 6.13%, 03/01/28 | 251 | 216606 |
|  |  | 338472 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| Texas Competitive Electric Holdings, Series M, 8.50%, <br> 11/10/21<sup>(c)(d)(f)</sup><br>| 1710 |  |
| **Entertainment**<sup>(b)</sup> **— 0.2%** | **Entertainment**<sup>(b)</sup> **— 0.2%** | **Entertainment**<sup>(b)</sup> **— 0.2%** |
| Caesars Entertainment, Inc., 4.63%, 10/15/29 | 390 | 372269 |
| Odeon Finco PLC, 12.75%, 11/01/27 | 607 | 634246 |
|  |  | 1006515 |
| **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<sup>(b)(g)</sup><br>| 462 | 494300 |
| **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.2%** | **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.2%** | **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.2%** |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<br>| 441 | 406956 |
| Sabre GLBL, Inc., 11.13%, 07/15/30 | 647 | 676762 |
|  |  | 1083718 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer, 6.75%, 10/15/27<sup>(b)</sup><br>| 357 | 356789 |
| **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** | **Internet Software & Services — 0.1%** |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(b)</sup> | 400 | 397000 |
| **Machinery**<sup>(b)</sup> **— 0.3%** | **Machinery**<sup>(b)</sup> **— 0.3%** | **Machinery**<sup>(b)</sup> **— 0.3%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<br>| 336 | 351304 |
| Vertiv Group Corp., 4.13%, 11/15/28 | 901 | 878506 |
|  |  | 1229810 |
| **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<sup>(b)</sup> | 465 | 513301 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> | 645 | 650657 |
| **Software**<sup>(b)</sup> **— 0.3%** | **Software**<sup>(b)</sup> **— 0.3%** | **Software**<sup>(b)</sup> **— 0.3%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30 | 685 | 674222 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<br>| 191 | 157937 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29 | 324 | 331353 |
|  |  | 1163512 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(d)</sup> | 303 | 280138 |
| **Total Corporate Bonds — 1.9%** <br>**(Cost: $8,052,848)** | **Total Corporate Bonds — 1.9%** <br>**(Cost: $8,052,848)** | 8146411 |
| **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<sup>(d)</sup><br>| 59 |  |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | 1086 | 1090073 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | $164 | $159354 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| 1710 | 1722825 |
| **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $3,016,146)** | **Total Fixed Rate Loan Interests — 0.7%** <br>**(Cost: $3,016,146)** | 2972252 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, <br> 06/24/30<br>| 755 | 757967 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 10/31/30<br>| 1212 | 1214274 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-<br> mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>| 1097 | 1097710 |
| Cubic Corp. |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>| 3370 | 1745222 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>| 687 | 355431 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>| 2236 | 2236662 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>| 854 | 853986 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>| 552 | 552169 |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>| 586 | 585402 |
| Peraton Corp. |  |  |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>| 407 | 282486 |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor <br> + 3.85%), 8.18%, 02/01/28<br>| 1567 | 1379484 |
| Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>| 214 | 214651 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 11/05/28<br>| 670 | 673109 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(d)</sup><br>| 317 | 317958 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>| 4389 | 4395937 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>| 898 | 899416 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 03/22/30<br>| 117 | 116891 |
|  |  | 17678755 |
| **Automobile Components — 2.1%** | **Automobile Components — 2.1%** | **Automobile Components — 2.1%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>| 523 | 486855 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/06/30<br>| 3183 | $3171406 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>| 1432 | 1432902 |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/02/31<sup>(d)</sup><br>| 1140 | 1133249 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32<sup>(d)</sup><br>| 101 | 101125 |
| Gates Corp., 2024 Term Loan B5, (1-mo. CME Term <br> SOFR + 1.75%), 6.08%, 06/04/31<br>| 1693 | 1691579 |
| RealTruck Group, Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28<br>| 402 | 364582 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>| 1128 | 1098672 |
|  |  | 9480370 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Naked Juice LLC |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>| 1526 | 1509668 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>| 805 | 638587 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>| 535 | 246799 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(d)(h)</sup> | 713 | 712109 |
|  |  | 3107163 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 11/15/28<br>| 2875 | 2875329 |
| **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** | **Broadline Retail — 1.0%** |
| Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(d)</sup><br>| 518 | 516403 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>| 3863 | 3740553 |
|  |  | 4256956 |
| **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
| Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>| 865 | 863574 |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/13/29<br>| 129 | 129183 |
| Chariot Buyer LLC, Term Loan B, (1-mo. CME Term <br> SOFR + 3.35%), 7.68%, 11/03/28<br>| 3024 | 3027142 |
| CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR + 3.50%), 7.83%, 10/02/28<br>| 1152 | 1149425 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>| 2736 | 2691009 |
|  |  | 7860333 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>| 1811 | 1812952 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.98%, 02/15/31<br>| 1792 | 1776823 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/09/30<br>| 600 | $600892 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>| 1241 | 1244058 |
| Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 04/30/31<br>| 578 | 578327 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/25/31<br>| 1198 | 1199196 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 10/31/31<br>| 1274 | 1278273 |
| Edelman Financial Engines Center LLC, 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 04/07/28<br>| 1208 | 1208926 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.08%, 09/15/31<br>| 1415 | 1411803 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 12/15/31<br>| 1852 | 1849369 |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 10/21/31<br>| 688 | 688404 |
| Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/17/28<br>| 1158 | 1159912 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(d)</sup><br>| 222 | 220247 |
|  |  | 15029182 |
| **Chemicals — 4.1%** | **Chemicals — 4.1%** | **Chemicals — 4.1%** |
| Chemours Co., 2023 USD Term Loan B, (1-mo. CME <br> Term SOFR + 3.00%), 7.33%, 08/18/28<br>| 590 | 587975 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, <br> 11/01/30<br>| 1555 | 1547778 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>| 163 | 162824 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.08%, 12/18/30<br>| 1570 | 1573401 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>| 493 | 492231 |
| H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>| 287 | 288077 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 02/18/30<br>| 668 | 639009 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.58%, 10/07/31<br>| 545 | 495618 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>| 1221 | 1110270 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 11/26/31<br>| 874 | 873512 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, <br> 03/29/28<br>| 2046 | $2050009 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>| 1221 | 1226071 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), <br> 7.35%, 04/08/31<br>| 1613 | 1513198 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>| 535 | 529313 |
| Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 06/20/31<br>| 1889 | 1864617 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, <br> 08/02/30<br>| 1633 | 1614253 |
| WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/22/28<br>| 1374 | 1374207 |
|  |  | 17942363 |
| **Commercial Services & Supplies — 7.1%** | **Commercial Services & Supplies — 7.1%** | **Commercial Services & Supplies — 7.1%** |
| Action Environmental Group, Inc., 2023 Term Loan B, <br> (3-mo. CME Term SOFR + 3.75%), 8.05%, <br> 10/24/30<sup>(d)</sup><br>| 849 | 849331 |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.85%), 8.18%, 05/12/28<br>| 4100 | 4118492 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>| 574 | 575129 |
| Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 06/22/30<br>| 1108 | 1109484 |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, <br> 09/07/27<br>| 2028 | 2031761 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 04/01/32<br>| 697 | 696068 |
| Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/09/28<br>| 1010 | 1018804 |
| Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.24%, <br> 09/30/31<br>| 3843 | 3796820 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>| 1428 | 1428284 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>| 2002 | 2000338 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 06/02/31<br>| 458 | 457558 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 7.82%, <br> 10/17/30<br>| 679 | 680251 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>| 1564 | 1405367 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.51%), 7.84%, <br> 08/19/26<br>| 161 | $146585 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 03/11/32<br>| 2114 | 2116345 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>| 733 | 732623 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>| 1288 | 1275664 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, <br> 06/28/30<br>| 1773 | 1777244 |
| Reworld Holding Corp , Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>| 1109 | 1110457 |
| Reworld Holding Corp., Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>| 86 | 85742 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.83%, 11/14/30<br>| 81 | 81051 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br> 9.56%, 02/15/29<br>| 242 | 242994 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 08/31/28<br>| 2159 | 2147959 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br> + 4.10%), 8.43%, 11/02/27<br>| 608 | 575896 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>| 741 | 708025 |
|  |  | 31168272 |
| **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%), 6.07%, <br> 10/24/30<br>| 1377 | 1382188 |
| Viasat, Inc. |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.93%, 05/30/30<br>| 287 | 273779 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.61%), 8.94%, 03/02/29<br>| 184 | 176690 |
|  |  | 1832657 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.78%, 08/01/30<br>| 3552 | 2959069 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 11/03/31<br>| 298 | 298249 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.58%, <br> 12/18/28<br>| 361 | 360585 |
| Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME <br> Term SOFR + 3.11%), 7.44%, 01/21/28<br>| 1043 | 1048758 |
|  |  | 4666661 |
| **Construction Materials — 2.2%** | **Construction Materials — 2.2%** | **Construction Materials — 2.2%** |
| American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 01/31/31<br>| 1601 | 1606280 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>| 825 | $745515 |
| Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>| 705 | 647955 |
| Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, <br> 12/14/27<br>| 516 | 516783 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 03/19/29<br>| 981 | 980433 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.58%, 02/10/32<br>| 1663 | 1659923 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 1.75%), 6.07%, 09/22/28<br>| 525 | 525301 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>| 2838 | 2818332 |
|  |  | 9500522 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>| 326 | 327581 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/03/31<br>| 623 | 627610 |
|  |  | 955191 |
| **Containers & Packaging — 2.5%** | **Containers & Packaging — 2.5%** | **Containers & Packaging — 2.5%** |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-<br> mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.06%, 11/29/30<br>| 3229 | 3239338 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>| 6 | 6024 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.58%, 04/01/32<br>| 1413 | 1406694 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(h)</sup> | 973 | 965946 |
| Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/15/27<br>| 1326 | 1325028 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.33%, 02/01/29<br>| 1626 | 1629483 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>| 1161 | 1165107 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>| 1263 | 1238853 |
|  |  | 10976473 |
| **Diversified Consumer Services — 1.9%** | **Diversified Consumer Services — 1.9%** | **Diversified Consumer Services — 1.9%** |
| Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>| 1295 | 1297938 |
| Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29<br>| 919 | 795277 |
| KUEHG Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>| 867 | 866973 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR + 4.00%), 8.29%, <br> 08/11/28<br>| 217 | $216658 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.78%, <br> 07/25/30<br>| 592 | 592889 |
| PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31<br>| 565 | 566290 |
| Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 7.33%, 02/07/31<br>| 404 | 405096 |
| Spring Education Group, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>| 1463 | 1467108 |
| Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>| 494 | 495869 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>| 1838 | 1828919 |
|  |  | 8533017 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/20/30<br>| 484 | 482669 |
| **Diversified Telecommunication Services — 3.6%** | **Diversified Telecommunication Services — 3.6%** | **Diversified Telecommunication Services — 3.6%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(d)</sup><br>| 1514 | 1400547 |
| Connect Finco SARL, 2024 Extended Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.83%, 09/27/29<br>| 618 | 585401 |
| Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, <br> 09/20/30<br>| 634 | 634645 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>| 2705 | 2732618 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>| 1027 | 1013732 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>| 750 | 739472 |
| ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR <br> at 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>| 508 | 456339 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.25%), 4.50%, <br> 09/25/29<br>| 3061 | 2662815 |
| Virgin Media Bristol LLC, USD Term Loan N, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 01/31/28<br>| 988 | 974528 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>| 5045 | 4788673 |
|  |  | 15988770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>| $1514 | $1516167 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br> mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30<br>| 1241 | 1243303 |
|  |  | 2759470 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(d)</sup><br>| 440 | 439560 |
| Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.33%, <br> 07/02/29<br>| 1656 | 1656823 |
|  |  | 2096383 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>| 289 | 289483 |
| **Entertainment — 3.6%** | **Entertainment — 3.6%** | **Entertainment — 3.6%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>| 1161 | 1153201 |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>| 3064 | 3071626 |
| Delta 2 Lux SARL |  |  |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>| 1668 | 1668105 |
| 2024 Term Loan B2, 09/30/31<sup>(h)</sup> | 834 | 833852 |
| Live Nation Entertainment, Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>| 1566 | 1563688 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>| 1186 | 1126069 |
| NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26<sup>(g)</sup><br>| 621 | 571296 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME <br> Term SOFR + 2.86%), 7.19%, 03/13/28<br>| 800 | 785789 |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 11/21/31<br>| 2174 | 2180721 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/24/31<br>| 2970 | 2972888 |
|  |  | 15927235 |
| **Financial Services — 6.3%** | **Financial Services — 6.3%** | **Financial Services — 6.3%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>| 1400 | 1398009 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>| 863 | 860318 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 02/27/32<br>| 1377 | 1371090 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>| 1844 | 1843622 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Belron Finance LLC, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 10/16/31<br>| 2965 | $2975396 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.30%, 01/31/31<br>| 3330 | 3337213 |
| CPI Holdco B LLC |  |  |
| 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>| 791 | 790011 |
| 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), <br> 6.33%, 05/19/31<br>| 1675 | 1668640 |
| Deerfield Dakota Holding LLC |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>| 2528 | 2452413 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>| 963 | 917444 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>| 3040 | 3040942 |
| FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>| 604 | 605691 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(h)</sup><br>| 706 | 705414 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 01/31/30<br>| 283 | 281844 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>| 165 | 165356 |
| Hyperion Refinance SARL, 2024 USD 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.33%, 02/15/31<br>| 1732 | 1736258 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(h)</sup> | 884 | 886652 |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>| 2188 | 2195312 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 03/31/28<br>| 313 | 313246 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>| 404 | 402727 |
|  |  | 27947598 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>| 4037 | 4046561 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 6.50%), 10.83%, <br> 03/29/30<br>| 160 | 161517 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<br>| 992 | 990945 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.55%, <br> 03/31/28<br>| 918 | 920457 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/29/32<br>| 1448 | $1446829 |
| Wellness Pet LLC |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.95%), 8.28%, <br> 12/31/29<br>| 259 | 216989 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.01%), 8.08%, <br> 12/31/29<br>| 144 | 79483 |
|  |  | 7862781 |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR + 1.86%), 6.19%, 08/06/27<br>| 642 | 635416 |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 04/10/31<br>| 3197 | 3177853 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>| 970 | 804177 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>| 190 | 157872 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 8.00%), 12.32%, <br> 08/20/29<br>| 980 | 382072 |
|  |  | 5157390 |
| **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>| 928 | 926321 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.33%, 06/26/30<br>| 2128 | 2123689 |
|  |  | 3050010 |
| **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** | **Health Care Providers & Services — 5.9%** |
| Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.43%, <br> 11/08/27<br>| 116 | 116257 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 09/29/28<br>| 997 | 1000435 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.78%, <br> 11/08/32<br>| 1252 | 1254755 |
| Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/26/31<br>| 577 | 578074 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + <br> 2.75%), 7.07%, 05/01/31<br>| 1953 | 1942371 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, <br> 08/01/29<br>| 1347 | 1351889 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 11/01/28<br>| 2155 | 2160051 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| EyeCare Partners LLC |  |  |
| 2024 Second Out Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, <br> 11/30/28<sup>(g)</sup><br>| 457 | $359065 |
| 2024 Superpriority New Money 1st Out Term Loan A, <br> (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br> 9.88%, 08/31/28<br>| 628 | 636971 |
| 2024 Third Out Term Loan C, 11/30/28<sup>(c)(f)(g)(h)</sup> | 48 | 11922 |
| Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 3.75%), 8.08%, 07/01/30<br>| 112 | 99583 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>| 1258 | 1209796 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| 562 | 565312 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 4.36%), 8.70%, 03/06/28<br>| 765 | 302028 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, <br> 05/19/31<br>| 779 | 769583 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.60%), 7.88%, 11/01/28<br>| 889 | 460594 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.10%), 11.38%, 11/01/29<br>| 611 | 257640 |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 10/23/28<br>| 6839 | 6842848 |
| Option Care Health, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 2.25%), 6.58%, 10/27/28<br>| 792 | 796550 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>| 2360 | 2296962 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>| 140 | 140848 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/19/31<br>| 526 | 525787 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>| 849 | 839797 |
| Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 12/19/30<br>| 1279 | 1282478 |
|  |  | 25801596 |
| **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>| 3633 | 3627516 |
| PointClickCare Technologies, Inc., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 11/03/31<br>| 758 | 760730 |
| Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>| 480 | 480806 |
|  |  | 4869052 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure — 8.3%** | **Hotels, Restaurants & Leisure — 8.3%** | **Hotels, Restaurants & Leisure — 8.3%** |
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 09/20/30<br>| $2066 | $2054727 |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.93%, <br> 03/11/30<br>| 184 | 180767 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>| 204 | 201897 |
| Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 05/31/30<br>| 908 | 909695 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>| 1411 | 1243594 |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/06/31<br>| 2838 | 2832768 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/30<br>| 1019 | 1017384 |
| Carnival Corp., 2025 Term Loan (2027), (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.00%), 6.31%, <br> 08/08/27<br>| 223 | 222819 |
| Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 12/02/31<br>| 682 | 680947 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/04/32<br>| 1689 | 1682435 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 01/27/29<br>| 4351 | 4343237 |
| Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, <br> 11/30/30<br>| 3505 | 3491488 |
| Flutter Financing BV, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 06/04/32<sup>(d)</sup><br>| 514 | 513358 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/30/29<br>| 3122 | 3138059 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>| 767 | 748192 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 05/27/32<br>| 803 | 807850 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30<br>| 767 | 769278 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, <br> 12/15/27<br>| 1883 | 1882856 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>| 1116 | 1115612 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30<br>| 180 | 177580 |
| Packers Holdings LLC, 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.68%, <br> 03/09/28<br>| 887 | 474491 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 05/03/29<br>| 1446 | $1446390 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>| 410 | 409366 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.33%, 12/04/31<br>| 539 | 537726 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/01/31<br>| 334 | 334472 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 03/14/31<br>| 1947 | 1949706 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(h)</sup> | 1003 | 991576 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 08/03/28<br>| 1067 | 1066614 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 05/24/30<br>| 1346 | 1350926 |
|  |  | 36575810 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 01/20/32<br>| 2478 | 2466541 |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>| 549 | 549738 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, <br> (3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28<br>| 496 | 450887 |
| Somnigroup International, Inc., 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 10/24/31<br>| 474 | 474837 |
| Springs Windows Fashions, LLC, 2024 First Lien Second <br> Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% <br> Floor + 4.11%), 8.44%, 10/06/28<br>| 640 | 487513 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, <br> 12/19/29<br>| 80 | 79727 |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 10/30/27<br>| 785 | 778637 |
|  |  | 5287880 |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** |
| Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 2.00%), 6.33%, 07/31/30<br>| 1807 | 1805680 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>| 688 | 687539 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>| 941 | 943116 |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.81%, 12/15/31<br>| 605 | 606188 |
|  |  | 4042523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** | **Industrial Conglomerates — 1.0%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(d)(h)</sup><br>| $291 | $292455 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, <br> 10/17/31<br>| 200 | 201312 |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 08/04/31<br>| 1650 | 1645725 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.50%), 6.83%, 05/31/30<br>| 2123 | 2120482 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br> CME Term SOFR + 7.50%), 12.06%, 12/31/29<br>| 233 | 193379 |
|  |  | 4453353 |
| **Insurance — 7.4%** | **Insurance — 7.4%** | **Insurance — 7.4%** |
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>| 7564 | 7564858 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, <br> 01/30/32<br>| 2519 | 2519794 |
| Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 12/29/31<br>| 2419 | 2417735 |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>| 2231 | 2236258 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 7.31%, 05/26/31<br>| 1691 | 1689215 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, <br> 06/20/30<br>| 4433 | 4445585 |
| Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.03%, 03/15/30<br>| 1126 | 1118630 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/15/31<br>| 1734 | 1731416 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 05/06/31<br>| 2448 | 2447228 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>| 530 | 535102 |
| USI, Inc. |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 09/29/30<br>| 1717 | 1711558 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 11/21/29<br>| 4003 | 3995067 |
|  |  | 32412446 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 2.75%), 7.08%, 01/31/31<br>| 1407 | 1391063 |
| **IT Services — 7.3%** | **IT Services — 7.3%** | **IT Services — 7.3%** |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/31/28<br>| 1117 | 1065089 |
| 2021 2nd Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/20/29<br>| 1066 | 986881 |
| 2021 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.36%), 7.69%, 07/31/27<br>| 237 | 236561 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Asurion LLC (continued) |  |  |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.68%, 08/19/28<br>| $1631 | $1612245 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>| 314 | 306058 |
| 2025 Term Loan B13, 09/19/30<sup>(h)</sup> | 1579 | 1532441 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>| 2826 | 2352960 |
| Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, <br> 04/21/32<sup>(d)</sup><br>| 933 | 931834 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>| 1326 | 1315365 |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, <br> 05/30/31<br>| 2512 | 2517393 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(d)</sup><br>| 578 | 578357 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 05/30/31<br>| 1431 | 1432431 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 11/09/29<br>| 1653 | 1653564 |
| Magenta Security Holdings LLC |  |  |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>| 385 | 321314 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, <br> 07/27/28<sup>(g)</sup><br>| 451 | 207544 |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(c)(f)(g)</sup><br>| 1076 | 249314 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>| 2041 | 2037809 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.58%, 06/17/32<br>| 458 | 448726 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>| 673 | 647105 |
| Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan <br> B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 11/17/31<br>| 1740 | 1741693 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor <br> + 3.25%), 7.55%, 10/26/30<br>| 832 | 835368 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.30%, 07/16/31<br>| 1580 | 1581755 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 07/31/31<br>| 4270 | 4283612 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(h)</sup> | 652 | 657092 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>| 2240 | $2185956 |
| X.AI LLC, 1st Lien Term Loan , 06/28/30<sup>(h)</sup> | 579 | 551254 |
|  |  | 32269721 |
| **Machinery — 6.0%** | **Machinery — 6.0%** | **Machinery — 6.0%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>| 1964 | 1965336 |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>| 1905 | 1901007 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.79%, 03/15/30<br>| 549 | 549516 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(d)</sup><br>| 306 | 304908 |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 10/21/28<br>| 3470 | 3481717 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>| 4098 | 4106264 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 11/22/29<br>| 772 | 769966 |
| Madison IAQ LLC |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.56%, 05/06/32<br>| 1366 | 1368882 |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.76%, 06/21/28<br>| 3626 | 3626778 |
| SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 04/05/29<br>| 1772 | 1777786 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30<br>| 2353 | 2358185 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>| 2471 | 2472474 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>| 670 | 290673 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/27/31<br>| 1392 | 1391799 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 2.11%), 6.44%, 10/04/28<br>| 111 | 111418 |
|  |  | 26476709 |
| **Media — 2.9%** | **Media — 2.9%** | **Media — 2.9%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>| 2257 | 2039538 |
| Charter Communications Operating LLC |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.30%, 12/07/30<br>| 1375 | 1373408 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 12/15/31<br>| 871 | 871838 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>| 717 | $709239 |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>| 1847 | 1797180 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>| 365 | 359571 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>| 299 | 300102 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>| 1051 | 1050046 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, <br> 02/21/31<sup>(d)</sup><br>| 366 | 366690 |
| Gray Television, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 9.57%, 06/04/29<br>| 236 | 236019 |
| Learfield Communications LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.83%, 06/30/28<br>| 618 | 621299 |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>| 2091 | 2099918 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 04/30/28<br>| 1187 | 1158678 |
|  |  | 12983526 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 11/22/30<br>| 339 | 339292 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.52%, 12/21/28<br>| 1907 | 1905624 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 10/04/30<br>| 270 | 270290 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>| 671 | 671318 |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/01/32<br>| 510 | 511821 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>| 292 | 294032 |
| New Fortress Energy, Inc., 2025 Incremental Term Loan <br> B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>| 185 | 99504 |
| NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.08%, 02/03/31<br>| 248 | 245284 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 6.57%, 10/05/28<br>| 2517 | 2514474 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>| 240 | 239650 |
|  |  | 7091289 |
| **Passenger Airlines — 1.4%** | **Passenger Airlines — 1.4%** | **Passenger Airlines — 1.4%** |
| AAdvantage Loyalty IP Ltd., 2025 Term Loan B, <br> 05/28/32<sup>(h)</sup><br>| 611 | 614360 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>| 1419 | $1418714 |
| American Airlines, Inc. |  |  |
| Series AA, 2017 1st Lien Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 5.98%, <br> 01/29/27<br>| 266 | 263701 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>| 1224 | 1211562 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.52%, 04/20/28<br>| 823 | 816422 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 08/27/29<br>| 764 | 713783 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>| 1178 | 1178915 |
|  |  | 6217457 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, <br> 05/04/28<br>| 1159 | 1176827 |
| Elanco Animal Health, Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.17%, 08/01/27<br>| 867 | 865639 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28<br>| 1758 | 1765003 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(h)</sup> | 1670 | 1675745 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31<br>| 450 | 441721 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 04/20/29<br>| 658 | 657254 |
|  |  | 6582189 |
| **Professional Services — 4.9%** | **Professional Services — 4.9%** | **Professional Services — 4.9%** |
| AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 02/04/28<br>| 1947 | 1953558 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>| 1394 | 1391048 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.61%), 10.94%, 06/04/29<br>| 470 | 455915 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.61%), 7.94%, 06/02/28<br>| 1566 | 1547950 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 04/28/28<br>| 2499 | 2498136 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(d)</sup><br>| 1852 | 1852339 |
| Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/18/29<br>| 4701 | 4696624 |
| Element Materials Technology Group U.S. Holdings, Inc., <br> 2022 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>| 454 | 454066 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>| 462 | 427670 |
| Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.08%, 05/12/28<br>| 795 | 783204 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>| 1808 | $1809713 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>| 1821 | 1822078 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 7.58%, 11/26/31<br>| 1667 | 1656172 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), <br> 7.08%, 09/28/29<br>| 451 | 448179 |
|  |  | 21796652 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche <br> 2 Incremental Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 01/31/30<br>| 619 | 621038 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29<br>| 682 | 684893 |
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>| 1221 | 1222287 |
|  |  | 1907180 |
| **Software — 13.0%** | **Software — 13.0%** | **Software — 13.0%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>| 3439 | 3452378 |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/15/29<br>| 1038 | 858617 |
| Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>| 2804 | 2784513 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 06/17/30<br>| 1101 | 1099386 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.33%, 01/23/32<br>| 2514 | 2514132 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>| 3955 | 3957614 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>| 2856 | 2859938 |
| Cloudera, Inc. |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>| 605 | 546394 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>| 1556 | 1490683 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>| 3079 | 3079954 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(d)</sup><br>| 719 | 714951 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>| 2381 | 2385847 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(d)</sup><br>| 519 | 529380 |
| Gen Digital, Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 09/12/29<br>| 2718 | 2713277 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Gen Digital, Inc. (continued) |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.08%, 04/16/32<br>| 205 | $204539 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>| 4912 | 4908073 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>| 1326 | 1330689 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 03/20/32<br>| 2464 | 2472300 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>| 2397 | 2324249 |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>| 596 | 559016 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>| 578 | 500899 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>| 287 | 278250 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.33%, 08/31/28<br>| 2968 | 2968401 |
| 2025 Fungible Term Loan, 08/31/28<sup>(h)</sup> | 304 | 304033 |
| QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.30%, 04/30/32<br>| 407 | 408912 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>| 1805 | 1790854 |
| Sabre GLBL, Inc. |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| 184 | 180593 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| 105 | 103090 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>| 52 | 51644 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>| 879 | 874545 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>| 256 | 241976 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/09/31<br>| 2669 | 2680537 |
| UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>| 3458 | 3470434 |
| Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.03%, <br> 07/20/28<br>| 230 | 230871 |
| VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.02%, <br> 04/12/31<br>| 2235 | 2243468 |
|  |  | 57114437 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Fender Musical Instruments Corp., 2021 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), <br> 8.43%, 12/01/28<br>| 112 | 100409 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 04/23/31<br>| 770 | 768787 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br> Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 3.00%), 7.33%, 05/04/28<br>| 2868 | $2864804 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>| 934 | 922010 |
| Restoration Hardware, Inc., 2022 Incremental Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.35%), 7.68%, 10/20/28<br>| 273 | 266089 |
|  |  | 4922099 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 07/27/28<br>| 3443 | 3440694 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 02/09/31<br>| 781 | 781470 |
| Foundation Building Materials, Inc., 2024 Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.28%, 01/29/31<br>| 2298 | 2245485 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>| 525 | 526221 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 05/12/30<br>| 593 | 592802 |
| Herc Holdings, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>| 268 | 268783 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 075% Floor + 4.01%), 8.29%, 10/28/27<br>| 716 | 547437 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 2.00%, 3.25% <br> PIK), 9.58%, 06/30/29<sup>(d)(g)</sup><br>| 1824 | 1094740 |
|  |  | 9497632 |
| **Transportation Infrastructure — 1.6%** | **Transportation Infrastructure — 1.6%** | **Transportation Infrastructure — 1.6%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>| 2763 | 2755627 |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>| 1363 | 1364192 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.50%), 6.83%, 07/01/31<br>| 1903 | 1903893 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>| 825 | 819082 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>| 240 | 238549 |
|  |  | 7081343 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.19%, 04/30/28<br>| 921 | 902403 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>| 1512 | 1513580 |
|  |  | 2415983 |
| **Total Floating Rate Loan Interests — 122.3%** <br>**(Cost: $545,753,089)** | **Total Floating Rate Loan Interests — 122.3%** <br>**(Cost: $545,753,089)** | 539236011 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 2.1%** | **Equity Funds — 2.1%** |  |
| Hearthside Equity | 9223 | $176159 |
| Janus Henderson AAA CLO ETF | 130000 | 6597500 |
| SPDR Blackstone Senior Loan ETF | 60000 | 2495400 |
|  |  | 9269059 |
| **Fixed Income Funds — 3.5%** | **Fixed Income Funds — 3.5%** |  |
| Invesco Senior Loan ETF | 534300 | 11177557 |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(i)</sup> | 5000 | 215700 |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(i)</sup> | 52000 | 4193800 |
|  |  | 15587057 |
| **Total Investment Companies — 5.6%** <br>**(Cost: $24,604,730)** | **Total Investment Companies — 5.6%** <br>**(Cost: $24,604,730)** | 24856116 |

---

&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<sup>(d)(j)</sup> | $1607 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Millennium Corp.<sup>(d)(j)</sup> | 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%**<sup>(c)</sup> | **Preferred Stocks — 0.0%**<sup>(c)</sup> | **Preferred Stocks — 0.0%**<sup>(c)</sup> |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 338 | 59199 |
| **IT Services**<sup>(d)</sup> **— 0.0%** | **IT Services**<sup>(d)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 1814 | 40802 |
| Series G-1 | 1252 | 28174 |
|  |  | 68976 |
|  |  | 128175 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $301,719)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $301,719)** | 128175 |
| **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)<sup>(c)</sup><br>| 1895 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 132.6%** <br>**(Cost: $592,727,651)** | **Total Long-Term Investments — 132.6%** <br>**(Cost: $592,727,651)** | 584740527 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(i)(k)</sup><br>| 2423434 | $2423434 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $2,423,434)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $2,423,434)** | 2423434 |
| **Total Investments — 133.1%** <br>**(Cost: $595,151,085)** | **Total Investments — 133.1%** <br>**(Cost: $595,151,085)** | 587163961 |
| **Liabilities in Excess of Other Assets — (33.1)%** | **Liabilities in Excess of Other Assets — (33.1)%** | (146171952)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $440992009 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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;

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $442,953, representing 0.1% of its net assets as of period end, and an original cost of $62,530. 

<sup>(f)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(g)</sup> 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. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

<sup>(k)</sup> Annualized 7-day yield as of period end.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $— | $2423434 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $2423434 | 2423434 | $6786 | $— |
| iShares 0-5 Year High Yield Corporate Bond ETF | 213050 |  | &nbsp;&nbsp; — |  | 2650 | 215700 | 5000 | 6411 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4089800 |  | &nbsp;&nbsp; — |  | 104000 | 4193800 | 52000 | 98477 |  |
|  |  |  |  | $— | $106650 | $6832934 |  | $111674 | $— |

---

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

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(100)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|

---

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

<sup>(a)</sup> 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 Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6643936 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6643936 |
| Common Stocks  |  |  |  |  |
| Construction & Engineering | &nbsp;&nbsp; 10901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10901 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442953 | &nbsp;&nbsp;&nbsp;&nbsp; 442953 |
| Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 932195 | &nbsp;&nbsp;&nbsp;&nbsp; 932195 |
| Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84023 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 717434 | &nbsp;&nbsp;&nbsp;&nbsp; 717434 |
| 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; 235344 | &nbsp;&nbsp;&nbsp;&nbsp; 235344 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 333298 | &nbsp;&nbsp;&nbsp;&nbsp; 333298 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7866273 | &nbsp;&nbsp;&nbsp;&nbsp; 280138 | &nbsp;&nbsp;&nbsp;&nbsp; 8146411 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2972252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2972252 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 526366470 | &nbsp;&nbsp;&nbsp;&nbsp; 12869541 | &nbsp;&nbsp;&nbsp;&nbsp; 539236011 |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; 9092900 | &nbsp;&nbsp;&nbsp;&nbsp; 176159 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9269059 |
| Fixed Income Funds | &nbsp;&nbsp; 15587057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15587057 |
| 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; 68976 | &nbsp;&nbsp;&nbsp;&nbsp; 128175 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2423434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2423434 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (505)<br>|
|  | &nbsp;&nbsp; $27114298 | &nbsp;&nbsp;&nbsp;&nbsp; $544169570 | &nbsp;&nbsp;&nbsp;&nbsp; $15880044 | &nbsp;&nbsp;&nbsp;&nbsp; $587163912 |

---

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

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $134,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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*  |
| **Assets** |  |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $1568487 | $— | $2483480 | $22840992 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $61312 |  | $26954271 |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  | 29768 | 3272425 |  | &nbsp;&nbsp; — | 17 | 3302210 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — |  | (1756430)<br>| (12384138)<br>|  | &nbsp;&nbsp; — |  | (14140568)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | 2842 | 574 | 4035 |  | &nbsp;&nbsp; — |  | 7451 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 91071 |  | 5186 | 1231 |  | &nbsp;&nbsp; — |  | 97488 |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; (760073)<br>| 124740 | (25745)<br>| 62573 |  | &nbsp;&nbsp; 7664 | 148 | (590693)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*  |
| Purchases | &nbsp;&nbsp;&nbsp; $1868766 | $152556 | $3167 | $6891376 | $— | &nbsp;&nbsp; $0 |  | $8915865 |
| Sales | &nbsp;&nbsp;&nbsp; (107027)<br>|  | (740000)<br>| (7575959)<br>|  | &nbsp;&nbsp; 0 |  | (8422986)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $2661224 | $280138 | $— | $13112535 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $68976 | 165 | $16123038 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br> June 30, 2025<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; $(760073)<br>| $124740 | $(32935)<br>| $118201 | $— | &nbsp;&nbsp; $7664 | 148 | $(542255)<br>|

---

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

<sup>(a)</sup> Rounds to less than $1.

<sup>(b)</sup> As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(c)</sup> As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(d)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(e)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Sterling COOFS Trust<sup>(a)(b)</sup> <br>|  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 | 436 | $— |
| Series 2004-2, Class Note, 2.08%, 03/30/30 | 152 |  |
| **Total Asset-Backed Securities — 0.0%** <br>**(Cost: $43,922)** | **Total Asset-Backed Securities — 0.0%** <br>**(Cost: $43,922)** |  |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 0.9%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 0.9%** |
| Bravo Residential Funding Trust, Series 2021-NQM1, <br> Class A1, 0.94%, 02/25/49<sup>(c)</sup><br>| 31 | 29017 |
| Chase Home Lending Mortgage Trust, Series 2019-ATR1, <br> Class A12, 6.50%, 04/25/49<sup>(c)</sup><br>| 27 | 27583 |
| COLT Mortgage Loan Trust |  |  |
| Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(c)</sup> | 83 | 82738 |
| Series 2022-2, Class A1, 2.99%, 02/25/67 | 98 | 93498 |
| Series 2022-7, Class A1, 5.16%, 04/25/67 | 162 | 161425 |
| CSMC, Series 2022-ATH1, Class A1A, 2.87%, 01/25/67<sup>(c)</sup> | 89 | 85997 |
| Ellington Financial Mortgage Trust, Series 2022-1, <br> Class A1, 2.21%, 01/25/67<sup>(c)</sup><br>| 197 | 170966 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, <br> 06/01/51<sup>(c)</sup><br>| 157 | 127858 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2022-<br> PJ2, Class A4, 2.50%, 06/25/52<sup>(c)</sup><br>| 78 | 63375 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ2, <br> Class A2, 2.50%, 11/25/51<sup>(c)</sup><br>| 75 | 61264 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, <br> 10/25/69<br>| 86 | 86181 |
| JP Morgan Mortgage Trust<sup>(c)</sup> <br>|  |  |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 | 91 | 89309 |
| Series 2022-INV3, Class A3B, 3.00%, 09/25/52 | 78 | 66208 |
| Mello Mortgage Capital Acceptance, Series 2022-INV2, <br> Class A3, 3.00%, 04/25/52<sup>(c)</sup><br>| 82 | 69110 |
| MFA Trust, Series 2020-NQM1, Class A1, 2.48%, <br> 03/25/65<sup>(c)</sup><br>| 35 | 33896 |
| OBX Trust, Series 2022-INC3, Class A1, 3.00%, <br> 02/25/52<sup>(c)</sup><br>| 79 | 67213 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br> 10/25/59<sup>(c)</sup><br>| 141 | 140519 |
| Provident Funding Mortgage Trust, Series 2024-1, <br> Class A1, 5.50%, 12/25/54<sup>(c)</sup><br>| 137 | 136211 |
| RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, <br> 02/25/52<sup>(c)</sup><br>| 78 | 66495 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br> 5.50%, 10/25/54<sup>(c)</sup><br>| 175 | 174188 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65<sup>(c)</sup> | 200 | 176372 |
| TRK Trust, Series 2021-INV2, Class A1, 1.97%, <br> 11/25/56<sup>(c)</sup><br>| 104 | 92062 |
| Verus Securitization Trust |  |  |
| Series 2022-1, Class A1, 2.72%, 01/25/67 | 73 | 67817 |
| Series 2022-3, Class A1, 4.13%, 02/25/67 | 278 | 265772 |
| Series 2022-7, Class A1, 5.15%, 07/25/67 | 108 | 108237 |
| Series 2024-6, Class A1, 5.80%, 07/25/69 | 122 | 122449 |
|  |  | 2665760 |
| **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** | **Commercial Mortgage-Backed Securities — 4.3%** |
| 1345T, Series 2025-AOA, Class A, (1 mo. Term SOFR + <br> 1.60%), 5.90%, 06/15/30<sup>(b)(c)</sup><br>| 450 | 450702 |
| ARES Trust, Series 2025-IND3, Class A, (1 mo. Term <br> SOFR + 1.50%), 5.81%, 04/15/42<sup>(b)(c)</sup><br>| 212 | 212265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |
| BAMLL Trust, Series 2024-BHP, Class A, (1 mo. Term <br> SOFR + 2.35%), 6.66%, 08/15/39<sup>(b)(c)</sup><br>| $135 | $135674 |
| BAY Mortgage Trust, Series 2025-LIVN, Class A, (1 mo. <br> Term SOFR + 1.80%), 6.11%, 05/15/35<sup>(b)(c)</sup><br>| 481 | 481388 |
| BBCMS Mortgage Trust, Series 2018-TALL, Class A, <br> (1 mo. Term SOFR + 0.92%), 5.23%, 03/15/37<sup>(b)(c)</sup><br>| 290 | 274095 |
| BFLD Trust, Series 2025-EWEST, Class A, (1 mo. Term <br> SOFR + 1.55%), 5.85%, 06/15/42<sup>(b)(c)</sup><br>| 345 | 345216 |
| BLP Commercial Mortgage Trust, Series 2023-IND, <br> Class A, (1 mo. Term SOFR + 1.69%), 6.00%, <br> 03/15/40<sup>(b)(c)</sup><br>| 500 | 500469 |
| BPR Trust, 5.67%, 06/05/42<sup>(b)</sup> | 190 | 192393 |
| BSTN Commercial Mortgage Trust, Series 2025-1C, <br> Class A, 5.55%, 06/15/44<sup>(b)(c)</sup><br>| 155 | 158477 |
| BX Commercial Mortgage Trust, Series 2024-GPA3, <br> Class A, (1 mo. Term SOFR + 1.29%), 5.60%, <br> 12/15/39<sup>(b)(c)</sup><br>| 216 | 215876 |
| BX Trust<sup>(b)(c)</sup> <br>|  |  |
| (1 mo. Term SOFR + 1.50%), 5.81%, 06/15/40 | 575 | 575718 |
| Series 2024-BIO, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.95%, 02/15/41<br>| 145 | 145000 |
| Series 2024-VLT4, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.80%, 07/15/29<br>| 105 | 104967 |
| Series 2025-LIFE, Class A, 5.88%, 06/13/47 | 330 | 336142 |
| Series 2025-ROIC, Class A, (1 mo. Term SOFR + <br> 1.14%), 5.46%, 03/15/30<br>| 90 | 89451 |
| Series 2025-TAIL, Class A, (1 mo. Term SOFR + <br> 1.40%), 5.71%, 06/15/35<br>| 362 | 362564 |
| Citigroup Commercial Mortgage Trust, Series 2023, <br> Class A, 6.01%, 10/12/40<sup>(b)(c)</sup><br>| 340 | 351161 |
| Commercial Mortgage Trust, Series 2024-WCL1, Class A, <br> (1 mo. Term SOFR + 1.84%), 6.15%, 06/15/41<sup>(b)(c)</sup><br>| 810 | 809747 |
| CSAIL Commercial Mortgage Trust, Series 2018-C14, <br> Class XA, 0.67%, 11/15/51<sup>(c)</sup><br>| 1891 | 27282 |
| CSRO Trust, Series 2023, Class A, 7.12%, 07/10/40<sup>(b)</sup> | 177 | 185617 |
| GS Mortgage Securities Corp. Trust, Series 2023-FUN, <br> Class A, (1 mo. Term SOFR + 2.09%), 6.40%, <br> 03/15/28<sup>(b)(c)</sup><br>| 280 | 280700 |
| GSAT Trust, Series 2025-BMF, Class A, 07/15/30<sup>(b)(c)(d)</sup> | 645 | 645202 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, <br> Class A, 5.65%, 01/13/40<sup>(b)(c)</sup><br>| 460 | 474192 |
| ILPT Commercial Mortgage Trust, Series 2025-LPF2, <br> Class A, 5.29%, 07/15/42<sup>(b)(c)</sup><br>| 553 | 561111 |
| INV Mortgage Trust, Series 2025-STAY, Class A, (1 mo. <br> Term SOFR + 1.35%), 5.66%, 03/15/42<sup>(b)(c)</sup><br>| 510 | 507769 |
| JP Morgan Chase Commercial Mortgage Securities Trust, <br> Series 2025-BHR5, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.01%, 03/15/40<sup>(b)(c)</sup><br>| 373 | 373000 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, <br> Class A, (1 mo. Term SOFR + 1.54%), 5.85%, <br> 12/15/39<sup>(b)(c)</sup><br>| 160 | 159691 |
| MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38<sup>(b)</sup> | 569 | 592165 |
| NCMF Trust, Series 2025-MFS, Class A, 4.88%, <br> 06/10/33<sup>(b)(c)</sup><br>| 493 | 492043 |
| NJ 2025-WBRK, Series 2025-WBRK, Class A, 5.87%, <br> 03/05/35<sup>(b)(c)</sup><br>| 320 | 330541 |
| PRM Trust, Series 2025-PRM6, Class A, 4.48%, <br> 07/05/33<sup>(b)(c)</sup><br>| 394 | 390836 |
| SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term <br> SOFR + 2.44%), 6.75%, 04/15/42<sup>(b)(c)</sup><br>| 476 | 476827 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, <br> Class A, (1 mo. Term SOFR + 1.39%), 5.70%, <br> 05/15/39<sup>(b)(c)</sup><br>| 111 | $110863 |
| Wells Fargo Commercial Mortgage Trust<sup>(c)</sup> <br>|  |  |
| Series 2018-AUS, Class A, 4.19%, 08/17/36<sup>(b)</sup> | 583 | 571054 |
| Series 2018-C44, Class XA, 0.87%, 05/15/51 | 4615 | 76711 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, <br> Class A, 5.35%, 07/15/40<sup>(b)(c)</sup><br>| 231 | 235493 |
|  |  | 12232402 |
| **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>| 106 | 17894 |
| IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, <br> Class 4AX, 0.17%, 01/25/37<sup>(a)</sup><br>| 16334 | 2 |
|  |  | 17896 |
| **Principal Only Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.0%** | **Principal Only Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.0%** | **Principal Only Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.0%** |
| Residential Asset Securitization Trust, Series 2005-A15, <br> Class 1A8, 2.58%, 02/25/36<br>| 79 | 55816 |
| Washington Mutual Mortgage Pass-Through Certificates <br> Trust, Series 2005-9, Class CP, 5.00%, 11/25/35<br>| 44 | 24704 |
|  |  | 80520 |
| **Total Non-Agency Mortgage-Backed Securities — 5.2%** <br>**(Cost: $15,011,923)** | **Total Non-Agency Mortgage-Backed Securities — 5.2%** <br>**(Cost: $15,011,923)** | 14996578 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 4.1%** | **Agency Obligations — 4.1%** |  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 2.75%, 02/22/30 | 400 | 377802 |
| 1.84%, 01/25/36 | 500 | 372858 |
| Federal Home Loan Banks, 1.61%, 01/27/33 | 300 | 246440 |
| Resolution Funding Corp. Principal Strip, 0.00%, <br> 04/15/30<sup>(f)</sup><br>| 13000 | 10719486 |
|  |  | 11716586 |
| **Collateralized Mortgage Obligations — 55.9%** | **Collateralized Mortgage Obligations — 55.9%** |  |
| Fannie Mae, Series 2024-83, Class FA, (30-day Avg <br> SOFR + 1.15%), 5.46%, 10/25/54<sup>(c)</sup><br>| 836 | 831052 |
| Fannie Mae REMICS |  |  |
| Series 2004-31, Class ZG, 7.50%, 05/25/34 | 1348 | 1454009 |
| Series 2005-73, Class DS, (30-day Avg SOFR + <br> 17.25%), 6.06%, 08/25/35<sup>(c)</sup><br>| 20 | 20634 |
| Series 2010-134, Class DB, 4.50%, 12/25/40 | 4733 | 4748130 |
| Series 2010-136, Class CY, 4.00%, 12/25/40 | 2366 | 2308368 |
| Series 2010-47, Class JB, 5.00%, 05/25/30 | 1056 | 1068113 |
| Series 2011-117, Class CP, 4.00%, 11/25/41 | 14351 | 13837918 |
| Series 2011-8, Class ZA, 4.00%, 02/25/41 | 3071 | 2971820 |
| Series 2011-99, Class CB, 4.50%, 10/25/41 | 23083 | 22954325 |
| Series 2012-104, Class QD, 4.00%, 09/25/42 | 1639 | 1473175 |
| Series 2017-90, Class WB, 3.00%, 11/25/47 | 433 | 343725 |
| Series 2018-32, Class PS, (30-day Avg SOFR + <br> 7.10%), 2.08%, 05/25/48<sup>(c)</sup><br>| 3521 | 3065149 |
| Series 2018-50, Class EB, 4.00%, 07/25/48 | 1960 | 1916670 |
| Series 2020-57, Class LI, 2.00%, 08/25/50 | 5500 | 3948157 |
| Series 2020-79, Class JA, 1.50%, 11/25/50 | 180 | 164466 |
| Series 2022-25, Class KL, 4.00%, 05/25/52 | 1000 | 900190 |
| Series 2022-31, Class BZ, 4.00%, 10/25/51 | 746 | 635662 |
| Series 2023-56, Class FA, (30-day Avg SOFR + <br> 1.40%), 5.71%, 11/25/53<sup>(c)</sup><br>| 547 | 549097 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |  |
| Fannie Mae REMICS (continued) |  |  |
| Series 2024-48, Class FC, (30-day Avg SOFR + <br> 1.10%), 5.41%, 07/25/54<sup>(c)</sup><br>| 665 | $664486 |
| Series 2024-54, Class FD, (30-day Avg SOFR + <br> 1.25%), 5.56%, 08/25/54<sup>(c)</sup><br>| 492 | 492222 |
| Series 5443, Class FA, (30-day Avg SOFR + 1.20%), <br> 5.51%, 08/25/54<sup>(c)</sup><br>| 670 | 671900 |
| Series 5444, Class FC, (30-day Avg SOFR + 1.12%), <br> 5.43%, 08/25/54<sup>(c)</sup><br>| 2135 | 2122639 |
| Freddie Mac REMICS |  |  |
| Series 2218, Class Z, 8.50%, 03/15/30 | 115 | 121864 |
| Series 2731, Class ZA, 4.50%, 01/15/34 | 966 | 965794 |
| Series 2927, Class BZ, 5.50%, 02/15/35 | 836 | 862690 |
| Series 3745, Class ZA, 4.00%, 10/15/40 | 1255 | 1207756 |
| Series 3762, Class LN, 4.00%, 11/15/40 | 2000 | 1908010 |
| Series 3780, Class ZA, 4.00%, 12/15/40 | 2930 | 2796472 |
| Series 3856, Class PB, 5.00%, 05/15/41 | 5239 | 5398210 |
| Series 3963, Class JB, 4.50%, 11/15/41 | 406 | 406900 |
| Series 4016, Class BX, 4.00%, 09/15/41 | 14023 | 13737763 |
| Series 4269, Class PM, 4.00%, 08/15/41 | 8884 | 8270054 |
| Series 4299, Class JY, 4.00%, 01/15/44 | 1000 | 954546 |
| Series 4384, Class LB, 3.50%, 08/15/43 | 2795 | 2738390 |
| Series 4398, Class ZX, 4.00%, 09/15/54 | 383 | 344887 |
| Series 4615, Class LB, 4.50%, 09/15/41 | 6431 | 6372383 |
| Series 4748, Class BM, 3.50%, 11/15/47 | 3351 | 2759385 |
| Series 4774, Class L, 4.50%, 03/15/48 | 4370 | 4241907 |
| Series 4830, Class AV, 4.00%, 10/15/33 | 1069 | 1000425 |
| Series 4921, Class NL, 3.00%, 10/25/49 | 504 | 334493 |
| Series 5230, Class DL, 3.50%, 09/25/44 | 400 | 342810 |
| Series 5249, Class LB, 4.00%, 08/25/52 | 6295 | 5721550 |
| Series 5458, Class PF, (30-day Avg SOFR + 1.00%), <br> 5.31%, 09/25/54<sup>(c)</sup><br>| 265 | 264732 |
| Series 5468, Class FM, (30-day Avg SOFR + 1.20%), <br> 5.51%, 11/25/54<sup>(c)</sup><br>| 760 | 758969 |
| Series 5468, Class MF, (30-day Avg SOFR + 1.30%), <br> 5.61%, 11/25/54<sup>(c)</sup><br>| 588 | 588403 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-2, Class MA, 3.50%, 11/25/57 | 391 | 379172 |
| Series 2018-4, Class MA, 3.50%, 03/25/58 | 2332 | 2246723 |
| Series 2019-1, Class MA, 3.50%, 07/25/58 | 746 | 717620 |
| Series 2019-2, Class MA, 3.50%, 08/26/58 | 304 | 290401 |
| Freddie Mac Structured Pass-Through Certificates, <br> Series T-11, Class A9, 0.13%, 01/25/28<sup>(c)</sup><br>| 16 | 15608 |
| Ginnie Mae |  |  |
| Series 2011-88, Class PY, 4.00%, 06/20/41 | 6313 | 6123848 |
| Series 2012-16, Class HJ, 4.00%, 09/20/40 | 4329 | 4235303 |
| Series 2015-96, Class ZM, 4.00%, 07/20/45 | 9327 | 8769642 |
| Series 2018-91, Class ZL, 4.00%, 07/20/48 | 6775 | 5853583 |
| Series 2022-63, Class ZM, 3.50%, 10/20/50 | 4652 | 3662093 |
|  |  | 161534293 |
| **Commercial Mortgage-Backed Securities**<sup>(c)</sup> **— 0.4%** | **Commercial Mortgage-Backed Securities**<sup>(c)</sup> **— 0.4%** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |
| Series K094, Class X1, 1.01%, 06/25/29 | 1376 | 40642 |
| Series K104, Class X1, 1.23%, 01/25/30 | 1309 | 54620 |
| Series K105, Class X1, 1.64%, 01/25/30 | 1794 | 101536 |
| Series K107, Class X1, 1.70%, 01/25/30 | 1204 | 72195 |
| Series K109, Class X1, 1.69%, 04/25/30 | 924 | 56205 |
| Series K110, Class X1, 1.76%, 04/25/30 | 370 | 23074 |
| Series K113, Class X1, 1.48%, 06/25/30 | 1579 | 86939 |
| Series K115, Class X1, 1.42%, 06/25/30 | 1930 | 104442 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities (continued)** | **Commercial Mortgage-Backed Securities (continued)** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates (continued)<br>|  |  |
| Series K120, Class X1, 1.12%, 10/25/30 | 3831 | $165933 |
| Series K122, Class X1, 0.96%, 11/25/30 | 1645 | 62307 |
| Ginnie Mae |  |  |
| Series 2013-63, Class IO, 0.69%, 09/16/51 | 2355 | 53012 |
| Series 2014-169, Class IO, 0.59%, 10/16/56 | 11607 | 253191 |
|  |  | 1074096 |
| **Interest Only Collateralized Mortgage Obligations — 13.2%** | **Interest Only Collateralized Mortgage Obligations — 13.2%** |  |
| Fannie Mae, Series 2021-13, Class AI, 4.00%, 01/25/49 | 17340 | 3165071 |
| Fannie Mae REMIC Trust, Series 1999-W4, Class IO, <br> 6.50%, 12/25/28<br>| 15 | 510 |
| Fannie Mae REMICS |  |  |
| Series 2006-36, Class PS, (30-day Avg SOFR + <br> 6.49%), 2.18%, 05/25/36<sup>(c)</sup><br>| 1667 | 163739 |
| Series 2011-134, Class ST, (30-day Avg SOFR + <br> 5.89%), 1.58%, 12/25/41<sup>(c)</sup><br>| 9857 | 1054587 |
| Series 2012-47, Class NI, 4.50%, 04/25/42 | 147 | 20594 |
| Series 2013-10, Class PI, 3.00%, 02/25/43 | 3099 | 376217 |
| Series 2013-45, Class EI, 4.00%, 04/25/43 | 1145 | 94897 |
| Series 2015-66, Class AS, (30-day Avg SOFR + <br> 6.14%), 1.83%, 09/25/45<sup>(c)</sup><br>| 6877 | 418161 |
| Series 2020-12, Class JI, 4.50%, 03/25/50 | 6001 | 1429255 |
| Series 2021-23, Class CI, 3.50%, 07/25/46 | 15310 | 2762094 |
| Series 2021-26, Class AI, 3.50%, 05/25/50 | 22281 | 4158679 |
| Freddie Mac, Series 5119, Class IC, 4.00%, 06/25/51 | 16967 | 3488772 |
| Freddie Mac REMICS |  |  |
| Series 3744, Class PI, 4.00%, 06/15/39 | 176 | 1857 |
| Series 3923, Class SD, (30-day Avg SOFR + 5.89%), <br> 1.58%, 09/15/41<sup>(c)</sup><br>| 12871 | 1305559 |
| Series 3954, Class SL, (30-day Avg SOFR + 5.89%), <br> 1.58%, 11/15/41<sup>(c)</sup><br>| 7247 | 695512 |
| Series 4026, Class IO, 4.50%, 04/15/32 | 374 | 23461 |
| Series 4706, Class IG, 4.00%, 07/15/47 | 11190 | 2183908 |
| Series 5013, Class JI, 4.00%, 09/25/50 | 15957 | 3332090 |
| Series 5083, Class IN, 4.50%, 07/25/32 | 8102 | 617925 |
| Series 5116B, Class CI, 3.00%, 06/25/51 | 16285 | 2202718 |
| Series 5138, Class IP, 3.00%, 04/25/51 | 15356 | 2620853 |
| Series 5236, Class JI, 4.00%, 02/25/52 | 27843 | 3295040 |
| Ginnie Mae |  |  |
| Series 2009-116, Class KS, (1 mo. Term SOFR + <br> 6.36%), 2.04%, 12/16/39<sup>(c)</sup><br>| 374 | 35487 |
| Series 2011-52, Class MJ, (1 mo. Term SOFR + <br> 6.54%), 2.22%, 04/20/41<sup>(c)</sup><br>| 1762 | 127342 |
| Series 2012-97, Class JS, (1 mo. Term SOFR + 6.14%), <br> 1.82%, 08/16/42<sup>(c)</sup><br>| 2118 | 76240 |
| Series 2022-10, Class IT, 3.50%, 01/20/52 | 10741 | 1616359 |
| series 2022-60H, Class IH, 2.50%, 02/20/51 | 20249 | 2978348 |
| Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, <br> 05/15/29<sup>(c)</sup><br>| 3131 | 3 |
|  |  | 38245278 |
| **Mortgage-Backed Securities — 48.7%** | **Mortgage-Backed Securities — 48.7%** |  |
| Fannie Mae Mortgage-Backed Securities, 4.00%, <br> 02/01/56 - 01/01/57<sup>(g)</sup><br>| 26629 | 24822564 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 5.50%, 01/01/39<sup>(g)</sup> | 3217 | 3313326 |
| 4.00%, 05/01/39 | 126 | 123876 |
| 3.50%, 01/01/46 | 666 | 624006 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 8.00%, 05/15/26 - 06/15/27 | 3 | $2498 |
| 5.00%, 11/15/35 - 10/20/39 | 792 | 804845 |
| 6.50%, 12/20/54 - 06/20/55 | 3796 | 3955702 |
| 6.00%, 04/20/55 - 06/20/55<sup>(g)</sup> | 7358 | 7563981 |
| 7.00%, 06/20/55 | 608 | 627817 |
| Uniform Mortgage-Backed Securities |  |  |
| 1.50%, 06/01/31 | 456 | 428076 |
| 5.50%, 02/01/33 - 04/01/53<sup>(g)</sup> | 3782 | 3864785 |
| 5.00%, 06/01/33 - 07/15/54<sup>(g)(h)</sup> | 25731 | 25645025 |
| 4.00%, 09/01/33 - 10/01/53<sup>(g)</sup> | 24586 | 23302036 |
| 3.50%, 02/01/35 - 07/15/54<sup>(h)</sup> | 5207 | 4717724 |
| 6.00%, 02/01/36 - 03/01/38 | 51 | 53416 |
| 6.50%, 10/01/38 - 10/01/53 | 1658 | 1730178 |
| 4.50%, 04/01/39 - 07/01/52<sup>(g)</sup> | 9527 | 9269652 |
| 2.50%, 07/15/39<sup>(h)</sup> | 180 | 168023 |
| 3.00%, 03/01/43 - 07/15/54<sup>(h)</sup> | 34134 | 29583521 |
|  |  | 140601051 |
| **Principal Only Collateralized Mortgage Obligations**<sup>(e)</sup> **— 1.6%** | **Principal Only Collateralized Mortgage Obligations**<sup>(e)</sup> **— 1.6%** |  |
| Fannie Mae Interest Strip |  |  |
| Series 337, Class 1, 4.98%, 07/25/33 | 1285 | 1115421 |
| Series 397, Class 1, 4.68%, 09/25/39 | 1743 | 1370966 |
| Fannie Mae REMIC Trust, Series 1999-W4, Class PO, <br> 7.00%, 02/25/29<br>| 6 | 5802 |
| Fannie Mae REMICS |  |  |
| Series 2002-13, Class PR, 4.00%, 03/25/32 | 11 | 9881 |
| Series 2011-90, Class AO, 4.41%, 09/25/41 | 2938 | 2266066 |
|  |  | 4768136 |
| **Total U.S. Government Sponsored Agency Securities — 123.9%** <br>**(Cost: $385,862,336)** | **Total U.S. Government Sponsored Agency Securities — 123.9%** <br>**(Cost: $385,862,336)** | 357939440 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |
| 2.25%, 05/15/41 | 840 | 610050 |
| 2.75%, 08/15/42 | 950 | 726936 |
| 2.88%, 05/15/52 | 1525 | 1073219 |
| U.S. Treasury Notes |  |  |
| 4.13%, 10/31/26 - 03/31/29 | 1300 | 1308439 |
| 4.25%, 11/30/26 - 06/30/31 | 2790 | 2821131 |
| 4.38%, 11/30/28 | 700 | 714574 |
| 4.00%, 01/31/29 - 02/15/34 | 820 | 825064 |
| 4.63%, 04/30/29 | 2700 | 2784375 |
| 1.13%, 02/15/31 | 330 | 285527 |
| **Total U.S. Treasury Obligations — 3.8%** <br>**(Cost: $11,061,604)** | **Total U.S. Treasury Obligations — 3.8%** <br>**(Cost: $11,061,604)** | 11149315 |
| **Total Long-Term Investments — 132.9%** <br>**(Cost: $411,979,785)** | **Total Long-Term Investments — 132.9%** <br>**(Cost: $411,979,785)** | 384085333 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Borrowed Bond Agreement — 0.3%** | **Borrowed Bond Agreement — 0.3%** |  |
| BNP Paribas SA, 4.39%, 07/01/25 (Purchased <br> 06/30/2025 to be repurchased at <br> $699,298 Collateralized by U.S. Treasury Bonds, <br> 2.75%, 11/15/42, par and fair values of $917,000 and <br> $698,532, respectively)<br>| 699 | 699213 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(i)(j)</sup><br>| 2362061 | $2362061 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $3,061,274)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $3,061,274)** | 3061274 |
| **Total Investments Before Borrowed Bonds and TBA Sale** <br> **Commitments — 134.0%** <br>**(Cost: $415,041,059)** | **Total Investments Before Borrowed Bonds and TBA Sale** <br> **Commitments — 134.0%** <br>**(Cost: $415,041,059)** | 387146607 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Borrowed Bonds** | **Borrowed Bonds** | **Borrowed Bonds** |
| **U.S. Governments Obligations — (0.3)%** | **U.S. Governments Obligations — (0.3)%** |  |
| U.S. Treasury Bonds, 2.75%, 11/15/42<sup>(k)</sup> | $(917)<br>| (698532)<br>|
| **Total Borrowed Bonds — (0.3)%** <br>**(Proceeds: $(842347))**<br>|  | (698532)<br>|
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| **Mortgage-Backed Securities — (0.0)%** | **Mortgage-Backed Securities — (0.0)%** |  |
| Uniform Mortgage-Backed Securities, 4.50%, 07/15/54<sup>(h)</sup> | (28)<br>| (26780)<br>|
| **Total TBA Sale Commitments — (0.0)%** <br>**(Proceeds: $(26261))** | **Total TBA Sale Commitments — (0.0)%** <br>**(Proceeds: $(26261))** | (26780)<br>|
| **Total Investments, Net of Borrowed Bonds and TBA Sale Commitments** <br> **— 133.7%** <br>**(Cost: $414,172,451)** | **Total Investments, Net of Borrowed Bonds and TBA Sale Commitments** <br> **— 133.7%** <br>**(Cost: $414,172,451)** | 386421295 |
| **Liabilities in Excess of Other Assets — (33.7)%** | **Liabilities in Excess of Other Assets — (33.7)%** | (97436799)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $288984496 |

---

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

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> When-issued security.

<sup>(e)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(f)</sup> Zero-coupon bond.

<sup>(g)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. 

<sup>(h)</sup> Represents or includes a TBA transaction.

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

<sup>(k)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $8180892 | $—<br> $(5818831 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $2362061 | 2362061 | $92625 | $— |

---

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

<sup>(a)</sup> Represents net amount purchased (sold).

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| HSBC Securities (USA), Inc. | 4.47<br> % <br>| 06/11/25 | 07/14/25 | &nbsp;&nbsp; $3186673 | &nbsp;&nbsp; $3194191 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4831393 | &nbsp;&nbsp; 4842791 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4925145 | &nbsp;&nbsp; 4936765 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 5151562 | &nbsp;&nbsp; 5163715 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4907522 | &nbsp;&nbsp; 4919100 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<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>|
| HSBC Securities (USA), Inc. | 4.47<br> % <br>| 06/11/25 | 07/14/25 | &nbsp;&nbsp; $16646456 | &nbsp;&nbsp; $16687751 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 7286192 | &nbsp;&nbsp; 7303381 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 3762786 | &nbsp;&nbsp; 3771663 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2525411 | &nbsp;&nbsp; 2531369 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4781004 | &nbsp;&nbsp; 4792283 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 3261656 | &nbsp;&nbsp; 3269350 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | &nbsp;&nbsp; 1797174 | &nbsp;&nbsp; 1799634 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | &nbsp;&nbsp; 2380176 | &nbsp;&nbsp; 2383435 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Citigroup Global Markets, Inc. | 4.48 | 06/20/25 | 07/14/25 | &nbsp;&nbsp; 2276588 | &nbsp;&nbsp; 2279704 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
|  |  |  |  | &nbsp;&nbsp; $67719738 | &nbsp;&nbsp; $67875132 |  |  |

---

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $21977 | &nbsp;&nbsp;&nbsp;&nbsp; $405764 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11338 | &nbsp;&nbsp;&nbsp;&nbsp; 149481 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 555245 |
| Short Contracts  |  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13939 | &nbsp;&nbsp;&nbsp;&nbsp; (352458)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 | &nbsp;&nbsp;&nbsp;&nbsp; (461502)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11859 | &nbsp;&nbsp;&nbsp;&nbsp; (47840)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (861800)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(306555)<br>|

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1-day SOFR, 4.45% | Quarterly | 0.17% | Quarterly | N/A | 10/21/25 | USD | 137 | $(2856)<br>| $(2)<br>| $(2854)<br>|
| 0.18% | Quarterly | 1-day FEDL, 4.33% | Quarterly | N/A | 10/21/25 | USD | 137 | 2844 | 2 | 2842 |
|  |  |  |  |  |  |  |  | $(12)<br>| $— | $(12)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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<sup>(a)</sup> | &nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp;&nbsp; $2842 | &nbsp;&nbsp;&nbsp; $(2854)<br>|

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $555245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $555245 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2842 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $558087 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $558087 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $861800 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $861800 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2854 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2854 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $864654 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $864654 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $797141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $797141 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $797138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $797138 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(510247)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(510247)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(510238)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(510238)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $32987891 |
| Average notional value of contracts — short | &nbsp;&nbsp; 40066457 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 136615 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 136615 |

---

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Income Trust, Inc. (BKT)** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14996576 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 14996578 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357939440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357939440 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11149315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11149315 |
| Short-Term Securities  |  |  |  |  |
| Borrowed Bond Agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 699213 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 699213 |
| Money Market Funds | &nbsp;&nbsp; 2362061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2362061 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| Borrowed Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (698532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (698532)<br>|
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26780)<br>|
|  | &nbsp;&nbsp; $2362061 | &nbsp;&nbsp;&nbsp;&nbsp; $384059232 | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $386421295 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $555245 | &nbsp;&nbsp;&nbsp;&nbsp; $2842 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $558087 |
| Liabilities  |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; (861800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2854)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (864654)<br>|
|  | &nbsp;&nbsp; $(306555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(306567)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $67,875,132 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME <br> Term SOFR + 2.40%), 6.66%, 04/16/37<sup>(a)(b)</sup><br>| USD | 500 | $503118 |
| Anchorage Capital CLO Ltd., Series 2015-7A, <br> Class DR3, (3-mo. CME Term SOFR + 3.80%), <br> 8.08%, 04/28/37<sup>(a)(b)</sup><br>|  | 1000 | 1008913 |
| Apidos CLO XVIII-R<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.33%), 5.60%, 01/22/38<br>|  | 2255 | 2260653 |
| Series 2018-18A, Class BR2, (3-mo. CME Term SOFR <br> + 1.70%), 5.97%, 01/22/38<br>|  | 1353 | 1355858 |
| Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. <br> CME Term SOFR + 8.55%), 12.83%, 04/25/35<sup>(a)(b)</sup><br>|  | 620 | 622024 |
| Argent Securities Trust, Series 2006-W5, Class A1, <br> (1 mo. Term SOFR + 0.41%), 4.73%, 06/25/36<sup>(a)(c)</sup><br>|  | 3662 | 2403164 |
| Bain Capital Credit CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-2A, Class DR, (3-mo. CME Term SOFR + <br> 3.56%), 7.83%, 07/19/34<br>|  | 300 | 297993 |
| Series 2021-3A, Class D, (3-mo. CME Term SOFR + <br> 3.36%), 7.64%, 07/24/34<br>|  | 250 | 248233 |
| Ballyrock CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-14AR, Class DR, (3-mo. CME Term <br> SOFR + 5.85%), 10.12%, 07/20/37<br>|  | 250 | 250854 |
| Series 2024-28A, Class A2, (3-mo. CME Term SOFR <br> + 1.70%), 6.03%, 01/20/38<br>|  | 750 | 751084 |
| Benefit Street Partners CLO VIII Ltd., Series 2015-8A, <br> Class A2R, (3-mo. CME Term SOFR + 1.71%), 5.98%, <br> 01/20/31<sup>(a)(b)</sup><br>|  | 700 | 700218 |
| Benefit Street Partners CLO XX Ltd., Series 2020-20A, <br> Class CR, (3-mo. CME Term SOFR + 2.31%), 6.57%, <br> 07/15/34<sup>(a)(b)</sup><br>|  | 250 | 250617 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.86%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 800 | 805237 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br> CME Term SOFR + 1.02%), 5.29%, 04/20/32<sup>(a)(b)</sup><br>|  | 1562 | 1561028 |
| Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, <br> (3-mo. CME Term SOFR + 1.91%), 6.19%, <br> 07/17/34<sup>(a)(b)</sup><br>|  | 250 | 250408 |
| Cedar Funding XIV CLO Ltd., Series 2021-14A, <br> Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.96%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 500 | 501057 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, <br> (3-mo. CME Term SOFR + 1.80%), 6.07%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 450 | 450613 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term SOFR <br> + 2.45%), 6.72%, 04/21/37<br>|  | 550 | 553440 |
| Series 2018-1A, Class A1R, (3-mo. CME Term SOFR <br> + 1.32%), 5.59%, 01/18/38<br>|  | 1804 | 1808510 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR + <br> 1.70%), 5.97%, 01/18/38<br>|  | 2255 | 2258277 |
| Series 2019-1A, Class D1R2, (3-mo. CME Term <br> SOFR + 3.05%), 7.32%, 10/20/37<br>|  | 500 | 501218 |
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR + <br> 5.35%), 9.62%, 01/22/38<br>|  | 500 | 504961 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, <br> Class A7, 7.28%, 10/25/36<sup>(d)</sup><br>|  | 298 | 172103 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, <br> 5.64%, 10/20/74<sup>(b)</sup><br>|  | 272 | 272716 |
| Creeksource Dunes Creek CLO Ltd., Series 2024-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.41%), 5.74%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 500 | 501500 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| CWABS Asset-Backed Certificates Trust, Series 2006-26, <br> Class 1A, (1 mo. Term SOFR + 0.39%), 4.71%, <br> 06/25/37<sup>(a)</sup><br>| USD | 425 | $404392 |
| Dryden CLO Ltd., Series 2018-64A, Class D, (3-mo. <br> CME Term SOFR + 2.91%), 7.18%, 04/18/31<sup>(a)(b)</sup><br>|  | 250 | 249086 |
| GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br> + 1.08%), 5.35%, 10/20/34<sup>(a)(b)</sup><br>|  | 280 | 280201 |
| Golub Capital Partners CLO Ltd., Series 2021-55A, <br> Class E, (3-mo. CME Term SOFR + 6.82%), 11.09%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 250 | 250207 |
| GoodLeap Home Improvement Solutions Trust, <br> Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(b)</sup><br>|  | 298 | 305082 |
| GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class C, 5.55%, 10/27/59<sup>(b)</sup><br>|  | 100 | 100889 |
| Madison Park Funding XVIII Ltd., Series 2015-18A, <br> Class ARR, (3-mo. CME Term SOFR + 1.20%), <br> 5.47%, 10/21/30<sup>(a)(b)</sup><br>|  | 276 | 276063 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br> Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.21%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 875 | 878126 |
| Madison Park Funding XXXVIII Ltd., Series 2021-38A, <br> Class B, (3-mo. CME Term SOFR + 1.91%), 6.19%, <br> 07/17/34<sup>(a)(b)</sup><br>|  | 250 | 250625 |
| Mariner Finance Issuance Trust, Series 2024-AA, <br> Class E, 9.02%, 09/22/36<sup>(b)</sup><br>|  | 497 | 517164 |
| Neuberger Berman Loan Advisers CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-32A, Class ER, (3-mo. CME Term SOFR <br> + 6.36%), 10.63%, 01/20/32<br>|  | 425 | 426906 |
| Series 2019-34A, Class BR, (3-mo. CME Term SOFR <br> + 1.75%), 6.02%, 01/20/35<br>|  | 400 | 400329 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-16A, Class DR, (3-mo. CME Term SOFR <br> + 3.41%), 7.62%, 04/10/33<br>|  | 250 | 248564 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR + <br> 1.33%), 5.68%, 01/21/38<sup>(c)</sup><br>|  | 1000 | 1003015 |
| Series 2026-11R, Class CR2, (3-mo. CME Term <br> SOFR + 2.35%), 6.63%, 04/26/36<br>|  | 800 | 802254 |
| Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME <br> Term SOFR + 3.31%), 7.57%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | 250161 |
| Octagon Investment Partners XV Ltd., Series 2013-1A, <br> Class A1RR, (3-mo. CME Term SOFR + 1.23%), <br> 5.50%, 07/19/30<sup>(a)(b)</sup><br>|  | 226 | 226236 |
| Octagon Investment Partners XVII Ltd., Series 2013-1A, <br> Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.94%, <br> 01/25/31<sup>(a)(b)</sup><br>|  | 250 | 250033 |
| OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME <br> Term SOFR + 5.80%), 10.07%, 01/20/31<sup>(a)(b)</sup><br>|  | 250 | 226346 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, (3-<br> mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38<sup>(a)(b)</sup><br>|  | 1520 | 1524598 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-<br> mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38<sup>(a)(b)</sup><br>|  | 1600 | 1603508 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br> (3-mo. CME Term SOFR + 1.55%), 5.81%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 300 | 300253 |
| Regatta XXIV Funding Ltd., Series 2021-5A, Class D1R, <br> (3-mo. CME Term SOFR + 2.80%), 7.07%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 250 | 251251 |
| Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. <br> CME Term SOFR + 8.41%), 12.67%, 07/15/36<sup>(a)(b)</sup><br>|  | 500 | 500000 |
| Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(b)(e)</sup><br>|  | 980 | 938350 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Rockford Tower CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-2A, Class DR, (3-mo. CME Term SOFR + <br> 3.11%), 7.37%, 10/15/29<br>| USD | 500 | $500982 |
| Series 2021-3A, Class A1R, (3-mo. CME Term SOFR <br> + 1.40%), 5.66%, 01/15/38<sup>(c)</sup><br>|  | 2977 | 2989129 |
| RR Ltd., Series 2022-24A, Class A1A2, (3-mo. CME <br> Term SOFR + 1.31%), 5.57%, 01/15/37<sup>(a)(b)</sup><br>|  | 250 | 250811 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, <br> 6.39%, 11/20/35<sup>(b)</sup><br>|  | 180 | 183191 |
| Sterling COOFS Trust<sup>(b)(e)</sup> <br>|  |  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 |  | 607 |  |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 413 |  |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br> 6.03%, 07/30/54<sup>(b)</sup><br>|  | 294 | 298485 |
| Symphony CLO Ltd., Series 2023-40A, Class AR, (3-mo. <br> CME Term SOFR + 1.31%), 5.55%, 01/05/38<sup>(a)(b)</sup><br>|  | 500 | 501617 |
| Symphony CLO XXXII Ltd., Series 2022-32A, Class B, <br> (3-mo. CME Term SOFR + 1.85%), 6.13%, <br> 04/23/35<sup>(a)(b)</sup><br>|  | 300 | 300394 |
| TCI-Flatiron CLO Ltd., Series 18-1A, Class BR, (3-mo. <br> CME Term SOFR + 1.66%), 5.94%, 01/29/32<sup>(a)(b)</sup><br>|  | 600 | 601652 |
| Trimaran CAVU Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-1A, Class D1R, (3-mo. CME Term SOFR <br> + 3.40%), 7.68%, 07/23/37<br>|  | 250 | 250989 |
| Series 2021-2A, Class D1, (3-mo. CME Term SOFR + <br> 3.51%), 7.79%, 10/25/34<br>|  | 500 | 505416 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(f)</sup><br>| GBP | 20 | 29155 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<sup>(b)</sup><br>| USD | 282 | 282000 |
| Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME <br> Term SOFR + 1.91%), 6.19%, 10/17/32<sup>(a)(b)</sup><br>|  | 500 | 501424 |
| Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3-<br> mo. CME Term SOFR + 2.90%), 7.18%, 10/24/37<sup>(a)(b)</sup><br>|  | 500 | 500337 |
| Whitebox CLO III Ltd., Series 2021-3A, Class DR, (3-mo. <br> CME Term SOFR + 2.85%), 7.11%, 10/15/35<sup>(a)(b)</sup><br>|  | 250 | 249329 |
| Wireless PropCo Funding LLC, Series 2025-1A, Class B, <br> 4.30%, 06/25/55<sup>(b)(e)</sup><br>|  | 870 | 816416 |
| **Total Asset-Backed Securities — 7.8%** <br>**(Cost: $42,225,714)** | **Total Asset-Backed Securities — 7.8%** <br>**(Cost: $42,225,714)** | **Total Asset-Backed Securities — 7.8%** <br>**(Cost: $42,225,714)** | 42018763 |

---

&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<sup>(e)(g)</sup> | 549 | 15372 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(g)</sup> | 382 | 4202 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| Learfield Communications LLC, (Acquired 09/06/23, <br> Cost: $36,292)<sup>(e)(g)(h)</sup><br>| 2888 | 257032 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(e)(g)</sup> | 9110 | 537455 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(g)</sup> | 464 | 464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Envision Healthcare Corp., (Acquired 11/03/23, Cost: <br> $280,194)<sup>(b)(g)(h)</sup><br>| 9021 | $143208 |
| **Household Products — 0.0%** | **Household Products — 0.0%** |  |
| Berkline Benchcraft Equity LLC<sup>(e)(g)</sup> | 3155 |  |
| **Industrial Conglomerates**<sup>(g)</sup> **— 0.0%** | **Industrial Conglomerates**<sup>(g)</sup> **— 0.0%** |  |
| Ameriforge Group, Inc.<sup>(e)</sup> | 801 |  |
| SVP Singer | 4245 | 20164 |
|  |  | 20164 |
| **IT Services — 0.1%** | **IT Services — 0.1%** |  |
| Travelport Finance Luxembourg SARL<sup>(e)(g)</sup> | 90 | 241832 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(e)(g)</sup> | 33168 | 1 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Parent Corp.<sup>(e)(g)</sup> | 10062 | 100622 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |
| Incora Top Holdco LLC<sup>(b)(e)(g)</sup> | 9437 | 217806 |
| **Total Common Stocks — 0.3%** <br>**(Cost: $2,343,953)** | **Total Common Stocks — 0.3%** <br>**(Cost: $2,343,953)** | 1538158 |

---

&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.<sup>(b)(c)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 | USD | 793 | 783979 |
| 7.75%, 04/15/28 |  | 330 | 311850 |
| 9.00%, 09/15/28 |  | 1338 | 1401987 |
| 7.50%, 06/01/29 |  | 1045 | 966518 |
| 7.88%, 04/01/30 |  | 657 | 678184 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(b)</sup> |  | 188 | 177221 |
| Interpublic Group of Cos., Inc., 5.40%, 10/01/48<sup>(c)</sup> |  | 200 | 185953 |
| Lamar Media Corp., 4.00%, 02/15/30 |  | 40 | 38212 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)(c)</sup> |  | 717 | 698132 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 88 | 87560 |
| 4.25%, 01/15/29<sup>(c)</sup> |  | 268 | 256389 |
| 4.63%, 03/15/30 |  | 107 | 102197 |
| 7.38%, 02/15/31<sup>(c)</sup> |  | 254 | 268913 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)(c)</sup> |  | 101 | 96609 |
|  |  |  | 6053704 |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> |  | 274 | 283951 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 02/15/28<sup>(c)</sup> |  | 542 | 545263 |
| 7.50%, 02/01/29 |  | 9 | 9450 |
| 8.75%, 11/15/30<sup>(c)</sup> |  | 463 | 501234 |
| 7.25%, 07/01/31<sup>(c)</sup> |  | 180 | 188946 |
| 7.00%, 06/01/32<sup>(c)</sup> |  | 254 | 264512 |
| 6.75%, 06/15/33 |  | 206 | 213457 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(b)(c)</sup><br>|  | 952 | 963906 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> |  | 339 | 344607 |
| Northrop Grumman Corp., 3.85%, 04/15/45<sup>(c)</sup> |  | 600 | 473277 |
| Spirit AeroSystems, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 524 | 555970 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Spirit AeroSystems, Inc.<sup>(b)(c)</sup> (continued) |  |  |  |
| 9.75%, 11/15/30 | USD | 456 | $502900 |
| TransDigm, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 6.75%, 08/15/28 |  | 1197 | 1222304 |
| 6.38%, 03/01/29 |  | 1689 | 1732815 |
| 7.13%, 12/01/31 |  | 501 | 524907 |
| 6.63%, 03/01/32 |  | 2133 | 2208494 |
| 6.00%, 01/15/33 |  | 1154 | 1160271 |
| 6.38%, 05/31/33 |  | 2445 | 2447216 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(b)(c)</sup> |  | 1077 | 1125508 |
|  |  |  | 15268988 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 234 | 234974 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 114 | 120846 |
|  |  |  | 355820 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Aptiv Swiss Holdings Ltd., 4.40%, 10/01/46<sup>(c)</sup> |  | 240 | 181854 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 05/15/27<sup>(c)</sup> |  | 2441 | 2451692 |
| 6.75%, 05/15/28<sup>(c)</sup> |  | 839 | 861194 |
| 6.75%, 02/15/30 |  | 359 | 373283 |
| 4.75%, 06/15/31 | EUR | 195 | 230582 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 87 | 85748 |
| 4.50%, 02/15/32 |  | 134 | 130986 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)(c)</sup><br>|  | 112 | 116607 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 |  | 165 | 168306 |
| 5.25%, 04/30/31 |  | 13 | 12485 |
| 5.63%, 04/30/33 |  | 109 | 104363 |
| IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(f)(i)</sup><br>| EUR | 100 | 124298 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(f)</sup> |  | 100 | 119568 |
| Schaeffler AG<sup>(f)</sup> <br>|  |  |  |
| 4.25%, 04/01/28 |  | 100 | 118530 |
| 4.75%, 08/14/29 |  | 100 | 119282 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> | USD | 413 | 408415 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(f)</sup> | EUR | 100 | 118049 |
|  |  |  | 5725242 |
| **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 | USD | 146 | 144004 |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(b)</sup> |  | 200 | 189378 |
| 10.38%, 03/31/29<sup>(f)</sup> | GBP | 100 | 127889 |
| Carvana Co.<sup>(b)(c)(i)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 | USD | 730 | 768160 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 1418 | 1604410 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 200 | 213176 |
| General Motors Financial Co., Inc., 6.00%, 01/09/28<sup>(c)</sup> |  | 1000 | 1029918 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 200 | 195691 |
| LCM Investments Holdings II LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 349 | 339385 |
| 8.25%, 08/01/31 |  | 369 | 392315 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(b)</sup> |  | 400 | 366968 |
| RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), <br> 4.75%, 03/24/37<sup>(a)(f)</sup><br>| EUR | 100 | 118841 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br> 10.00%, 01/15/31<sup>(b)</sup><br>| USD | 232 | $227945 |
| TML Holdings Pte. Ltd., 4.35%, 06/09/26<sup>(f)</sup> |  | 200 | 198280 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)(c)</sup> |  | 184 | 166454 |
|  |  |  | 6082814 |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap <br> + 2.45%), 4.63%, 12/11/36<sup>(a)(f)</sup><br>| EUR | 100 | 120138 |
| Banco Espirito Santo SA<sup>(a)(f)(g)(j)</sup> <br>|  |  |  |
| 4.75%, 01/15/22 |  | 100 | 25915 |
| 4.00%, 01/21/22 |  | 100 | 25915 |
| Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), <br> 5.00%<sup>(a)(c)</sup><br>| USD | 501 | 499397 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br> 01/18/29<sup>(a)(c)</sup><br>|  | 1100 | 1155520 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(b)(c)</sup> |  | 200 | 200443 |
| JPMorgan Chase & Co., (1-day SOFR + 1.13%), 5.00%, <br> 07/22/30<sup>(a)(c)</sup><br>|  | 2600 | 2647482 |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, <br> 04/18/30<sup>(a)(c)</sup><br>|  | 2600 | 2700648 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<sup>(a)(f)</sup><br>| EUR | 100 | 125619 |
| State Street Corp., Series I, (5-year CMT + 2.61%), <br> 6.70%<sup>(a)(k)</sup><br>| USD | 121 | 126359 |
| UBS AG/Stamford CT, 5.00%, 07/09/27<sup>(c)</sup> |  | 1200 | 1218534 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 143 | 146751 |
|  |  |  | 8992721 |
| **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<sup>(c)</sup><br>|  | 741 | 679231 |
| **Building Materials — 1.6%** | **Building Materials — 1.6%** | **Building Materials — 1.6%** | **Building Materials — 1.6%** |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 146 | 148785 |
| 6.75%, 05/15/35 |  | 172 | 177094 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(b)</sup> | EUR | 160 | 197968 |
| 6.38%, 12/15/30<sup>(f)</sup> |  | 100 | 123730 |
| 6.63%, 12/15/30<sup>(b)(c)</sup> | USD | 2202 | 2250823 |
| 6.75%, 07/15/31<sup>(b)</sup> |  | 212 | 219419 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 |  | 78 | 72312 |
| 7.00%, 09/01/32<sup>(c)</sup> |  | 394 | 308482 |
| JH North America Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 01/31/31 |  | 238 | 240078 |
| 6.13%, 07/31/32 |  | 315 | 320230 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 81 | 81215 |
| 9.75%, 07/15/28 |  | 300 | 300700 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/32<sup>(c)</sup> |  | 1292 | 1328589 |
| 6.75%, 03/01/33 |  | 318 | 328121 |
| Smyrna Ready Mix Concrete LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 259 | 258368 |
| 8.88%, 11/15/31 |  | 238 | 249533 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)(c)</sup> |  | 680 | 696751 |
| Standard Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 2 | 1978 |
| 4.38%, 07/15/30<sup>(c)</sup> |  | 519 | 491411 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Standard Industries, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 3.38%, 01/15/31<sup>(c)</sup> | USD | 353 | $316569 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 305 | 277100 |
|  |  |  | 8389256 |
| **Building Products**<sup>(b)</sup> **— 0.6%** | **Building Products**<sup>(b)</sup> **— 0.6%** | **Building Products**<sup>(b)</sup> **— 0.6%** | **Building Products**<sup>(b)</sup> **— 0.6%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 16 | 14675 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(c)</sup> |  | 371 | 371863 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(c)</sup> |  | 993 | 1022991 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(c)</sup> |  | 1965 | 1961882 |
|  |  |  | 3371411 |
| **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
| Apollo Debt Solutions BDC |  |  |  |
| 6.70%, 07/29/31 |  | 195 | 202631 |
| 6.55%, 03/15/32<sup>(b)</sup> |  | 45 | 45963 |
| Ares Capital Corp., 5.50%, 09/01/30<sup>(c)</sup> |  | 240 | 239255 |
| Ares Strategic Income Fund |  |  |  |
| 5.60%, 02/15/30<sup>(c)</sup> |  | 329 | 328005 |
| 5.80%, 09/09/30<sup>(b)</sup> |  | 220 | 220769 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 70 | 69197 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34<sup>(c)</sup> |  | 725 | 708943 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<sup>(c)</sup> |  | 480 | 484885 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26<sup>(c)</sup> |  | 106 | 110120 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27<sup>(c)</sup> |  | 197 | 206639 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)(c)</sup><br>|  | 214 | 192087 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 259 | 264378 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<sup>(c)</sup><br>|  | 201 | 201012 |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(b)(c)</sup><br>|  | 205 | 213575 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27<sup>(c)</sup> |  | 654 | 633681 |
| 9.75%, 01/15/29 |  | 170 | 165143 |
| 4.38%, 02/01/29<sup>(c)</sup> |  | 124 | 104232 |
| 10.00%, 11/15/29<sup>(b)</sup> |  | 313 | 309877 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 211 | 216951 |
| JPMorgan Chase Financial Co. LLC, 0.50%, <br> 06/15/27<sup>(c)(l)</sup><br>|  | 300 | 345300 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(b)(i)(l)</sup><br>|  | 289 | 283372 |
|  |  |  | 5546015 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 158 | 159477 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)(c)</sup><br>|  | 273 | 287820 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)(c)</sup> |  | 297 | 281318 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 31 | 31732 |
| 6.75%, 04/15/33<sup>(c)</sup> |  | 181 | 182880 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 282 | 279478 |
| 5.75%, 11/15/28<sup>(b)</sup> |  | 422 | 395543 |
| 8.00%, 01/15/33<sup>(b)</sup> |  | 175 | 163871 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)(c)</sup> |  | 1262 | 1223881 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(f)</sup> | EUR | 100 | 118800 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)(c)</sup> | USD | 212 | 190265 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br> 07/01/28<sup>(b)</sup><br>|  | 28 | 28138 |
| INEOS Finance PLC, 6.38%, 04/15/29<sup>(f)</sup> | EUR | 100 | 119393 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup> | USD | 84 | 80109 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(f)</sup> | EUR | 100 | $118803 |
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(i)</sup><br>| USD | 315 | 281759 |
| LYB International Finance III LLC, 6.15%, 05/15/35 |  | 80 | 83033 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 153 | 138630 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 147 | 146573 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<sup>(b)</sup> |  | 169 | 166230 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 9.63%, 11/15/28<sup>(f)</sup> | EUR | 100 | 123685 |
| 9.75%, 11/15/28<sup>(b)(c)</sup> | USD | 1100 | 1158333 |
| 6.25%, 10/01/29<sup>(b)</sup> |  | 200 | 190834 |
| 7.25%, 06/15/31<sup>(b)</sup> |  | 596 | 607920 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 362 | 350555 |
| WR Grace Holdings LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 |  | 181 | 179954 |
| 5.63%, 08/15/29 |  | 1191 | 1078077 |
| 7.38%, 03/01/31 |  | 355 | 363526 |
|  |  |  | 8530617 |
| **Commercial Services & Supplies — 5.2%** | **Commercial Services & Supplies — 5.2%** | **Commercial Services & Supplies — 5.2%** | **Commercial Services & Supplies — 5.2%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(b)</sup> |  | 148 | 141974 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| 5.38%, 05/21/30<sup>(f)</sup> | EUR | 100 | 120493 |
| 7.00%, 05/21/30<sup>(b)</sup> | USD | 476 | 485771 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)(c)</sup> |  | 2275 | 2376674 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/01/29<sup>(c)</sup> |  | 1156 | 1124292 |
| 6.88%, 06/15/30 |  | 860 | 871665 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<sup>(b)(c)</sup><br>|  | 1543 | 1497006 |
| APi Group DE, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 07/15/29 |  | 132 | 125850 |
| 4.75%, 10/15/29 |  | 100 | 98137 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(a)(f)</sup><br>| EUR | 100 | 118726 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)(c)</sup> | USD | 796 | 802641 |
| Block, Inc.<sup>(c)</sup> <br>|  |  |  |
| 2.75%, 06/01/26 |  | 406 | 397487 |
| 3.50%, 06/01/31 |  | 55 | 50450 |
| 6.50%, 05/15/32 |  | 1834 | 1892180 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(f)</sup> | EUR | 100 | 122194 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)(c)</sup> | USD | 800 | 849212 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 06/15/29 |  | 157 | 161835 |
| 6.75%, 06/15/32 |  | 162 | 168706 |
| Clarivate Science Holdings Corp.<sup>(b)(c)</sup> <br>|  |  |  |
| 3.88%, 07/01/28 |  | 730 | 699723 |
| 4.88%, 07/01/29 |  | 883 | 831435 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 132 | 136233 |
| Equifax, Inc., 2.60%, 12/15/25 |  | 59 | 58457 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 138 | 144568 |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 5.50%, 05/01/28 |  | 740 | 736017 |
| 7.88%, 12/01/30 |  | 727 | 771356 |
| 7.00%, 05/01/31 |  | 986 | 1020939 |
| 7.00%, 06/15/32 |  | 569 | 587508 |
| 5.88%, 04/15/33 |  | 452 | 446309 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27<sup>(c)</sup> |  | 360 | 357768 |
| 7.75%, 02/15/28<sup>(c)</sup> |  | 532 | 550387 |
| 6.00%, 06/01/29 |  | 65 | 63444 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Garda World Security Corp.<sup>(b)</sup> (continued) |  |  |  |
| 8.25%, 08/01/32 | USD | 599 | $614696 |
| 8.38%, 11/15/32<sup>(c)</sup> |  | 966 | 992284 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29<sup>(c)</sup> |  | 130 | 133380 |
| 7.00%, 06/15/30 |  | 388 | 405211 |
| 7.25%, 06/15/33 |  | 197 | 206417 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 152 | 158955 |
| Loxam SAS, 6.38%, 05/31/29<sup>(f)</sup> | EUR | 100 | 122712 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(b)(c)</sup><br>| USD | 127 | 127199 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 303 | 303013 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)(c)</sup> |  | 595 | 595000 |
| Service Corp. International<sup>(c)</sup> <br>|  |  |  |
| 5.13%, 06/01/29 |  | 238 | 236981 |
| 3.38%, 08/15/30 |  | 273 | 250921 |
| 4.00%, 05/15/31 |  | 370 | 346201 |
| 5.75%, 10/15/32 |  | 641 | 647537 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/32<sup>(c)</sup> |  | 945 | 981448 |
| 5.50%, 05/15/33 | EUR | 270 | 328991 |
| Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(l)(m)</sup> | USD | 174 | 219675 |
| Sotheby's, 7.38%, 10/15/27<sup>(b)(c)</sup> |  | 691 | 683045 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)(c)</sup> |  | 453 | 407936 |
| Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26<sup>(b)(c)</sup> |  | 435 | 433850 |
| United Rentals North America, Inc., 6.13%, 03/15/34<sup>(b)</sup> |  | 68 | 70042 |
| Verisure Holding AB, 9.25%, 10/15/27<sup>(f)</sup> | EUR | 80 | 98201 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | USD | 172 | 186189 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)(c)</sup> |  | 618 | 649474 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 339 | 342018 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 32 | 32849 |
| 6.63%, 04/15/30 |  | 307 | 318897 |
| 7.38%, 10/01/31<sup>(c)</sup> |  | 378 | 397882 |
|  |  |  | 28100441 |
| **Communications Equipment**<sup>(b)(c)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)(c)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)(c)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)(c)</sup> **— 0.2%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29 |  | 780 | 761501 |
| 9.50%, 12/15/31 |  | 297 | 311022 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 116 | 108392 |
|  |  |  | 1180915 |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Arcosa, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 04/15/29<sup>(c)</sup> |  | 286 | 276660 |
| 6.88%, 08/15/32 |  | 31 | 32172 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)(c)</sup> |  | 1494 | 1378419 |
| Dycom Industries, Inc., 4.50%, 04/15/29<sup>(b)</sup> |  | 119 | 115822 |
| Heathrow Finance PLC, 4.13%, 09/01/29<sup>(d)(f)</sup> | GBP | 100 | 126275 |
|  |  |  | 1929348 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>| USD | 41 | 41282 |
| Capital One Financial Corp., (1-day SOFR + 2.60%), <br> 5.82%, 02/01/34<sup>(a)(c)</sup><br>|  | 440 | 453913 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 127 | 140082 |
| 7.88%, 06/15/32 |  | 236 | 245440 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 139 | 143542 |
| 6.63%, 05/15/29 |  | 247 | 253682 |
| 5.38%, 11/15/29 |  | 50 | 49182 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| OneMain Finance Corp. (continued) |  |  |  |
| 7.88%, 03/15/30<sup>(c)</sup> | USD | 370 | $393151 |
| 4.00%, 09/15/30 |  | 179 | 165169 |
| 7.50%, 05/15/31 |  | 82 | 85678 |
| 7.13%, 11/15/31 |  | 111 | 115493 |
| 6.75%, 03/15/32 |  | 297 | 302586 |
| 7.13%, 09/15/32 |  | 358 | 370626 |
| SLM Corp., 6.50%, 01/31/30 |  | 61 | 64028 |
|  |  |  | 2823854 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| B&M European Value Retail SA, 6.50%, 11/27/31<sup>(f)</sup> | GBP | 100 | 138160 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 | USD | 151 | 160147 |
| 4.80%, 11/18/44 |  | 268 | 255940 |
|  |  |  | 554247 |
| **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/15/27<sup>(c)</sup> |  | 400 | 401229 |
| 3.25%, 09/01/28 |  | 200 | 189007 |
| 4.00%, 09/01/29<sup>(c)</sup> |  | 1600 | 1460603 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(f)</sup> | EUR | 200 | 225514 |
| 4.13%, 08/15/26<sup>(b)(c)</sup> | USD | 802 | 752974 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 145 | 173051 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 | USD | 380 | 385504 |
| 6.88%, 01/15/30 |  | 515 | 526473 |
| 8.75%, 04/15/30 |  | 402 | 411175 |
| 6.75%, 04/15/32 |  | 935 | 959561 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 545 | 548725 |
| Graham Packaging Co., Inc., 7.13%, 08/15/28<sup>(b)</sup> |  | 60 | 59889 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 |  | 233 | 203749 |
| 9.50%, 11/01/28<sup>(c)</sup> |  | 551 | 509333 |
| 8.63%, 10/01/31 |  | 327 | 279706 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27<sup>(c)</sup> |  | 3720 | 3780978 |
| 9.25%, 04/15/27 |  | 169 | 167815 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28<sup>(b)</sup> | EUR | 115 | 139867 |
| 5.25%, 06/01/29<sup>(f)</sup> |  | 100 | 121270 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(b)</sup><br>| USD | 39 | 39018 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 72 | 70270 |
| 5.00%, 04/15/29 |  | 59 | 58357 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(b)</sup> |  | 22 | 23337 |
| Trivium Packaging Finance BV<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 07/15/30 | EUR | 100 | 121744 |
| 12.25%, 01/15/31 | USD | 200 | 214387 |
|  |  |  | 11823536 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(b)(l)</sup> |  | 85 | 89369 |
| Global Net Lease, Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<sup>(b)</sup><br>|  | 108 | 103143 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 199 | 190815 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/30 |  | 23 | 22685 |
| 5.63%, 07/15/32 |  | 19 | 18849 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Iron Mountain, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 6.25%, 01/15/33<sup>(c)</sup> | USD | 395 | $406141 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 133 | 133665 |
| SBA Communications Corp., 3.13%, 02/01/29<sup>(c)</sup> |  | 638 | 602577 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)(c)</sup><br>|  | 1995 | 2113631 |
|  |  |  | 3680875 |
| **Diversified Telecommunication Services — 4.4%** | **Diversified Telecommunication Services — 4.4%** | **Diversified Telecommunication Services — 4.4%** | **Diversified Telecommunication Services — 4.4%** |
| Altice Financing SA<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 01/15/28 |  | 200 | 150459 |
| 5.75%, 08/15/29<sup>(c)</sup> |  | 524 | 382615 |
| AT&T, Inc., 4.30%, 02/15/30<sup>(c)</sup> |  | 1350 | 1345608 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)(c)</sup><br>|  | 420 | 422154 |
| EchoStar Corp.<sup>(c)</sup> <br>|  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(i)</sup> |  | 1903 | 1736403 |
| 10.75%, 11/30/29 |  | 1328 | 1367596 |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(f)(n)</sup> | EUR | 100 | 118090 |
| Eutelsat SA, 1.50%, 10/13/28<sup>(f)</sup> |  | 100 | 107110 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<sup>(f)</sup> |  | 100 | 118549 |
| 5.13%, 06/30/32<sup>(f)</sup> |  | 100 | 117960 |
| 6.00%, 09/30/34<sup>(b)(c)</sup> | USD | 242 | 226473 |
| 7.20%, 07/18/36<sup>(b)(c)</sup> |  | 200 | 194917 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<sup>(b)(c)</sup> |  | 314 | 314119 |
| 5.00%, 05/01/28<sup>(b)(c)</sup> |  | 753 | 752683 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 111 | 112451 |
| 5.88%, 11/01/29 |  | 180 | 181344 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 244 | 247147 |
| 8.75%, 05/15/30<sup>(b)(c)</sup> |  | 1730 | 1809357 |
| 8.63%, 03/15/31<sup>(b)(c)</sup> |  | 371 | 394190 |
| Iliad Holding SASU |  |  |  |
| 7.00%, 10/15/28<sup>(b)(c)</sup> |  | 343 | 349268 |
| 5.38%, 04/15/30<sup>(f)</sup> | EUR | 100 | 120976 |
| 8.50%, 04/15/31<sup>(b)(c)</sup> | USD | 479 | 512350 |
| 7.00%, 04/15/32<sup>(b)(c)</sup> |  | 211 | 216187 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(b)</sup> |  | 59 | 60162 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(f)</sup> | EUR | 100 | 119417 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 | USD | 61 | 52155 |
| 4.88%, 06/15/29<sup>(c)</sup> |  | 851 | 794154 |
| 11.00%, 11/15/29<sup>(c)</sup> |  | 1466 | 1681614 |
| 4.50%, 04/01/30 |  | 359 | 325157 |
| 3.88%, 10/15/30 |  | 114 | 98895 |
| 10.75%, 12/15/30<sup>(c)</sup> |  | 511 | 579727 |
| 4.00%, 04/15/31 |  | 15 | 12870 |
| 6.88%, 06/30/33 |  | 2145 | 2182587 |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br> 11/01/23<sup>(b)(g)(i)(j)</sup><br>|  | 217 | 72847 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<sup>(f)</sup> | EUR | 100 | 122989 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 04/15/29 | USD | 200 | 194411 |
| 4.13%, 04/15/30 |  | 200 | 195181 |
| 10.00%, 10/15/32 |  | 221 | 226149 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 493 | 494387 |
| SoftBank Group Corp., 3.88%, 07/06/32<sup>(f)</sup> | EUR | 200 | 213798 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 372 | 400845 |
| Verizon Communications, Inc., 3.70%, 03/22/61<sup>(c)</sup> |  | 1000 | 690161 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)(c)</sup><br>| USD | 1369 | $1433734 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 2457 | 2304117 |
| 6.13%, 03/01/28 |  | 307 | 264933 |
|  |  |  | 23818296 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 299 | 308223 |
| Black Hills Corp., 3.15%, 01/15/27<sup>(c)</sup> |  | 305 | 298239 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC, 6.38%, 02/15/32<sup>(b)</sup><br>|  | 225 | 225367 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 400 | 412144 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(c)(k)</sup><br>|  | 4030 | 3794332 |
| Enel Finance International NV, 3.63%, 05/25/27<sup>(b)(c)</sup> |  | 900 | 888567 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 169 | 165228 |
| Pampa Energia SA, 7.88%, 12/16/34<sup>(b)</sup> |  | 16 | 15962 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations, Inc., 4.50%, 08/15/28<sup>(b)</sup><br>|  | 84 | 81384 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 89 | 96794 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(f)</sup> | EUR | 100 | 120145 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(f)</sup><br>| USD | 137 | 139467 |
| Texas Competitive Electric Holdings, Series M, 8.50%, <br> 11/10/21<sup>(e)(g)(j)</sup><br>|  | 780 |  |
| Vistra Operations Co. LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 7.75%, 10/15/31 |  | 288 | 306099 |
| 6.88%, 04/15/32 |  | 396 | 414011 |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)(c)</sup><br>|  | 723 | 772239 |
|  |  |  | 8038201 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.4%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(c)</sup> |  | 300 | 294640 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(c)</sup> |  | 330 | 318613 |
| Sensata Technologies BV, 4.00%, 04/15/29 |  | 168 | 159782 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30<sup>(c)</sup> |  | 483 | 461122 |
| 3.75%, 02/15/31 |  | 54 | 49222 |
| 6.63%, 07/15/32<sup>(c)</sup> |  | 227 | 233617 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 185 | 192246 |
| 6.38%, 03/15/33 |  | 260 | 268731 |
| Xerox Corp., 10.25%, 10/15/30 |  | 118 | 123540 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 117 | 120308 |
|  |  |  | 2221821 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 91 | 91093 |
| 6.25%, 04/01/28<sup>(c)</sup> |  | 291 | 291963 |
| 6.63%, 09/01/32<sup>(c)</sup> |  | 501 | 510438 |
| Halliburton Co., 3.80%, 11/15/25 |  | 3 | 2988 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)(c)</sup> |  | 566 | 585477 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 71 | 71585 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)(c)</sup> |  | 256 | 241246 |
| Tidewater, Inc., 07/15/30<sup>(b)(n)</sup> |  | 206 | 211945 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)(c)</sup><br>|  | 339 | 347452 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)(c)</sup> |  | 474 | 488565 |
|  |  |  | 2842752 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> | USD | 214 | $207653 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 7.00%, 02/15/30 |  | 1537 | 1591690 |
| 6.50%, 02/15/32 |  | 579 | 594121 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 137 | 135234 |
| 5.75%, 04/01/30<sup>(c)</sup> |  | 797 | 799597 |
| 6.75%, 05/01/31 |  | 392 | 402906 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(b)</sup> |  | 75 | 77862 |
| Cirsa Finance International SARL, (3-mo. EURIBOR + <br> 4.50%), 6.69%, 07/31/28<sup>(a)(f)</sup><br>| EUR | 54 | 64266 |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> | USD | 499 | 502742 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>|  | 408 | 399358 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 11/15/29 |  | 51 | 52543 |
| 7.50%, 09/01/31 |  | 87 | 91038 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 232 | 201624 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)(c)</sup> |  | 211 | 208706 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br> 02/15/31<sup>(b)</sup><br>|  | 298 | 266297 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(b)</sup><br>|  | 72 | 69355 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 250 | 258052 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 200 | 208977 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(f)</sup> | GBP | 100 | 135550 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 09/01/29 | USD | 116 | 66410 |
| 5.88%, 09/01/31 |  | 166 | 90885 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 166 | 166215 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(b)(c)</sup><br>|  | 190 | 183095 |
| Six Flags Entertainment Corp., 7.00%, 07/01/25<sup>(b)</sup> |  | 101 | 101000 |
| Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co., 6.63%, 05/01/32<sup>(b)(c)</sup><br>|  | 651 | 671464 |
| Vail Resorts, Inc., 6.50%, 05/15/32<sup>(b)(c)</sup> |  | 364 | 376103 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 304 | 316290 |
| Warnermedia Holdings, Inc., 03/15/42 |  | 358 | 241203 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 10/01/29<sup>(c)</sup> |  | 679 | 674099 |
| 7.13%, 02/15/31<sup>(c)</sup> |  | 492 | 524699 |
| 6.25%, 03/15/33 |  | 190 | 191218 |
|  |  |  | 9870252 |
| **Environmental, Maintenance & Security Service — 0.8%** | **Environmental, Maintenance & Security Service — 0.8%** | **Environmental, Maintenance & Security Service — 0.8%** | **Environmental, Maintenance & Security Service — 0.8%** |
| GFL Environmental, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.00%, 08/01/28 |  | 121 | 117361 |
| 4.75%, 06/15/29 |  | 378 | 372961 |
| 4.38%, 08/15/29 |  | 405 | 393270 |
| 6.75%, 01/15/31 |  | 364 | 380898 |
| Madison IAQ LLC<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 06/30/28 |  | 240 | 233153 |
| 5.88%, 06/30/29<sup>(c)</sup> |  | 554 | 545011 |
| Republic Services, Inc., 3.38%, 11/15/27<sup>(c)</sup> |  | 750 | 737123 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 142 | 135091 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Reworld Holding Corp. (continued) |  |  |  |
| 5.00%, 09/01/30 | USD | 70 | $66160 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)(c)</sup> |  | 987 | 1024623 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 105 | 109311 |
|  |  |  | 4114962 |
| **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, <br> 05/15/29<sup>(a)</sup><br>|  | 65 | 66157 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 174 | 180634 |
| 01/15/31<sup>(n)</sup> |  | 114 | 116385 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 186 | 193194 |
| 9.13%, 05/15/31<sup>(c)</sup> |  | 293 | 302019 |
| 8.38%, 04/01/32 |  | 195 | 197101 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 05/15/26 |  | 45 | 45461 |
| 8.00%, 02/15/27<sup>(c)</sup> |  | 411 | 423758 |
| 8.00%, 06/15/28 |  | 150 | 158658 |
| 6.88%, 04/15/29<sup>(c)</sup> |  | 205 | 211935 |
| 5.88%, 03/15/30 |  | 219 | 220555 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 359 | 368424 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)(c)</sup><br>|  | 325 | 314170 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(b)(c)</sup><br>|  | 150 | 158747 |
| Midcap Financial Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | 198110 |
| 5.63%, 01/15/30 |  | 400 | 369500 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 01/15/27 |  | 45 | 45048 |
| 6.50%, 08/01/29<sup>(c)</sup> |  | 409 | 417775 |
| 5.13%, 12/15/30<sup>(c)</sup> |  | 219 | 221645 |
| 5.75%, 11/15/31<sup>(c)</sup> |  | 147 | 149292 |
| 7.13%, 02/01/32<sup>(c)</sup> |  | 655 | 680345 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 258 | 273966 |
| 7.13%, 11/15/30<sup>(c)</sup> |  | 277 | 287079 |
| 6.88%, 05/15/32 |  | 353 | 360932 |
| 6.88%, 02/15/33 |  | 198 | 202950 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 431 | 446403 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 |  | 1201 | 1223855 |
| 6.38%, 08/01/33 |  | 991 | 1013992 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.88%, 10/15/26<sup>(c)</sup> |  | 471 | 459352 |
| 3.88%, 03/01/31<sup>(c)</sup> |  | 86 | 79724 |
| 4.00%, 10/15/33 |  | 96 | 85888 |
| Stena International SA, 7.25%, 01/15/31<sup>(f)</sup> |  | 200 | 200619 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(i)</sup><br>| EUR | 100 | 34408 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)(c)</sup> | USD | 382 | 382395 |
|  |  |  | 10090476 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 03/15/26 |  | 83 | 81857 |
| 4.63%, 01/15/27<sup>(c)</sup> |  | 322 | 319976 |
| 5.88%, 02/15/28<sup>(c)</sup> |  | 298 | 297701 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> (continued)<br>|  |  |  |
| 3.50%, 03/15/29 | USD | 49 | $46422 |
| 4.88%, 02/15/30<sup>(c)</sup> |  | 110 | 108132 |
| 6.25%, 03/15/33 |  | 183 | 188641 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 194 | 193219 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 89 | 85688 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(f)</sup> | GBP | 100 | 129201 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(c)(i)</sup><br>| USD | 1363 | 1459470 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.63%, 11/15/28 |  | 457 | 448541 |
| 7.63%, 07/01/29 |  | 1411 | 1470349 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<sup>(b)</sup> | EUR | 180 | 214594 |
| 4.50%, 07/15/32<sup>(f)</sup> |  | 100 | 119219 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)(c)</sup> | USD | 323 | 327265 |
| ELO SACA, 3.25%, 07/23/27<sup>(f)</sup> | EUR | 100 | 113431 |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 03/01/31 | USD | 19 | 20163 |
| 9.63%, 09/15/32 |  | 91 | 96020 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, <br> 12/15/29<sup>(a)(f)</sup><br>| EUR | 100 | 117954 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>| USD | 163 | 168811 |
| Lamb Weston Holdings, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.88%, 05/15/28 |  | 257 | 255412 |
| 4.13%, 01/31/30 |  | 312 | 297522 |
| 4.38%, 01/31/32 |  | 300 | 280950 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(f)</sup><br>| EUR | 100 | 118330 |
| Market Bidco Finco PLC, 4.75%, 11/04/27<sup>(f)</sup> |  | 100 | 117188 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(f)</sup> | GBP | 100 | 133509 |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 08/01/29 | USD | 306 | 295060 |
| 6.13%, 09/15/32<sup>(c)</sup> |  | 383 | 391784 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 04/15/30<sup>(c)</sup> |  | 118 | 113426 |
| 4.50%, 09/15/31 |  | 32 | 29703 |
| 6.25%, 02/15/32 |  | 191 | 196288 |
| 6.38%, 03/01/33 |  | 334 | 337045 |
| 6.25%, 10/15/34 |  | 208 | 209181 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br> Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br> 03/01/29<sup>(b)</sup><br>|  | 129 | 121798 |
| U.S. Foods, Inc., 7.25%, 01/15/32<sup>(b)(c)</sup> |  | 234 | 246412 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 253 | 249701 |
|  |  |  | 9399963 |
| **Gas Utilities**<sup>(b)</sup> **— 0.5%** | **Gas Utilities**<sup>(b)</sup> **— 0.5%** | **Gas Utilities**<sup>(b)</sup> **— 0.5%** | **Gas Utilities**<sup>(b)</sup> **— 0.5%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br> 06/01/30<br>|  | 123 | 127610 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<br>|  | 91 | 86095 |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 |  | 889 | 889000 |
| 6.75%, 01/15/36 |  | 927 | 927000 |
| Venture Global Plaquemines LNG LLC<sup>(c)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 372 | 398346 |
| 7.75%, 05/01/35 |  | 339 | 366941 |
|  |  |  | 2794992 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)(c)</sup> |  | 340 | 346927 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<sup>(b)(c)</sup> | USD | 1193 | $1209680 |
| Union Pacific Corp., 3.20%, 05/20/41<sup>(c)</sup> |  | 600 | 458425 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>|  | 135 | 141118 |
|  |  |  | 2156150 |
| **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |
| Avantor Funding, Inc. |  |  |  |
| 2.63%, 11/01/25<sup>(f)</sup> | EUR | 100 | 117559 |
| 4.63%, 07/15/28<sup>(b)(c)</sup> | USD | 467 | 458575 |
| 3.88%, 11/01/29<sup>(b)</sup> |  | 209 | 197881 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)(c)</sup> |  | 1333 | 1391319 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 238 | 248135 |
| Medline Borrower LP<sup>(b)(c)</sup> <br>|  |  |  |
| 3.88%, 04/01/29 |  | 435 | 417270 |
| 5.25%, 10/01/29 |  | 1280 | 1270022 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)(c)</sup><br>|  | 685 | 703690 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 184 | 190318 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 196 | 203927 |
|  |  |  | 5198696 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> |  | 123 | 126719 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)(c)</sup> |  | 345 | 336432 |
| Charles River Laboratories International, Inc., 4.00%, <br> 03/15/31<sup>(b)</sup><br>|  | 42 | 38484 |
| CHS/Community Health Systems, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 5.63%, 03/15/27 |  | 1028 | 1012560 |
| 6.00%, 01/15/29 |  | 631 | 606939 |
| 5.25%, 05/15/30 |  | 902 | 799846 |
| 4.75%, 02/15/31 |  | 329 | 281256 |
| 10.88%, 01/15/32 |  | 742 | 786421 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)(c)</sup> |  | 340 | 352024 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 186 | 192729 |
| 6.75%, 07/15/33 |  | 169 | 174509 |
| Elevance Health, Inc., 3.65%, 12/01/27<sup>(c)</sup> |  | 1000 | 988134 |
| Encompass Health Corp. |  |  |  |
| 4.75%, 02/01/30<sup>(c)</sup> |  | 98 | 96756 |
| 4.63%, 04/01/31 |  | 237 | 229352 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(f)</sup> | EUR | 100 | 126689 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)</sup> | USD | 89 | 80561 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 218 | 216128 |
| HCA, Inc., 5.50%, 06/15/47<sup>(c)</sup> |  | 650 | 604019 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)(c)</sup> |  | 615 | 597954 |
| IQVIA, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/15/30 |  | 211 | 217537 |
| 6.25%, 06/01/32 |  | 895 | 918465 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.88%, 08/15/30<sup>(c)</sup> |  | 163 | 176318 |
| 11.00%, 10/15/30<sup>(c)</sup> |  | 791 | 872628 |
| 8.38%, 02/15/32 |  | 249 | 265321 |
| 10.00%, 06/01/32<sup>(c)</sup> |  | 282 | 290930 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 06/15/28 |  | 12 | 11729 |
| 3.88%, 11/15/30 |  | 2 | 1858 |
| 3.88%, 05/15/32<sup>(c)</sup> |  | 141 | 128340 |
| 6.25%, 01/15/33 |  | 142 | 144542 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 118 | 117115 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)(c)</sup> |  | 878 | 923497 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)(c)</sup> |  | 726 | 739803 |
| Tenet Healthcare Corp.<sup>(c)</sup> <br>|  |  |  |
| 6.13%, 06/15/30 |  | 250 | 254346 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(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)** |
| Tenet Healthcare Corp.<sup>(c)</sup> (continued) |  |  |  |
| 6.75%, 05/15/31 | USD | 657 | $679725 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)(c)</sup> |  | 252 | 259922 |
| UnitedHealth Group, Inc., 3.75%, 07/15/25<sup>(c)</sup> |  | 1470 | 1469504 |
|  |  |  | 15119092 |
| **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%, 02/01/50<sup>(c)</sup> |  | 450 | 331194 |
| Healthpeak OP LLC, 2.88%, 01/15/31<sup>(c)</sup> |  | 1000 | 911891 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<sup>(b)</sup> | EUR | 260 | 313771 |
| 7.00%, 02/15/32<sup>(f)</sup> |  | 100 | 120681 |
| 8.50%, 02/15/32<sup>(b)(c)</sup> | USD | 819 | 857129 |
| Ventas Realty LP, 4.13%, 01/15/26<sup>(c)</sup> |  | 650 | 647348 |
|  |  |  | 3182014 |
| **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<sup>(b)</sup><br>|  | 224 | 230370 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>|  | 123 | 123661 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26<sup>(l)</sup> |  | 14 | 13231 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/29<sup>(c)</sup> |  | 302 | 295171 |
| 6.50%, 04/01/32<sup>(c)</sup> |  | 528 | 543020 |
| 6.50%, 06/15/33 |  | 272 | 279819 |
| Service Properties Trust<sup>(c)</sup> <br>|  |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 1418 | 1522325 |
| 8.88%, 06/15/32 |  | 496 | 510016 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 121 | 123283 |
|  |  |  | 3640896 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.63%, <br> 09/15/29<sup>(b)</sup><br>|  | 197 | 199782 |
| Burger King (Restaurant Brands International, Inc.)/New <br> Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 01/15/28 |  | 108 | 105198 |
| 4.38%, 01/15/28<sup>(c)</sup> |  | 134 | 131407 |
| 4.00%, 10/15/30<sup>(c)</sup> |  | 451 | 420273 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 05/01/29<sup>(c)</sup> |  | 757 | 764905 |
| 5.88%, 06/15/31 |  | 434 | 442138 |
| 6.13%, 02/15/33<sup>(c)</sup> |  | 904 | 924929 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 |  | 436 | 417608 |
| 6.75%, 01/15/30 |  | 136 | 125501 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 05/01/31<sup>(c)</sup> |  | 189 | 177702 |
| 6.13%, 04/01/32 |  | 226 | 231455 |
| 5.88%, 03/15/33<sup>(c)</sup> |  | 406 | 413664 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 180 | 185701 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> |  | 62 | 64723 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)(c)</sup> |  | 241 | 242420 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)(c)</sup> |  | 269 | 211310 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32<sup>(b)(c)</sup> |  | 261 | 264132 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<sup>(f)</sup> |  | 250 | 250025 |
| 4.75%, 02/01/27<sup>(b)(c)</sup> |  | 200 | 198250 |
| MGM Resorts International, 6.13%, 09/15/29<sup>(c)</sup> |  | 358 | 364138 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 121 | 127556 |
| 7.75%, 02/15/29 |  | 77 | 81873 |
| 6.25%, 03/01/30 |  | 99 | 99845 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| NCL Corp. Ltd.<sup>(b)</sup> (continued) |  |  |  |
| 6.75%, 02/01/32<sup>(c)</sup> | USD | 490 | $500598 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)(c)</sup> |  | 261 | 265246 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 141 | 148800 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27<sup>(c)</sup> |  | 181 | 185299 |
| 10.75%, 11/15/29<sup>(c)</sup> |  | 532 | 546654 |
| 11.13%, 07/15/30 |  | 390 | 407940 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 12/01/31<sup>(c)</sup> |  | 218 | 204208 |
| 6.63%, 03/15/32 |  | 129 | 131904 |
| TUI AG, 5.88%, 03/15/29<sup>(f)</sup> | EUR | 100 | 122212 |
| Vail Resorts, Inc., 5.63%, 07/15/30<sup>(b)</sup> | USD | 204 | 204000 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27<sup>(c)</sup> |  | 236 | 236132 |
| 7.00%, 02/15/29 |  | 51 | 51447 |
| 9.13%, 07/15/31<sup>(c)</sup> |  | 653 | 703282 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 162 | 161210 |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 01/15/26<sup>(c)(f)</sup> |  | 347 | 346198 |
| 5.50%, 01/15/26<sup>(b)</sup> |  | 200 | 199538 |
| 5.63%, 08/26/28<sup>(b)(c)</sup> |  | 1000 | 980750 |
| 5.13%, 12/15/29<sup>(b)(c)</sup> |  | 410 | 391976 |
|  |  |  | 12231929 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 08/01/29 |  | 100 | 95500 |
| 4.63%, 04/01/30 |  | 145 | 137887 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 54 | 54105 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 06/15/29 |  | 208 | 189296 |
| 4.88%, 02/15/30<sup>(c)</sup> |  | 286 | 255281 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 115 | 119891 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 51 | 52155 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)(c)</sup> |  | 875 | 948552 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 89 | 92519 |
| 7.00%, 11/15/32 |  | 161 | 153232 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(c)(l)</sup> |  | 390 | 377608 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 224 | 232227 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 200 | 210042 |
| Somnigroup International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 04/15/29 |  | 204 | 195039 |
| 3.88%, 10/15/31 |  | 48 | 43640 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 120 | 125367 |
| SWF Holdings I Corp., 6.50%, 10/06/29<sup>(b)</sup> |  | 210 | 99559 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 200 | 201758 |
| 6.50%, 06/15/33 |  | 212 | 212679 |
|  |  |  | 3796337 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Berkline Benchcraft LLC, 4.50%, 06/01/22<sup>(a)(e)(g)(j)</sup> |  | 200 |  |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 59 | 53577 |
|  |  |  | 53577 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.8%** |
| Calpine Corp. |  |  |  |
| 5.13%, 03/15/28<sup>(c)</sup> |  | 865 | 864031 |
| 4.63%, 02/01/29<sup>(c)</sup> |  | 106 | 104689 |
| 5.00%, 02/01/31 |  | 67 | 66279 |
| Clearway Energy Operating LLC<sup>(c)</sup> <br>|  |  |  |
| 4.75%, 03/15/28 |  | 279 | 275676 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
| Clearway Energy Operating LLC<sup>(c)</sup> (continued) |  |  |  |
| 3.75%, 01/15/32 | USD | 242 | $217171 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 92 | 96825 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 209 | 209268 |
| 6.00%, 02/01/33<sup>(c)</sup> |  | 808 | 816052 |
| 6.25%, 11/01/34<sup>(c)</sup> |  | 522 | 531839 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(k)</sup> |  | 181 | 185389 |
| XPLR Infrastructure LP<sup>(l)</sup> <br>|  |  |  |
| 0.00%, 11/15/25<sup>(m)</sup> |  | 467 | 454158 |
| 2.50%, 06/15/26 |  | 632 | 603559 |
|  |  |  | 4424936 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 125 | 127058 |
| Axon Enterprise, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 03/15/30 |  | 84 | 86382 |
| 6.25%, 03/15/33 |  | 185 | 190488 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 161 | 164594 |
| Maxam Prill SARL, 07/15/30<sup>(f)</sup> | EUR | 100 | 117088 |
|  |  |  | 685610 |
| **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32<sup>(b)</sup> | USD | 119 | 120687 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)(c)</sup> <br>|  |  |  |
| 4.25%, 10/15/27 |  | 627 | 615464 |
| 6.75%, 10/15/27 |  | 1382 | 1381185 |
| 6.75%, 04/15/28 |  | 282 | 286683 |
| 5.88%, 11/01/29 |  | 799 | 787621 |
| 7.00%, 01/15/31 |  | 912 | 943382 |
| 7.38%, 10/01/32 |  | 938 | 966904 |
| AmWINS Group, Inc., 6.38%, 02/15/29<sup>(b)</sup> |  | 138 | 140655 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 230 | 235269 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(f)</sup> | EUR | 330 | 399431 |
| 7.75%, 02/15/31<sup>(b)(c)</sup> | USD | 1395 | 1458429 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)(c)</sup> |  | 1287 | 1354242 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(b)</sup> |  | 382 | 409322 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 7.25%, 02/15/31 |  | 1600 | 1656827 |
| 8.13%, 02/15/32 |  | 748 | 777934 |
| HUB International Ltd.<sup>(b)(c)</sup> <br>|  |  |  |
| 7.25%, 06/15/30 |  | 2812 | 2938638 |
| 7.38%, 01/31/32 |  | 4391 | 4594428 |
| Jones Deslauriers Insurance Management, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 8.50%, 03/15/30 |  | 747 | 791766 |
| 10.50%, 12/15/30 |  | 428 | 456166 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)(c)</sup> |  | 2605 | 2705946 |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 02/01/30 |  | 125 | 120900 |
| 5.88%, 08/01/32 |  | 232 | 233825 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(f)</sup> | EUR | 100 | 123611 |
| USI, Inc., 7.50%, 01/15/32<sup>(b)(c)</sup> | USD | 465 | 490649 |
|  |  |  | 23989964 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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%** |
| iliad SA, 5.63%, 02/15/30<sup>(f)</sup> | EUR | 100 | $125857 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)(c)</sup> | USD | 660 | 677243 |
|  |  |  | 803100 |
| **Internet Software & Services**<sup>(b)</sup> **— 0.6%** | **Internet Software & Services**<sup>(b)</sup> **— 0.6%** | **Internet Software & Services**<sup>(b)</sup> **— 0.6%** | **Internet Software & Services**<sup>(b)</sup> **— 0.6%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |  |
| 5.00%, 05/01/28<sup>(c)</sup> |  | 403 | 384571 |
| 9.00%, 08/01/29 |  | 200 | 204491 |
| Cablevision Lightpath LLC |  |  |  |
| 3.88%, 09/15/27 |  | 200 | 192762 |
| 5.63%, 09/15/28<sup>(c)</sup> |  | 400 | 386422 |
| Getty Images, Inc., 11.25%, 02/21/30 |  | 230 | 228275 |
| ION Trading Technologies SARL, 9.50%, 05/30/29 |  | 200 | 205400 |
| Match Group Holdings II LLC |  |  |  |
| 4.63%, 06/01/28 |  | 157 | 153205 |
| 4.13%, 08/01/30 |  | 198 | 185167 |
| 3.63%, 10/01/31<sup>(c)</sup> |  | 200 | 178948 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/27 |  | 214 | 232375 |
| 9.75%, 04/15/29<sup>(c)</sup> |  | 561 | 614508 |
| Uber Technologies, Inc., 6.25%, 01/15/28 |  | 118 | 118547 |
|  |  |  | 3084671 |
| **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** | **IT Services — 0.5%** |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(f)</sup><br>| EUR | 100 | 118238 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> | USD | 258 | 265522 |
| Atos SE<sup>(d)(f)</sup> <br>|  |  |  |
| 5.20%, 12/18/30 | EUR | 43 | 43042 |
| 9.36%, 12/18/29 |  | 39 | 50949 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)(c)</sup> | USD | 542 | 537244 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 340 | 350862 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)(c)</sup> |  | 598 | 626475 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(b)</sup> |  | 148 | 152460 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)(c)</sup> |  | 601 | 567575 |
| Science Applications International Corp., 4.88%, <br> 04/01/28<sup>(b)(c)</sup><br>|  | 113 | 111248 |
|  |  |  | 2823615 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| ATS Corp., 4.13%, 12/15/28<sup>(b)</sup> |  | 108 | 103270 |
| Chart Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 01/01/30<sup>(c)</sup> |  | 535 | 560105 |
| 9.50%, 01/01/31 |  | 79 | 84325 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 266 | 272347 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)</sup> |  | 145 | 114550 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(b)(c)</sup><br>|  | 741 | 774751 |
| IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(a)(f)</sup><br>| EUR | 100 | 118408 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> | USD | 137 | 144185 |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/15/29<sup>(c)</sup> |  | 105 | 102492 |
| 6.25%, 10/15/32 |  | 178 | 178361 |
| TK Elevator Holdco GmbH |  |  |  |
| 6.63%, 07/15/28<sup>(f)</sup> | EUR | 129 | 151981 |
| 7.63%, 07/15/28<sup>(b)(c)</sup> | USD | 822 | 822853 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(f)</sup> | EUR | 311 | 366320 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)(c)</sup> | USD | 1729 | 1727788 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)(c)</sup> |  | 846 | 824838 |
|  |  |  | 6346574 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media — 3.7%** | **Media — 3.7%** | **Media — 3.7%** | **Media — 3.7%** |
| Cable One, Inc.<sup>(l)</sup> <br>|  |  |  |
| 0.00%, 03/15/26<sup>(m)</sup> | USD | 88 | $83257 |
| 1.13%, 03/15/28<sup>(c)</sup> |  | 684 | 521552 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/01/29 |  | 57 | 56792 |
| 6.38%, 09/01/29<sup>(c)</sup> |  | 1563 | 1594317 |
| 4.75%, 03/01/30<sup>(c)</sup> |  | 179 | 173416 |
| 4.25%, 02/01/31<sup>(c)</sup> |  | 475 | 443732 |
| 7.38%, 03/01/31<sup>(c)</sup> |  | 1567 | 1635023 |
| 4.75%, 02/01/32 |  | 32 | 30353 |
| 4.50%, 06/01/33 |  | 19 | 17367 |
| 4.25%, 01/15/34<sup>(c)</sup> |  | 996 | 886626 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 4.91%, 07/23/25 |  | 559 | 558959 |
| 5.38%, 05/01/47<sup>(c)</sup> |  | 425 | 368862 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 600 | 572848 |
| 5.38%, 02/01/28 |  | 600 | 549334 |
| 11.25%, 05/15/28 |  | 200 | 199247 |
| 11.75%, 01/31/29<sup>(c)</sup> |  | 1200 | 1141387 |
| 3.38%, 02/15/31 |  | 456 | 315957 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 5.88%, 08/15/27 |  | 708 | 705689 |
| 10.00%, 02/15/31 |  | 704 | 683460 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 1090 | 989175 |
| 5.75%, 12/01/28 |  | 934 | 808494 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 1170 | 1206066 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 323 | 322855 |
| 10.50%, 07/15/29<sup>(c)</sup> |  | 764 | 820746 |
| LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(b)(c)</sup><br>|  | 560 | 377210 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 356 | 376745 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)(c)</sup> |  | 655 | 661692 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/01/26<sup>(c)</sup> |  | 397 | 389510 |
| 5.00%, 08/01/27<sup>(c)</sup> |  | 677 | 671201 |
| 4.00%, 07/15/28 |  | 97 | 93161 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)(c)</sup> |  | 249 | 235492 |
| Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29<sup>(f)(i)</sup> | EUR | 110 | 89090 |
| Univision Communications, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 | USD | 562 | 560467 |
| 8.00%, 08/15/28 |  | 640 | 649459 |
| 8.50%, 07/31/31 |  | 375 | 375415 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, <br> 07/15/28<sup>(b)(c)</sup><br>|  | 554 | 542358 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(b)</sup> |  | 225 | 196438 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)(c)</sup> |  | 200 | 186805 |
|  |  |  | 20090557 |
| **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** | **Metals & Mining — 2.1%** |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<sup>(b)(c)</sup> |  | 240 | 245462 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 186 | 198497 |
| 11.50%, 10/01/31<sup>(c)</sup> |  | 939 | 1052556 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27<sup>(c)</sup> |  | 127 | 127111 |
| 4.88%, 10/01/29 |  | 101 | 98927 |
| 7.25%, 08/15/30<sup>(c)</sup> |  | 535 | 560628 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| ATI, Inc. (continued) |  |  |  |
| 5.13%, 10/01/31<sup>(c)</sup> | USD | 215 | $210128 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)(c)</sup><br>|  | 806 | 812506 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 367 | 379768 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 88 | 87929 |
| 6.88%, 11/01/29<sup>(b)(c)</sup> |  | 437 | 430244 |
| Constellium SE<sup>(b)(c)</sup> <br>|  |  |  |
| 5.63%, 06/15/28 |  | 500 | 497075 |
| 3.75%, 04/15/29 |  | 735 | 690664 |
| 6.38%, 08/15/32 |  | 317 | 322272 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 03/01/29<sup>(c)</sup> |  | 680 | 720562 |
| 8.00%, 03/01/33 |  | 200 | 205062 |
| Glencore Funding LLC, 6.14%, 04/01/55<sup>(b)(c)</sup> |  | 500 | 505427 |
| Kaiser Aluminum Corp.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 243 | 237754 |
| 4.50%, 06/01/31 |  | 770 | 720343 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 305 | 314326 |
| Novelis Corp.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.75%, 01/30/30 |  | 630 | 602910 |
| 6.88%, 01/30/30 |  | 446 | 461133 |
| 3.88%, 08/15/31 |  | 1030 | 925522 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(f)</sup> | EUR | 200 | 228539 |
| Samarco Mineracao SA<sup>(i)</sup> <br>|  |  |  |
| (9.50% PIK), 9.50%, 06/30/31<sup>(f)</sup> | USD | 15 | 14675 |
| (9.50% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 5 | 5241 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)(c)</sup> |  | 517 | 541950 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 23 | 22784 |
|  |  |  | 11219995 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 284 | 276166 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 171 | 179861 |
| 6.00%, 04/15/30 |  | 90 | 91030 |
| 6.50%, 07/01/30 |  | 174 | 179717 |
| 6.50%, 10/15/30 |  | 238 | 245721 |
|  |  |  | 972495 |
| **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** | **Oil, Gas & Consumable Fuels — 6.4%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 393 | 412231 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/15/29 |  | 206 | 204452 |
| 6.63%, 02/01/32 |  | 230 | 237555 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 165 | 201712 |
| 5.88%, 06/30/29 |  | 35 | 35059 |
| 6.63%, 07/15/33 |  | 170 | 172465 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 224 | 233780 |
| 7.25%, 07/15/32 |  | 180 | 190738 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(b)</sup> |  | 20 | 20720 |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 87 | 90309 |
| 5.85%, 11/15/43 |  | 145 | 127797 |
| 5.60%, 10/15/44 |  | 86 | 72524 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> |  | 110 | 112379 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 778 | 809236 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Civitas Resources, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 | USD | 232 | $237547 |
| 8.75%, 07/01/31 |  | 179 | 180989 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 96 | 90679 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 114 | 118037 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 03/01/29<sup>(c)</sup> |  | 362 | 362811 |
| 6.75%, 03/01/29 |  | 137 | 136575 |
| 5.88%, 01/15/30<sup>(c)</sup> |  | 443 | 430294 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)(c)</sup><br>|  | 1617 | 1597428 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 04/01/32<sup>(c)</sup> |  | 397 | 387631 |
| 7.38%, 01/15/33<sup>(c)</sup> |  | 391 | 373720 |
| 01/15/34<sup>(n)</sup> |  | 381 | 381238 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>|  | 291 | 289644 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 125 | 130155 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 122 | 125660 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)(c)</sup> |  | 298 | 328954 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 264 | 291550 |
| Energy Transfer LP<sup>(c)</sup> <br>|  |  |  |
| 3.90%, 07/15/26 |  | 235 | 233462 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<sup>(a)</sup> |  | 469 | 498962 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(a)(k)</sup> |  | 4409 | 4428699 |
| EQT Corp., 4.50%, 01/15/29<sup>(b)</sup> |  | 20 | 19757 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 189 | 199236 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 182 | 184692 |
| 8.25%, 01/15/29<sup>(c)</sup> |  | 158 | 165219 |
| 8.88%, 04/15/30 |  | 61 | 64769 |
| 7.88%, 05/15/32<sup>(c)</sup> |  | 413 | 429415 |
| 8.00%, 05/15/33 |  | 132 | 138009 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 125 | 126752 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 189 | 193697 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 112 | 118291 |
| Hess Corp., 4.30%, 04/01/27 |  | 50 | 49883 |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)(c)</sup> |  | 257 | 264301 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 145 | 145336 |
| 5.75%, 02/01/29 |  | 172 | 169762 |
| 6.00%, 04/15/30 |  | 21 | 20415 |
| 6.25%, 04/15/32 |  | 16 | 15278 |
| 8.38%, 11/01/33<sup>(c)</sup> |  | 326 | 338253 |
| 6.88%, 05/15/34 |  | 362 | 346735 |
| 7.25%, 02/15/35 |  | 148 | 144722 |
| Howard Midstream Energy Partners LLC<sup>(b)(c)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 |  | 94 | 98685 |
| 7.38%, 07/15/32 |  | 111 | 116738 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43 |  | 1263 | 1087166 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)(c)</sup> |  | 456 | 433634 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)(c)</sup> |  | 623 | 644769 |
| Kinetik Holdings LP<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 12/15/28 |  | 58 | 59322 |
| 5.88%, 06/15/30 |  | 53 | 53449 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 148 | 149047 |
| Matador Resources Co.<sup>(b)(c)</sup> <br>|  |  |  |
| 6.88%, 04/15/28 |  | 276 | 281444 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Matador Resources Co.<sup>(b)(c)</sup> (continued) |  |  |  |
| 6.50%, 04/15/32 | USD | 303 | $303158 |
| MPLX LP, 4.25%, 12/01/27<sup>(c)</sup> |  | 185 | 184265 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 29 | 23544 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 151 | 149112 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)(c)</sup> <br>|  |  |  |
| 8.13%, 02/15/29 |  | 214 | 216204 |
| 8.38%, 02/15/32 |  | 1036 | 1039111 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)(c)</sup> |  | 114 | 116077 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)(c)</sup> |  | 729 | 735478 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 172 | 178128 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 201 | 205438 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 160 | 143646 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 04/15/27<sup>(c)</sup> |  | 272 | 278093 |
| 5.88%, 07/01/29<sup>(c)</sup> |  | 411 | 412593 |
| 7.00%, 01/15/32<sup>(c)</sup> |  | 221 | 229107 |
| 6.25%, 02/01/33 |  | 280 | 282598 |
| Petroleos Mexicanos |  |  |  |
| 6.50%, 03/13/27 |  | 85 | 84405 |
| 8.75%, 06/02/29 |  | 130 | 134140 |
| 5.95%, 01/28/31<sup>(c)</sup> |  | 158 | 142453 |
| 10.00%, 02/07/33 |  | 28 | 29968 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 192 | 199990 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 51 | 50066 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)(c)</sup><br>|  | 389 | 407310 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 254 | 258241 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 148 | 147131 |
| 7.38%, 02/15/29<sup>(c)</sup> |  | 501 | 514918 |
| 6.00%, 12/31/30 |  | 3 | 2944 |
| 6.00%, 09/01/31 |  | 100 | 97585 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)(c)</sup> |  | 347 | 336272 |
| Transcontinental Gas Pipe Line Co. LLC, 4.00%, <br> 03/15/28<sup>(c)</sup><br>|  | 280 | 277389 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 56 | 58257 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 66 | 67089 |
| Transocean, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 |  | 432 | 425571 |
| 8.25%, 05/15/29 |  | 138 | 127587 |
| 8.75%, 02/15/30 |  | 39 | 40311 |
| 8.50%, 05/15/31 |  | 248 | 221377 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)(c)</sup> |  | 515 | 528377 |
| Venture Global LNG, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 1893 | 2062193 |
| 7.00%, 01/15/30 |  | 584 | 590373 |
| 8.38%, 06/01/31 |  | 1270 | 1319067 |
| 9.88%, 02/01/32 |  | 1288 | 1390992 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<sup>(b)</sup> |  | 16 | 16116 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(b)</sup> |  | 115 | 101560 |
| 9.75%, 10/15/30<sup>(c)</sup> |  | 231 | 209085 |
| 7.88%, 04/15/32<sup>(b)(c)</sup> |  | 572 | 489072 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 252 | 250330 |
|  |  |  | 34680489 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(f)</sup> | EUR | 100 | $112667 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> | USD | 142 | 133892 |
|  |  |  | 246559 |
| **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(c)</sup> |  | 354 | 371181 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>|  | 209 | 203332 |
| OneSky Flight LLC, 8.88%, 12/15/29 |  | 250 | 260311 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(c)</sup> |  | 606 | 588223 |
|  |  |  | 1423047 |
| **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<sup>(f)</sup> | EUR | 100 | 120151 |
| 6.50%, 03/31/32<sup>(b)</sup> | USD | 317 | 323534 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 220 | 222110 |
|  |  |  | 665795 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)(c)</sup> |  | 2877 | 2902231 |
| AbbVie, Inc., 4.25%, 11/14/28<sup>(c)</sup> |  | 1000 | 1004862 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 1577 | 1561230 |
| CVS Health Corp., 3.75%, 04/01/30<sup>(c)</sup> |  | 1000 | 959298 |
| Dolcetto Holdco SpA, 07/14/32<sup>(f)(n)</sup> | EUR | 100 | 118680 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)(c)</sup> | USD | 118 | 124910 |
| Grifols SA<sup>(f)</sup> <br>|  |  |  |
| 2.25%, 11/15/27 | EUR | 163 | 187117 |
| 7.13%, 05/01/30 |  | 100 | 122225 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(f)</sup> |  | 100 | 118534 |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/30<sup>(f)</sup> |  | 100 | 122956 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)(c)</sup> | USD | 245 | 235787 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 4.13%, 04/30/28<sup>(b)(c)</sup><br>|  | 400 | 384709 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, <br> 12/31/29<sup>(a)(f)</sup><br>| EUR | 43 | 50461 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26<sup>(c)</sup> | USD | 303 | 296276 |
| 8.13%, 09/15/31<sup>(c)</sup> |  | 200 | 225062 |
| 6.00%, 12/01/32 |  | 212 | 215445 |
|  |  |  | 8629783 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Adler Financing SARL<sup>(i)</sup> <br>|  |  |  |
| Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 8 | 9918 |
| Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 60 | 74384 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(b)</sup> | USD | 206 | 192044 |
| Series AI, 7.00%, 04/15/30<sup>(c)</sup> |  | 271 | 253366 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 118 | 119901 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)(c)</sup> |  | 1313 | 1252448 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 181 | 194364 |
| Fantasia Holdings Group Co. Ltd.<sup>(f)(g)(j)</sup> <br>|  |  |  |
| 11.75%, 04/17/22 |  | 400 | 11000 |
| 11.88%, 06/01/23 |  | 200 | 5500 |
| 9.25%, 07/28/23 |  | 200 | 5500 |
| 9.88%, 10/19/23 |  | 200 | 5500 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Howard Hughes Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 02/01/29 | USD | 149 | $141892 |
| 4.38%, 02/01/31 |  | 100 | 92284 |
| Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(f)(i)</sup><br>| EUR | 101 | 116602 |
|  |  |  | 2474703 |
| **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<sup>(b)(c)</sup><br>| USD | 327 | 318180 |
| **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** |
| Broadcom, Inc.<sup>(c)</sup> <br>|  |  |  |
| 4.11%, 09/15/28 |  | 1594 | 1587538 |
| 3.50%, 02/15/41<sup>(b)</sup> |  | 700 | 554784 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)(c)</sup> |  | 763 | 754539 |
| MKS, Inc., 1.25%, 06/01/30<sup>(l)</sup> |  | 569 | 560749 |
| ON Semiconductor Corp., 0.50%, 03/01/29<sup>(l)</sup> |  | 258 | 238443 |
| QUALCOMM, Inc.<sup>(c)</sup> <br>|  |  |  |
| 1.65%, 05/20/32 |  | 1779 | 1478679 |
| 4.30%, 05/20/47 |  | 600 | 502822 |
|  |  |  | 5677554 |
| **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)(c)</sup> |  | 3110 | 3061066 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)(c)</sup> |  | 157 | 154591 |
| Capstone Borrower, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 06/15/30<sup>(c)</sup> |  | 488 | 509156 |
| 8.00%, 06/15/30 |  | 276 | 287214 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)(c)</sup><br>|  | 220 | 181917 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)(c)</sup><br>|  | 296 | 240547 |
| Cloud Software Group, Inc.<sup>(b)(c)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 2444 | 2466761 |
| 9.00%, 09/30/29 |  | 3179 | 3295114 |
| 8.25%, 06/30/32 |  | 2348 | 2498810 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 286 | 292387 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)(c)</sup> |  | 514 | 526850 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)(c)</sup> |  | 226 | 215948 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)(c)</sup> |  | 413 | 422373 |
| Fair Isaac Corp.<sup>(b)(c)</sup> <br>|  |  |  |
| 4.00%, 06/15/28 |  | 354 | 344537 |
| 6.00%, 05/15/33 |  | 1205 | 1216045 |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL<br>|  |  |  |
| 4.63%, 05/01/28<sup>(b)(c)</sup> |  | 200 | 189183 |
| 7.88%, 05/01/29<sup>(f)</sup> | EUR | 100 | 121859 |
| 8.75%, 05/01/29<sup>(b)(c)</sup> | USD | 217 | 223216 |
| Oracle Corp.<sup>(c)</sup> <br>|  |  |  |
| 3.60%, 04/01/50 |  | 785 | 548984 |
| 6.13%, 08/03/65 |  | 500 | 500504 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)(c)</sup> |  | 534 | 554354 |
| TeamSystem SpA, 07/01/32<sup>(a)(f)(n)</sup> | EUR | 100 | 117686 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 112 | 106629 |
| 3.88%, 03/15/31<sup>(c)</sup> |  | 251 | 234753 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)(c)</sup> | USD | 2704 | $2805603 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)(c)</sup><br>|  | 388 | 364796 |
|  |  |  | 21480883 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(f)</sup> | EUR | 100 | 122462 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, <br> 07/15/31<sup>(a)(f)</sup><br>|  | 100 | 118384 |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> | USD | 185 | 175089 |
|  |  |  | 415935 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 143 | 151708 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 249 | 252717 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29 |  | 449 | 478184 |
| 8.50%, 07/15/31 |  | 557 | 597762 |
|  |  |  | 1480371 |
| **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<sup>(b)(n)</sup> <br>|  |  |  |
| 07/15/32 | EUR | 435 | 516252 |
| 07/15/33 | USD | 959 | 994018 |
| Crocs, Inc., 4.25%, 03/15/29<sup>(b)</sup> |  | 25 | 23850 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(b)</sup> |  | 15 | 15881 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(b)</sup> |  | 16 | 14640 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(f)</sup><br>| EUR | 100 | 118354 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(b)</sup> | USD | 121 | 122537 |
|  |  |  | 1805532 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| BAT Capital Corp., 7.08%, 08/02/43<sup>(c)</sup> |  | 500 | 550687 |
| **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** |
| Gates Corp/DE, 6.88%, 07/01/29<sup>(c)</sup> |  | 196 | 203520 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 59 | 55613 |
| 6.50%, 07/15/32<sup>(c)</sup> |  | 276 | 282760 |
|  |  |  | 541893 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(e)</sup> |  | 198 | 183072 |
| Mobico Group PLC, 3.63%, 11/20/28<sup>(f)</sup> | GBP | 100 | 117010 |
|  |  |  | 300082 |
| **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<sup>(c)</sup> | USD | 900 | 888459 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 381 | 320646 |
| 5.13%, 01/15/29 |  | 200 | 165250 |
| 5.13%, 07/15/29 |  | 1400 | 1157135 |
| 5.50%, 10/15/29 |  | 200 | 165783 |
| Rogers Communications, Inc., 5.00%, 03/15/44<sup>(c)</sup> |  | 545 | 485360 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(b)</sup> |  | 16 | 16282 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<sup>(f)</sup> | GBP | 100 | 127326 |
| 4.25%, 01/31/31<sup>(b)(c)</sup> | USD | 400 | 366448 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Vmed O2 U.K. Financing I PLC (continued) |  |  |  |
| 4.50%, 07/15/31<sup>(f)</sup> | GBP | 100 | $122852 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(b)(i)</sup> | USD | 82 | 80694 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(f)</sup> | EUR | 100 | 125157 |
|  |  |  | 3132933 |
| **Total Corporate Bonds — 73.6%** <br>**(Cost: $390,932,312)** | **Total Corporate Bonds — 73.6%** <br>**(Cost: $390,932,312)** | **Total Corporate Bonds — 73.6%** <br>**(Cost: $390,932,312)** | 396813843 |
| **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<sup>(e)</sup><br>| USD | 25 |  |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>|  | 40 | 38989 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 595 | 597231 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 91 | 88422 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 1023 | 1030673 |
| **Total Fixed Rate Loan Interests — 0.3%** <br>**(Cost: $1,770,490)** | **Total Fixed Rate Loan Interests — 0.3%** <br>**(Cost: $1,770,490)** | **Total Fixed Rate Loan Interests — 0.3%** <br>**(Cost: $1,770,490)** | 1755315 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** | **Aerospace & Defense — 2.1%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, <br> 06/24/30<br>|  | 514 | 516020 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 10/31/30<br>|  | 659 | 660314 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-<br> mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>|  | 652 | 651871 |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>|  | 1941 | 1005197 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>|  | 395 | 204174 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 1289 | 1288758 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 490 | 490427 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>|  | 275 | 275585 |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 352 | 351241 |
| Peraton Corp. |  |  |  |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>|  | 223 | 154945 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Peraton Corp. (continued) |  |  |  |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor <br> + 3.85%), 8.18%, 02/01/28<br>| USD | 963 | $847613 |
| Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>|  | 116 | 116723 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 11/05/28<br>|  | 295 | 296871 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(e)</sup><br>|  | 177 | 177223 |
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>|  | 2710 | 2714405 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>|  | 488 | 488964 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 03/22/30<br>|  | 845 | 847786 |
|  |  |  | 11088117 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 239 | 222577 |
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/06/30<br>|  | 1831 | 1823882 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>|  | 875 | 875551 |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/02/31<sup>(e)</sup><br>|  | 689 | 685224 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32<sup>(e)</sup><br>|  | 53 | 53066 |
| Gates Corp., 2024 Term Loan B5, (1-mo. CME Term <br> SOFR + 1.75%), 6.08%, 06/04/31<br>|  | 1282 | 1280982 |
| RealTruck Group, Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28<br>|  | 235 | 212974 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 644 | 627256 |
|  |  |  | 5781512 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Naked Juice LLC |  |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>|  | 1002 | 991949 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>|  | 450 | 357036 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>|  | 323 | 148926 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(e)(o)</sup> |  | 600 | 599250 |
|  |  |  | 2097161 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 11/15/28<br>| USD | 1419 | $1419228 |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(e)</sup><br>|  | 250 | 249235 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>|  | 2152 | 2084423 |
|  |  |  | 2333658 |
| **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
| Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>|  | 460 | 459115 |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/13/29<br>|  | 59 | 59752 |
| Chariot Buyer LLC, Term Loan B, (1-mo. CME Term <br> SOFR + 3.35%), 7.68%, 11/03/28<br>|  | 1883 | 1884922 |
| CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR + 3.50%), 7.83%, 10/02/28<br>|  | 689 | 686967 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 1526 | 1501187 |
|  |  |  | 4591943 |
| **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
| AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>|  | 1029 | 1030013 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.78%), <br> 6.99%, 02/15/31<br>|  | 1148 | 1138077 |
| Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/09/30<br>|  | 331 | 331592 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>|  | 716 | 717930 |
| Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 04/30/31<br>|  | 345 | 345372 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/25/31<br>|  | 678 | 678978 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 10/31/31<br>|  | 746 | 748998 |
| Edelman Financial Engines Center LLC, 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 04/07/28<br>|  | 761 | 761252 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.08%, 09/15/31<br>|  | 788 | 785770 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 12/15/31<br>|  | 1220 | 1218317 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 10/21/31<br>| USD | 399 | $399494 |
| Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/17/28<br>|  | 665 | 666466 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(e)</sup><br>|  | 176 | 174127 |
|  |  |  | 8996386 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Aruba Investments Holdings LLC, 2020 USD Term Loan, <br> (1-mo. CME Term SOFR + 4.10%), 8.43%, <br> 11/24/27<sup>(e)</sup><br>|  | 327 | 305344 |
| Chemours Co., 2023 USD Term Loan B, (1-mo. CME <br> Term SOFR + 3.00%), 7.33%, 08/18/28<br>|  | 356 | 354669 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, <br> 11/01/30<br>|  | 844 | 839528 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>|  | 75 | 74462 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.08%, 12/18/30<br>|  | 809 | 811029 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>|  | 306 | 305523 |
| H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>|  | 313 | 313487 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 02/18/30<br>|  | 294 | 280863 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.58%, 10/07/31<br>|  | 297 | 270502 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>|  | 693 | 630283 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 11/26/31<br>|  | 497 | 496878 |
| Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, <br> 03/29/28<br>|  | 1047 | 1049599 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>|  | 647 | 649374 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), <br> 7.35%, 04/08/31<br>|  | 849 | 796711 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>|  | 276 | 273544 |
| Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 06/20/31<br>|  | 1212 | 1196206 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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%), 7.32%, <br> 08/02/30<br>| USD | 854 | $844581 |
| WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/22/28<br>|  | 801 | 801383 |
|  |  |  | 10293966 |
| **Commercial Services & Supplies — 3.5%** | **Commercial Services & Supplies — 3.5%** | **Commercial Services & Supplies — 3.5%** | **Commercial Services & Supplies — 3.5%** |
| Action Environmental Group, Inc., 2023 Term Loan B, <br> (3-mo. CME Term SOFR + 3.75%), 8.05%, <br> 10/24/30<sup>(e)</sup><br>|  | 449 | 449273 |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.85%), 8.18%, 05/12/28<br>|  | 2389 | 2399478 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>|  | 339 | 340076 |
| Aramark Services, Inc. |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 2.00%), 6.33%, 04/06/28<br>|  | 383 | 383394 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.33%, 06/22/30<br>|  | 1043 | 1043960 |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, <br> 09/07/27<br>|  | 988 | 989574 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 04/01/32<br>|  | 425 | 424001 |
| Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/09/28<br>|  | 651 | 656892 |
| Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.24%, <br> 09/30/31<br>|  | 2391 | 2362437 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>|  | 867 | 867507 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>|  | 1305 | 1303917 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, <br> 06/02/31<sup>(o)</sup><br>|  | 252 | 251994 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, <br> 10/17/30<br>|  | 347 | 347630 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>|  | 801 | 719629 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 03/11/32<br>|  | 1374 | 1375274 |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>|  | 444 | 443534 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>|  | 933 | 923619 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, <br> 06/28/30<br>|  | 1034 | 1036862 |
| Reworld Holding Corp , Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>|  | 472 | 472989 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Reworld Holding Corp., Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>| USD | 37 | $36521 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.83%, 11/14/30<br>|  | 46 | 46456 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> 02/15/29<sup>(o)</sup><br>|  | 149 | 148996 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 08/31/28<br>|  | 1029 | 1024288 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br> + 4.10%), 8.43%, 11/02/27<br>|  | 319 | 302351 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>|  | 432 | 413375 |
|  |  |  | 18764027 |
| **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%), 6.07%, <br> 10/24/30<br>|  | 825 | 828002 |
| Viasat, Inc. |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.93%, 05/30/30<br>|  | 147 | 140277 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.61%), 8.94%, 03/02/29<br>|  | 108 | 103244 |
|  |  |  | 1071523 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.78%, 08/01/30<br>|  | 2123 | 1768468 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 11/03/31<br>|  | 163 | 163588 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.58%, <br> 12/18/28<br>|  | 240 | 239411 |
| Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME <br> Term SOFR + 3.11%), 7.44%, 01/21/28<br>|  | 423 | 425640 |
|  |  |  | 2597107 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 01/31/31<br>|  | 845 | 848030 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>|  | 384 | 347012 |
| Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>|  | 410 | 376126 |
| Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, <br> 12/14/27<br>|  | 255 | 255422 |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 03/19/29<br>|  | 697 | 696663 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.58%, 02/10/32<br>|  | 380 | 379382 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Quikrete Holdings, Inc. (continued) |  |  |  |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 04/14/31<br>| USD | 789 | $787276 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 1.75%), 6.07%, 09/22/28<br>|  | 218 | 218670 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>|  | 1790 | 1777395 |
|  |  |  | 5685976 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>|  | 181 | 182210 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/03/31<br>|  | 647 | 651672 |
|  |  |  | 833882 |
| **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** | **Containers & Packaging — 1.0%** |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-<br> mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.06%, 11/29/30<br>|  | 1876 | 1881629 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>|  | 5 | 5111 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.58%, 04/01/32<br>|  | 929 | 925448 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(o)</sup> |  | 698 | 692940 |
| Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/15/27<br>|  | 645 | 644199 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.33%, 02/01/29<br>|  | 425 | 425451 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>|  | 208 | 208680 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>|  | 619 | 607544 |
|  |  |  | 5391002 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>|  | 780 | 781895 |
| KUEHG Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>|  | 420 | 419941 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR + 4.00%), 8.29%, <br> 08/11/28<br>|  | 109 | 108819 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.78%, <br> 07/25/30<br>|  | 338 | 338794 |
| PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31<br>|  | 378 | 378856 |
| Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 7.33%, 02/07/31<br>|  | 237 | 237463 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Spring Education Group, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>| USD | 788 | $790070 |
| Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>|  | 291 | 292333 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>|  | 1039 | 1033281 |
|  |  |  | 4381452 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/20/30<br>|  | 247 | 245691 |
| **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(e)</sup><br>|  | 511 | 472703 |
| Connect Finco SARL, 2024 Extended Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.83%, 09/27/29<br>|  | 375 | 355018 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>|  | 1629 | 1645632 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 537 | 529765 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>|  | 416 | 410748 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 10.33%, 06/01/28<br>|  | 46 | 46871 |
| ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR <br> at 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>|  | 306 | 275375 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, 09/25/29<sup>(o)</sup> |  | 2214 | 1927993 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br> mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29<br>|  | 607 | 601070 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>|  | 2557 | 2426802 |
|  |  |  | 8691977 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>|  | 781 | 781557 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br> mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30<br>|  | 683 | 684663 |
|  |  |  | 1466220 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.32%, 12/21/29<br>|  | 105 | 105314 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(e)</sup><br>|  | 228 | 227700 |
| Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.33%, <br> 07/02/29<br>|  | 885 | 885361 |
|  |  |  | 1113061 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>| USD | 219 | $219366 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>|  | 700 | 695483 |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>|  | 1789 | 1793045 |
| Delta 2 Lux SARL |  |  |  |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>|  | 896 | 896584 |
| 2024 Term Loan B2, 09/30/31<sup>(o)</sup> |  | 449 | 448830 |
| Live Nation Entertainment, Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>|  | 852 | 851012 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>|  | 687 | 652184 |
| NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26<sup>(i)</sup><br>|  | 285 | 262425 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME <br> Term SOFR + 2.86%), 7.19%, 03/13/28<br>|  | 418 | 409815 |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 11/21/31<br>|  | 1453 | 1457865 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/24/31<br>|  | 1622 | 1623236 |
|  |  |  | 9090479 |
| **Financial Services — 3.1%** | **Financial Services — 3.1%** | **Financial Services — 3.1%** | **Financial Services — 3.1%** |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>|  | 756 | 755206 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>|  | 514 | 512213 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 02/27/32<br>|  | 837 | 833606 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>|  | 1251 | 1250814 |
| Belron Finance LLC, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 10/16/31<br>|  | 1916 | 1922268 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.30%, 01/31/31<br>|  | 2193 | 2197593 |
| CPI Holdco B LLC |  |  |  |
| 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>|  | 430 | 429463 |
| 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), <br> 6.33%, 05/19/31<br>|  | 1069 | 1065362 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 1436 | 1392912 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>|  | 536 | 510736 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 1882 | 1882583 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>| USD | 76 | $75813 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(o)</sup><br>|  | 414 | 413656 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 01/31/30<br>|  | 179 | 178121 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 96 | 96207 |
| Hyperion Refinance SARL, 2024 USD 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.33%, 02/15/31<br>|  | 1121 | 1123970 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(o)</sup> |  | 521 | 522563 |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>|  | 1178 | 1181785 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 03/31/28<br>|  | 169 | 169053 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>|  | 309 | 308260 |
|  |  |  | 16822184 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>|  | 2773 | 2779568 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 6.50%), 10.83%, <br> 03/29/30<br>|  | 75 | 75913 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<br>|  | 576 | 575289 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.55%, <br> 03/31/28<br>|  | 503 | 504106 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/29/32<br>|  | 1040 | 1038967 |
| Wellness Pet LLC |  |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.95%), 8.28%, <br> 12/31/29<br>|  | 107 | 89924 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.01%), 8.08%, <br> 12/31/29<br>|  | 60 | 32939 |
|  |  |  | 5096706 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR + 1.86%), 6.19%, 08/06/27<br>|  | 351 | 347539 |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 04/10/31<br>|  | 2390 | 2375247 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>|  | 600 | 497256 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** | **Ground Transportation (continued)** |
| Hertz Corp. (continued) |  |  |  |
| 2021 Term Loan C, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>| USD | 118 | $97618 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 8.00%), 12.32%, <br> 08/20/29<br>|  | 247 | 96454 |
|  |  |  | 3414114 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>|  | 452 | 451385 |
| 2025 Term Loan B, 06/26/30<sup>(o)</sup> |  | 1236 | 1233442 |
|  |  |  | 1684827 |
| **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** |
| Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.43%, <br> 11/08/27<br>|  | 78 | 78686 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 09/29/28<br>|  | 453 | 453865 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.78%, <br> 11/08/32<br>|  | 682 | 683785 |
| Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/26/31<br>|  | 345 | 345483 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + <br> 2.75%), 7.07%, 05/01/31<br>|  | 1642 | 1632587 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, <br> 08/01/29<br>|  | 851 | 854230 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 11/01/28<br>|  | 1215 | 1217421 |
| EyeCare Partners LLC |  |  |  |
| 2024 Second Out Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, <br> 11/30/28<sup>(i)</sup><br>|  | 304 | 238812 |
| 2024 Superpriority New Money 1st Out Term Loan A, <br> (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br> 9.88%, 08/31/28<br>|  | 299 | 303285 |
| 2024 Third Out Term Loan C, (3-mo. CME Term SOFR <br> + 6.85%, 10.98% PIK), 10.98%, 11/30/28<sup>(g)(i)(j)</sup><br>|  | 14 | 3612 |
| Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 3.75%), 8.08%, 07/01/30<br>|  | 56 | 50027 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>|  | 726 | 698101 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>|  | 256 | 257316 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, <br> 05/19/31<br>|  | 459 | 453866 |
| Medical Solutions Holdings, Inc. |  |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.60%), 7.88%, 11/01/28<br>|  | 388 | 200856 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.10%), 11.38%, 11/01/29<br>|  | 247 | 104152 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 10/23/28<br>| USD | 4248 | $4250448 |
| Option Care Health, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 2.25%), 6.58%, 10/27/28<br>|  | 651 | 654491 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>|  | 1369 | 1332639 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>|  | 64 | 64110 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/19/31<br>|  | 299 | 298742 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 529 | 523389 |
| Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 12/19/30<br>|  | 860 | 862144 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 1.75%), 6.08%, 08/01/31<br>|  | 600 | 600523 |
|  |  |  | 16162570 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>|  | 3009 | 3004329 |
| PointClickCare Technologies, Inc., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 11/03/31<br>|  | 521 | 521970 |
| Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>|  | 256 | 256746 |
|  |  |  | 3783045 |
| **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** |
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 09/20/30<br>|  | 1164 | 1157621 |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.93%, <br> 03/11/30<br>|  | 106 | 104221 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>|  | 117 | 116403 |
| Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 05/31/30<br>|  | 605 | 605792 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>|  | 813 | 716296 |
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/06/31<br>|  | 1898 | 1893953 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/30<br>|  | 483 | 482176 |
| Carnival Corp. |  |  |  |
| 2025 Term Loan (2027), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 08/08/27<br>|  | 126 | 125836 |
| 2025 Term Loan (2028), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 10/18/28<br>|  | 340 | 339680 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 12/02/31<br>| USD | 418 | $417565 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/04/32<br>|  | 1042 | 1038479 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 01/27/29<br>|  | 2511 | 2506934 |
| Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, <br> 11/30/30<br>|  | 1697 | 1691090 |
| Flutter Financing BV, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 06/04/32<sup>(e)</sup><br>|  | 307 | 306616 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/30/29<br>|  | 1300 | 1306907 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>|  | 461 | 449201 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 05/27/32<br>|  | 488 | 490948 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30<br>|  | 1350 | 1354374 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, <br> 12/15/27<br>|  | 950 | 949797 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>|  | 658 | 657141 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30<br>|  | 105 | 103588 |
| Packers Holdings LLC, 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.68%, <br> 03/09/28<br>|  | 483 | 258459 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 05/03/29<br>|  | 1148 | 1148399 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>|  | 299 | 298351 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.33%, 12/04/31<br>|  | 238 | 237690 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/01/31<br>|  | 242 | 241560 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 03/14/31<br>|  | 1395 | 1397026 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(o)</sup> |  | 639 | 631722 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 08/03/28<br>|  | 585 | 585457 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 05/24/30<br>|  | 680 | 682155 |
|  |  |  | 22295437 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 01/20/32<br>| USD | 1391 | $1384703 |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>|  | 342 | 342195 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, <br> (3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28<br>|  | 199 | 180164 |
| Somnigroup International, Inc., 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 10/24/31<br>|  | 343 | 343878 |
| Springs Windows Fashions, LLC, 2024 First Lien Second <br> Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% <br> Floor + 4.11%), 8.44%, 10/06/28<br>|  | 392 | 298845 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, <br> 12/19/29<br>|  | 129 | 128144 |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 10/30/27<br>|  | 492 | 488231 |
|  |  |  | 3166160 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
| Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 2.00%), 6.33%, 07/31/30<br>|  | 931 | 930345 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 411 | 410047 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>|  | 488 | 489381 |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.81%, 12/15/31<br>|  | 336 | 336993 |
|  |  |  | 2166766 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(e)(o)</sup><br>|  | 179 | 179895 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, <br> 10/17/31<br>|  | 147 | 147228 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 08/04/31<br>|  | 901 | 899108 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.50%), 6.83%, 05/31/30<br>|  | 1012 | 1010907 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br> CME Term SOFR + 7.50%), 12.06%, 12/31/29<br>|  | 56 | 46411 |
|  |  |  | 2283549 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>|  | 3463 | 3463641 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, <br> 01/30/32<br>|  | 1785 | 1785351 |
| Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 12/29/31<br>|  | 1195 | 1194411 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>| USD | 1708 | $1711676 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor <br> + 3.00%), 7.31%, 05/26/31<br>|  | 937 | 935953 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, <br> 06/20/30<br>|  | 2153 | 2158921 |
| Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.03%, 03/15/30<br>|  | 581 | 577516 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/15/31<br>|  | 1207 | 1204751 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 05/06/31<br>|  | 1605 | 1605300 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>|  | 227 | 229254 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 09/29/30<br>|  | 1026 | 1022603 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 11/21/29<br>|  | 1508 | 1505250 |
|  |  |  | 17394627 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 2.75%), 7.08%, 01/31/31<br>|  | 763 | 754203 |
| **IT Services — 3.3%** | **IT Services — 3.3%** | **IT Services — 3.3%** | **IT Services — 3.3%** |
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/31/28<br>|  | 364 | 347165 |
| 2021 2nd Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/20/29<br>|  | 538 | 498070 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.68%, 08/19/28<br>|  | 660 | 652028 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>|  | 175 | 170032 |
| 2025 Term Loan B13, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.55%, 09/19/30<br>|  | 1421 | 1379223 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>|  | 1762 | 1467144 |
| Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, <br> 04/21/32<sup>(e)</sup><br>|  | 517 | 516354 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>|  | 696 | 690781 |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, <br> 05/30/31<br>|  | 1702 | 1705686 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(e)</sup><br>|  | 310 | 310047 |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 05/30/31<br>|  | 1152 | 1152588 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 11/09/29<br>|  | 654 | 654761 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Magenta Security Holdings LLC |  |  |  |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>| USD | 202 | $168252 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%, % PIK), 11.54%, <br> 07/27/28<sup>(i)</sup><br>|  | 209 | 96080 |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(g)(i)(j)</sup><br>|  | 558 | 129376 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>|  | 1190 | 1188103 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.58%, 06/17/32<br>|  | 191 | 187132 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>|  | 287 | 276041 |
| Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan <br> B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 11/17/31<br>|  | 888 | 888823 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor <br> + 3.25%), 7.55%, 10/26/30<br>|  | 476 | 477854 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.30%, 07/16/31<br>|  | 860 | 861270 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 07/31/31<br>|  | 2079 | 2086069 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(o)</sup> |  | 399 | 402116 |
| X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>|  | 1422 | 1387357 |
| X.AI LLC, 1st Lien Term Loan , 06/28/30<sup>(o)</sup> |  | 350 | 333228 |
|  |  |  | 18025580 |
| **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>|  | 1009 | 1009303 |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>|  | 1253 | 1250765 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.79%, 03/15/30<br>|  | 268 | 268633 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(e)</sup><br>|  | 121 | 120693 |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 10/21/28<br>|  | 1566 | 1571537 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 07/03/31<br>|  | 154 | 153773 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 2149 | 2153665 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 11/22/29<br>|  | 415 | 413582 |
| Madison IAQ LLC |  |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.56%, 05/06/32<br>|  | 848 | 849789 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Madison IAQ LLC (continued) |  |  |  |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.76%, 06/21/28<br>| USD | 1789 | $1789578 |
| SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 04/05/29<br>|  | 1002 | 1004600 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30<br>|  | 1367 | 1369527 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>|  | 1359 | 1360236 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>|  | 442 | 191957 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/27/31<br>|  | 907 | 906460 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 2.11%), 6.44%, 10/04/28<br>|  | 389 | 391198 |
|  |  |  | 14805296 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>|  | 1164 | 1052039 |
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.30%, 12/07/30<br>|  | 636 | 635461 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 12/15/31<br>|  | 485 | 485169 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 347 | 343811 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>|  | 1256 | 1222561 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>|  | 223 | 219250 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>|  | 152 | 152423 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>|  | 377 | 376481 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, <br> 02/21/31<sup>(e)</sup><br>|  | 201 | 201729 |
| Gray Television, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 9.57%, 06/04/29<br>|  | 172 | 172098 |
| Learfield Communications LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.83%, 06/30/28<br>|  | 358 | 359742 |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>|  | 1279 | 1284396 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 04/30/28<br>|  | 510 | 497831 |
|  |  |  | 7002991 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 11/22/30<br>|  | 169 | 169646 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.52%, 12/21/28<br>| USD | 1134 | $1133393 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 10/04/30<br>|  | 134 | 133798 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>|  | 442 | 441892 |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/01/32<br>|  | 328 | 329171 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>|  | 173 | 174204 |
| New Fortress Energy, Inc., 2025 Incremental Term Loan <br> B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>|  | 149 | 80057 |
| NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.08%, 02/03/31<br>|  | 138 | 136829 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 6.57%, 10/05/28<br>|  | 1449 | 1447982 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>|  | 140 | 139796 |
|  |  |  | 4186768 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| AAdvantage Loyalty IP Ltd., 2025 Term Loan B, <br> 05/28/32<sup>(o)</sup><br>|  | 363 | 364997 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>|  | 827 | 826585 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 5.98%, <br> 01/29/27<br>|  | 414 | 409870 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>|  | 340 | 337154 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.50%, 02/15/28<br>|  | 650 | 643069 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.52%, 04/20/28<br>|  | 488 | 484392 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 08/27/29<br>|  | 458 | 427889 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>|  | 612 | 611842 |
|  |  |  | 4105798 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, <br> 05/04/28<br>|  | 644 | 653967 |
| Elanco Animal Health, Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.17%, 08/01/27<br>|  | 645 | 644358 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28<br>|  | 1087 | 1090898 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(o)</sup> |  | 980 | 983371 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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%), 6.57%, 05/19/31<br>| USD | 288 | $282139 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 04/20/29<br>|  | 330 | 330385 |
|  |  |  | 3985118 |
| **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** | **Professional Services — 2.4%** |
| AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 02/04/28<br>|  | 1044 | 1047206 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>|  | 827 | 825022 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 06/02/28<br>|  | 1056 | 1043980 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 04/28/28<br>|  | 1635 | 1634668 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(e)</sup><br>|  | 1319 | 1318713 |
| Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/18/29<br>|  | 2560 | 2557599 |
| Element Materials Technology Group U.S. Holdings, Inc., <br> 2022 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>|  | 336 | 336322 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 330 | 306090 |
| Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.08%, 05/12/28<br>|  | 486 | 478978 |
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 1014 | 1015344 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 1052 | 1052296 |
| Zelis Payments Buyer, Inc., 5th Amendment Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 11/26/31<br>|  | 1188 | 1180438 |
|  |  |  | 12796656 |
| **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, 2024 Tranche <br> 2 Incremental Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 01/31/30<br>|  | 284 | 285316 |
| **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, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.06%, 07/06/29<br>|  | 367 | 368222 |
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>|  | 1307 | 1308657 |
|  |  |  | 1676879 |
| **Software — 6.4%** | **Software — 6.4%** | **Software — 6.4%** | **Software — 6.4%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>|  | 1922 | 1928796 |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/15/29<br>|  | 655 | 541682 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>| USD | 1795 | $1782247 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 06/17/30<br>|  | 724 | 723209 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.33%, 01/23/32<br>|  | 1493 | 1493204 |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 2576 | 2577866 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 1479 | 1481651 |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>|  | 347 | 313386 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 872 | 835736 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>|  | 2345 | 2345727 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(e)</sup><br>|  | 418 | 415738 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>|  | 1533 | 1536030 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(e)</sup><br>|  | 284 | 289680 |
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 09/12/29<br>|  | 1755 | 1752158 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.08%, 04/16/32<br>|  | 273 | 272386 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>|  | 2393 | 2391127 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>|  | 681 | 682913 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 03/20/32<br>|  | 1597 | 1602491 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>|  | 1380 | 1338244 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 357 | 334218 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>|  | 322 | 278851 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>|  | 179 | 174294 |
| Proofpoint, Inc. |  |  |  |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.33%, 08/31/28<br>|  | 1700 | 1699666 |
| 2025 Fungible Term Loan, 08/31/28<sup>(o)</sup> |  | 187 | 187021 |
| QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.30%, 04/30/32<br>|  | 245 | 246259 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>|  | 1022 | 1014152 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>| USD | 114 | $112018 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 65 | 64112 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>|  | 28 | 27693 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 521 | 519037 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 159 | 150092 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/09/31<br>|  | 1868 | 1876259 |
| UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>|  | 1846 | 1852001 |
| Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.03%, <br> 07/20/28<br>|  | 131 | 131430 |
| VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.02%, <br> 04/12/31<br>|  | 1534 | 1539355 |
|  |  |  | 34510729 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| Fender Musical Instruments Corp., 2021 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), <br> 8.43%, 12/01/28<br>|  | 68 | 61236 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 04/23/31<br>|  | 513 | 512414 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br> Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 3.00%), 7.33%, 05/04/28<br>|  | 1735 | 1732649 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 459 | 453662 |
| Restoration Hardware, Inc. |  |  |  |
| 2022 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28<br>|  | 141 | 136957 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.61%), 6.94%, 10/20/28<br>|  | 307 | 297450 |
|  |  |  | 3194368 |
| **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** | **Trading Companies & Distributors — 0.9%** |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 07/27/28<br>|  | 1520 | 1519110 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 02/09/31<br>|  | 375 | 375422 |
| Foundation Building Materials, Inc., 2024 Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.28%, 01/29/31<br>|  | 1254 | 1225529 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>|  | 269 | 268709 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 05/12/30<br>|  | 339 | 338744 |
| Herc Holdings, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>|  | 156 | 156456 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>| USD | 430 | $328917 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 2.00%, 3.25% <br> PIK), 9.58%, 06/30/29<sup>(e)(i)</sup><br>|  | 778 | 467022 |
|  |  |  | 4679909 |
| **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>|  | 1733 | 1728686 |
| Brown Group Holding LLC |  |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>|  | 742 | 742466 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.50%), 6.83%, 07/01/31<br>|  | 1045 | 1045496 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>|  | 614 | 609630 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>|  | 157 | 156123 |
|  |  |  | 4282401 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.19%, 04/30/28<br>|  | 363 | 355270 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>|  | 1022 | 1023155 |
|  |  |  | 1378425 |
| **Total Floating Rate Loan Interests — 58.6%** <br>**(Cost: $318,938,292)** | **Total Floating Rate Loan Interests — 58.6%** <br>**(Cost: $318,938,292)** | **Total Floating Rate Loan Interests — 58.6%** <br>**(Cost: $318,938,292)** | 316199470 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |  |
| Bahrain Government International Bonds, 6.75%, <br> 09/20/29<sup>(f)</sup><br>|  | 200 | 203376 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(f)</sup><br>|  | 24 | 23460 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bonds, 4.34%, <br> 03/07/42<sup>(c)</sup><br>|  | 200 | 173100 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| Colombia Government International Bonds, 8.00%, <br> 04/20/33<sup>(c)</sup><br>|  | 200 | 206900 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bonds<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 01/30/30 |  | 200 | 190000 |
| 7.05%, 02/03/31 |  | 150 | 157230 |
| 4.88%, 09/23/32 |  | 150 | 138375 |
|  |  |  | 485605 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Government International Bonds, 7.50%, <br> 02/16/61<sup>(b)</sup><br>|  | 200 | 145350 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Hungary Government International Bonds, Series 10Y, <br> 5.38%, 09/12/33<sup>(f)</sup><br>| EUR | 39 | 49486 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| Morocco Government International Bonds, 2.38%, <br> 12/15/27<sup>(b)</sup><br>| USD | 200 | $188250 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bonds, 8.38%, <br> 03/24/29<sup>(b)</sup><br>|  | 200 | 201250 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<sup>(b)</sup> |  | 62 | 61923 |
| 2.12%, 07/16/31<sup>(f)</sup> | EUR | 156 | 152867 |
| 5.88%, 07/11/32<sup>(b)</sup> |  | 37 | 43922 |
| 6.25%, 09/10/34<sup>(b)</sup> |  | 33 | 39142 |
|  |  |  | 297854 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Republic of South Africa Government International <br> Bonds, 5.00%, 10/12/46<br>| USD | 230 | 160712 |
| **Total Foreign Agency Obligations — 0.4%** <br>**(Cost: $2,101,767)** | **Total Foreign Agency Obligations — 0.4%** <br>**(Cost: $2,101,767)** | **Total Foreign Agency Obligations — 0.4%** <br>**(Cost: $2,101,767)** | 2135343 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.0%** | **Equity Funds — 0.0%** |  |
| Hearthside Equity | 4335 | 82798 |
| **Fixed Income Funds — 0.3%** | **Fixed Income Funds — 0.3%** |  |
| Invesco Senior Loan ETF | 80000 | 1673600 |
| **Total Investment Companies — 0.3%** <br>**(Cost: $1,734,389)** | **Total Investment Companies — 0.3%** <br>**(Cost: $1,734,389)** | 1756398 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 2.9%** | **Collateralized Mortgage Obligations — 2.9%** | **Collateralized Mortgage Obligations — 2.9%** | **Collateralized Mortgage Obligations — 2.9%** |
| Alternative Loan Trust |  |  |  |
| Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 | USD | 945 | 508378 |
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1758 | 685597 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 530 | 245256 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| Series 2005-17, Class 1A6, 5.50%, 09/25/35 |  | 68 | 67517 |
| Series 2006-17, Class A2, 6.00%, 12/25/36 |  | 611 | 269806 |
| Series 2007-HY5, Class 3A1, 5.57%, 09/25/37<sup>(a)</sup> |  | 166 | 154540 |
| COLT Mortgage Loan Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1631 | 1623380 |
| Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 196 | 196578 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1397 | 1401075 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69<sup>(c)</sup> |  | 1172 | 1176266 |
| Ellington Financial Mortgage Trust, Series 2021-2, <br> Class A1, 0.93%, 06/25/66<sup>(a)(b)</sup><br>|  | 174 | 145093 |
| GCAT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67<sup>(c)</sup> |  | 1260 | 1255488 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | 915538 |
| GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, <br> 5.08%, 10/25/35<sup>(a)</sup><br>|  | 291 | 148003 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, <br> 10/25/69<sup>(b)(d)</sup><br>|  | 548 | 550830 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| JP Morgan Mortgage Trust, Series 2022-DSC1, <br> Class A1, 4.75%, 01/25/63<sup>(a)(b)</sup><br>| USD | 311 | $303237 |
| OBX Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-NQM9, Class A1A, 6.45%, 09/25/62<sup>(d)</sup> |  | 71 | 70544 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63<sup>(d)</sup> |  | 762 | 767667 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<sup>(a)</sup> |  | 1148 | 1151375 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br> 5.50%, 10/25/54<sup>(a)(b)</sup><br>|  | 932 | 927220 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br> Class A1A, 4.10%, 07/25/57<sup>(b)(d)</sup><br>|  | 503 | 494456 |
| Verus Securitization Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2022-3, Class A1, 4.13%, 02/25/67<sup>(c)</sup> |  | 1147 | 1096309 |
| Series 2022-7, Class A1, 5.15%, 07/25/67<sup>(c)</sup> |  | 1333 | 1342065 |
| Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 318 | 317429 |
|  |  |  | 15813647 |
| **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 1.9%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 1.9%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 1.9%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 1.9%** |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, <br> Class D, (1 mo. Term SOFR + 2.69%), 7.00%, <br> 11/15/41<sup>(a)</sup><br>|  | 630 | 630787 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, <br> Class D, (1 mo. Term SOFR + 2.59%), 6.90%, <br> 03/15/41<sup>(a)</sup><br>|  | 379 | 379057 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, <br> Class D, 7.23%, 11/05/39<sup>(a)</sup><br>|  | 200 | 203945 |
| BX Commercial Mortgage Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2021-CIP, Class A, (1 mo. Term SOFR + <br> 1.04%), 5.35%, 12/15/38<br>|  | 880 | 879095 |
| Series 2021-XL2, Class A, (1 mo. Term SOFR + <br> 0.80%), 5.12%, 10/15/38<br>|  | 146 | 145724 |
| Series 2024-MF, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 02/15/39<br>|  | 452 | 452570 |
| Series 2024-XL4, Class C, (1 mo. Term SOFR + <br> 2.19%), 6.50%, 02/15/39<br>|  | 95 | 94934 |
| BX Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2022 VAMF, Class A, (1 mo. Term SOFR + <br> 0.85%), 5.16%, 01/15/39<br>|  | 1200 | 1199250 |
| Series 2024-BIO, Class C, (1 mo. Term SOFR + <br> 2.64%), 6.95%, 02/15/41<br>|  | 240 | 239100 |
| Series 2024-CNYN, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 04/15/41<br>|  | 671 | 672444 |
| Series 2024-PAT, Class B, (1 mo. Term SOFR + <br> 3.04%), 7.35%, 03/15/41<br>|  | 170 | 170000 |
| Century Plaza Towers, Series 2019-CPT, Class C, <br> 3.10%, 11/13/39<sup>(a)</sup><br>|  | 250 | 218513 |
| CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term <br> SOFR + 3.04%), 7.35%, 08/15/41<sup>(a)</sup><br>|  | 660 | 658287 |
| DC Trust, Series 2024-HLTN, Class C, 7.29%, <br> 04/13/40<sup>(a)</sup><br>|  | 220 | 219833 |
| GS Mortgage Securities Trust<sup>(a)</sup> <br>|  |  |  |
| (1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41 |  | 900 | 900168 |
| Series 2025-800D, Class A, (1 mo. Term SOFR + <br> 2.65%), 6.96%, 11/25/41<br>|  | 195 | 195348 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br> Class C, (1 mo. Term SOFR + 2.39%), 6.70%, <br> 06/15/39<sup>(a)</sup><br>|  | 800 | 798004 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, <br> 8.73%, 06/12/39<br>|  | 790 | 798960 |
| MIC Trust, Series 2023-MIC, Class B, 9.86%, <br> 12/05/38<sup>(a)</sup><br>|  | 234 | 255251 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br> Class D, (1 mo. Term SOFR + 2.94%), 7.25%, <br> 11/15/34<sup>(a)</sup><br>| USD | 270 | $272094 |
| VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36<sup>(a)</sup> |  | 650 | 613585 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-<br> BPRC, Class D, 7.08%, 07/15/43<br>|  | 250 | 250917 |
|  |  |  | 10247866 |
| **Total Non-Agency Mortgage-Backed Securities — 4.8%** <br>**(Cost: $26,964,083)** | **Total Non-Agency Mortgage-Backed Securities — 4.8%** <br>**(Cost: $26,964,083)** | **Total Non-Agency Mortgage-Backed Securities — 4.8%** <br>**(Cost: $26,964,083)** | 26061513 |

---

&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<sup>(e)(p)</sup> | USD | 918 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Millennium Corp.<sup>(e)(p)</sup> |  | 861 |
| **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 — 6.9%**<sup>(a)</sup> | **Capital Trusts — 6.9%**<sup>(a)</sup> | **Capital Trusts — 6.9%**<sup>(a)</sup> | **Capital Trusts — 6.9%**<sup>(a)</sup> |
| **Banks**<sup>(k)</sup> **— 0.6%** | **Banks**<sup>(k)</sup> **— 0.6%** | **Banks**<sup>(k)</sup> **— 0.6%** |  |
| ING Groep NV, 3.88%<sup>(c)</sup> | USD | 1750 | 1625887 |
| Krung Thai Bank PCL/Cayman Islands, 4.40%<sup>(f)</sup> |  | 202 | 198869 |
| Nordea Bank Abp, 3.75%<sup>(b)(c)</sup> |  | 560 | 502919 |
| PNC Financial Services Group, Inc., Series W, 6.25%<sup>(c)</sup> |  | 789 | 811271 |
| Rizal Commercial Banking Corp., 6.50%<sup>(f)</sup> |  | 200 | 199500 |
|  |  |  | 3338446 |
| **Electric Utilities**<sup>(c)</sup> **— 1.1%** | **Electric Utilities**<sup>(c)</sup> **— 1.1%** | **Electric Utilities**<sup>(c)</sup> **— 1.1%** |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  | 3750 | 3735643 |
| PG&E Corp., 7.38%, 03/15/55 |  | 2078 | 1967908 |
|  |  |  | 5703551 |
| **Financial Services**<sup>(c)</sup> **— 4.4%** | **Financial Services**<sup>(c)</sup> **— 4.4%** | **Financial Services**<sup>(c)</sup> **— 4.4%** |  |
| Bank of America Corp., 6.63%<sup>(k)</sup> |  | 4260 | 4411882 |
| Barclays PLC<sup>(k)</sup> <br>|  |  |  |
| 4.38% |  | 2455 | 2285212 |
| 8.00% |  | 2200 | 2307639 |
| 9.63% |  | 805 | 894120 |
| JPMorgan Chase & Co. |  |  |  |
| Series II, 7.04%<sup>(k)</sup> |  | 4000 | 4020400 |
| Series U, 5.48%, 01/15/87 |  | 325 | 297337 |
| Lloyds Banking Group PLC<sup>(k)</sup> <br>|  |  |  |
| 6.75% |  | 450 | 452386 |
| 7.50% |  | 1250 | 1253356 |
| NatWest Group PLC<sup>(k)</sup> <br>|  |  |  |
| 6.00% |  | 1185 | 1183053 |
| 8.13% |  | 735 | 792811 |
| UBS Group AG<sup>(b)(k)</sup> <br>|  |  |  |
| Series NC10, 9.25% |  | 4640 | 5365747 |
| Series NC5, 9.25% |  | 460 | 502078 |
|  |  |  | 23766021 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers**<sup>(b)(k)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(k)</sup> **— 0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(k)</sup> **— 0.1%** |  |
| NRG Energy, Inc., 10.25%<sup>(c)</sup> | USD | 475 | $527455 |
| Vistra Corp., 7.00% |  | 209 | 211515 |
|  |  |  | 738970 |
| **Pharmaceuticals**<sup>(c)</sup> **— 0.6%** | **Pharmaceuticals**<sup>(c)</sup> **— 0.6%** | **Pharmaceuticals**<sup>(c)</sup> **— 0.6%** |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 635 | 636383 |
| 7.00%, 03/10/55 |  | 2605 | 2686824 |
|  |  |  | 3323207 |
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |  |
| Electricite de France SA, 3.00%<sup>(f)(k)</sup> | EUR | 200 | 230923 |
|  |  |  | 37101118 |

---

&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%<sup>(a)(k)</sup> | 55000 | 1382150 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30<sup>(g)</sup> | 107 | 18660 |
| **IT Services**<sup>(e)(g)</sup> **— 0.0%** | **IT Services**<sup>(e)(g)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 2283 | 51368 |
| Series G-1 | 1576 | 35460 |
|  |  | 86828 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| CF-B L2 (D) LLC, (Acquired 06/04/25, Cost: $1,853)<sup>(g)(h)</sup> | 1852 |  |
|  |  | 1487638 |
| **Total Preferred Securities — 7.2%** <br>**(Cost: $38,408,897)** | **Total Preferred Securities — 7.2%** <br>**(Cost: $38,408,897)** | 38588756 |

---

&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 — 3.8%** | **Mortgage-Backed Securities — 3.8%** | **Mortgage-Backed Securities — 3.8%** |  |
| Freddie Mac Mortgage-Backed Securities, 4.00%, <br> 05/01/39<sup>(c)</sup><br>| USD | 791 | 779017 |
| Uniform Mortgage-Backed Securities |  |  |  |
| 3.50%, 09/01/42 - 10/01/42<sup>(c)</sup> |  | 8349 | 7841139 |
| 4.50%, 06/01/44<sup>(c)</sup> |  | 1516 | 1501199 |
| 5.00%, 11/01/44 - 07/15/54<sup>(c)(q)</sup> |  | 5303 | 5276739 |
| 6.00%, 07/15/54<sup>(q)</sup> |  | 5300 | 5385451 |
|  |  |  | 20783545 |
| **Total U.S. Government Sponsored Agency Securities — 3.8%** <br>**(Cost: $20,494,329)** | **Total U.S. Government Sponsored Agency Securities — 3.8%** <br>**(Cost: $20,494,329)** | **Total U.S. Government Sponsored Agency Securities — 3.8%** <br>**(Cost: $20,494,329)** | 20783545 |

---

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

---

| | | |
|:---|:---|:---|
| *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)<sup>(g)</sup><br>| 1315 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 157.1%** <br>**(Cost: $845,914,226)** | **Total Long-Term Investments — 157.1%** <br>**(Cost: $845,914,226)** | 847651104 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(r)(s)</sup><br>| 1310068 | 1310068 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 5.3%** | **U.S. Treasury Obligations — 5.3%** | **U.S. Treasury Obligations — 5.3%** |  |
| U.S. Treasury Notes, 4.88%, 05/31/26<sup>(c)</sup> | USD | 28500 | 28703731 |
| **Total Short-Term Securities — 5.6%** <br>**(Cost: $29,841,278)** | **Total Short-Term Securities — 5.6%** <br>**(Cost: $29,841,278)** | **Total Short-Term Securities — 5.6%** <br>**(Cost: $29,841,278)** | 30013799 |
| **Total Investments — 162.7%** <br>**(Cost: $875,755,504)** | **Total Investments — 162.7%** <br>**(Cost: $875,755,504)** | **Total Investments — 162.7%** <br>**(Cost: $875,755,504)** | 877664903 |
| **Liabilities in Excess of Other Assets — (62.7)%** | **Liabilities in Excess of Other Assets — (62.7)%** | **Liabilities in Excess of Other Assets — (62.7)%** | (338299537)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $539365366 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $400,240, representing 0.1% of its net assets as of period end, and an original cost of $318,339. 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(k)</sup> Perpetual security with no stated maturity date.

<sup>(l)</sup> Convertible security.

<sup>(m)</sup> Zero-coupon bond.

<sup>(n)</sup> When-issued security.

<sup>(o)</sup> 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. 

<sup>(p)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

<sup>(q)</sup> Represents or includes a TBA transaction.

<sup>(r)</sup> Affiliate of the Fund.

<sup>(s)</sup> 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 Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $346004<br> $964064 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $1310068 | 1310068 | $71699 | $— |

---

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

<sup>(a)</sup> Represents net amount purchased (sold).

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <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*<sup>(a)</sup> <br>|
| TD Securities (USA) LLC<br> 4.65 %<sup>(b)</sup><br>| 06/11/24 | Open | &nbsp;&nbsp; $297660 | &nbsp;&nbsp; $315001 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.59 <br><sup>(b)</sup><br>| 12/06/24 | Open | &nbsp;&nbsp; 162975 | &nbsp;&nbsp; 167474 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.50 <br><sup>(b)</sup><br>| 12/09/24 | Open | &nbsp;&nbsp; 662500 | &nbsp;&nbsp; 680185 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.52 <br><sup>(b)</sup><br>| 12/09/24 | Open | &nbsp;&nbsp; 178500 | &nbsp;&nbsp; 183285 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.52 <br><sup>(b)</sup><br>| 12/09/24 | Open | &nbsp;&nbsp; 342656 | &nbsp;&nbsp; 351842 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.57 <br><sup>(b)</sup><br>| 12/09/24 | Open | &nbsp;&nbsp; 327438 | &nbsp;&nbsp; 336308 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.59 <br><sup>(b)</sup><br>| 12/09/24 | Open | &nbsp;&nbsp; 322000 | &nbsp;&nbsp; 330760 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.55 <br><sup>(b)</sup><br>| 12/17/24 | Open | &nbsp;&nbsp; 424436 | &nbsp;&nbsp; 435434 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.59 <br><sup>(b)</sup><br>| 12/17/24 | Open | &nbsp;&nbsp; 243815 | &nbsp;&nbsp; 250186 | Corporate Bonds | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.61 <br><sup>(b)</sup><br>| 12/17/24 | Open | &nbsp;&nbsp; 623290 | &nbsp;&nbsp; 639644 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC<br> 4.45 <br><sup>(b)</sup><br>| 02/11/25 | Open | &nbsp;&nbsp; 1255196 | &nbsp;&nbsp; 1276918 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.50 <br><sup>(b)</sup><br>| 02/25/25 | Open | &nbsp;&nbsp; 29070000 | &nbsp;&nbsp; 29514383 | U.S. Treasury Obligations | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 02/25/25 | Open | &nbsp;&nbsp; 476875 | &nbsp;&nbsp; 484369 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.49 <br><sup>(b)</sup><br>| 04/03/25 | Open | &nbsp;&nbsp; 892500 | &nbsp;&nbsp; 902407 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.32 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 81180 | &nbsp;&nbsp; 81930 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1108664 | &nbsp;&nbsp; 1118979 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 196182 | &nbsp;&nbsp; 198008 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.40 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1311120 | &nbsp;&nbsp; 1323459 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 196639 | &nbsp;&nbsp; 198498 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 116621 | &nbsp;&nbsp; 117724 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.43 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 214137 | &nbsp;&nbsp; 216166 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.43 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 342623 | &nbsp;&nbsp; 345870 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.45 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 335625 | &nbsp;&nbsp; 338820 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 362719 | &nbsp;&nbsp; 366187 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 124950 | &nbsp;&nbsp; 126145 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 333988 | &nbsp;&nbsp; 337181 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 103190 | &nbsp;&nbsp; 104177 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 735080 | &nbsp;&nbsp; 742124 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1293897 | &nbsp;&nbsp; 1306296 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 119321 | &nbsp;&nbsp; 120465 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 245823 | &nbsp;&nbsp; 248178 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 123739 | &nbsp;&nbsp; 124924 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 246380 | &nbsp;&nbsp; 248741 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 92040 | &nbsp;&nbsp; 92922 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 275730 | &nbsp;&nbsp; 278372 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 348233 | &nbsp;&nbsp; 351569 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 350903 | &nbsp;&nbsp; 354265 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 373469 | &nbsp;&nbsp; 377048 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| Nomura Securities International, Inc.<br> 4.48 %<sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; $89511 | &nbsp;&nbsp; $90369 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 259721 | &nbsp;&nbsp; 262210 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.50 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 671544 | &nbsp;&nbsp; 678007 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.50 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 154363 | &nbsp;&nbsp; 155849 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.57 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 188100 | &nbsp;&nbsp; 189939 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.57 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1369830 | &nbsp;&nbsp; 1383220 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.62 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 102265 | &nbsp;&nbsp; 103276 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 667946 | &nbsp;&nbsp; 674590 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 382222 | &nbsp;&nbsp; 386024 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 121943 | &nbsp;&nbsp; 123110 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 845372 | &nbsp;&nbsp; 853780 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 290343 | &nbsp;&nbsp; 293230 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 446296 | &nbsp;&nbsp; 450735 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 208164 | &nbsp;&nbsp; 210234 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 110410 | &nbsp;&nbsp; 111508 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 185598 | &nbsp;&nbsp; 187293 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 723475 | &nbsp;&nbsp; 730671 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 361475 | &nbsp;&nbsp; 365070 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 729220 | &nbsp;&nbsp; 736473 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 483502 | &nbsp;&nbsp; 488311 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 570490 | &nbsp;&nbsp; 576164 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 256680 | &nbsp;&nbsp; 259137 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 342615 | &nbsp;&nbsp; 346023 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 310800 | &nbsp;&nbsp; 313891 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 310609 | &nbsp;&nbsp; 313698 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 724368 | &nbsp;&nbsp; 731572 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 285103 | &nbsp;&nbsp; 287939 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 3510000 | &nbsp;&nbsp; 3544910 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 743531 | &nbsp;&nbsp; 750926 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 836875 | &nbsp;&nbsp; 845198 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 721094 | &nbsp;&nbsp; 728297 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1715537 | &nbsp;&nbsp; 1732673 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 510157 | &nbsp;&nbsp; 515253 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1557088 | &nbsp;&nbsp; 1572641 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 96338 | &nbsp;&nbsp; 97300 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 261120 | &nbsp;&nbsp; 263728 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 912770 | &nbsp;&nbsp; 921887 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 185573 | &nbsp;&nbsp; 187426 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.67 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 212095 | &nbsp;&nbsp; 214214 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/16/25 | Open | &nbsp;&nbsp; 164233 | &nbsp;&nbsp; 165845 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 04/29/25 | Open | &nbsp;&nbsp; 2578511 | &nbsp;&nbsp; 2599313 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/30/25 | Open | &nbsp;&nbsp; 37365 | &nbsp;&nbsp; 39229 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 05/01/25 | Open | &nbsp;&nbsp; 361800 | &nbsp;&nbsp; 364510 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 194784 | &nbsp;&nbsp; 196169 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 707812 | &nbsp;&nbsp; 712844 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 177138 | &nbsp;&nbsp; 178397 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 432750 | &nbsp;&nbsp; 435833 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1178336 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 968750 | &nbsp;&nbsp; 975652 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.51 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 263200 | &nbsp;&nbsp; 265079 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.51 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 312375 | &nbsp;&nbsp; 314606 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.55 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 462799 | &nbsp;&nbsp; 466133 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.55 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 297413 | &nbsp;&nbsp; 299555 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.55 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 255791 | &nbsp;&nbsp; 257634 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.55 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 357148 | &nbsp;&nbsp; 359720 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.55 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 386155 | &nbsp;&nbsp; 388937 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 397750 | &nbsp;&nbsp; 400647 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 921007 | &nbsp;&nbsp; 927715 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 825550 | &nbsp;&nbsp; 831563 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 427840 | &nbsp;&nbsp; 430956 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.63 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 392062 | &nbsp;&nbsp; 394937 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.64 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 724274 | &nbsp;&nbsp; 729595 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| TD Securities (USA) LLC<br> 4.64 %<sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; $1112137 | &nbsp;&nbsp; $1120308 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 660711 | &nbsp;&nbsp; 665575 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 607057 | &nbsp;&nbsp; 611527 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 107690 | &nbsp;&nbsp; 108483 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 334688 | &nbsp;&nbsp; 337152 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 177188 | &nbsp;&nbsp; 178493 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 490620 | &nbsp;&nbsp; 494232 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 632205 | &nbsp;&nbsp; 636860 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 782000 | &nbsp;&nbsp; 787757 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 144180 | &nbsp;&nbsp; 145242 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1125329 | &nbsp;&nbsp; 1133614 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 355355 | &nbsp;&nbsp; 357971 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1398654 | &nbsp;&nbsp; 1408951 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 196323 | &nbsp;&nbsp; 197768 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 680344 | &nbsp;&nbsp; 685353 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 187518 | &nbsp;&nbsp; 188898 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4242804 | &nbsp;&nbsp; 4274041 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2523594 | &nbsp;&nbsp; 2542174 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 545851 | &nbsp;&nbsp; 549870 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 372287 | &nbsp;&nbsp; 375028 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 622840 | &nbsp;&nbsp; 627426 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 457656 | &nbsp;&nbsp; 461026 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 249178 | &nbsp;&nbsp; 251012 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 206570 | &nbsp;&nbsp; 208091 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1343110 | &nbsp;&nbsp; 1352998 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 289273 | &nbsp;&nbsp; 291402 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1840942 | &nbsp;&nbsp; 1854496 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 122610 | &nbsp;&nbsp; 123513 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 379102 | &nbsp;&nbsp; 381894 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 472140 | &nbsp;&nbsp; 475616 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 302306 | &nbsp;&nbsp; 304532 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 422154 | &nbsp;&nbsp; 425262 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 914145 | &nbsp;&nbsp; 920876 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 216173 | &nbsp;&nbsp; 217764 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 270925 | &nbsp;&nbsp; 272920 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 357170 | &nbsp;&nbsp; 359800 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 630080 | &nbsp;&nbsp; 634719 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 946286 | &nbsp;&nbsp; 953253 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 316831 | &nbsp;&nbsp; 319163 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 375996 | &nbsp;&nbsp; 378765 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 563445 | &nbsp;&nbsp; 567593 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 518579 | &nbsp;&nbsp; 522397 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1239700 | &nbsp;&nbsp; 1248827 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 718242 | &nbsp;&nbsp; 723530 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 538407 | &nbsp;&nbsp; 542372 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 449940 | &nbsp;&nbsp; 453253 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1488655 | &nbsp;&nbsp; 1499615 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2119425 | &nbsp;&nbsp; 2135029 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 836527 | &nbsp;&nbsp; 842686 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 545236 | &nbsp;&nbsp; 549250 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 480510 | &nbsp;&nbsp; 484048 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 139283 | &nbsp;&nbsp; 140308 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 253046 | &nbsp;&nbsp; 254909 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 189738 | &nbsp;&nbsp; 191134 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 303562 | &nbsp;&nbsp; 305797 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 703950 | &nbsp;&nbsp; 709133 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1140142 | &nbsp;&nbsp; 1148537 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 361430 | &nbsp;&nbsp; 364091 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 229164 | &nbsp;&nbsp; 230851 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 873240 | &nbsp;&nbsp; 879669 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 297883 | &nbsp;&nbsp; 300076 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 281520 | &nbsp;&nbsp; 283593 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| TD Securities (USA) LLC<br> 4.65 %<sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; $365445 | &nbsp;&nbsp; $368135 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 391317 | &nbsp;&nbsp; 394199 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 684792 | &nbsp;&nbsp; 689834 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 686171 | &nbsp;&nbsp; 691223 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 521220 | &nbsp;&nbsp; 525066 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 365660 | &nbsp;&nbsp; 368358 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 317715 | &nbsp;&nbsp; 320059 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 546244 | &nbsp;&nbsp; 550274 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 215680 | &nbsp;&nbsp; 217271 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 189140 | &nbsp;&nbsp; 190536 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 318325 | &nbsp;&nbsp; 320674 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 267651 | &nbsp;&nbsp; 269626 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 164630 | &nbsp;&nbsp; 165845 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 220263 | &nbsp;&nbsp; 221888 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 370077 | &nbsp;&nbsp; 372808 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 327951 | &nbsp;&nbsp; 330371 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 257029 | &nbsp;&nbsp; 258925 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 230005 | &nbsp;&nbsp; 231702 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 466939 | &nbsp;&nbsp; 470384 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 278258 | &nbsp;&nbsp; 280311 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 103935 | &nbsp;&nbsp; 104702 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 267398 | &nbsp;&nbsp; 269370 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 356125 | &nbsp;&nbsp; 358753 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 326825 | &nbsp;&nbsp; 329236 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 645150 | &nbsp;&nbsp; 649910 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3220665 | &nbsp;&nbsp; 3244428 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 198478 | &nbsp;&nbsp; 199942 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 152540 | &nbsp;&nbsp; 153666 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 388039 | &nbsp;&nbsp; 390902 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 247363 | &nbsp;&nbsp; 249188 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 193761 | &nbsp;&nbsp; 195191 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 144158 | &nbsp;&nbsp; 145221 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 375352 | &nbsp;&nbsp; 378121 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 107393 | &nbsp;&nbsp; 108185 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 263250 | &nbsp;&nbsp; 265192 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.66 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 321379 | &nbsp;&nbsp; 323750 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.68 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 514642 | &nbsp;&nbsp; 518456 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 285658 | &nbsp;&nbsp; 287724 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 471681 | &nbsp;&nbsp; 475093 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 427500 | &nbsp;&nbsp; 430566 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 394312 | &nbsp;&nbsp; 397140 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 419240 | &nbsp;&nbsp; 422246 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 05/07/25 | Open | &nbsp;&nbsp; 188542 | &nbsp;&nbsp; 189881 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.35 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1410300 | &nbsp;&nbsp; 1418821 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 614126 | &nbsp;&nbsp; 617879 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 971250 | &nbsp;&nbsp; 977185 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 245140 | &nbsp;&nbsp; 246638 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.44 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2002039 | &nbsp;&nbsp; 2014385 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.44 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 3745000 | &nbsp;&nbsp; 3768094 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 451510 | &nbsp;&nbsp; 454301 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 511594 | &nbsp;&nbsp; 514756 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.46 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 299704 | &nbsp;&nbsp; 301560 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.46 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 228470 | &nbsp;&nbsp; 229885 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.47 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 628712 | &nbsp;&nbsp; 632616 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 98088 | &nbsp;&nbsp; 98699 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 119600 | &nbsp;&nbsp; 120346 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 455625 | &nbsp;&nbsp; 458466 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 117634 | &nbsp;&nbsp; 118367 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1071011 | &nbsp;&nbsp; 1077690 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1027640 | &nbsp;&nbsp; 1034048 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 687856 | &nbsp;&nbsp; 692146 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 638951 | &nbsp;&nbsp; 642936 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BNP Paribas SA<br> 4.49 %<sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; $232785 | &nbsp;&nbsp; $234237 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 3225000 | &nbsp;&nbsp; 3245111 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 147400 | &nbsp;&nbsp; 148319 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 290296 | &nbsp;&nbsp; 292107 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 876874 | &nbsp;&nbsp; 882342 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 761000 | &nbsp;&nbsp; 765746 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 782825 | &nbsp;&nbsp; 787718 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1272375 | &nbsp;&nbsp; 1280327 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 419100 | &nbsp;&nbsp; 421719 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.53 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 469375 | &nbsp;&nbsp; 472328 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.54 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 165250 | &nbsp;&nbsp; 166292 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.56 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 491606 | &nbsp;&nbsp; 494720 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.57 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 3988425 | &nbsp;&nbsp; 4013740 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 340316 | &nbsp;&nbsp; 342490 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 190689 | &nbsp;&nbsp; 191907 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.62 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1860320 | &nbsp;&nbsp; 1872257 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.63 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1661407 | &nbsp;&nbsp; 1672091 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.63 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1377394 | &nbsp;&nbsp; 1386251 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.64 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 212321 | &nbsp;&nbsp; 213690 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.64 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 284309 | &nbsp;&nbsp; 286141 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 657869 | &nbsp;&nbsp; 662118 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 94075 | &nbsp;&nbsp; 94683 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2387437 | &nbsp;&nbsp; 2402856 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 778556 | &nbsp;&nbsp; 783584 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1585140 | &nbsp;&nbsp; 1595377 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 167750 | &nbsp;&nbsp; 168833 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 249238 | &nbsp;&nbsp; 250847 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 220838 | &nbsp;&nbsp; 222264 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 157579 | &nbsp;&nbsp; 158596 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 143750 | &nbsp;&nbsp; 144644 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 05/13/25 | Open | &nbsp;&nbsp; 716943 | &nbsp;&nbsp; 721442 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc.<br> 4.61 <br><sup>(b)</sup><br>| 05/14/25 | Open | &nbsp;&nbsp; 1087512 | &nbsp;&nbsp; 1094197 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.54 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 164350 | &nbsp;&nbsp; 165324 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 1666744 | &nbsp;&nbsp; 1676862 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 894632 | &nbsp;&nbsp; 900064 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 470940 | &nbsp;&nbsp; 473642 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.00 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 1286152 | &nbsp;&nbsp; 1292726 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 844875 | &nbsp;&nbsp; 849733 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 282125 | &nbsp;&nbsp; 283747 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2554500 | &nbsp;&nbsp; 2569188 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2531750 | &nbsp;&nbsp; 2546308 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 412162 | &nbsp;&nbsp; 414532 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 104543 | &nbsp;&nbsp; 105144 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.53 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 221781 | &nbsp;&nbsp; 223065 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.53 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 615875 | &nbsp;&nbsp; 619440 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.53 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 311625 | &nbsp;&nbsp; 313429 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.53 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 355313 | &nbsp;&nbsp; 357369 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.53 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 228000 | &nbsp;&nbsp; 229320 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.63 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 332450 | &nbsp;&nbsp; 334417 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 676103 | &nbsp;&nbsp; 680120 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 731269 | &nbsp;&nbsp; 735614 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 390930 | &nbsp;&nbsp; 393253 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 394546 | &nbsp;&nbsp; 396891 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 85115 | &nbsp;&nbsp; 85621 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 207188 | &nbsp;&nbsp; 208419 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 405625 | &nbsp;&nbsp; 408035 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 140642 | &nbsp;&nbsp; 141477 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 339500 | &nbsp;&nbsp; 341517 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 203351 | &nbsp;&nbsp; 204560 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 384130 | &nbsp;&nbsp; 386412 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 250733 | &nbsp;&nbsp; 252222 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 163068 | &nbsp;&nbsp; 164037 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| RBC Capital Markets, LLC | 4.65 %<sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; $124185 | &nbsp;&nbsp; $124923 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 544708 | &nbsp;&nbsp; 547539 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 418200 | &nbsp;&nbsp; 420373 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 317903 | &nbsp;&nbsp; 319592 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 223215 | &nbsp;&nbsp; 224401 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 354469 | &nbsp;&nbsp; 356395 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 290030 | &nbsp;&nbsp; 291606 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 685882 | &nbsp;&nbsp; 689610 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 413182 | &nbsp;&nbsp; 415428 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 211331 | &nbsp;&nbsp; 212480 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 198300 | &nbsp;&nbsp; 199378 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 333856 | &nbsp;&nbsp; 335671 | Capital Trusts | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 659912 | &nbsp;&nbsp; 663499 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.60 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 178200 | &nbsp;&nbsp; 179179 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1337130 | &nbsp;&nbsp; 1344557 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 05/21/25 | Open | &nbsp;&nbsp; 469260 | &nbsp;&nbsp; 471660 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.49 <br><sup>(b)</sup><br>| 05/22/25 | Open | &nbsp;&nbsp; 450600 | &nbsp;&nbsp; 452848 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 05/23/25 | Open | &nbsp;&nbsp; 359159 | &nbsp;&nbsp; 360910 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 05/28/25 | Open | &nbsp;&nbsp; 309324 | &nbsp;&nbsp; 310639 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.66 <br><sup>(b)</sup><br>| 05/29/25 | Open | &nbsp;&nbsp; 180958 | &nbsp;&nbsp; 181731 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.65 <br><sup>(b)</sup><br>| 05/30/25 | Open | &nbsp;&nbsp; 1995637 | &nbsp;&nbsp; 2003886 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.65 <br><sup>(b)</sup><br>| 05/30/25 | Open | &nbsp;&nbsp; 100485 | &nbsp;&nbsp; 100900 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 05/30/25 | Open | &nbsp;&nbsp; 44144 | &nbsp;&nbsp; 44326 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.82 | 06/03/25 | 07/10/25 | &nbsp;&nbsp; 2714719 | &nbsp;&nbsp; 2724533 | Asset-Backed Securities | Up to 30 Days |
| BofA Securities, Inc. | 4.82 | 06/03/25 | 07/10/25 | &nbsp;&nbsp; 912348 | &nbsp;&nbsp; 915646 | Asset-Backed Securities | Up to 30 Days |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/03/25 | Open | &nbsp;&nbsp; 283969 | &nbsp;&nbsp; 284963 | Capital Trusts | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.61 <br><sup>(b)</sup><br>| 06/03/25 | Open | &nbsp;&nbsp; 1568659 | &nbsp;&nbsp; 1574283 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | &nbsp;&nbsp; 1060137 | &nbsp;&nbsp; 1063858 | &nbsp;&nbsp; Non-Agency Mortgage-Backed <br> Securities<br>| Up to 30 Days |
| BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | &nbsp;&nbsp; 1126517 | &nbsp;&nbsp; 1130471 | &nbsp;&nbsp; Non-Agency Mortgage-Backed <br> Securities<br>| Up to 30 Days |
| BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | &nbsp;&nbsp; 993547 | &nbsp;&nbsp; 997035 | &nbsp;&nbsp; Non-Agency Mortgage-Backed <br> Securities<br>| Up to 30 Days |
| BofA Securities, Inc. | 4.86 | 06/04/25 | 07/10/25 | &nbsp;&nbsp; 1200078 | &nbsp;&nbsp; 1204290 | &nbsp;&nbsp; Non-Agency Mortgage-Backed <br> Securities<br>| Up to 30 Days |
| Nomura Securities International, Inc. | 4.48 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 92243 | &nbsp;&nbsp; 92552 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.48 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 102850 | &nbsp;&nbsp; 103196 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.67 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 307510 | &nbsp;&nbsp; 308587 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 06/05/25 | Open | &nbsp;&nbsp; 103598 | &nbsp;&nbsp; 103938 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/05/25 | Open | &nbsp;&nbsp; 197099 | &nbsp;&nbsp; 197761 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 06/06/25 | Open | &nbsp;&nbsp; 450205 | &nbsp;&nbsp; 451628 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 06/09/25 | Open | &nbsp;&nbsp; 71776 | &nbsp;&nbsp; 71973 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.65 <br><sup>(b)</sup><br>| 06/09/25 | Open | &nbsp;&nbsp; 238280 | &nbsp;&nbsp; 238957 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.43 <br><sup>(b)</sup><br>| 06/10/25 | Open | &nbsp;&nbsp; 290083 | &nbsp;&nbsp; 290832 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/10/25 | Open | &nbsp;&nbsp; 226695 | &nbsp;&nbsp; 227310 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 748379 | &nbsp;&nbsp; 750145 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 5451890 | &nbsp;&nbsp; 5464752 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2730834 | &nbsp;&nbsp; 2737276 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2044302 | &nbsp;&nbsp; 2049125 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1437150 | &nbsp;&nbsp; 1440540 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 450097 | &nbsp;&nbsp; 451159 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| BNP Paribas SA | 4.65 <br><sup>(b)</sup><br>| 06/12/25 | Open | &nbsp;&nbsp; 573795 | &nbsp;&nbsp; 575204 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.65 <br><sup>(b)</sup><br>| 06/12/25 | Open | &nbsp;&nbsp; 185634 | &nbsp;&nbsp; 186090 | Capital Trusts | Open/Demand |
| BofA Securities, Inc. | 2.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 389675 | &nbsp;&nbsp; 390162 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.00 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 582919 | &nbsp;&nbsp; 583793 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 832320 | &nbsp;&nbsp; 834047 | Corporate Bonds | Up to 30 Days |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.15<br> % <br>| 06/13/25 | 07/15/25 | &nbsp;&nbsp; $402205 | &nbsp;&nbsp; $403040 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 97759 | &nbsp;&nbsp; 97964 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 224250 | &nbsp;&nbsp; 224727 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 93515 | &nbsp;&nbsp; 93716 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 505890 | &nbsp;&nbsp; 506990 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 232650 | &nbsp;&nbsp; 233156 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 534187 | &nbsp;&nbsp; 535349 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 440107 | &nbsp;&nbsp; 441065 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 449449 | &nbsp;&nbsp; 450426 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 503531 | &nbsp;&nbsp; 504639 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 264419 | &nbsp;&nbsp; 265000 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 452812 | &nbsp;&nbsp; 453809 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 97631 | &nbsp;&nbsp; 97846 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 347915 | &nbsp;&nbsp; 348680 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 452182 | &nbsp;&nbsp; 453177 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 77965 | &nbsp;&nbsp; 78137 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 210750 | &nbsp;&nbsp; 211214 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 207213 | &nbsp;&nbsp; 207674 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 214590 | &nbsp;&nbsp; 215067 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 568459 | &nbsp;&nbsp; 569724 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 762005 | &nbsp;&nbsp; 763700 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 467610 | &nbsp;&nbsp; 468650 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1154250 | &nbsp;&nbsp; 1156818 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 142578 | &nbsp;&nbsp; 142895 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 324900 | &nbsp;&nbsp; 325623 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 357722 | &nbsp;&nbsp; 358518 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1733237 | &nbsp;&nbsp; 1737094 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1148336 | &nbsp;&nbsp; 1150891 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 86293 | &nbsp;&nbsp; 86487 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 717727 | &nbsp;&nbsp; 719342 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 574609 | &nbsp;&nbsp; 575902 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1185412 | &nbsp;&nbsp; 1188080 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 297903 | &nbsp;&nbsp; 298573 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 997500 | &nbsp;&nbsp; 999744 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 454740 | &nbsp;&nbsp; 455763 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 312113 | &nbsp;&nbsp; 312815 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 177013 | &nbsp;&nbsp; 177411 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 503309 | &nbsp;&nbsp; 504441 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.53 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 210971 | &nbsp;&nbsp; 211449 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1061324 | &nbsp;&nbsp; 1063739 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 586331 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1852109 | &nbsp;&nbsp; 1856369 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 553945 | &nbsp;&nbsp; 555219 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 413467 | &nbsp;&nbsp; 414418 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 77788 | &nbsp;&nbsp; 77966 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1167499 | &nbsp;&nbsp; 1170184 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 532770 | &nbsp;&nbsp; 533995 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 461629 | &nbsp;&nbsp; 462690 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1921500 | &nbsp;&nbsp; 1925919 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 427461 | &nbsp;&nbsp; 428444 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2267175 | &nbsp;&nbsp; 2272389 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 373031 | &nbsp;&nbsp; 373889 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 321345 | &nbsp;&nbsp; 322084 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 541190 | &nbsp;&nbsp; 542435 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 186760 | &nbsp;&nbsp; 187190 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 301901 | &nbsp;&nbsp; 302596 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 490287 | &nbsp;&nbsp; 491415 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 881375 | &nbsp;&nbsp; 883402 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 149968 | &nbsp;&nbsp; 150312 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 632449 | &nbsp;&nbsp; 633903 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 286650 | &nbsp;&nbsp; 287309 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 301840 | &nbsp;&nbsp; 302537 | Corporate Bonds | Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.64<br> % <br>| 06/13/25 | 07/15/25 | &nbsp;&nbsp; $307773 | &nbsp;&nbsp; $308487 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 344419 | &nbsp;&nbsp; 345218 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 403631 | &nbsp;&nbsp; 404568 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 937154 | &nbsp;&nbsp; 939328 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 856000 | &nbsp;&nbsp; 857986 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 830052 | &nbsp;&nbsp; 831978 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.65 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 508354 | &nbsp;&nbsp; 509536 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.65 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 446644 | &nbsp;&nbsp; 447682 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 680684 | &nbsp;&nbsp; 682216 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.55 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 195984 | &nbsp;&nbsp; 196430 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 366299 | &nbsp;&nbsp; 367149 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.65 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 297144 | &nbsp;&nbsp; 297835 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.65 <br><sup>(b)</sup><br>| 06/13/25 | Open | &nbsp;&nbsp; 81310 | &nbsp;&nbsp; 81499 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 4.45 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 784350 | &nbsp;&nbsp; 785804 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 4.65 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 596475 | &nbsp;&nbsp; 597631 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 4.65 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 756551 | &nbsp;&nbsp; 758017 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 933750 | &nbsp;&nbsp; 935501 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 524125 | &nbsp;&nbsp; 525108 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 867500 | &nbsp;&nbsp; 869127 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 72885 | &nbsp;&nbsp; 73026 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.60 | 06/20/25 | 07/15/25 | &nbsp;&nbsp; 87495 | &nbsp;&nbsp; 87618 | Corporate Bonds | Up to 30 Days |
| HSBC Bank PLC | 4.65 <br><sup>(b)</sup><br>| 06/20/25 | Open | &nbsp;&nbsp; 269528 | &nbsp;&nbsp; 269910 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 810810 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 432000 | &nbsp;&nbsp; 432432 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 456826 | &nbsp;&nbsp; 457288 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2798437 | &nbsp;&nbsp; 2801267 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.60 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2316661 | &nbsp;&nbsp; 2319029 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1675387 | &nbsp;&nbsp; 1677119 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 4135840 | &nbsp;&nbsp; 4140114 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2298912 | &nbsp;&nbsp; 2301288 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 389308 | &nbsp;&nbsp; 389711 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 155886 | &nbsp;&nbsp; 155990 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.20 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 324199 | &nbsp;&nbsp; 324501 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 270576 | &nbsp;&nbsp; 270844 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 635897 | &nbsp;&nbsp; 636525 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 224400 | &nbsp;&nbsp; 224624 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 456000 | &nbsp;&nbsp; 456455 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 468000 | &nbsp;&nbsp; 468467 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 470469 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 875805 | &nbsp;&nbsp; 876679 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 710500 | &nbsp;&nbsp; 711209 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 525150 | &nbsp;&nbsp; 525674 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 190025 | &nbsp;&nbsp; 190217 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 302270 | &nbsp;&nbsp; 302576 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 337669 | &nbsp;&nbsp; 338010 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.60 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 454354 | &nbsp;&nbsp; 454818 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 595200 | &nbsp;&nbsp; 595815 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1186370 | &nbsp;&nbsp; 1187596 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1253851 | &nbsp;&nbsp; 1255146 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 110570 | &nbsp;&nbsp; 110684 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 429764 | &nbsp;&nbsp; 430208 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 788022 | &nbsp;&nbsp; 788837 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1088956 | &nbsp;&nbsp; 1090081 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1218145 | &nbsp;&nbsp; 1219404 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1122412 | &nbsp;&nbsp; 1123572 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1056878 | &nbsp;&nbsp; 1057970 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 347359 | &nbsp;&nbsp; 347718 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1017765 | &nbsp;&nbsp; 1018817 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 320735 | &nbsp;&nbsp; 321067 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 381100 | &nbsp;&nbsp; 381494 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 424315 | &nbsp;&nbsp; 424753 | Capital Trusts | 31 - 90 Days |
| TD Securities (USA) LLC | 4.63 <br><sup>(b)</sup><br>| 06/23/25 | Open | &nbsp;&nbsp; 489250 | &nbsp;&nbsp; 489753 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.65 %<sup>(b)</sup><br>| 06/24/25 | Open | &nbsp;&nbsp; $1219855 | &nbsp;&nbsp; $1219855 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 4.66 <br><sup>(b)</sup><br>| 06/24/25 | Open | &nbsp;&nbsp; 490201 | &nbsp;&nbsp; 490201 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.00 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 556203 | &nbsp;&nbsp; 556435 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 482812 | &nbsp;&nbsp; 483101 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 250819 | &nbsp;&nbsp; 250972 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 279952 | &nbsp;&nbsp; 280127 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 322237 | &nbsp;&nbsp; 322438 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 140640 | &nbsp;&nbsp; 140728 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 180677 | &nbsp;&nbsp; 180790 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 294773 | &nbsp;&nbsp; 294957 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 239281 | &nbsp;&nbsp; 239431 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 177931 | &nbsp;&nbsp; 178042 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 287088 | &nbsp;&nbsp; 287267 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 349621 | &nbsp;&nbsp; 349840 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1825687 | &nbsp;&nbsp; 1826829 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1148580 | &nbsp;&nbsp; 1149298 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 176524 | &nbsp;&nbsp; 176634 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1017450 | &nbsp;&nbsp; 1018086 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 4.55 | 06/26/25 | 08/01/25 | &nbsp;&nbsp; 245531 | &nbsp;&nbsp; 245686 | Corporate Bonds | 31 - 90 Days |
| BNP Paribas SA | 4.65 <br><sup>(b)</sup><br>| 06/27/25 | Open | &nbsp;&nbsp; 230834 | &nbsp;&nbsp; 230834 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/27/25 | Open | &nbsp;&nbsp; 158000 | &nbsp;&nbsp; 158000 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.60 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 51450 | &nbsp;&nbsp; 51450 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 460022 | &nbsp;&nbsp; 460022 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.66 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 564785 | &nbsp;&nbsp; 564785 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 4.50 | 06/30/25 | 07/29/25 | &nbsp;&nbsp; 1875770 | &nbsp;&nbsp; 1875770 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 40356 | &nbsp;&nbsp; 40356 | Corporate Bonds | Open/Demand |
|  |  |  |  | &nbsp;&nbsp; $327835837 | &nbsp;&nbsp; $329899967 |  |  |

---

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

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <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  |  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $8340 | &nbsp;&nbsp;&nbsp;&nbsp; $240562 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 118171 | &nbsp;&nbsp;&nbsp;&nbsp; 427996 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21149 | &nbsp;&nbsp;&nbsp;&nbsp; 242103 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 910661 |
| Short Contracts  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 36104 | &nbsp;&nbsp;&nbsp;&nbsp; (782543)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9458 | &nbsp;&nbsp;&nbsp;&nbsp; (327173)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp;&nbsp; (107526)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1217242)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(306581)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| CHF | 50000 | USD | 61863 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1761 |
| USD | 47021 | EUR | 41279 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1649)<br>|
| USD | 225118 | EUR | 197663 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7934)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 | 61750 | CHF | 50000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1874)<br>|
| USD | 10534870 | EUR | 9027000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152575)<br>|
| USD | 1062498 | GBP | 785000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15559)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179591)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(177830)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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.IG.41.V1 | 1.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/28 | USD | 18410 | &nbsp;&nbsp;&nbsp; $(405173)<br>| &nbsp;&nbsp;&nbsp; $(207091)<br>| &nbsp;&nbsp;&nbsp; $(198082)<br>|
| CDX.NA.HY.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 6210 | &nbsp;&nbsp;&nbsp; (477132)<br>| &nbsp;&nbsp;&nbsp; (421232)<br>| &nbsp;&nbsp;&nbsp; (55900)<br>|
| CDX.NA.IG.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 2320 | &nbsp;&nbsp;&nbsp; (52150)<br>| &nbsp;&nbsp;&nbsp; (37076)<br>| &nbsp;&nbsp;&nbsp; (15074)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(934455)<br>| &nbsp;&nbsp;&nbsp; $(665399)<br>| &nbsp;&nbsp;&nbsp; $(269056)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Virgin Media Finance PLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 10 | $244 | $247 | $(3)<br>|
| CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | BB+ | EUR | 30 | 2777 | 3078 | (301)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 7 | 563 | (789)<br>| 1352 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 4 | 338 | (453)<br>| 791 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 12 | 951 | (1274)<br>| 2225 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 4 | 276 | (379)<br>| 655 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 8 | 578 | (824)<br>| 1402 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 12/20/27 | CCC | EUR | 5 | 419 | (581)<br>| 1000 |
| Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 20 | 1588 | 2145 | (557)<br>|
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 22 | (4105)<br>| (3785)<br>| (320)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 33 | 5061 | 4228 | 833 |
| SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 8 | (333)<br>| (581)<br>| 248 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 8 | (333)<br>| (526)<br>| 193 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 7 | (390)<br>| (426)<br>| 36 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 7 | 1079 | 979 | 100 |
|  |  |  |  |  |  |  |  | $8713 | $1059 | $7654 |

---

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | 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, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 4000 | $88434 | $(44039)<br>| $132473 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 4000 | 24306 | (43905)<br>| 68211 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | 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, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/20/25 | USD | 2000 | $11438 | $(21953)<br>| $33391 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 1000 | 5328 | (10976)<br>| 16304 |
|  |  |  |  |  |  |  |  |  | $129506 | $(120873)<br>| $250379 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(665399)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(269056)<br>|
| OTC Swaps | &nbsp;&nbsp; 10677 | &nbsp;&nbsp;&nbsp; (130491)<br>| &nbsp;&nbsp;&nbsp; 259214 | &nbsp;&nbsp;&nbsp; (1181)<br>|

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $910661 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $910661 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1761 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 19512 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 250379 | &nbsp;&nbsp; — | &nbsp;&nbsp; 269891 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19512 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1761 | &nbsp;&nbsp; $1161040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1182313 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1217242 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1217242 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 179591 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 179591 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 269056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 269056 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 131672 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279855 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $179591 | &nbsp;&nbsp; $1338115 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1797561 |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1065323 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1065323 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (940751)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (940751)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 150814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 113481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264295 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(940751)<br>| &nbsp;&nbsp; $1178804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388867 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(800285)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(800285)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (354001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (354001)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (36371)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (147736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (184107)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36371)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(354001)<br>| &nbsp;&nbsp; $(948021)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1338393)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $165403313 |
| Average notional value of contracts — short | &nbsp;&nbsp; 51599946 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 11653811 |
| Average amounts sold — in USD | &nbsp;&nbsp; 97789 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 25575000 |
| Average notional value — sell protection | &nbsp;&nbsp; 201445 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 11275000 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $107391 | &nbsp;&nbsp;&nbsp;&nbsp; $195928 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1761 | &nbsp;&nbsp;&nbsp;&nbsp; 179591 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29895 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 269891 | &nbsp;&nbsp;&nbsp;&nbsp; 131672 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 379043 | &nbsp;&nbsp;&nbsp;&nbsp; 537086 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (107391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (225823)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $271652 | &nbsp;&nbsp;&nbsp;&nbsp; $311263 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1600 | &nbsp;&nbsp; $(1370)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $230 |
| Barclays Bank PLC | &nbsp;&nbsp; 5390 | &nbsp;&nbsp; (3236)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2154 |
| BNP Paribas SA | &nbsp;&nbsp; 5061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5061 |
| Citibank N.A. | &nbsp;&nbsp; 655 | &nbsp;&nbsp; (379)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 276 |
| Deutsche Bank AG | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; (1079)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1649 | &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 822 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; $254457 | &nbsp;&nbsp; $(139188)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115269 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $271652 | &nbsp;&nbsp; $(147840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123812 |

---

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1370 | &nbsp;&nbsp; $(1370)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 3236 | &nbsp;&nbsp; (3236)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 379 | &nbsp;&nbsp; (379)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp; 9583 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9583 |
| Deutsche Bank AG | &nbsp;&nbsp; 4105 | &nbsp;&nbsp; (1079)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3026 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 827 | &nbsp;&nbsp; (827)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 139188 | &nbsp;&nbsp; (139188)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 152575 | &nbsp;&nbsp; (1761)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 150814 |
|  | &nbsp;&nbsp; $311263 | &nbsp;&nbsp; $(147840)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $163423 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40263997 | &nbsp;&nbsp;&nbsp;&nbsp; $1754766 | &nbsp;&nbsp;&nbsp;&nbsp; $42018763 |
| Common Stocks  |  |  |  |  |
| Capital Markets | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15372 | &nbsp;&nbsp;&nbsp;&nbsp; 15372 |
| Construction & Engineering | &nbsp;&nbsp; 4202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257032 | &nbsp;&nbsp;&nbsp;&nbsp; 257032 |
| Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 537455 | &nbsp;&nbsp;&nbsp;&nbsp; 537455 |
| Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143208 |
| Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20164 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241832 | &nbsp;&nbsp;&nbsp;&nbsp; 241832 |
| Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Trading Companies & Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100622 | &nbsp;&nbsp;&nbsp;&nbsp; 100622 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217806 | &nbsp;&nbsp;&nbsp;&nbsp; 217806 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396630771 | &nbsp;&nbsp;&nbsp;&nbsp; 183072 | &nbsp;&nbsp;&nbsp;&nbsp; 396813843 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1755315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1755315 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 308679838 | &nbsp;&nbsp;&nbsp;&nbsp; 7519632 | &nbsp;&nbsp;&nbsp;&nbsp; 316199470 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2135343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2135343 |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82798 |
| Fixed Income Funds | &nbsp;&nbsp; 1673600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1673600 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26061513 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26061513 |
| 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; 37101118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37101118 |
| Preferred Stocks  |  |  |  |  |
| Capital Markets | &nbsp;&nbsp; 1382150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1382150 |
| Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18660 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86828 | &nbsp;&nbsp;&nbsp;&nbsp; 86828 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20783545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20783545 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1310068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1310068 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28703731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28703731 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (707)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (707)<br>|
|  | &nbsp;&nbsp; $4370020 | &nbsp;&nbsp;&nbsp;&nbsp; $862380081 | &nbsp;&nbsp;&nbsp;&nbsp; $10914510 | &nbsp;&nbsp;&nbsp;&nbsp; $877664611 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8835 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8835 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1761 |
| Interest Rate Contracts | &nbsp;&nbsp; 910661 | &nbsp;&nbsp;&nbsp;&nbsp; 250379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1161040 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (270237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (270237)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (179591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (179591)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1217242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1217242)<br>|
|  | &nbsp;&nbsp; $(306581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(188853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(495434)<br>|

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $329,899,967 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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 | $605755 | $1235747 | $583112 | $14602446 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $77041 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — |  |  | 12727 | 2108453 |  | &nbsp;&nbsp; — |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  | (1084835)<br>| (67300)<br>| (9275605)<br>|  | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; (5827)<br>|  | 2346 | 407 | 1852 |  | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — |  | 75 | 3679 | 3188 |  | &nbsp;&nbsp; (120)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 33397 | (374935)<br>| 100919 | (8980)<br>| (488)<br>|  | &nbsp;&nbsp; 9907 |
| Purchases | &nbsp;&nbsp;&nbsp; 809622 | 1139300 | 96199 | 1355 | 4341885 |  | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp;&nbsp; — |  | (167379)<br>| (525000)<br>| (4262099)<br>|  | &nbsp;&nbsp; — |
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $1754766 | $1370120 | $183072 | $— | $7519632 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $86828 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, <br> 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; $33397 | $(374935)<br>| $85017 | $(14081)<br>| $31640 | $— | &nbsp;&nbsp; $9907 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Limited Duration Income Trust (BLW)** 

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded* <br>*FloatingRate* <br>*Loan* <br>*Interests*<br>| *Total*  |
| **Assets** |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $— | $18021675 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; 9 | 2121189 |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — | (10427740)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | (1222)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — | 6822 |
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp; 83 | (240097)<br>|
| Purchases | &nbsp;&nbsp;&nbsp; — | 6388361 |
| Sales | &nbsp;&nbsp;&nbsp; — | (4954478)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $92 | $10914510 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $83 | $(228972)<br>|

---

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

<sup>(a)</sup> Rounds to less than $1.

<sup>(b)</sup> As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(c)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(d)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *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-<br> mo. CME Term SOFR + 1.46%), 5.73%, <br> 07/20/37<sup>(a)(b)</sup><br>| USD | 1626 | &nbsp;&nbsp; $1631964 |
| AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME <br> Term SOFR + 2.40%), 6.66%, 04/16/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 503118 |
| Anchorage Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2015-7A, Class AR3, (3-mo. CME Term <br> SOFR + 1.56%), 5.84%, 04/28/37<br>|  | 919 | &nbsp;&nbsp; 922536 |
| Series 2015-7A, Class DR3, (3-mo. CME Term <br> SOFR + 3.80%), 8.08%, 04/28/37<br>|  | 250 | &nbsp;&nbsp; 252228 |
| Apidos CLO XVIII-R<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.33%), 5.60%, 01/22/38<br>|  | 1450 | &nbsp;&nbsp; 1453635 |
| Series 2018-18A, Class BR2, (3-mo. CME Term <br> SOFR + 1.70%), 5.97%, 01/22/38<br>|  | 870 | &nbsp;&nbsp; 871838 |
| Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-<br> mo. CME Term SOFR + 8.55%), 12.83%, <br> 04/25/35<sup>(a)(b)</sup><br>|  | 380 | &nbsp;&nbsp; 381240 |
| ARES XLVII CLO Ltd., Series 2018-47A, Class A1, <br> (3-mo. CME Term SOFR + 1.18%), 5.44%, <br> 04/15/30<sup>(a)(b)</sup><br>|  | 12 | &nbsp;&nbsp; 12215 |
| Argent Securities Trust, Series 2006-W5, Class A1, <br> (1 mo. Term SOFR + 0.41%), 4.73%, 06/25/36<sup>(a)</sup><br>|  | 3662 | &nbsp;&nbsp; 2403164 |
| Atrium XV, Series 15A, Class D1R, (3-mo. CME Term <br> SOFR + 3.30%), 7.56%, 07/16/37<sup>(a)(b)</sup><br>|  | 550 | &nbsp;&nbsp; 552994 |
| Bain Capital Credit CLO Ltd., Series 2020-2A, <br> Class DR, (3-mo. CME Term SOFR + 3.56%), <br> 7.83%, 07/19/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 248328 |
| Ballyrock CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-14AR, Class DR, (3-mo. CME Term <br> SOFR + 5.85%), 10.12%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 250854 |
| Series 2024-28A, Class A2, (3-mo. CME Term SOFR <br> + 1.70%), 6.03%, 01/20/38<br>|  | 250 | &nbsp;&nbsp; 250361 |
| Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. <br> CME Term SOFR + 3.41%), 7.67%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251087 |
| Bear Stearns Asset-Backed Securities I Trust, <br> Series 2006-HE9, Class 2A, (1 mo. Term SOFR + <br> 0.39%), 4.71%, 11/25/36<sup>(a)</sup><br>|  | 629 | &nbsp;&nbsp; 623336 |
| Benefit Street Partners CLO VIII Ltd., Series 2015-8A, <br> Class A2R, (3-mo. CME Term SOFR + 1.71%), <br> 5.98%, 01/20/31<sup>(a)(b)</sup><br>|  | 800 | &nbsp;&nbsp; 800250 |
| Benefit Street Partners CLO XX Ltd., Series 2020-20A, <br> Class CR, (3-mo. CME Term SOFR + 2.31%), <br> 6.57%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250617 |
| BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, <br> Class A1AR, (3-mo. CME Term SOFR + 1.26%), <br> 5.53%, 10/20/30<sup>(a)(b)</sup><br>|  | 984 | &nbsp;&nbsp; 986020 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.86%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1006546 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.07%), 5.34%, <br> 07/18/34<sup>(a)(b)</sup><br>|  | 2500 | &nbsp;&nbsp; 2500192 |
| Carlyle Global Market Strategies CLO Ltd., Series 2015-<br> 1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), <br> 5.51%, 07/20/31<sup>(a)(b)</sup><br>|  | 576 | &nbsp;&nbsp; 576095 |
| Carlyle U.S. CLO Ltd., Series 2020-2A, Class CR, (3-<br> mo. CME Term SOFR + 3.46%), 7.74%, <br> 01/25/35<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250558 |
| Carrington Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2006-FRE2, Class A2, (1 mo. Term SOFR + <br> 0.23%), 4.55%, 10/25/36<br>|  | 2534 | &nbsp;&nbsp; 1916386 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Carrington Mortgage Loan Trust<sup>(a)</sup> (continued) |  |  |  |
| Series 2006-FRE2, Class A5, (1 mo. Term SOFR + <br> 0.19%), 4.51%, 03/25/35<br>| USD | 5220 | &nbsp;&nbsp; $3945506 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br> CME Term SOFR + 1.02%), 5.29%, 04/20/32<sup>(a)(b)</sup><br>|  | 976 | &nbsp;&nbsp; 975642 |
| C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. <br> Term SOFR + 0.43%), 4.75%, 10/25/36<sup>(a)</sup><br>|  | 3653 | &nbsp;&nbsp; 2498616 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, <br> Class B, (3-mo. CME Term SOFR + 1.80%), 6.07%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 400 | &nbsp;&nbsp; 400545 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br> SOFR + 2.45%), 6.72%, 04/21/37<br>|  | 700 | &nbsp;&nbsp; 704379 |
| Series 2018-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.32%), 5.59%, 01/18/38<br>|  | 1160 | &nbsp;&nbsp; 1162900 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR <br> + 1.70%), 5.97%, 01/18/38<br>|  | 1450 | &nbsp;&nbsp; 1452107 |
| Series 2020-1A, Class DR, (3-mo. CME Term SOFR <br> + 3.36%), 7.62%, 07/15/36<br>|  | 500 | &nbsp;&nbsp; 502357 |
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR <br> + 5.35%), 9.62%, 01/22/38<br>|  | 500 | &nbsp;&nbsp; 504961 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, <br> Class A7, 7.28%, 10/25/36<br>|  | 299 | &nbsp;&nbsp; 172103 |
| Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(b)</sup><br>|  | 171 | &nbsp;&nbsp; 171450 |
| CWABS Asset-Backed Certificates Trust, Series 2006-<br> 26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.71%, <br> 06/25/37<sup>(a)</sup><br>|  | 425 | &nbsp;&nbsp; 404393 |
| CWHEQ Revolving Home Equity Loan Trust, <br> Series 2006-I, Class 1A, (1 mo. Term SOFR + <br> 0.25%), 4.57%, 01/15/37<sup>(a)</sup><br>|  | 279 | &nbsp;&nbsp; 266534 |
| Dryden Senior Loan Fund, Series 2015-37A, Class AR, <br> (3-mo. CME Term SOFR + 1.36%), 5.62%, <br> 01/15/31<sup>(a)(b)</sup><br>|  | 94 | &nbsp;&nbsp; 94429 |
| FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br> 5.00%, 05/19/39<sup>(b)</sup><br>|  | 3800 | &nbsp;&nbsp; 3771646 |
| Fremont Home Loan Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2006-A, Class 2A3, (1 mo. Term SOFR + <br> 0.43%), 4.75%, 05/25/36<br>|  | 3792 | &nbsp;&nbsp; 2412270 |
| Series 2006-D, Class 2A3, (1 mo. Term SOFR + <br> 0.41%), 4.73%, 11/25/36<br>|  | 5820 | &nbsp;&nbsp; 2022379 |
| Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3-<br> mo. CME Term SOFR + 5.51%), 9.78%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 499963 |
| GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br> + 1.08%), 5.35%, 10/20/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250179 |
| GoodLeap Home Improvement Solutions Trust, <br> Series 2025-1A, Class B, 6.27%, 02/20/49<sup>(b)</sup><br>|  | 220 | &nbsp;&nbsp; 224950 |
| GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class C, 5.55%, 10/27/59<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100889 |
| Home Equity Mortgage Loan Asset-Backed Trust, <br> Series 2006-E, Class 2A3, (1 mo. Term SOFR + <br> 0.28%), 4.60%, 04/25/37<sup>(a)</sup><br>|  | 2970 | &nbsp;&nbsp; 2093484 |
| LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME <br> Term SOFR + 1.24%), 5.51%, 03/20/30<sup>(a)(b)</sup><br>|  | 8 | &nbsp;&nbsp; 8378 |
| Long Beach Mortgage Loan Trust, Series 2006-7, <br> Class 2A3, (1 mo. Term SOFR + 0.43%), 4.75%, <br> 08/25/36<sup>(a)</sup><br>|  | 4711 | &nbsp;&nbsp; 1881290 |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br> Class A1R, (3-mo. CME Term SOFR + 1.50%), <br> 5.77%, 04/18/37<sup>(a)(b)</sup><br>|  | 1450 | &nbsp;&nbsp; 1455832 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Madison Park Funding XLVIII Ltd., Series 2021-48A, <br> Class E, (3-mo. CME Term SOFR + 6.51%), 10.78%, <br> 04/19/33<sup>(a)(b)</sup><br>| USD | 500 | &nbsp;&nbsp; $500370 |
| Madison Park Funding XVIII Ltd., Series 2015-18A, <br> Class DR, (3-mo. CME Term SOFR + 3.21%), <br> 7.48%, 10/21/30<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 252515 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br> Class BR2, (3-mo. CME Term SOFR + 1.95%), <br> 6.21%, 04/15/37<sup>(a)(b)</sup><br>|  | 875 | &nbsp;&nbsp; 878126 |
| Mariner Finance Issuance Trust, Series 2024-AA, <br> Class E, 9.02%, 09/22/36<sup>(b)</sup><br>|  | 470 | &nbsp;&nbsp; 489068 |
| Mastr Asset Backed Securities Trust, Series 2006-HE2, <br> Class A3, (1 mo. Term SOFR + 0.41%), 4.73%, <br> 06/25/36<sup>(a)</sup><br>|  | 6650 | &nbsp;&nbsp; 2273644 |
| Neuberger Berman CLO XV, Series 2013-15A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.18%), <br> 5.44%, 10/15/29<sup>(a)(b)</sup><br>|  | 244 | &nbsp;&nbsp; 244086 |
| Neuberger Berman Loan Advisers CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-34A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 6.02%, 01/20/35<br>|  | 400 | &nbsp;&nbsp; 400329 |
| Series 2021-46A, Class BR, (3-mo. CME Term <br> SOFR + 1.50%), 5.77%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 249736 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-13A, Class AR2, (3-mo. CME Term <br> SOFR + 1.34%), 5.61%, 11/26/37<br>|  | 590 | &nbsp;&nbsp; 592220 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR <br> + 1.33%), 5.68%, 01/21/38<br>|  | 1000 | &nbsp;&nbsp; 1003015 |
| Series 2026-11R, Class CR2, (3-mo. CME Term <br> SOFR + 2.35%), 6.63%, 04/26/36<br>|  | 950 | &nbsp;&nbsp; 952677 |
| Octagon Investment Partners XV Ltd., Series 2013-1A, <br> Class A1RR, (3-mo. CME Term SOFR + 1.23%), <br> 5.50%, 07/19/30<sup>(a)(b)</sup><br>|  | 349 | &nbsp;&nbsp; 349752 |
| Octagon Investment Partners XVII Ltd., Series 2013-<br> 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), <br> 5.94%, 01/25/31<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250033 |
| Octagon Investment Partners XXII Ltd., Series 2014-<br> 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), <br> 7.28%, 01/22/30<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500812 |
| OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME <br> Term SOFR + 5.80%), 10.07%, 01/20/31<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 226346 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.98%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 810 | &nbsp;&nbsp; 812450 |
| Palmer Square Loan Funding Ltd., Series 2022-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.05%), 5.31%, <br> 04/15/30<sup>(a)(b)</sup><br>|  | 41 | &nbsp;&nbsp; 41136 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.96%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 1700 | &nbsp;&nbsp; 1703727 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br> (3-mo. CME Term SOFR + 1.55%), 5.81%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 850 | &nbsp;&nbsp; 850718 |
| Regatta XXV Funding Ltd., Series 2025, Class E, (3-<br> mo. CME Term SOFR + 8.41%), 12.67%, <br> 07/15/36<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500000 |
| Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(c)</sup><br>|  | 1110 | &nbsp;&nbsp; 1062825 |
| Renaissance Home Equity Loan Trust, Series 2007-3, <br> Class AF2, 7.00%, 09/25/37<br>|  | 3488 | &nbsp;&nbsp; 1371957 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Rockford Tower CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-2A, Class DR, (3-mo. CME Term SOFR <br> + 3.11%), 7.37%, 10/15/29<br>| USD | 500 | &nbsp;&nbsp; $500982 |
| Series 2021-3A, Class A1R, (3-mo. CME Term <br> SOFR + 1.40%), 5.66%, 01/15/38<br>|  | 1914 | &nbsp;&nbsp; 1922056 |
| RR Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-16A, Class A1, (3-mo. CME Term SOFR <br> + 1.37%), 5.63%, 07/15/36<br>|  | 1000 | &nbsp;&nbsp; 1001414 |
| Series 2022-24A, Class A2R2, (3-mo. CME Term <br> SOFR + 1.70%), 5.96%, 01/15/37<br>|  | 1000 | &nbsp;&nbsp; 1001624 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, <br> 6.39%, 11/20/35<sup>(b)</sup><br>|  | 180 | &nbsp;&nbsp; 183191 |
| Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-<br> mo. CME Term SOFR + 1.21%), 5.49%, <br> 10/26/34<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 499996 |
| SMB Private Education Loan Trust, Series 2021-A, <br> Class B, 2.31%, 01/15/53<sup>(b)</sup><br>|  | 157 | &nbsp;&nbsp; 152120 |
| SoFi Personal Loan Term |  |  |  |
| Series 2023-1A, Class A, 6.00%, 11/12/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100680 |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | &nbsp;&nbsp; 281388 |
| Series 2024-1A, Class A, 6.06%, 02/12/31<sup>(b)</sup> |  | 313 | &nbsp;&nbsp; 314692 |
| Southwick Park CLO LLC, Series 2019-4A, Class A1R, <br> (3-mo. CME Term SOFR + 1.32%), 5.59%, <br> 07/20/32<sup>(a)(b)</sup><br>|  | 239 | &nbsp;&nbsp; 239424 |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br> 6.03%, 07/30/54<sup>(b)</sup><br>|  | 294 | &nbsp;&nbsp; 298485 |
| Symphony CLO XV Ltd., Series 2014-15A, Class AR3, <br> (3-mo. CME Term SOFR + 1.34%), 5.62%, <br> 01/17/32<sup>(a)(b)</sup><br>|  | 335 | &nbsp;&nbsp; 335508 |
| Symphony CLO XXXII Ltd., Series 2022-32A, Class B, <br> (3-mo. CME Term SOFR + 1.85%), 6.13%, <br> 04/23/35<sup>(a)(b)</sup><br>|  | 600 | &nbsp;&nbsp; 600787 |
| TCI-Flatiron CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 18-1A, Class BR, (3-mo. CME Term SOFR + <br> 1.66%), 5.94%, 01/29/32<br>|  | 645 | &nbsp;&nbsp; 646776 |
| Series 2016-1A, Class AR3, (3-mo. CME Term <br> SOFR + 1.10%), 5.38%, 01/17/32<br>|  | 138 | &nbsp;&nbsp; 138200 |
| TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.19%), 5.45%, <br> 07/15/30<sup>(a)(b)</sup><br>|  | 1092 | &nbsp;&nbsp; 1092676 |
| Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. <br> CME Term SOFR + 1.96%), 6.23%, 07/21/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004398 |
| Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3-<br> mo. CME Term SOFR + 3.15%), 7.43%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249868 |
| Trimaran CAVU Ltd., Series 2023-1, Class E, (3-mo. <br> CME Term SOFR + 8.94%), 13.21%, 07/20/36<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501153 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 35 | &nbsp;&nbsp; 49980 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<sup>(b)</sup><br>| USD | 202 | &nbsp;&nbsp; 202000 |
| Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME <br> Term SOFR + 1.26%), 5.52%, 10/15/30<sup>(a)(b)</sup><br>|  | 116 | &nbsp;&nbsp; 116102 |
| WaMu Asset-Backed Certificates WaMu Trust, <br> Series 2007-HE3, Class 2A3, (1 mo. Term SOFR + <br> 0.35%), 4.67%, 05/25/37<sup>(a)</sup><br>|  | 4961 | &nbsp;&nbsp; 4395943 |
| Warwick Capital CLO Ltd., Series 2024-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.36%), 5.68%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250729 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Whetstone Park CLO Ltd., Series 2021-1A, Class B1, <br> (3-mo. CME Term SOFR + 1.86%), 6.13%, <br> 01/20/35<sup>(a)(b)</sup><br>| USD | 275 | &nbsp;&nbsp; $275421 |
| Wireless PropCo Funding LLC, Series 2025-1A, <br> Class B, 4.30%, 06/25/55<sup>(b)(c)</sup><br>|  | 725 | &nbsp;&nbsp; 680347 |
| **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $85,671,183)** | **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $85,671,183)** | **Total Asset-Backed Securities — 13.1%** <br>**(Cost: $85,671,183)** | &nbsp;&nbsp; 79414226 |

---

&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<sup>(c)(e)</sup> | 485 | &nbsp;&nbsp; 13580 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Quorum Restructuring Equity<sup>(e)</sup> | 3969 | &nbsp;&nbsp; 3473 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(c)(e)</sup> | 33367 | &nbsp;&nbsp; — |
| **Total Common Stocks — 0.0%** <br>**(Cost: $14,065)** | **Total Common Stocks — 0.0%** <br>**(Cost: $14,065)** | &nbsp;&nbsp; 17053 |

---

&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.<sup>(b)(f)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 | USD | 777 | &nbsp;&nbsp; 768161 |
| 7.75%, 04/15/28 |  | 319 | &nbsp;&nbsp; 301455 |
| 9.00%, 09/15/28 |  | 1186 | &nbsp;&nbsp; 1242718 |
| 7.50%, 06/01/29 |  | 1287 | &nbsp;&nbsp; 1190343 |
| 7.88%, 04/01/30 |  | 1116 | &nbsp;&nbsp; 1151984 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(b)</sup> |  | 245 | &nbsp;&nbsp; 230952 |
| Lamar Media Corp., 4.00%, 02/15/30 |  | 53 | &nbsp;&nbsp; 50631 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)</sup> |  | 800 | &nbsp;&nbsp; 778948 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 120 | &nbsp;&nbsp; 119400 |
| 4.25%, 01/15/29<sup>(f)</sup> |  | 326 | &nbsp;&nbsp; 311876 |
| 4.63%, 03/15/30 |  | 122 | &nbsp;&nbsp; 116524 |
| 7.38%, 02/15/31 |  | 332 | &nbsp;&nbsp; 351493 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)(f)</sup> |  | 129 | &nbsp;&nbsp; 123392 |
|  |  |  | &nbsp;&nbsp; 6737877 |
| **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> |  | 404 | &nbsp;&nbsp; 418673 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 02/15/28<sup>(f)</sup> |  | 683 | &nbsp;&nbsp; 687112 |
| 7.50%, 02/01/29 |  | 14 | &nbsp;&nbsp; 14699 |
| 8.75%, 11/15/30 |  | 607 | &nbsp;&nbsp; 657125 |
| 7.25%, 07/01/31 |  | 237 | &nbsp;&nbsp; 248779 |
| 7.00%, 06/01/32<sup>(f)</sup> |  | 403 | &nbsp;&nbsp; 419678 |
| 6.75%, 06/15/33 |  | 281 | &nbsp;&nbsp; 291173 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(b)</sup><br>|  | 1292 | &nbsp;&nbsp; 1308158 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> |  | 279 | &nbsp;&nbsp; 283615 |
| Lockheed Martin Corp., 5.70%, 11/15/54<sup>(f)</sup> |  | 451 | &nbsp;&nbsp; 454943 |
| Northrop Grumman Corp., 4.75%, 06/01/43<sup>(f)</sup> |  | 680 | &nbsp;&nbsp; 615016 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| RTX Corp., 4.35%, 04/15/47<sup>(f)</sup> | USD | 700 | &nbsp;&nbsp; $581554 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 621 | &nbsp;&nbsp; 658888 |
| 9.75%, 11/15/30 |  | 531 | &nbsp;&nbsp; 585614 |
| TransDigm, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/28<sup>(f)</sup> |  | 910 | &nbsp;&nbsp; 929237 |
| 6.38%, 03/01/29 |  | 1979 | &nbsp;&nbsp; 2030338 |
| 7.13%, 12/01/31<sup>(f)</sup> |  | 632 | &nbsp;&nbsp; 662158 |
| 6.63%, 03/01/32<sup>(f)</sup> |  | 2785 | &nbsp;&nbsp; 2883571 |
| 6.00%, 01/15/33<sup>(f)</sup> |  | 1464 | &nbsp;&nbsp; 1471955 |
| 6.38%, 05/31/33<sup>(f)</sup> |  | 3331 | &nbsp;&nbsp; 3334019 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(b)</sup> |  | 1293 | &nbsp;&nbsp; 1351237 |
|  |  |  | &nbsp;&nbsp; 19887542 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.1%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 312 | &nbsp;&nbsp; 313298 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 155 | &nbsp;&nbsp; 164309 |
|  |  |  | &nbsp;&nbsp; 477607 |
| **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** | **Automobile Components — 1.3%** |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49<sup>(f)</sup> |  | 280 | &nbsp;&nbsp; 239667 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 05/15/27<sup>(f)</sup> |  | 3360 | &nbsp;&nbsp; 3374717 |
| 6.75%, 05/15/28<sup>(f)</sup> |  | 1058 | &nbsp;&nbsp; 1085987 |
| 6.75%, 02/15/30 |  | 488 | &nbsp;&nbsp; 507416 |
| 4.75%, 06/15/31 | EUR | 265 | &nbsp;&nbsp; 313356 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 119 | &nbsp;&nbsp; 117287 |
| 4.50%, 02/15/32 |  | 182 | &nbsp;&nbsp; 177906 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)(f)</sup><br>|  | 151 | &nbsp;&nbsp; 157211 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29 |  | 81 | &nbsp;&nbsp; 79170 |
| 6.63%, 07/15/30 |  | 225 | &nbsp;&nbsp; 229508 |
| 5.25%, 04/30/31 |  | 18 | &nbsp;&nbsp; 17287 |
| 5.63%, 04/30/33 |  | 137 | &nbsp;&nbsp; 131172 |
| IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(d)(g)</sup><br>| EUR | 100 | &nbsp;&nbsp; 124298 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119568 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 118530 |
| 4.75%, 08/14/29 |  | 100 | &nbsp;&nbsp; 119282 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> | USD | 566 | &nbsp;&nbsp; 559716 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118049 |
| ZF Finance GmbH, 2.00%, 05/06/27<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 111463 |
|  |  |  | &nbsp;&nbsp; 7701590 |
| **Automobiles — 1.5%** | **Automobiles — 1.5%** | **Automobiles — 1.5%** | **Automobiles — 1.5%** |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 | USD | 22 | &nbsp;&nbsp; 21699 |
| 5.00%, 02/15/32<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 38059 |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 189378 |
| 10.38%, 03/31/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 127889 |
| Carvana Co.<sup>(b)(g)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 | USD | 978 | &nbsp;&nbsp; 1028503 |
| (9.00% PIK), 9.00%, 06/01/31<sup>(f)</sup> |  | 1715 | &nbsp;&nbsp; 1940854 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 264 | &nbsp;&nbsp; 281391 |
| Ford Motor Credit Co. LLC, 6.95%, 06/10/26 |  | 1250 | &nbsp;&nbsp; 1267086 |
| General Motors Co., 6.25%, 10/02/43<sup>(f)</sup> |  | 2194 | &nbsp;&nbsp; 2152042 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 195691 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(b)</sup> | USD | 114 | &nbsp;&nbsp; $117062 |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 310 | &nbsp;&nbsp; 301460 |
| 8.25%, 08/01/31<sup>(f)</sup> |  | 332 | &nbsp;&nbsp; 352977 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 366968 |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 100 | &nbsp;&nbsp; 118841 |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 100 | &nbsp;&nbsp; 123892 |
| TML Holdings Pte. Ltd., 4.35%, 06/09/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 198280 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(b)(f)</sup> |  | 251 | &nbsp;&nbsp; 227065 |
|  |  |  | &nbsp;&nbsp; 9049137 |
| **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br> Swap + 2.45%), 4.63%, 12/11/36<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120138 |
| Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), <br> 5.00%<sup>(a)(h)</sup><br>| USD | 505 | &nbsp;&nbsp; 503384 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br> 01/18/29<sup>(a)(f)</sup><br>|  | 815 | &nbsp;&nbsp; 856135 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 200443 |
| JPMorgan Chase & Co.<sup>(a)(f)</sup> <br>|  |  |  |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3000 | &nbsp;&nbsp; 3054787 |
| (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 |  | 2250 | &nbsp;&nbsp; 2203971 |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, <br> 04/18/30<sup>(a)(f)</sup><br>|  | 3000 | &nbsp;&nbsp; 3116132 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 125619 |
| Standard Chartered PLC, (5-year USD ICE Swap + <br> 1.97%), 4.87%, 03/15/33<sup>(a)(b)(f)</sup><br>| USD | 500 | &nbsp;&nbsp; 497500 |
| State Street Corp., Series I, (5-year CMT + 2.61%), <br> 6.70%<sup>(a)(h)</sup><br>|  | 160 | &nbsp;&nbsp; 167087 |
| UBS AG/Stamford CT, 5.00%, 07/09/27<sup>(f)</sup> |  | 900 | &nbsp;&nbsp; 913901 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 200115 |
|  |  |  | &nbsp;&nbsp; 11959212 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc., 4.90%, 02/01/46<sup>(f)</sup><br>|  | 2000 | &nbsp;&nbsp; 1833281 |
| **Biotechnology**<sup>(f)</sup> **— 0.1%** | **Biotechnology**<sup>(f)</sup> **— 0.1%** | **Biotechnology**<sup>(f)</sup> **— 0.1%** | **Biotechnology**<sup>(f)</sup> **— 0.1%** |
| Amgen, Inc., 4.95%, 10/01/41 |  | 250 | &nbsp;&nbsp; 229588 |
| Gilead Sciences, Inc., 4.15%, 03/01/47 |  | 700 | &nbsp;&nbsp; 571751 |
|  |  |  | &nbsp;&nbsp; 801339 |
| **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 77 | &nbsp;&nbsp; 78469 |
| 6.75%, 05/15/35 |  | 234 | &nbsp;&nbsp; 240930 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(b)</sup> | EUR | 205 | &nbsp;&nbsp; 253647 |
| 6.38%, 12/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 123730 |
| 6.63%, 12/15/30<sup>(b)(f)</sup> | USD | 3248 | &nbsp;&nbsp; 3320015 |
| 6.75%, 07/15/31<sup>(b)</sup> |  | 299 | &nbsp;&nbsp; 309463 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 |  | 100 | &nbsp;&nbsp; 92708 |
| 7.00%, 09/01/32<sup>(f)</sup> |  | 503 | &nbsp;&nbsp; 393824 |
| JH North America Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 01/31/31 |  | 325 | &nbsp;&nbsp; 327838 |
| 6.13%, 07/31/32 |  | 429 | &nbsp;&nbsp; 436123 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28<sup>(f)</sup> |  | 103 | &nbsp;&nbsp; 103273 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> (continued) |  |  |  |
| 9.75%, 07/15/28 | USD | 208 | &nbsp;&nbsp; $208485 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 |  | 1754 | &nbsp;&nbsp; 1803673 |
| 6.75%, 03/01/33 |  | 432 | &nbsp;&nbsp; 445749 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 381 | &nbsp;&nbsp; 380071 |
| 8.88%, 11/15/31 |  | 323 | &nbsp;&nbsp; 338651 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 776 | &nbsp;&nbsp; 795116 |
| Standard Industries, Inc. |  |  |  |
| 2.25%, 11/21/26<sup>(d)</sup> | EUR | 131 | &nbsp;&nbsp; 152415 |
| 4.75%, 01/15/28<sup>(b)</sup> | USD | 6 | &nbsp;&nbsp; 5933 |
| 4.38%, 07/15/30<sup>(b)(f)</sup> |  | 297 | &nbsp;&nbsp; 281212 |
| 3.38%, 01/15/31<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 112099 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 475 | &nbsp;&nbsp; 431550 |
|  |  |  | &nbsp;&nbsp; 10634974 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 19262 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(b)</sup> |  | 472 | &nbsp;&nbsp; 473098 |
| Lowe's Cos., Inc., 2.80%, 09/15/41<sup>(f)</sup> |  | 400 | &nbsp;&nbsp; 279447 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)(f)</sup> |  | 1351 | &nbsp;&nbsp; 1391803 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)(f)</sup> |  | 2336 | &nbsp;&nbsp; 2332293 |
|  |  |  | &nbsp;&nbsp; 4495903 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Apollo Debt Solutions BDC |  |  |  |
| 6.70%, 07/29/31 |  | 250 | &nbsp;&nbsp; 259784 |
| 6.55%, 03/15/32<sup>(b)</sup> |  | 60 | &nbsp;&nbsp; 61284 |
| Ares Capital Corp., 5.50%, 09/01/30<sup>(f)</sup> |  | 325 | &nbsp;&nbsp; 323991 |
| Ares Strategic Income Fund<sup>(f)</sup> <br>|  |  |  |
| 5.60%, 02/15/30 |  | 420 | &nbsp;&nbsp; 418730 |
| 5.80%, 09/09/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 301048 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 95 | &nbsp;&nbsp; 93910 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34<sup>(f)</sup> |  | 930 | &nbsp;&nbsp; 909403 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<sup>(f)</sup> |  | 655 | &nbsp;&nbsp; 661666 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26<sup>(f)</sup> |  | 140 | &nbsp;&nbsp; 145441 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27<sup>(f)</sup> |  | 259 | &nbsp;&nbsp; 271672 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)(f)</sup><br>|  | 273 | &nbsp;&nbsp; 245046 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 401 | &nbsp;&nbsp; 409326 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<sup>(f)</sup><br>|  | 257 | &nbsp;&nbsp; 257016 |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(b)(f)</sup><br>|  | 72 | &nbsp;&nbsp; 73905 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 1051 | &nbsp;&nbsp; 1018347 |
| 9.75%, 01/15/29 |  | 219 | &nbsp;&nbsp; 212744 |
| 4.38%, 02/01/29<sup>(f)</sup> |  | 158 | &nbsp;&nbsp; 132811 |
| 10.00%, 11/15/29<sup>(b)</sup> |  | 418 | &nbsp;&nbsp; 413830 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 286 | &nbsp;&nbsp; 294067 |
| JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27<sup>(i)</sup> |  | 396 | &nbsp;&nbsp; 455796 |
| Raymond James Financial, Inc., 4.95%, 07/15/46<sup>(f)</sup> |  | 400 | &nbsp;&nbsp; 359422 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(b)(g)</sup><br>|  | 255 | &nbsp;&nbsp; 250387 |
|  |  |  | &nbsp;&nbsp; 7569626 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 229122 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 358 | &nbsp;&nbsp; 377435 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 |  |  |  |
| 6.50%, 04/15/30 | USD | 74 | &nbsp;&nbsp; $75748 |
| 6.75%, 04/15/33<sup>(f)</sup> |  | 245 | &nbsp;&nbsp; 247545 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 435 | &nbsp;&nbsp; 431109 |
| 5.75%, 11/15/28<sup>(b)</sup> |  | 530 | &nbsp;&nbsp; 496772 |
| 8.00%, 01/15/33<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 212565 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)(f)</sup> |  | 2068 | &nbsp;&nbsp; 2005536 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118800 |
| HB Fuller Co., 4.25%, 10/15/28 | USD | 90 | &nbsp;&nbsp; 87180 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> |  | 271 | &nbsp;&nbsp; 243216 |
| INEOS Finance PLC, 6.38%, 04/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119393 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118803 |
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(g)</sup><br>| USD | 404 | &nbsp;&nbsp; 361174 |
| LYB International Finance III LLC, 6.15%, 05/15/35<sup>(f)</sup> |  | 105 | &nbsp;&nbsp; 108981 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 176685 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 208392 |
| Minerals Technologies, Inc., 5.00%, 07/01/28<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 214427 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 9.63%, 11/15/28<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123685 |
| 9.75%, 11/15/28<sup>(b)(f)</sup> | USD | 1086 | &nbsp;&nbsp; 1143591 |
| 6.25%, 10/01/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 190834 |
| 7.25%, 06/15/31<sup>(b)</sup> |  | 1105 | &nbsp;&nbsp; 1127100 |
| Sherwin-Williams Co., 3.80%, 08/15/49<sup>(f)</sup> |  | 310 | &nbsp;&nbsp; 227914 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 586 | &nbsp;&nbsp; 567473 |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 |  | 257 | &nbsp;&nbsp; 255515 |
| 5.63%, 08/15/29<sup>(f)</sup> |  | 1797 | &nbsp;&nbsp; 1626619 |
| 7.38%, 03/01/31 |  | 445 | &nbsp;&nbsp; 455688 |
|  |  |  | &nbsp;&nbsp; 11551302 |
| **Commercial Services & Supplies — 6.2%** | **Commercial Services & Supplies — 6.2%** | **Commercial Services & Supplies — 6.2%** | **Commercial Services & Supplies — 6.2%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(b)</sup> |  | 173 | &nbsp;&nbsp; 165956 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| 5.38%, 05/21/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120493 |
| 7.00%, 05/21/30<sup>(b)</sup> | USD | 648 | &nbsp;&nbsp; 661302 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)(f)</sup> |  | 2629 | &nbsp;&nbsp; 2746495 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/01/29<sup>(f)</sup> |  | 1649 | &nbsp;&nbsp; 1603769 |
| 6.88%, 06/15/30 |  | 1100 | &nbsp;&nbsp; 1114920 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 4.63%, 06/01/28<sup>(b)</sup> |  | 1347 | &nbsp;&nbsp; 1306238 |
| 4.63%, 06/01/28<sup>(b)(f)</sup> |  | 900 | &nbsp;&nbsp; 873605 |
| 4.88%, 06/01/28<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 131587 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123249 |
| APi Group DE, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 07/15/29 | USD | 168 | &nbsp;&nbsp; 160173 |
| 4.75%, 10/15/29 |  | 128 | &nbsp;&nbsp; 125615 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118726 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> | USD | 799 | &nbsp;&nbsp; 805666 |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 534 | &nbsp;&nbsp; 522804 |
| 3.50%, 06/01/31<sup>(f)</sup> |  | 110 | &nbsp;&nbsp; 100899 |
| 6.50%, 05/15/32<sup>(f)</sup> |  | 2802 | &nbsp;&nbsp; 2890888 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122194 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)(f)</sup> | USD | 1606 | &nbsp;&nbsp; 1704793 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 06/15/29 |  | 208 | &nbsp;&nbsp; 214405 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Brink's Co.<sup>(b)</sup> (continued) |  |  |  |
| 6.75%, 06/15/32 | USD | 313 | &nbsp;&nbsp; $325957 |
| Clarivate Science Holdings Corp.<sup>(b)(f)</sup> <br>|  |  |  |
| 3.88%, 07/01/28 |  | 1412 | &nbsp;&nbsp; 1353437 |
| 4.88%, 07/01/29 |  | 1093 | &nbsp;&nbsp; 1029171 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 170 | &nbsp;&nbsp; 175452 |
| DP World Salaam, (5-year CMT + 5.75%), <br> 6.00%<sup>(a)(d)(h)</sup><br>|  | 200 | &nbsp;&nbsp; 199812 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 177 | &nbsp;&nbsp; 185424 |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 05/01/28<sup>(f)</sup> |  | 652 | &nbsp;&nbsp; 648491 |
| 7.88%, 12/01/30 |  | 937 | &nbsp;&nbsp; 994169 |
| 7.00%, 05/01/31<sup>(f)</sup> |  | 1682 | &nbsp;&nbsp; 1741602 |
| 7.00%, 06/15/32<sup>(f)</sup> |  | 754 | &nbsp;&nbsp; 778526 |
| 5.88%, 04/15/33 |  | 582 | &nbsp;&nbsp; 574672 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 484 | &nbsp;&nbsp; 481000 |
| 7.75%, 02/15/28<sup>(f)</sup> |  | 474 | &nbsp;&nbsp; 490383 |
| 6.00%, 06/01/29 |  | 86 | &nbsp;&nbsp; 83941 |
| 8.25%, 08/01/32 |  | 704 | &nbsp;&nbsp; 722447 |
| 8.38%, 11/15/32 |  | 1215 | &nbsp;&nbsp; 1248059 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29<sup>(f)</sup> |  | 170 | &nbsp;&nbsp; 174420 |
| 7.00%, 06/15/30 |  | 529 | &nbsp;&nbsp; 552465 |
| 7.25%, 06/15/33 |  | 268 | &nbsp;&nbsp; 280811 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 203923 |
| Loxam SAS, 6.38%, 05/31/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122711 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(b)(f)</sup><br>| USD | 217 | &nbsp;&nbsp; 217340 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 436 | &nbsp;&nbsp; 436018 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 777 | &nbsp;&nbsp; 777000 |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 |  | 13 | &nbsp;&nbsp; 11949 |
| 4.00%, 05/15/31<sup>(f)</sup> |  | 503 | &nbsp;&nbsp; 470647 |
| 5.75%, 10/15/32<sup>(f)</sup> |  | 1065 | &nbsp;&nbsp; 1075861 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/32<sup>(f)</sup> |  | 1062 | &nbsp;&nbsp; 1102960 |
| 5.50%, 05/15/33 | EUR | 365 | &nbsp;&nbsp; 444747 |
| Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(i)(j)</sup> | USD | 219 | &nbsp;&nbsp; 276487 |
| Sotheby's, 7.38%, 10/15/27<sup>(b)(f)</sup> |  | 1016 | &nbsp;&nbsp; 1004304 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)(f)</sup> |  | 490 | &nbsp;&nbsp; 441256 |
| Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26<sup>(b)(f)</sup> |  | 520 | &nbsp;&nbsp; 518625 |
| United Rentals North America, Inc., 6.13%, 03/15/34<sup>(b)</sup> |  | 88 | &nbsp;&nbsp; 90642 |
| Verisure Holding AB, 9.25%, 10/15/27<sup>(d)</sup> | EUR | 80 | &nbsp;&nbsp; 98201 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | USD | 221 | &nbsp;&nbsp; 239231 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 673 | &nbsp;&nbsp; 707275 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 518 | &nbsp;&nbsp; 522611 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 49 | &nbsp;&nbsp; 50300 |
| 6.63%, 04/15/30 |  | 417 | &nbsp;&nbsp; 433159 |
| 7.38%, 10/01/31 |  | 335 | &nbsp;&nbsp; 352621 |
|  |  |  | &nbsp;&nbsp; 37251884 |
| **Communications Equipment**<sup>(b)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)</sup> **— 0.2%** | **Communications Equipment**<sup>(b)</sup> **— 0.2%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29<sup>(f)</sup> |  | 1114 | &nbsp;&nbsp; 1087579 |
| 9.50%, 12/15/31 |  | 116 | &nbsp;&nbsp; 121477 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 67 | &nbsp;&nbsp; 62606 |
|  |  |  | &nbsp;&nbsp; 1271662 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
| Aeropuerto Internacional de Tocumen SA, 5.13%, <br> 08/11/61<sup>(b)(f)</sup><br>| USD | 320 | &nbsp;&nbsp; $225760 |
| Arcosa, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 04/15/29 |  | 477 | &nbsp;&nbsp; 461423 |
| 6.88%, 08/15/32 |  | 40 | &nbsp;&nbsp; 41513 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> |  | 1501 | &nbsp;&nbsp; 1384877 |
| Heathrow Finance PLC, 4.13%, 09/01/29<sup>(d)(k)</sup> | GBP | 100 | &nbsp;&nbsp; 126275 |
|  |  |  | &nbsp;&nbsp; 2239848 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>| USD | 55 | &nbsp;&nbsp; 55378 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 148 | &nbsp;&nbsp; 163246 |
| 7.88%, 06/15/32 |  | 315 | &nbsp;&nbsp; 327600 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 157 | &nbsp;&nbsp; 162131 |
| 6.63%, 05/15/29 |  | 438 | &nbsp;&nbsp; 449848 |
| 5.38%, 11/15/29 |  | 61 | &nbsp;&nbsp; 60002 |
| 7.88%, 03/15/30 |  | 362 | &nbsp;&nbsp; 384650 |
| 4.00%, 09/15/30 |  | 231 | &nbsp;&nbsp; 213151 |
| 7.50%, 05/15/31 |  | 162 | &nbsp;&nbsp; 169266 |
| 7.13%, 11/15/31 |  | 141 | &nbsp;&nbsp; 146707 |
| 6.75%, 03/15/32 |  | 397 | &nbsp;&nbsp; 404467 |
| 7.13%, 09/15/32 |  | 486 | &nbsp;&nbsp; 503141 |
| SLM Corp., 6.50%, 01/31/30 |  | 82 | &nbsp;&nbsp; 86070 |
|  |  |  | &nbsp;&nbsp; 3125657 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| B&M European Value Retail SA, 6.50%, 11/27/31<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 138160 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 | USD | 204 | &nbsp;&nbsp; 216358 |
| 4.80%, 11/18/44 |  | 365 | &nbsp;&nbsp; 348575 |
|  |  |  | &nbsp;&nbsp; 703093 |
| **Containers & Packaging — 2.6%** | **Containers & Packaging — 2.6%** | **Containers & Packaging — 2.6%** | **Containers & Packaging — 2.6%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/15/27 |  | 400 | &nbsp;&nbsp; 401229 |
| 3.25%, 09/01/28 |  | 200 | &nbsp;&nbsp; 189007 |
| 4.00%, 09/01/29<sup>(f)</sup> |  | 2000 | &nbsp;&nbsp; 1825754 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(d)</sup> | EUR | 243 | &nbsp;&nbsp; 273999 |
| 4.13%, 08/15/26<sup>(b)</sup> | USD | 1324 | &nbsp;&nbsp; 1243064 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 295 | &nbsp;&nbsp; 352069 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 04/15/29<sup>(f)</sup> | USD | 558 | &nbsp;&nbsp; 566083 |
| 6.88%, 01/15/30 |  | 627 | &nbsp;&nbsp; 640968 |
| 8.75%, 04/15/30<sup>(f)</sup> |  | 495 | &nbsp;&nbsp; 506298 |
| 6.75%, 04/15/32 |  | 1245 | &nbsp;&nbsp; 1277705 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 743 | &nbsp;&nbsp; 748078 |
| Graphic Packaging International LLC, 2.63%, <br> 02/01/29<sup>(d)</sup><br>| EUR | 195 | &nbsp;&nbsp; 219622 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 | USD | 91 | &nbsp;&nbsp; 79576 |
| 9.50%, 11/01/28 |  | 632 | &nbsp;&nbsp; 584207 |
| 8.63%, 10/01/31 |  | 310 | &nbsp;&nbsp; 265164 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 4853 | &nbsp;&nbsp; 4932550 |
| 9.25%, 04/15/27 |  | 218 | &nbsp;&nbsp; 216472 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28<sup>(b)</sup> | EUR | 150 | &nbsp;&nbsp; 182435 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| OI European Group BV (continued) |  |  |  |
| 5.25%, 06/01/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $121270 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(b)</sup><br>| USD | 51 | &nbsp;&nbsp; 51023 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 98 | &nbsp;&nbsp; 95645 |
| 5.00%, 04/15/29 |  | 77 | &nbsp;&nbsp; 76161 |
| 6.50%, 07/15/32 |  | 146 | &nbsp;&nbsp; 151294 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 28 | &nbsp;&nbsp; 29469 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(b)</sup> |  | 16 | &nbsp;&nbsp; 16973 |
| Trivium Packaging Finance BV<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 07/15/30 | EUR | 115 | &nbsp;&nbsp; 140006 |
| 8.25%, 07/15/30 | USD | 200 | &nbsp;&nbsp; 211497 |
| 12.25%, 01/15/31 |  | 200 | &nbsp;&nbsp; 214387 |
|  |  |  | &nbsp;&nbsp; 15612005 |
| **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** | **Diversified REITs — 0.9%** |
| American Tower Corp., 2.30%, 09/15/31<sup>(f)</sup> |  | 1000 | &nbsp;&nbsp; 867553 |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(b)(f)(i)</sup> |  | 109 | &nbsp;&nbsp; 114602 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 353 | &nbsp;&nbsp; 338481 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/30 |  | 31 | &nbsp;&nbsp; 30576 |
| 5.63%, 07/15/32 |  | 89 | &nbsp;&nbsp; 88293 |
| 6.25%, 01/15/33 |  | 647 | &nbsp;&nbsp; 665249 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 181 | &nbsp;&nbsp; 181905 |
| SBA Communications Corp., 3.13%, 02/01/29<sup>(f)</sup> |  | 651 | &nbsp;&nbsp; 614855 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)(f)</sup><br>|  | 2320 | &nbsp;&nbsp; 2453512 |
|  |  |  | &nbsp;&nbsp; 5355026 |
| **Diversified Telecommunication Services — 5.1%** | **Diversified Telecommunication Services — 5.1%** | **Diversified Telecommunication Services — 5.1%** | **Diversified Telecommunication Services — 5.1%** |
| Altice Financing SA<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 01/15/28 |  | 200 | &nbsp;&nbsp; 150459 |
| 5.75%, 08/15/29 |  | 800 | &nbsp;&nbsp; 584144 |
| AT&T, Inc., 4.35%, 06/15/45<sup>(f)</sup> |  | 2656 | &nbsp;&nbsp; 2201899 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>|  | 400 | &nbsp;&nbsp; 402051 |
| Corning, Inc., 4.38%, 11/15/57<sup>(f)</sup> |  | 1915 | &nbsp;&nbsp; 1536600 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(g)</sup> |  | 2625 | &nbsp;&nbsp; 2395568 |
| 10.75%, 11/30/29<sup>(f)</sup> |  | 1780 | &nbsp;&nbsp; 1833621 |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(d)(l)</sup> | EUR | 100 | &nbsp;&nbsp; 118090 |
| Eutelsat SA, 1.50%, 10/13/28<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 107110 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118549 |
| 5.13%, 06/30/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117960 |
| 6.00%, 09/30/34<sup>(b)</sup> | USD | 897 | &nbsp;&nbsp; 839449 |
| 7.20%, 07/18/36<sup>(b)</sup> |  | 358 | &nbsp;&nbsp; 348901 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<sup>(b)</sup> |  | 405 | &nbsp;&nbsp; 405154 |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 1139 | &nbsp;&nbsp; 1138520 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 151 | &nbsp;&nbsp; 152974 |
| 5.88%, 11/01/29 |  | 241 | &nbsp;&nbsp; 243462 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 319 | &nbsp;&nbsp; 323114 |
| 8.75%, 05/15/30<sup>(b)(f)</sup> |  | 2085 | &nbsp;&nbsp; 2180642 |
| 8.63%, 03/15/31<sup>(b)</sup> |  | 331 | &nbsp;&nbsp; 351690 |
| Iliad Holding SASU |  |  |  |
| 5.38%, 04/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120976 |
| 8.50%, 04/15/31<sup>(b)</sup> | USD | 1050 | &nbsp;&nbsp; 1123106 |
| 7.00%, 04/15/32<sup>(b)</sup> |  | 385 | &nbsp;&nbsp; 394464 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(b)</sup> | USD | 80 | &nbsp;&nbsp; $81576 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(d)</sup> | EUR | 117 | &nbsp;&nbsp; 139718 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 | USD | 83 | &nbsp;&nbsp; 70965 |
| 4.88%, 06/15/29<sup>(f)</sup> |  | 1103 | &nbsp;&nbsp; 1030393 |
| 11.00%, 11/15/29<sup>(f)</sup> |  | 1838 | &nbsp;&nbsp; 2107799 |
| 4.50%, 04/01/30 |  | 465 | &nbsp;&nbsp; 420524 |
| 3.88%, 10/15/30 |  | 155 | &nbsp;&nbsp; 134463 |
| 10.75%, 12/15/30 |  | 658 | &nbsp;&nbsp; 746185 |
| 4.00%, 04/15/31 |  | 20 | &nbsp;&nbsp; 17504 |
| 6.88%, 06/30/33 |  | 2926 | &nbsp;&nbsp; 2977272 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122989 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 04/15/30 | USD | 259 | &nbsp;&nbsp; 252127 |
| 10.00%, 10/15/32 |  | 283 | &nbsp;&nbsp; 288645 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 632 | &nbsp;&nbsp; 633777 |
| SoftBank Group Corp., 3.88%, 07/06/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 106899 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 507 | &nbsp;&nbsp; 546313 |
| Verizon Communications, Inc.<sup>(f)</sup> <br>|  |  |  |
| 4.50%, 08/10/33 |  | 500 | &nbsp;&nbsp; 486021 |
| 3.00%, 11/20/60 |  | 1250 | &nbsp;&nbsp; 736782 |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)(f)</sup><br>|  | 1775 | &nbsp;&nbsp; 1858933 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 812 | &nbsp;&nbsp; 761475 |
| 6.13%, 03/01/28 |  | 414 | &nbsp;&nbsp; 357271 |
|  |  |  | &nbsp;&nbsp; 31066134 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(d)</sup><br>|  | 210 | &nbsp;&nbsp; 190924 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 440 | &nbsp;&nbsp; 453572 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |  |
| 5.63%, 02/15/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 121158 |
| 6.38%, 02/15/32<sup>(b)</sup> | USD | 290 | &nbsp;&nbsp; 290473 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 618216 |
| Duke Energy Corp., 4.80%, 12/15/45<sup>(f)</sup> |  | 1500 | &nbsp;&nbsp; 1298965 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(h)</sup><br>|  | 3039 | &nbsp;&nbsp; 2861284 |
| Enel Finance International NV, 3.63%, 05/25/27<sup>(b)(f)</sup> |  | 1250 | &nbsp;&nbsp; 1234120 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 169 | &nbsp;&nbsp; 165228 |
| Pampa Energia SA, 7.88%, 12/16/34<sup>(b)</sup> |  | 39 | &nbsp;&nbsp; 38907 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 117 | &nbsp;&nbsp; 127247 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120145 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(d)</sup><br>| USD | 137 | &nbsp;&nbsp; 139467 |
| Virginia Electric and Power Co., 6.35%, 11/30/37<sup>(f)</sup> |  | 750 | &nbsp;&nbsp; 806839 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 10/15/31 |  | 480 | &nbsp;&nbsp; 510165 |
| 6.88%, 04/15/32 |  | 438 | &nbsp;&nbsp; 457921 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 10/15/26 |  | 86 | &nbsp;&nbsp; 84021 |
| 8.38%, 01/15/31 |  | 1085 | &nbsp;&nbsp; 1158893 |
|  |  |  | &nbsp;&nbsp; 10677545 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.5%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(f)</sup> |  | 547 | &nbsp;&nbsp; 537226 |
| Imola Merger Corp., 4.75%, 05/15/29 |  | 353 | &nbsp;&nbsp; 340819 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 |  | 810 | &nbsp;&nbsp; 773310 |
| 3.75%, 02/15/31 |  | 26 | &nbsp;&nbsp; 23700 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Sensata Technologies, Inc. (continued) |  |  |  |
| 6.63%, 07/15/32 | USD | 500 | &nbsp;&nbsp; $514575 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 245 | &nbsp;&nbsp; 254597 |
| 6.38%, 03/15/33 |  | 353 | &nbsp;&nbsp; 364854 |
| Xerox Corp., 10.25%, 10/15/30 |  | 160 | &nbsp;&nbsp; 167511 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 184 | &nbsp;&nbsp; 189203 |
|  |  |  | &nbsp;&nbsp; 3165795 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| Archrock Partners LP/Archrock Partners Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 113 | &nbsp;&nbsp; 113115 |
| 6.25%, 04/01/28 |  | 770 | &nbsp;&nbsp; 772549 |
| 6.63%, 09/01/32 |  | 639 | &nbsp;&nbsp; 651037 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> |  | 685 | &nbsp;&nbsp; 708572 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 92 | &nbsp;&nbsp; 92758 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> |  | 340 | &nbsp;&nbsp; 320405 |
| Tidewater, Inc., 07/15/30<sup>(b)(l)</sup> |  | 280 | &nbsp;&nbsp; 288081 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)(f)</sup><br>|  | 509 | &nbsp;&nbsp; 521690 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)(f)</sup> |  | 632 | &nbsp;&nbsp; 651420 |
|  |  |  | &nbsp;&nbsp; 4119627 |
| **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| Banijay Entertainment SAS, 8.13%, 05/01/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 207492 |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> |  | 397 | &nbsp;&nbsp; 385226 |
| Caesars Entertainment, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| 7.00%, 02/15/30 |  | 1631 | &nbsp;&nbsp; 1689034 |
| 6.50%, 02/15/32 |  | 882 | &nbsp;&nbsp; 905034 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 374 | &nbsp;&nbsp; 369179 |
| 5.75%, 04/01/30 |  | 1073 | &nbsp;&nbsp; 1076497 |
| 6.75%, 05/01/31 |  | 508 | &nbsp;&nbsp; 522134 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(b)</sup> |  | 101 | &nbsp;&nbsp; 104855 |
| Cirsa Finance International SARL, (3-mo. EURIBOR + <br> 4.50%), 6.69%, 07/31/28<sup>(a)(d)</sup><br>| EUR | 54 | &nbsp;&nbsp; 64266 |
| Flutter Treasury DAC, 5.88%, 06/04/31<sup>(b)</sup> | USD | 680 | &nbsp;&nbsp; 685100 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>|  | 524 | &nbsp;&nbsp; 512901 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 11/15/29 |  | 213 | &nbsp;&nbsp; 219444 |
| 7.50%, 09/01/31 |  | 110 | &nbsp;&nbsp; 115105 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 303 | &nbsp;&nbsp; 263328 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)(f)</sup> |  | 412 | &nbsp;&nbsp; 407521 |
| Merlin Entertainments Group U.S. Holdings, Inc., <br> 7.38%, 02/15/31<sup>(b)</sup><br>|  | 392 | &nbsp;&nbsp; 350297 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 342 | &nbsp;&nbsp; 353015 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 417954 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 135550 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 09/01/29 | USD | 148 | &nbsp;&nbsp; 84730 |
| 5.88%, 09/01/31 |  | 214 | &nbsp;&nbsp; 117165 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 225 | &nbsp;&nbsp; 225291 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(b)</sup><br>|  | 274 | &nbsp;&nbsp; 264042 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> |  | 95 | &nbsp;&nbsp; 97630 |
| Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co., 6.63%, 05/01/32<sup>(b)</sup><br>|  | 883 | &nbsp;&nbsp; 910757 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Vail Resorts, Inc., 6.50%, 05/15/32<sup>(b)(f)</sup> | USD | 479 | &nbsp;&nbsp; $494926 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 414 | &nbsp;&nbsp; 430737 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 10/01/29<sup>(f)</sup> |  | 1011 | &nbsp;&nbsp; 1003703 |
| 7.13%, 02/15/31<sup>(f)</sup> |  | 314 | &nbsp;&nbsp; 334869 |
| 6.25%, 03/15/33 |  | 283 | &nbsp;&nbsp; 284815 |
|  |  |  | &nbsp;&nbsp; 13032597 |
| **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** |
| Clean Harbors, Inc., 6.38%, 02/01/31<sup>(b)</sup> |  | 53 | &nbsp;&nbsp; 54300 |
| GFL Environmental, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 08/01/28 |  | 567 | &nbsp;&nbsp; 549948 |
| 4.38%, 08/15/29<sup>(f)</sup> |  | 519 | &nbsp;&nbsp; 503968 |
| 6.75%, 01/15/31 |  | 444 | &nbsp;&nbsp; 464612 |
| Madison IAQ LLC<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 06/30/28 |  | 320 | &nbsp;&nbsp; 310871 |
| 5.88%, 06/30/29<sup>(f)</sup> |  | 726 | &nbsp;&nbsp; 714220 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 181 | &nbsp;&nbsp; 172193 |
| 5.00%, 09/01/30 |  | 91 | &nbsp;&nbsp; 86008 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)</sup> |  | 1393 | &nbsp;&nbsp; 1446098 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 174 | &nbsp;&nbsp; 181145 |
|  |  |  | &nbsp;&nbsp; 4483363 |
| **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** | **Financial Services — 2.1%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), <br> 5.74%, 05/15/29<sup>(a)</sup><br>|  | 90 | &nbsp;&nbsp; 91602 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 223 | &nbsp;&nbsp; 231502 |
| 01/15/31<sup>(l)</sup> |  | 155 | &nbsp;&nbsp; 158243 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 220 | &nbsp;&nbsp; 228510 |
| 9.13%, 05/15/31 |  | 387 | &nbsp;&nbsp; 398913 |
| 8.38%, 04/01/32 |  | 264 | &nbsp;&nbsp; 266845 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 05/15/26 |  | 58 | &nbsp;&nbsp; 58594 |
| 8.00%, 02/15/27 |  | 283 | &nbsp;&nbsp; 291785 |
| 8.00%, 06/15/28 |  | 177 | &nbsp;&nbsp; 187216 |
| 6.88%, 04/15/29 |  | 341 | &nbsp;&nbsp; 352535 |
| 5.88%, 03/15/30 |  | 281 | &nbsp;&nbsp; 282995 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 469 | &nbsp;&nbsp; 481311 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)(f)</sup><br>|  | 415 | &nbsp;&nbsp; 401170 |
| Macquarie Airfinance Holdings Ltd., 6.50%, <br> 03/26/31<sup>(b)(f)</sup><br>|  | 220 | &nbsp;&nbsp; 232829 |
| Midcap Financial Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | &nbsp;&nbsp; 198110 |
| 5.63%, 01/15/30 |  | 400 | &nbsp;&nbsp; 369500 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 01/15/27<sup>(f)</sup> |  | 101 | &nbsp;&nbsp; 101109 |
| 6.50%, 08/01/29 |  | 456 | &nbsp;&nbsp; 465783 |
| 5.13%, 12/15/30<sup>(f)</sup> |  | 269 | &nbsp;&nbsp; 272249 |
| 5.75%, 11/15/31<sup>(f)</sup> |  | 170 | &nbsp;&nbsp; 172651 |
| 7.13%, 02/01/32 |  | 916 | &nbsp;&nbsp; 951445 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 266 | &nbsp;&nbsp; 282461 |
| 7.13%, 11/15/30 |  | 366 | &nbsp;&nbsp; 379317 |
| 6.88%, 05/15/32 |  | 481 | &nbsp;&nbsp; 491808 |
| 6.88%, 02/15/33 |  | 268 | &nbsp;&nbsp; 274700 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 590 | &nbsp;&nbsp; 611085 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 |  | 1648 | &nbsp;&nbsp; 1679361 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Rocket Cos., Inc.<sup>(b)</sup> (continued) |  |  |  |
| 6.38%, 08/01/33 | USD | 1351 | &nbsp;&nbsp; $1382344 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.88%, 10/15/26<sup>(f)</sup> |  | 333 | &nbsp;&nbsp; 324765 |
| 3.88%, 03/01/31<sup>(f)</sup> |  | 130 | &nbsp;&nbsp; 120512 |
| 4.00%, 10/15/33 |  | 125 | &nbsp;&nbsp; 111834 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 200620 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(g)</sup><br>| EUR | 100 | &nbsp;&nbsp; 34408 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> | USD | 626 | &nbsp;&nbsp; 626647 |
|  |  |  | &nbsp;&nbsp; 12714759 |
| **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** | **Food Products — 2.1%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 03/15/26 |  | 65 | &nbsp;&nbsp; 64105 |
| 4.63%, 01/15/27 |  | 380 | &nbsp;&nbsp; 377611 |
| 5.88%, 02/15/28 |  | 348 | &nbsp;&nbsp; 347651 |
| 3.50%, 03/15/29 |  | 105 | &nbsp;&nbsp; 99475 |
| 4.88%, 02/15/30<sup>(f)</sup> |  | 212 | &nbsp;&nbsp; 208399 |
| 6.25%, 03/15/33 |  | 258 | &nbsp;&nbsp; 265953 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)(f)</sup> |  | 492 | &nbsp;&nbsp; 490020 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 113609 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(d)</sup> | GBP | 104 | &nbsp;&nbsp; 134369 |
| BRF GmbH, 4.35%, 09/29/26<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; 197430 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(g)</sup><br>|  | 1692 | &nbsp;&nbsp; 1812064 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 11/15/28 |  | 1198 | &nbsp;&nbsp; 1175825 |
| 7.63%, 07/01/29<sup>(f)</sup> |  | 1528 | &nbsp;&nbsp; 1592271 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<sup>(b)</sup> | EUR | 250 | &nbsp;&nbsp; 298047 |
| 4.50%, 07/15/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119219 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)(f)</sup> | USD | 185 | &nbsp;&nbsp; 187443 |
| ELO SACA, 3.25%, 07/23/27<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 113431 |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 03/01/31 | USD | 25 | &nbsp;&nbsp; 26530 |
| 9.63%, 09/15/32 |  | 117 | &nbsp;&nbsp; 123455 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, <br> 12/15/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 117954 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>| USD | 214 | &nbsp;&nbsp; 221630 |
| Lamb Weston Holdings, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| 4.13%, 01/31/30 |  | 368 | &nbsp;&nbsp; 350923 |
| 4.38%, 01/31/32 |  | 516 | &nbsp;&nbsp; 483234 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118330 |
| Market Bidco Finco PLC, 4.75%, 11/04/27<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117188 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 133509 |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 08/01/29 | USD | 383 | &nbsp;&nbsp; 369307 |
| 6.13%, 09/15/32 |  | 428 | &nbsp;&nbsp; 437816 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 04/15/30<sup>(f)</sup> |  | 397 | &nbsp;&nbsp; 381610 |
| 4.50%, 09/15/31 |  | 42 | &nbsp;&nbsp; 38985 |
| 6.25%, 02/15/32 |  | 251 | &nbsp;&nbsp; 257949 |
| 6.38%, 03/01/33 |  | 427 | &nbsp;&nbsp; 430893 |
| 6.25%, 10/15/34 |  | 326 | &nbsp;&nbsp; 327851 |
| Premier Foods Finance PLC, 3.50%, 10/15/26<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 135957 |
| U.S. Foods, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 02/15/29 | USD | 191 | &nbsp;&nbsp; 187649 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| U.S. Foods, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 7.25%, 01/15/32 | USD | 346 | &nbsp;&nbsp; $364353 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 334 | &nbsp;&nbsp; 329645 |
|  |  |  | &nbsp;&nbsp; 12551690 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(b)</sup><br>|  | 169 | &nbsp;&nbsp; 175334 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>|  | 117 | &nbsp;&nbsp; 110693 |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 |  | 1213 | &nbsp;&nbsp; 1213000 |
| 6.75%, 01/15/36 |  | 1266 | &nbsp;&nbsp; 1266000 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 05/01/33<sup>(f)</sup> |  | 505 | &nbsp;&nbsp; 540765 |
| 7.75%, 05/01/35 |  | 459 | &nbsp;&nbsp; 496832 |
|  |  |  | &nbsp;&nbsp; 3802624 |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| Burlington Northern Santa Fe LLC, 4.38%, 09/01/42<sup>(f)</sup> |  | 500 | &nbsp;&nbsp; 437813 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)</sup> |  | 568 | &nbsp;&nbsp; 579572 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<sup>(b)(f)</sup> |  | 1591 | &nbsp;&nbsp; 1612907 |
| Union Pacific Corp., 3.20%, 05/20/41<sup>(f)</sup> |  | 275 | &nbsp;&nbsp; 210111 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>|  | 180 | &nbsp;&nbsp; 188157 |
|  |  |  | &nbsp;&nbsp; 3028560 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Avantor Funding, Inc. |  |  |  |
| 2.63%, 11/01/25<sup>(d)</sup> | EUR | 300 | &nbsp;&nbsp; 352678 |
| 4.63%, 07/15/28<sup>(b)(f)</sup> | USD | 624 | &nbsp;&nbsp; 612742 |
| 3.88%, 11/01/29<sup>(b)</sup> |  | 31 | &nbsp;&nbsp; 29351 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)(f)</sup> |  | 1440 | &nbsp;&nbsp; 1503000 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 187 | &nbsp;&nbsp; 194964 |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 04/01/29 |  | 888 | &nbsp;&nbsp; 851806 |
| 5.25%, 10/01/29<sup>(f)</sup> |  | 2001 | &nbsp;&nbsp; 1985402 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 557 | &nbsp;&nbsp; 572197 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 233 | &nbsp;&nbsp; 241001 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 259 | &nbsp;&nbsp; 269475 |
|  |  |  | &nbsp;&nbsp; 6612616 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> |  | 168 | &nbsp;&nbsp; 173079 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 469 | &nbsp;&nbsp; 457353 |
| Charles River Laboratories International, Inc., 4.00%, <br> 03/15/31<sup>(b)</sup><br>|  | 55 | &nbsp;&nbsp; 50396 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 03/15/27<sup>(f)</sup> |  | 961 | &nbsp;&nbsp; 946566 |
| 6.00%, 01/15/29 |  | 769 | &nbsp;&nbsp; 739677 |
| 5.25%, 05/15/30<sup>(f)</sup> |  | 1197 | &nbsp;&nbsp; 1061437 |
| 4.75%, 02/15/31<sup>(f)</sup> |  | 506 | &nbsp;&nbsp; 432570 |
| 10.88%, 01/15/32<sup>(f)</sup> |  | 999 | &nbsp;&nbsp; 1058807 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)</sup> |  | 522 | &nbsp;&nbsp; 540460 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 237 | &nbsp;&nbsp; 245575 |
| 6.75%, 07/15/33 |  | 231 | &nbsp;&nbsp; 238530 |
| Encompass Health Corp., 4.63%, 04/01/31 |  | 303 | &nbsp;&nbsp; 293222 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 126689 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)(f)</sup> | USD | 115 | &nbsp;&nbsp; 104095 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 280 | &nbsp;&nbsp; 277596 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 559 | &nbsp;&nbsp; 543506 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| IQVIA, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/15/30 | USD | 274 | &nbsp;&nbsp; $282489 |
| 6.25%, 06/01/32 |  | 1220 | &nbsp;&nbsp; 1251986 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.88%, 08/15/30<sup>(f)</sup> |  | 216 | &nbsp;&nbsp; 233649 |
| 11.00%, 10/15/30<sup>(f)</sup> |  | 949 | &nbsp;&nbsp; 1046933 |
| 8.38%, 02/15/32 |  | 334 | &nbsp;&nbsp; 355892 |
| 10.00%, 06/01/32<sup>(f)</sup> |  | 418 | &nbsp;&nbsp; 431236 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 06/15/28 |  | 16 | &nbsp;&nbsp; 15639 |
| 3.88%, 11/15/30 |  | 166 | &nbsp;&nbsp; 154230 |
| 3.88%, 05/15/32<sup>(f)</sup> |  | 213 | &nbsp;&nbsp; 193874 |
| 6.25%, 01/15/33 |  | 328 | &nbsp;&nbsp; 333871 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47<sup>(f)</sup> |  | 686 | &nbsp;&nbsp; 545322 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 152 | &nbsp;&nbsp; 150860 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)(f)</sup> |  | 590 | &nbsp;&nbsp; 620573 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)(f)</sup> |  | 884 | &nbsp;&nbsp; 900807 |
| Tenet Healthcare Corp., 6.75%, 05/15/31<sup>(f)</sup> |  | 1097 | &nbsp;&nbsp; 1134944 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)(f)</sup> |  | 360 | &nbsp;&nbsp; 371318 |
| UnitedHealth Group, Inc., 3.95%, 10/15/42<sup>(f)</sup> |  | 750 | &nbsp;&nbsp; 607304 |
|  |  |  | &nbsp;&nbsp; 15920485 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<sup>(b)</sup> | EUR | 355 | &nbsp;&nbsp; 428418 |
| 7.00%, 02/15/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 120681 |
| 8.50%, 02/15/32<sup>(b)</sup> | USD | 1112 | &nbsp;&nbsp; 1163770 |
|  |  |  | &nbsp;&nbsp; 1712869 |
| **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<sup>(b)</sup><br>|  | 295 | &nbsp;&nbsp; 303389 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>|  | 158 | &nbsp;&nbsp; 158849 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/29 |  | 142 | &nbsp;&nbsp; 138789 |
| 6.50%, 04/01/32<sup>(f)</sup> |  | 1028 | &nbsp;&nbsp; 1057244 |
| 6.50%, 06/15/33 |  | 371 | &nbsp;&nbsp; 381665 |
| Service Properties Trust<sup>(f)</sup> <br>|  |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 1753 | &nbsp;&nbsp; 1881972 |
| 8.88%, 06/15/32 |  | 604 | &nbsp;&nbsp; 621068 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 156 | &nbsp;&nbsp; 158943 |
|  |  |  | &nbsp;&nbsp; 4701919 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 115439 |
| Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 01/15/28 | USD | 69 | &nbsp;&nbsp; 67210 |
| 4.38%, 01/15/28 |  | 58 | &nbsp;&nbsp; 56878 |
| 4.00%, 10/15/30 |  | 771 | &nbsp;&nbsp; 718471 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 05/01/29<sup>(f)</sup> |  | 708 | &nbsp;&nbsp; 715393 |
| 5.88%, 06/15/31 |  | 591 | &nbsp;&nbsp; 602081 |
| 6.13%, 02/15/33<sup>(f)</sup> |  | 1227 | &nbsp;&nbsp; 1255408 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 |  | 412 | &nbsp;&nbsp; 394620 |
| 6.75%, 01/15/30<sup>(f)</sup> |  | 172 | &nbsp;&nbsp; 158722 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 05/01/31 |  | 198 | &nbsp;&nbsp; 186164 |
| 6.13%, 04/01/32 |  | 195 | &nbsp;&nbsp; 199706 |
| 5.88%, 03/15/33 |  | 571 | &nbsp;&nbsp; 581779 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Las Vegas Sands Corp., 6.00%, 06/14/30 | USD | 240 | &nbsp;&nbsp; $247602 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> |  | 70 | &nbsp;&nbsp; 73074 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 304 | &nbsp;&nbsp; 305792 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 353 | &nbsp;&nbsp; 277295 |
| Melco Resorts Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 07/21/28 |  | 200 | &nbsp;&nbsp; 195676 |
| 7.63%, 04/17/32 |  | 544 | &nbsp;&nbsp; 550528 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<sup>(d)</sup> |  | 250 | &nbsp;&nbsp; 250025 |
| 4.75%, 02/01/27<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 198250 |
| 7.13%, 06/26/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 207000 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 428 | &nbsp;&nbsp; 435338 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 159 | &nbsp;&nbsp; 167615 |
| 7.75%, 02/15/29 |  | 80 | &nbsp;&nbsp; 85063 |
| 6.25%, 03/01/30 |  | 198 | &nbsp;&nbsp; 199690 |
| 6.75%, 02/01/32 |  | 731 | &nbsp;&nbsp; 746810 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 185 | &nbsp;&nbsp; 195234 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 232 | &nbsp;&nbsp; 237510 |
| 10.75%, 11/15/29<sup>(f)</sup> |  | 663 | &nbsp;&nbsp; 681263 |
| 11.13%, 07/15/30 |  | 530 | &nbsp;&nbsp; 554380 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 12/01/31 |  | 354 | &nbsp;&nbsp; 331604 |
| 6.63%, 03/15/32 |  | 222 | &nbsp;&nbsp; 226998 |
| Stonegate Pub Co. Financing PLC, 10.75%, <br> 07/31/29<sup>(d)</sup><br>| GBP | 100 | &nbsp;&nbsp; 142302 |
| TUI AG, 5.88%, 03/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122212 |
| Vail Resorts, Inc., 5.63%, 07/15/30 | USD | 278 | &nbsp;&nbsp; 278000 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27<sup>(f)</sup> |  | 308 | &nbsp;&nbsp; 308172 |
| 7.00%, 02/15/29 |  | 66 | &nbsp;&nbsp; 66579 |
| 9.13%, 07/15/31 |  | 708 | &nbsp;&nbsp; 762517 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 206 | &nbsp;&nbsp; 204995 |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 01/15/26<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 199538 |
| 5.50%, 01/15/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199538 |
| 5.63%, 08/26/28<sup>(b)(f)</sup> |  | 1163 | &nbsp;&nbsp; 1140612 |
| 5.13%, 12/15/29<sup>(b)</sup> |  | 610 | &nbsp;&nbsp; 583184 |
|  |  |  | &nbsp;&nbsp; 15226267 |
| **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> 4.63%, 04/01/30<sup>(b)</sup><br>|  | 185 | &nbsp;&nbsp; 175925 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 74 | &nbsp;&nbsp; 74144 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 06/15/29 |  | 266 | &nbsp;&nbsp; 242081 |
| 4.88%, 02/15/30 |  | 476 | &nbsp;&nbsp; 424874 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 151 | &nbsp;&nbsp; 157422 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 68517 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)</sup> |  | 1133 | &nbsp;&nbsp; 1228240 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 116 | &nbsp;&nbsp; 120587 |
| 7.00%, 11/15/32 |  | 291 | &nbsp;&nbsp; 276959 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(f)(i)</sup> |  | 521 | &nbsp;&nbsp; 504445 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 296 | &nbsp;&nbsp; 306871 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 272 | &nbsp;&nbsp; 285657 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 64 | &nbsp;&nbsp; 61810 |
| 4.38%, 02/01/32 |  | 15 | &nbsp;&nbsp; 13774 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 60005 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> | USD | 158 | &nbsp;&nbsp; $165067 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 273 | &nbsp;&nbsp; 275399 |
| 6.50%, 06/15/33 |  | 289 | &nbsp;&nbsp; 289925 |
|  |  |  | &nbsp;&nbsp; 4731702 |
| **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<sup>(f)</sup> |  | 159 | &nbsp;&nbsp; 150095 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 70830 |
|  |  |  | &nbsp;&nbsp; 220925 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.5%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.5%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.5%** | **Independent Power and Renewable Electricity Producers**<sup>(b)</sup> **— 0.5%** |
| Calpine Corp. |  |  |  |
| 5.13%, 03/15/28<sup>(f)</sup> |  | 567 | &nbsp;&nbsp; 566365 |
| 5.00%, 02/01/31 |  | 88 | &nbsp;&nbsp; 87053 |
| Clearway Energy Operating LLC, 4.75%, 03/15/28 |  | 53 | &nbsp;&nbsp; 52369 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 126 | &nbsp;&nbsp; 132609 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 260 | &nbsp;&nbsp; 260334 |
| 6.00%, 02/01/33 |  | 1038 | &nbsp;&nbsp; 1048345 |
| 6.25%, 11/01/34 |  | 847 | &nbsp;&nbsp; 862964 |
| SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, <br> 12/31/28<sup>(g)</sup><br>|  | 88 | &nbsp;&nbsp; 56095 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(h)</sup> |  | 240 | &nbsp;&nbsp; 245819 |
|  |  |  | &nbsp;&nbsp; 3311953 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 169 | &nbsp;&nbsp; 171783 |
| Axon Enterprise, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 03/15/30 |  | 72 | &nbsp;&nbsp; 74042 |
| 6.25%, 03/15/33 |  | 251 | &nbsp;&nbsp; 258445 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 219 | &nbsp;&nbsp; 223889 |
| Maxam Prill SARL, 07/15/30<sup>(d)(l)</sup> | EUR | 100 | &nbsp;&nbsp; 117088 |
|  |  |  | &nbsp;&nbsp; 845247 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>| USD | 163 | &nbsp;&nbsp; 165310 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 10/15/27 |  | 2111 | &nbsp;&nbsp; 2072160 |
| 6.75%, 10/15/27<sup>(f)</sup> |  | 1210 | &nbsp;&nbsp; 1209286 |
| 5.88%, 11/01/29<sup>(f)</sup> |  | 1480 | &nbsp;&nbsp; 1458924 |
| 7.00%, 01/15/31 |  | 1268 | &nbsp;&nbsp; 1311632 |
| 7.38%, 10/01/32<sup>(f)</sup> |  | 1202 | &nbsp;&nbsp; 1239038 |
| AmWINS Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 02/15/29 |  | 182 | &nbsp;&nbsp; 185501 |
| 4.88%, 06/30/29 |  | 147 | &nbsp;&nbsp; 142857 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 295 | &nbsp;&nbsp; 301758 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(d)</sup> | EUR | 375 | &nbsp;&nbsp; 453898 |
| 7.75%, 02/15/31<sup>(b)</sup> | USD | 1793 | &nbsp;&nbsp; 1874526 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> |  | 1722 | &nbsp;&nbsp; 1811970 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(b)</sup> |  | 504 | &nbsp;&nbsp; 540048 |
| Berkshire Hathaway Finance Corp., 5.75%, 01/15/40<sup>(f)</sup> |  | 250 | &nbsp;&nbsp; 270973 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 02/15/31<sup>(f)</sup> |  | 2200 | &nbsp;&nbsp; 2278137 |
| 8.13%, 02/15/32 |  | 1048 | &nbsp;&nbsp; 1089940 |
| HUB International Ltd.<sup>(b)(f)</sup> <br>|  |  |  |
| 7.25%, 06/15/30 |  | 4105 | &nbsp;&nbsp; 4289869 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| HUB International Ltd.<sup>(b)(f)</sup> (continued) |  |  |  |
| 7.38%, 01/31/32 | USD | 5545 | &nbsp;&nbsp; $5801891 |
| Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 03/15/30 |  | 903 | &nbsp;&nbsp; 957115 |
| 10.50%, 12/15/30 |  | 513 | &nbsp;&nbsp; 546760 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)(f)</sup> |  | 3723 | &nbsp;&nbsp; 3867270 |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 02/01/30 |  | 163 | &nbsp;&nbsp; 157654 |
| 5.88%, 08/01/32 |  | 445 | &nbsp;&nbsp; 448500 |
| Teachers Insurance & Annuity Association of America, <br> 4.27%, 05/15/47<sup>(b)(f)</sup><br>|  | 700 | &nbsp;&nbsp; 568270 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123611 |
| USI, Inc., 7.50%, 01/15/32<sup>(b)(f)</sup> | USD | 611 | &nbsp;&nbsp; 644702 |
|  |  |  | &nbsp;&nbsp; 33811600 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 943 | &nbsp;&nbsp; 967637 |
| **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** | **Internet Software & Services**<sup>(b)</sup> **— 0.5%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL |  |  |  |
| 5.00%, 05/01/28 |  | 514 | &nbsp;&nbsp; 490496 |
| 9.00%, 08/01/29 |  | 200 | &nbsp;&nbsp; 204491 |
| Cablevision Lightpath LLC |  |  |  |
| 3.88%, 09/15/27 |  | 418 | &nbsp;&nbsp; 402873 |
| 5.63%, 09/15/28 |  | 401 | &nbsp;&nbsp; 387388 |
| Getty Images, Inc., 11.25%, 02/21/30 |  | 243 | &nbsp;&nbsp; 241178 |
| ION Trading Technologies SARL, 9.50%, 05/30/29 |  | 400 | &nbsp;&nbsp; 410800 |
| Match Group Holdings II LLC |  |  |  |
| 4.13%, 08/01/30 |  | 262 | &nbsp;&nbsp; 245019 |
| 3.63%, 10/01/31 |  | 64 | &nbsp;&nbsp; 57263 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/27 |  | 283 | &nbsp;&nbsp; 307299 |
| 9.75%, 04/15/29 |  | 474 | &nbsp;&nbsp; 519210 |
|  |  |  | &nbsp;&nbsp; 3266017 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Almaviva-The Italian Innovation Co. SpA, 10/30/30<sup>(d)(l)</sup> | EUR | 100 | &nbsp;&nbsp; 117795 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> | USD | 343 | &nbsp;&nbsp; 352999 |
| Atos SE<sup>(d)(k)</sup> <br>|  |  |  |
| 5.20%, 12/18/30 | EUR | 59 | &nbsp;&nbsp; 59058 |
| 9.36%, 12/18/29 |  | 54 | &nbsp;&nbsp; 70424 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)</sup> | USD | 728 | &nbsp;&nbsp; 721612 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 464 | &nbsp;&nbsp; 478824 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)(f)</sup> |  | 720 | &nbsp;&nbsp; 754284 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(b)</sup> |  | 195 | &nbsp;&nbsp; 200876 |
| KBR, Inc., 4.75%, 09/30/28<sup>(b)</sup> |  | 204 | &nbsp;&nbsp; 195331 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)(f)</sup> |  | 789 | &nbsp;&nbsp; 745119 |
| Science Applications International Corp., 4.88%, <br> 04/01/28<sup>(b)</sup><br>|  | 239 | &nbsp;&nbsp; 235295 |
|  |  |  | &nbsp;&nbsp; 3931617 |
| **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** | **Machinery — 1.3%** |
| Chart Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 01/01/30<sup>(f)</sup> |  | 742 | &nbsp;&nbsp; 776819 |
| 9.50%, 01/01/31 |  | 102 | &nbsp;&nbsp; 108876 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 141293 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)</sup> |  | 170 | &nbsp;&nbsp; 134300 |
| Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 874 | &nbsp;&nbsp; 913809 |
| IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118407 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> | USD | 175 | &nbsp;&nbsp; 184177 |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/15/29 |  | 67 | &nbsp;&nbsp; 65400 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Terex Corp.<sup>(b)</sup> (continued) |  |  |  |
| 6.25%, 10/15/32 | USD | 228 | &nbsp;&nbsp; $228462 |
| TK Elevator Holdco GmbH |  |  |  |
| 6.63%, 07/15/28<sup>(d)</sup> | EUR | 167 | &nbsp;&nbsp; 197682 |
| 7.63%, 07/15/28<sup>(b)</sup> | USD | 1033 | &nbsp;&nbsp; 1034072 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(d)</sup> | EUR | 372 | &nbsp;&nbsp; 438171 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)(f)</sup> | USD | 2566 | &nbsp;&nbsp; 2564201 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)(f)</sup> |  | 847 | &nbsp;&nbsp; 825813 |
|  |  |  | &nbsp;&nbsp; 7731482 |
| **Media — 4.4%** | **Media — 4.4%** | **Media — 4.4%** | **Media — 4.4%** |
| Cable One, Inc.<sup>(i)</sup> <br>|  |  |  |
| 0.00%, 03/15/26<sup>(j)</sup> |  | 114 | &nbsp;&nbsp; 107855 |
| 1.13%, 03/15/28 |  | 1006 | &nbsp;&nbsp; 767078 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/01/29 |  | 76 | &nbsp;&nbsp; 75722 |
| 6.38%, 09/01/29 |  | 1243 | &nbsp;&nbsp; 1267905 |
| 4.75%, 03/01/30<sup>(f)</sup> |  | 229 | &nbsp;&nbsp; 221856 |
| 4.25%, 02/01/31<sup>(f)</sup> |  | 632 | &nbsp;&nbsp; 590398 |
| 7.38%, 03/01/31<sup>(f)</sup> |  | 2275 | &nbsp;&nbsp; 2373758 |
| 4.75%, 02/01/32 |  | 41 | &nbsp;&nbsp; 38890 |
| 4.50%, 06/01/33 |  | 51 | &nbsp;&nbsp; 46616 |
| 4.25%, 01/15/34<sup>(f)</sup> |  | 1401 | &nbsp;&nbsp; 1247152 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital, 5.38%, <br> 05/01/47<sup>(f)</sup><br>|  | 3000 | &nbsp;&nbsp; 2603732 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 606 | &nbsp;&nbsp; 578576 |
| 5.38%, 02/01/28 |  | 800 | &nbsp;&nbsp; 732445 |
| 11.25%, 05/15/28 |  | 866 | &nbsp;&nbsp; 862741 |
| 11.75%, 01/31/29 |  | 1534 | &nbsp;&nbsp; 1459073 |
| 3.38%, 02/15/31 |  | 200 | &nbsp;&nbsp; 138578 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 5.88%, 08/15/27<sup>(b)(f)</sup><br>|  | 1326 | &nbsp;&nbsp; 1321672 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 1285 | &nbsp;&nbsp; 1166137 |
| 5.75%, 12/01/28 |  | 1201 | &nbsp;&nbsp; 1039616 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 1716 | &nbsp;&nbsp; 1768897 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 440 | &nbsp;&nbsp; 439803 |
| 10.50%, 07/15/29<sup>(f)</sup> |  | 682 | &nbsp;&nbsp; 732656 |
| LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(b)</sup><br>|  | 580 | &nbsp;&nbsp; 390682 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 453 | &nbsp;&nbsp; 479398 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)(f)</sup> |  | 889 | &nbsp;&nbsp; 898082 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/01/26 |  | 50 | &nbsp;&nbsp; 49057 |
| 5.00%, 08/01/27 |  | 983 | &nbsp;&nbsp; 974579 |
| 4.00%, 07/15/28 |  | 96 | &nbsp;&nbsp; 92201 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)(f)</sup> |  | 794 | &nbsp;&nbsp; 750925 |
| Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(g)</sup><br>| EUR | 110 | &nbsp;&nbsp; 89090 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 400 | &nbsp;&nbsp; 395717 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 568 | &nbsp;&nbsp; 566450 |
| 8.00%, 08/15/28 |  | 850 | &nbsp;&nbsp; 862562 |
| 8.50%, 07/31/31<sup>(f)</sup> |  | 488 | &nbsp;&nbsp; 488541 |
| Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(d)</sup><br>| GBP | 100 | &nbsp;&nbsp; 140121 |
| VZ Secured Financing BV, 3.50%, 01/15/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 108065 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(b)</sup> | USD | 295 | &nbsp;&nbsp; $257552 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)(f)</sup> |  | 217 | &nbsp;&nbsp; 202683 |
|  |  |  | &nbsp;&nbsp; 26326861 |
| **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** | **Metals & Mining — 2.6%** |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<sup>(b)</sup> |  | 364 | &nbsp;&nbsp; 372284 |
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |  | 200 | &nbsp;&nbsp; 187500 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 312 | &nbsp;&nbsp; 332963 |
| 11.50%, 10/01/31<sup>(f)</sup> |  | 1160 | &nbsp;&nbsp; 1300282 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27<sup>(f)</sup> |  | 157 | &nbsp;&nbsp; 157137 |
| 4.88%, 10/01/29 |  | 129 | &nbsp;&nbsp; 126352 |
| 7.25%, 08/15/30<sup>(f)</sup> |  | 444 | &nbsp;&nbsp; 465269 |
| 5.13%, 10/01/31 |  | 350 | &nbsp;&nbsp; 342069 |
| BHP Billiton Finance USA Ltd., 5.00%, 09/30/43<sup>(f)</sup> |  | 250 | &nbsp;&nbsp; 236911 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)(f)</sup><br>|  | 1014 | &nbsp;&nbsp; 1022185 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 463 | &nbsp;&nbsp; 479108 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 119 | &nbsp;&nbsp; 118904 |
| 6.88%, 11/01/29<sup>(b)(f)</sup> |  | 563 | &nbsp;&nbsp; 554296 |
| Constellium SE<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 06/15/28 |  | 250 | &nbsp;&nbsp; 248538 |
| 3.75%, 04/15/29<sup>(f)</sup> |  | 1492 | &nbsp;&nbsp; 1402000 |
| 6.38%, 08/15/32 |  | 422 | &nbsp;&nbsp; 429018 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 03/01/29 |  | 1194 | &nbsp;&nbsp; 1265222 |
| 8.00%, 03/01/33 |  | 265 | &nbsp;&nbsp; 271707 |
| Glencore Funding LLC, 6.14%, 04/01/55<sup>(b)(f)</sup> |  | 600 | &nbsp;&nbsp; 606512 |
| Kaiser Aluminum Corp.<sup>(b)(f)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 351 | &nbsp;&nbsp; 343422 |
| 4.50%, 06/01/31 |  | 1209 | &nbsp;&nbsp; 1131032 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 415 | &nbsp;&nbsp; 427690 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/30/30<sup>(f)</sup> |  | 618 | &nbsp;&nbsp; 591426 |
| 6.88%, 01/30/30 |  | 605 | &nbsp;&nbsp; 625528 |
| 3.88%, 08/15/31<sup>(f)</sup> |  | 1399 | &nbsp;&nbsp; 1257093 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(d)</sup> | EUR | 300 | &nbsp;&nbsp; 342809 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42<sup>(f)</sup> | USD | 400 | &nbsp;&nbsp; 336784 |
| Samarco Mineracao SA<sup>(g)</sup> <br>|  |  |  |
| (9.50% PIK), 9.50%, 06/30/31<sup>(d)</sup> |  | 42 | &nbsp;&nbsp; 40640 |
| (9.50% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 14 | &nbsp;&nbsp; 14151 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 55 | &nbsp;&nbsp; 53763 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 617 | &nbsp;&nbsp; 646776 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 66372 |
|  |  |  | &nbsp;&nbsp; 15795743 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.2%** |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| 3.75%, 01/15/27 |  | 388 | &nbsp;&nbsp; 377297 |
| 7.75%, 12/01/29 |  | 47 | &nbsp;&nbsp; 49995 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 226 | &nbsp;&nbsp; 237711 |
| 6.00%, 04/15/30 |  | 115 | &nbsp;&nbsp; 116316 |
| 6.50%, 07/01/30 |  | 292 | &nbsp;&nbsp; 301595 |
| 6.50%, 10/15/30 |  | 323 | &nbsp;&nbsp; 333478 |
|  |  |  | &nbsp;&nbsp; 1416392 |
| **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** | **Oil, Gas & Consumable Fuels — 8.0%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 504 | &nbsp;&nbsp; 528663 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/15/29 | USD | 263 | &nbsp;&nbsp; $261024 |
| 6.63%, 02/01/32 |  | 383 | &nbsp;&nbsp; 395582 |
| Apache Corp., 5.25%, 02/01/42<sup>(f)</sup> |  | 800 | &nbsp;&nbsp; 663786 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 214 | &nbsp;&nbsp; 261615 |
| 6.63%, 07/15/33 |  | 232 | &nbsp;&nbsp; 235363 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 296 | &nbsp;&nbsp; 308923 |
| 7.25%, 07/15/32 |  | 238 | &nbsp;&nbsp; 252198 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(b)</sup> |  | 27 | &nbsp;&nbsp; 27973 |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 122488 |
| 5.85%, 11/15/43 |  | 182 | &nbsp;&nbsp; 160407 |
| 5.60%, 10/15/44 |  | 117 | &nbsp;&nbsp; 98666 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 141110 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> | USD | 149 | &nbsp;&nbsp; 152222 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 939 | &nbsp;&nbsp; 976700 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 |  | 300 | &nbsp;&nbsp; 307173 |
| 8.75%, 07/01/31<sup>(f)</sup> |  | 252 | &nbsp;&nbsp; 254799 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 124 | &nbsp;&nbsp; 117127 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 154 | &nbsp;&nbsp; 159453 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 03/01/29<sup>(f)</sup> |  | 436 | &nbsp;&nbsp; 436976 |
| 6.75%, 03/01/29 |  | 180 | &nbsp;&nbsp; 179442 |
| 5.88%, 01/15/30 |  | 666 | &nbsp;&nbsp; 646899 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)(f)</sup><br>|  | 1938 | &nbsp;&nbsp; 1914543 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 04/01/32<sup>(f)</sup> |  | 540 | &nbsp;&nbsp; 527256 |
| 7.38%, 01/15/33 |  | 596 | &nbsp;&nbsp; 569660 |
| 01/15/34<sup>(l)</sup> |  | 519 | &nbsp;&nbsp; 519324 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>|  | 397 | &nbsp;&nbsp; 395150 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 166 | &nbsp;&nbsp; 172845 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 100 | &nbsp;&nbsp; 103000 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> |  | 391 | &nbsp;&nbsp; 431615 |
| Enbridge, Inc., (3-mo. CME Term SOFR + 3.90%), <br> 6.25%, 03/01/78<sup>(a)(f)</sup><br>|  | 1865 | &nbsp;&nbsp; 1872387 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 354 | &nbsp;&nbsp; 390942 |
| Energy Transfer LP |  |  |  |
| 6.13%, 12/15/45<sup>(f)</sup> |  | 500 | &nbsp;&nbsp; 491088 |
| 5.30%, 04/15/47<sup>(f)</sup> |  | 350 | &nbsp;&nbsp; 308709 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<sup>(a)</sup> |  | 695 | &nbsp;&nbsp; 739399 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(a)(f)(h)</sup> |  | 4521 | &nbsp;&nbsp; 4541199 |
| EQT Corp., 4.50%, 01/15/29<sup>(b)</sup> |  | 32 | &nbsp;&nbsp; 31611 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 256 | &nbsp;&nbsp; 269865 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 227 | &nbsp;&nbsp; 230358 |
| 8.25%, 01/15/29 |  | 200 | &nbsp;&nbsp; 209138 |
| 8.88%, 04/15/30 |  | 65 | &nbsp;&nbsp; 69016 |
| 7.88%, 05/15/32 |  | 505 | &nbsp;&nbsp; 525072 |
| 8.00%, 05/15/33 |  | 237 | &nbsp;&nbsp; 247789 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 170 | &nbsp;&nbsp; 172382 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 242 | &nbsp;&nbsp; 248014 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 147 | &nbsp;&nbsp; 155257 |
| Hess Corp., 4.30%, 04/01/27<sup>(f)</sup> |  | 750 | &nbsp;&nbsp; 748241 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)</sup> | USD | 339 | &nbsp;&nbsp; $348631 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 188 | &nbsp;&nbsp; 188436 |
| 5.75%, 02/01/29 |  | 229 | &nbsp;&nbsp; 226020 |
| 6.00%, 04/15/30 |  | 28 | &nbsp;&nbsp; 27220 |
| 6.25%, 04/15/32 |  | 21 | &nbsp;&nbsp; 20052 |
| 8.38%, 11/01/33 |  | 444 | &nbsp;&nbsp; 460689 |
| 6.88%, 05/15/34 |  | 477 | &nbsp;&nbsp; 456886 |
| 7.25%, 02/15/35 |  | 189 | &nbsp;&nbsp; 184814 |
| Howard Midstream Energy Partners LLC<sup>(b)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 |  | 127 | &nbsp;&nbsp; 133330 |
| 7.38%, 07/15/32 |  | 152 | &nbsp;&nbsp; 159858 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43<sup>(a)</sup> |  | 1430 | &nbsp;&nbsp; 1232121 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)(f)</sup> |  | 590 | &nbsp;&nbsp; 561061 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 847 | &nbsp;&nbsp; 876596 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 77732 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 190 | &nbsp;&nbsp; 191343 |
| Matador Resources Co.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/15/28<sup>(f)</sup> |  | 332 | &nbsp;&nbsp; 338548 |
| 6.50%, 04/15/32 |  | 399 | &nbsp;&nbsp; 399208 |
| MPLX LP, 1.75%, 03/01/26<sup>(f)</sup> |  | 235 | &nbsp;&nbsp; 230461 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 35 | &nbsp;&nbsp; 28415 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 205 | &nbsp;&nbsp; 202437 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 02/15/29 |  | 365 | &nbsp;&nbsp; 368760 |
| 8.38%, 02/15/32<sup>(f)</sup> |  | 1238 | &nbsp;&nbsp; 1241718 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 212809 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)(f)</sup> |  | 991 | &nbsp;&nbsp; 999806 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 235088 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 253 | &nbsp;&nbsp; 258586 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 198 | &nbsp;&nbsp; 177762 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 04/15/27 |  | 230 | &nbsp;&nbsp; 235152 |
| 5.88%, 07/01/29<sup>(f)</sup> |  | 528 | &nbsp;&nbsp; 530046 |
| 7.00%, 01/15/32<sup>(f)</sup> |  | 288 | &nbsp;&nbsp; 298564 |
| 6.25%, 02/01/33 |  | 731 | &nbsp;&nbsp; 737784 |
| Pertamina Persero PT, 6.45%, 05/30/44<sup>(b)(f)</sup> |  | 200 | &nbsp;&nbsp; 205000 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 146 | &nbsp;&nbsp; 150676 |
| 5.95%, 01/28/31 |  | 183 | &nbsp;&nbsp; 164993 |
| 10.00%, 02/07/33 |  | 80 | &nbsp;&nbsp; 85624 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<sup>(b)</sup><br>|  | 60 | &nbsp;&nbsp; 61659 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 253 | &nbsp;&nbsp; 263529 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 64792 |
| Shell Finance U.S., Inc., 4.00%, 05/10/46<sup>(f)</sup> |  | 450 | &nbsp;&nbsp; 357748 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 510 | &nbsp;&nbsp; 534005 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 346 | &nbsp;&nbsp; 351778 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 178 | &nbsp;&nbsp; 176955 |
| 7.38%, 02/15/29 |  | 702 | &nbsp;&nbsp; 721502 |
| 6.00%, 12/31/30 |  | 13 | &nbsp;&nbsp; 12756 |
| 6.00%, 09/01/31 |  | 128 | &nbsp;&nbsp; 124908 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 290 | &nbsp;&nbsp; 281035 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 79062 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 87 | &nbsp;&nbsp; 88226 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Transocean, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 | USD | 554 | &nbsp;&nbsp; $545756 |
| 8.25%, 05/15/29 |  | 201 | &nbsp;&nbsp; 185833 |
| 8.75%, 02/15/30<sup>(f)</sup> |  | 160 | &nbsp;&nbsp; 164535 |
| 8.50%, 05/15/31 |  | 311 | &nbsp;&nbsp; 277614 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 560 | &nbsp;&nbsp; 574545 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 2480 | &nbsp;&nbsp; 2701657 |
| 7.00%, 01/15/30 |  | 978 | &nbsp;&nbsp; 988673 |
| 8.38%, 06/01/31<sup>(f)</sup> |  | 1681 | &nbsp;&nbsp; 1745947 |
| 9.88%, 02/01/32<sup>(f)</sup> |  | 1460 | &nbsp;&nbsp; 1576746 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<sup>(b)</sup> |  | 41 | &nbsp;&nbsp; 41297 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(b)</sup> |  | 140 | &nbsp;&nbsp; 123639 |
| 9.75%, 10/15/30<sup>(f)</sup> |  | 302 | &nbsp;&nbsp; 273349 |
| 7.88%, 04/15/32<sup>(b)(f)</sup> |  | 695 | &nbsp;&nbsp; 594239 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 337 | &nbsp;&nbsp; 334766 |
|  |  |  | &nbsp;&nbsp; 48065226 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 112667 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> | USD | 183 | &nbsp;&nbsp; 172551 |
|  |  |  | &nbsp;&nbsp; 285218 |
| **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** | **Passenger Airlines**<sup>(b)</sup> **— 0.3%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(f)</sup> |  | 496 | &nbsp;&nbsp; 520073 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>|  | 282 | &nbsp;&nbsp; 274352 |
| OneSky Flight LLC, 8.88%, 12/15/29 |  | 318 | &nbsp;&nbsp; 331115 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(f)</sup> |  | 886 | &nbsp;&nbsp; 860009 |
|  |  |  | &nbsp;&nbsp; 1985549 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Opal Bidco SAS |  |  |  |
| 5.50%, 03/31/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120151 |
| 6.50%, 03/31/32<sup>(b)</sup> | USD | 431 | &nbsp;&nbsp; 439884 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 434 | &nbsp;&nbsp; 438163 |
|  |  |  | &nbsp;&nbsp; 998198 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 4112 | &nbsp;&nbsp; 4148062 |
| AbbVie, Inc., 5.35%, 03/15/44<sup>(f)</sup> |  | 1500 | &nbsp;&nbsp; 1470262 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 1585 | &nbsp;&nbsp; 1569150 |
| Becton Dickinson & Co., 4.69%, 12/15/44<sup>(f)</sup> |  | 600 | &nbsp;&nbsp; 522149 |
| CVS Health Corp., 6.00%, 06/01/44<sup>(f)</sup> |  | 1110 | &nbsp;&nbsp; 1097125 |
| Dolcetto Holdco SpA, 07/14/32<sup>(d)(l)</sup> | EUR | 100 | &nbsp;&nbsp; 118680 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)(f)</sup> | USD | 77 | &nbsp;&nbsp; 81509 |
| Grifols SA<sup>(d)</sup> <br>|  |  |  |
| 2.25%, 11/15/27 | EUR | 214 | &nbsp;&nbsp; 245663 |
| 7.13%, 05/01/30 |  | 100 | &nbsp;&nbsp; 122226 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118534 |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122956 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)(f)</sup> | USD | 314 | &nbsp;&nbsp; 302193 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 4.13%, 04/30/28<sup>(b)(f)</sup><br>|  | 600 | &nbsp;&nbsp; 577063 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, <br> 12/31/29<sup>(a)(d)</sup><br>| EUR | 42 | &nbsp;&nbsp; 50461 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26<sup>(f)</sup> | USD | 521 | &nbsp;&nbsp; 509439 |
| 6.75%, 03/01/28 |  | 400 | &nbsp;&nbsp; 414500 |
| 8.13%, 09/15/31<sup>(f)</sup> |  | 200 | &nbsp;&nbsp; 225062 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Teva Pharmaceutical Finance Netherlands III <br> BV (continued)<br>|  |  |  |
| 6.00%, 12/01/32 | USD | 289 | &nbsp;&nbsp; $293696 |
| Viatris, Inc., 2.30%, 06/22/27<sup>(f)</sup> |  | 392 | &nbsp;&nbsp; 373528 |
|  |  |  | &nbsp;&nbsp; 12362258 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Adler Financing SARL<sup>(g)</sup> <br>|  |  |  |
| Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 11 | &nbsp;&nbsp; 13638 |
| Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 156 | &nbsp;&nbsp; 192242 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(b)</sup> | USD | 275 | &nbsp;&nbsp; 256962 |
| Series AI, 7.00%, 04/15/30 |  | 348 | &nbsp;&nbsp; 325116 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 160 | &nbsp;&nbsp; 162578 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)(f)</sup> |  | 1597 | &nbsp;&nbsp; 1523350 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 399 | &nbsp;&nbsp; 428460 |
| Fantasia Holdings Group Co. Ltd.<sup>(d)(e)(m)</sup> <br>|  |  |  |
| 11.75%, 04/17/22 |  | 430 | &nbsp;&nbsp; 11825 |
| 12.25%, 10/18/22 |  | 200 | &nbsp;&nbsp; 5500 |
| 11.88%, 06/01/23 |  | 200 | &nbsp;&nbsp; 5500 |
| 9.25%, 07/28/23 |  | 400 | &nbsp;&nbsp; 11000 |
| Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(d)(g)</sup><br>| EUR | 101 | &nbsp;&nbsp; 116602 |
|  |  |  | &nbsp;&nbsp; 3052773 |
| **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<sup>(b)(f)</sup><br>| USD | 434 | &nbsp;&nbsp; 422294 |
| **Semiconductors & Semiconductor Equipment**<sup>(f)</sup> **— 0.6%** | **Semiconductors & Semiconductor Equipment**<sup>(f)</sup> **— 0.6%** | **Semiconductors & Semiconductor Equipment**<sup>(f)</sup> **— 0.6%** | **Semiconductors & Semiconductor Equipment**<sup>(f)</sup> **— 0.6%** |
| Broadcom, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.15%, 04/15/32 |  | 1000 | &nbsp;&nbsp; 963342 |
| 3.50%, 02/15/41 |  | 800 | &nbsp;&nbsp; 634038 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)</sup> |  | 782 | &nbsp;&nbsp; 773328 |
| QUALCOMM, Inc. |  |  |  |
| 5.40%, 05/20/33 |  | 400 | &nbsp;&nbsp; 421718 |
| 4.30%, 05/20/47 |  | 700 | &nbsp;&nbsp; 586626 |
|  |  |  | &nbsp;&nbsp; 3379052 |
| **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)(f)</sup> |  | 4184 | &nbsp;&nbsp; 4118167 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 205793 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 1053 | &nbsp;&nbsp; 1097627 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)(f)</sup><br>|  | 238 | &nbsp;&nbsp; 196801 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 373 | &nbsp;&nbsp; 303122 |
| Cloud Software Group, Inc.<sup>(b)(f)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 2966 | &nbsp;&nbsp; 2993622 |
| 9.00%, 09/30/29 |  | 3533 | &nbsp;&nbsp; 3662044 |
| 8.25%, 06/30/32 |  | 3329 | &nbsp;&nbsp; 3542818 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 389 | &nbsp;&nbsp; 397688 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)(f)</sup> |  | 826 | &nbsp;&nbsp; 846650 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> |  | 413 | &nbsp;&nbsp; 394630 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 675 | &nbsp;&nbsp; 690318 |
| Fair Isaac Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 06/15/28 |  | 112 | &nbsp;&nbsp; 109006 |
| 6.00%, 05/15/33 |  | 1640 | &nbsp;&nbsp; 1655032 |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL<br>|  |  |  |
| 4.63%, 05/01/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 189183 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL (continued)<br>|  |  |  |
| 7.88%, 05/01/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $121859 |
| 8.75%, 05/01/29<sup>(b)(f)</sup> | USD | 217 | &nbsp;&nbsp; 223216 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119415 |
| Oracle Corp.<sup>(f)</sup> <br>|  |  |  |
| 3.95%, 03/25/51 | USD | 250 | &nbsp;&nbsp; 184524 |
| 6.13%, 08/03/65 |  | 600 | &nbsp;&nbsp; 600605 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 60803 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)(f)</sup> |  | 674 | &nbsp;&nbsp; 699690 |
| TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 5.78%, <br> 07/31/31<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 117976 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 206 | &nbsp;&nbsp; 196121 |
| 3.88%, 03/15/31 |  | 209 | &nbsp;&nbsp; 195472 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)(f)</sup> |  | 3375 | &nbsp;&nbsp; 3501816 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)(f)</sup><br>|  | 955 | &nbsp;&nbsp; 897887 |
|  |  |  | &nbsp;&nbsp; 27321885 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122462 |
| Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), <br> 6.23%, 09/30/31<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 118162 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, <br> 07/15/31<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 118384 |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> | USD | 243 | &nbsp;&nbsp; 229981 |
|  |  |  | &nbsp;&nbsp; 588989 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 194144 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 339 | &nbsp;&nbsp; 344061 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29 |  | 341 | &nbsp;&nbsp; 363164 |
| 8.50%, 07/15/31 |  | 615 | &nbsp;&nbsp; 660006 |
|  |  |  | &nbsp;&nbsp; 1561375 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Beach Acquisition Bidco LLC<sup>(b)(l)</sup> <br>|  |  |  |
| 07/15/32 | EUR | 613 | &nbsp;&nbsp; 727499 |
| 07/15/33 | USD | 1236 | &nbsp;&nbsp; 1281133 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(b)</sup> |  | 20 | &nbsp;&nbsp; 21175 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 19214 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118355 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(b)</sup> | USD | 165 | &nbsp;&nbsp; 167096 |
|  |  |  | &nbsp;&nbsp; 2334472 |
| **Tobacco**<sup>(f)</sup> **— 0.4%** | **Tobacco**<sup>(f)</sup> **— 0.4%** | **Tobacco**<sup>(f)</sup> **— 0.4%** | **Tobacco**<sup>(f)</sup> **— 0.4%** |
| Altria Group, Inc., 3.40%, 02/04/41 |  | 750 | &nbsp;&nbsp; 556367 |
| BAT Capital Corp. |  |  |  |
| 7.08%, 08/02/43 |  | 500 | &nbsp;&nbsp; 550687 |
| 4.54%, 08/15/47 |  | 715 | &nbsp;&nbsp; 577593 |
| Philip Morris International, Inc., 3.88%, 08/21/42 |  | 900 | &nbsp;&nbsp; 731926 |
|  |  |  | &nbsp;&nbsp; 2416573 |
| **Trading Companies & Distributors**<sup>(b)</sup> **— 0.2%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.2%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.2%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.2%** |
| Gates Corp/DE, 6.88%, 07/01/29 |  | 344 | &nbsp;&nbsp; 357198 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 77 | &nbsp;&nbsp; 72580 |
| 6.50%, 07/15/32<sup>(f)</sup> |  | 495 | &nbsp;&nbsp; 507124 |
|  |  |  | &nbsp;&nbsp; 936902 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** | **Transportation Infrastructure — 0.2%** |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; $142972 |
| FedEx Corp.<sup>(f)</sup> <br>|  |  |  |
| 3.90%, 02/01/35 | USD | 500 | &nbsp;&nbsp; 447088 |
| 4.40%, 01/15/47 |  | 500 | &nbsp;&nbsp; 393087 |
| Mobico Group PLC, 3.63%, 11/20/28<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 117010 |
|  |  |  | &nbsp;&nbsp; 1100157 |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 | USD | 357 | &nbsp;&nbsp; 300448 |
| 5.13%, 01/15/29 |  | 400 | &nbsp;&nbsp; 330500 |
| 5.13%, 07/15/29 |  | 2000 | &nbsp;&nbsp; 1653050 |
| 5.50%, 10/15/29 |  | 200 | &nbsp;&nbsp; 165783 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 40705 |
| VF Ukraine PAT via VFU Funding PLC, 9.63%, <br> 02/11/27<sup>(d)</sup><br>|  | 156 | &nbsp;&nbsp; 149025 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 127326 |
| 4.25%, 01/31/31<sup>(b)</sup> | USD | 600 | &nbsp;&nbsp; 549671 |
| 4.50%, 07/15/31<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 122852 |
| 4.75%, 07/15/31<sup>(b)</sup> | USD | 362 | &nbsp;&nbsp; 334860 |
| 7.75%, 04/15/32<sup>(b)</sup> |  | 252 | &nbsp;&nbsp; 261865 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(b)(g)</sup> |  | 73 | &nbsp;&nbsp; 71303 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 125157 |
|  |  |  | &nbsp;&nbsp; 4232545 |
| **Total Corporate Bonds — 85.2%** <br>**(Cost: $505,978,672)** | **Total Corporate Bonds — 85.2%** <br>**(Cost: $505,978,672)** | **Total Corporate Bonds — 85.2%** <br>**(Cost: $505,978,672)** | &nbsp;&nbsp; 514476057 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>| USD | 31 | &nbsp;&nbsp; 30767 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 3462 | &nbsp;&nbsp; 3474481 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 2339 | &nbsp;&nbsp; 2356542 |
| **Total Fixed Rate Loan Interests — 1.0%** <br>**(Cost: $5,831,046)** | **Total Fixed Rate Loan Interests — 1.0%** <br>**(Cost: $5,831,046)** | **Total Fixed Rate Loan Interests — 1.0%** <br>**(Cost: $5,831,046)** | &nbsp;&nbsp; 5861790 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 171 | &nbsp;&nbsp; 88453 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 35 | &nbsp;&nbsp; 17963 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 01/27/32<br>|  | 210 | &nbsp;&nbsp; 210147 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>| USD | 550 | &nbsp;&nbsp; $549462 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(c)</sup><br>|  | 185 | &nbsp;&nbsp; 185760 |
|  |  |  | &nbsp;&nbsp; 1051785 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 454 | &nbsp;&nbsp; 422560 |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 01/28/32<br>|  | 642 | &nbsp;&nbsp; 642127 |
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at <br> 0.50% Floor + 4.85%), 9.17%, 11/17/28<br>|  | 39 | &nbsp;&nbsp; 38310 |
| 2022 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 171 | &nbsp;&nbsp; 166599 |
|  |  |  | &nbsp;&nbsp; 1269596 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(c)(n)</sup> |  | 434 | &nbsp;&nbsp; 433457 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan <br> B, (1-mo. CME Term SOFR + 4.75%), 9.08%, <br> 03/15/30<br>|  | 631 | &nbsp;&nbsp; 611353 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Cornerstone Building Brands, Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.81%, 05/15/31<br>|  | 68 | &nbsp;&nbsp; 57769 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 221 | &nbsp;&nbsp; 217283 |
|  |  |  | &nbsp;&nbsp; 275052 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.04%, 02/15/31<br>|  | 236 | &nbsp;&nbsp; 233592 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, 09/15/31<sup>(n)</sup><br>|  | 104 | &nbsp;&nbsp; 103754 |
| OVG Business Services LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(c)</sup><br>|  | 16 | &nbsp;&nbsp; 15786 |
|  |  |  | &nbsp;&nbsp; 353132 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Aruba Investments Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, <br> 11/24/28<br>|  | 118 | &nbsp;&nbsp; 110143 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>|  | 549 | &nbsp;&nbsp; 548336 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28<br>|  | 429 | &nbsp;&nbsp; 390461 |
| Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, <br> 03/29/28<br>|  | 131 | &nbsp;&nbsp; 131168 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> 04/08/31<sup>(n)</sup><br>|  | 46 | &nbsp;&nbsp; 42849 |
|  |  |  | &nbsp;&nbsp; 1222957 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 05/12/28<br>| USD | 305 | &nbsp;&nbsp; $306545 |
| Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.75%), 9.05%, <br> 11/01/31<br>|  | 92 | &nbsp;&nbsp; 92380 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>|  | 469 | &nbsp;&nbsp; 421325 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> 02/15/29<sup>(n)</sup><br>|  | 113 | &nbsp;&nbsp; 112771 |
|  |  |  | &nbsp;&nbsp; 933021 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| COMMSCOPE, 2024 Term Loan, 12/17/29<sup>(n)</sup> |  | 357 | &nbsp;&nbsp; 360787 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.78%, 08/01/30<br>|  | 1122 | &nbsp;&nbsp; 934752 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>|  | 622 | &nbsp;&nbsp; 617894 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Ascend Learning LLC |  |  |  |
| 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.85%), 10.18%, 12/10/29<br>|  | 74 | &nbsp;&nbsp; 73803 |
| 2025 Repriced Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.33%, 12/11/28<br>|  | 47 | &nbsp;&nbsp; 46976 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>|  | 595 | &nbsp;&nbsp; 592480 |
|  |  |  | &nbsp;&nbsp; 713259 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.51%, 02/02/32<br>|  | 221 | &nbsp;&nbsp; 218306 |
| Frontier Communications Holdings LLC, 2025 Term <br> Loan B, (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.79%, 07/01/31<br>|  | 99 | &nbsp;&nbsp; 98382 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>|  | 1365 | &nbsp;&nbsp; 1378937 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 266 | &nbsp;&nbsp; 262143 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>|  | 136 | &nbsp;&nbsp; 134454 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at <br> 2.00% Floor + 6.00%), 10.33%, 06/01/28<br>|  | 84 | &nbsp;&nbsp; 85528 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, <br> 09/25/29<sup>(n)</sup><br>|  | 735 | &nbsp;&nbsp; 642137 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>|  | 1551 | &nbsp;&nbsp; 1472254 |
|  |  |  | &nbsp;&nbsp; 4292141 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.32%, 12/21/29<br>| USD | 123 | &nbsp;&nbsp; $123471 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>|  | 39 | &nbsp;&nbsp; 39434 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>|  | 235 | &nbsp;&nbsp; 233385 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| CPI Holdco B LLC, 2024 Term Loan, 05/19/31<sup>(n)</sup> |  | — <br><sup>(o)</sup><br>| &nbsp;&nbsp; 125 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 131 | &nbsp;&nbsp; 127384 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, <br> 04/07/28<br>|  | 234 | &nbsp;&nbsp; 223236 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 427 | &nbsp;&nbsp; 427092 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(n)</sup><br>|  | 400 | &nbsp;&nbsp; 399668 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 42 | &nbsp;&nbsp; 42091 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(n)</sup> |  | 114 | &nbsp;&nbsp; 114342 |
| Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, <br> 10/16/31<br>|  | 148 | &nbsp;&nbsp; 147445 |
|  |  |  | &nbsp;&nbsp; 1481383 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>|  | 18 | &nbsp;&nbsp; 17951 |
| **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%), 8.33%, 09/29/28<br>|  | 262 | &nbsp;&nbsp; 262000 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.57%, 06/26/30<br>|  | 610 | &nbsp;&nbsp; 608801 |
|  |  |  | &nbsp;&nbsp; 870801 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>|  | 593 | &nbsp;&nbsp; 570015 |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.75%), 8.01%, 05/19/31<br>|  | 442 | &nbsp;&nbsp; 436578 |
| 2024 Incremental Term Loan B1, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31<br>|  | 201 | &nbsp;&nbsp; 198143 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>|  | 322 | &nbsp;&nbsp; 313085 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(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)** |
| Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), <br> 15.56%, 01/28/28<sup>(g)</sup><br>| USD | 326 | &nbsp;&nbsp; $234044 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 759 | &nbsp;&nbsp; 750797 |
|  |  |  | &nbsp;&nbsp; 2502662 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>|  | 1103 | &nbsp;&nbsp; 1101375 |
| **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, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>|  | 139 | &nbsp;&nbsp; 135190 |
| **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 + 3.25%), 7.55%, <br> 01/20/32<br>|  | 114 | &nbsp;&nbsp; 114157 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.83%, 12/19/29<br>|  | 52 | &nbsp;&nbsp; 51520 |
|  |  |  | &nbsp;&nbsp; 165677 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(c)(n)</sup><br>|  | 339 | &nbsp;&nbsp; 340695 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.57%, 12/02/31<br>|  | 302 | &nbsp;&nbsp; 303323 |
|  |  |  | &nbsp;&nbsp; 644018 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 82 | &nbsp;&nbsp; 82054 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.05%, 05/06/32<br>|  | 852 | &nbsp;&nbsp; 861183 |
|  |  |  | &nbsp;&nbsp; 943237 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 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%), 7.58%, 01/31/31<br>|  | 367 | &nbsp;&nbsp; 367000 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 09/19/30<br>|  | 229 | &nbsp;&nbsp; 222464 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>|  | 94 | &nbsp;&nbsp; 78284 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(c)</sup><br>|  | 149 | &nbsp;&nbsp; 148855 |
| Mitchell International, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.58%, 06/17/31<br>|  | 233 | &nbsp;&nbsp; 232068 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), <br> 9.33%, 04/11/29<br>| USD | 459 | &nbsp;&nbsp; $433251 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(n)</sup> |  | 168 | &nbsp;&nbsp; 169312 |
|  |  |  | &nbsp;&nbsp; 1284234 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 1053 | &nbsp;&nbsp; 1054995 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>|  | 219 | &nbsp;&nbsp; 95157 |
|  |  |  | &nbsp;&nbsp; 1150152 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 692 | &nbsp;&nbsp; 685168 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>|  | 536 | &nbsp;&nbsp; 521043 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>|  | 498 | &nbsp;&nbsp; 490628 |
| Directv Financing LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.83%, <br> 02/17/31<br>|  | 984 | &nbsp;&nbsp; 936447 |
| Gray Television, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR + <br> 3.11%), 7.44%, 12/01/28<br>|  | 311 | &nbsp;&nbsp; 300440 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 5.25%), 9.57%, 06/04/29<br>|  | 61 | &nbsp;&nbsp; 61080 |
|  |  |  | &nbsp;&nbsp; 2994806 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 07/31/31<br>|  | 236 | &nbsp;&nbsp; 224316 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 5.50%), <br> 9.83%, 05/04/28<br>|  | 36 | &nbsp;&nbsp; 36241 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.33%, 04/23/31<br>|  | 240 | &nbsp;&nbsp; 239550 |
|  |  |  | &nbsp;&nbsp; 275791 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>|  | 52 | &nbsp;&nbsp; 51979 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 06/02/28<br>|  | 162 | &nbsp;&nbsp; 160333 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 168 | &nbsp;&nbsp; 154931 |
|  |  |  | &nbsp;&nbsp; 367243 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.80%, 02/23/32<br>|  | 201 | &nbsp;&nbsp; 205687 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Boxer Parent Co., Inc. |  |  |  |
| 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 5.75%), 10.08%, 07/30/32<br>| USD | 273 | &nbsp;&nbsp; $264982 |
| 2025 USD 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31<br>|  | 438 | &nbsp;&nbsp; 435098 |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 178 | &nbsp;&nbsp; 178254 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 723 | &nbsp;&nbsp; 723997 |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, <br> 10/08/29<br>|  | 442 | &nbsp;&nbsp; 398801 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 128 | &nbsp;&nbsp; 122318 |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 11/29/30<br>|  | 78 | &nbsp;&nbsp; 78122 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-<br> mo. CME Term SOFR at 0.50% Floor + 4.75%), <br> 9.08%, 11/22/32<sup>(c)</sup><br>|  | 880 | &nbsp;&nbsp; 897600 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 432 | &nbsp;&nbsp; 404551 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>|  | 292 | &nbsp;&nbsp; 253204 |
| Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28<sup>(n)</sup> |  | 72 | &nbsp;&nbsp; 72008 |
| RealPage, Inc., 2024 Incremental Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 04/24/28<br>|  | 201 | &nbsp;&nbsp; 201495 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 25 | &nbsp;&nbsp; 24528 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 14 | &nbsp;&nbsp; 14117 |
| 2022 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.35%), 8.68%, 06/30/28<br>|  | 8 | &nbsp;&nbsp; 7888 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 125 | &nbsp;&nbsp; 124615 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 35 | &nbsp;&nbsp; 32864 |
|  |  |  | &nbsp;&nbsp; 4440129 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 233 | &nbsp;&nbsp; 230163 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Foundation Building Materials, Inc. |  |  |  |
| 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.51%), 7.79%, 01/31/28<br>|  | 201 | &nbsp;&nbsp; 198350 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Foundation Building Materials, Inc. (continued) |  |  |  |
| 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.28%, 01/29/31<br>| USD | 652 | &nbsp;&nbsp; $637381 |
| 2025 Term Loan, 01/29/31<sup>(n)</sup> |  | 115 | &nbsp;&nbsp; 112958 |
|  |  |  | &nbsp;&nbsp; 948689 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Digicel International Finance Ltd., 2024 Term Loan, <br> (3-mo. CME Term SOFR + 5.25%, 2.25% PIK), <br> 11.78%, 05/25/27<sup>(g)</sup><br>|  | 1012 | &nbsp;&nbsp; 1008212 |
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, <br> 10/01/31<sup>(c)</sup><br>|  | 156 | &nbsp;&nbsp; 156585 |
|  |  |  | &nbsp;&nbsp; 1164797 |
| **Total Floating Rate Loan Interests — 5.8%** <br>**(Cost: $35,174,744)** | **Total Floating Rate Loan Interests — 5.8%** <br>**(Cost: $35,174,744)** | **Total Floating Rate Loan Interests — 5.8%** <br>**(Cost: $35,174,744)** | &nbsp;&nbsp; 34775090 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| Bahrain Government International Bonds, 5.45%, <br> 09/16/32<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 185500 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(b)</sup><br>|  | 55 | &nbsp;&nbsp; 55330 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(d)</sup><br>|  | 72 | &nbsp;&nbsp; 70380 |
| **Chile — 0.0%**  | **Chile — 0.0%**  | **Chile — 0.0%**  |  |
| Chile Government International Bonds, 4.34%, <br> 03/07/42<sup>(f)</sup><br>|  | 200 | &nbsp;&nbsp; 173100 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Colombia Government International Bonds, 8.00%, <br> 04/20/33<sup>(f)</sup><br>|  | 200 | &nbsp;&nbsp; 206900 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bonds |  |  |  |
| 5.95%, 01/25/27<sup>(d)</sup> |  | 176 | &nbsp;&nbsp; 177584 |
| 4.50%, 01/30/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 190000 |
| 7.05%, 02/03/31<sup>(b)</sup> |  | 150 | &nbsp;&nbsp; 157230 |
|  |  |  | &nbsp;&nbsp; 524814 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Government International Bonds, 7.50%, <br> 02/16/61<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 145350 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |  |
| Guatemala Government Bonds<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 04/24/32 |  | 200 | &nbsp;&nbsp; 195250 |
| 6.60%, 06/13/36 |  | 200 | &nbsp;&nbsp; 203400 |
|  |  |  | &nbsp;&nbsp; 398650 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds, Series 10Y, <br> 5.38%, 09/12/33<sup>(d)</sup><br>| EUR | 114 | &nbsp;&nbsp; $144652 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(d)</sup> |  | 121 | &nbsp;&nbsp; 153579 |
|  |  |  | &nbsp;&nbsp; 298231 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Mexico Government International Bonds |  |  |  |
| 3.75%, 01/11/28 | USD | 300 | &nbsp;&nbsp; 295500 |
| 6.35%, 02/09/35<sup>(f)</sup> |  | 200 | &nbsp;&nbsp; 204500 |
|  |  |  | &nbsp;&nbsp; 500000 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| Morocco Government International Bonds, 5.95%, <br> 03/08/28<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 204900 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bonds, 8.38%, <br> 03/24/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 201250 |
| **Oman — 0.1%** | **Oman — 0.1%** | **Oman — 0.1%** |  |
| Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(d)</sup><br>|  | 309 | &nbsp;&nbsp; 318425 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |  |
| Peruvian Government International Bonds<sup>(f)</sup> <br>|  |  |  |
| 2.78%, 01/23/31 |  | 117 | &nbsp;&nbsp; 105028 |
| 1.86%, 12/01/32 |  | 178 | &nbsp;&nbsp; 142400 |
|  |  |  | &nbsp;&nbsp; 247428 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds |  |  |  |
| 4.88%, 10/04/33<sup>(f)</sup> |  | 138 | &nbsp;&nbsp; 136945 |
| 5.50%, 04/04/53 |  | 71 | &nbsp;&nbsp; 66048 |
|  |  |  | &nbsp;&nbsp; 202993 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<sup>(b)(f)</sup> |  | 168 | &nbsp;&nbsp; 167790 |
| 2.12%, 07/16/31<sup>(d)</sup> | EUR | 168 | &nbsp;&nbsp; 164626 |
| 5.88%, 07/11/32<sup>(b)</sup> |  | 99 | &nbsp;&nbsp; 117522 |
| 6.25%, 09/10/34<sup>(b)</sup> |  | 97 | &nbsp;&nbsp; 115054 |
|  |  |  | &nbsp;&nbsp; 564992 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| Saudi Government International Bonds, 4.50%, <br> 04/17/30<sup>(d)(f)</sup><br>| USD | 362 | &nbsp;&nbsp; 361547 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |  |
| Republic of South Africa Government International <br> Bonds<br>|  |  |  |
| 5.00%, 10/12/46 |  | 200 | &nbsp;&nbsp; 139750 |
| 5.75%, 09/30/49 |  | 492 | &nbsp;&nbsp; 369492 |
|  |  |  | &nbsp;&nbsp; 509242 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(b)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120667 |
| **Total Foreign Agency Obligations — 0.9%** <br>**(Cost: $5,214,654)** | **Total Foreign Agency Obligations — 0.9%** <br>**(Cost: $5,214,654)** | **Total Foreign Agency Obligations — 0.9%** <br>**(Cost: $5,214,654)** | &nbsp;&nbsp; 5289699 |
| **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<sup>(b)</sup><br>| USD | 700 | &nbsp;&nbsp; 725077 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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>| USD | 1000 | &nbsp;&nbsp; $767685 |
| **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 698 | &nbsp;&nbsp; 699652 |
| **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 | &nbsp;&nbsp; 706271 |
| **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** |  |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 1000 | &nbsp;&nbsp; 1036759 |
| **Texas — 0.2%** | **Texas — 0.2%** | **Texas — 0.2%** |  |
| Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 850 | &nbsp;&nbsp; 870131 |
| **Total Municipal Bonds — 0.8%** <br>**(Cost: $4,714,016)** | **Total Municipal Bonds — 0.8%** <br>**(Cost: $4,714,016)** | **Total Municipal Bonds — 0.8%** <br>**(Cost: $4,714,016)** | &nbsp;&nbsp; 4805575 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 16.0%** | **Collateralized Mortgage Obligations — 16.0%** | **Collateralized Mortgage Obligations — 16.0%** | **Collateralized Mortgage Obligations — 16.0%** |
| A&D Mortgage Trust, Series 2024-NQM5, Class A1, <br> 5.70%, 11/25/69<sup>(b)</sup><br>|  | 1427 | &nbsp;&nbsp; 1432293 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br> 10/25/64<sup>(b)</sup><br>|  | 467 | &nbsp;&nbsp; 466838 |
| Ajax Mortgage Loan Trust, Class B, 0.00%, <br> 12/25/57<sup>(a)(b)</sup><br>|  | 1 | &nbsp;&nbsp; 264 |
| Alternative Loan Trust |  |  |  |
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |  | 1758 | &nbsp;&nbsp; 685597 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |  | 530 | &nbsp;&nbsp; 245256 |
| Angel Oak Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-10, Class A1, 5.35%, 10/25/69 |  | 1595 | &nbsp;&nbsp; 1591240 |
| Series 2025-7, Class A1, 5.51%, 06/25/70<sup>(a)</sup> |  | 1500 | &nbsp;&nbsp; 1507375 |
| Bravo Residential Funding Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49<sup>(a)</sup> |  | 401 | &nbsp;&nbsp; 374986 |
| Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 327 | &nbsp;&nbsp; 325131 |
| Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1027 | &nbsp;&nbsp; 1032670 |
| Chase Home Lending Mortgage Trust, Series 2019-<br> ATR1, Class A12, 6.50%, 04/25/49<sup>(a)(b)</sup><br>|  | 297 | &nbsp;&nbsp; 299812 |
| CHL Mortgage Pass-Through Trust |  |  |  |
| Series 2007-J2, Class 2A1, (1 mo. Term SOFR + <br> 0.76%), 5.08%, 07/25/37<sup>(a)</sup><br>|  | 2592 | &nbsp;&nbsp; 659069 |
| Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |  | 1431 | &nbsp;&nbsp; 481286 |
| CIM Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 973 | &nbsp;&nbsp; 972418 |
| Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 922 | &nbsp;&nbsp; 927747 |
| Citigroup Mortgage Loan Trust, Series 2006-AR7, <br> Class 2A3A, 4.87%, 11/25/36<sup>(a)</sup><br>|  | 362 | &nbsp;&nbsp; 346440 |
| COLT Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2020-2, Class M1, 5.25%, 03/25/65<sup>(a)</sup> |  | 2550 | &nbsp;&nbsp; 2557381 |
| Series 2020-3, Class M1, 3.36%, 04/27/65<sup>(a)</sup> |  | 2850 | &nbsp;&nbsp; 2722397 |
| Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(a)</sup> |  | 1149 | &nbsp;&nbsp; 1151133 |
| Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1784 | &nbsp;&nbsp; 1775672 |
| Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 229 | &nbsp;&nbsp; 229341 |
| Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 892 | &nbsp;&nbsp; 898758 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1180 | &nbsp;&nbsp; 1180537 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1397 | &nbsp;&nbsp; 1401075 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1172 | &nbsp;&nbsp; 1176266 |
| Series 2025-6, Class A1, 5.53%, 08/25/70 |  | 1800 | &nbsp;&nbsp; 1809944 |
| Countrywide Alternative Loan Trust |  |  |  |
| Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + <br> 0.56%), 4.88%, 05/25/35<sup>(a)</sup><br>|  | 984 | &nbsp;&nbsp; 866608 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Countrywide Alternative Loan Trust (continued) |  |  |  |
| Series 2006-40T1, Class 2A5, (1 mo. Term SOFR + <br> 0.51%), 4.83%, 12/25/36<sup>(a)</sup><br>| USD | 2249 | &nbsp;&nbsp; $462689 |
| Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |  | 1303 | &nbsp;&nbsp; 531018 |
| Series 2006-J7, Class 2A1, (1-mo. SOFR US + <br> 1.61%), 6.46%, 11/20/46<sup>(a)</sup><br>|  | 2305 | &nbsp;&nbsp; 1998477 |
| Series 2006-OA14, Class 3A1, (12-mo. MTA + <br> 0.85%), 5.25%, 11/25/46<sup>(a)</sup><br>|  | 3609 | &nbsp;&nbsp; 3239436 |
| Series 2006-OA16, Class A2, (1 mo. Term SOFR + <br> 0.49%), 4.81%, 10/25/46<sup>(a)</sup><br>|  | 2384 | &nbsp;&nbsp; 2217174 |
| Series 2006-OA18, Class A1, (1 mo. Term SOFR + <br> 0.35%), 4.67%, 12/25/46<sup>(a)</sup><br>|  | 1260 | &nbsp;&nbsp; 1118088 |
| Series 2006-OA6, Class 1A1A, (1 mo. Term SOFR + <br> 0.53%), 4.85%, 07/25/46<sup>(a)</sup><br>|  | 2662 | &nbsp;&nbsp; 2380589 |
| Series 2006-OA8, Class 1A1, (1 mo. Term SOFR + <br> 0.49%), 4.81%, 07/25/46<sup>(a)</sup><br>|  | 954 | &nbsp;&nbsp; 858460 |
| Series 2007-12T1, Class A22, 5.75%, 06/25/37 |  | 3199 | &nbsp;&nbsp; 1359803 |
| Series 2007-12T1, Class A5, 6.00%, 06/25/37 |  | 1552 | &nbsp;&nbsp; 686648 |
| Series 2007-22, Class 2A16, 6.50%, 09/25/37 |  | 6831 | &nbsp;&nbsp; 2391934 |
| Series 2007-23CB, Class A1, 6.00%, 09/25/37 |  | 3843 | &nbsp;&nbsp; 1808915 |
| Series 2007-4CB, Class 1A3, (1 mo. Term SOFR + <br> 0.46%), 4.78%, 04/25/37<sup>(a)</sup><br>|  | 1335 | &nbsp;&nbsp; 1001888 |
| Series 2007-OA2, Class 1A1, (12-mo. MTA + <br> 0.84%), 5.24%, 03/25/47<sup>(a)</sup><br>|  | 1335 | &nbsp;&nbsp; 1133906 |
| Countrywide Home Loan Mortgage Pass-Through <br> Trust, Series 2006-OA5, Class 3A1, (1 mo. Term <br> SOFR + 0.51%), 4.83%, 04/25/46<sup>(a)</sup><br>|  | 3220 | &nbsp;&nbsp; 3097561 |
| CSMC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2011-4R, Class 1A2, (1 mo. Term SOFR + <br> 1.61%), 5.94%, 09/27/37<br>|  | 749 | &nbsp;&nbsp; 615534 |
| Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |  | 1500 | &nbsp;&nbsp; 1145455 |
| CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, <br> 05/25/67<sup>(a)(b)</sup><br>|  | 2306 | &nbsp;&nbsp; 2297038 |
| Ellington Financial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 500 | &nbsp;&nbsp; 508710 |
| Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 169 | &nbsp;&nbsp; 140825 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, <br> 2.50%, 06/01/51<sup>(a)(b)</sup><br>|  | 1919 | &nbsp;&nbsp; 1566256 |
| GCAT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 849 | &nbsp;&nbsp; 846263 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | &nbsp;&nbsp; 915538 |
| Homes Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 548 | &nbsp;&nbsp; 550830 |
| Series 2025-NQM3, Class A1, 5.63%, 02/25/70 |  | 1300 | &nbsp;&nbsp; 1309338 |
| Homeward Opportunities Fund Trust, Series 2022-1, <br> Class A1, 5.08%, 07/25/67<sup>(b)</sup><br>|  | 868 | &nbsp;&nbsp; 863381 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |  | 425 | &nbsp;&nbsp; 415393 |
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |  | 278 | &nbsp;&nbsp; 270170 |
| Series 2024-INV1, Class A3, 5.50%, 04/25/55 |  | 1734 | &nbsp;&nbsp; 1723251 |
| MFA Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-NQM1, Class M1, 2.31%, 04/25/65<sup>(a)</sup> |  | 2000 | &nbsp;&nbsp; 1674618 |
| Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1203 | &nbsp;&nbsp; 1211261 |
| Mill City Mortgage Trust, Series 2023-NQM2, Class A1, <br> 6.24%, 12/25/67<sup>(b)</sup><br>|  | 1349 | &nbsp;&nbsp; 1350658 |
| Morgan Stanley Re-REMIC Trust, Series 2010-R5, <br> Class 7B, 3.92%, 05/26/37<sup>(b)</sup><br>|  | 2575 | &nbsp;&nbsp; 3129836 |
| Morgan Stanley Residential Mortgage Loan Trust, <br> Series 2024-NQM5, Class A1, 5.65%, 10/25/69<sup>(a)(b)</sup><br>|  | 1377 | &nbsp;&nbsp; 1382211 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust, <br> Series 2006-AF1, Class 1A2, 6.16%, 05/25/36<sup>(a)</sup><br>|  | 6414 | &nbsp;&nbsp; 1142646 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| OBX Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | USD | 430 | &nbsp;&nbsp; $429693 |
| Series 2023-NQM1, Class A1, 6.12%, 11/25/62<sup>(a)</sup> |  | 347 | &nbsp;&nbsp; 346498 |
| Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1041 | &nbsp;&nbsp; 1048898 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 1047 | &nbsp;&nbsp; 1055539 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<sup>(a)</sup> |  | 1148 | &nbsp;&nbsp; 1151375 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br> 10/25/59<sup>(a)(b)</sup><br>|  | 1816 | &nbsp;&nbsp; 1803325 |
| PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, <br> 06/25/58<sup>(b)</sup><br>|  | 932 | &nbsp;&nbsp; 934572 |
| Provident Funding Mortgage Trust, Series 2024-1, <br> Class A1, 5.50%, 12/25/54<sup>(a)(b)</sup><br>|  | 1428 | &nbsp;&nbsp; 1419612 |
| Radian Mortgage Capital Trust, Series 2024-J2, <br> Class A4, 5.50%, 03/25/55<sup>(a)(b)</sup><br>|  | 681 | &nbsp;&nbsp; 675582 |
| Residential Asset Securitization Trust, Series 2006-A8, <br> Class 2A5, (1 mo. Term SOFR + 0.71%), 5.03%, <br> 08/25/36<sup>(a)</sup><br>|  | 6300 | &nbsp;&nbsp; 1240610 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br> 5.50%, 10/25/54<sup>(a)(b)</sup><br>|  | 932 | &nbsp;&nbsp; 927220 |
| SG Residential Mortgage Trust, Series 2022-2, <br> Class A1, 5.35%, 08/25/62<sup>(b)</sup><br>|  | 586 | &nbsp;&nbsp; 584643 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br> Class A1A, 4.10%, 07/25/57<sup>(b)</sup><br>|  | 591 | &nbsp;&nbsp; 580587 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 1750 | &nbsp;&nbsp; 1543253 |
| Starwood Mortgage Residential Trust, Series 2020-3, <br> Class M1, 3.54%, 04/25/65<sup>(a)(b)</sup><br>|  | 1057 | &nbsp;&nbsp; 936295 |
| Towd Point Mortgage Trust, Series 2017-4, Class A1, <br> 2.75%, 06/25/57<sup>(a)(b)</sup><br>|  | 15 | &nbsp;&nbsp; 15068 |
| Verus Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 389 | &nbsp;&nbsp; 372081 |
| Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1467 | &nbsp;&nbsp; 1476271 |
| Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 368 | &nbsp;&nbsp; 367795 |
| Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 229 | &nbsp;&nbsp; 228375 |
| Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 763 | &nbsp;&nbsp; 767771 |
| Series 2024-8, Class A1, 5.36%, 10/25/69<sup>(a)</sup> |  | 1599 | &nbsp;&nbsp; 1598323 |
| Series 2024-R1, Class A1, 5.22%, 09/25/69<sup>(a)</sup> |  | 1597 | &nbsp;&nbsp; 1596085 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, <br> 10/25/58<sup>(b)</sup><br>|  | 1258 | &nbsp;&nbsp; 1268057 |
|  |  |  | &nbsp;&nbsp; 96830860 |
| **Commercial Mortgage-Backed Securities — 3.5%** | **Commercial Mortgage-Backed Securities — 3.5%** | **Commercial Mortgage-Backed Securities — 3.5%** | **Commercial Mortgage-Backed Securities — 3.5%** |
| Bayview Commercial Asset Trust, Series 2007-2A, <br> Class A1, (1 mo. Term SOFR + 0.52%), 4.84%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 988 | &nbsp;&nbsp; 910829 |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, <br> Class D, (1 mo. Term SOFR + 2.69%), 7.00%, <br> 11/15/41<sup>(a)(b)</sup><br>|  | 630 | &nbsp;&nbsp; 630788 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, <br> Class D, (1 mo. Term SOFR + 2.59%), 6.90%, <br> 03/15/41<sup>(a)(b)</sup><br>|  | 379 | &nbsp;&nbsp; 379057 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, <br> Class D, 7.23%, 11/05/39<sup>(a)(b)</sup><br>|  | 200 | &nbsp;&nbsp; 203945 |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-CIP, Class A, (1 mo. Term SOFR + <br> 1.04%), 5.35%, 12/15/38<br>|  | 528 | &nbsp;&nbsp; 527457 |
| Series 2021-SOAR, Class A, (1 mo. Term SOFR + <br> 0.78%), 5.10%, 06/15/38<br>|  | 1447 | &nbsp;&nbsp; 1446165 |
| Series 2022-LP2, Class A, (1 mo. Term SOFR + <br> 1.01%), 5.32%, 02/15/39<br>|  | 885 | &nbsp;&nbsp; 884087 |
| Series 2024-MF, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 02/15/39<br>|  | 452 | &nbsp;&nbsp; 452570 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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 Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-LBA, Class AJV, (1 mo. Term SOFR + <br> 0.91%), 5.23%, 02/15/36<br>| USD | 1650 | &nbsp;&nbsp; $1648969 |
| Series 2023-DELC, Class A, (1 mo. Term SOFR + <br> 2.69%), 7.00%, 05/15/38<br>|  | 140 | &nbsp;&nbsp; 140873 |
| Series 2024-BIO, Class C, (1 mo. Term SOFR + <br> 2.64%), 6.95%, 02/15/41<br>|  | 240 | &nbsp;&nbsp; 239100 |
| Series 2024-CNYN, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 04/15/41<br>|  | 671 | &nbsp;&nbsp; 672444 |
| Series 2024-PAT, Class B, (1 mo. Term SOFR + <br> 3.04%), 7.35%, 03/15/41<br>|  | 170 | &nbsp;&nbsp; 170000 |
| CENT Trust, Series 2023-CITY, Class A, (1 mo. Term <br> SOFR + 2.62%), 6.93%, 09/15/38<sup>(a)(b)</sup><br>|  | 1081 | &nbsp;&nbsp; 1082371 |
| Century Plaza Towers, Series 2019-CPT, Class C, <br> 3.10%, 11/13/39<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 218513 |
| CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term <br> SOFR + 3.04%), 7.35%, 08/15/41<sup>(a)(b)</sup><br>|  | 660 | &nbsp;&nbsp; 658287 |
| CSMC, Series 2021-BHAR, Class C, (1 mo. Term <br> SOFR + 2.11%), 6.43%, 11/15/38<sup>(a)(b)</sup><br>|  | 270 | &nbsp;&nbsp; 266330 |
| DC Trust, Series 2024-HLTN, Class C, 7.29%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 220 | &nbsp;&nbsp; 219833 |
| Extended Stay America Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-ESH, Class D, (1 mo. Term SOFR + <br> 2.36%), 6.68%, 07/15/38<br>|  | 1226 | &nbsp;&nbsp; 1228084 |
| Series 2021-ESH, Class F, (1 mo. Term SOFR + <br> 3.81%), 8.13%, 07/15/38<br>|  | 778 | &nbsp;&nbsp; 777959 |
| GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2023-FUN, Class B, (1 mo. Term SOFR + <br> 2.79%), 7.10%, 03/15/28<br>|  | 550 | &nbsp;&nbsp; 551719 |
| Series 2023-SHIP, Class E, 7.68%, 09/10/38 |  | 275 | &nbsp;&nbsp; 276675 |
| GS Mortgage Securities Trust<sup>(a)(b)</sup> <br>|  |  |  |
| (1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41 |  | 500 | &nbsp;&nbsp; 500093 |
| Series 2025-800D, Class A, (1 mo. Term SOFR + <br> 2.65%), 6.96%, 11/25/41<br>|  | 120 | &nbsp;&nbsp; 120215 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2016-NINE, Class B, 2.95%, 09/06/38 |  | 275 | &nbsp;&nbsp; 266096 |
| Series 2022-ACB, Class A, (30-day Avg SOFR + <br> 1.40%), 5.70%, 03/15/39<br>|  | 1600 | &nbsp;&nbsp; 1600000 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br> Class C, (1 mo. Term SOFR + 2.39%), 6.70%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 800 | &nbsp;&nbsp; 798004 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, <br> 8.73%, 06/12/39<sup>(b)</sup><br>|  | 790 | &nbsp;&nbsp; 798960 |
| MF1 Trust, Series 2021-W10, Class A, (1 mo. Term <br> SOFR + 1.07%), 5.38%, 12/15/34<sup>(a)(b)</sup><br>|  | 520 | &nbsp;&nbsp; 518519 |
| MIC Trust, Series 2023-MIC, Class B, 9.86%, <br> 12/05/38<sup>(a)(b)</sup><br>|  | 233 | &nbsp;&nbsp; 254160 |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br> Class D, (1 mo. Term SOFR + 2.94%), 7.25%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 270 | &nbsp;&nbsp; 272094 |
| VEGAS, Series 2024-GCS, Class D, 6.42%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 650 | &nbsp;&nbsp; 613585 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-LC25, Class A4, 3.64%, 12/15/59 | USD | 1600 | &nbsp;&nbsp; $1573875 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(b)</sup> |  | 250 | &nbsp;&nbsp; 250917 |
|  |  |  | &nbsp;&nbsp; 21152573 |
| **Total Non-Agency Mortgage-Backed Securities — 19.5%** <br>**(Cost: $133,467,628)** | **Total Non-Agency Mortgage-Backed Securities — 19.5%** <br>**(Cost: $133,467,628)** | **Total Non-Agency Mortgage-Backed Securities — 19.5%** <br>**(Cost: $133,467,628)** | &nbsp;&nbsp; 117983433 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 7.7%**<sup>(a)</sup> | **Capital Trusts — 7.7%**<sup>(a)</sup> | **Capital Trusts — 7.7%**<sup>(a)</sup> | **Capital Trusts — 7.7%**<sup>(a)</sup> |
| **Banks**<sup>(h)</sup> **— 0.9%** | **Banks**<sup>(h)</sup> **— 0.9%** | **Banks**<sup>(h)</sup> **— 0.9%** |  |
| Nordea Bank Abp, 3.75%<sup>(b)</sup> |  | 560 | &nbsp;&nbsp; 502919 |
| PNC Financial Services Group, Inc., Series W, 6.25%<sup>(f)</sup> |  | 4380 | &nbsp;&nbsp; 4503635 |
| Rizal Commercial Banking Corp., 6.50%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199500 |
|  |  |  | &nbsp;&nbsp; 5206054 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |  |
| Bank of New York Mellon Corp., Series I, 3.75%<sup>(f)(h)</sup> |  | 2845 | &nbsp;&nbsp; 2778601 |
| **Diversified Telecommunication Services**<sup>(d)</sup> **— 0.0%** | **Diversified Telecommunication Services**<sup>(d)</sup> **— 0.0%** | **Diversified Telecommunication Services**<sup>(d)</sup> **— 0.0%** |  |
| British Telecommunications PLC, 8.38%, 12/20/83 | GBP | 100 | &nbsp;&nbsp; 147094 |
| Telefonica Europe BV, 6.14%<sup>(h)</sup> | EUR | 100 | &nbsp;&nbsp; 126158 |
|  |  |  | &nbsp;&nbsp; 273252 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, <br> 05/01/79<sup>(f)</sup><br>| USD | 4500 | &nbsp;&nbsp; 4482772 |
| PG&E Corp., 7.38%, 03/15/55 |  | 1424 | &nbsp;&nbsp; 1348557 |
|  |  |  | &nbsp;&nbsp; 5831329 |
| **Financial Services — 4.5%** | **Financial Services — 4.5%** | **Financial Services — 4.5%** |  |
| Bank of America Corp., 6.63%<sup>(f)(h)</sup> |  | 3635 | &nbsp;&nbsp; 3764599 |
| Barclays PLC<sup>(h)</sup> <br>|  |  |  |
| 4.38%<sup>(f)</sup> |  | 2835 | &nbsp;&nbsp; 2638931 |
| 8.00% |  | 200 | &nbsp;&nbsp; 209785 |
| 9.63%<sup>(f)</sup> |  | 1105 | &nbsp;&nbsp; 1227332 |
| Citigroup, Inc., Series BB, 7.20%<sup>(h)</sup> |  | 2500 | &nbsp;&nbsp; 2577705 |
| Goldman Sachs Group, Inc., Series W, 7.50%<sup>(f)(h)</sup> |  | 2500 | &nbsp;&nbsp; 2654710 |
| HSBC Holdings PLC<sup>(f)(h)</sup> <br>|  |  |  |
| 4.70% |  | 465 | &nbsp;&nbsp; 421499 |
| 6.00% |  | 230 | &nbsp;&nbsp; 229767 |
| JPMorgan Chase & Co.<sup>(f)</sup> <br>|  |  |  |
| Series II, 7.04%<sup>(h)</sup> |  | 4000 | &nbsp;&nbsp; 4020400 |
| Series U, 5.48%, 01/15/87 |  | 358 | &nbsp;&nbsp; 327529 |
| Lloyds Banking Group PLC, 6.75%<sup>(h)</sup> |  | 515 | &nbsp;&nbsp; 517730 |
| NatWest Group PLC<sup>(h)</sup> <br>|  |  |  |
| 6.00%<sup>(f)</sup> |  | 1185 | &nbsp;&nbsp; 1183054 |
| 8.13% |  | 595 | &nbsp;&nbsp; 641799 |
| UBS Group AG<sup>(b)(h)</sup> <br>|  |  |  |
| Series NC10, 9.25% |  | 5460 | &nbsp;&nbsp; 6314004 |
| Series NC5, 9.25% |  | 616 | &nbsp;&nbsp; 672348 |
|  |  |  | &nbsp;&nbsp; 27401192 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.2%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.2%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.2%** |  |
| NRG Energy, Inc., 10.25% |  | 625 | &nbsp;&nbsp; 694020 |
| Vistra Corp., 7.00% |  | 267 | &nbsp;&nbsp; 270213 |
|  |  |  | &nbsp;&nbsp; 964233 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 | USD | 635 | &nbsp;&nbsp; $636383 |
| 7.00%, 03/10/55 |  | 2605 | &nbsp;&nbsp; 2686823 |
|  |  |  | &nbsp;&nbsp; 3323206 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| Heimstaden Bostad AB, 2.63%<sup>(d)(h)</sup> | EUR | 100 | &nbsp;&nbsp; 111905 |
| **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| Electricite de France SA, 3.00%<sup>(d)(h)</sup> |  | 200 | &nbsp;&nbsp; 230923 |
|  |  |  | &nbsp;&nbsp; 46120695 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |  |
| Morgan Stanley, Series F, 6.88%<sup>(a)(h)</sup> | 100000 | &nbsp;&nbsp; 2513000 |
| **IT Services**<sup>(c)(e)</sup> **— 0.0%** | **IT Services**<sup>(c)(e)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 842 | &nbsp;&nbsp; 18945 |
| Series G-1 | 582 | &nbsp;&nbsp; 13095 |
|  |  | &nbsp;&nbsp; 32040 |
|  |  | &nbsp;&nbsp; 2545040 |
| **Total Preferred Securities — 8.1%** <br>**(Cost: $48,089,912)** | **Total Preferred Securities — 8.1%** <br>**(Cost: $48,089,912)** | &nbsp;&nbsp; 48665735 |

---

&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** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 0.5%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 0.5%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 0.5%** |  |
| Fannie Mae REMICS, Series 2023-56, Class FA, (30-<br> day Avg SOFR + 1.40%), 5.71%, 11/25/53<sup>(a)</sup><br>| USD | 2875 | &nbsp;&nbsp; 2883613 |
| Ginnie Mae, Series 2017-136, Class GB, 3.00%, <br> 03/20/47<br>|  | 462 | &nbsp;&nbsp; 433279 |
|  |  |  | &nbsp;&nbsp; 3316892 |
| **Mortgage-Backed Securities — 14.8%** | **Mortgage-Backed Securities — 14.8%** | **Mortgage-Backed Securities — 14.8%** |  |
| Freddie Mac Mortgage-Backed Securities<sup>(f)</sup> <br>|  |  |  |
| 2.50%, 09/01/32 |  | 1955 | &nbsp;&nbsp; 1874517 |
| 4.00%, 05/01/39 |  | 2857 | &nbsp;&nbsp; 2812122 |
| Uniform Mortgage-Backed Securities |  |  |  |
| 2.00%, 08/01/31 - 09/01/35<sup>(f)</sup> |  | 7686 | &nbsp;&nbsp; 7109872 |
| 2.50%, 12/01/31<sup>(f)</sup> |  | 557 | &nbsp;&nbsp; 536253 |
| 1.50%, 01/01/36 - 06/01/36<sup>(f)</sup> |  | 6087 | &nbsp;&nbsp; 5424244 |
| 3.50%, 09/01/42 - 06/01/49<sup>(f)</sup> |  | 16494 | &nbsp;&nbsp; 15344150 |
| 4.50%, 06/01/44 - 05/01/53<sup>(f)</sup> |  | 10102 | &nbsp;&nbsp; 9854875 |
| 5.00%, 11/01/44 - 11/01/45<sup>(f)</sup> |  | 11922 | &nbsp;&nbsp; 11973606 |
| 4.00%, 05/01/52<sup>(f)</sup> |  | 25108 | &nbsp;&nbsp; 23755406 |
| 6.50%, 01/01/54<sup>(f)</sup> |  | 4375 | &nbsp;&nbsp; 4568016 |
| 6.00%, 07/15/54<sup>(p)</sup> |  | 6000 | &nbsp;&nbsp; 6096737 |
|  |  |  | &nbsp;&nbsp; 89349798 |
| **Total U.S. Government Sponsored Agency Securities — 15.3%** <br>**(Cost: $91,769,914)** | **Total U.S. Government Sponsored Agency Securities — 15.3%** <br>**(Cost: $91,769,914)** | **Total U.S. Government Sponsored Agency Securities — 15.3%** <br>**(Cost: $91,769,914)** | &nbsp;&nbsp; 92666690 |
| **Total Long-Term Investments — 149.7%** <br>**(Cost: $915,925,834)** | **Total Long-Term Investments — 149.7%** <br>**(Cost: $915,925,834)** | **Total Long-Term Investments — 149.7%** <br>**(Cost: $915,925,834)** | &nbsp;&nbsp; 903955348 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(q)(r)</sup><br>| 3897681 | &nbsp;&nbsp; $3897681 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $3,897,681)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $3,897,681)** | &nbsp;&nbsp; 3897681 |
| **Total Investments — 150.4%** <br>**(Cost: $919,823,515)** | **Total Investments — 150.4%** <br>**(Cost: $919,823,515)** | &nbsp;&nbsp; 907853029 |
| **Liabilities in Excess of Other Assets — (50.4)%** | **Liabilities in Excess of Other Assets — (50.4)%** | &nbsp;&nbsp; (304166096)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $603686933 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> Non-income producing security.

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

<sup>(g)</sup> 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. 

<sup>(h)</sup> Perpetual security with no stated maturity date.

<sup>(i)</sup> Convertible security.

<sup>(j)</sup> Zero-coupon bond.

<sup>(k)</sup> 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. 

<sup>(l)</sup> When-issued security.

<sup>(m)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(n)</sup> 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. 

<sup>(o)</sup> Rounds to less than 1,000.

<sup>(p)</sup> Represents or includes a TBA transaction.

<sup>(q)</sup> Affiliate of the Fund.

<sup>(r)</sup> 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 (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $5197114 | $—<br> $(1299433 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $3897681 | 3897681 | $122250 | $— |

---

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

<sup>(a)</sup> Represents net amount purchased (sold).

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <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*<sup>(a)</sup> <br>|
| Credit Agricole Corporate and Investment <br> Bank<br>4.50 %<sup>(b)</sup><br>| 08/27/24 | Open | &nbsp;&nbsp; $347973 | &nbsp;&nbsp; $363539 | Foreign Agency Obligations | Open/Demand |
| Credit Agricole Corporate and Investment <br> Bank<br>4.52 <br><sup>(b)</sup><br>| 08/27/24 | Open | &nbsp;&nbsp; 96671 | &nbsp;&nbsp; 101012 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.32 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 213098 | &nbsp;&nbsp; 215067 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.32 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 131989 | &nbsp;&nbsp; 133209 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 159397 | &nbsp;&nbsp; 160880 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 196182 | &nbsp;&nbsp; 198008 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.40 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1638900 | &nbsp;&nbsp; 1654324 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 257078 | &nbsp;&nbsp; 259508 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.43 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 393750 | &nbsp;&nbsp; 397481 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.43 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 279467 | &nbsp;&nbsp; 282115 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.45 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1132862 | &nbsp;&nbsp; 1143645 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 94889 | &nbsp;&nbsp; 95796 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 130505 | &nbsp;&nbsp; 131753 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 144500 | &nbsp;&nbsp; 145884 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 114326 | &nbsp;&nbsp; 115422 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 325220 | &nbsp;&nbsp; 328336 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 325920 | &nbsp;&nbsp; 329043 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 129200 | &nbsp;&nbsp; 130438 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 96313 | &nbsp;&nbsp; 97235 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 651911 | &nbsp;&nbsp; 658158 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 642874 | &nbsp;&nbsp; 649034 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 404430 | &nbsp;&nbsp; 408305 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1361600 | &nbsp;&nbsp; 1374647 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 85233 | &nbsp;&nbsp; 86049 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 136740 | &nbsp;&nbsp; 138050 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 111510 | &nbsp;&nbsp; 112579 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 180251 | &nbsp;&nbsp; 181978 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.50 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 911174 | &nbsp;&nbsp; 919944 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.55 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1090144 | &nbsp;&nbsp; 1100753 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 908004 | &nbsp;&nbsp; 917035 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 466371 | &nbsp;&nbsp; 471010 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 731417 | &nbsp;&nbsp; 738691 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 450859 | &nbsp;&nbsp; 455343 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 978656 | &nbsp;&nbsp; 988390 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 3152090 | &nbsp;&nbsp; 3183440 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 422520 | &nbsp;&nbsp; 426722 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 05/01/25 | Open | &nbsp;&nbsp; 445500 | &nbsp;&nbsp; 448837 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 276938 | &nbsp;&nbsp; 278906 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 877500 | &nbsp;&nbsp; 883738 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 452500 | &nbsp;&nbsp; 455717 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 143850 | &nbsp;&nbsp; 144873 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 513750 | &nbsp;&nbsp; 517410 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 607000 | &nbsp;&nbsp; 611325 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 677250 | &nbsp;&nbsp; 682075 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 502495 | &nbsp;&nbsp; 506075 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| TD Securities (USA) LLC<br> 4.50 %<sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; $256086 | &nbsp;&nbsp; $257911 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 431833 | &nbsp;&nbsp; 434909 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 538125 | &nbsp;&nbsp; 541959 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 256000 | &nbsp;&nbsp; 257824 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 361250 | &nbsp;&nbsp; 363824 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1414706 | &nbsp;&nbsp; 1424786 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 338625 | &nbsp;&nbsp; 341038 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 198344 | &nbsp;&nbsp; 199757 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1253052 | &nbsp;&nbsp; 1262179 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 581595 | &nbsp;&nbsp; 585831 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 161075 | &nbsp;&nbsp; 162261 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 5331767 | &nbsp;&nbsp; 5371023 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1763381 | &nbsp;&nbsp; 1776364 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1109605 | &nbsp;&nbsp; 1117774 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1559425 | &nbsp;&nbsp; 1570906 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1031330 | &nbsp;&nbsp; 1038923 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1447802 | &nbsp;&nbsp; 1458462 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 435540 | &nbsp;&nbsp; 438747 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 338225 | &nbsp;&nbsp; 340577 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 3223640 | &nbsp;&nbsp; 3246958 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 896350 | &nbsp;&nbsp; 902834 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.65 <br><sup>(b)</sup><br>| 05/06/25 | Open | &nbsp;&nbsp; 3261094 | &nbsp;&nbsp; 3284682 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.35 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2047500 | &nbsp;&nbsp; 2059870 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1281875 | &nbsp;&nbsp; 1289709 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 323549 | &nbsp;&nbsp; 325526 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.44 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 187147 | &nbsp;&nbsp; 188301 | Foreign Agency Obligations | Open/Demand |
| BNP Paribas SA<br> 4.44 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 941250 | &nbsp;&nbsp; 947054 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 493890 | &nbsp;&nbsp; 496942 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 709537 | &nbsp;&nbsp; 713923 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 195750 | &nbsp;&nbsp; 196960 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.46 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 277915 | &nbsp;&nbsp; 279637 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.47 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1216085 | &nbsp;&nbsp; 1223635 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.47 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 431333 | &nbsp;&nbsp; 434010 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 3825000 | &nbsp;&nbsp; 3848853 | Capital Trusts | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 505850 | &nbsp;&nbsp; 509005 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 669212 | &nbsp;&nbsp; 673386 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 330006 | &nbsp;&nbsp; 332064 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 216090 | &nbsp;&nbsp; 217438 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 416250 | &nbsp;&nbsp; 418846 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 145421 | &nbsp;&nbsp; 146328 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 767979 | &nbsp;&nbsp; 772768 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 898750 | &nbsp;&nbsp; 904355 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 166269 | &nbsp;&nbsp; 167306 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 140400 | &nbsp;&nbsp; 141276 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 307609 | &nbsp;&nbsp; 309527 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1527707 | &nbsp;&nbsp; 1537234 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 156400 | &nbsp;&nbsp; 157375 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.53 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1587888 | &nbsp;&nbsp; 1597878 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.58 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2544469 | &nbsp;&nbsp; 2560654 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1240267 | &nbsp;&nbsp; 1248191 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 190689 | &nbsp;&nbsp; 191907 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 368113 | &nbsp;&nbsp; 370464 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 86819 | &nbsp;&nbsp; 87373 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.60 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 394200 | &nbsp;&nbsp; 396718 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.63 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1999387 | &nbsp;&nbsp; 2012245 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.64 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 306686 | &nbsp;&nbsp; 308663 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.65 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1995290 | &nbsp;&nbsp; 2008176 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 196094 | &nbsp;&nbsp; 197314 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 386434 | &nbsp;&nbsp; 388704 | Capital Trusts | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 2559606 | &nbsp;&nbsp; 2575145 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 594080 | &nbsp;&nbsp; 597488 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.00 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 1140042 | &nbsp;&nbsp; 1145869 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| RBC Capital Markets, LLC | 4.50 %<sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; $411250 | &nbsp;&nbsp; $413615 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 460000 | &nbsp;&nbsp; 462645 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 523250 | &nbsp;&nbsp; 526259 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2921250 | &nbsp;&nbsp; 2938047 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 1211250 | &nbsp;&nbsp; 1218215 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 337500 | &nbsp;&nbsp; 339441 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2947500 | &nbsp;&nbsp; 2964448 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 492700 | &nbsp;&nbsp; 495533 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 266900 | &nbsp;&nbsp; 268287 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1105721 | &nbsp;&nbsp; 1111466 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 208474 | &nbsp;&nbsp; 209582 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 450585 | &nbsp;&nbsp; 452980 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 259609 | &nbsp;&nbsp; 260989 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 298000 | &nbsp;&nbsp; 299584 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1518907 | &nbsp;&nbsp; 1527162 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 313333 | &nbsp;&nbsp; 315035 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 600430 | &nbsp;&nbsp; 603693 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 817880 | &nbsp;&nbsp; 822325 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 429244 | &nbsp;&nbsp; 431577 | Capital Trusts | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 830212 | &nbsp;&nbsp; 834724 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 713862 | &nbsp;&nbsp; 717742 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 226249 | &nbsp;&nbsp; 227478 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 471630 | &nbsp;&nbsp; 474193 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 845295 | &nbsp;&nbsp; 849889 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.60 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 234000 | &nbsp;&nbsp; 235286 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 05/20/25 | Open | &nbsp;&nbsp; 2418750 | &nbsp;&nbsp; 2431420 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 05/21/25 | Open | &nbsp;&nbsp; 913635 | &nbsp;&nbsp; 918307 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.49 <br><sup>(b)</sup><br>| 05/22/25 | Open | &nbsp;&nbsp; 540720 | &nbsp;&nbsp; 543418 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.65 <br><sup>(b)</sup><br>| 05/23/25 | Open | &nbsp;&nbsp; 25838 | &nbsp;&nbsp; 25968 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 05/28/25 | Open | &nbsp;&nbsp; 394882 | &nbsp;&nbsp; 396560 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 05/29/25 | Open | &nbsp;&nbsp; 231373 | &nbsp;&nbsp; 232359 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 05/30/25 | Open | &nbsp;&nbsp; 523650 | &nbsp;&nbsp; 525745 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 05/30/25 | Open | &nbsp;&nbsp; 344960 | &nbsp;&nbsp; 346386 | Corporate Bonds | Open/Demand |
| Santander US Capital Markets LLC | 4.51 | 06/03/25 | 07/10/25 | &nbsp;&nbsp; 2872903 | &nbsp;&nbsp; 2882621 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Santander US Capital Markets LLC | 4.51 | 06/03/25 | 07/10/25 | &nbsp;&nbsp; 416764 | &nbsp;&nbsp; 418174 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| Nomura Securities International, Inc. | 4.48 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 198220 | &nbsp;&nbsp; 198886 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 06/05/25 | Open | &nbsp;&nbsp; 228386 | &nbsp;&nbsp; 229137 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.55 <br><sup>(b)</sup><br>| 06/06/25 | Open | &nbsp;&nbsp; 401123 | &nbsp;&nbsp; 402390 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1806088 | &nbsp;&nbsp; 1810349 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 516898 | &nbsp;&nbsp; 518117 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 5410063 | &nbsp;&nbsp; 5422826 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2702475 | &nbsp;&nbsp; 2708851 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 305844 | &nbsp;&nbsp; 306566 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 6484327 | &nbsp;&nbsp; 6499625 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4247753 | &nbsp;&nbsp; 4257774 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2431484 | &nbsp;&nbsp; 2437221 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 9865491 | &nbsp;&nbsp; 9888765 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 5190389 | &nbsp;&nbsp; 5202634 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 5757597 | &nbsp;&nbsp; 5771180 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| HSBC Securities (USA), Inc. | 4.47<br> % <br>| 06/11/25 | 07/14/25 | &nbsp;&nbsp; $1404482 | &nbsp;&nbsp; $1407795 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4415847 | &nbsp;&nbsp; 4426265 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 22742619 | &nbsp;&nbsp; 22798012 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1625891 | &nbsp;&nbsp; 1629727 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 4878965 | &nbsp;&nbsp; 4890475 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/11/25 | Open | &nbsp;&nbsp; 484530 | &nbsp;&nbsp; 485741 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/11/25 | Open | &nbsp;&nbsp; 306313 | &nbsp;&nbsp; 307078 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/11/25 | Open | &nbsp;&nbsp; 283875 | &nbsp;&nbsp; 284585 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 2.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 473469 | &nbsp;&nbsp; 474061 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1187280 | &nbsp;&nbsp; 1189744 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 782861 | &nbsp;&nbsp; 784486 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 646345 | &nbsp;&nbsp; 647686 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 226860 | &nbsp;&nbsp; 227336 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 408883 | &nbsp;&nbsp; 409751 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 61023 | &nbsp;&nbsp; 61154 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1284412 | &nbsp;&nbsp; 1287206 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 666050 | &nbsp;&nbsp; 667499 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 762090 | &nbsp;&nbsp; 763748 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 224895 | &nbsp;&nbsp; 225384 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 721500 | &nbsp;&nbsp; 723069 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 643458 | &nbsp;&nbsp; 644857 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 684652 | &nbsp;&nbsp; 686142 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 683419 | &nbsp;&nbsp; 684922 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 444188 | &nbsp;&nbsp; 445165 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 166819 | &nbsp;&nbsp; 167186 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 428794 | &nbsp;&nbsp; 429737 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 300670 | &nbsp;&nbsp; 301331 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 414965 | &nbsp;&nbsp; 415878 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 99343 | &nbsp;&nbsp; 99561 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 461396 | &nbsp;&nbsp; 462411 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 384863 | &nbsp;&nbsp; 385719 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2043162 | &nbsp;&nbsp; 2047709 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 803818 | &nbsp;&nbsp; 805607 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 573728 | &nbsp;&nbsp; 575004 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 469965 | &nbsp;&nbsp; 471011 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 857387 | &nbsp;&nbsp; 859295 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 181886 | &nbsp;&nbsp; 182291 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 421088 | &nbsp;&nbsp; 422024 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 350900 | &nbsp;&nbsp; 351681 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1115887 | &nbsp;&nbsp; 1118370 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1321642 | &nbsp;&nbsp; 1324583 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 501750 | &nbsp;&nbsp; 502874 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 116341 | &nbsp;&nbsp; 116603 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 537415 | &nbsp;&nbsp; 538624 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 85892 | &nbsp;&nbsp; 86085 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 77518 | &nbsp;&nbsp; 77692 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 324473 | &nbsp;&nbsp; 325203 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 561600 | &nbsp;&nbsp; 562864 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 749404 | &nbsp;&nbsp; 751090 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 225220 | &nbsp;&nbsp; 225727 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 219063 | &nbsp;&nbsp; 219555 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.53 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2112187 | &nbsp;&nbsp; 2116972 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.55 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 354938 | &nbsp;&nbsp; 355745 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2549400 | &nbsp;&nbsp; 2555264 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1139400 | &nbsp;&nbsp; 1142021 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 204712 | &nbsp;&nbsp; 205183 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1806607 | &nbsp;&nbsp; 1810762 | Corporate Bonds | Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.60<br> % <br>| 06/13/25 | 07/15/25 | &nbsp;&nbsp; $941377 | &nbsp;&nbsp; $943543 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2373000 | &nbsp;&nbsp; 2378458 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 3309656 | &nbsp;&nbsp; 3317268 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 213469 | &nbsp;&nbsp; 213960 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 487370 | &nbsp;&nbsp; 488491 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 870157 | &nbsp;&nbsp; 872159 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1029105 | &nbsp;&nbsp; 1031472 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 372075 | &nbsp;&nbsp; 372934 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 866932 | &nbsp;&nbsp; 868935 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 387310 | &nbsp;&nbsp; 388205 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 243506 | &nbsp;&nbsp; 244071 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1130580 | &nbsp;&nbsp; 1133203 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 775129 | &nbsp;&nbsp; 776873 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 205100 | &nbsp;&nbsp; 205572 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 4.65 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1458175 | &nbsp;&nbsp; 1461565 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/13/25 | Open | &nbsp;&nbsp; 228404 | &nbsp;&nbsp; 228918 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/13/25 | Open | &nbsp;&nbsp; 176563 | &nbsp;&nbsp; 176960 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/13/25 | Open | &nbsp;&nbsp; 258750 | &nbsp;&nbsp; 259332 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 547750 | &nbsp;&nbsp; 548777 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 567188 | &nbsp;&nbsp; 568251 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 550486 | &nbsp;&nbsp; 551518 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 687500 | &nbsp;&nbsp; 688789 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 599000 | &nbsp;&nbsp; 600123 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 159533 | &nbsp;&nbsp; 159832 | Foreign Agency Obligations | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 2048440 | &nbsp;&nbsp; 2052281 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 215838 | &nbsp;&nbsp; 216242 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 575450 | &nbsp;&nbsp; 576529 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.49 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 313250 | &nbsp;&nbsp; 313836 | Capital Trusts | Open/Demand |
| Societe Generale | 4.49 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 214227 | &nbsp;&nbsp; 214628 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1169562 | &nbsp;&nbsp; 1171755 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 821537 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.63 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 3030000 | &nbsp;&nbsp; 3035845 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.64 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1419130 | &nbsp;&nbsp; 1421874 | Corporate Bonds | Open/Demand |
| Societe Generale | 4.64 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1956795 | &nbsp;&nbsp; 1960578 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.65 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 110175 | &nbsp;&nbsp; 110388 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.50 | 06/18/25 | 07/15/25 | &nbsp;&nbsp; 109681 | &nbsp;&nbsp; 109859 | Corporate Bonds | Up to 30 Days |
| Merrill Lynch International | 3.50 | 06/18/25 | 07/15/25 | &nbsp;&nbsp; 170795 | &nbsp;&nbsp; 171011 | Corporate Bonds | Up to 30 Days |
| BNP Paribas SA | 4.39 <br><sup>(b)</sup><br>| 06/18/25 | Open | &nbsp;&nbsp; 625135 | &nbsp;&nbsp; 626126 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 06/18/25 | Open | &nbsp;&nbsp; 978120 | &nbsp;&nbsp; 979706 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/18/25 | Open | &nbsp;&nbsp; 102900 | &nbsp;&nbsp; 103067 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 06/18/25 | Open | &nbsp;&nbsp; 219725 | &nbsp;&nbsp; 220082 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 471390 | &nbsp;&nbsp; 471856 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 564000 | &nbsp;&nbsp; 564563 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 413125 | &nbsp;&nbsp; 413537 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 4207500 | &nbsp;&nbsp; 4211698 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1701812 | &nbsp;&nbsp; 1703514 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2482262 | &nbsp;&nbsp; 2484745 | Capital Trusts | 31 - 90 Days |
| Barclays Bank PLC | 4.50 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 701250 | &nbsp;&nbsp; 701951 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 211006 | &nbsp;&nbsp; 211147 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.40 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 127592 | &nbsp;&nbsp; 127717 | Foreign Agency Obligations | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 283875 | &nbsp;&nbsp; 284156 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1716320 | &nbsp;&nbsp; 1718017 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 211602 | &nbsp;&nbsp; 211812 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 316492 | &nbsp;&nbsp; 316808 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 911400 | &nbsp;&nbsp; 912309 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 546000 | &nbsp;&nbsp; 546545 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 393500 | &nbsp;&nbsp; 393893 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 3539581 | &nbsp;&nbsp; 3543113 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 3785000 | &nbsp;&nbsp; 3788777 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 622250 | &nbsp;&nbsp; 622871 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.55 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 653947 | &nbsp;&nbsp; 654609 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.65 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1056878 | &nbsp;&nbsp; 1057970 | Capital Trusts | 31 - 90 Days |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Reverse Repurchase Agreements (continued)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest*<br> *Rate*<br>| &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.60 %<sup>(b)</sup><br>| 06/24/25 | Open | &nbsp;&nbsp; $1508097 | &nbsp;&nbsp; $1508097 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 4.60 | 06/25/25 | 08/01/25 | &nbsp;&nbsp; 1917500 | &nbsp;&nbsp; 1918970 | Corporate Bonds | 31 - 90 Days |
| RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp; 1410881 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | &nbsp;&nbsp; 1036462 | &nbsp;&nbsp; 1037110 | Corporate Bonds | Up to 30 Days |
| RBC Capital Markets, LLC | 4.50 | 06/26/25 | 07/24/25 | &nbsp;&nbsp; 768750 | &nbsp;&nbsp; 769230 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 638085 | &nbsp;&nbsp; 638466 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 182813 | &nbsp;&nbsp; 182924 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.45 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 604200 | &nbsp;&nbsp; 604573 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 924642 | &nbsp;&nbsp; 925220 | Capital Trusts | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 152594 | &nbsp;&nbsp; 152690 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 497768 | &nbsp;&nbsp; 498080 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 957646 | &nbsp;&nbsp; 958244 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 305544 | &nbsp;&nbsp; 305735 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 335175 | &nbsp;&nbsp; 335384 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 228043 | &nbsp;&nbsp; 228185 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 368900 | &nbsp;&nbsp; 369131 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 2109772 | &nbsp;&nbsp; 2111091 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1419930 | &nbsp;&nbsp; 1420817 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 230040 | &nbsp;&nbsp; 230184 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 942067 | &nbsp;&nbsp; 942656 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 812062 | &nbsp;&nbsp; 812570 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1116300 | &nbsp;&nbsp; 1116998 | Corporate Bonds | Up to 30 Days |
| BNP Paribas SA | 4.63 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 1541805 | &nbsp;&nbsp; 1541805 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.60 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 66150 | &nbsp;&nbsp; 66150 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.50 | 06/30/25 | 07/29/25 | &nbsp;&nbsp; 1409130 | &nbsp;&nbsp; 1409130 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.64 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 1130625 | &nbsp;&nbsp; 1130625 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 80713 | &nbsp;&nbsp; 80712 | Corporate Bonds | Open/Demand |
|  |  |  |  | &nbsp;&nbsp; $304608212 | &nbsp;&nbsp; $305750268 |  |  |

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

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> 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** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *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  |  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; $465401 | &nbsp;&nbsp;&nbsp;&nbsp; $1858493 |
| Short Contracts  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70863 | &nbsp;&nbsp;&nbsp;&nbsp; (1483331)<br>|
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23536 | &nbsp;&nbsp;&nbsp;&nbsp; (595134)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48560 | &nbsp;&nbsp;&nbsp;&nbsp; (1851646)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4759 | &nbsp;&nbsp;&nbsp;&nbsp; (193656)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 104546 | &nbsp;&nbsp;&nbsp;&nbsp; (1173153)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5296920)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3438427)<br>|

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**Forward Foreign Currency Exchange Contracts** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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 | 102247 | USD | 117097 | Citibank N.A. | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3456 |
| USD | 137416 | EUR | 120658 | Credit Agricole CIB | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4844)<br>|
| USD | 441705 | EUR | 387834 | Credit Agricole CIB | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15567)<br>|

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Schedule of Investments

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Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Forward Foreign Currency Exchange Contracts (continued)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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 | 113584 | EUR | 99716 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3985)<br>|
| USD | 113887 | EUR | 100000 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4016)<br>|
| USD | 137293 | EUR | 120545 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4834)<br>|
| USD | 13202723 | EUR | 11313000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191213)<br>|
| USD | 10503 | EUR | 9000 | Wells Fargo Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153)<br>|
| USD | 1996429 | GBP | 1475000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29221)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253833)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(250377)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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.IG.41.V1 | 1.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/28 | USD | 20750 | &nbsp;&nbsp;&nbsp; $(456671)<br>| &nbsp;&nbsp;&nbsp; $(232600)<br>| &nbsp;&nbsp;&nbsp; $(224071)<br>|
| CDX.NA.HY.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 6965 | &nbsp;&nbsp;&nbsp; (535142)<br>| &nbsp;&nbsp;&nbsp; (472445)<br>| &nbsp;&nbsp;&nbsp; (62697)<br>|
| CDX.NA.IG.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 2580 | &nbsp;&nbsp;&nbsp; (57995)<br>| &nbsp;&nbsp;&nbsp; (41231)<br>| &nbsp;&nbsp;&nbsp; (16764)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1049808)<br>| &nbsp;&nbsp;&nbsp; $(746276)<br>| &nbsp;&nbsp;&nbsp; $(303532)<br>|

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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> % <br>| Monthly | Deutsche Bank AG | 01/17/47 | USD | 10420 | $1314707 | $643499 | $671208 |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Virgin Media Finance PLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 20 | $488 | $491 | $(3)<br>|
| CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | BB+ | EUR | 38 | 3472 | 3842 | (370)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 9 | 703 | (985)<br>| 1688 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 5 | 423 | (566)<br>| 989 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 15 | 1189 | (1591)<br>| 2780 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 5 | 345 | (473)<br>| 818 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 9 | 721 | (1029)<br>| 1750 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 12/20/27 | CCC | EUR | 7 | 524 | (725)<br>| 1249 |
| Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 27 | 2144 | 2894 | (750)<br>|
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 30 | (5599)<br>| (5159)<br>| (440)<br>|
| Faurecia SE | 5.00 | Quarterly | Bank of America N.A. | 12/20/29 | BB- | EUR | 15 | 924 | 966 | (42)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 45 | 6901 | 5767 | 1134 |
| SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 10 | (415)<br>| (726)<br>| 311 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 11 | (458)<br>| (723)<br>| 265 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 10 | (557)<br>| (608)<br>| 51 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 10 | 1541 | 1398 | 143 |
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | D | USD | 4168 | (525882)<br>| (180252)<br>| (345630)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**OTC Credit Default Swaps — Sell Protection (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Received*<br> *by the Fund*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)*<sup>(b)</sup> | *Notional*<br> *Amount (000)*<sup>(b)</sup> | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| CMBX.NA.7 | 3.00<br> % <br>| Monthly | Barclays Bank PLC | 01/17/47<br> D | USD | 2084 | $(262941)<br>| $(90022)<br>| $(172919)<br>|
| CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47<br> D | USD | 4168 | (525883)<br>| (89091)<br>| (436792)<br>|
|  |  |  |  |  |  |  | $(1302360)<br>| $(356592)<br>| $(945768)<br>|

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

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <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<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(746276)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(303532)<br>|
| OTC Swaps | &nbsp;&nbsp; 658857 | &nbsp;&nbsp;&nbsp; (371950)<br>| &nbsp;&nbsp;&nbsp; 682386 | &nbsp;&nbsp;&nbsp; (956946)<br>|

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1858493 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1858493 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3456 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1341243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1341243 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1341243 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3456 | &nbsp;&nbsp; $1858493 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3203192 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5296920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5296920 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 253833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 253833 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 303532 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 303532 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1328896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1328896 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1632428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $253833 | &nbsp;&nbsp; $5296920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7183181 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3330409 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3330409 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1253832)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1253832)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 143101 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 143101 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $143101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1253832)<br>| &nbsp;&nbsp; $3330409 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2219678 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6680383)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6680383)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (496645)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (496645)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (13329)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13329)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13329)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(496645)<br>| &nbsp;&nbsp; $(6680383)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7190357)<br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $458283552 |
| Average notional value of contracts — short | &nbsp;&nbsp; 245424801 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 15598818 |
| Average amounts sold — in USD | &nbsp;&nbsp; 131221 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 39579668 |
| Average notional value — sell protection | &nbsp;&nbsp; 11033818 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $174768 | &nbsp;&nbsp;&nbsp;&nbsp; $852304 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp;&nbsp; 253833 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33424 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 1341243 | &nbsp;&nbsp;&nbsp;&nbsp; 1328896 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 1519467 | &nbsp;&nbsp;&nbsp;&nbsp; 2468457 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (174768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (885728)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1344699 | &nbsp;&nbsp;&nbsp;&nbsp; $1582729 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $2965 | &nbsp;&nbsp; $(1753)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1212 |
| Barclays Bank PLC | &nbsp;&nbsp; 6979 | &nbsp;&nbsp; (6979)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 6901 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6901 |
| Citibank N.A. | &nbsp;&nbsp; 4274 | &nbsp;&nbsp; (473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3801 |
| Deutsche Bank AG | &nbsp;&nbsp; 1316248 | &nbsp;&nbsp; (18434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1297814)<br>| &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2241 | &nbsp;&nbsp; (1032)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1209 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 5091 | &nbsp;&nbsp; (5091)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1344699 | &nbsp;&nbsp; $(33762)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1297814)<br>| &nbsp;&nbsp; $13123 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1753 | &nbsp;&nbsp; $(1753)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 1318944 | &nbsp;&nbsp; (6979)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1311965)<br>| &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 473 | &nbsp;&nbsp; (473)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole CIB | &nbsp;&nbsp; 20411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20411 |
| Deutsche Bank AG | &nbsp;&nbsp; 18434 | &nbsp;&nbsp; (18434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; (1032)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 30316 | &nbsp;&nbsp; (5091)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25225 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 191213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 191213 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp; $1582729 | &nbsp;&nbsp; $(33762)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1311965)<br>| &nbsp;&nbsp; $237002 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77671054 | &nbsp;&nbsp;&nbsp;&nbsp; $1743172 | &nbsp;&nbsp;&nbsp;&nbsp; $79414226 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp; 13580 | &nbsp;&nbsp;&nbsp;&nbsp; 17053 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 514476057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 514476057 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5861790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5861790 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32596352 | &nbsp;&nbsp;&nbsp;&nbsp; 2178738 | &nbsp;&nbsp;&nbsp;&nbsp; 34775090 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5289699 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5289699 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4805575 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4805575 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117983433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117983433 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46120695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46120695 |
| Preferred Stocks | &nbsp;&nbsp; 2513000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32040 | &nbsp;&nbsp;&nbsp;&nbsp; 2545040 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92666690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92666690 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3897681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3897681 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (275)<br>|
|  | &nbsp;&nbsp; $6410681 | &nbsp;&nbsp;&nbsp;&nbsp; $897474841 | &nbsp;&nbsp;&nbsp;&nbsp; $3967627 | &nbsp;&nbsp;&nbsp;&nbsp; $907853149 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $682386 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $682386 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3456 |
| Interest Rate Contracts | &nbsp;&nbsp; 1858493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1858493 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1260478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1260478)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Multi-Sector Income Trust (BIT)** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(253833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(253833)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (5296920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5296920)<br>|
|  | &nbsp;&nbsp; $(3438427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(828469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4266896)<br>|

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $305,750,268 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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>| *Preferred* <br>*Stocks*<br>| *Unfunded Floating* <br>*Rate Loan* <br>*Interests*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $1482655 | $— | $1229479 | $3767963 | $1456688 | $28400 | $— |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — |  |  |  | 2134377 |  | 21 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; — |  | (1229479)<br>| (2368044)<br>| (485477)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  |  | 1144 | 3036 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (23315)<br>|  |  | 10264 | (32875)<br>|  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 190848 | (485)<br>|  | 13337 | (9792)<br>| 3640 | 76 |
| Purchases | &nbsp;&nbsp;&nbsp; 674684 | 14065 |  | 152190 | 770885 |  |  |
| Sales | &nbsp;&nbsp;&nbsp; (581700)<br>|  |  | (1576854)<br>| (1658104)<br>|  |  |
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $1743172 | $13580 | $— | $— | $2178738 | $32040 | $97 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, <br> 2025<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $29194 | $(485)<br>| $— | $— | $1737 | $3640 | $76 |

---

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

---

| | |
|:---|:---|
|  | *Total*  |
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $7965185 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; 2134398 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; (4083000)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; 4180 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (45926)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 197624 |
| Purchases | &nbsp;&nbsp;&nbsp; 1611824 |
| Sales | &nbsp;&nbsp;&nbsp; (3816658)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $3967627 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $34162 |

---

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

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $698229026 | $580331027 | $384784546 | $876354835 |
| Investments, at value — affiliated<sup>(b)</sup> | 4688750 | 6832934 | 2362061 | 1310068 |
| Cash | 213224 |  |  | 269043 |
| Cash pledged: |  |  |  |  |
| Futures contracts |  |  | 577000 | 806470 |
| Centrally cleared swaps | 41000 |  | 1000 | 537000 |
| Foreign currency, at value<sup>(c)</sup> | 59254 | 46177 |  | 998900 |
| Receivables: |  |  |  |  |
| Investments sold | 6912845 | 6315590 |  | 8259806 |
| Reverse repurchase agreements |  |  |  | 3187431 |
| TBA sale commitments |  |  | 26261 |  |
| Capital shares sold | 859798 |  |  | 206294 |
| Dividends — unaffiliated |  |  |  | 23895 |
| Dividends — affiliated |  | 1714 | 9874 | 23051 |
| Interest — unaffiliated | 7438456 | 5592056 | 2653968 | 11431493 |
| Variation margin on futures contracts |  |  | 70125 | 107391 |
| Variation margin on centrally cleared swaps | 1794 |  |  |  |
| Swap premiums paid |  |  |  | 10677 |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts |  |  |  | 1761 |
| OTC swaps | 302526 |  |  | 259214 |
| Unfunded floating rate loan interests | 468 | 456 |  | 415 |
| Deferred offering costs | 141399 |  | 148238 | 94345 |
| Prepaid expenses | 11724 | 8004 | 11441 | 8522 |
| Total assets | 718900264 | 599127958 | 390644514 | 903890611 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft |  | 4017606 | 5307 |  |
| Cash received: |  |  |  |  |
| Collateral — reverse repurchase agreements |  |  | 275000 | 2216000 |
| Collateral — TBA commitments |  |  | 380000 |  |
| Borrowed bonds, at value<sup>(d)</sup> |  |  | 698532 |  |
| TBA sale commitments, at value<sup>(e)</sup> |  |  | 26780 |  |
| Reverse repurchase agreements, at value |  |  | 67875132 | 329899967 |
| Payables: |  |  |  |  |
| Investments purchased | 20653419 | 18968943 | 30675948 | 24732391 |
| Reverse repurchase agreements |  |  |  | 6097230 |
| Accounting services fees | 65666 | 63133 | 45566 | 79119 |
| Administration fees |  |  | 35322 |  |
| Bank borrowings | 120000000 | 134000000 |  |  |
| Custodian fees | 20658 | 10899 | 24228 | 37128 |
| Income dividend distributions |  |  | 71972 |  |
| Interest expense and fees | 567717 | 597084 | 4956 |  |
| Investment advisory fees | 310589 | 350941 | 152875 | 389592 |
| Directors' and Officer's fees | 286916 | 248 | 148197 | 364203 |
| Other accrued expenses | 12149 | 16337 | 16927 | 28131 |
| Principal payups |  |  | 807957 | 46233 |
| Professional fees | 51445 | 74421 | 16803 | 60600 |
| Reorganization costs |  |  | 226610 |  |
| Transfer agent fees | 53479 | 35832 | 24583 | 36858 |
| Variation margin on futures contracts |  |  | 147323 | 195928 |
| Variation margin on centrally cleared swaps |  |  |  | 29895 |
| Swap premiums received | 197573 |  |  | 130491 |

---

Financial Statements

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | $16785 | $— | $— | $179591 |
| OTC swaps |  |  |  | 1181 |
| Unfunded floating rate loan interests | 876 | 505 |  | 707 |
| Total liabilities | 142237272 | 158135949 | 101660018 | 364525245 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $576662992 | $440992009 | $288984496 | $539365366 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $735304875 | $527090313 | $480546969 | $647874927 |
| Accumulated loss | (158641883) | (86098304) | (191562473) | (108509561) |
| NET ASSETS | $576662992 | $440992009 | $288984496 | $539365366 |
| Net asset value | $10.35 | $12.46 | $11.90 | $13.98 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $713169309 | $588613517 | $412678998 | $874445436 |
| <sup>(b)</sup> Investments, at cost—affiliated | $4593335 | $6537568 | $2362061 | $1310068 |
| <sup>(c)</sup> Foreign currency, at cost | $56569 | $41049 | $— | $984571 |
| <sup>(d)</sup> Proceeds received from borrowed bonds | $— | $— | $842347 | $— |
| <sup>(e)</sup> Proceeds from TBA sale commitments | $— | $— | $26261 | $— |
| <sup>(f)</sup> Shares outstanding | 55698311 | 35381351 | 24291714 | 38568299 |
| <sup>(g)</sup> Shares authorized | 400 million | 200 million | 200 million | Unlimited |
| <sup>(h)</sup> Par value | $0.10 | $0.10 | $0.010 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

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

---

| | |
|:---|:---|
|  | BIT |
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $903955348 |
| Investments, at value — affiliated<sup>(b)</sup> | 3897681 |
| Cash pledged: |  |
| Collateral — reverse repurchase agreements | 1590000 |
| Collateral — OTC derivatives | 1490000 |
| Futures contracts | 5037400 |
| Centrally cleared swaps | 604000 |
| Foreign currency, at value<sup>(c)</sup> | 580299 |
| Receivables: |  |
| Investments sold | 4562849 |
| Reverse repurchase agreements | 4327390 |
| Capital shares sold | 577609 |
| Dividends — unaffiliated | 43446 |
| Dividends — affiliated | 18786 |
| Interest — unaffiliated | 11421397 |
| Variation margin on futures contracts | 174768 |
| Swap premiums paid | 658857 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 3456 |
| OTC swaps | 682386 |
| Unfunded floating rate loan interests | 395 |
| Deferred offering costs | 123484 |
| Prepaid expenses | 13360 |
| Total assets | 939762911 |
| **LIABILITIES** |  |
| Bank overdraft | 161996 |
| Cash received: |  |
| Collateral — reverse repurchase agreements | 973000 |
| Collateral — OTC derivatives | 1680000 |
| Reverse repurchase agreements, at value | 305750268 |
| Payables: |  |
| Investments purchased | 17663739 |
| Reverse repurchase agreements | 6078191 |
| Accounting services fees | 82305 |
| Custodian fees | 38028 |
| Investment advisory fees | 591488 |
| Offering costs | 91786 |
| Directors' and Officer's fees | 155789 |
| Other accrued expenses | 16760 |
| Principal payups | 184567 |
| Professional fees | 92959 |
| Transfer agent fees | 46370 |
| Variation margin on futures contracts | 852304 |
| Variation margin on centrally cleared swaps | 33424 |
| Swap premiums received | 371950 |

---

Financial Statements

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
|  | BIT |
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | $253833 |
| OTC swaps | 956946 |
| Unfunded floating rate loan interests | 275 |
| Total liabilities | 336075978 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $603686933 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital<sup>(d)(e)(f)</sup> | $672538975 |
| Accumulated loss | (68852042) |
| NET ASSETS | $603686933 |
| Net asset value | $14.41 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $915925834 |
| <sup>(b)</sup> Investments, at cost—affiliated | $3897681 |
| <sup>(c)</sup> Foreign currency, at cost | $589474 |
| <sup>(d)</sup> Shares outstanding | 41906187 |
| <sup>(e)</sup> Shares authorized | Unlimited |
| <sup>(f)</sup> Par value | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $908821 | &nbsp;&nbsp;&nbsp; $498075 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $107447 |
| Dividends — affiliated | &nbsp;&nbsp; 107950 | &nbsp;&nbsp;&nbsp; 111674 | &nbsp;&nbsp;&nbsp; 92625 | &nbsp;&nbsp;&nbsp; 71699 |
| Interest — unaffiliated | &nbsp;&nbsp; 24023042 | &nbsp;&nbsp;&nbsp; 21279268 | &nbsp;&nbsp;&nbsp; 7452929 | &nbsp;&nbsp;&nbsp; 29760970 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 214856 | &nbsp;&nbsp;&nbsp; 279393 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 372595 |
| Other income — unaffiliated | &nbsp;&nbsp; 107997 | &nbsp;&nbsp;&nbsp; 105787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 80397 |
| Total investment income | &nbsp;&nbsp; 25362666 | &nbsp;&nbsp;&nbsp; 22274197 | &nbsp;&nbsp;&nbsp; 7545554 | &nbsp;&nbsp;&nbsp; 30393108 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1818859 | &nbsp;&nbsp;&nbsp; 2155250 | &nbsp;&nbsp;&nbsp; 874400 | &nbsp;&nbsp;&nbsp; 2325886 |
| Professional | &nbsp;&nbsp; 74678 | &nbsp;&nbsp;&nbsp; 56275 | &nbsp;&nbsp;&nbsp; 32797 | &nbsp;&nbsp;&nbsp; 71552 |
| Accounting services | &nbsp;&nbsp; 49808 | &nbsp;&nbsp;&nbsp; 47534 | &nbsp;&nbsp;&nbsp; 32786 | &nbsp;&nbsp;&nbsp; 62122 |
| Transfer agent | &nbsp;&nbsp; 49116 | &nbsp;&nbsp;&nbsp; 34342 | &nbsp;&nbsp;&nbsp; 33235 | &nbsp;&nbsp;&nbsp; 32892 |
| Directors and Officer | &nbsp;&nbsp; 37032 | &nbsp;&nbsp;&nbsp; 13734 | &nbsp;&nbsp;&nbsp; 19136 | &nbsp;&nbsp;&nbsp; 42057 |
| Custodian | &nbsp;&nbsp; 14012 | &nbsp;&nbsp;&nbsp; 5821 | &nbsp;&nbsp;&nbsp; 13255 | &nbsp;&nbsp;&nbsp; 25468 |
| Registration | &nbsp;&nbsp; 8512 | &nbsp;&nbsp;&nbsp; 6122 | &nbsp;&nbsp;&nbsp; 6874 | &nbsp;&nbsp;&nbsp; 6297 |
| Printing and postage | &nbsp;&nbsp; 6461 | &nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp; 7086 | &nbsp;&nbsp;&nbsp; 15501 |
| Administration | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201785 | &nbsp;&nbsp;&nbsp; — |
| Reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11025 | &nbsp;&nbsp;&nbsp; — |
| Miscellaneous | &nbsp;&nbsp; 15530 | &nbsp;&nbsp;&nbsp; 8034 | &nbsp;&nbsp;&nbsp; 18425 | &nbsp;&nbsp;&nbsp; 9789 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 2074008 | &nbsp;&nbsp;&nbsp; 2331429 | &nbsp;&nbsp;&nbsp; 1250804 | &nbsp;&nbsp;&nbsp; 2591564 |
| Interest expense and fees — unaffiliated | &nbsp;&nbsp; 2845389 | &nbsp;&nbsp;&nbsp; 3543709 | &nbsp;&nbsp;&nbsp; 1492839 | &nbsp;&nbsp;&nbsp; 7560943 |
| Total expenses | &nbsp;&nbsp; 4919397 | &nbsp;&nbsp;&nbsp; 5875138 | &nbsp;&nbsp;&nbsp; 2743643 | &nbsp;&nbsp;&nbsp; 10152507 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (7791)<br>| &nbsp;&nbsp;&nbsp; (16192)<br>| &nbsp;&nbsp;&nbsp; (1941)<br>| &nbsp;&nbsp;&nbsp; (1287)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4911606 | &nbsp;&nbsp;&nbsp; 5858946 | &nbsp;&nbsp;&nbsp; 2741702 | &nbsp;&nbsp;&nbsp; 10151220 |
| Net investment income | &nbsp;&nbsp; 20451060 | &nbsp;&nbsp;&nbsp; 16415251 | &nbsp;&nbsp;&nbsp; 4803852 | &nbsp;&nbsp;&nbsp; 20241888 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (4231816)<br>| &nbsp;&nbsp;&nbsp; (4128029)<br>| &nbsp;&nbsp;&nbsp; (3672967)<br>| &nbsp;&nbsp;&nbsp; (3221186)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (2208)<br>| &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (940751)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (5533)<br>| &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51263)<br>|
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 797141 | &nbsp;&nbsp;&nbsp; 1065323 |
| Swaps | &nbsp;&nbsp; 534490 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 264295 |
|  | &nbsp;&nbsp; (3705067)<br>| &nbsp;&nbsp;&nbsp; (4128016)<br>| &nbsp;&nbsp;&nbsp; (2875829)<br>| &nbsp;&nbsp;&nbsp; (2883582)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 972302 | &nbsp;&nbsp;&nbsp; (1233683)<br>| &nbsp;&nbsp;&nbsp; 12342544 | &nbsp;&nbsp;&nbsp; 7625702 |
| Investments — affiliated | &nbsp;&nbsp; 95415 | &nbsp;&nbsp;&nbsp; 106650 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Borrowed bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13219)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (95250)<br>| &nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (354001)<br>|
| Foreign currency translations | &nbsp;&nbsp; 6474 | &nbsp;&nbsp;&nbsp; 5601 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40268 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (510247)<br>| &nbsp;&nbsp;&nbsp; (800285)<br>|
| Swaps | &nbsp;&nbsp; (632742)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (184107)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; (1592)<br>| &nbsp;&nbsp;&nbsp; (1469)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1253)<br>|
|  | &nbsp;&nbsp; 344607 | &nbsp;&nbsp;&nbsp; (1122946)<br>| &nbsp;&nbsp;&nbsp; 11819087 | &nbsp;&nbsp;&nbsp; 6326324 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (3360460)<br>| &nbsp;&nbsp;&nbsp; (5250962)<br>| &nbsp;&nbsp;&nbsp; 8943258 | &nbsp;&nbsp;&nbsp; 3442742 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $17090600 | &nbsp;&nbsp;&nbsp; $11164289 | &nbsp;&nbsp;&nbsp; $13747110 | &nbsp;&nbsp;&nbsp; $23684630 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 2025

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

---

| | |
|:---|:---|
|  | BIT |
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $122250 |
| Interest — unaffiliated | &nbsp;&nbsp; 30794566 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 310770 |
| Other income — unaffiliated | &nbsp;&nbsp; 5016 |
| Total investment income | &nbsp;&nbsp; 31232602 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 3618799 |
| Offering | &nbsp;&nbsp; 91233 |
| Professional | &nbsp;&nbsp; 83479 |
| Accounting services | &nbsp;&nbsp; 62975 |
| Transfer agent | &nbsp;&nbsp; 37670 |
| Directors and Officer | &nbsp;&nbsp; 28273 |
| Custodian | &nbsp;&nbsp; 25107 |
| Registration | &nbsp;&nbsp; 7788 |
| Printing and postage | &nbsp;&nbsp; 6696 |
| Miscellaneous | &nbsp;&nbsp; 13769 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 3975789 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 7085727 |
| Total expenses | &nbsp;&nbsp; 11061516 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (2213)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 11059303 |
| Net investment income | &nbsp;&nbsp; 20173299 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (708859)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (1253832)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (47931)<br>|
| Futures contracts | &nbsp;&nbsp; 3330409 |
| Swaps | &nbsp;&nbsp; 143101 |
|  | &nbsp;&nbsp; 1462888 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 12084244 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (496645)<br>|
| Foreign currency translations | &nbsp;&nbsp; 19212 |
| Futures contracts | &nbsp;&nbsp; (6680383)<br>|
| Swaps | &nbsp;&nbsp; (13329)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; 3151 |
|  | &nbsp;&nbsp; 4916250 |
| Net realized and unrealized gain | &nbsp;&nbsp; 6379138 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $26552437 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | DSU | FRA | FRA |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $20451060 | &nbsp;&nbsp;&nbsp; $45000878 | &nbsp;&nbsp;&nbsp; $16415251 | &nbsp;&nbsp;&nbsp; $40768686 |
| Net realized loss | &nbsp;&nbsp; (3705067)<br>| &nbsp;&nbsp;&nbsp; (17286156)<br>| &nbsp;&nbsp;&nbsp; (4128016)<br>| &nbsp;&nbsp;&nbsp; (8976621)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 344607 | &nbsp;&nbsp;&nbsp; 16313448 | &nbsp;&nbsp;&nbsp; (1122946)<br>| &nbsp;&nbsp;&nbsp; 7419531 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17090600 | &nbsp;&nbsp;&nbsp; 44028170 | &nbsp;&nbsp;&nbsp; 11164289 | &nbsp;&nbsp;&nbsp; 39211596 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (31947208 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (45765458)<br>| &nbsp;&nbsp;&nbsp; (26256266 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (41212822)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11106848)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11167422)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (31947208)<br>| &nbsp;&nbsp;&nbsp; (56872306)<br>| &nbsp;&nbsp;&nbsp; (26256266)<br>| &nbsp;&nbsp;&nbsp; (52380244)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp; 39986060 | &nbsp;&nbsp;&nbsp; 54828279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvestment of distributions | &nbsp;&nbsp; 871757 | &nbsp;&nbsp;&nbsp; 1279363 | &nbsp;&nbsp;&nbsp; 964612 | &nbsp;&nbsp;&nbsp; 952515 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 40857817 | &nbsp;&nbsp;&nbsp; 56107642 | &nbsp;&nbsp;&nbsp; 964612 | &nbsp;&nbsp;&nbsp; 952515 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 26001209 | &nbsp;&nbsp;&nbsp; 43263506 | &nbsp;&nbsp;&nbsp; (14127365)<br>| &nbsp;&nbsp;&nbsp; (12216133)<br>|
| Beginning of period | &nbsp;&nbsp; 550661783 | &nbsp;&nbsp;&nbsp; 507398277 | &nbsp;&nbsp;&nbsp; 455119374 | &nbsp;&nbsp;&nbsp; 467335507 |
| End of period | &nbsp;&nbsp; $576662992 | &nbsp;&nbsp;&nbsp; $550661783 | &nbsp;&nbsp;&nbsp; $440992009 | &nbsp;&nbsp;&nbsp; $455119374 |

---

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

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

<sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKT | BKT | BLW | BLW |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4803852 | &nbsp;&nbsp;&nbsp; $7733744 | &nbsp;&nbsp;&nbsp; $20241888 | &nbsp;&nbsp;&nbsp; $41088469 |
| Net realized loss | &nbsp;&nbsp; (2875829)<br>| &nbsp;&nbsp;&nbsp; (7543058)<br>| &nbsp;&nbsp;&nbsp; (2883582)<br>| &nbsp;&nbsp;&nbsp; (10713392)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11819087 | &nbsp;&nbsp;&nbsp; 2662162 | &nbsp;&nbsp;&nbsp; 6326324 | &nbsp;&nbsp;&nbsp; 14642372 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13747110 | &nbsp;&nbsp;&nbsp; 2852848 | &nbsp;&nbsp;&nbsp; 23684630 | &nbsp;&nbsp;&nbsp; 45017449 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (12065597 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (8633488)<br>| &nbsp;&nbsp;&nbsp; (25652473 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (42306248)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13918550)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5391911)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (12065597)<br>| &nbsp;&nbsp;&nbsp; (22552038)<br>| &nbsp;&nbsp;&nbsp; (25652473)<br>| &nbsp;&nbsp;&nbsp; (47698159)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27042472 | &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; — |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &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; 35673450 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27042472 | &nbsp;&nbsp;&nbsp; 13201424 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 37354963 | &nbsp;&nbsp;&nbsp; (19699190)<br>| &nbsp;&nbsp;&nbsp; 25074629 | &nbsp;&nbsp;&nbsp; 10520714 |
| Beginning of period | &nbsp;&nbsp; 251629533 | &nbsp;&nbsp;&nbsp; 271328723 | &nbsp;&nbsp;&nbsp; 514290737 | &nbsp;&nbsp;&nbsp; 503770023 |
| End of period | &nbsp;&nbsp; $288984496 | &nbsp;&nbsp;&nbsp; $251629533 | &nbsp;&nbsp;&nbsp; $539365366 | &nbsp;&nbsp;&nbsp; $514290737 |

---

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

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

<sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

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

---

| | | |
|:---|:---|:---|
|  | BIT | BIT |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $20173299 | &nbsp;&nbsp;&nbsp; $38170016 |
| Net realized gain (loss) | &nbsp;&nbsp; 1462888 | &nbsp;&nbsp;&nbsp; (6077096)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 4916250 | &nbsp;&nbsp;&nbsp; 15098365 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 26552437 | &nbsp;&nbsp;&nbsp; 47191285 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| From net investment income | &nbsp;&nbsp; (30671055 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (37506470)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19796668)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (30671055)<br>| &nbsp;&nbsp;&nbsp; (57303138)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp; 28721562 | &nbsp;&nbsp;&nbsp; 27045369 |
| Reinvestment of distributions | &nbsp;&nbsp; 1228091 | &nbsp;&nbsp;&nbsp; 2749014 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 29949653 | &nbsp;&nbsp;&nbsp; 29794383 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 25831035 | &nbsp;&nbsp;&nbsp; 19682530 |
| Beginning of period | &nbsp;&nbsp; 577855898 | &nbsp;&nbsp;&nbsp; 558173368 |
| End of period | &nbsp;&nbsp; $603686933 | &nbsp;&nbsp;&nbsp; $577855898 |

---

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

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

<sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Financial Statements

------

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 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; $17090600 | &nbsp;&nbsp; $11164289 | &nbsp;&nbsp; $13747110 | &nbsp;&nbsp; $23684630 |
| 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; 118555251 | &nbsp;&nbsp; 117680786 | &nbsp;&nbsp; 477940604 | &nbsp;&nbsp; 194876482 |
| Purchases of long-term investments | &nbsp;&nbsp; (166311818)<br>| &nbsp;&nbsp; (99006182)<br>| &nbsp;&nbsp; (475238297)<br>| &nbsp;&nbsp; (210727316)<br>|
| Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (147713)<br>| &nbsp;&nbsp; (2523385)<br>| &nbsp;&nbsp; 5811953 | &nbsp;&nbsp; (1482139)<br>|
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (685662)<br>| &nbsp;&nbsp; (512818)<br>| &nbsp;&nbsp; 3116761 | &nbsp;&nbsp; (1173936)<br>|
| Paid-in-kind income | &nbsp;&nbsp; (214856)<br>| &nbsp;&nbsp; (279393)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (372595)<br>|
| Net realized loss on investments | &nbsp;&nbsp; 4407584 | &nbsp;&nbsp; 4164712 | &nbsp;&nbsp; 3673070 | &nbsp;&nbsp; 3223928 |
| Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, foreign currency translations <br> and unfunded floating rate loan interests<br>| &nbsp;&nbsp; (334925)<br>| &nbsp;&nbsp; 1127033 | &nbsp;&nbsp; (12329325)<br>| &nbsp;&nbsp; (7159118)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| Receivables |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 2122 | &nbsp;&nbsp; (22318)<br>|
| Dividends — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 263 |
| Interest — unaffiliated | &nbsp;&nbsp; (1677187)<br>| &nbsp;&nbsp; (1214210)<br>| &nbsp;&nbsp; (36550)<br>| &nbsp;&nbsp; (1249046)<br>|
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 4100 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; (1794)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap premiums paid | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3642)<br>|
| Prepaid expenses | &nbsp;&nbsp; (7299)<br>| &nbsp;&nbsp; (4178)<br>| &nbsp;&nbsp; (9175)<br>| &nbsp;&nbsp; (4172)<br>|
| Deferred offering costs. | &nbsp;&nbsp; 30606 | &nbsp;&nbsp; — | &nbsp;&nbsp; (803)<br>| &nbsp;&nbsp; 3199 |
| Increase (Decrease) in Liabilities |  |  |  |  |
| Cash received |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 2216000 |
| Collateral — OTC derivatives | &nbsp;&nbsp; (410000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral — TBA commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Accounting services fees | &nbsp;&nbsp; 24888 | &nbsp;&nbsp; 23662 | &nbsp;&nbsp; 16503 | &nbsp;&nbsp; 31571 |
| Administration fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2943 | &nbsp;&nbsp; — |
| Custodian fees | &nbsp;&nbsp; 3139 | &nbsp;&nbsp; (864)<br>| &nbsp;&nbsp; 4618 | &nbsp;&nbsp; 8831 |
| Interest expense and fees | &nbsp;&nbsp; 25931 | &nbsp;&nbsp; (105725)<br>| &nbsp;&nbsp; (33530)<br>| &nbsp;&nbsp; 569645 |
| Investment advisory fees | &nbsp;&nbsp; 7577 | &nbsp;&nbsp; (26962)<br>| &nbsp;&nbsp; 573 | &nbsp;&nbsp; (9997)<br>|
| Directors' and Officer's fees | &nbsp;&nbsp; (11295)<br>| &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp; (1786)<br>| &nbsp;&nbsp; (1516)<br>|
| Other accrued expenses | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 6214 | &nbsp;&nbsp; (1287)<br>| &nbsp;&nbsp; 24681 |
| Printing and postage fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8938 | &nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp; (49129)<br>| &nbsp;&nbsp; (32513)<br>| &nbsp;&nbsp; (37551)<br>| &nbsp;&nbsp; (47005)<br>|
| Proxy fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7475)<br>| &nbsp;&nbsp; — |
| Reorganization costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (84973)<br>| &nbsp;&nbsp; — |
| Transfer agent fees | &nbsp;&nbsp; 38182 | &nbsp;&nbsp; 24510 | &nbsp;&nbsp; 10829 | &nbsp;&nbsp; 23518 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89483 | &nbsp;&nbsp; 165235 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16917 |
| Swap premiums received | &nbsp;&nbsp; (98690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (18651)<br>|
| Net cash provided by (used for) operating activities | &nbsp;&nbsp; (29761433)<br>| &nbsp;&nbsp; 30485234 | &nbsp;&nbsp; 17259864 | &nbsp;&nbsp; 2577549 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (31075451)<br>| &nbsp;&nbsp; (25291654)<br>| &nbsp;&nbsp; (12139239)<br>| &nbsp;&nbsp; (25652473)<br>|
| Payments for bank borrowings | &nbsp;&nbsp; (66000000)<br>| &nbsp;&nbsp; (62000000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Proceeds from bank borrowings | &nbsp;&nbsp; 84000000 | &nbsp;&nbsp; 53000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Increase (decrease) in bank overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 3803270 | &nbsp;&nbsp; (45238)<br>| &nbsp;&nbsp; — |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; 39924999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26836178 |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (8881880)<br>| &nbsp;&nbsp; (5986996)<br>|
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp; 26849548 | &nbsp;&nbsp; (30488384)<br>| &nbsp;&nbsp; (21066357)<br>| &nbsp;&nbsp; (4803291)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 5601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34684 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | DSU | FRA | BKT | BLW |
| **CASH AND FOREIGN CURRENCY** |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(2907319)<br>| &nbsp;&nbsp; $2451 | &nbsp;&nbsp; $(3806493)<br>| &nbsp;&nbsp; $(2191058)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 3220797 | &nbsp;&nbsp; 43726 | &nbsp;&nbsp; 4384493 | &nbsp;&nbsp; 4802471 |
| Restricted and unrestricted cash and foreign currency at end of period  | &nbsp;&nbsp; $313478 | &nbsp;&nbsp; $46177 | &nbsp;&nbsp; $578000 | &nbsp;&nbsp; $2611413 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $2819458 | &nbsp;&nbsp; $3649434 | &nbsp;&nbsp; $1526369 | &nbsp;&nbsp; $6991298 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp; $871757 | &nbsp;&nbsp; $964612 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| 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 THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |  |  |
| Cash | &nbsp;&nbsp; $213224 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $269043 |
| Cash pledged |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 577000 | &nbsp;&nbsp; 806470 |
| Centrally cleared swaps | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 537000 |
| Foreign currency at value | &nbsp;&nbsp; 59254 | &nbsp;&nbsp; 46177 | &nbsp;&nbsp; — | &nbsp;&nbsp; 998900 |
|  | &nbsp;&nbsp; $313478 | &nbsp;&nbsp; $46177 | &nbsp;&nbsp; $578000 | &nbsp;&nbsp; $2611413 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 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; $26552437 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 209059204 |
| Purchases of long-term investments | &nbsp;&nbsp; (186729787)<br>|
| Net proceeds from sales of short-term securities | &nbsp;&nbsp; 1306196 |
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (2680636)<br>|
| Paid-in-kind income | &nbsp;&nbsp; (310770)<br>|
| Net realized loss on investments | &nbsp;&nbsp; 958369 |
| Net unrealized appreciation on investments, swaps, foreign currency translations and unfunded floating rate loan interests | &nbsp;&nbsp; (11632291)<br>|
| (Increase) Decrease in Assets |  |
| Receivables |  |
| Dividends — affiliated | &nbsp;&nbsp; (14331)<br>|
| Dividends — unaffiliated | &nbsp;&nbsp; 478 |
| Interest — unaffiliated | &nbsp;&nbsp; 407554 |
| Variation margin on futures contracts | &nbsp;&nbsp; 267077 |
| Swap premiums paid | &nbsp;&nbsp; 62378 |
| Prepaid expenses | &nbsp;&nbsp; (8470)<br>|
| Deferred offering costs. | &nbsp;&nbsp; (18978)<br>|
| Increase (Decrease) in Liabilities |  |
| Cash received |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp; 942000 |
| Collateral — OTC derivatives | &nbsp;&nbsp; (400000)<br>|
| Payables |  |
| Accounting services fees | &nbsp;&nbsp; 31411 |
| Custodian fees | &nbsp;&nbsp; 9379 |
| Interest expense | &nbsp;&nbsp; (469694)<br>|
| Investment advisory fees | &nbsp;&nbsp; (42602)<br>|
| Directors' and Officer's fees | &nbsp;&nbsp; 146 |
| Other accrued expenses | &nbsp;&nbsp; 6095 |
| Professional fees | &nbsp;&nbsp; (56723)<br>|
| Transfer agent fees | &nbsp;&nbsp; 28567 |
| Variation margin on futures contracts | &nbsp;&nbsp; 822858 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; 17369 |
| Swap premiums received | &nbsp;&nbsp; (31806)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 38075430 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (29442964)<br>|
| Payments for offering costs | &nbsp;&nbsp; 91786 |
| Increase in bank overdraft | &nbsp;&nbsp; 161996 |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; 28143953 |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp; (39519173)<br>|
| Net cash used for financing activities | &nbsp;&nbsp; (40564402)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 9534 |
| **CASH AND FOREIGN CURRENCY** |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; (2479438)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 11781137 |
| Restricted and unrestricted cash and foreign currency at end of period  | &nbsp;&nbsp; $9301699 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $7555421 |
| **NON-CASH FINANCING ACTIVITIES** |  |
| Reinvestment of distributions | &nbsp;&nbsp; $1228091 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  | BIT |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF** <br> **ASSETS AND LIABILITIES**<br>|  |
| Cash pledged |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp; $1590000 |
| Collateral — OTC derivatives | &nbsp;&nbsp; 1490000 |
| Futures contracts | &nbsp;&nbsp; 5037400 |
| Centrally cleared swaps | &nbsp;&nbsp; 604000 |
| Foreign currency at value | &nbsp;&nbsp; 580299 |
|  | &nbsp;&nbsp; $9301699 |

---

*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 | DSU |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $11.56 | &nbsp;&nbsp;&nbsp; $11.55 | &nbsp;&nbsp;&nbsp; $12.25 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.07)<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 | &nbsp;&nbsp;&nbsp; (0.50)<br>|
| Net increase (decrease) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.59 )<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<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>| &nbsp;&nbsp;&nbsp; (0.83)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $11.56 | &nbsp;&nbsp;&nbsp; $11.55 |
| **Market price, end of period** | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp;&nbsp; $10.76 | &nbsp;&nbsp;&nbsp; $10.79 | &nbsp;&nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp; $11.70 | &nbsp;&nbsp;&nbsp; $10.45 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.04 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.74<br> %<br>| &nbsp;&nbsp;&nbsp; (2.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| Based on market price | 3.86 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.14<br> %<br>| &nbsp;&nbsp;&nbsp; (15.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.77 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.77 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<br>| 0.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| Net investment income | 7.35 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.65<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $576663 | &nbsp;&nbsp;&nbsp; $550662 | &nbsp;&nbsp;&nbsp; $507398 | &nbsp;&nbsp;&nbsp; $486565 | &nbsp;&nbsp;&nbsp; $538681 | &nbsp;&nbsp;&nbsp; $537959 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $120000 | &nbsp;&nbsp;&nbsp; $102000 | &nbsp;&nbsp;&nbsp; $149000 | &nbsp;&nbsp;&nbsp; $164000 | &nbsp;&nbsp;&nbsp; $248000 | &nbsp;&nbsp;&nbsp; $229000 |
| Asset coverage, end of period per $1,000 of bank borrowings<sup>(h)</sup> | &nbsp;&nbsp; $5806 | &nbsp;&nbsp;&nbsp; $6399 | &nbsp;&nbsp;&nbsp; $4405 | &nbsp;&nbsp;&nbsp; $3967 | &nbsp;&nbsp;&nbsp; $3172 | &nbsp;&nbsp;&nbsp; $3349 |
| Portfolio turnover rate | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

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

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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 Semi-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 | FRA |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp; $13.85 | &nbsp;&nbsp;&nbsp; $13.81 | &nbsp;&nbsp;&nbsp; $14.55 |
| Net investment income<sup>(a)</sup> | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.15)<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 | &nbsp;&nbsp;&nbsp; (0.51)<br>|
| Net increase (decrease) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.74 )<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Total distributions | &nbsp;&nbsp; (0.74)<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>| &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp;&nbsp; $12.89 | &nbsp;&nbsp;&nbsp; $13.26 | &nbsp;&nbsp;&nbsp; $12.81 | &nbsp;&nbsp;&nbsp; $13.85 | &nbsp;&nbsp;&nbsp; $13.81 |
| **Market price, end of period** | &nbsp;&nbsp; $13.14 | &nbsp;&nbsp;&nbsp; $13.75 | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $13.43 | &nbsp;&nbsp;&nbsp; $12.11 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.52 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.35<br> %<br>| &nbsp;&nbsp;&nbsp; (1.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>|
| Based on market price | 1.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.29<br> %<br>| &nbsp;&nbsp;&nbsp; (10.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.74<br> %<br>| &nbsp;&nbsp;&nbsp; (2.45)%<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.66 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.66 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<br>| 1.05 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Net investment income | 7.44 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $440992 | &nbsp;&nbsp;&nbsp; $455119 | &nbsp;&nbsp;&nbsp; $467336 | &nbsp;&nbsp;&nbsp; $451188 | &nbsp;&nbsp;&nbsp; $487833 | &nbsp;&nbsp;&nbsp; $488051 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $134000 | &nbsp;&nbsp;&nbsp; $143000 | &nbsp;&nbsp;&nbsp; $144000 | &nbsp;&nbsp;&nbsp; $147000 | &nbsp;&nbsp;&nbsp; $223000 | &nbsp;&nbsp;&nbsp; $208000 |
| Asset coverage, end of period per $1,000 of bank borrowings<sup>(h)</sup> | &nbsp;&nbsp; $4291 | &nbsp;&nbsp;&nbsp; $4183 | &nbsp;&nbsp;&nbsp; $4245 | &nbsp;&nbsp;&nbsp; $4069 | &nbsp;&nbsp;&nbsp; $3188 | &nbsp;&nbsp;&nbsp; $3346 |
| Portfolio turnover rate | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

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

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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 | BKT |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $16.94 | &nbsp;&nbsp;&nbsp; $18.54 | &nbsp;&nbsp;&nbsp; $18.89 |
| Net investment income<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net increase (decrease) from investment operations | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.53 )<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Total distributions | &nbsp;&nbsp; (0.53)<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>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp; $13.10 | &nbsp;&nbsp;&nbsp; $16.94 | &nbsp;&nbsp;&nbsp; $18.54 |
| **Market price, end of period** | &nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $16.95 | &nbsp;&nbsp;&nbsp; $18.21 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.38 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.03<br> %<br>| &nbsp;&nbsp;&nbsp; (16.67)%<br>| &nbsp;&nbsp;&nbsp; (2.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.92<br> %<br>|
| Based on market price | 6.68 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.69<br> %<br>| &nbsp;&nbsp;&nbsp; (21.50)%<br>| &nbsp;&nbsp;&nbsp; (0.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.31<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.04 %<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.03 %<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.92 %<sup>(h)(i)(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| Net investment income | 3.57 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $288984 | &nbsp;&nbsp;&nbsp; $251630 | &nbsp;&nbsp;&nbsp; $271329 | &nbsp;&nbsp;&nbsp; $279035 | &nbsp;&nbsp;&nbsp; $360752 | &nbsp;&nbsp;&nbsp; $394195 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $67875 | &nbsp;&nbsp;&nbsp; $76794 | &nbsp;&nbsp;&nbsp; $111020 | &nbsp;&nbsp;&nbsp; $115764 | &nbsp;&nbsp;&nbsp; $115184 | &nbsp;&nbsp;&nbsp; $156936 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 269<br> %<br>| &nbsp;&nbsp;&nbsp; 221<br> %<br>| &nbsp;&nbsp;&nbsp; 237<br> %<br>| &nbsp;&nbsp;&nbsp; 248<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>|

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 2.04%, 2.04% and 0.93%, respectively. 

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 2.03%, 2.03% and 0.92%, respectively. 

<sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 122<br> %<br>| &nbsp;&nbsp;&nbsp; 119<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-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 | BLW |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $16.93 | &nbsp;&nbsp;&nbsp; $17.05 |
| Net investment income<sup>(a)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net realized and unrealized gain (loss) | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net increase (decrease) from investment operations | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.68 )<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp; (1.03)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (0.68)<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>| &nbsp;&nbsp;&nbsp; (1.18)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $13.98 | &nbsp;&nbsp;&nbsp; $14.04 | &nbsp;&nbsp;&nbsp; $14.11 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $16.93 |
| **Market price, end of period** | &nbsp;&nbsp; $14.18 | &nbsp;&nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp; $13.98 | &nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $16.85 | &nbsp;&nbsp;&nbsp; $15.92 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.53 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.41<br> %<br>| &nbsp;&nbsp;&nbsp; (10.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.58<br> %<br>|
| Based on market price | 5.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.17<br> %<br>| &nbsp;&nbsp;&nbsp; (15.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.24<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.91 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.00 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | 7.79 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $539365 | &nbsp;&nbsp;&nbsp; $514291 | &nbsp;&nbsp;&nbsp; $503770 | &nbsp;&nbsp;&nbsp; $482587 | &nbsp;&nbsp;&nbsp; $587146 | &nbsp;&nbsp;&nbsp; $603933 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $329900 | &nbsp;&nbsp;&nbsp; $337676 | &nbsp;&nbsp;&nbsp; $276235 | &nbsp;&nbsp;&nbsp; $275639 | &nbsp;&nbsp;&nbsp; $312356 | &nbsp;&nbsp;&nbsp; $275105 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<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 | BIT |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; $14.66 | &nbsp;&nbsp;&nbsp; $17.98 | &nbsp;&nbsp;&nbsp; $17.66 | &nbsp;&nbsp;&nbsp; $17.28 |
| Net investment income<sup>(b)</sup> | 0.49 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net realized and unrealized gain (loss) | 0.16 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net increase (decrease) from investment operations | 0.65 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.74 )<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| Return of capital | &nbsp;&nbsp; — | &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>| &nbsp;&nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (0.74)<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>| &nbsp;&nbsp;&nbsp; (1.48)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.41 | &nbsp;&nbsp;&nbsp; $14.50 | &nbsp;&nbsp;&nbsp; $14.76 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; $14.66 | &nbsp;&nbsp;&nbsp; $17.98 | &nbsp;&nbsp;&nbsp; $17.66 |
| **Market price, end of period** | &nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp; $14.60 | &nbsp;&nbsp;&nbsp; $15.00 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $14.43 | &nbsp;&nbsp;&nbsp; $18.90 | &nbsp;&nbsp;&nbsp; $15.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 4.63 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>| &nbsp;&nbsp;&nbsp; (10.47 )%<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.68 %<sup>(h)</sup><br>|
| Based on market price | 5.28 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.12<br> %<br>| &nbsp;&nbsp;&nbsp; (16.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.75 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29 %<sup>(j)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.75 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29 %<sup>(j)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 %<sup>(n)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding <br> interest expense<br>| 1.34 %<sup>(j)(k)(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>(j)(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>|
| Net investment income | 6.87 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.64 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.51<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $603687 | &nbsp;&nbsp;&nbsp; $577856 | &nbsp;&nbsp;&nbsp; $558173 | &nbsp;&nbsp;&nbsp; $520821 | &nbsp;&nbsp;&nbsp; $552552 | &nbsp;&nbsp;&nbsp; $676391 | &nbsp;&nbsp;&nbsp; $662853 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $305750 | &nbsp;&nbsp;&nbsp; $347481 | &nbsp;&nbsp;&nbsp; $284576 | &nbsp;&nbsp;&nbsp; $285633 | &nbsp;&nbsp;&nbsp; $288231 | &nbsp;&nbsp;&nbsp; $386820 | &nbsp;&nbsp;&nbsp; $353128 |
| Portfolio turnover rate<sup>(o)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 151<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>|

---

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

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(h)</sup> 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%.

<sup>(i)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(j)</sup> Annualized.

<sup>(k)</sup> Includes non-recurring expenses of Offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.74%, 3.74% and 1.32%, respectively. 

<sup>(l)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.77%, 3.77% and 1.35%, respectively. 

<sup>(m)</sup> 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. 

<sup>(n)</sup> 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%. 

<sup>(o)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>10/31/20<sup>(a)</sup>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited)

&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":

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | *Organized*  | &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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Target Fund* | *Target* <br>*Fund's* <br>*Share* <br>*Class*<br>| &nbsp;&nbsp; *Shares Prior to* <br>*Reorganization*<br>| &nbsp;&nbsp; *Conversion* <br>*Ratio*<br>| &nbsp;&nbsp; *BKT's* <br>*Share* <br>*Class*<br>|
| EGF | &nbsp;&nbsp; Common | &nbsp;&nbsp; 3551598 | 0.84020511 | &nbsp;&nbsp; Common<br> &nbsp;&nbsp; 2984042<br> <sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Net of fractional shares redeemed.

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

---

| | |
|:---|:---|
|  | *EGF* |
| Net assets | &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:

---

| | | |
|:---|:---|:---|
| *Target Fund* | *Fair Value of* <br>*Investments*<br>| &nbsp;&nbsp; *Cost of* <br>*Investments*<br>|
| EGF | &nbsp;&nbsp; $33806434 | &nbsp;&nbsp; $34864291 |

---

The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on March 24, 2025.

Assuming the reorganization had been completed on January 1, 2025, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the period ended June 30, 2025, were as follows:

• Net investment income: $4,867,215

• Net realized and change in unrealized gain/loss on investments: $9,717,182

• Net increase in net assets resulting from operations: $14,584,397

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund's Statements of Operations since March 24, 2025.

Reorganization costs incurred by BKT in connection with the reorganization were expensed by BKT.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Fund's Board, the directors who are not "interested persons" of the Funds, as defined in the 1940 Act ("Independent Directors"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&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

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Stripped Mortgage-Backed Securities:** Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| DSU | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; $47494 | $47257 | &nbsp;&nbsp; $47415 | $158 |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 19822 | 19826 | &nbsp;&nbsp; 19733 | (93) |
|  | GrafTech Finance, Inc. | &nbsp;&nbsp; 14490 | 14490 | &nbsp;&nbsp; 14526 | 36 |
|  | Kaman Corp. | &nbsp;&nbsp; 56972 | 56901 | &nbsp;&nbsp; 56883 | (18) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 36543 | 36360 | &nbsp;&nbsp; 36497 | 137 |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 47405 | 47446 | &nbsp;&nbsp; 47583 | 137 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 204176 | 204176 | &nbsp;&nbsp; 203411 | (765) |
|  |  |  |  |  | $(408) |
| FRA | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; $44983 | $44758 | &nbsp;&nbsp; $44908 | 150 |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 18651 | 18656 | &nbsp;&nbsp; 18568 | (88) |
|  | Kaman Corp. | &nbsp;&nbsp; 55313 | 55244 | &nbsp;&nbsp; 55227 | (17) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 37531 | 37343 | &nbsp;&nbsp; 37484 | 141 |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 26464 | 26398 | &nbsp;&nbsp; 26563 | 165 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 106703 | 106703 | &nbsp;&nbsp; 106303 | (400) |
|  |  |  |  |  | $(49) |
| BLW | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; $27401 | $27264 | &nbsp;&nbsp; $27355 | 91 |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 11118 | 11122 | &nbsp;&nbsp; 11068 | (54) |
|  | GrafTech Finance, Inc. | &nbsp;&nbsp; 60029 | 60029 | &nbsp;&nbsp; 60179 | 150 |
|  | Kaman Corp. | &nbsp;&nbsp; 33188 | 33146 | &nbsp;&nbsp; 33136 | (10) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 21728 | 21620 | &nbsp;&nbsp; 21702 | 82 |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 14750 | 14713 | &nbsp;&nbsp; 14805 | 92 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 171501 | 171501 | &nbsp;&nbsp; 170858 | (643) |
|  |  |  |  |  | $(292) |
| BIT | GrafTech Finance, Inc. | &nbsp;&nbsp; $70379 | $70379 | &nbsp;&nbsp; $70555 | 176 |
|  | Jupiter Buyer, Inc. | &nbsp;&nbsp; 10617 | 10564 | &nbsp;&nbsp; 10686 | 122 |
|  | Kaman Corp. | &nbsp;&nbsp; 51917 | 51852 | &nbsp;&nbsp; 51836 | (16) |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment*<br> *Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| BIT (continued) | Signia Aerospace LLC | &nbsp;&nbsp; $15460 | $15422 | &nbsp;&nbsp; $15519 | $97 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 68952 | 68952 | &nbsp;&nbsp; 68693 | (259) |
|  |  |  |  |  | $120 |

---

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Borrowed Bond Agreements:** Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

**Reverse Repurchase Agreements:** Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended June 30, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Average Amount* <br>*Outstanding*<br>| *Weighted Average* <br>*Interest Rate*<br>|
| BKT | &nbsp;&nbsp; $66764591 | 4.47<br> % <br>|
| BLW | &nbsp;&nbsp; 328349022 | 4.64 |
| BIT | &nbsp;&nbsp; 320630690 | 4.46 |

---

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT | BKT |
| *Counterparty* | *Borrowed* <br>*Bonds* <br>*Agreements*<sup>(a)</sup><br>| *Reverse* <br>*Repurchase* <br>*Agreements*<br>| *Borrowed* <br>*Bonds at* <br>*Value* <br>*including* <br>*Accrued* <br>*Interest*<sup>(b)</sup><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*<sup>(c)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<br>| *Net* <br>*Collateral* <br>*(Received)/* <br>*Pledged*<sup>(c)</sup><br>| *Net* <br>*Exposure* <br>*Due (to)/* <br>*from* <br>*Counterparty*<sup>(d)</sup><br>|
| BNP Paribas SA | &nbsp;&nbsp; $699213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(703488)<br>| &nbsp;&nbsp; $(4275)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4275)<br>|
| Citigroup Global <br> Markets, Inc.<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6462773)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6462773)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6462773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6462773 | &nbsp;&nbsp; — |
| HSBC Securities <br> (USA), Inc.<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61412359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61412359)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61412359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61412359 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $699213 | &nbsp;&nbsp; $(67875132)<br>| &nbsp;&nbsp; $(703488)<br>| &nbsp;&nbsp; $(67879407)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67875132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $67875132 | &nbsp;&nbsp; $(4275)<br>|

---

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

<sup>(a)</sup> Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

<sup>(b)</sup> Includes accrued interest on borrowed bonds in the amount of $4,956 which is included in interest expense payable in the Statements of Assets and Liabilities.

<sup>(c)</sup> Net collateral, including accrued interest, if any, with a value of $69,838,313 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. 

<sup>(d)</sup> Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Reverse Repurchase* <br>*Agreements*<br>| *Fair Value of* <br>*Non-Cash Collateral* <br>*Pledged Including* <br>*Accrued Interest*<sup>(a)</sup><br>| *Cash Collateral* <br>*Pledged/Received*<sup>(a)</sup><br>| *Net Amount* |
| BLW |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $(16231465)<br>| &nbsp;&nbsp; $16231465 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; (18005906)<br>| &nbsp;&nbsp; 18005906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; (43341193)<br>| &nbsp;&nbsp; 43341193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; (49697872)<br>| &nbsp;&nbsp; 49697872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp; (3375118)<br>| &nbsp;&nbsp; 3375118 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; (6508456)<br>| &nbsp;&nbsp; 6508456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; (2411362)<br>| &nbsp;&nbsp; 2411362 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; (15222733)<br>| &nbsp;&nbsp; 15222733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; (9610745)<br>| &nbsp;&nbsp; 9610745 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; (1543630)<br>| &nbsp;&nbsp; 1543630 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; (66689231)<br>| &nbsp;&nbsp; 66689231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets, LLC | &nbsp;&nbsp; (15622085)<br>| &nbsp;&nbsp; 15622085 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Reverse Repurchase*<br> *Agreements*<br>| *Fair Value of*<br> *Non-Cash Collateral*<br> *Pledged Including*<br> *Accrued Interest*<sup>(a)</sup><br>| *Cash Collateral*<br> *Pledged/Received*<sup>(a)</sup><br>| *Net Amount* |
| TD Securities (USA) LLC | &nbsp;&nbsp; $(74400984)<br>| &nbsp;&nbsp; $74400984 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; (7239187)<br>| &nbsp;&nbsp; 7239187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $(329899967)<br>| &nbsp;&nbsp; $329899967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Net collateral, including accrued interest, if any, with a value of $373,276,127 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. 

&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*<sup>(a)</sup><br>| *Cash Collateral* <br>*Pledged/Received*<sup>(a)</sup><br>| *Net Amount* |
| BIT |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $(10551864)<br>| &nbsp;&nbsp; $10551864 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; (16308714)<br>| &nbsp;&nbsp; 16308714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; (36557153)<br>| &nbsp;&nbsp; 36557153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; (47001302)<br>| &nbsp;&nbsp; 47001302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp; (464551)<br>| &nbsp;&nbsp; 464551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; (10118945)<br>| &nbsp;&nbsp; 10118945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; (85938524)<br>| &nbsp;&nbsp; 85938524 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; (13242078)<br>| &nbsp;&nbsp; 13242078 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; (2615021)<br>| &nbsp;&nbsp; 2615021 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; (26564791)<br>| &nbsp;&nbsp; 26564791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets, LLC | &nbsp;&nbsp; (14993738)<br>| &nbsp;&nbsp; 14993738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Santander US Capital Markets LLC | &nbsp;&nbsp; (3300795)<br>| &nbsp;&nbsp; 3300795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; (8940053)<br>| &nbsp;&nbsp; 8283296 | &nbsp;&nbsp; 656757 | &nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; (29152739)<br>| &nbsp;&nbsp; 29152739 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $(305750268)<br>| &nbsp;&nbsp; $305093511 | &nbsp;&nbsp; $656757 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Net collateral, including accrued interest, if any, with a value of $344,419,953 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. 

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund's use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund's obligation to repurchase the securities.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

&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.

&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

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage:

---

| | | |
|:---|:---|:---|
|  | *DSU* | *FRA* |
| Investment advisory fees | 0.55<br> % <br>| 0.75<br> % <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. For purposes of calculating this fee, "managed assets" are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited ("BIL"), an affiliate of the Manager. With respect to BLW and BIT, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited ("BSL"), an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

**Distribution Fees:** DSU, BLW and BIT have each entered into a Distribution Agreement with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager, to provide for distribution of DSU, BLW and BIT common shares on a reasonable best efforts basis through an equity shelf offering (a "Shelf Offering") (the "Distribution Agreement"). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of DSU's, BLW's and BIT's common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2025 amounted to $80,843, $52,260 and $58,052 for each of DSU, BLW and BIT respectively.

**Administration:** BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund's average weekly net assets. For BKT, the Manager may reduce or discontinue this arrangement at any time without notice.

**Expense Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| DSU | &nbsp;&nbsp; $657 |
| FRA | &nbsp;&nbsp; 111 |
| BKT | &nbsp;&nbsp; 1941 |
| BLW | &nbsp;&nbsp; 1287 |
| BIT | &nbsp;&nbsp; 2213 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Funds' Independent Directors. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| DSU | &nbsp;&nbsp; $7134 |
| FRA | &nbsp;&nbsp; 16081 |

---

**Directors and Officers:** Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds' Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| DSU | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $170557833 | &nbsp;&nbsp; $119699796 |
| FRA | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104251385 | &nbsp;&nbsp; 115554742 |
| BKT | &nbsp;&nbsp; 451586901 | &nbsp;&nbsp; 477263956 | &nbsp;&nbsp; 9074391 | &nbsp;&nbsp; 702909 |
| BLW | &nbsp;&nbsp; 61420631 | &nbsp;&nbsp; 61676601 | &nbsp;&nbsp; 157490374 | &nbsp;&nbsp; 136758428 |
| BIT | &nbsp;&nbsp; 43050769 | &nbsp;&nbsp; 47947270 | &nbsp;&nbsp; 149022640 | &nbsp;&nbsp; 156540545 |

---

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| BKT | &nbsp;&nbsp; $231468975 | &nbsp;&nbsp; $231510259 |
| BLW | &nbsp;&nbsp; 22093383 | &nbsp;&nbsp; 22108255 |
| BIT | &nbsp;&nbsp; 11860998 | &nbsp;&nbsp; 11869366 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

As of December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring*<br> *Capital Loss*<br> *Carryforwards*<br>|
| DSU | &nbsp;&nbsp; $(127245889)<br>|
| FRA | &nbsp;&nbsp; (63911717)<br>|
| BKT | &nbsp;&nbsp; (123878003)<br>|
| BLW | &nbsp;&nbsp; (98861527)<br>|
| BIT | &nbsp;&nbsp; (58591886)<br>|

---

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &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; $718054337 | &nbsp;&nbsp; $7842782 | &nbsp;&nbsp; $(22682233)<br>| &nbsp;&nbsp; $(14839451)<br>|
| FRA | &nbsp;&nbsp; 595385961 | &nbsp;&nbsp; 4474353 | &nbsp;&nbsp; (12696353)<br>| &nbsp;&nbsp; (8222000)<br>|
| BKT | &nbsp;&nbsp; 415041059 | &nbsp;&nbsp; 8398521 | &nbsp;&nbsp; (36456244)<br>| &nbsp;&nbsp; (28057723)<br>|
| BLW | &nbsp;&nbsp; 877033235 | &nbsp;&nbsp; 17378940 | &nbsp;&nbsp; (17242706)<br>| &nbsp;&nbsp; 136234 |
| BIT | &nbsp;&nbsp; 901265192 | &nbsp;&nbsp; 26293803 | &nbsp;&nbsp; (23972862)<br>| &nbsp;&nbsp; 2320941 |

---

***9.*** ***BANK BORROWINGS*** 

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

The SSB Agreement allows for the following maximum commitment amounts:

---

| | |
|:---|:---|
| *Fund Name* | *Commitment Amounts* |
| DSU | &nbsp;&nbsp; $276000000 |
| 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 six months ended June 30, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Maximum*<br> *Amount Borrowed*<br>| *Average Amount*<br> *Outstanding*<br>| *Daily Weighted Average*<br> *Interest Rate*<br>|
| DSU | &nbsp;&nbsp; $128000000 | &nbsp;&nbsp; $106287293 | 5.15<br> % <br>|
| FRA | &nbsp;&nbsp; 143000000 | &nbsp;&nbsp; 134718232 | 5.16 |

---

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

**Illiquidity Risk:** Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it

2025 BlackRock Semi-Annual Report to Shareholders

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Notes to Financial Statements (unaudited) (continued)

could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW and BIT is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU's, FRA's, BKT's, BLW's and BIT's shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

**Common Shares**

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

---

| | | |
|:---|:---|:---|
|  | *Six Months Ended* | *Year Ended* |
| *Fund Name* | *06/30/25* | *12/31/24* |
| DSU | &nbsp;&nbsp; 83813 | &nbsp;&nbsp; 119031 |
| FRA | &nbsp;&nbsp; 76705 | &nbsp;&nbsp; 72449 |
| BLW | &nbsp;&nbsp; 85452 | &nbsp;&nbsp; 105180 |
| BIT | &nbsp;&nbsp; 85257 | &nbsp;&nbsp; 187269 |

---

For the six months ended June 30, 2025, Common Shares of BKT issued and outstanding increased by 2,984,071 as a result of reorganization of EGF with and into BKT.

For the six months ended June 30, 2025, Common Shares of BKT issued and outstanding decreased by 29 as a result of a redemption of fractional shares from the reorganization of EGF with and into BKT.

For the period ended December 31, 2024, shares issued and outstanding remained constant for BKT.

DSU, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity shelf program (a "Shelf Offering"). Under the Shelf Offering, DSU, BLW and BIT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund's NAV per Common Share (calculated within 48 hours of pricing). As of period end, 7,114,845, 7,333,586 and 11,187,345 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2025, DSU, BLW and BIT issued 3,805,225, 1,844,969 and 1,979,615 shares respectively under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by DSU, BLW and BIT in connection with their Shelf Offerings are recorded as "Deferred offering costs" in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

***12.*** ***SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Funds' financial statements was completed through the date the financial statements were issued and the following items were noted:

The Funds declared and paid or will pay distributions to Common Shareholders as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *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; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; $0.098730 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.098730 |
| FRA | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.123840 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.123840 |
| BKT | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.088200 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.088200 |
| BLW | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.113200 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.113200 |
| BIT | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.123700 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.123700 |

---

On August 6, 2025, the Board approved the terms of the issuance of transferrable rights ("Rights") to the holders of BIT's Common Shares as of August 19, 2025 (the "Record Date"). Shareholders will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle their holders to purchase one new Common

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

Share for every three Rights held (1-for-3) (the "Offer"). The expiration date of the Offer is expected to be September 9, 2025. All expenses of the Offer, including sales commissions, will be borne by the Manger, and not by BIT or any of BIT's shareholders.

2025 BlackRock Semi-Annual Report to Shareholders

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the "Board," the members of which are referred to as "Board Members") of BlackRock Debt Strategies Fund, Inc. ("DSU"), BlackRock Floating Rate Income Strategies Fund, Inc. ("FRA"), BlackRock Income Trust, Inc. ("BKT"), BlackRock Limited Duration Income Trust ("BLW"), and BlackRock Multi-Sector Income Trust ("BIT") (collectively, the "Funds" and each, a "Fund") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Advisory Agreements") between each Fund and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager, BlackRock International Limited ("BIL") and each Fund and (2) the Manager, BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors") and each of BLW and BIT. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (i) BlackRock's implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock's implementation of each Fund's valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; (n) periodic updates on BlackRock's business; and (o) each Fund's market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with each Fund's equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

***B. The Investment Performance of each Fund*** 

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics ("Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered DSU's performance relative to DSU's Performance Metrics. Based on an overall rating relative to the Performance Metrics, DSU generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for DSU, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered FRA's performance relative to FRA's Performance Metrics. Based on an overall rating relative to the Performance Metrics, FRA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for FRA, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BKT's performance relative to BKT's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BKT generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BKT, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BKT's underperformance relative to the Performance Metrics.

2025 BlackRock Semi-Annual Report to Shareholders

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board reviewed and considered BLW's performance relative to BLW's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BLW generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BLW, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BIT's performance relative to BIT's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIT, and that BlackRock has explained its rationale for this belief to the Board.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund's accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that DSU's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in first quartile relative to the Expense Peers.

The Board noted that FRA's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BKT's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BLW's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BIT's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund's asset levels and whether the current fee was appropriate.

Based on the Board's review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund's inception. The Board noted that although

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

each Fund may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund's assets will occur primarily through the appreciation of its investment portfolio.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock's support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BLW and BIT for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Report to Shareholders

------

Additional Information

**Proxy Results**

Not applicable.

**Fund Certification**

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**Environmental, Social and Governance ("ESG") Integration**

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds' particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds' investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds' exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Fund's policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Fund.

The distributions paid by each Fund for any particular month may be more or less than the amount of net investment income earned by each Fund during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Fund and is reported in each Fund's annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Fund's taxable net investment income and net realized capital gains ("taxable income") may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund's current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor's original investment. A return of capital is not expected to be taxable, but it reduces a shareholder's tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Fund's total return performance. When total distributions exceed total return performance for the period, the difference reduces the Fund's total assets and net asset value ("NAV") per share and, therefore, could have the effect of increasing the Fund's expense ratio and reducing the amount of assets the Fund has available for long term investment.

**General Information**

FRA does not make available copies of its Statements of Additional Information because FRA's shares are not continuously offered, which means that the Statement of Additional Information of FRA has not been updated after completion of FRA's offerings and the information contained in FRA's Statement of Additional Information may have become outdated.

DSU's, BKT's, BLW's and BIT's Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.

The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds' charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

Additional Information

------

Additional Information (continued)

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Funds will mail only one copy of shareholder documents, including for DSU, BKT, BLW and BIT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Directors of the Funds has delegated the voting of proxies for the Funds' securities to BlackRock Advisors, LLC (the "Adviser") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Funds. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Fund Updates**

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Shelf Offering Program**

From time-to-time, DSU, BKT, BLW and BIT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, DSU, BKT, BLW and BIT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above DSU's, BKT's BLW's and BIT's NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow DSU, BKT, BLW and BIT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

DSU and BIT filed final prospectuses with the SEC in connection with their Shelf Offerings on January 3, 2023 and June 2, 2025, respectively. This report and the prospectuses of DSU and BIT are not offers to sell DSU and BIT Common Shares or solicitations of an offer to buy DSU and BIT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of DSU and BIT contain important information about DSU and BIT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of DSU and BIT carefully and in their entirety before investing. Copies of the final prospectuses for DSU and BIT can be obtained from BlackRock at **blackrock.com**.

BKT and BLW filed a registration statement with the SEC to issue additional Common Shares through a Shelf Offering, on June 18, 2025 and March 21, 2025, respectively, which was not effective as of period end. BKT and BLW may not sell any Common Shares in a Shelf Offering until the registration statement filed with the SEC is effective. This report and the preliminary prospectus are not offers to sell BKT and BLW Common Shares and are not solicitations of an offer to buy BKT and BLW Common Shares in any jurisdiction where the offers or sales are not permitted. The preliminary prospectus contains more complete information about BKT's and BLW's Shelf Offering and should be read carefully before investing. The information in the preliminary prospectus for BKT and BLW are not complete and may be amended or changed. A copy of the final prospectus for BKT and BLW can be obtained from BlackRock at **blackrock.com**, when available.

2025 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited<sup>(a)</sup>

079912 Singapore

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

<sup>(a)</sup> 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**  |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| CR | Custodian Receipt |
| DAC | Designated Activity Company  |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| GO | General Obligation Bonds |
| IO | Interest Only |
| MTA | Month Treasury Average |
| PIK | Payment-in-Kind |
| PO | Principal Only  |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SDR | Swedish Depositary Receipt |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| SPDR | Standard & Poor's Depository Receipt  |
| STRIP | Separate Trading of Registered Interest & Principal |
| TBA | To-Be-Announced |

---

2025 BlackRock Semi-Annual Report to Shareholders

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Want to know more?

blackrock.com \| 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEFT-BK3-06/25-SAR

![](g15430img9af212042.jpg)

![](g15430img86b9e23a1.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

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

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

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

Item 6 – Investments

&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 – The registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable to this semi-annual report

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

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

---

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

---

------

Item 16 – Controls and Procedures

&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.

&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 to this semi-annual report

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

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

[(a)(3) Section 302 Certifications are attached](d15430dex99cert.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](d15430dex99906cert.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 Income Trust, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Income Trust, Inc. |

---

Date: August 22, 2025

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Income Trust, Inc. |

---

Date: August 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Income Trust, Inc. |

---

Date: August 22, 2025

## 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 Income Trust, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Income Trust, 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;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;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;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;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;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;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: August 22, 2025

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Income Trust, 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 Income Trust, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Income Trust, 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;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;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;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;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;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;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: August 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Income Trust, 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 Income Trust, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 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: August 22, 2025

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Income Trust, Inc. |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Income Trust, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 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: August 22, 2025

---

| |
|:---|
| <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Income Trust, 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**.**