BlackRock Income Trust NCSRS Certified semi-annual shareholder report (management investment company)

BlackRock Income Trust (BKT) N-CSRSCertified semi-annual shareholder report (management investment company)

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.,
55 East 52

Street, New York, NY 10055

Registrant’s telephone number, including area code: (800)

882-0052,

Option 4

Date of fiscal year end: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 –

Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2022



		2022 Semi-Annual Report (Unaudited)

BlackRock Debt Strategies Fund, Inc. (DSU)

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

BlackRock Income Trust, Inc. (BKT)

BlackRock Limited Duration Income Trust (BLW)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information

(unaudited)

Section 19(a) Notices

BlackRock Debt Strategies Fund, Inc.’s (DSU), BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA), BlackRock Income Trust, Inc.’s (BKT) and BlackRock Limited Duration Income Trust’s (BLW) (collectively, the “Funds” or individually, a “Fund”) amounts and sources of distributions reported are estimates and are being provided to you 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 remainder of its fiscal 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, 2022




	Total Cumulative Distributions for the Fiscal Period											% Breakdown of the Total Cumulative Distributions for the Fiscal Period


Fund Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	(a)		Total Per Common Share		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share


DSU	$	0.290020	$	—	$	—	$	0.012480		$	0.302500		96	%	—	%	—	%	4	%	100%
FRA		0.315017		—		—		0.018483			0.333500		94		—		—		6		100
BKT		0.095496		—		—		0.071504			0.167000		57		—		—		43		100
BLW		0.461596		—		—		0.028904			0.490500		94		—		—		6		100

(a)

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

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

blackrock.com

Section 19(b) Disclosure

BlackRock Debt Strategies Fund, Inc.’s (DSU), BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA) and BlackRock Limited Duration Income Trust’s (BLW) (collectively, the “Funds” or individually, a “Fund”), acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Directors (the “Board”), each have 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:



Exchange Symbol	Amount Per Common Share

DSU	$	0.0605
FRA		0.0667
BLW		0.0981

The fixed amounts distributed per share are subject to change at the discretion of each Fund’s Board. Under its Plan, each Fund will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Funds 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, each 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 Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about each 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.

The 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. The Funds are subject to risks that could have an adverse impact on their 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 BLW’s prospectus for a more complete description of the Fund’s risks.

Managed Distribution Plan

BKT, with the approval of BKT’s Board of Directors (the “Board”), 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 Plan, BKT currently distributes a fixed amount of $0.0294 per share on a monthly basis.

The fixed amount distributed per share is subject to change at the discretion of the Board. BKT 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, BKT 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, BKT 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


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Supplemental Information

(unaudited)

(continued)

expected to be at the fixed amount established by the Board; however, BKT 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 BKT’s investment performance from the amount of these distributions or from the terms of the Plan. BKT’s total return performance is presented in its financial highlights table.

The Board may amend, suspend or terminate the Plan at any time without prior notice to BKT’s shareholders if it deems such actions to be in the best interests of BKT or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if BKT’s stock is trading at or above net asset value) or widening an existing trading discount. BKT 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 BKT’s prospectus for a more complete description of BKT’s risks.


S U P P L E M E N T A L I N F O R M A T I O N		3

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.

Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit

blackrock.com

for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of June 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500 ® Index)	(19.96)%	(10.62)%

U.S. small cap equities (Russell 2000 ® Index)	(23.43)	(25.20)

International equities (MSCI Europe, Australasia, Far East Index)	(19.57)	(17.77)

Emerging market equities (MSCI Emerging Markets Index)	(17.63)	(25.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.15	0.18

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(11.34)	(10.94)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(10.35)	(10.29)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(8.98)	(8.57)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(14.19)	(12.82)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


4		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page
Supplemental Information		2
The Markets in Review		4
Semi-Annual Report:
The Benefits and Risks of Leveraging		6
Derivative Financial Instruments		6
Fund Summary		7
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		111
Statements of Operations		113
Statements of Changes in Net Assets		114
Statements of Cash Flows		116
Financial Highlights		118
Notes to Financial Statements		122
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		136
Additional Information		140
Glossary of Terms Used in this Report		143


		5

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 issue debt 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.

If a Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Fund’s obligations under a reverse repurchase agreement (including accrued interest), then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements 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. 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.


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Fund Summary as of June 30, 2022		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 corporate loans, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P Global Ratings 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. Corporate loans include senior and subordinated corporate loans, both secured and unsecured. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund’s secondary investment objective is 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, 2022 ($9.14) (a)		7.94%
Current Monthly Distribution per Common Share (b)		$0.0605
Current Annualized Distribution per Common Share (b)		$0.7260
Leverage as of June 30, 2022 (c)		32%

(a)

Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.

(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(c)

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

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	9.14	$	11.70		(21.88	)%	$	11.75	$	8.88
Net Asset Value		10.21		11.56		(11.68	)		11.62		10.21

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		(8.97	)%		(6.85	)%		3.16	%		5.78	%
Fund at Market Price (a)(b)		(19.48	)		(14.65	)		2.77			4.54

Reference Benchmark (c)		(9.43	)		(7.87	)		2.52			4.12
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d)		(14.19	)		(12.82	)		2.09			4.47
S&P/LSTA Leveraged Loan Index (e)		(4.55	)		(2.78	)		2.91			3.74

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

(b)

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

(c)

The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (50%) and the S&P/LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods.

(d)

Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, an unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index.

(e)

An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

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?

Floating rate loan interest lost ground in the first half of 2022. Loans’ floating-rate feature was a beneficial attribute when rates were rising in the first quarter 2022 but inflation and recession fears hit all asset classes in the second half of the period. In this environment, no ratings category contributed to absolute performance and virtually all sectors finished with negative returns. High yield bonds also suffered losses for the period.


F U N D S U M M A R Y		7


Fund Summary as of June 30, 2022 (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

B rated issues were the largest detractor within the Fund, followed by BBs and CCCs. With respect to sectors, technology, health care and cable & satellite were the main 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 reduced its allocation to high yield bonds and collateralized loan obligations. Sector positioning remained broadly consistent over the past several quarters, reflecting the investment adviser’s focus on individual security selection. The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning.

Describe portfolio positioning at period end.

The Fund remained predominately invested in floating rate loan interest with the rest of the portfolio primarily invested in high yield bonds. The Fund’s largest sector positions were in technology, consumer cyclical services and health care, while it had lower weightings in refining, natural gas and railroads. From a credit rating perspective, the Fund continued to emphasize B rated issues, followed by BBs and CCCs. The Fund also held a smaller in position in BBB rated debt.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Fund’s Total Investments


PORTFOLIO COMPOSITION

Asset Type		06/30/22

Floating Rate Loan Interests		84.8%
Corporate Bonds		14.4
Other*		0.8


CREDIT QUALITY ALLOCATION


Credit Rating (a)(b)	06/30/22


A		—%	(c)
BBB/Baa		4.5
BB/Ba		28.1
B		58.6
CCC/Caa		7.3
N/R		1.5

(a)

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

(b)	Excludes short-term securities.

(c)	Rounds to less than 0.1% of total investments.

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


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Fund Summary as of June 30, 2022		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, 2022 ($11.39) (a)		7.03%
Current Monthly Distribution per Common Share (b)		$0.0667
Current Annualized Distribution per Common Share (b)		$0.8004
Leverage as of June 30, 2022 (c)		32%

(a)

(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(c)

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	11.39	$	13.43		(15.19	)%	$	13.90	$	11.01
Net Asset Value		12.46		13.85		(10.04	)		13.97		12.46

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns


	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		(7.58	)%		(5.44	)%		2.90	%		4.72	%
Fund at Market Price (a)(b)		(12.88	)		(8.60	)		2.27			4.02

S&P/LSTA Leveraged Loan Index (c)		(4.55	)		(2.78	)		2.91			3.74

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

(b)

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

(c)

An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

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?

Floating rate loan interest lost ground in the first half of 2022. Although their floating rate feature was a positive attribute at a time of rising rates, the benefit was offset by a broad-based decline in higher-risk segments of the bond market. In this environment, no ratings category contributed on an absolute basis. The oil field services sector delivered a gain, but all other market segments posted negative returns. High yield bonds also suffered losses in the semi-annual period.


F U N D S U M M A R Y		9


Fund Summary as of June 30, 2022 (continued)		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

B rated issues were the largest detractor within the Fund, followed by BBs and CCCs. From a sector perspective, technology, health care and building materials were the main 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 maintained an underweight in BB and B rated securities, and it was slightly overweight in CCCs. The investment adviser increased the portfolio’s overall credit quality due to expectations for continued near-term volatility, raising its weighting in BBs while modestly decreasing its allocations to Bs and CCCs. The average price of the Fund’s CCC holdings was $87 at the close of the period, versus $81 for the CCCs in the benchmark. The investment adviser believed this helped illustrate the importance of selectivity within rating categories.

Sector weightings have remained broadly consistent over the past few quarters, which can be attributed to the investment adviser’s emphasis on individual security selection. 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.

B rated loans were the Fund’s largest position, followed by BBs and CCCs. Its largest sector allocations included technology, health care and consumer cyclicals, while natural gas, railroads, and refining were its most notable underweights.

The investment adviser had a bias toward larger loan tranches of $1 billion and above, and it maintained a preference for loan/bond capital structures over the loan-only segment. The securities that Fund did own in the latter category were typically deals of $1 billion or more.

Overview of the Fund’s Total Investments


PORTFOLIO COMPOSITION

Asset Type	06/30/22

Floating Rate Loan Interests		98.2	%
Corporate Bonds		1.5
Other*		0.3


CREDIT QUALITY ALLOCATION

Credit Rating (a)(b)	06/30/22

BBB/Baa		4.4	%
BB/Ba		26.2
B		62.1
CCC/Caa		5.5
N/R		1.8

(a)

(b)	Excludes short-term securities.

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


10		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of June 30, 2022		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 or Aaa by Moody’s Investors Service, Inc. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information



Symbol on New York Stock Exchange		BKT
Initial Offering Date		July 22, 1988
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($4.54) (a)		7.77%
Current Monthly Distribution per Common Share (b)		$0.0294
Current Annualized Distribution per Common Share (b)		$0.3528
Leverage as of June 30, 2022 (c)		30%

(a)

(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(c)

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

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low

Closing Market Price	$	4.54	$	5.65		(19.65	)%	$	5.65	$	4.34
Net Asset Value		4.85		5.65		(14.16	)		5.65		4.66

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		(11.15	)%		(12.67	)%		0.12	%		1.44	%
Fund at Market Price (a)(b)		(16.83	)		(22.76	)		(0.14	)		1.32

FTSE Mortgage Index (c)		(9.09	)		(9.45	)		0.34			1.15

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

(b)

The Fund moved from neither a premium nor discount to a discount to NAV during the period, which accounts for the difference between performance based on market price and performance based on NAV.

(c)

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

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 Fund’s substantial allocation to agency collateralized mortgage obligations (“CMOs”) as well as agency MBS derivatives (including interest-only and inverse interest-only positions) continued to provide a steady source of income over the six-month period. The Fund also benefited from general outperformance on its allocation to MBS derivatives, as prepayment speeds have decreased into the substantial rise in mortgage rates. These positive contributions have been offset by the Fund’s positioning on the MBS coupon stack, where its relative overweight to higher coupon MBS lagged the performance of lower coupons over the first half of 2022. Duration positioning has also detracted from active performance.

The Fund held derivatives during the period as a part of its investment strategy. Derivatives are utilized by the Fund in order to manage risk and/or take outright views on interest rates in the portfolio. In particular, the portfolio employed Treasury futures and interest rate swaps to manage duration and yield curve bias. The Fund’s interest rate derivatives positions contributed positively to performance during the six-month period.


F U N D S U M M A R Y		11


Fund Summary as of June 30, 2022 (continued)		BlackRock Income Trust, Inc. (BKT)

Describe recent portfolio activity.

During the period, the Fund added exposure to Agency MBS specified pools in the middle to higher end of the MBS coupon stack. The Fund also made modest additions to its Agency CMO and Agency mortgage derivative allocation to take advantage of widened valuations. The Fund reduced its position in Agency CMBS, given tight valuations relative to the yield available in Agency MBS.

Describe portfolio positioning at period end.

The Fund continues to hold a substantial allocation to well-structured Agency CMOs as well as Agency MBS interest-only derivatives. Security selection within the Agency CMO and MBS derivatives holdings has been focused on seasoned collateral, which demonstrates more favorable prepayment performance across both higher and lower mortgage rate scenarios relative to generic collateral. The Fund’s allocation to MBS interest-only derivatives is expected to continue benefiting from the increase in mortgage rates and corresponding decrease in borrower refinance incentive over the balance of 2022. Within its allocation to agency MBS pass-throughs, the Fund holds a tilt toward higher coupon MBS, motivated by higher income and more appealing valuations. The Fund is modestly overweight duration relative to the Reference Benchmark and slightly short convexity (i.e., the rate at which duration changes in response to interest rate movements).

The Fund held only marginal positions in other securitized assets such as non-agency residential MBS and CMBS, preferring to focus on prepayment and structural opportunities in higher quality agency-backed assets rather than seek credit exposure.

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION



Asset Type (a)	06/30/22

U.S. Government Sponsored Agency Securities		95.2	%
Non-Agency Mortgage-Backed Securities		4.8
Asset-Backed Securities		—	(b)

CREDIT QUALITY ALLOCATION



Credit Rating (a)(c)	06/30/22

AAA/Aaa (d)		99.9	%
AA/Aa		0.1
CCC/Caa		—	(b)
N/R		—	(b)

(a)	Excludes short-term securities.

(b)	Rounds to less than 0.1% of total investments.

(c)

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


12		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Investment Objective

BlackRock Limited Duration Income Trust’s (BLW) (the “Fund”)

investment objective is to provide current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in three distinct asset classes:

•

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

•

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

•

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

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

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

Fund Information



Symbol on New York Stock Exchange		BLW
Initial Offering Date		July 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($12.65) (a)		9.31%
Current Monthly Distribution per Common Share (b)		$0.0981
Current Annualized Distribution per Common Share (b)		$1.1772
Leverage as of June 30, 2022 (c)		38%

(a)

(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(c)

Market Price and Net Asset Value Per Share Summary


	06/30/22		12/31/21		Change			High		Low
Closing Market Price	$	12.65	$	16.85		(24.93	)%	$	16.85	$	12.16
Net Asset Value		13.49		16.44		(17.94	)		16.44		13.49

Performance

Returns for the period ended June 30, 2022 were as follows:


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		(15.00	)%		(15.04	)%		2.51	%		5.35	%
Fund at Market Price (a)(b)		(22.23	)		(19.77	)		2.65			4.25

Reference Benchmark (c)		(7.75	)		(6.84	)		2.18			3.30
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d)		(14.19	)		(12.82	)		2.09			4.47
S&P/LSTA Leveraged Loan Index (e)		(4.55	)		(2.78	)		2.91			3.74
BATS S Benchmark (f)		(4.34	)		(4.82	)		1.35			1.57

(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage.

(b)

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

(c)

The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%), the S&P/LSTA Leveraged Loan Index (33.33%), and the BATS S Benchmark (33.34%). The Reference Benchmark’s index content and weightings may have varied over past periods.

(d)

(e)

An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

(f)

A composite index comprised of Bloomberg ABS 1-3 Year AAA Rated ex Home Equity Index, Bloomberg Corporate 1-5 Year Index, Bloomberg CMBS Investment Grade 1-3.5 Year Index, Bloomberg MBS 15 Year Index and Bloomberg Credit Ex-Corporate 1-5 Year Index.


F U N D S U M M A R Y		13


Fund Summary as of June 30, 2022 (continued)		BlackRock Limited Duration Income Trust (BLW)

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?

Exposure to a range of credit-oriented sectors including high yield corporate bonds, investment grade corporate bonds, floating rate bank loans and emerging market bonds weighed most heavily on the Fund’s performance. Allocations to sovereign bonds also provided negative performance. Finally, exposure to securitized assets including residential mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations detracted.

Exposure to U.S. Treasuries led positive contributions. The use of swaptions also contributed to performance over the period.

The Fund held derivatives during the period, including Treasury futures, currency forwards, currency options, interest rate swaps and credit default swaps. Derivative securities were employed primarily to adjust duration (sensitivity to interest rate changes) and yield curve exposure, as well as to hedge credit and currency risk. Currency forwards were used to provide the portfolio with active currency exposure. The Fund’s use of derivatives contributed to performance during the period.

Describe recent portfolio activity.

Over the period, the Fund increased exposure to high yield corporate bonds, investment grade corporate bonds, 30-year MBS, CMBS and asset-backed securities (“ABS”), while trimming exposure to emerging market bonds, 15-year MBS, sovereign issues and U.S. Treasuries.

The Fund’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 Fund was overweight high yield corporate bonds, 30-year MBS, emerging market bonds, U.S. Treasuries and non-agency adjustable-rate MBS. The Fund was underweight investment grade corporate bonds, CMBS, ABS and 15-year MBS compared to the composite benchmark.

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION



Asset Type (a)	06/30/22

Corporate Bonds		49.3	%
Floating Rate Loan Interests		35.4
U.S. Government Sponsored Agency Securities		5.7
Preferred Securities		4.4
Asset-Backed Securities		3.0
Non-Agency Mortgage-Backed Securities		1.0
Other*		1.2

CREDIT QUALITY ALLOCATION



Credit Rating (a)(b)	06/30/22

AAA/Aaa (c)		5.6	%
AA/Aa		0.4
A		2.8
BBB/Baa		13.5
BB/Ba		31.8
B		36.4
CCC/Caa		6.7
CC		0.4
C		—	(d)
N/R (e)		2.4

(a)	Excludes short-term securities.

(b)

(c)

The investment adviser evaluates the credit quality of not-rated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa.

(d)	Rounds to less than 0.1% of total investments.

(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.

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


14		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Unique Pub Finance Co. PLC (a)
Series A4, 5.66%, 06/30/27	GBP		38	$	48,974
Series N, 6.46%, 03/30/32			100		139,397


Total Asset-Backed Securities — 0.0% (Cost: $199,333)					188,371


		Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd. (b)			141,483		80,645


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd. (b)(c)			1,075,282,733		10,753


Metals & Mining (b) — 0.0%
Ameriforge Group, Inc.			1,664		1,664
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $255,714) (c)(d)			14,576		1,210


					2,874

Oil, Gas & Consumable Fuels — 0.0%
Chesapeake Energy Corp.			2,756		223,529


Semiconductors & Semiconductor Equipment (b) — 0.0%
Maxeon Solar Technologies Ltd.			213		2,831
SunPower Corp.			1,707		26,987


					29,818

Specialty Retail — 0.1%
NMG Parent LLC (b)			1,477		256,998


Total Common Stocks — 0.1% (Cost: $13,892,941)					604,617


		Par (000)

Corporate Bonds

Aerospace & Defense — 0.7%
Bombardier, Inc. (e)
7.50%, 03/15/25	USD		12		10,845
7.13%, 06/15/26			361		297,637
7.88%, 04/15/27			83		69,090
6.00%, 02/15/28			145		108,663
F-Brasile SpA/F-Brasile U.S. LLC, Series XR,
7.38%, 08/15/26 (e)			200		159,296
Rolls-Royce PLC, 5.75%, 10/15/27 (e)			200		180,260
Spirit AeroSystems, Inc. (e)
5.50%, 01/15/25			55		50,875
7.50%, 04/15/25			10		9,288
TransDigm, Inc.
8.00%, 12/15/25 (e)			656		663,373
6.25%, 03/15/26 (e)			1,077		1,037,959
6.38%, 06/15/26			15		14,025
7.50%, 03/15/27			33		31,133
4.63%, 01/15/29			151		121,558


Security		Par (000)		Value

Aerospace & Defense (continued)
TransDigm, Inc. (continued) 4.88%, 05/01/29	USD		96	$	78,148
Triumph Group, Inc., 8.88%, 06/01/24 (e)			231		232,702


					3,064,852

Airlines — 0.7%
Air Canada, 3.88%, 08/15/26 (e)			101		85,435
Air France-KLM, 3.88%, 07/01/26 (a)	EUR		100		84,884
Allegiant Travel Co., 8.50%, 02/05/24 (e)	USD		1,065		1,051,687
American Airlines, Inc., 11.75%, 07/15/25 (e)			405		419,134
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (e)
5.50%, 04/20/26			167		153,171
5.75%, 04/20/29			326		278,448
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (e)			169		159,351
Deutsche Lufthansa AG, 3.75%, 02/11/28 (a)	EUR		100		84,098
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (e)	USD		101		90,516
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (e)			301		296,314
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (e)			13		13,701
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 04/15/29			190		186,371
Series 2020-1, Class B, 4.88%, 07/15/27			17		15,764
United Airlines, Inc. (e)
4.38%, 04/15/26			235		207,075
4.63%, 04/15/29			302		256,178


					3,382,127

Auto Components — 0.5%
Clarios Global LP, 6.75%, 05/15/25 (e)			721		714,114
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26 (a)	EUR		100		91,242
6.25%, 05/15/26 (e)	USD		271		260,837
8.50%, 05/15/27 (e)			930		898,822
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (e)			22		19,006
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29 (e)			36		26,586
Goodyear Tire & Rubber Co.
9.50%, 05/31/25			65		67,221
5.00%, 07/15/29			42		34,783
5.63%, 04/30/33			66		52,858
Meritor, Inc., 4.50%, 12/15/28 (e)			24		23,108
NM Holdings Co. LLC, 12.00%, 07/01/49 (b)(c)(f)			5,150		—
Titan International, Inc., 7.00%, 04/30/28			18		16,909


					2,205,486

Automobiles — 0.4%
Allison Transmission, Inc., 5.88%, 06/01/29 (e)			145		134,850
Asbury Automotive Group, Inc.
4.50%, 03/01/28			35		30,363
4.75%, 03/01/30			73		60,024
5.00%, 02/15/32 (e)			51		41,692


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments

(unaudited) (continued)

June 30, 2022

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Carvana Co. (e)
5.50%, 04/15/27	USD		88	$	56,790
4.88%, 09/01/29			72		40,940
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (a)	GBP		100		95,558
Ford Motor Co.
4.35%, 12/08/26	USD		9		8,341
3.25%, 02/12/32			199		148,832
4.75%, 01/15/43			176		125,371
5.29%, 12/08/46			78		59,819
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		194,039
4.69%, 06/09/25			200		189,002
5.13%, 06/16/25			200		190,984
5.11%, 05/03/29			200		179,295
4.00%, 11/13/30			200		162,051
Group 1 Automotive, Inc., 4.00%, 08/15/28 (e)			15		12,537
Ken Garff Automotive LLC, 4.88%, 09/15/28 (e)			39		31,797
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (e)			90		68,499
Lithia Motors, Inc., 3.88%, 06/01/29 (e)			42		35,674
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (e)			59		40,415
Penske Automotive Group, Inc.
3.50%, 09/01/25			59		55,312
3.75%, 06/15/29			22		18,319
Sonic Automotive, Inc., 4.63%, 11/15/29 (e)			20		15,496
Wabash National Corp., 4.50%, 10/15/28 (e)			70		53,550


					2,049,550

Banks — 0.0%
Banco Espirito Santo SA (a)(b)(f)
4.75%, 01/15/22	EUR		200		30,391
4.00%, 01/21/22 (c)			100		15,195
2.63%, 05/08/49 (c)			100		15,195
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90% (g)(h)	USD		115		99,044


					159,825

Beverages — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (e)(i)			441		327,116
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (e)			485		389,213
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27 (e)			208		148,317
Ball Corp.
2.88%, 08/15/30			12		9,659
3.13%, 09/15/31			157		126,642
Silgan Holdings, Inc., 4.13%, 02/01/28			8		7,174
Triton Water Holdings, Inc., 6.25%, 04/01/29 (e)			362		257,020
Trivium Packaging Finance BV, 8.50%, 08/15/27 (e)			814		763,209


					2,028,350

Biotechnology — 0.0%
Cidron Aida Finco SARL, 5.00%, 04/01/28 (a)	EUR		100		87,049


Building Materials (e) — 0.2%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29	USD		55		35,334
CP Atlas Buyer, Inc., 7.00%, 12/01/28			21		15,166


Security		Par (000)		Value

Building Materials (continued)
Jeld-Wen, Inc., 4.63%, 12/15/25	USD		10	$	8,500
Masonite International Corp.
Class C, 5.38%, 02/01/28			45		40,725
Class C, 3.50%, 02/15/30			69		54,922
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			26		21,373
9.75%, 07/15/28			38		32,490
SRM Escrow Issuer LLC, 6.00%, 11/01/28			267		225,677
Standard Industries, Inc.
5.00%, 02/15/27			34		30,347
4.38%, 07/15/30			167		131,721
3.38%, 01/15/31			99		73,024
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			168		146,580


					815,859

Building Products (e) — 0.3%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30			133		129,884
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			32		26,023
Foundation Building Materials, Inc., 6.00%, 03/01/29			52		38,090
GYP Holdings III Corp., 4.63%, 05/01/29			76		59,259
LBM Acquisition LLC, 6.25%, 01/15/29			71		45,711
Patrick Industries, Inc., 4.75%, 05/01/29			20		14,885
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			79		64,228
SRS Distribution, Inc.
4.63%, 07/01/28			259		226,625
6.13%, 07/01/29			127		100,200
6.00%, 12/01/29			203		159,402
White Cap Buyer LLC, 6.88%, 10/15/28			497		397,600
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26 (i)			67		55,777


					1,317,684

Capital Markets — 0.3%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29 (e)			36		30,679
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00% (g)(h)			265		203,984
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (e)			65		53,625
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		94,264
5.25%, 05/15/27			175		155,022
4.38%, 02/01/29			182		147,085
NFP Corp. (e)
4.88%, 08/15/28			176		150,739
6.88%, 08/15/28			699		576,703
OWL Rock Core Income Corp., 5.50%, 03/21/25 (e)			55		52,801


					1,464,902

Chemicals — 0.6%
Ashland LLC, 3.38%, 09/01/31 (e)			89		72,390
Axalta Coating Systems LLC, 3.38%, 02/15/29 (e)			300		244,911
Chemours Co., 5.75%, 11/15/28 (e)			38		32,385
Diamond BC BV, 4.63%, 10/01/29 (e)			226		180,732
Element Solutions, Inc., 3.88%, 09/01/28 (e)			552		455,472
EverArc Escrow SARL, 5.00%, 10/30/29 (e)			176		148,142


16		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
GCP Applied Technologies, Inc., 5.50%, 04/15/26 (e)	USD		134	$	133,330
HB Fuller Co., 4.25%, 10/15/28			35		29,367
Herens Holdco SARL, 4.75%, 05/15/28 (e)			200		166,160
Herens Midco SARL, 5.25%, 05/15/29 (a)	EUR		100		68,377
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (e)	USD		188		148,520
Ingevity Corp., 3.88%, 11/01/28 (e)			23		19,262
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (e)(i)			73		66,769
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (e)			36		30,330
Lune Holdings SARL, 5.63%, 11/15/28 (a)	EUR		100		84,142
Minerals Technologies, Inc., 5.00%, 07/01/28 (e)	USD		55		47,866
Scotts Miracle-Gro Co.
4.00%, 04/01/31			57		42,607
4.38%, 02/01/32			8		6,082
WESCO Distribution, Inc. (e)
7.13%, 06/15/25			49		48,894
7.25%, 06/15/28			146		144,394
WR Grace Holdings LLC, 5.63%, 08/15/29 (e)			916		674,405


					2,844,537

Commercial Services & Supplies — 0.3%
ADT Security Corp. (e)
4.13%, 08/01/29			9		7,304
4.88%, 07/15/32			12		9,552
AMN Healthcare, Inc., 4.00%, 04/15/29 (e)			28		23,660
APX Group, Inc. (e)
6.75%, 02/15/27			64		59,354
5.75%, 07/15/29			86		66,581
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29 (e)			13		10,814
EC Finance PLC, 3.00%, 10/15/26 (a)	EUR		100		91,409
Fortress Transportation & Infrastructure Investors LLC (e)
6.50%, 10/01/25	USD		24		22,644
9.75%, 08/01/27			17		16,616
5.50%, 05/01/28			95		78,414
Herc Holdings, Inc., 5.50%, 07/15/27 (e)			121		110,461
Hertz Corp. (e)
4.63%, 12/01/26			40		33,443
5.00%, 12/01/29			33		25,410
Metis Merger Sub LLC, 6.50%, 05/15/29 (e)			68		54,036
NESCO Holdings II, Inc., 5.50%, 04/15/29 (e)			74		61,975
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (e)			3		2,378
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28 (e)			211		176,522
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (e)			202		173,380
Team Health Holdings, Inc., 6.38%, 02/01/25 (e)			103		71,923
United Rentals North America, Inc., 5.25%, 01/15/30			2		1,855
Williams Scotsman International, Inc., 4.63%, 08/15/28 (e)			74		63,085


					1,160,816

Communications Equipment (e) — 0.1%
Avaya, Inc., 6.13%, 09/15/28			223		145,507
Ciena Corp., 4.00%, 01/31/30			34		29,346


Security		Par (000)		Value

Communications Equipment (continued)
CommScope Technologies LLC, 6.00%, 06/15/25	USD		139	$	120,235
CommScope, Inc.
6.00%, 03/01/26			24		22,105
8.25%, 03/01/27			11		8,696
7.13%, 07/01/28			58		44,085
4.75%, 09/01/29			89		71,796
Viasat, Inc.
5.63%, 09/15/25			77		62,280
5.63%, 04/15/27			21		18,158
6.50%, 07/15/28			48		33,063
Viavi Solutions, Inc., 3.75%, 10/01/29			95		79,564


					634,835

Construction Materials (e) — 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/28			148		126,763
3.88%, 11/15/29			18		14,391
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			35		28,493
H&E Equipment Services, Inc., 3.88%, 12/15/28			20		16,175
IAA, Inc., 5.50%, 06/15/27			159		148,099
Picasso Finance Sub, Inc., 6.13%, 06/15/25			82		79,950
Thor Industries, Inc., 4.00%, 10/15/29			54		42,768
Winnebago Industries, Inc., 6.25%, 07/15/28			37		33,883


					490,522

Consumer Discretionary (e) — 0.4%
APi Escrow Corp., 4.75%, 10/15/29			32		25,840
APi Group DE, Inc., 4.13%, 07/15/29			67		53,211
Carnival Corp.
10.50%, 02/01/26			314		312,578
5.75%, 03/01/27			300		216,684
9.88%, 08/01/27			140		136,500
4.00%, 08/01/28			326		267,320
6.00%, 05/01/29			125		87,826
CoreLogic, Inc., 4.50%, 05/01/28			138		106,260
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26			52		43,576
Life Time, Inc.
5.75%, 01/15/26			80		71,718
8.00%, 04/15/26			69		61,496
NCL Corp. Ltd., 5.88%, 03/15/26			91		71,425
NCL Finance Ltd., 6.13%, 03/15/28			46		33,465
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28			60		55,722
5.88%, 10/01/30			66		60,599
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23			42		42,140
9.13%, 06/15/23			54		53,404
11.50%, 06/01/25			57		58,567
5.50%, 08/31/26			28		20,790
5.50%, 04/01/28			170		118,150
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29			59		46,522


					1,943,793

Consumer Finance — 0.6%
American Express Co., (5 year CMT + 2.85%), 3.55% (g)(h)			235		191,198
Block, Inc., 3.50%, 06/01/31 (e)			399		317,947
HealthEquity, Inc., 4.50%, 10/01/29 (e)			312		273,000


S C H E D U L E O F I N V E S T M E N T S		17


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Finance (continued)
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (e)	USD		66	$	58,740
Navient Corp.
7.25%, 09/25/23			3		2,968
6.13%, 03/25/24			93		88,177
5.88%, 10/25/24			77		70,778
5.50%, 03/15/29			87		67,069
OneMain Finance Corp.
6.88%, 03/15/25			151		143,112
3.50%, 01/15/27			156		124,800
6.63%, 01/15/28			8		7,150
5.38%, 11/15/29			18		14,586
4.00%, 09/15/30			93		68,936
Sabre Global, Inc. (e)
9.25%, 04/15/25			78		75,157
7.38%, 09/01/25			81		75,128
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (e)			184		162,838
SLM Corp., 3.13%, 11/02/26			56		45,218
Verscend Escrow Corp., 9.75%, 08/15/26 (e)			851		827,598


					2,614,400

Containers & Packaging (e) — 0.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28			200		170,714
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/29			218		204,839
8.75%, 04/15/30			178		153,537
LABL, Inc., 5.88%, 11/01/28			84		67,824
Sealed Air Corp., 4.00%, 12/01/27			61		54,992


					651,906

Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (e)
6.63%, 07/15/26			655		601,048
9.75%, 07/15/27			101		85,480
6.00%, 06/01/29			600		435,703
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (e)			400		326,783
Brink’s Co., 5.50%, 07/15/25 (e)			15		14,433
Clarivate Science Holdings Corp. (e)
3.88%, 07/01/28			352		294,099
4.88%, 07/01/29			167		137,107
Garda World Security Corp., 4.63%, 02/15/27 (e)			11		9,460
Rekeep SpA, 7.25%, 02/01/26 (a)	EUR		100		90,293
Service Corp. International, 4.00%, 05/15/31	USD		192		163,920
Sotheby’s, 7.38%, 10/15/27 (e)			200		185,355


					2,343,681

Diversified Financial Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (e)			200		165,964
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (e)			24		19,924
Central Garden & Pet Co.
4.13%, 10/15/30			63		51,692
4.13%, 04/30/31 (e)			55		44,152
Citigroup, Inc. (g)(h)
Series W, (5 year CMT + 3.60%), 4.00%			50		43,250


Security		Par (000)		Value

Diversified Financial Services (continued)
Citigroup, Inc. (g)(h) (continued)
Series Y, (5 year CMT + 3.00%), 4.15%	USD		10	$	8,025
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25 (a)	GBP		100		108,948
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (e)(i)	USD		25		18,707
Intrum AB, 4.88%, 08/15/25 (a)	EUR		100		94,773
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (e)	USD		200		164,500
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (e)			22		16,928
Spectrum Brands, Inc. (e)
5.00%, 10/01/29			8		6,918
5.50%, 07/15/30			50		44,998
UBS Group AG, (5 year CMT + 3.31%), 4.38% (e)(g)(h)			345		252,402
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30 (e)			52		41,600


					1,082,781

Diversified Telecommunication Services — 0.9%
Consolidated Communications, Inc., 6.50%, 10/01/28 (e)			157		133,541
Frontier Communications Holdings LLC, 8.75%, 05/15/30 (e)			187		189,055
Level 3 Financing, Inc. (e)
3.40%, 03/01/27			28		24,117
4.25%, 07/01/28			153		122,591
3.63%, 01/15/29			66		50,889
3.75%, 07/15/29			116		89,692
Lumen Technologies, Inc.
5.13%, 12/15/26 (e)			439		369,559
4.00%, 02/15/27 (e)			62		52,436
4.50%, 01/15/29 (e)			181		134,735
5.38%, 06/15/29 (e)			498		394,304
Series U, 7.65%, 03/15/42			38		29,165
SoftBank Group Corp., 5.00%, 04/15/28 (a)	EUR		100		83,123
Sprint Capital Corp.
6.88%, 11/15/28	USD		324		340,692
8.75%, 03/15/32			522		628,217
Switch Ltd. (e)
3.75%, 09/15/28			99		97,926
4.13%, 06/15/29			202		199,948
Telecom Italia Capital SA
6.38%, 11/15/33			58		44,788
6.00%, 09/30/34			134		101,072
7.20%, 07/18/36			14		10,629
7.72%, 06/04/38			23		17,745
Telecom Italia SpA, 2.88%, 01/28/26 (a)	EUR		100		94,011
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30 (e)	USD		45		31,131
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28 (e)			81		66,614
Zayo Group Holdings, Inc. (e)
4.00%, 03/01/27			645		535,086
6.13%, 03/01/28			746		538,694


					4,379,760

Electric Utilities — 0.1%
Edison International, Series A, (5 year CMT + 4.70%), 5.38% (g)(h)			100		81,250
FirstEnergy Corp.
2.65%, 03/01/30			85		70,125


18		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electric Utilities (continued)
FirstEnergy Corp. (continued)
Series B, 2.25%, 09/01/30	USD		6	$	4,755
Series C, 3.40%, 03/01/50			230		155,917
FirstEnergy Transmission LLC (e)
5.45%, 07/15/44			139		129,925
4.55%, 04/01/49			51		41,036
Pike Corp., 5.50%, 09/01/28 (e)			130		105,535
Texas Competitive Electric Holdings, 1.00%, 11/10/21 (c)(h)			2,375		—


					588,543

Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (e)			322		298,655
GrafTech Finance, Inc., 4.63%, 12/15/28 (e)			66		53,426
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05 (b)(c)(f)			5,125		1


					352,082

Electronic Equipment, Instruments & Components — 0.3%
BWX Technologies, Inc. (e)
4.13%, 06/30/28			86		76,540
4.13%, 04/15/29			107		93,893
Energizer Holdings, Inc. (e)
4.75%, 06/15/28			17		13,493
4.38%, 03/31/29			6		4,606
Imola Merger Corp., 4.75%, 05/15/29 (e)			203		169,842
Vertiv Group Corp., 4.13%, 11/15/28 (e)			1,049		851,704
Xerox Corp., 4.80%, 03/01/35			48		36,833


					1,246,911

Energy Equipment & Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp. (e)
6.88%, 04/01/27			106		96,658
6.25%, 04/01/28			166		146,960
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			45		40,937
6.88%, 09/01/27			229		203,238
Vallourec SA, 8.50%, 06/30/26 (a)	EUR		8		7,742
Weatherford International Ltd. (e)
6.50%, 09/15/28	USD		4		3,590
8.63%, 04/30/30			68		56,425


					555,550

Entertainment (e) — 0.0%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29			104		87,880
Lindblad Expeditions LLC, 6.75%, 02/15/27			83		71,172
NCL Corp. Ltd., 7.75%, 02/15/29			35		26,775


					185,827

Environmental, Maintenance & Security Service — 0.2%
Covanta Holding Corp.
4.88%, 12/01/29 (e)			78		63,470
5.00%, 09/01/30			13		10,612
GFL Environmental, Inc. (e)
3.75%, 08/01/25			45		41,737
5.13%, 12/15/26			109		104,237
4.00%, 08/01/28			150		123,750
3.50%, 09/01/28			65		55,737
4.75%, 06/15/29			111		91,852


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc. (e) (continued)
4.38%, 08/15/29	USD		126	$	101,430
Stericycle, Inc., 3.88%, 01/15/29 (e)			49		40,058
Tervita Corp., 11.00%, 12/01/25 (e)			25		27,188
Waste Pro USA, Inc., 5.50%, 02/15/26 (e)			104		92,383


					752,454

Equity Real Estate Investment Trusts (REITs) — 0.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (e)			57		47,267
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (e)			52		44,408
Diversified Healthcare Trust, 9.75%, 06/15/25			19		18,739
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (e)			46		38,442
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (e)			59		50,740
Iron Mountain, Inc. (e)
5.25%, 07/15/30			43		37,384
5.63%, 07/15/32			66		55,808
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			306		268,515
3.50%, 03/15/31			371		292,407
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			311		275,891
4.50%, 02/15/29 (e)			77		65,288
RLJ Lodging Trust LP (e)
3.75%, 07/01/26			40		34,663
4.00%, 09/15/29			31		25,464
Service Properties Trust
4.35%, 10/01/24			7		5,688
7.50%, 09/15/25			29		26,571


					1,287,275

Food & Staples Retailing — 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (e)
3.25%, 03/15/26			146		127,159
4.63%, 01/15/27			11		9,826
4.88%, 02/15/30			68		58,333
Darling Ingredients, Inc., 6.00%, 06/15/30 (e)			96		95,678
Kraft Heinz Foods Co.
6.50%, 02/09/40			35		37,821
4.88%, 10/01/49			61		53,878
5.50%, 06/01/50			253		242,858
Lamb Weston Holdings, Inc. (e)
4.88%, 05/15/28			18		16,940
4.13%, 01/31/30			94		81,363
4.38%, 01/31/32			145		126,150
Market Bidco Finco PLC, 5.50%, 11/04/27 (a)	GBP		100		92,515
Ocado Group PLC, 3.88%, 10/08/26 (a)			100		97,624
Performance Food Group, Inc., 4.25%, 08/01/29 (e)	USD		168		140,280
Post Holdings, Inc. (e)
5.50%, 12/15/29			11		9,834
4.63%, 04/15/30			45		37,970
4.50%, 09/15/31			21		17,175
U.S. Foods, Inc. (e)
6.25%, 04/15/25			51		50,872


S C H E D U L E O F I N V E S T M E N T S		19


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food & Staples Retailing (continued)
U.S. Foods, Inc. (e) (continued)
4.75%, 02/15/29	USD		121	$	105,777
United Natural Foods, Inc., 6.75%, 10/15/28 (e)			15		14,018


					1,416,071

Food Products (e) — 0.2%
Aramark Services, Inc.
6.38%, 05/01/25			110		107,618
5.00%, 02/01/28			211		191,210
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25			352		323,266
4.63%, 11/15/28			256		216,320
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			89		73,015
Pilgrim’s Pride Corp., 3.50%, 03/01/32			57		44,531
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			110		92,994


					1,048,954

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (e)			29		24,661


Health Care Equipment & Supplies (e) — 0.2%
Avantor Funding, Inc.
4.63%, 07/15/28			359		329,095
3.88%, 11/01/29			387		338,490
Embecta Corp., 6.75%, 02/15/30			49		44,116
Hologic, Inc., 3.25%, 02/15/29			15		12,821


					724,522

Health Care Providers & Services — 0.9%
Acadia Healthcare Co., Inc. (e)
5.50%, 07/01/28			37		34,569
5.00%, 04/15/29			17		15,261
AdaptHealth LLC (e)
6.13%, 08/01/28			24		21,228
5.13%, 03/01/30			9		7,586
AHP Health Partners, Inc., 5.75%, 07/15/29 (e)			105		77,144
Cano Health LLC, 6.25%, 10/01/28 (e)			40		32,712
Centene Corp.
2.45%, 07/15/28			200		166,808
3.00%, 10/15/30			480		397,800
2.50%, 03/01/31			409		324,648
2.63%, 08/01/31			107		85,119
CHS/Community Health Systems, Inc. (e)
8.00%, 03/15/26			370		336,955
5.63%, 03/15/27			153		129,495
6.00%, 01/15/29			136		112,665
6.88%, 04/15/29			34		21,930
6.13%, 04/01/30			91		55,510
Encompass Health Corp.
4.50%, 02/01/28			16		13,698
4.75%, 02/01/30			123		103,079
4.63%, 04/01/31			66		53,442
Legacy LifePoint Health LLC (e)
6.75%, 04/15/25			116		112,127
4.38%, 02/15/27			44		37,700
LifePoint Health, Inc., 5.38%, 01/15/29 (e)			71		52,185
Medline Borrower LP (e)
3.88%, 04/01/29			81		68,989


Security		Par (000)		Value

Health Care Providers & Services (continued)
Medline Borrower LP (e) (continued)
5.25%, 10/01/29	USD		761	$	625,009
ModivCare, Inc., 5.88%, 11/15/25 (e)			23		21,160
Molina Healthcare, Inc. (e)
4.38%, 06/15/28			12		10,719
3.88%, 11/15/30			174		148,732
3.88%, 05/15/32			77		64,571
Owens & Minor, Inc., 6.63%, 04/01/30 (e)			46		42,020
Prime Healthcare Services, Inc., 7.25%, 11/01/25 (e)			149		127,171
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26 (e)			17		16,533
Surgery Center Holdings, Inc. (e)
6.75%, 07/01/25			145		132,898
10.00%, 04/15/27			256		247,973
Teleflex, Inc.
4.63%, 11/15/27			6		5,535
4.25%, 06/01/28 (e)			42		37,948
Tenet Healthcare Corp. (e)
4.88%, 01/01/26			214		196,880
6.25%, 02/01/27			30		27,612
5.13%, 11/01/27			343		308,700
4.63%, 06/15/28			26		22,640
6.13%, 10/01/28			55		47,068
4.25%, 06/01/29			14		11,791
6.13%, 06/15/30			91		83,955


					4,439,565

Health Care Technology — 0.2%
Catalent Pharma Solutions, Inc. (e)
5.00%, 07/15/27			41		38,595
3.13%, 02/15/29			52		42,663
3.50%, 04/01/30			139		113,414
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25 (e)			212		206,422
Charles River Laboratories International, Inc. (e)
4.25%, 05/01/28			46		41,322
3.75%, 03/15/29			11		9,546
4.00%, 03/15/31			31		26,426
Chrome Bidco SASU, 3.50%, 05/31/28 (a)	EUR		100		85,755
Minerva Merger Sub, Inc., 6.50%, 02/15/30 (e)	USD		343		285,235
Syneos Health, Inc., 3.63%, 01/15/29 (e)			291		246,427


					1,095,805

Hotels, Restaurants & Leisure — 1.0%
1011778 BC ULC/New Red Finance, Inc. (e)
3.88%, 01/15/28			73		63,358
4.38%, 01/15/28			234		204,586
4.00%, 10/15/30			46		36,915
Affinity Gaming, 6.88%, 12/15/27 (e)			8		6,720
Boyd Gaming Corp.
4.75%, 12/01/27			58		52,490
4.75%, 06/15/31 (e)			160		135,203
Boyne USA, Inc., 4.75%, 05/15/29 (e)			94		81,398
Caesars Entertainment, Inc. (e)
6.25%, 07/01/25			533		513,668
8.13%, 07/01/27			409		395,196
4.63%, 10/15/29			534		415,185
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (e)			151		144,403
Carnival Corp., 7.63%, 03/01/26 (e)			29		22,462


20		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)			Value

Hotels, Restaurants & Leisure (continued)
CCM Merger, Inc., 6.38%, 05/01/26 (e)	USD		53		$	48,253
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (e)			323			293,930
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25 (e)			318			308,460
6.50%, 10/01/28			19			18,033
Churchill Downs, Inc., 4.75%, 01/15/28 (e)			152	��		135,280
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (e)
4.63%, 01/15/29			195			166,237
6.75%, 01/15/30			376			288,580
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28 (e)			108			102,690
3.75%, 05/01/29 (e)			35			29,685
4.88%, 01/15/30			199			179,846
4.00%, 05/01/31 (e)			92			76,452
3.63%, 02/15/32 (e)			35			27,803
MGM Resorts International, 5.75%, 06/15/25			73			69,532
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (e)			71			57,865
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27 (e)			76			79,770
Powdr Corp., 6.00%, 08/01/25 (e)			67			66,498
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (e)
5.63%, 09/01/29			34			24,207
5.88%, 09/01/31			37			25,678
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (e)			57			49,875
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27 (e)			92			66,872
Scientific Games International, Inc., 8.63%, 07/01/25 (e)			65			66,632
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (e)(j)			96			97,184
Station Casinos LLC (e)
4.50%, 02/15/28			69			58,278
4.63%, 12/01/31			89			69,420
Vail Resorts, Inc., 6.25%, 05/15/25 (e)			89			88,891
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (e)			44			38,485
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (e)			198			155,945
Yum! Brands, Inc.
4.75%, 01/15/30 (e)			24			21,780
5.35%, 11/01/43			14			11,603


						4,795,348

Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co. (e)
4.63%, 08/01/29			32			24,000
4.63%, 04/01/30			46			33,780
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (e)
5.00%, 06/15/29			67			50,657
4.88%, 02/15/30			256			185,984
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (e)			104			91,944
K Hovnanian Enterprises, Inc., 10.00%, 11/15/25 (e)			20			21,204
KB Home, 7.25%, 07/15/30			21			19,898


Security		Par (000)		Value

Household Durables (continued)
Mattamy Group Corp., 4.63%, 03/01/30 (e)	USD		72	$	52,619
NCR Corp. (e)
5.75%, 09/01/27			20		17,751
5.00%, 10/01/28			57		48,330
5.13%, 04/15/29			30		25,372
6.13%, 09/01/29			78		67,459
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (e)			105		70,612
Taylor Morrison Communities, Inc., 5.13%, 08/01/30 (e)			20		16,610
Tempur Sealy International, Inc. (e)
4.00%, 04/15/29			73		58,804
3.88%, 10/15/31			96		72,000
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		15,534


					872,558

Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27 (e)			38		33,297


Independent Power and Renewable Electricity Producers (e) — 0.1%
Calpine Corp.
5.25%, 06/01/26			28		26,600
5.13%, 03/15/28			380		334,514
4.63%, 02/01/29			22		18,310
5.00%, 02/01/31			14		11,318
3.75%, 03/01/31			4		3,254
Clearway Energy Operating LLC
4.75%, 03/15/28			20		17,994
3.75%, 01/15/32			82		64,985
NRG Energy, Inc.
3.63%, 02/15/31			91		71,343
3.88%, 02/15/32			78		61,954
TerraForm Power Operating LLC, 4.75%, 01/15/30			74		63,380


					673,652

Insurance (e) — 0.5%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29			71		55,578
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27			388		335,841
6.75%, 10/15/27			1,083		961,032
5.88%, 11/01/29			376		312,009
AmWINS Group, Inc., 4.88%, 06/30/29			82		67,152
GTCR AP Finance, Inc., 8.00%, 05/15/27			4		3,745
HUB International Ltd.
7.00%, 05/01/26			416		391,206
5.63%, 12/01/29			16		13,217
Ryan Specialty Group LLC, 4.38%, 02/01/30			43		37,410


					2,177,190

Interactive Media & Services — 0.1%
Arches Buyer, Inc., 4.25%, 06/01/28 (e)			36		29,311
Iliad SA, 2.38%, 06/17/26 (a)	EUR		100		91,696
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. (e)
4.75%, 04/30/27	USD		152		125,180
6.00%, 02/15/28			71		51,021
10.75%, 06/01/28			30		26,694


S C H E D U L E O F I N V E S T M E N T S		21


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interactive Media & Services (continued)
Twitter, Inc. (e)
3.88%, 12/15/27	USD		103	$	97,104
5.00%, 03/01/30			71		67,361


					488,367

Internet Software & Services (e) — 0.4%
ANGI Group LLC, 3.88%, 08/15/28			106		80,708
Endurance International Group Holdings, Inc., 6.00%, 02/15/29			34		24,535
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			55		46,370
Match Group Holdings II LLC
4.63%, 06/01/28			81		73,435
4.13%, 08/01/30			65		54,282
3.63%, 10/01/31			51		40,162
Uber Technologies, Inc.
7.50%, 05/15/25			242		239,694
8.00%, 11/01/26			92		91,586
7.50%, 09/15/27			282		273,196
6.25%, 01/15/28			341		315,370
4.50%, 08/15/29			656		539,560


					1,778,898

IT Services — 0.6%
Ahead DB Holdings LLC, 6.63%, 05/01/28 (e)			50		41,450
Booz Allen Hamilton, Inc. (e)
3.88%, 09/01/28			75		66,375
4.00%, 07/01/29			138		120,326
CA Magnum Holdings, 5.38%, 10/31/26 (e)			201		173,865
Camelot Finance SA, 4.50%, 11/01/26 (e)			56		51,078
Condor Merger Sub, Inc., 7.38%, 02/15/30 (e)			279		226,763
Dun & Bradstreet Corp., 5.00%, 12/15/29 (e)			252		217,665
Fair Isaac Corp., 4.00%, 06/15/28 (e)			63		55,808
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,238,718
Gartner, Inc. (e)
4.50%, 07/01/28			91		83,557
3.63%, 06/15/29			55		47,650
3.75%, 10/01/30			45		38,306
KBR, Inc., 4.75%, 09/30/28 (e)			66		58,168
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (e)			190		178,740
Twilio, Inc., 3.88%, 03/15/31			161		132,466
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (e)			337		282,286


					3,013,221

Leisure Products — 0.0%
Mattel, Inc.
3.75%, 04/01/29 (e)			45		40,437
6.20%, 10/01/40			60		57,300
5.45%, 11/01/41			119		104,452


					202,189

Machinery — 0.5%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28 (e)			35		29,225
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (e)(i)			445		431,650
Madison IAQ LLC, 5.88%, 06/30/29 (e)			1,142		875,137
Mueller Water Products, Inc., 4.00%, 06/15/29 (e)			34		29,660
OT Merger Corp., 7.88%, 10/15/29 (e)			37		21,251
Schenck Process Holding GmbH/Darmstadt, 5.38%, 06/15/23 (a)	EUR		100		100,819


Security		Par (000)		Value

Machinery (continued)
Terex Corp., 5.00%, 05/15/29 (e)	USD		102	$	86,700
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (e)			171		157,183
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (e)			200		179,500
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (e)			400		356,626


					2,267,751

Media — 2.5%
Adelphia Communications Corp., 10.50%, 12/31/49 (b)(c)(f)(g)			400		—
Altice Financing SA (e)
5.00%, 01/15/28			204		164,391
5.75%, 08/15/29			251		201,428
Altice France Holding SA, 10.50%, 05/15/27 (e)			742		622,642
AMC Networks, Inc., 4.25%, 02/15/29			39		31,540
Cable One, Inc.
1.13%, 03/15/28 (k)			66		55,308
4.00%, 11/15/30 (e)			88		72,290
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27 (e)			38		35,863
5.00%, 02/01/28 (e)			62		57,207
5.38%, 06/01/29 (e)			117		104,579
4.75%, 03/01/30 (e)			22		18,816
4.50%, 08/15/30 (e)			144		119,560
4.25%, 02/01/31 (e)			257		209,455
4.75%, 02/01/32 (e)			172		140,834
4.50%, 05/01/32			279		225,906
4.50%, 06/01/33 (e)			128		100,867
4.25%, 01/15/34 (e)			289		223,253
Clear Channel International BV, 6.63%, 08/01/25 (e)			200		186,000
Clear Channel Outdoor Holdings, Inc. (e)
5.13%, 08/15/27			562		474,513
7.75%, 04/15/28			358		260,470
7.50%, 06/01/29			252		181,203
CMG Media Corp., 8.88%, 12/15/27 (e)			100		79,001
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (e)			738		663,189
CSC Holdings LLC
5.25%, 06/01/24			344		321,640
4.13%, 12/01/30 (e)			223		173,940
3.38%, 02/15/31 (e)			205		151,559
Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27 (e)			155		132,226
DISH DBS Corp.
5.88%, 07/15/22			582		578,700
5.25%, 12/01/26 (e)			463		362,918
5.75%, 12/01/28 (e)			270		199,911
5.13%, 06/01/29			107		65,017
Frontier Communications Holdings LLC (e)
5.88%, 10/15/27			144		129,471
5.00%, 05/01/28			165		140,250
6.75%, 05/01/29			146		120,085
6.00%, 01/15/30			86		66,173
GCI LLC, 4.75%, 10/15/28 (e)			64		55,453
Iliad Holding SASU (e)
6.50%, 10/15/26			200		179,994
7.00%, 10/15/28			200		173,987
Kaixo Bondsco Telecom SA, 5.13%, 09/30/29 (a)	EUR		100		79,382
Lamar Media Corp., 4.00%, 02/15/30	USD		57		47,860
LCPR Senior Secured Financing DAC (e)
6.75%, 10/15/27			180		167,909


22		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC (e) (continued)
5.13%, 07/15/29	USD		200	$	167,000
Liberty Broadband Corp., 2.75%, 09/30/50 (e)(k)			481		457,518
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (e)(i)			89		45,413
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (e)			244		190,320
Live Nation Entertainment, Inc. (e)
4.88%, 11/01/24			9		8,595
6.50%, 05/15/27			452		444,506
4.75%, 10/15/27			52		46,099
3.75%, 01/15/28			62		53,475
Outfront Media Capital LLC/Outfront Media Capital Corp. (e)
5.00%, 08/15/27			215		187,856
4.25%, 01/15/29			43		34,255
4.63%, 03/15/30			4		3,151
Radiate Holdco LLC/Radiate Finance, Inc. (e)
4.50%, 09/15/26			815		702,758
6.50%, 09/15/28			414		319,970
Scripps Escrow II, Inc., 3.88%, 01/15/29 (e)			5		4,190
Sinclair Television Group, Inc., 4.13%, 12/01/30 (e)			229		181,635
Sirius XM Radio, Inc. (e)
3.13%, 09/01/26			212		189,153
5.00%, 08/01/27			55		51,014
4.00%, 07/15/28			99		85,635
4.13%, 07/01/30			28		23,385
3.88%, 09/01/31			151		120,234
Stagwell Global LLC, 5.63%, 08/15/29 (e)			32		25,713
United Group BV, 5.25%, 02/01/30 (a)	EUR		100		77,275
Univision Communications, Inc. (e)
5.13%, 02/15/25	USD		107		100,687
6.63%, 06/01/27			39		37,132
7.38%, 06/30/30			42		41,055
UPC Broadband Finco BV, 4.88%, 07/15/31 (e)			200		163,000
Videotron Ltd., 3.63%, 06/15/29 (e)			85		69,000
Virgin Media Secured Finance PLC, 4.50%, 08/15/30 (e)			200		164,342
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (e)			242		200,247
WMG Acquisition Corp., 3.88%, 07/15/30 (e)			7		5,821
Ziggo Bonds Co. BV, 5.13%, 02/28/30 (e)			200		156,882


					11,732,106

Metals & Mining — 0.5%
Allegheny Technologies, Inc.
4.88%, 10/01/29			32		25,520
5.13%, 10/01/31			88		67,412
Arconic Corp. (e)
6.00%, 05/15/25			13		12,679
6.13%, 02/15/28			183		170,882
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (e)			341		316,429
Carpenter Technology Corp.
6.38%, 07/15/28			14		12,496
7.63%, 03/15/30			64		58,771
Commercial Metals Co.
4.13%, 01/15/30			23		19,366
4.38%, 03/15/32			24		19,658
Constellium SE, 3.75%, 04/15/29 (e)			500		396,536


Security		Par (000)		Value

Metals & Mining (continued)
ERO Copper Corp., 6.50%, 02/15/30 (e)	USD		50	$	40,125
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32 (e)			130		117,000
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28 (e)			9		9,293
Kaiser Aluminum Corp. (e)
4.63%, 03/01/28			169		140,696
4.50%, 06/01/31			192		145,321
Mineral Resources Ltd. (e)
8.00%, 11/01/27			41		39,975
8.50%, 05/01/30			41		40,385
New Gold, Inc., 7.50%, 07/15/27 (e)			170		147,900
Novelis Corp. (e)
3.25%, 11/15/26			148		125,101
4.75%, 01/30/30			381		316,679
3.88%, 08/15/31			148		113,988
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (e)			39		33,186
U.S. Steel Corp., 6.88%, 03/01/29			90		78,533


					2,447,931

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc., 5.50%, 11/01/23 (e)			9		8,899


Multiline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (e)			123		113,354


Offshore Drilling & Other Services (e) — 0.0%
Entegris, Inc.
4.38%, 04/15/28			29		25,593
3.63%, 05/01/29			10		8,362


					33,955

Oil, Gas & Consumable Fuels — 2.7%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (e)			186		180,745
Antero Midstream Partners LP/Antero Midstream Finance Corp. (e)
5.75%, 03/01/27			80		74,400
5.75%, 01/15/28			15		13,656
5.38%, 06/15/29			66		59,107
Antero Resources Corp., 7.63%, 02/01/29 (e)			38		38,656
Apache Corp.
4.25%, 01/15/30			68		60,265
5.10%, 09/01/40			130		109,769
5.25%, 02/01/42			18		15,057
5.35%, 07/01/49			41		32,396
Arcosa, Inc., 4.38%, 04/15/29 (e)			117		99,281
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (e)
9.00%, 11/01/27			298		374,045
5.88%, 06/30/29			71		62,480
Buckeye Partners LP
5.85%, 11/15/43			16		11,360
5.60%, 10/15/44			1		696
Callon Petroleum Co.
6.13%, 10/01/24			33		33,508
9.00%, 04/01/25 (e)			237		251,220
6.38%, 07/01/26			38		35,055
8.00%, 08/01/28 (e)			250		240,150
7.50%, 06/15/30 (e)			279		256,719


S C H E D U L E O F I N V E S T M E N T S		23


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31 (a)(k)	EUR		100	$	71,367
Centennial Resource Production LLC, 6.88%, 04/01/27 (e)	USD		36		34,187
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29 (e)			179		172,287
Cheniere Energy Partners LP
4.50%, 10/01/29			211		188,360
4.00%, 03/01/31			201		170,910
3.25%, 01/31/32 (e)			163		128,362
Cheniere Energy, Inc., 4.63%, 10/15/28			616		554,751
Chesapeake Energy Corp. (e)
5.88%, 02/01/29			5		4,715
6.75%, 04/15/29			166		160,527
CITGO Petroleum Corp. (e)
7.00%, 06/15/25			90		87,075
6.38%, 06/15/26			74		68,315
Civitas Resources, Inc., 5.00%, 10/15/26 (e)			28		25,130
CNX Midstream Partners LP, 4.75%, 04/15/30 (e)			30		25,200
CNX Resources Corp., 6.00%, 01/15/29 (e)			33		30,829
Colgate Energy Partners III LLC (e)
7.75%, 02/15/26			38		36,124
5.88%, 07/01/29			129		113,036
Comstock Resources, Inc. (e)
6.75%, 03/01/29			137		122,674
5.88%, 01/15/30			220		189,200
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (e)			250		212,885
Crescent Energy Finance LLC, 7.25%, 05/01/26 (e)			222		202,020
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (e)
5.63%, 05/01/27			16		14,240
6.00%, 02/01/29			13		11,344
8.00%, 04/01/29			27		25,077
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25 (e)			441		414,540
DCP Midstream Operating LP (e)
6.45%, 11/03/36			179		175,420
6.75%, 09/15/37			6		5,708
DT Midstream, Inc. (e)
4.13%, 06/15/29			132		111,870
4.38%, 06/15/31			152		127,300
Dycom Industries, Inc., 4.50%, 04/15/29 (e)			33		28,813
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (e)			93		88,001
eG Global Finance PLC
6.75%, 02/07/25 (e)			200		188,577
6.25%, 10/30/25 (a)	EUR		142		133,360
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50% (g)(h)	USD		204		180,319
EnLink Midstream LLC
5.63%, 01/15/28 (e)			93		85,306
5.38%, 06/01/29			122		106,775
EnLink Midstream Partners LP
4.40%, 04/01/24			136		132,756
4.85%, 07/15/26			39		35,978
5.60%, 04/01/44			82		58,073
5.45%, 06/01/47			18		12,739


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
EQM Midstream Partners LP
6.00%, 07/01/25 (e)	USD		33	$	31,636
4.13%, 12/01/26			17		14,684
6.50%, 07/01/27 (e)			117		108,787
4.50%, 01/15/29 (e)			8		6,495
7.50%, 06/01/30 (e)			27		25,937
4.75%, 01/15/31 (e)			199		158,702
Gulfport Energy Corp., 8.00%, 05/17/26 (e)			11		11,313
Harvest Midstream I LP, 7.50%, 09/01/28 (e)			20		18,785
Hess Midstream Operations LP, 4.25%, 02/15/30 (e)			77		64,485
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (e)			10		9,425
ITT Holdings LLC, 6.50%, 08/01/29 (e)			109		87,200
Kinetik Holdings LP, 5.88%, 06/15/30 (e)			177		168,613
MasTec, Inc., 4.50%, 08/15/28 (e)			56		50,382
Matador Resources Co., 5.88%, 09/15/26			233		223,978
Murphy Oil Corp.
5.75%, 08/15/25			35		34,633
5.88%, 12/01/27			20		18,665
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		98,107
Nabors Industries Ltd. (e)
7.25%, 01/15/26			27		23,945
7.50%, 01/15/28			44		37,840
Nabors Industries, Inc., 7.38%, 05/15/27 (e)			104		98,800
New Fortress Energy, Inc. (e)
6.75%, 09/15/25			383		361,935
6.50%, 09/30/26			309		279,880
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (e)			80		72,000
NGPL PipeCo LLC, 7.77%, 12/15/37 (e)			186		202,412
Northern Oil & Gas, Inc., 8.13%, 03/01/28 (e)			280		263,900
NuStar Logistics LP
5.75%, 10/01/25			41		38,335
6.00%, 06/01/26			124		115,940
6.38%, 10/01/30			2		1,738
Occidental Petroleum Corp.
6.95%, 07/01/24			19		19,570
8.00%, 07/15/25			11		11,578
5.88%, 09/01/25			38		37,835
5.50%, 12/01/25			49		48,265
8.88%, 07/15/30			23		26,406
6.63%, 09/01/30			743		765,290
6.13%, 01/01/31			25		25,336
7.50%, 05/01/31			27		29,025
6.45%, 09/15/36			32		32,800
6.20%, 03/15/40			302		297,470
6.60%, 03/15/46			18		19,116
PDC Energy, Inc., 6.13%, 09/15/24			68		67,537
Range Resources Corp., 4.88%, 05/15/25			39		38,041
Rockcliff Energy II LLC, 5.50%, 10/15/29 (e)			149		135,586
SM Energy Co.
5.63%, 06/01/25			22		20,790
6.75%, 09/15/26			46		43,395
6.63%, 01/15/27			10		9,350
6.50%, 07/15/28			52		47,825
Southwestern Energy Co.
5.38%, 02/01/29			92		85,339
4.75%, 02/01/32			52		44,435


24		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28	USD		151	$	137,675
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (e)
6.00%, 03/01/27			14		12,495
6.00%, 12/31/30			10		8,300
6.00%, 09/01/31			41		33,825
Tap Rock Resources LLC, 7.00%, 10/01/26 (e)			245		231,333
Transocean, Inc., 11.50%, 01/30/27 (e)			167		156,751
Venture Global Calcasieu Pass LLC (e)
3.88%, 08/15/29			265		231,802
4.13%, 08/15/31			224		191,412
3.88%, 11/01/33			581		479,325
Vermilion Energy, Inc., 6.88%, 05/01/30 (e)			51		45,645
Western Midstream Operating LP
4.75%, 08/15/28			95		86,794
5.45%, 04/01/44			217		180,357
5.30%, 03/01/48			39		31,440
5.50%, 08/15/48			17		13,855
5.75%, 02/01/50			156		125,277


					12,882,542

Pharmaceuticals — 0.3%
Bausch Health Cos., Inc. (e)
9.00%, 12/15/25			55		40,637
6.13%, 02/01/27			21		17,850
7.00%, 01/15/28			36		20,610
5.00%, 02/15/29			55		28,600
6.25%, 02/15/29			2		1,064
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (a)	EUR		100		89,040
Elanco Animal Health, Inc., 6.40%, 08/28/28	USD		57		54,258
Gruenenthal GmbH, 4.13%, 05/15/28 (a)	EUR		100		89,600
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (a)			200		185,174
Option Care Health, Inc., 4.38%, 10/31/29 (e)	USD		67		57,453
Organon & Co./Organon Foreign Debt Co-Issuer BV (e)
4.13%, 04/30/28			200		177,000
5.13%, 04/30/31			200		172,566
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (e)			88		61,604
PRA Health Sciences, Inc., 2.88%, 07/15/26 (e)			200		178,000
Prestige Brands, Inc., 3.75%, 04/01/31 (e)			70		58,044
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR		100		88,604


					1,320,104

Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (e)	USD		90		83,587
DIC Asset AG, 2.25%, 09/22/26 (a)	EUR		100		69,689
Howard Hughes Corp. (e)
5.38%, 08/01/28	USD		8		6,700
4.13%, 02/01/29			51		39,336
4.38%, 02/01/31			63		46,625
Realogy Group LLC/Realogy Co-Issuer Corp. (e)
5.75%, 01/15/29			321		243,421


Security		Par (000)		Value

Real Estate Management & Development (continued)
Realogy Group LLC/Realogy Co-Issuer Corp. (e) (continued)
5.25%, 04/15/30	USD		43	$	31,820
Starwood Property Trust, Inc., 4.38%, 01/15/27 (e)			25		21,702
WeWork Cos. LLC/WW Co.-Obligor, Inc., 5.00%, 07/10/25 (e)			70		45,209


					588,089

Road & Rail — 0.0%
Autostrade per l’Italia SpA, 2.00%, 01/15/30 (a)	EUR		100		82,002
Seaspan Corp., 5.50%, 08/01/29 (e)	USD		101		81,261


					163,263

Semiconductors & Semiconductor Equipment (e) — 0.2%
Entegris Escrow Corp., 4.75%, 04/15/29			398		370,629
Sensata Technologies BV, 4.00%, 04/15/29			36		30,531
Sensata Technologies, Inc.
4.38%, 02/15/30			223		189,813
3.75%, 02/15/31			49		39,271
Synaptics, Inc., 4.00%, 06/15/29			112		90,942


					721,186

Software (e) — 0.4%
Black Knight InfoServ LLC, 3.63%, 09/01/28			122		105,530
Boxer Parent Co., Inc.
7.13%, 10/02/25			148		141,719
9.13%, 03/01/26			215		200,856
Elastic NV, 4.13%, 07/15/29			120		100,174
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32			73		58,919
Maxar Technologies, Inc., 7.75%, 06/15/27			27		26,744
MicroStrategy, Inc., 6.13%, 06/15/28			144		114,672
MSCI, Inc.
3.63%, 09/01/30			64		53,355
3.88%, 02/15/31			11		9,405
3.63%, 11/01/31			41		33,749
3.25%, 08/15/33			58		46,231
Open Text Corp.
3.88%, 02/15/28			2		1,779
3.88%, 12/01/29			177		148,972
Playtika Holding Corp., 4.25%, 03/15/29			174		143,550
PTC, Inc., 4.00%, 02/15/28			80		72,293
SS&C Technologies, Inc., 5.50%, 09/30/27			393		366,496
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25			260		195,116


					1,819,560

Specialty Retail — 0.1%
Arko Corp., 5.13%, 11/15/29 (e)			58		43,937
Bath & Body Works, Inc., 7.60%, 07/15/37			96		77,392
Carvana Co., 10.25%, 05/01/30 (e)			53		43,460
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (e)			253		227,829
Staples, Inc., 7.50%, 04/15/26 (e)			90		74,598


					467,216

Technology Hardware, Storage & Peripherals — 0.0%
II-VI, Inc., 5.00%, 12/15/29 (e)			164		143,090


S C H E D U L E O F I N V E S T M E N T S		25


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Textiles, Apparel & Luxury Goods (e) — 0.0%
Crocs, Inc.
4.25%, 03/15/29	USD		11	$	8,136
4.13%, 08/15/31			49		34,680
Kontoor Brands, Inc., 4.13%, 11/15/29			32		25,412
Levi Strauss & Co., 3.50%, 03/01/31			57		46,598


					114,826

Thrifts & Mortgage Finance — 0.1%
Enact Holdings, Inc., 6.50%, 08/15/25 (e)			129		121,663
Home Point Capital, Inc., 5.00%, 02/01/26 (e)			58		40,020
MGIC Investment Corp., 5.25%, 08/15/28			47		42,086
Nationstar Mortgage Holdings, Inc. (e)
6.00%, 01/15/27			54		46,842
5.13%, 12/15/30			34		25,416
5.75%, 11/15/31			32		24,502
Rocket Mortgage LLC/Rocket Mortgage Co- Issuer, Inc., 2.88%, 10/15/26 (e)			59		48,758


					349,287

Utilities (e) — 0.1%
Consensus Cloud Solutions, Inc.
6.00%, 10/15/26			23		19,787
6.50%, 10/15/28			20		16,504
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28			51		44,370
Vistra Operations Co. LLC
5.63%, 02/15/27			99		93,086
4.38%, 05/01/29			73		61,074


					234,821

Wireless Telecommunication Services — 0.4%
Altice France SA (e)
8.13%, 02/01/27			334		307,410
5.50%, 01/15/28			229		184,542
5.13%, 07/15/29			351		265,005
5.50%, 10/15/29			200		152,782
SBA Communications Corp.
3.13%, 02/01/29			8		6,548
3.88%, 02/15/27			410		374,244
T-Mobile USA, Inc.
2.63%, 02/15/29			45		37,880
3.38%, 04/15/29			116		101,500
2.88%, 02/15/31			71		58,946
3.50%, 04/15/31			146		126,061
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29 (e)			146		106,945
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (e)			147		139,834
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31 (e)			200		161,570


					2,023,267

Total Corporate Bonds — 21.0% (Cost: $124,569,715)					99,906,902


Floating Rate Loan Interests (h)

Aerospace & Defense — 4.4%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			4,698		4,330,576


Security		Par (000)		Value

Aerospace & Defense (continued)
Atlas CC Acquisition Corp. (continued)
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28	USD		955	$	880,795
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 6.25%, 10/31/26			812		786,061
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28 (l)			326		309,429
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			1,777		1,633,953
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			3,305		3,039,152
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.19%, 04/09/26			766		632,931
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			1,474		1,367,262
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			5,074		4,754,311
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25			880		855,685
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25			2,382		2,253,110


					20,843,265

Air Freight & Logistics — 0.3%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			512		462,622
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26			366		326,789
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			840		755,498


					1,544,909

Airlines — 2.4%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			1,434		1,365,123
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28 (c)			1,802		1,653,702
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27			571		501,586
2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/15/23			1,785		1,723,384
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.37%, 06/27/25			436		385,291
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			3,013		2,970,986
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			3,279		3,038,776


					11,638,848

Auto Components — 2.5%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/10/28			721		669,066
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			3,217		2,995,511


26		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Auto Components (continued)
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28	USD		1,755	$	1,565,644
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24			4,325		4,138,505
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/02/26 (c)			247		227,563
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26			2,290		2,121,329


					11,717,618

Banks — 0.7%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27			2,162		1,984,738
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28			1,412		1,301,310


					3,286,048

Beverages — 0.6%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30 (c)			1,030		926,781
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			2,204		2,047,432


					2,974,213

Building Materials — 0.1%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%,), 4.57%, 04/12/28			515		424,934


Building Products — 1.7%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27			1,280		1,120,846
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29 (c)			707		653,975
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28			723		684,975
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (EURIBOR + 3.67%), 3.68%, 04/12/28	EUR		854		762,891
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29	USD		739		671,483
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28			1,426		1,375,209
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26			3,038		2,683,128


					7,952,507

Capital Markets — 2.5%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29 (c)			2,373		2,206,518
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27			5,665		5,289,546
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			1,594		1,546,180
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27			1,338		1,258,095


Security		Par (000)			Value

Capital Markets (continued)
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 06/27/25	USD		—	(m)	$	234
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 06/30/28			1,300			1,242,492
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/12/24			520			510,434


						12,053,499

Chemicals — 4.8%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			2,914			2,834,052
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28			3,060			2,917,276
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 4.00%, 06/01/24			602			586,834
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 12/29/27			647			563,263
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.09%, 06/28/24			1,329			1,278,073
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 01/31/26			1,755			1,726,637
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 06/30/27			1,233			1,136,560
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28			949			844,289
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26			2,807			2,673,832
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.87%, 02/14/24			378			376,984
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24			1,330			1,282,048
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24			1,524			1,406,912
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28			1,530			1,459,753
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			620			583,461
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			937			833,545
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28 (c)			1,440			1,371,857
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.25%, 10/01/25			330			311,367
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			473			447,340


						22,634,083


S C H E D U L E O F I N V E S T M E N T S		27


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

��


Security		Par (000)		Value

Commercial Services & Supplies — 5.1%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28	USD		2,316	$	2,117,936
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29			689		654,123
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 4.79%, 11/03/23			1,208		1,158,095
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.67%, 11/03/24			911		852,656
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			693		627,068
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28			985		837,576
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 6.92%, 01/20/29			1,402		1,184,690
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28			615		608,761
Covanta Holding Corp.
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			997		940,020
2021 Term Loan C, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			75		70,590
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.88%, 11/27/26			1,702		1,610,050
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25			2,667		2,539,007
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.00%, 05/09/25			434		401,706
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28			1,475		1,346,762
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26			1,487		1,384,857
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28			4,230		4,003,009
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 10.00%, 06/16/26			383		296,554
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			3,247		3,100,438
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28			691		645,879


					24,379,777

Communications Equipment — 0.4%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			2,198		2,041,296


Construction & Engineering — 1.8%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			3,562		3,064,106
New Arclin U.S. Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 09/30/29 (c)			815		768,138


Security		Par (000)		Value

Construction & Engineering (continued)
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28	USD		925	$	877,276
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28			2,422		2,229,127
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28			1,553		1,441,516


					8,380,163

Construction Materials — 1.3%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28			3,577		3,400,017
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25			2,111		1,995,048
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26			766		715,423


					6,110,488

Containers & Packaging — 1.3%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			2,219		2,087,788
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27			1,990		1,868,876
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			543		512,294
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27			1,033		916,477
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%), 5.60%, 09/15/28			79		74,167
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 09/15/28			889		831,843


					6,291,445

Distributors — 0.9%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27			1,062		1,001,814
TMK Hawk Parent Corp. (c)
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 10.50%, 1.00% Floor), 11.17%, 05/30/24			1,005		934,978
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.11%, 08/28/24			3,229		2,454,358


					4,391,150

Diversified Consumer Services — 3.1%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/30/24			1,264		1,206,290
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29 (c)			681		623,115
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28			1,696		1,562,878
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 11/24/28 (c)			816		777,145


28		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Consumer Services (continued)
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 07/11/25	USD		2,596	$	2,463,760
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25			2,737		2,550,658
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 3.66%, 05/15/24			1,098		1,054,268
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26			763		644,241
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27			680		640,456
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 9.01%, 08/10/23			415		401,664
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.01%, 08/10/23			850		593,013
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			1,667		1,591,488
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 07/20/28			654		610,321


					14,719,297

Diversified Financial Services — 6.9%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26			919		872,075
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28 (c)			750		721,563
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28			1,532		1,452,840
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28 (c)			3,115		2,896,923
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26			2,048		1,953,904
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28			1,390		1,324,153
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28 (c)			595		505,750
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			1,509		1,362,521
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 02/07/25			1,143		1,071,687
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			2,836		2,676,664
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			380		357,355
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24			1,321		1,258,137
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			218		207,917
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			531		500,555


Security		Par (000)			Value

Diversified Financial Services (continued)
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27	USD		2,034		$	1,661,835
LEB Holdings USA, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 11/02/27			425			416,815
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29			961			852,887
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			1,906			1,767,575
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28			643			539,039
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 4.25%, 11/05/28			1,175			1,115,275
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25			1,708			1,588,596
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25			921			854,762
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			3,335			2,720,802
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27			1,299			1,219,452
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27			1,094			1,005,452
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28			1,876			1,745,262


						32,649,796

Diversified Telecommunication Services — 1.9%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.57%, 11/30/27			502			472,525
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.19%, 10/02/27			713			628,257
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			1,762			1,644,663
Intelsat Jackson Holdings SA, 2017 Term Loan B3, (PRIME + 4.75%), 9.50%, 11/27/23			—	(m)		1
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26			1,698			1,625,335
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 03/01/27			1,676			1,549,242
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 07/24/28			1,774			1,674,293
Virgin Media SFA Finance Ltd., GBP Term Loan L, 4.19%, 01/15/27	GBP		1,400			1,538,332


						9,132,648


S C H E D U L E O F I N V E S T M E N T S		29


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electric Utilities — 0.7%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27	USD		1,110	$	1,067,566
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28			2,812		2,479,645


					3,547,211

Electrical Equipment — 1.1%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28 (c)			1,344		1,259,855
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29 (c)			286		272,415
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27			2,146		2,020,652
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29 (l)			1,519		1,452,544


					5,005,466

Environmental, Maintenance & Security Service — 0.6%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27			1,744		1,679,987
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27			1,073		1,017,538


					2,697,525

Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 05/11/24			271		262,737


Food & Staples Retailing — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26			735		691,754
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 4.32%, 11/22/28			967		918,747


					1,610,501

Food Products — 2.3%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25			1,184		992,826
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%), 6.42%, 10/01/25			1,342		1,133,587
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27			2,451		2,216,988
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27			3,272		3,003,230
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 4.92%, 02/05/26			1,677		1,561,090
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28			1,345		1,266,671
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28			606		576,437


					10,750,829

Gas Utilities — 0.5%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			2,908		2,505,313


Security		Par (000)		Value

Health Care Equipment & Supplies — 1.4%
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 11/01/28	USD		1,929	$	1,801,871
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28			678		642,547
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28			3,771		3,491,415
Venga Finance SARL, 2021 USD Term Loan B, 12/04/28 (c)(l)			570		529,864


					6,465,697

Health Care Providers & Services — 2.7%
CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%), 6.01%, 03/06/28			1,405		1,329,651
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28			903		852,146
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			1,414		1,336,630
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			1,699		558,913
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27			1,945		1,794,061
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 9.00%, 11/15/29			508		476,057
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 11/15/28			376		345,311
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26			932		810,977
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28			767		707,071
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%), 5.17%, 02/14/25			46		43,547
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26			2,247		2,131,841
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29			294		291,428
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28			2,469		2,320,953


					12,998,586

Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26			849		792,969
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			536		493,120


					1,286,089

Health Care Technology — 2.9%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29			2,524		2,317,125
Change Healthcare Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.17%, 03/01/24			2,996		2,910,060
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25			830		756,073
IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 03/07/24			266		260,300


30		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Technology (continued)
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28	USD		3,272	$	3,014,665
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.99%, 07/24/26 (c)			2,322		2,200,145
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 04/02/29 (c)			2,740		2,575,600


					14,033,968

Hotels, Restaurants & Leisure — 5.9%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26			2,722		2,593,442
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 02/02/26			241		213,875
Aristocrat Technologies, Inc., 2022 Term Loan B, (SOFR + 2.25%), 4.40%, 05/24/29			175		168,613
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24			1,571		1,509,922
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 07/20/25			1,063		1,022,755
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25			620		574,682
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 03/17/28			687		646,632
ECL Entertainment LLC, Term Loan, (3 mo. LIBOR + 7.50%, 0.75% Floor), 9.75%, 05/01/28			812		791,002
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24			4,157		3,060,254
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			3,201		2,943,831
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23			873		862,087
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 4.42%, 02/05/25			1,378		1,303,758
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29			1,288		1,232,215
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28			1,513		1,422,980
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29			711		673,672
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26			1,050		996,778
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/08/27			1,968		1,847,519
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR + 1.50%, 1.00% Floor), 3.75%, 02/28/25			1,638		1,616,168
2021 Consented Term Loan, (3 mo. LIBOR + 5.00%), 7.25%, 05/29/26			2,166		1,666,454


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28	USD		793	$	733,789
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28			1,996		1,866,232
Wyndham Hotels & Resorts, Inc., Term Loan B, 05/30/25 (l)			173		166,426


					27,913,086

Household Durables — 1.1%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28			1,433		1,103,661
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28			943		854,974
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29			1,958		1,680,219
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			727		595,377
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27			906		819,481


					5,053,712

Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 03/03/28			474		455,633


Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/25			658		630,826
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26			1,045		989,137
Term Loan B9, (1 mo. LIBOR + 2.00%), 3.67%, 04/05/26			1,894		1,779,833


					3,399,796

Industrial Conglomerates — 2.4%
AVSC Holding Corp. (i)
2020 Term Loan B1, (0.25% PIK), 5.11%, 03/03/25			3,181		2,728,252
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			1,515		1,597,852
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28			1,527		1,406,851
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			736		729,477
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%), 9.00%, 07/28/28			961		853,262
Vertical U.S. Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.02%, 07/30/27			1,682		1,567,072
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27			2,588		2,400,381


					11,283,147


S C H E D U L E O F I N V E S T M E N T S		31


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Insurance — 4.1%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25	USD		2,403	$	2,256,856
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27			3,299		3,060,832
Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			1,172		1,105,725
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28			2,969		2,799,967
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			1,288		1,204,082
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			768		717,952
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.21%, 04/25/25			2,351		2,221,520
2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25			2,986		2,826,640
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 02/15/27			164		150,972
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27 (c)			1,011		970,511
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26			1,353		1,283,716
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			726		699,335


					19,298,108

Interactive Media & Services — 2.3%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28			2,196		2,094,347
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27			636		579,051
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26			2,963		2,787,566
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 08/10/27			1,695		1,625,889
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			4,499		4,093,932


					11,180,785

Internet & Direct Marketing Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27			1,646		1,558,700
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 02/12/27 (c)			324		299,395


					1,858,095

Internet Software & Services — 0.3%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.07%, 02/25/27			1,543		1,473,475


IT Services — 6.1%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.38%, 11/24/28			1,275		1,204,875


Security		Par (000)		Value

IT Services (continued)
Aruba Investments, Inc. (continued)
2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27 (c)	USD		681	$	626,889
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25			2,028		1,884,325
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26			2,114		1,995,753
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28			1,485		1,405,117
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29 (c)			1,248		898,560
Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28			2,967		2,459,708
Fleetcor Technologies Operating Co. LLC,
2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/28/28			1,950		1,872,854
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			5,037		4,803,020
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27 (c)			2,237		2,012,953
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.25%, 10/09/28			3,730		3,702,025
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 05/05/26 (c)			855		797,398
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 11/16/26			1,646		1,549,674
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28			2,288		2,176,833
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28			927		873,370
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28			863		828,017
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/02/26			192		185,161


					29,276,532

Leisure Products — 0.4%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28			857		808,760
MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 06/19/24			770		750,901
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			299		284,238


					1,843,899

Life Sciences Tools & Services — 2.7%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27			2,348		2,239,681
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27			3,991		3,676,235


32		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Life Sciences Tools & Services (continued)
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28	USD		2,433	$	2,347,206
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			606		584,810
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27 (c)			1,300		1,232,079
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28			2,997		2,808,093


					12,888,104

Machinery — 3.0%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26			1,615		1,542,687
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28			353		307,920
Clark Equipment Co., 2022 Term Loan B, (SOFR + 2.50%), 4.65%, 04/20/29			264		254,094
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28			358		341,148
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28			1,031		961,601
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29			271		261,958
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27			2,489		2,377,164
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			3,278		2,977,638
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			1,197		1,112,167
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			4,228		3,867,397
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 10/04/28			111		108,880


					14,112,654

Media — 11.7%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			649		585,289
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26			1,732		1,560,741
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26			2,788		2,541,347
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26			1,320		1,108,482
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 05/03/28			433		415,325
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25			2,581		2,508,852
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28 (c)			1,403		1,284,186
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			3,381		2,894,997


Security		Par (000)			Value

Media (continued)
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26	USD		—	(m)	$	190
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26			7,243			6,645,054
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.57%, 07/17/25			579			537,212
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.82%, 04/15/27			1,845			1,711,103
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 4.42%, 01/07/28			759			716,912
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23 (c)			753			659,228
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25			1,526			1,471,186
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26			2,262			2,109,304
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24			4,175			3,922,222
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			2,530			2,377,742
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			984			923,572
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 09/18/26			1,004			987,637
Sinclair Television Group, Inc., 2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29 (c)			1,581			1,454,520
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23 (c)			4,338			4,153,756
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 07/28/28 (c)			495			472,664
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29			672			637,176
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 4.57%, 01/31/29			2,097			2,004,501
USD Term Loan N, (1 mo. LIBOR + 2.50%), 3.82%, 01/31/28			2,578			2,409,205
Voyage Digital Ltd., (SOFR + 4.50%), 5.28%, 05/11/29 (c)			885			840,750
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25			3,105			2,914,033
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28			1,854			1,775,822
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			4,386			4,030,943


						55,653,951

Oil, Gas & Consumable Fuels — 1.8%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25			556			582,266
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25			1,090			921,543


S C H E D U L E O F I N V E S T M E N T S		33


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24	USD		46	$	27,614
2020 Take Back Term Loan, (3.00% PIK), 2.83%, 06/30/25 (i)			337		169,274
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28			2,093		2,062,184
Medallion Midland Acquisition LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 10/18/28			1,681		1,608,302
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.82%, 01/31/28			568		564,947
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28			2,727		2,589,086


					8,525,216

Personal Products — 1.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.65%, 12/22/26			357		349,614
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%), 5.42%, 07/03/28			194		192,054
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26			5,332		4,922,207


					5,463,875

Pharmaceuticals — 2.6%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25			1,070		966,010
Bausch Health Cos., Inc., 2022 Term Loan B, (SOFR + 5.25%), 6.55%, 02/01/27			1,900		1,624,387
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28			1,860		1,829,236
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27			1,328		1,251,621
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 11/15/27			1,762		1,661,723
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28			2,134		2,031,860
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 10/27/28			611		582,250
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28			1,360		1,306,121
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27 (c)			1,218		1,123,332


					12,376,540

Professional Services — 1.2%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29			624		580,576
Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26			2,088		1,965,970


Security		Par (000)			Value

Professional Services (continued)
Element Materials Technology Group
U.S. Holdings, Inc. (l)
2022 USD Delayed Draw Term Loan B, 04/12/29	USD		529		$	506,604
2022 USD Delayed Draw Term Loan D, 04/12/29			1,146			1,097,641
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			1,749			1,637,501


						5,788,292

Real Estate Management & Development — 0.8%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			2,161			1,946,820
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25			2,048			1,923,502


						3,870,322

Road & Rail — 0.4%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27			571			539,942
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25 (c)			1,346			1,197,687


						1,737,629

Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 09/19/26			—	(m)		21
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28			551			534,803


						534,824

Software — 12.6%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24			431			412,475
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/19/25			630			604,995
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25			2,664			2,635,266
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.99%, 10/30/28			581			579,438
2022 Term Loan, 05/17/29 (l)			661			632,081
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29 (l)			634			597,627
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29 (c)			846			736,020
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			2,593			2,379,536
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 09/29/28			893			816,070
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28			1,055			941,028
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24 (c)			499			430,654
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 02/04/28			251			236,556


34		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28	USD		1,886	$	1,825,648
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			1,887		1,730,065
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28			4,478		4,240,012
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28 (c)			642		608,665
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 8.67%, 10/01/29			919		851,224
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/02/28			516		472,926
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			2,105		1,886,115
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			1,907		1,735,281
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			3,050		2,767,875
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27			1,380		1,310,692
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28 (c)			824		782,800
Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27			1,894		1,779,913
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28			2,481		2,300,592
2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29			1,281		1,223,355
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28			5,456		5,031,110
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 8.17%, 04/23/29			2,629		2,493,240
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			581		548,595
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25			2,418		2,317,030
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			3,678		3,422,567
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 3.42%, 04/16/25			401		379,903
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/16/25			325		308,194
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 04/16/25			1,700		1,611,487
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			2,577		2,521,417


Security		Par (000)		Value

Software (continued)
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27	USD		1,216	$	1,118,920
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			3,770		3,522,186
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26			2,493		2,350,271


					60,141,829

Specialty Retail — 3.8%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.69%, 11/13/25			1,977		1,908,080
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 3.50%, 10/30/26 (c)			1,134		1,082,898
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.88%, 04/13/28			1,720		1,649,330
EG Group Ltd., 2021 Term Loan, 6.50%, 03/31/26			502		473,797
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28			599		564,297
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28			2,658		2,452,110
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26			1,847		1,663,075
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			4,670		4,382,711
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			860		789,894
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28			753		670,170
Reverb Buyer, Inc., 2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28			1,763		1,650,207
WOOF Holding, Inc. (c)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.81%, 12/21/27			485		452,134
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 9.31%, 12/21/28			495		475,200


					18,213,903

Technology Hardware, Storage & Peripherals — 0.2%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/23/26			890		790,174


Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29			1,659		1,506,445


Trading Companies & Distributors — 0.7%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 05/19/28			1,221		1,162,644
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28 (c)			1,061		922,602


S C H E D U L E O F I N V E S T M E N T S		35


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)


Security		Par (000)		Value


Trading Companies & Distributors (continued)
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28	USD		598	$	549,752
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			868		797,678


					3,432,676

Wireless Telecommunication Services — 1.0%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28			968		914,203
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28			624		576,029
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25			3,318		3,191,235


					4,681,467


Total Floating Rate Loan Interests — 123.4% (Cost: $627,998,083)					587,084,075


		Shares


Investment Companies

Fixed Income Funds — 0.1%
Invesco Senior Loan ETF			16,200		328,374


Total Investment Companies — 0.1% (Cost: $349,754)					328,374


		Benefical Interest (000)


Other Interests (n)

IT Services (b)(c) — 0.0%
Millennium Corp.	USD		1,156		—
Millennium Lender Claim Trust			1,084		—


Total Other Interests — 0.0% (Cost: $ — )					—


		Par (000)


Preferred Securities

Capital Trusts — 0.4% (g)(h)

Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%	USD		50		43,500
Volkswagen International Finance NV, 4.38% (a)	EUR		100		84,083


					127,583

Diversified Financial Services — 0.3%
Barclays PLC, 4.38%	USD		200		153,373
HSBC Holdings PLC, 6.00%			600		537,750
JPMorgan Chase & Co.
Series FF, 5.00%			765		675,112
Series HH, 4.60%			166		140,191


					1,506,426

Electric Utilities — 0.0%
Edison International, Series B, 5.00%			55		43,760


Security		Par (000)		Value


Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00% (e)	USD		77	$	69,877


Utilities — 0.1%
Electricite de France SA, 3.38% (a)	EUR		200		136,225


					1,883,871


		Shares


Preferred Stocks — 0.1%

Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50% (g)(h)			13,550		331,162


Insurance — 0.0%
Alliant Holdings, Inc. (c)			83		75,210


					406,372


Total Preferred Securities — 0.5% (Cost: $2,675,908)					2,290,243


Warrants

Metals & Mining — 0.0%
Ameriforge Group, Inc.			5,283		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (b)			1,152		11,831


Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01) (b)(c)			1		—


Total Warrants — 0.0% (Cost: $ — )					11,831


Total Long-Term Investments — 145.1% (Cost: $769,685,734)					690,414,413


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (o)(p)			2,322,065		2,322,065


Total Short-Term Securities — 0.5% (Cost: $2,322,065)					2,322,065


Total Investments — 145.6% (Cost: $772,007,799)					692,736,478
Liabilities in Excess of Other Assets — (45.6)%					(216,802,197	)


Net Assets — 100.0%				$	475,934,281

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

(b)	Non-income producing security.

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

(d)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,210, representing less than 0.05% of its net assets as of period end, and an original cost of $255,714.

(e)	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.

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

(g)	Perpetual security with no stated maturity date.

(h)	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.


36		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)

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

(j)	All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(k)	Convertible security.

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

(m)	Rounds to less than 1,000.

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

(o)	Affiliate of the Fund.

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	435,992	$	1,886,073	(a)	$	—	$	—	$	—	$	2,322,065		2,322,065	$	5,041	$	—

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	705,477	EUR	657,000	Bank of Montreal		09/21/22	$	13,142
USD	2,769,395	EUR	2,615,000	BNP Paribas S.A.		09/21/22		13,754
USD	438,868	GBP	354,000	Bank of America N.A.		09/21/22		7,299
USD	1,723,075	GBP	1,374,000	Natwest Markets PLC		09/21/22		48,003


							$	82,198

Centrally Cleared Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)

CDX.NA.HY.37.V2	5.00	%	Quarterly	12/20/26	B+		USD	4,950		$	(61,886	)	$	332,573	$	(394,459	)

(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank PLC	12/20/23	NR		USD	170	$	(4,888	)	$	(4,050	)	$	(838	)
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	NR		USD	185		(16,595	)		(15,429	)		(1,166	)
Adler Real Estate AG	5.00		Quarterly	Goldman Sachs International	12/20/26	CCC		EUR	10		(3,328	)		(21	)		(3,307	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	CCC		EUR	30		(9,986	)		127			(10,113	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	10		(1,626	)		(391	)		(1,235	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	5		(825	)		198			(1,023	)


S C H E D U L E O F I N V E S T M E N T S		37


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Credit Default Swaps — Sell Protection (continued)



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000)	(b)		Value		Upfront Premium Paid (Received)				Unrealized Appreciation (Depreciation)

Jaguar Land Rover Automotive PLC	5.00	%	Quarterly	Credit Suisse International	12/20/26	B+		EUR 5		$	(802	)		$	204			$	(1,006	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR 10			(1,625	)			385				(2,010	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	B+		EUR 10			(1,625	)			456				(2,081	)
CMA CGM SA	5.00		Quarterly	Barclays Bank PLC	06/20/27	BB+		EUR 6			(248	)			178				(426	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR 20			(868	)			913				(1,781	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR 6			(256	)			198				(454	)


										$	(42,672	)		$	(17,232	)		$	(25,440	)

(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps (a)	$	332,573	$	—		$	—		$ (394,459	)
OTC Swaps		2,659		(19,891	)		—		(25,440	)

(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	82,198	$	—	$	—	$	82,198
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		2,659		—		—		—		—		2,659


	$	—	$	2,659	$	—	$	82,198	$	—	$	—	$	84,857

Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (a)	$	—	$	394,459	$	—	$	—	$	—	$	—	$	394,459
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		45,331		—		—		—		—		45,331


	$	—	$	439,790	$	—	$	—	$	—	$	—	$	439,790

(a)

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


38		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	—	$	—		$	—	$	488,751	$	—		$	—	$	488,751
Options purchased (a)		—		—			—		—		(486	)		—		(486	)
Swaps		—		81,784			—		—		—			—		81,784


	$	—	$	81,784		$	—	$	488,751	$	(486	)	$	—	$	570,049

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—		$	—	$	170,267	$	—		$	—	$	170,267
Swaps		—		(532,005	)		—		—		—			—		(532,005	)


	$	—	$	(532,005	)	$	—	$	170,267	$	—		$	—	$	(361,738	)

(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	6,712,795
Options:
Average value of option contracts purchased	$	—	(a)
Credit default swaps:
Average notional value — sell protection	$	5,432,732

(a)

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

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

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Forward foreign currency exchange contracts	$	82,198	$	—
Swaps — centrally cleared		—		4,109
Swaps — OTC (a)		2,659		45,331

Total derivative assets and liabilities in the Statements of Assets and Liabilities		84,857		49,440


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(4,109	)


Total derivative assets and liabilities subject to an MNA	$	84,857	$	45,331

(a)

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

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)

Bank of America N.A.	$	7,299	$	(1,626	)	$	—	$	—	$	5,673
Bank of Montreal		13,142		—			—		—		13,142
Barclays Bank PLC		376		(376	)		—		—		—
BNP Paribas S.A		13,754		—			—		—		13,754
Credit Suisse International		1,700		(1,700	)		—		—		—
Morgan Stanley & Co. International PLC		583		(583	)		—		—		—
Natwest Markets PLC		48,003		—			—		—		48,003


	$	84,857	$	(4,285	)	$	—	$	—	$	80,572


S C H E D U L E O F I N V E S T M E N T S		39


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(b)(e)

Bank of America N.A.	$	1,626	$	(1,626	)	$	—	$	—		$	—
Barclays Bank PLC		22,932		(376	)		—		(22,556	)		—
Credit Suisse International		5,251		(1,700	)		—		—			3,551
Goldman Sachs International		3,328		—			—		—			3,328
Morgan Stanley & Co. International PLC		12,194		(583	)		—		—			11,611


	$	45,331	$	(4,285	)	$	—	$	(22,556	)	$	18,490

(a)

The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

(b)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

(d)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

(e)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	188,371	$	—	$	188,371
Common Stocks
Construction & Engineering		80,645		—		—		80,645
Diversified Financial Services		—		—		10,753		10,753
Metals & Mining		—		1,664		1,210		2,874
Oil, Gas & Consumable Fuels		223,529		—		—		223,529
Semiconductors & Semiconductor Equipment		29,818		—		—		29,818
Specialty Retail		—		256,998		—		256,998
Corporate Bonds
Aerospace & Defense		—		3,064,852		—		3,064,852
Airlines		—		3,382,127		—		3,382,127
Auto Components		—		2,205,486		—		2,205,486
Automobiles		—		2,049,550		—		2,049,550
Banks		—		129,435		30,390		159,825
Beverages		—		2,028,350		—		2,028,350
Biotechnology		—		87,049		—		87,049
Building Materials		—		815,859		—		815,859
Building Products		—		1,317,684		—		1,317,684
Capital Markets		—		1,464,902		—		1,464,902
Chemicals		—		2,844,537		—		2,844,537
Commercial Services & Supplies		—		1,160,816		—		1,160,816
Communications Equipment		—		634,835		—		634,835
Construction Materials		—		490,522		—		490,522
Consumer Discretionary		—		1,943,793		—		1,943,793
Consumer Finance		—		2,614,400		—		2,614,400
Containers & Packaging		—		651,906		—		651,906
Diversified Consumer Services		—		2,343,681		—		2,343,681
Diversified Financial Services		—		1,082,781		—		1,082,781
Diversified Telecommunication Services		—		4,379,760		—		4,379,760
Electric Utilities		—		588,543		—		588,543
Electrical Equipment		—		352,081		1		352,082
Electronic Equipment, Instruments & Components		—		1,246,911		—		1,246,911
Energy Equipment & Services		—		555,550		—		555,550
Entertainment		—		185,827		—		185,827
Environmental, Maintenance & Security Service		—		752,454		—		752,454


40		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3			Total


Corporate Bonds (continued)
Equity Real Estate Investment Trusts (REITs)	$	—	$	1,287,275		$	—		$	1,287,275
Food & Staples Retailing.		—		1,416,071			—			1,416,071
Food Products		—		1,048,954			—			1,048,954
Gas Utilities		—		24,661			—			24,661
Health Care Equipment & Supplies		—		724,522			—			724,522
Health Care Providers & Services		—		4,439,565			—			4,439,565
Health Care Technology		—		1,095,805			—			1,095,805
Hotels, Restaurants & Leisure		—		4,795,348			—			4,795,348
Household Durables		—		872,558			—			872,558
Household Products		—		33,297			—			33,297
Independent Power and Renewable Electricity Producers		—		673,652			—			673,652
Insurance		—		2,177,190			—			2,177,190
Interactive Media & Services		—		488,367			—			488,367
Internet Software & Services		—		1,778,898			—			1,778,898
IT Services		—		3,013,221			—			3,013,221
Leisure Products		—		202,189			—			202,189
Machinery		—		2,267,751			—			2,267,751
Media		—		11,732,106			—			11,732,106
Metals & Mining		—		2,447,931			—			2,447,931
Mortgage Real Estate Investment Trusts (REITs)		—		8,899			—			8,899
Multiline Retail		—		113,354			—			113,354
Offshore Drilling & Other Services		—		33,955			—			33,955
Oil, Gas & Consumable Fuels		71,367		12,811,175			—			12,882,542
Pharmaceuticals		—		1,320,104			—			1,320,104
Real Estate Management & Development		—		588,089			—			588,089
Road & Rail		—		163,263			—			163,263
Semiconductors & Semiconductor Equipment		—		721,186			—			721,186
Software		—		1,819,560			—			1,819,560
Specialty Retail		—		467,216			—			467,216
Technology Hardware, Storage & Peripherals		—		143,090			—			143,090
Textiles, Apparel & Luxury Goods		—		114,826			—			114,826
Thrifts & Mortgage Finance		—		349,287			—			349,287
Utilities		—		234,821			—			234,821
Wireless Telecommunication Services		—		2,023,267			—			2,023,267
Floating Rate Loan Interests		—		540,008,949			47,075,126			587,084,075
Investment Companies		328,374		—			—			328,374
Other Interests		—		—			—			—
Preferred Securities
Capital Trusts		—		1,883,871			—			1,883,871
Preferred Stocks		331,162		—			75,210			406,372
Warrants		11,831		—			—			11,831
Short-Term Securities
Money Market Funds		2,322,065		—			—			2,322,065
Liabilities
Unfunded Floating Rate Loan Interests (a)		—		(66,675	)		(5,454	)		(72,129	)


	$	3,398,791	$	642,078,322		$	47,187,236		$	692,664,349

Derivative Financial Instruments (b)
Assets
Foreign Currency Exchange Contracts	$	—	$	82,198		$	—		$	82,198
Liabilities
Credit Contracts		—		(419,899	)		—			(419,899	)


	$	—	$	(337,701	)	$	—		$	(337,701	)

(a)

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

(b)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $222,000,000 are categorized as Level 2 within the fair value hierarchy.


S C H E D U L E O F I N V E S T M E N T S		41


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Debt Strategies Fund, Inc. (DSU)

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




	Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Other Interests			Preferred Stocks			Unfunded Floating Rate Loan Interests			Warrants		Total


Assets
Opening balance, as of December 31, 2021	$	11,700	$	1		$	26,559,403		$	—	(a)	$	86,236			(259	)		—	$	26,657,081
Transfers into Level 3 (b)		—		33,016			32,800,656			—			—			(1,943	)		—		32,831,729
Transfers out of Level 3 (c)		—		—			(7,991,613	)		—			—			259			—		(7,991,354	)
Accrued discounts/premiums		—		—			215,229			—			—			—			—		215,229
Net realized gain (loss)		—		—			45,325			—			—			—			—		45,325
Net change in unrealized appreciation (depreciation) (d)(e)		263		(2,626	)		(3,839,934	)		—			(11,026	)		(3,511	)		—		(3,856,835	)
Purchases		—		—			6,284,128			—			—			—			—		6,284,128
Sales		—		—			(6,998,068	)		—			—			—			—		(6,998,068	)


Closing balance, as of June 30, 2022	$	11,963	$	30,391		$	47,075,126		$	—	(a)	$	75,210			(5,454	)		—	$	47,187,236

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (e)	$	263	$	(2,626	)	$	(3,717,203	)	$	—		$	(11,026	)		(3,511	)		—	$	(3,734,104	)

(a)

Rounds to less than $1.

(b)

As of December 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2022, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

(c)

As of December 31, 2021, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

(d)

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

(e)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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.


42		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd. (a)			123,933	$	70,642


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd. (b)			309,827,230		3,098


Metals & Mining — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $214,007) (b)(c)			12,198		1,012


Semiconductors & Semiconductor Equipment (a) — 0.0%
Maxeon Solar Technologies Ltd.			232		3,083
SunPower Corp.			1,860		29,407


					32,490

Software — 0.0%
Avaya Holdings Corp. (a)			66		148


Specialty Retail — 0.2%
NMG Parent LLC			3,613		628,662


Total Common Stocks — 0.2% (Cost: $5,728,234)					736,052


		Par (000)

Corporate Bonds

Airlines — 0.3%
Allegiant Travel Co., 8.50%, 02/05/24 (d)	USD		1,195		1,180,063


Auto Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25 (d)			446		441,741


Beverages — 0.1%
Triton Water Holdings, Inc., 6.25%, 04/01/29 (d)			410		291,100


Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (d)			118		102,955


Building Products — 0.0%
White Cap Buyer LLC, 6.88%, 10/15/28 (d)			250		200,000


Chemicals (d) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28			51		40,290
WR Grace Holdings LLC, 5.63%, 08/15/29			388		285,665


					325,955

Construction Materials — 0.1%
Wolverine Escrow LLC, 9.00%, 11/15/26 (d)			1,028		599,118


Diversified Telecommunication Services (d) — 0.1%
Lumen Technologies, Inc., 5.38%, 06/15/29			398		315,126
Zayo Group Holdings, Inc., 6.13%, 03/01/28			251		181,250


					496,376

Electric Utilities — 0.0%
Pike Corp., 5.50%, 09/01/28 (d)			144		116,901
Texas Competitive Electric Holdings, 1.00%, 11/10/21 (a)(b)(e)			1,710		—


					116,901

Electronic Equipment, Instruments & Components — 0.2%
Vertiv Group Corp., 4.13%, 11/15/28 (d)			901		731,540


Security		Par (000)		Value

Health Care Equipment & Supplies — 0.1%
Avantor Funding, Inc., 3.88%, 11/01/29 (d)	USD		374	$	327,119


Health Care Providers & Services — 0.1%
Medline Borrower LP, 5.25%, 10/01/29 (d)			384		315,379


Hotels, Restaurants & Leisure (d) — 0.1%
Caesars Entertainment, Inc., 4.63%, 10/15/29			390		303,225
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30			381		292,417


					595,642

Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27 (d)			357		316,795


Internet Software & Services (d) — 0.2%
Expedia Group, Inc., 6.25%, 05/01/25			337		347,081
Uber Technologies, Inc., 4.50%, 08/15/29			381		313,372


					660,453

Machinery — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29 (d)			1,203		921,883


Media (d) — 0.3%
Liberty Broadband Corp., 2.75%, 09/30/50			513		487,956
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (f)			225		116,065
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26			573		494,086


					1,098,107

Oil, Gas & Consumable Fuels — 0.1%
Occidental Petroleum Corp., 6.63%, 09/01/30			619		637,570


Real Estate Management & Development — 0.0%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (d)			265		200,955


Wireless Telecommunication Services — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (d)			138		131,273


Total Corporate Bonds — 2.2% (Cost: $11,186,948)					9,690,925


Floating Rate Loan Interests (g)

Aerospace & Defense — 4.1%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			5,405		4,982,352
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			1,099		1,013,360
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 6.25%, 10/31/26			711		688,324
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28 (h)			374		354,990
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 7.19%, 04/09/26			766		632,931
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			1,699		1,576,157
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			5,730		5,368,478


S C H E D U L E O F I N V E S T M E N T S		43


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Aerospace & Defense (continued)

Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 01/15/25	USD		990	$	963,005
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25			2,533		2,396,752


					17,976,349

Air Freight & Logistics — 0.4%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			582		525,381
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26			416		371,405
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			965		868,911


					1,765,697

Airlines — 3.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			1,636		1,557,443
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28 (b)			2,048		1,878,581
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27			1,027		901,779
2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/15/23			1,557		1,503,465
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.37%, 06/27/25			501		443,496
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			3,455		3,406,394
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			3,707		3,436,014


					13,127,172

Auto Components — 2.8%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/10/28			817		758,214
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			3,646		3,395,319
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28			2,032		1,813,083
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24			3,750		3,588,208
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/02/26 (b)			214		197,881
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26			2,586		2,394,978


					12,147,683


Security		Par (000)		Value

Banks — 0.9%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27	USD		2,493	$	2,288,434
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28			1,613		1,486,557


					3,774,991

Beverages — 0.8%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30 (b)			1,179		1,061,038
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			2,541		2,360,246


					3,421,284

Building Materials — 0.1%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%,), 4.57%, 04/12/28			438		361,393


Building Products — 2.0%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27			1,473		1,289,633
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29 (b)			800		740,000
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28			823		779,445
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (EURIBOR + 3.67%), 3.68%, 04/12/28	EUR		854		762,891
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29	USD		850		772,825
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28			1,624		1,565,717
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26			3,188		2,815,425


					8,725,936

Capital Markets — 3.4%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29 (b)			2,699		2,509,588
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27			6,210		5,798,802
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			1,806		1,751,820
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27			1,522		1,430,923
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 06/27/25			820		778,938
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 06/30/28			1,477		1,412,445
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/12/24			1,170		1,147,338


					14,829,854

Chemicals — 5.4%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			2,527		2,457,627


44		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28	USD		3,462	$	3,300,457
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 4.00%, 06/01/24			698		680,019
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 12/29/27			732		637,218
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.09%, 06/28/24			1,145		1,101,156
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 01/31/26			1,993		1,963,283
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 06/30/27			1,399		1,289,859
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28			1,079		960,633
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26			2,438		2,322,304
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.87%, 02/14/24			431		429,240
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24			1,506		1,452,067
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24			1,729		1,595,977
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28			1,739		1,658,037
Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			705		663,036
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			1,060		943,718
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28 (b)			1,653		1,574,350
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.25%, 10/01/25			160		151,094
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			538		509,496


					23,689,571

Commercial Services & Supplies — 6.3%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28			2,636		2,410,709
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29			791		750,960
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 3.42%, 03/11/25			155		148,191
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 4.79%, 11/03/23			1,932		1,852,399
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.67%, 11/03/24			1,133		1,059,734
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			790		714,060
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28			1,117		949,227
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 6.92%, 01/20/29			1,596		1,348,620


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28	USD		700	$	693,475
Covanta Holding Corp.
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			1,140		1,075,366
2021 Term Loan C, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			86		80,754
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.88%, 11/27/26			1,960		1,854,424
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25			2,551		2,429,078
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.00%, 05/09/25			518		479,747
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28			1,680		1,533,962
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26			1,938		1,804,762
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28			4,828		4,568,385
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 10.00%, 06/16/26			333		257,414
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			3,132		2,991,519
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28			786		734,966


					27,737,752

Communications Equipment — 0.5%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			2,528		2,347,586


Construction & Engineering — 2.0%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			4,024		3,467,302
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28			1,045		991,153
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28			2,786		2,564,207
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28			1,760		1,633,518


					8,656,180

Construction Materials — 1.6%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28			4,120		3,915,395
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25			2,391		2,259,611
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26			868		811,057


					6,986,063

Containers & Packaging — 1.6%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			2,379		2,239,197
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27			2,299		2,159,475
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			619		583,576


S C H E D U L E O F I N V E S T M E N T S		45


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27	USD		1,183	$	1,048,726
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%), 5.60%, 09/15/28			90		84,254
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 09/15/28			1,010		944,973


					7,060,201

Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27			1,200		1,132,622
TMK Hawk Parent Corp. (b)
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 10.50%, 1.00% Floor), 11.17%, 05/30/24			954		887,345
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.11%, 08/28/24			3,065		2,329,319


					4,349,286

Diversified Consumer Services — 3.3%
2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%), 8.00%, 12/30/24			1,433		1,366,877
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29 (b)			781		714,615
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28			1,934		1,781,956
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 11/24/28 (b)			932		888,030
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 07/11/25			2,238		2,124,225
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25			1,713		1,596,641
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 3.66%, 05/15/24			1,118		1,074,228
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26			874		737,475
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27			760		715,703
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 9.01%, 08/10/23			467		452,351
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.01%, 08/10/23			732		511,052
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			1,789		1,708,251
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 07/20/28			743		692,746


					14,364,150

Diversified Financial Services — 7.8%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26			1,026		974,285


Security		Par (000)		Value

Diversified Financial Services (continued)
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28 (b)	USD		848	$	816,132
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28			1,740		1,650,808
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28 (b)			3,563		3,313,592
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26			2,335		2,228,311
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28			1,604		1,527,462
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28 (b)			670		569,500
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			1,738		1,569,290
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 02/07/25			909		851,933
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			3,279		3,094,261
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			429		402,872
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24			1,681		1,601,145
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			248		236,530
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			605		569,921
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27			2,332		1,905,845
LEB Holdings USA, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 11/02/27			243		238,258
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29			1,108		983,350
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			2,188		2,029,490
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28			735		615,969
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 4.25%, 11/05/28			1,340		1,271,888
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25			421		391,154
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25			226		209,647
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			3,726		3,040,053
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27			1,474		1,383,310
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27			1,235		1,134,867
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28			1,617		1,504,311


					34,114,184


46		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services — 2.2%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.57%, 11/30/27	USD		569	$	535,529
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.19%, 10/02/27			808		711,983
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			1,987		1,855,110
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26			1,933		1,851,068
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 03/01/27			1,931		1,784,431
Meridian Adhesives Group, Inc., Term Loan B, (3 mo. LIBOR + 4.00%), 4.75%, 07/24/28			2,028		1,913,746
Virgin Media SFA Finance Ltd., GBP Term Loan L, 4.19%, 01/15/27	GBP		1,000		1,098,808


				9,750,675

Electric Utilities — 0.9%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27	USD		1,256		1,207,779
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28			3,232		2,850,146


					4,057,925

Electrical Equipment — 1.3%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28 (b)			1,536		1,440,366
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29 (b)			330		314,325
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27			2,431		2,288,801
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29 (h)			1,736		1,660,050


					5,703,542

Environmental, Maintenance & Security Service — 0.7%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27			1,978		1,905,247
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27			1,218		1,154,879


					3,060,126

Equity Real Estate Investment Trusts (REITs) — 0.2%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 05/11/24			871		854,408


Food & Staples Retailing — 0.4%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26			831		782,222
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 4.32%, 11/22/28			1,106		1,050,753


					1,832,975

Food Products — 2.4%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25			1,195		1,002,354


Security		Par (000)		Value

Food Products (continued)
8th Avenue Food & Provisions, Inc. (continued)
2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%), 6.42%, 10/01/25	USD		1,531	$	1,293,662
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27			2,757		2,493,411
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27			3,569		3,276,057
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 4.92%, 02/05/26			403		375,589
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28			1,523		1,434,388
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28			687		653,298


					10,528,759

Gas Utilities — 0.7%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			3,352		2,888,097


Health Care Equipment & Supplies — 1.7%
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 11/01/28			2,202		2,057,039
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28			769		728,845
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28			4,369		4,045,064
Venga Finance SARL, 2021 USD Term Loan B, 12/04/28 (b)(h)			651		605,218


					7,436,166

Health Care Providers & Services — 3.1%
CCRR Parent, Inc., Term Loan B, (3 mo. LIBOR + 3.75%), 6.01%, 03/06/28			1,629		1,540,939
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28			1,028		970,135
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			1,453		1,372,983
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			1,430		470,482
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27			1,677		1,547,205
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 9.00%, 11/15/29			581		548,934
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 11/15/28			538		494,536
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26			1,050		913,334
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28			876		807,780
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%), 5.17%, 02/14/25			52		49,107
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26			2,539		2,408,876


S C H E D U L E O F I N V E S T M E N T S		47


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29	USD		338	$	335,043
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28			2,457		2,309,087


					13,768,441

Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26			973		908,693
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			611		562,120


				1,470,813

Health Care Technology — 3.1%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29			2,891		2,654,263
Change Healthcare Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.17%, 03/01/24			1,382		1,342,207
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25			957		871,787
IQVIA, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 03/07/24			475		465,437
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28			4,181		3,852,108
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.99%, 07/24/26 (b)			1,698		1,608,425
Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.67%, 04/02/29 (b)			3,092		2,906,480


					13,700,707

Hotels, Restaurants & Leisure — 6.8%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26			2,443		2,327,237
Aristocrat Technologies, Inc., 2022 Term Loan B, (SOFR + 2.25%), 4.40%, 05/24/29			202		194,627
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24			2,005		1,927,256
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 07/20/25			1,217		1,170,749
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25			718		665,453
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 03/17/28			777		731,178
ECL Entertainment LLC, Term Loan, (3 mo. LIBOR + 7.50%, 0.75% Floor), 9.75%, 05/01/28			575		560,454
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24			3,985		2,948,598
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			4,145		3,811,527
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23			1,303		1,288,015
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 4.42%, 02/05/25			1,581		1,496,067
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29			1,490		1,426,013
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28			1,507		1,417,963


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29	USD		818	$	775,055
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26			1,116		1,058,808
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/08/27			2,060		1,933,628
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR + 1.50%, 1.00% Floor), 3.75%, 02/28/25			1,410		1,415,733
2021 Consented Term Loan, (3 mo. LIBOR + 5.00%), 7.25%, 05/29/26			1,674		1,287,741
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28			903		836,221
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28			2,274		2,125,793
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 05/30/25			534		514,899


					29,913,015

Household Durables — 1.7%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28			1,653		1,272,731
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 3.42%, 02/04/27			1,500		1,438,677
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28			1,080		979,226
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29			2,260		1,939,374
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			829		678,680
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27			1,030		931,996


					7,240,684

Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 03/03/28			536		515,434


Independent Power and Renewable Electricity Producers — 0.6%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/25			504		482,736
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26			706		668,234
Term Loan B9, (1 mo. LIBOR + 2.00%), 3.67%, 04/05/26			1,511		1,420,700


					2,571,670

Industrial Conglomerates — 2.5%
AVSC Holding Corp. (f)
2020 Term Loan B1, (0.25% PIK), 5.11%, 03/03/25			2,376		2,035,994
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			1,305		1,377,205
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28			1,740		1,602,791
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			679		672,519


48		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Industrial Conglomerates (continued)
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%), 9.00%, 07/28/28	USD		1,092	$	969,616
Vertical U.S. Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.02%, 07/30/27			1,905		1,778,336
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27			2,942		2,728,768


					11,165,229

Insurance — 4.9%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			2,899		2,722,920
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27			3,807		3,531,989
Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			1,019		961,113
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28			3,380		3,186,740
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			1,411		1,319,525
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			884		827,185
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.21%, 04/25/25			2,862		2,704,024
2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25			2,680		2,536,504
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 02/15/27			186		172,016
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27 (b)			1,147		1,101,500
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/31/25			790		740,382
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26			1,023		970,472
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			824		793,244


					21,567,614

Interactive Media & Services — 2.6%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28			2,488		2,372,703
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27			736		670,452
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26			3,350		3,151,766
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 08/10/27			736		705,776
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			5,090		4,631,775


				11,532,472


Security		Par (000)		Value

Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27	USD		1,876	$	1,777,004
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 02/12/27 (b)			369		340,596


					2,117,600

Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.07%, 02/25/27			1,776		1,696,181


IT Services — 7.3%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 9.38%, 11/24/28			1,440		1,360,800
2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27 (b)			769		707,748
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25			2,048		1,903,275
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26			2,188		2,065,572
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28			1,691		1,601,005
CoreLogic, Inc.
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.19%, 06/04/29 (b)			1,416		1,019,160
Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28			3,391		2,810,845
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/28/28			2,054		1,972,478
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			5,003		4,770,120
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27 (b)			2,542		2,287,914
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 10.25%, 10/09/28			4,215		4,183,387
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 05/05/26 (b)			965		900,318
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 11/16/26			1,865		1,755,897
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28			2,615		2,488,280
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28			1,049		987,773
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28			978		937,914
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/02/26			218		210,235


					31,962,721

Leisure Products — 0.5%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28			980		925,236


S C H E D U L E O F I N V E S T M E N T S		49


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Leisure Products (continued)
MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 06/19/24	USD		985	$	960,695
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			346		328,918


					2,214,849

Life Sciences Tools & Services — 3.3%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27			2,666		2,557,075
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27			4,416		4,068,016
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			2,776		2,678,204
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			692		667,278
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27 (b)			1,498		1,419,854
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28			3,425		3,209,551


					14,599,978

Machinery — 3.3%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26			1,845		1,761,727
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28			402		350,730
Clark Equipment Co., 2022 Term Loan B, (SOFR + 2.50%), 4.65%, 04/20/29			304		292,448
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28			405		385,801
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28			1,179		1,099,502
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29			310		300,481
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27			2,236		2,134,943
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			3,729		3,387,554
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			1,381		1,283,980
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			3,895		3,562,829
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 10/04/28			126		123,462


					14,683,457

Media — 13.4%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			1,090		982,056
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26			1,563		1,408,843
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26			3,483		3,174,760
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26			1,515		1,272,243


Security		Par (000)			Value

Media (continued)
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 05/03/28	USD		1,035		$	994,118
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25			2,619			2,545,690
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28 (b)			1,595			1,459,427
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			3,846			3,293,509
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26			—	(i)		288
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26			6,692			6,139,770
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.57%, 07/17/25			2,136			1,981,845
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.82%, 04/15/27			1,795			1,664,114
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 4.42%, 01/07/28			859			811,613
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23 (b)			877			767,148
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25			1,326			1,278,342
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26			2,544			2,372,048
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24			3,488			3,277,024
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			2,910			2,734,867
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			951			892,471
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 09/18/26			874			859,630
Sinclair Television Group, Inc., 2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29 (b)			1,822			1,676,240
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23 (b)			4,102			3,927,411
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 07/28/28 (b)			564			538,639
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29			768			728,039
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 4.57%, 01/31/29			2,365			2,260,680
USD Term Loan N, (1 mo. LIBOR + 2.50%), 3.82%, 01/31/28			988			923,428
Voyage Digital Ltd., (SOFR + 4.50%), 5.28%, 05/11/29 (b)			1,018			967,100
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25			3,276			3,075,188


50		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28	USD		2,123	$	2,033,523
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			5,045		4,636,870


					58,676,924

Oil, Gas & Consumable Fuels — 2.0%
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25			939		793,600
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			40		24,146
2020 Take Back Term Loan, (3.00% PIK), 2.83%, 06/30/25 (f)			296		148,276
Lucid Energy Group II Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28			2,408		2,372,713
Medallion Midland Acquisition LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 10/18/28			1,934		1,850,740
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.82%, 01/31/28			642		638,764
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28			3,139		2,979,771


					8,808,010

Personal Products — 1.4%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.65%, 12/22/26			409		400,255
Prestige Brands, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.00%), 5.42%, 07/03/28			224		221,776
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26			6,090		5,622,780


					6,244,811

Pharmaceuticals — 3.0%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25			1,220		1,101,128
Bausch Health Cos., Inc., 2022 Term Loan B, (SOFR + 5.25%), 6.55%, 02/01/27			2,180		1,863,482
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28			1,599		1,572,135
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27			1,525		1,437,631
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 11/15/27			1,592		1,500,944
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28			2,438		2,320,839
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 10/27/28			704		671,210
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28			1,542		1,481,343
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27 (b)			1,382		1,274,805


					13,223,517

Professional Services — 1.5%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29			715		666,037


Security		Par (000)		Value

Professional Services (continued)
Dun & Bradstreet Corp. (continued)
Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26	USD		2,410	$	2,269,501
Element Materials Technology Group U.S. Holdings, Inc. (h)
2022 USD Delayed Draw Term Loan B, 04/12/29			608		582,260
2022 USD Delayed Draw Term Loan D, 04/12/29			1,318		1,261,565
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			2,016		1,887,480


					6,666,843

Real Estate Management & Development — 1.0%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			2,470		2,224,681
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25			2,365		2,221,410


					4,446,091

Road & Rail — 0.4%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27			662		625,477
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25 (b)			1,193		1,061,520


					1,686,997

Semiconductors & Semiconductor Equipment — 0.1%
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28			629		610,928


Software — 14.4%
Applied Systems, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24			734		702,358
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25			2,074		2,051,265
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.99%, 10/30/28			655		653,841
2022 Term Loan, 05/17/29 (h)			766		732,488
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29 (h)			733		690,948
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29 (b)			975		848,250
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			2,993		2,746,534
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 09/29/28			1,018		929,665
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28			1,202		1,071,776
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24 (b)			1,034		891,734
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 02/04/28			286		269,281
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28			2,141		2,072,488
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			2,134		1,956,485
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28			5,147		4,873,308
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28 (b)			733		694,671


S C H E D U L E O F I N V E S T M E N T S		51


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
IPS Corp.
2021 2nd Lien Term Loan B, (1 mo. LIBOR + 7.00%), 8.67%, 10/01/29	USD		1,046	$	968,858
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/02/28			588		538,719
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			2,432		2,179,677
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			2,204		2,005,372
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			3,493		3,169,898
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27			1,566		1,488,033
Planview Parent, Inc.
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.92%, 12/18/28 (b)			930		883,500
Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27			2,138		2,009,583
Proofpoint, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28			2,817		2,611,682
2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.82%, 08/31/29			1,451		1,385,705
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28			6,256		5,768,329
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 8.17%, 04/23/29			2,965		2,811,943
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			677		639,272
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25			2,783		2,666,397
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			4,230		3,936,831
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			861		842,494
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			1,402		1,289,873
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			4,349		4,063,914
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26			2,877		2,712,046


					63,157,218

Specialty Retail — 4.7%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.69%, 11/13/25			437		421,845
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 3.50%, 10/30/26 (b)			871		831,495
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.88%, 04/13/28			3,013		2,889,589


Security		Par (000)		Value

Specialty Retail (continued)
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (SONIA + 4.25%), 5.19%, 06/23/25	GBP		1,000	$	1,109,265
EG Group Ltd., 2021 Term Loan, 6.50%, 03/31/26	USD		569		537,469
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28			684		644,910
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28			3,011		2,777,353
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26			1,710		1,539,828
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			5,290		4,964,502
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			986		906,315
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28			868		772,520
Reverb Buyer, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 3.50%), 3.50%, 11/01/28			65		60,417
2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28			2,459		2,301,076
WOOF Holding, Inc. (b)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.81%, 12/21/27			548		511,068
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 9.31%, 12/21/28			560		537,600


					20,805,252

Technology Hardware, Storage & Peripherals — 0.2%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/23/26			1,018		904,186


Textiles, Apparel & Luxury Goods — 0.4%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29			1,900		1,725,663


Trading Companies & Distributors — 0.9%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 05/19/28			1,382		1,315,886
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28 (b)			1,221		1,062,428
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28			677		622,567
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			995		913,860


					3,914,741

Wireless Telecommunication Services — 1.1%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28			1,099		1,037,592


52		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28	USD		709	$	654,342
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25			3,360		3,231,830


					4,923,764


Total Floating Rate Loan Interests — 143.0% (Cost: $671,960,920)					628,063,815


		Shares

Investment Companies

Fixed Income Funds — 0.3%
Invesco Senior Loan ETF			64,300		1,303,361


Total Investment Companies — 0.3% (Cost: $1,406,588)					1,303,361


		Benefical Interest (000)

Other Interests (j)

IT Services (a)(b) — 0.0%
Millennium Corp.	USD		1,607		—
Millennium Lender Claim Trust			1,508		—


Total Other Interests — 0.0% (Cost: $ — )					—


Security	Shares		Value

Warrants

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (a)		999	$	10,260


Total Warrants — 0.0% (Cost: $ — )				10,260


Total Investments — 145.7% (Cost: $690,282,690)				639,804,413

Liabilities in Excess of Other Assets — (45.7)%				(200,697,356	)


Net Assets — 100.0%			$	439,107,057

(a)	Non-income producing security.

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

(c)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,012, representing less than 0.05% of its net assets as of period end, and an original cost of $214,007.

(d)	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.

(e)	Issuer filed for bankruptcy and/or is in default.

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

(g)	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.

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

(i)	Rounds to less than 1,000.

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class (a)	$	—	$	3,291,520	$	(3,291,520	)	$	—	$	—	$	—		—	$	463	$	—

(a)

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


S C H E D U L E O F I N V E S T M E N T S		53


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	822,520		EUR	766,000	Toronto-Dominion Bank		09/21/22	$	15,323
USD	2,397,837		GBP	1,912,000	Natwest Markets PLC		09/21/22		66,877


									82,200

EUR	872,000		USD	925,414	Bank of Montreal		09/21/22		(6,515	)
EUR	50,944		USD	54,329	Standard Chartered Bank		09/21/22		(645	)
GBP	66,750		USD	81,927	Bank of Montreal		09/21/22		(551	)
GBP	72,503		USD	89,293	Standard Chartered Bank		09/21/22		(903	)
USD	917,455		EUR	874,000	Standard Chartered Bank		09/21/22		(3,551	)


									(12,165	)


								$	70,035

Centrally Cleared Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating (a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)

CDX.NA.HY.37.V2	5.00	%	Quarterly	12/20/26	B+	USD	5,544		$	(69,312	)	$	372,482		$	(441,794	)

(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps (a)	$	372,482	$	—	$	—	$	(441,794	)

(a)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	82,200	$	—	$	—	$	82,200


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	12,165	$	—	$	—	$	12,165

Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (a)		—		441,794		—		—		—		—		441,794


	$	—	$	441,794	$	—	$	12,165	$	—	$	—	$	453,959

(a)


54		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	—	$	—		$	—	$	240,641	$	—	$	—	$	240,641
Swaps		—		81,308			—		—		—		—		81,308


	$	—	$	81,308		$	—	$	240,641	$	—	$	—	$	321,949


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—		$	—	$	144,484	$	—	$	—	$	144,484
Swaps		—		(551,776	)		—		—		—		—		(551,776	)


	$	—	$	(551,776	)	$	—	$	144,484	$	—	$	—	$	(407,292	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	4,328,165
Average amounts sold — in USD	$	575,481
Credit default swaps:
Average notional value — sell protection	$	5,572,000

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

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Forward foreign currency exchange contracts	$	82,200	$	12,165
Swaps — centrally cleared		—		4,469


Total derivative assets and liabilities in the Statements of Assets and Liabilities		82,200		16,634


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(4,469	)


Total derivative assets and liabilities subject to an MNA	$	82,200	$	12,165



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(a)(b)

Natwest Markets PLC	$	66,877	$	—	$	—	$	—	$	66,877
Toronto-Dominion Bank		15,323		—		—		—		15,323


	$	82,200	$	—	$	—	$	—	$	82,200


S C H E D U L E O F I N V E S T M E N T S		55


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(a)(c)

Bank of Montreal	$	7,066	$	—	$	—	$	—	$	7,066
Standard Chartered Bank		5,099		—		—		—		5,099


	$	12,165	$	—	$	—	$	—	$	12,165

(a)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

(c)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3			Total

Assets
Investments
Long-Term Investments
Common Stocks
Construction & Engineering	$	70,642	$	—		$	—		$	70,642
Diversified Financial Services		—		—			3,098			3,098
Metals & Mining		—		—			1,012			1,012
Semiconductors & Semiconductor Equipment		32,490		—			—			32,490
Software		148		—			—			148
Specialty Retail		—		628,662			—			628,662
Corporate Bonds		—		9,690,925			—			9,690,925
Floating Rate Loan Interests		—		577,998,904			50,064,911			628,063,815
Investment Companies		1,303,361		—			—			1,303,361
Other Interests		—		—			—			—
Warrants		10,260		—			—			10,260
Liabilities
Unfunded Floating Rate Loan Interests (a)		—		(81,823	)		(6,188	)		(88,011	)


	$	1,416,901	$	588,236,668		$	50,062,833		$	639,716,402

Derivative Financial Instruments (b)
Assets
Foreign Currency Exchange Contracts	$	—	$	82,200		$	—		$	82,200
Liabilities
Credit Contracts		—		(441,794	)		—			(441,794	)
Foreign Currency Exchange Contracts		—		(12,165	)		—			(12,165	)


	$	—	$	(371,759	)	$	—		$	(371,759	)

(a)

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

(b)

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 $203,000,000 are categorized as Level 2 within the fair value hierarchy.


56		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)




	Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Other Interests			Unfunded Floating Rate Loan Interests			Total


Assets
Opening balance, as of December 31, 2021	$	3,891	$	—	(a)	$	27,319,074		$	—	(a)	$	(589	)	$	27,322,376
Transfers into Level 3 (b)		—		—			35,095,500			—			(1,674	)		35,093,826
Transfers out of Level 3 (c)		—		—			(8,846,041	)		—			590			(8,845,451	)
Accrued discounts/premiums		—		—			197,842			—			—			197,842
Net realized gain (loss)		—					41,658			—			—			41,658
Net change in unrealized appreciation (depreciation) (d)(e)		219		—			(4,180,297	)		—			(4,515	)		(4,184,593	)
Purchases		—		—			7,850,180			—			—			7,850,180
Sales		—		—			(7,413,005	)		—			—			(7,413,005	)


Closing balance, as of June 30, 2022	$	4,110	$	—	(a)	$	50,064,911		$	—	(a)	$	(6,188	)	$	50,062,833


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (d)	$	219	$	—		$	(4,057,036	)	$	—		$	(4,515	)	$	(4,061,332	)

(a)

Rounds to less than $1.

(b)

As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

(c)

As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

(d)

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

(e)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		57


Schedule of Investments (unaudited) June 30, 2022		BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
Small Business Administration, Series 2000-1, 1.00%, 11/10/21 (a)	$	5	$	—
Sterling Coofs Trust (a)
Series 2004-1, Class A, 2.00%, 04/15/29		537		5,372
Series 2004-2, Class Note, 2.08%, 03/30/30 (b)		428		4,285


Total Asset-Backed Securities — 0.0% (Cost: $97,223)				9,657


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 3.1%
Fannie Mae REMICS, Series 2019-36, Class NJ, 3.00%, 07/25/49		2,355		2,098,368
Freddie Mac REMICS, Series 5083, Class IN, 4.50%, 07/25/32		16,597		1,837,524
Kidder Peabody Acceptance Corp., Series 1993-1, Class A6, (1 mo. LIBOR US + 16.62%), 13.61%, 08/25/23 (c)		5		5,302
Seasoned Credit Risk Transfer Trust
Series 2018-2, Class MA, 3.50%, 11/25/57		648		641,725
Series 2018-4, Class MA, 3.50%, 03/25/58		3,624		3,588,048
Series 2019-1, Class MA, 3.50%, 07/25/58		1,148		1,136,665
Series 2019-2, Class MA, 3.50%, 08/25/58		450		445,183


				9,752,815

Commercial Mortgage-Backed Securities — 0.8%
CSAIL Commercial Mortgage Trust (c)
Series 2018-C14, Class XA, 0.73%, 11/15/51		2,085		59,492
Series 2019-C16, Class XA, 1.72%, 06/15/52		6,399		525,690
Natixis Commercial Mortgage Securities Trust,
Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.95%), 2.27%, 06/15/35 (b)(c)		163		157,710
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/54 (b)		1,717		1,483,586
Wells Fargo Commercial Mortgage Trust, Series 2018- C44, Class XA, 0.89%, 05/15/51 (c)		4,958		160,261


				2,386,739

Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37		152		29,323
IndyMac INDX Mortgage Loan Trust, Series 2006- AR33, Class 4AX, 0.17%, 01/25/37 (a)		19,574		2
Vendee Mortgage Trust, Series 1999-2, Class 1, 0.00%, 05/15/29 (a)(c)		7,495		7


				29,332

Mortgage-Backed Securities — 3.4%
Fannie Mae REMICS, Series 2021-26, Class AI, 3.50%, 05/25/50		30,600		4,931,160
Freddie Mac REMICS, 4.00%, 10/15/40		3,500		3,545,853
Ginnie Mae Mortgage-Backed Securities, Class IT, 3.50%, 01/20/52		12,250		2,041,901


				10,518,914


Security	Par (000)			Value

Principal Only Collateralized Mortgage Obligations — 0.0%
CHL Mortgage Pass-Through Trust, Series 2003-J8, Class PO, 0.01%, 09/25/23	$	9		$	8,756
Residential Asset Securitization Trust, Series 2005- A15, Class 1A8, 0.00%, 02/25/36		104			78,443
Washington Mutual Mortgage Pass-Through
Certificates WMALT Trust, Series 2005-9, Class CP, 0.01%, 11/25/35		46			28,040


					115,239


Total Non-Agency Mortgage-Backed Securities — 7.3% (Cost: $23,318,672)					22,803,039


U.S. Government Sponsored Agency Securities

Agency Obligations — 3.2%
Federal Housing Administration (a)
Merrill Lynch Projects, Series 54, 7.43%, 05/15/23		—	(d)		—
USGI Projects, Series 99, 7.43%, 11/01/22 -10/01/23		5			5,173
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (e)		13,000			9,913,014


					9,918,187

Collateralized Mortgage Obligations — 64.6%
Fannie Mae, Series 0040, Class K, 6.50%, 08/17/24		9			8,818
Fannie Mae REMICS
Series 1993-247, Class SN, (12 mo. LIBOR US + 63.85%), 10.00%, 12/25/23 (c)		9			8,968
Series 2004-31, Class ZG, 7.50%, 05/25/34		2,397			2,714,148
Series 2004-84, Class SD, (1 mo. LIBOR US + 12.75%), 9.99%, 04/25/34 (c)		676			680,480
Series 2005-73, Class DS, (1 mo. LIBOR US + 17.55%), 13.33%, 08/25/35 (c)		58			59,855
Series 2010-134, Class DB, 4.50%, 12/25/40		7,000			7,164,687
Series 2010-136, Class CY, 4.00%, 12/25/40		3,060			3,100,909
Series 2010-47, Class JB, 5.00%, 05/25/30		2,584			2,661,894
Series 2011-117, Class CP, 4.00%, 11/25/41		14,350			14,461,872
Series 2011-8, Class ZA, 4.00%, 02/25/41		4,505			4,568,381
Series 2011-99, Class CB, 4.50%, 10/25/41		36,429			37,605,820
Series 2012-104, Class QD, 4.00%, 09/25/42		1,639			1,647,535
Series 2013-81, Class YK, 4.00%, 08/25/43		7,000			6,939,671
Series 2017-76, Class PB, 3.00%, 10/25/57		3,415			2,947,360
Series 2018-32, Class PS, (1 mo. LIBOR US + 7.23%), 5.34%, 05/25/48 (c)		5,002			4,897,049
Series 2018-50, Class EB, 4.00%, 07/25/48		2,001			2,029,313
Freddie Mac REMICS
Series 2218, Class Z, 8.50%, 03/15/30		490			538,476
Series 2542, Class UC, 6.00%, 12/15/22		19			18,809
Series 2731, Class ZA, 4.50%, 01/15/34		1,932			1,980,884
Series 2927, Class BZ, 5.50%, 02/15/35		2,063			2,152,634
Series 3745, Class ZA, 4.00%, 10/15/40		1,244			1,254,953
Series 3762, Class LN, 4.00%, 11/15/40		2,000			2,013,696
Series 3780, Class ZA, 4.00%, 12/15/40		3,132			3,161,920
Series 3856, Class PB, 5.00%, 05/15/41		7,615			8,037,361
Series 3960, Class PL, 4.00%, 11/15/41		2,859			2,919,995
Series 3963, Class JB, 4.50%, 11/15/41		604			622,351
Series 4016, Class BX, 4.00%, 09/15/41		15,408			15,708,585


58		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
Series 4269, Class PM, 4.00%, 08/15/41	$	8,884	$	8,983,844
Series 4299, Class JY, 4.00%, 01/15/44		1,000		1,006,197
Series 4316, Class VB, 4.50%, 03/15/34		1,415		1,421,975
Series 4384, Class LB, 3.50%, 08/15/43		4,885		4,902,978
Series 4471, Class JB, 3.50%, 09/15/43		3,932		3,456,543
Series 4615, Class LB, 4.50%, 09/15/41		7,600		7,904,046
Series 4748, Class BM, 3.50%, 11/15/47		3,351		3,184,905
Series 4774, Class L, 4.50%, 03/15/48		6,219		6,449,330
Series 4830, Class AV, 4.00%, 10/15/33		1,069		1,076,953
Series 4880, Class LG, 3.50%, 05/15/49		2,196		2,110,753
Ginnie Mae
Series 2011-88, Class PY, 4.00%, 06/20/41		9,028		9,132,511
Series 2012-16, Class HJ, 4.00%, 09/20/40		6,242		6,310,246
Series 2015-96, Class ZM, 4.00%, 07/20/45		8,274		8,415,954
Series 2018-91, Class ZL, 4.00%, 07/20/48		6,010		6,103,016


				200,365,675

Interest Only Collateralized Mortgage Obligations — 6.1%
Fannie Mae REMIC Trust, Series 1999-W4, Class IO, 6.50%, 12/25/28		41		2,297
Fannie Mae REMICS
Series 1997-50, Class SI, (1 mo. LIBOR US + 9.20%), 1.20%, 04/25/23 (c)		2		6
Series 1997-90, Class M, 6.00%, 01/25/28		133		4,002
Series 2006-36, Class PS, (1 mo. LIBOR US + 6.60%), 4.98%, 05/25/36 (c)		2,617		302,864
Series 2011-134, Class ST, (1 mo. LIBOR US + 6.00%), 4.38%, 12/25/41 (c)		14,399		2,120,220
Series 2013-10, Class PI, 3.00%, 02/25/43		4,098		554,666
Series 2013-45, Class EI, 4.00%, 04/25/43		1,450		135,904
Series 2015-66, Class AS, (1 mo. LIBOR US + 6.25%), 4.63%, 09/25/45 (c)		13,733		1,315,467
Series 2017-70, Class SA, (1 mo. LIBOR US + 6.15%), 4.53%, 09/25/47 (c)		19,765		2,856,134
Series 2019-25, Class SA, (1 mo. LIBOR US + 6.05%), 4.43%, 06/25/49 (c)		9,874		1,304,718
Series 2019-35, Class SA, (1 mo. LIBOR US + 6.10%), 4.48%, 07/25/49 (c)		3,097		420,287
Series 2020-12, Class JI, 4.50%, 03/25/50		8,779		1,814,956
Freddie Mac REMICS
Series 3744, Class PI, 4.00%, 06/15/39		1,590		82,884
Series 3796, Class WS, (1 mo. LIBOR US + 6.55%), 5.23%, 02/15/40 (c)		745		14,264
Series 3923, Class SD, (1 mo. LIBOR US + 6.00%), 4.68%, 09/15/41 (c)		19,070		2,348,662
Series 3954, Class SL, (1 mo. LIBOR US + 6.00%), 4.68%, 11/15/41 (c)		11,635		1,589,219
Series 4026, Class IO, 4.50%, 04/15/32		709		65,073
Series 4119, Class SC, (1 mo. LIBOR US + 6.15%), 4.83%, 10/15/42 (c)		254		33,692
Series 4706, Class IG, 4.00%, 07/15/47		9,215		1,584,580
Ginnie Mae (c)
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 4.96%, 12/16/39		413		44,457
Series 2011-52, Class MJ, (1 mo. LIBOR US + 6.65%), 5.05%, 04/20/41		3,325		247,482


Security	Par (000)			Value

Interest Only Collateralized Mortgage Obligations (continued)
Ginnie Mae (c) (continued)
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 5.16%, 04/16/41	$	4,038		$	419,792
Series 2012-97, Class JS, (1 mo. LIBOR US + 6.25%), 4.74%, 08/16/42		5,964			317,224
Series 2017-101, Class SL, (1 mo. LIBOR US + 6.20%), 4.60%, 07/20/47		10,212			1,386,827


					18,965,677

Mortgage-Backed Securities — 70.5%
Fannie Mae, Series 2020-M21, Class AX, 1.94%, 01/25/58 (c)		1,724			282,206
Fannie Mae Mortgage-Backed Securities (f)
3.50%, 07/14/22		4,841			4,675,129
4.00%, 07/14/22		41,552			41,509,536
3.00%, 09/01/60		4,724			4,428,351
Fannie Mae REMICS, Series 2021-23, Class CI, 3.50%, 07/25/46		21,592			3,551,744
Freddie Mac Mortgage-Backed Securities, 5.50%, 07/14/22 (f)		5,310			5,694,996
Freddie Mac Structured Pass-Through Certificates
Series 5013, Class JI, 4.00%, 09/25/50		22,834			3,465,888
Series K094, Class X1, 1.02%, 06/25/29 (c)		1,407			71,581
Series K104, Class X1, 1.25%, 01/25/30 (c)		1,355			91,419
Series K105, Class X1, 1.64%, 01/25/30 (c)		1,821			166,877
Series K107, Class X1, 1.71%, 01/25/30 (c)		1,232			119,903
Series K109, Class X1, 1.70%, 04/25/30 (c)		942			91,454
Series K110, Class X1, 1.81%, 04/25/30 (c)		394			40,306
Series K113, Class X1, 1.49%, 06/25/30 (c)		1,600			138,953
Series K115, Class X1, 1.43%, 06/25/30 (c)		1,954			165,371
Series K120, Class X1, 1.13%, 10/25/30 (c)		3,898			259,081
Series K122, Class X1, 0.97%, 11/25/30 (c)		1,673			97,401
Series T-11, Class A9, 0.13%, 01/25/28 (c)		135			135,395
Ginnie Mae (c)
Series 2013-63, Class IO, 0.78%, 09/16/51		4,995			115,339
Series 2014-169, Class IO, 0.64%, 10/16/56		14,155			363,182
Series 2016-113, Class IO, 1.09%, 02/16/58		4,427			237,574
Ginnie Mae Mortgage-Backed Securities
7.50%, 02/15/23 - 11/15/23		3			3,323
8.00%, 05/15/26 - 06/15/27		10			10,496
5.00%, 10/20/39		1,147			1,218,991
Uniform Mortgage-Backed Securities
2.00%, 07/14/22 (f)		38,811			33,838,997
2.50%, 07/14/22 - 12/01/51 (f)(g)		18,335			16,563,012
3.00%, 07/14/22 (g)		40,100			37,339,992
3.50%, 07/14/22 (g)		3,664			3,523,451
4.00%, 07/14/22 - 10/01/48 (f)(h)		17,129			17,202,488
4.50%, 07/14/22 - 09/01/41 (f)(h)		20,503			21,079,837
5.00%, 07/14/22 - 04/01/48 (f)(g)		12,708			13,268,209
5.50%, 07/14/22 - 06/01/38 (f)		3,852			4,133,009
6.50%, 10/01/38 - 10/01/39		1,333			1,450,507
Series 1839, Class QA, 4.00%, 07/14/22 (f)		3,107			3,108,562


					218,442,560

Principal Only Collateralized Mortgage Obligations — 0.0%
Fannie Mae Interest Strip
Series 203, Class 1, 0.00%, 02/25/23		—	(d)		138
Series 228, Class 1, 0.00%, 06/25/23		—	(d)		113


S C H E D U L E O F I N V E S T M E N T S		59


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)


Security	Par (000)			Value


Principal Only Collateralized Mortgage Obligations (continued)
Fannie Mae REMIC Trust, Series 1999-W4, Class PO, 0.00%, 02/25/29	$	20		$	18,859
Fannie Mae REMICS
Series 1993-51, Class E, 0.00%, 02/25/23		—	(d)		458
Series 1993-70, Class A, 0.00%, 05/25/23		—	(d)		146
Series 2002-13, Class PR, 0.01%, 03/25/32		28			25,592
Series G93-2, Class KB, 0.01%, 01/25/23		1			837
Freddie Mac REMICS
Series 1418, Class M, 0.01%, 11/15/22		—	(d)		276
Series 1571, Class G, 0.01%, 08/15/23		5			4,468
Series 1691, Class B, 0.01%, 03/15/24		26			25,406


					76,293


Total U.S. Government Sponsored Agency Securities — 144.4% (Cost: $487,753,895)					447,768,392


Total Long-Term Investments — 151.7% (Cost: $511,169,790)					470,581,088


Short-Term Securities

Borrowed Bond Agreement — 0.3%
Credit Suisse AG, 1.43%, open (Purchased on 04/21/22 to be repurchased at $867,840, Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $ 866,565 and $821,109, respectively) (i)(j)		867			866,565


	Shares


Money Market Funds — 3.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (k)(l)		9,872,958			9,872,958


Total Short-Term Securities — 3.5% (Cost: $10,739,524)					10,739,523


Total Investments Before Borrowed Bonds and — 155.2% (Cost: $521,909,314)					481,320,611


Security	Par (000)			Value


Borrowed Bonds

U.S. Governments Obligations — (0.3)%
U.S. Treasury Bonds, 2.75%, 11/15/42 (m)	$	(917	)	$	(821,109	)


Total Borrowed Bonds — (0.3)% (Proceeds: $(842,347))					(821,109	)

Total Investments, Net of Borrowed Bonds and — 154.9% (Cost: $521,066,967)					480,499,502

Liabilities in Excess of Other Assets — (54.9)%					(170,330,625	)


Net Assets — 100.0%				$	310,168,877

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

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

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

(d)	Rounds to less than 1,000.

(e)	Zero-coupon bond.

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

(g)	Represents or includes a TBA transaction.

(h)	All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

(i)	Certain agreements have no stated maturity and can be terminated by either party at any time.

(j)	The amount to be repurchased assumes the maturity will be the day after the period end.

(k)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	12,560,167	$	—	$	(2,687,209	) (a)	$	—	$	—	$	9,872,958		9,872,958	$	19,286	$	—

(a)

Represents net amount purchased (sold).


60		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT)

Reverse Repurchase Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

4,531,396

4,534,364

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

3,238,469

3,240,590

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

5,502,926

5,506,530

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

2,776,964

2,778,783

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

975,953

976,592

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

2,549,273

2,550,942

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

3,017,268

3,019,244

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

4,514,326

4,517,283

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

3,789,031

3,791,513

U.S. Government Sponsored
Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.31

06/10/22

07/14/22

4,466,661

4,469,586

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

5,859,842

5,863,651

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

23,430,755

23,448,483

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

4,544,967

4,547,921

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,724,426

6,728,797

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,915,291

6,919,786

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

4,311,590

4,314,393

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

5,991,837

5,995,732

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,877,402

6,881,872

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,907,447

6,911,937

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,231,054

6,235,105

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

10,563,348

10,570,215

U.S. Government Sponsored
Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,812,769

6,817,197

U.S. Government Sponsored
Agency Securities

Up to 30 Days

130,532,995

130,620,516


S C H E D U L E O F I N V E S T M E N T S		61


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
10-Year U.S. Treasury Note		512		09/21/22	$	60,600	$	(685,153	)


Short Contracts
90-Day Euro-Dollar		7		09/19/22		1,694		52,578
10-Year U.S. Ultra Long Treasury Note		173		09/21/22		21,982		215,734
U.S. Long Bond		174		09/21/22		24,028		197,673
5-Year U.S. Treasury Note		137		09/30/22		15,361		150,977


								616,962


							$	(68,191	)

Centrally Cleared Interest Rate Swaps



												Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)
Rate	Frequency	Rate	Frequency	Effective Date	Termination Date		Notional Amount (000)		Value

0.05%	Quarterly	1-Day FEDL, 1.58%	Quarterly	N/A		10/21/22	USD	1,639	$	13,663		$	(26	)	$	13,689
1-Day SOFR, 0.82%	Quarterly	0.05%	Quarterly	N/A		10/21/22	USD	1,639		(13,247	)		—			(13,247	)
2.30%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		08/31/23	USD	14,100		58,504			65,276			(6,772	)
2.35%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		08/31/23	USD	12,100		42,042			57,139			(15,097	)
1.41%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		11/30/23	USD	4,900		126,123			2,066			124,057
1.70%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		11/30/23	USD	1,500		32,101			784			31,317
0.72%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		03/13/25	USD	22,270		1,352,956			34,764			1,318,192
1-Day SOFR, 0.82%	Quarterly	0.17%	Quarterly	N/A		10/21/25	USD	137		(11,631	)		(23	)		(11,608	)
0.18%	Quarterly	1-Day FEDL, 1.58%	Quarterly	N/A		10/21/25	USD	137		11,732			19			11,713
1.11%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly	N/A		02/28/26	USD	4,740		309,240			—			309,240


									$	1,921,483		$	159,999		$	1,761,484

OTC Interest Rate Swaps

Upfront
Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Paid by the Fund

Received by the Fund

Effective

Date

Termination

Date

Notional

Amount (000)

Rate

Frequency

Rate

Frequency

Counterparty

Value

3-Month LIBOR,

2.29%

Quarterly

5.41%

Semi-Annual

JPMorgan Chase Bank N.A.

N/A

08/15/22

USD

9,565

225,194

—

225,194

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps (a)	$	160,048	$	(49	)	$	1,808,208	$	(46,724	)
OTC Swaps		—		—			225,194		—

(a)


62		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts (a)	$	—	$	—	$	—	$	—	$	616,962	$	—	$	616,962
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps (a)		—		—		—		—		1,808,208		—		1,808,208
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		—		—		225,194		—		225,194


	$	—	$	—	$	—	$	—	$	2,650,364	$	—	$	2,650,364


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts (a)	$	—	$	—	$	—	$	—	$	685,153	$	—	$	685,153
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (a)		—		—		—		—		46,724		—		46,724


	$	—	$	—	$	—	$	—	$	731,877	$	—	$	731,877

(a)

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	1,740,023		$	—	$	1,740,023
Swaps		—		—		—		—		(135,524	)		—		(135,524	)


	$	—	$	—	$	—	$	—	$	1,604,499		$	—	$	1,604,499


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(235,506	)	$	—	$	(235,506	)
Swaps		—		—		—		—		2,329,770			—		2,329,770


	$	—	$	—	$	—	$	—	$	2,094,264		$	—	$	2,094,264

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	67,554,625
Average notional value of contracts — short	$	66,557,103
Interest rate swaps:
Average notional value — pays fixed rate	$	61,385,227
Average notional value — receives fixed rate	$	11,340,227

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


S C H E D U L E O F I N V E S T M E N T S		63


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Income Trust, Inc. (BKT)

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	$	415,728		$	470,321
Swaps — centrally cleared		—			140,608
Swaps — OTC (a)		225,194			—


Total derivative assets and liabilities in the Statements of Assets and Liabilities		640,922			610,929


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(415,728	)		(610,929	)


Total derivative assets and liabilities subject to an MNA	$	225,194		$	—

(a)

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

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets (	a)

JPMorgan Chase Bank N.A.	$	225,194	$	—	$	—	$	(220,000	)	$	5,194

(a)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	—		$	9,657	$	9,657
Non-Agency Mortgage-Backed Securities		—			22,803,030			9		22,803,039
U.S. Government Sponsored Agency Securities		—			447,763,219			5,173		447,768,392
Short-Term Securities
Borrowed Bond Agreement		—			866,565			—		866,565
Money Market Funds		9,872,958			—			—		9,872,958
Liabilities
Investments
Borrowed Bonds		—			(821,109	)		—		(821,109	)


	$	9,872,958		$	470,611,705		$	14,839	$	480,499,502

Derivative Financial Instruments (a)
Assets
Interest Rate Contracts	$	616,962		$	2,033,402		$	—	$	2,650,364
Liabilities
Interest Rate Contracts		(685,153	)		(46,724	)		—		(731,877	)


	$	(68,191	)	$	1,986,678		$	—	$	1,918,487

(a)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $130,620,516 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


64		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
AIMCO CLO, Series 2017-AA, Class CR, (3 mo. LIBOR US + 2.10%), 3.16%, 04/20/34 (a)(b)	USD		1,000	$	931,352
Allegro CLO II-S Ltd., Series 2014-1RA, Class C, (3 mo. LIBOR US + 3.00%), 4.10%, 10/21/28 (a)(b)			1,000		945,179
ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 7.04%, 10/15/29 (a)(b)			285		250,868
Anchorage Capital CLO 3-R Ltd., Series 2014-3RA, Class E, (3 mo. LIBOR US + 5.50%), 6.74%, 01/28/31 (a)(b)			850		756,075
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class D, (3 mo. LIBOR US + 2.60%), 3.84%, 01/28/31 (a)(b)			250		224,681
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 4.74%, 01/28/31 (a)(b)			1,000		943,565
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 1.92%, 06/25/36 (a)			4,398		3,033,082
Bain Capital Credit CLO Ltd. (a)(b)
Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 4.34%, 07/19/34			300		280,809
Series 2021-3A, Class D, (3 mo. LIBOR US + 3.10%), 4.28%, 07/24/34			250		230,740
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3 mo. LIBOR US + 2.05%), 3.09%, 07/15/34 (a)(b)			250		232,940
CarVal CLO I Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.77%), 6.81%, 07/16/31 (a)(b)			500		443,068
CarVal CLO II Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.06%, 04/20/32 (a)(b)			250		237,518
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 7.50%, 07/20/32 (a)(b)			500		443,027
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3 mo. LIBOR US + 1.65%), 2.69%, 07/17/34 (a)(b)			250		233,873
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3 mo. LIBOR US + 1.60%), 2.64%, 07/15/33 (a)(b)			500		476,181
CIFC Funding Ltd., Series 2013-4A, Class DRR, (3 mo. LIBOR US + 2.80%), 4.02%, 04/27/31 (a)(b)			250		234,827
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			352		261,243
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 4.01%, 10/20/30 (a)(b)			250		232,649
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 01/25/30 (b)			259		250,723
CWABS Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1 mo. LIBOR US + 0.14%), 1.76%, 06/25/37 (a)			568		519,832
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 3.69%, 04/18/31 (a)(b)			250		228,587


Security		Par (000)		Value

Asset-Backed Securities (continued)
Elevation CLO Ltd., Series 2021-12A, Class E, (3 mo. LIBOR US + 7.27%), 8.33%, 04/20/32 (a)(b)	USD		250	$	222,811
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 7.86%, 04/20/34 (a)(b)			250		235,813
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3 mo. LIBOR US + 1.70%), 2.74%, 04/15/33 (a)(b)			500		475,563
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 3.06%, 10/20/34 (a)(b)			436		406,058
Generate CLO 3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 4.66%, 10/20/29 (a)(b)			250		241,684
Generate CLO 4 Ltd., Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 7.81%, 04/20/32 (a)(b)			1,000		919,446
Generate CLO 6 Ltd., Series 6A, Class DR, (3 mo. LIBOR US + 3.50%), 4.64%, 01/22/35 (a)(b)			750		698,444
Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 7.62%, 07/20/34 (a)(b)			250		232,038
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 7.49%, 04/15/33 (a)(b)			250		231,578
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class A2, (3 mo. LIBOR US + 1.80%), 2.84%, 07/15/34 (a)(b)			250		242,503
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 6.74%, 10/18/30 (a)(b)			250		219,566
Madison Park Funding XXXVIII Ltd., Series 2021- 38A, Class B, (3 mo. LIBOR US + 1.65%), 2.69%, 07/17/34 (a)(b)			250		236,216
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3 mo. LIBOR US + 6.50%), 7.54%, 07/15/34 (a)(b)			790		697,325
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class ER, (3 mo. LIBOR US + 6.10%), 7.14%, 01/20/32 (a)(b)			425		391,173
Octagon 54 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.05%), 4.09%, 07/15/34 (a)(b)			250		233,054
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 7.36%, 07/20/30 (a)(b)			500		441,503
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3 mo. LIBOR US + 1.40%), 2.58%, 01/25/31 (a)(b)			250		237,065
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3 mo. LIBOR US + 1.70%), 2.80%, 10/25/34 (a)(b)			250		236,226
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 4.19%, 10/17/29 (a)(b)			250		235,126
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 6.60%, 01/20/31 (a)(b)			250		215,381


S C H E D U L E O F I N V E S T M E N T S		65


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Regatta XXIV Funding Ltd., Series 2021-5A, Class D, (3 mo. LIBOR US + 3.10%), 4.16%, 01/20/35 (a)(b)	USD		250	$	230,061
Regional Management Issuance Trust, 3.88%, 10/17/33 (c)			980		936,089
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.89%, 10/15/29 (a)(b)			500		471,947
Sterling Coofs Trust (c)
Series 2004-1, Class A, 2.00%, 04/15/29			748		7,482
Series 2004-2, Class Note, 2.08%, 03/30/30 (b)			1,162		11,619
TICP CLO I-2 Ltd., Series 2018-IA, Class C, (3 mo. LIBOR US + 3.04%), 4.25%, 04/26/28 (a)(b)			500		487,700
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 8.09%, 04/15/33 (a)(b)			250		223,193
Trimaran Cavu Ltd., Series 2021-2A, Class D1, (3 mo. LIBOR US + 3.25%), 4.43%, 10/25/34 (a)(b)			500		467,707
Unique Pub Finance Co. PLC (d)
Series A4, 5.66%, 06/30/27	GBP		38		48,974
Series N, 6.46%, 03/30/32			50		69,698
Voya CLO 2019-3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 10/17/32 (a)(b)	USD		500		475,173
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.35%), 4.53%, 10/24/34 (a)(b)			500		470,916
Whitebox CLO III Ltd., Series 2021-3A, Class D, (3 mo. LIBOR US + 3.35%), 4.39%, 10/15/34 (a)(b)			250		235,505


Total Asset-Backed Securities — 4.7% (Cost: $23,901,272)					22,575,456


		Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd. (e)			47,837		27,267


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd. (c)			546,753,936		5,467


Diversified Telecommunication Services — 0.0%
Liberty Global PLC, Class A (e)			193		4,063


Household Durables — 0.0%
Berkline Benchcraft Equity LLC (c)			3,155		—


Metals & Mining — 0.0%
Ameriforge Group, Inc.			801		801
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $100,687) (c)(f)			5,738		476


					1,277

Software — 0.0%
Avaya Holdings Corp. (e)			19		43


Security		Shares		Value

Specialty Retail — 0.1%
NMG Parent LLC			1,330	$	231,420


Total Common Stocks — 0.1% (Cost: $6,928,866)					269,537


		Par (000)

Corporate Bonds

Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48 (g)	USD		200		194,885


Aerospace & Defense — 2.5%
Amsted Industries, Inc., 5.63%, 07/01/27 (b)			156		146,640
Boeing Co., 3.20%, 03/01/29 (g)			500		432,642
Bombardier, Inc. (b)
7.50%, 03/15/25			39		35,246
7.13%, 06/15/26 (g)			715		589,503
7.88%, 04/15/27 (g)			605		503,608
6.00%, 02/15/28 (g)			539		403,927
7.45%, 05/01/34			100		74,995
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(g)			423		336,911
Howmet Aerospace, Inc., 5.13%, 10/01/24			5		4,956
Northrop Grumman Corp., 3.85%, 04/15/45 (g)			600		505,083
Rolls-Royce PLC, 5.75%, 10/15/27 (b)(g)			1,018		917,523
Spirit AeroSystems, Inc. (b)
5.50%, 01/15/25			181		167,425
7.50%, 04/15/25			32		29,720
TransDigm, Inc.
8.00%, 12/15/25 (b)(g)			815		824,161
6.25%, 03/15/26 (b)(g)			6,056		5,836,470
6.38%, 06/15/26			46		43,010
7.50%, 03/15/27			105		99,058
4.63%, 01/15/29 (g)			457		367,894
4.88%, 05/01/29			300		244,212
Triumph Group, Inc., 8.88%, 06/01/24 (b)(g)			685		690,049


					12,253,033

Airlines — 1.9%
Air Canada, 3.88%, 08/15/26 (b)(g)			384		324,822
Air France-KLM, 3.88%, 07/01/26 (d)	EUR		100		84,884
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24 (g)	USD		664		651,516
American Airlines, Inc., 11.75%, 07/15/25 (b)(g)			596		616,800
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b)(g)
5.50%, 04/20/26			855		785,203
5.75%, 04/20/29			1,131		965,435
Avianca Midco 2 Ltd., 9.00%, 12/01/28 (b)			151		130,782
Azul Investments LLP, 5.88%, 10/26/24 (d)			200		151,225
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28 (b)			77		72,553
Deutsche Lufthansa AG, 3.50%, 07/14/29 (d)	EUR		100		78,640
Finnair OYJ, 4.25%, 05/19/25 (d)			100		86,165
Gol Finance SA, 7.00%, 01/31/25 (b)	USD		200		124,288
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (b)			249		223,154


66		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Airlines (continued)
International Consolidated Airlines Group SA, 2.75%, 03/25/25 (d)	EUR		100	$	88,618
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b)(g)	USD		758		744,962
United Airlines Pass-Through Trust (g)
Series 2015-1, Class A, 3.70%, 06/01/24			2,430		2,418,544
Series 2020-1, Class A, 5.88%, 04/15/29			595		584,905
Series 2020-1, Class B, 4.88%, 07/15/27			41		39,409
United Airlines, Inc. (b)(g)
4.38%, 04/15/26			459		404,457
4.63%, 04/15/29			619		525,079


					9,101,441

Auto Components — 1.2%
Aptiv PLC, 4.40%, 10/01/46 (g)			240		190,633
Clarios Global LP, 6.75%, 05/15/25 (b)			486		481,359
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26 (d)	EUR		100		91,242
6.25%, 05/15/26 (b)(g)	USD		1,409		1,356,162
8.50%, 05/15/27 (b)(g)			2,669		2,579,522
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (b)			334		288,543
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29 (b)			111		81,973
Faurecia SE (d)
2.75%, 02/15/27	EUR		100		81,478
3.75%, 06/15/28			100		80,809
Goodyear Tire & Rubber Co.
5.00%, 07/15/29	USD		147		121,739
5.63%, 04/30/33			247		197,817
ZF Finance GmbH (d)
3.00%, 09/21/25	EUR		100		91,847
2.00%, 05/06/27			100		80,650


					5,723,774

Automobiles — 1.9%
Allison Transmission, Inc., 5.88%, 06/01/29 (b)(g)	USD		368		342,240
Asbury Automotive Group, Inc.
4.50%, 03/01/28			129		111,908
4.75%, 03/01/30			124		101,959
5.00%, 02/15/32 (b)			157		128,348
Carvana Co. (b)(g)
5.50%, 04/15/27			290		187,148
4.88%, 09/01/29			224		127,368
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (d)	GBP		100		95,558
Ford Motor Co.
0.00%, 03/15/26 (h)(i)	USD		221		201,552
4.35%, 12/08/26			11		10,195
3.25%, 02/12/32 (g)			623		465,942
5.29%, 12/08/46			48		36,811
Ford Motor Credit Co. LLC
2.98%, 08/03/22 (g)			449		449,000
3.35%, 11/01/22 (g)			215		213,439
3.81%, 01/09/24 (g)			629		610,254
4.69%, 06/09/25			200		189,002
5.13%, 06/16/25 (g)			490		467,911
4.13%, 08/04/25 (g)			411		389,293
3.38%, 11/13/25 (g)			200		180,094
4.39%, 01/08/26 (g)			400		368,424
2.70%, 08/10/26			295		251,384
4.95%, 05/28/27			200		185,750
3.82%, 11/02/27 (g)			400		340,000
2.90%, 02/16/28 (g)			295		237,699


Security		Par (000)		Value

Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
5.11%, 05/03/29 (g)	USD		526	$	471,545
4.00%, 11/13/30			200		162,051
3.63%, 06/17/31 (g)			400		310,000
General Motors Financial Co., Inc., 2.70%, 08/20/27 (g)			1,500		1,319,845
Group 1 Automotive, Inc., 4.00%, 08/15/28 (b)			45		37,610
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28 (d)	EUR		100		74,810
Ken Garff Automotive LLC, 4.88%, 09/15/28 (b)	USD		122		99,466
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (b)			292		222,241
Lithia Motors, Inc., 3.88%, 06/01/29 (b)			131		111,269
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b)			178		121,930
Penske Automotive Group, Inc.
3.50%, 09/01/25			214		200,625
3.75%, 06/15/29 (b)			69		57,454
Renault SA, 2.38%, 05/25/26 (d)	EUR		100		89,690
Sonic Automotive, Inc., 4.63%, 11/15/29 (b)	USD		59		45,714
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (d)			200		174,787
Wabash National Corp., 4.50%, 10/15/28 (b)			220		168,300


					9,358,616

Banks — 1.3%
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31 (a)(d)	EUR		100		88,814
Banco Espirito Santo SA (e)(j)
4.75%, 01/15/22			100		15,195
4.00%, 01/21/22 (c)			100		15,195
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%	USD		201		183,011
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80% (a)(d)(k)			200		195,750
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70% (a)(d)(k)			250		248,250
Grupo Aval Ltd., 4.38%, 02/04/30 (b)			200		155,788
Intesa Sanpaolo SpA, 5.02%, 06/26/24 (b)(g)			2,442		2,329,992
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40% (a)(d)(k)			202		174,730
NBK Tier 1 Ltd., 3.63% (a)(b)(k)			279		250,280
Standard Chartered PLC, (3 mo. LIBOR US + 1.08%), 3.89%, 03/15/24 (a)(b)(g)			1,500		1,495,369
SVB Financial Group, Series D, (5 year CMT + 3.07%), 4.25% (a)(g)(k)			1,000		754,531
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90% (a)(g)(k)			365		314,356


					6,221,261

Beverages — 1.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (g)			800		751,912
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (b)(g)(l)			633		469,893
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (b)(g)			1,958		1,571,295
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (b)
4.13%, 08/15/26			276		233,830
4.75%, 07/15/27	GBP		100		87,320
5.25%, 08/15/27	USD		252		179,691
Ball Corp.
2.88%, 08/15/30			36		28,977


S C H E D U L E O F I N V E S T M E N T S		67


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Beverages (continued)
Ball Corp. (continued)
3.13%, 09/15/31 (g)	USD		377	$	304,103
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b)			211		188,450
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			34		34,731
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (b)(g)			794		758,270
OI European Group BV, 2.88%, 02/15/25 (d)	EUR		100		94,901
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		84		75,325
Triton Water Holdings, Inc., 6.25%, 04/01/29 (b)			173		122,830
Trivium Packaging Finance BV (b)(g)
5.50%, 08/15/26			1,004		948,489
8.50%, 08/15/27			1,367		1,281,704


					7,131,721

Biotechnology — 0.0%
Cidron Aida Finco SARL, 5.00%, 04/01/28 (d)	EUR		100		87,049


Building Materials (b) — 0.5%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29	USD		178		114,355
CP Atlas Buyer, Inc., 7.00%, 12/01/28			75		54,163
James Hardie International Finance DAC, 5.00%, 01/15/28			200		178,000
Jeld-Wen, Inc.
6.25%, 05/15/25			146		140,160
4.63%, 12/15/25			17		14,450
Masonite International Corp.
Class C, 5.38%, 02/01/28			101		91,405
Class C, 3.50%, 02/15/30			214		170,338
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			81		66,585
9.75%, 07/15/28			38		32,490
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (g)			503		425,151
Standard Industries, Inc. (g)
5.00%, 02/15/27			174		155,305
4.75%, 01/15/28			46		39,330
4.38%, 07/15/30			683		538,716
3.38%, 01/15/31			283		208,746
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			235		205,037


					2,434,231

Building Products (b) — 0.7%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			202		186,248
6.38%, 06/15/30 (g)			423		413,089
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			100		81,322
Foundation Building Materials, Inc., 6.00%, 03/01/29 (g)			174		127,455
GYP Holdings III Corp., 4.63%, 05/01/29			237		184,796
LBM Acquisition LLC, 6.25%, 01/15/29			219		140,995
Patrick Industries, Inc., 4.75%, 05/01/29			64		47,631
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			258		209,758
SRS Distribution, Inc. (g)
4.63%, 07/01/28			516		451,500
6.13%, 07/01/29			392		309,278
6.00%, 12/01/29			516		405,179


Security		Par (000)		Value

Building Products (continued)
White Cap Buyer LLC, 6.88%, 10/15/28 (g)	USD		955	$	764,000
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26 (l)			210		174,825


					3,496,076

Capital Markets — 1.1%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00% (a)(g)(k)			2,835		2,182,241
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)			214		176,550
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26 (g)			366		342,635
5.25%, 05/15/27 (g)			606		536,819
4.38%, 02/01/29			295		238,407
Kane Bidco Ltd., 6.50%, 02/15/27 (d)	GBP		100		106,295
NFP Corp. (b)(g)
4.88%, 08/15/28	USD		522		447,077
6.88%, 08/15/28			1,373		1,132,780


					5,162,804

Chemicals — 1.8%
Alpek SAB de CV, 3.25%, 02/25/31 (b)			200		160,225
Ashland LLC, 3.38%, 09/01/31 (b)(g)			296		240,759
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(g)	.		447		364,917
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b)			170		152,762
Braskem Idesa SAPI, 6.99%, 02/20/32 (b)			200		155,000
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81 (a)(b)			278		278,313
Chemours Co., 4.00%, 05/15/26	EUR		100		92,744
Diamond BC BV, 4.63%, 10/01/29 (b)(g)	USD		558		446,233
Element Solutions, Inc., 3.88%, 09/01/28 (b)(g)			1,421		1,172,510
EverArc Escrow SARL, 5.00%, 10/30/29 (b)(g)			550		462,943
GCP Applied Technologies, Inc., 5.50%, 04/15/26 (b)			165		164,175
HB Fuller Co., 4.25%, 10/15/28			110		92,297
Herens Holdco SARL, 4.75%, 05/15/28 (b)(g)			612		508,450
Herens Midco SARL, 5.25%, 05/15/29 (d)	EUR		100		68,377
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(g)	USD		368		290,720
Ingevity Corp., 3.88%, 11/01/28 (b)			84		70,350
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(l)			230		210,367
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b)			113		95,202
Lune Holdings SARL, 5.63%, 11/15/28 (d)	EUR		100		84,142
Minerals Technologies, Inc., 5.00%, 07/01/28 (b)	USD		169		147,081
Monitchem HoldCo 3 SA, 5.25%, 03/15/25 (d)	EUR		100		96,018
NOVA Chemicals Corp., 4.88%, 06/01/24 (b)	USD		67		63,683
Sasol Financing USA LLC, 5.50%, 03/18/31			200		152,900
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (b)			239		191,200
Scotts Miracle-Gro Co.
4.00%, 04/01/31			169		126,327
4.38%, 02/01/32			27		20,526
WESCO Distribution, Inc. (b)(g)
7.13%, 06/15/25			676		674,533
7.25%, 06/15/28			616		609,224


68		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
WR Grace Holdings LLC (b)
5.63%, 10/01/24	USD		216	$	209,263
5.63%, 08/15/29 (g)			1,371		1,009,399


					8,410,640

Commercial Services & Supplies — 0.8%
ADT Security Corp.
4.13%, 06/15/23			9		8,840
4.13%, 08/01/29 (b)			27		21,912
4.88%, 07/15/32 (b)			38		30,249
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b)			200		171,165
APX Group, Inc., 5.75%, 07/15/29 (b)			268		207,483
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29 (b)(g)			36		29,945
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (d)	EUR		100		83,155
EC Finance PLC, 3.00%, 10/15/26 (d)			200		182,819
Fortress Transportation & Infrastructure Investors LLC (b)
6.50%, 10/01/25	USD		75		70,763
5.50%, 05/01/28			310		255,879
Herc Holdings, Inc., 5.50%, 07/15/27 (b)			362		330,470
Hertz Corp. (b)
4.63%, 12/01/26			126		105,346
5.00%, 12/01/29			101		77,770
Metis Merger Sub LLC, 6.50%, 05/15/29 (b)			214		170,054
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b)			239		200,163
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (b)			11		8,718
Prime Security Services Borrower LLC/Prime Finance, Inc. (b)
5.25%, 04/15/24			141		137,828
5.75%, 04/15/26 (g)			421		392,582
6.25%, 01/15/28			188		157,280
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25 (b)			187		183,105
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(g)			653		560,482
United Rentals North America, Inc.
5.50%, 05/15/27			170		166,713
5.25%, 01/15/30			161		149,328
Williams Scotsman International, Inc., 4.63%, 08/15/28 (b)			243		207,157


					3,909,206

Communications Equipment — 0.5%
Avaya, Inc., 6.13%, 09/15/28 (b)(g)			481		313,852
Ciena Corp., 4.00%, 01/31/30 (b)			104		89,766
CommScope Technologies LLC, 6.00%, 06/15/25 (b)(g)			632		546,680
CommScope, Inc. (b)
6.00%, 03/01/26			176		162,101
8.25%, 03/01/27			86		67,983
7.13%, 07/01/28 (g)			138		104,891
4.75%, 09/01/29 (g)			234		188,767
Nokia OYJ, 4.38%, 06/12/27			149		140,760
Viasat, Inc. (b)
5.63%, 09/15/25			270		218,385
5.63%, 04/15/27 (g)			67		57,932


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc. (b) (continued)
6.50%, 07/15/28 (g)	USD		161	$	110,900
Viavi Solutions, Inc., 3.75%, 10/01/29 (b)			300		251,255


					2,253,272

Construction Materials (b) — 0.4%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28 (g)			447		382,860
3.88%, 11/15/29			59		47,170
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			109		88,735
H&E Equipment Services, Inc., 3.88%, 12/15/28			58		46,907
IAA, Inc., 5.50%, 06/15/27 (g)			372		346,496
Picasso Finance Sub, Inc., 6.13%, 06/15/25 (g)			403		392,925
Thor Industries, Inc., 4.00%, 10/15/29			168		133,056
Winnebago Industries, Inc., 6.25%, 07/15/28			114		104,395
Wolverine Escrow LLC, 9.00%, 11/15/26			672		391,642


					1,934,186

Consumer Discretionary — 1.2%
APi Escrow Corp., 4.75%, 10/15/29 (b)			100		80,750
APi Group DE, Inc., 4.13%, 07/15/29 (b)			132		104,834
Carnival Corp.
10.13%, 02/01/26 (d)	EUR		100		103,511
10.50%, 02/01/26 (b)(g)	USD		669		665,969
5.75%, 03/01/27 (b)(g)			953		688,333
9.88%, 08/01/27 (b)(g)			381		371,475
4.00%, 08/01/28 (b)(g)			1,019		835,580
6.00%, 05/01/29 (b)(g)			313		219,917
CoreLogic, Inc., 4.50%, 05/01/28 (b)(g)			511		393,470
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26 (b)			91		76,258
Life Time, Inc. (b)
5.75%, 01/15/26			258		231,289
8.00%, 04/15/26			215		191,619
NCL Corp. Ltd., 5.88%, 03/15/26 (b)			253		198,577
NCL Finance Ltd., 6.13%, 03/15/28 (b)(g)			261		189,878
Nielsen Finance LLC/Nielsen Finance Co. (b)
5.63%, 10/01/28 (g)			479		444,847
5.88%, 10/01/30			192		176,287
Royal Caribbean Cruises Ltd. (b)
10.88%, 06/01/23			90		90,301
9.13%, 06/15/23			153		151,311
11.50%, 06/01/25			120		123,300
5.50%, 08/31/26			91		67,568
5.50%, 04/01/28 (g)			354		246,030
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b)			183		144,296


					5,795,400

Consumer Finance — 1.4%
American Express Co., (5 year CMT + 2.85%), 3.55% (a)(g)(k)			735		598,003
Block, Inc., 3.50%, 06/01/31 (b)(g)			1,094		871,765
Equifax, Inc., 2.60%, 12/15/25			59		55,617
HealthEquity, Inc., 4.50%, 10/01/29 (b)(g)			583		510,125
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (b)			220		195,800
Navient Corp.
7.25%, 09/25/23			77		76,183
6.13%, 03/25/24			86		81,540
5.88%, 10/25/24			82		75,374
5.50%, 03/15/29			278		214,313


S C H E D U L E O F I N V E S T M E N T S		69


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Finance (continued)
OneMain Finance Corp.
6.88%, 03/15/25	USD		226	$	214,194
7.13%, 03/15/26			305		281,890
3.50%, 01/15/27			304		243,200
6.63%, 01/15/28			240		214,502
5.38%, 11/15/29			70		56,725
4.00%, 09/15/30			139		103,034
Sabre Global, Inc. (b)
9.25%, 04/15/25			164		158,022
7.38%, 09/01/25			252		233,730
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b)			348		307,977
Shift4 Payments, Inc., 0.00%, 12/15/25 (h)(i)			349		279,724
SLM Corp., 3.13%, 11/02/26			173		139,691
Verscend Escrow Corp., 9.75%, 08/15/26 (b)(g)			1,817		1,767,032


					6,678,441

Containers & Packaging — 0.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b)
6.00%, 06/15/27			400		395,892
3.25%, 09/01/28			200		170,714
Clydesdale Acquisition Holdings, Inc. (b)
6.63%, 04/15/29 (g)			503		472,634
8.75%, 04/15/30			377		325,189
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			196		180,810
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (g)			424		403,487
Graham Packaging Co., Inc., 7.13%, 08/15/28 (b)			60		48,150
Graphic Packaging International LLC (b)
4.75%, 07/15/27			89		84,033
3.50%, 03/15/28			17		14,620
3.50%, 03/01/29			61		51,221
Klabin Austria GmbH, 3.20%, 01/12/31 (b)			200		152,250
LABL, Inc., 5.88%, 11/01/28 (b)			261		210,738
Sealed Air Corp. (b)
5.13%, 12/01/24			46		45,655
4.00%, 12/01/27			73		65,810
Suzano Austria GmbH, 3.13%, 01/15/32			71		53,339


					2,674,542

Diversified Consumer Services — 1.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(g)
6.63%, 07/15/26			1,998		1,833,425
9.75%, 07/15/27			601		508,650
6.00%, 06/01/29			1,356		984,689
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b)(g)			1,348		1,102,420
Clarivate Science Holdings Corp. (b)(g)
3.88%, 07/01/28			603		503,811
4.88%, 07/01/29			434		356,314
Garda World Security Corp., 4.63%, 02/15/27 (b)			132		113,520
Graham Holdings Co., 5.75%, 06/01/26 (b)			140		138,600
Rekeep SpA, 7.25%, 02/01/26 (d)	EUR		100		90,293
Service Corp. International
5.13%, 06/01/29	USD		238		224,241
3.38%, 08/15/30 (g)			263		215,331


Security		Par (000)		Value

Diversified Consumer Services (continued)
Service Corp. International (continued)
4.00%, 05/15/31	USD		333	$	284,299
Sotheby’s, 7.38%, 10/15/27 (b)(g)			451		417,975


					6,773,568

Diversified Financial Services — 2.8%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b)(g)			403		334,417
ASG Finance Designated Activity Co., 7.88%, 12/03/24 (b)			200		187,500
Barclays PLC
3.65%, 03/16/25 (g)			3,600		3,520,426
5.20%, 05/12/26			200		199,146
BNP Paribas S.A., (5 year CMT + 3.34%), 4.63% (a)(b)(g)(k)			1,500		1,106,997
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (b)			74		61,431
Central Garden & Pet Co.
4.13%, 10/15/30			194		159,179
4.13%, 04/30/31 (b)			177		142,089
Citigroup, Inc. (a)(k)
(5 year CMT + 3.42%), 3.88% (g)			2,000		1,660,000
Series W, (5 year CMT + 3.60%), 4.00%			155		134,075
Series Y, (5 year CMT + 3.00%), 4.15% (g)			490		393,225
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25 (d)	GBP		100		108,948
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(l)	USD		223		169,190
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95% (a)(g)(k)			730		657,241
HSBC Holdings PLC (g) 4.38%, 11/23/26			395		386,101
(5 year CMT + 3.22%), 4.00% (a)(k)			290		243,111
(5 year USD ICE Swap + 4.37%), 6.38% (a)(k)			1,250		1,208,687
Intrum AB, 3.00%, 09/15/27 (d)	EUR		100		80,550
ION Trading Technologies SARL, 5.75%, 05/15/28 (b)	USD		200		159,958
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (b)			325		267,313
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b)
4.25%, 02/01/27 (g)			170		137,245
4.75%, 06/15/29			67		51,552
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75% (a)(g)(k)			450		423,594
Morgan Stanley, 4.00%, 07/23/25 (g)			965		964,186
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25 (b)(g)			300		194,681
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22 (d)			220		217,184
Spectrum Brands, Inc. (b)
5.00%, 10/01/29			141		121,928
5.50%, 07/15/30			154		138,594


					13,428,548

Diversified Telecommunication Services — 3.3%
AT&T, Inc., 4.30%, 02/15/30 (g)			1,350		1,317,466
Consolidated Communications, Inc., 6.50%, 10/01/28 (b)(g)			489		415,934
Frontier Communications Holdings LLC, 8.75%, 05/15/30 (b)			300		303,297


70		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc.
5.38%, 05/01/25	USD		90	$	87,171
3.40%, 03/01/27 (b)			88		75,797
4.63%, 09/15/27 (b)			111		94,627
4.25%, 07/01/28 (b)(g)			785		628,981
3.63%, 01/15/29 (b)			136		104,863
3.75%, 07/15/29 (b)			380		293,818
Lumen Technologies, Inc. (g)
5.13%, 12/15/26 (b)			839		706,287
4.00%, 02/15/27 (b)			493		416,955
4.50%, 01/15/29 (b)			560		416,861
5.38%, 06/15/29 (b)			455		360,258
Series U, 7.65%, 03/15/42			188		144,290
Series W, 6.75%, 12/01/23			512		507,205
Series Y, 7.50%, 04/01/24			266		262,342
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25 (l)			200		92,000
SoftBank Group Corp. (d)
4.50%, 04/20/25	EUR		100		94,839
4.75%, 07/30/25			100		92,913
Sprint Capital Corp. (g)
6.88%, 11/15/28	USD		1,355		1,424,809
8.75%, 03/15/32			870		1,047,028
Switch Ltd. (b)
3.75%, 09/15/28			312		308,615
4.13%, 06/15/29 (g)			616		609,742
Telecom Italia Capital SA
6.38%, 11/15/33			222		171,428
6.00%, 09/30/34 (g)			432		325,845
7.20%, 07/18/36			98		74,406
7.72%, 06/04/38			44		33,946
Telecom Italia SpA
4.00%, 04/11/24 (d)	EUR		150		154,442
5.30%, 05/30/24 (b)(g)	USD		200		192,170
1.63%, 01/18/29 (d)	EUR		200		151,345
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30 (b)	USD		152		105,154
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28 (b)			266		218,756
Verizon Communications, Inc. (g)
2.36%, 03/15/32			169		140,124
3.70%, 03/22/61			1,000		785,422
Zayo Group Holdings, Inc. (b)(g)
4.00%, 03/01/27			3,059		2,537,716
6.13%, 03/01/28			1,772		1,279,579


					15,976,431

Electric Utilities — 0.6%
Black Hills Corp., 3.15%, 01/15/27 (g)			305		290,869
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29 (b)			200		156,412
Enel Finance International NV, 3.63%, 05/25/27 (b)(g)			900		855,312
Exelon Corp., 3.40%, 04/15/26 (g)			140		135,841
FirstEnergy Corp.
2.65%, 03/01/30			270		222,750
Series B, 2.25%, 09/01/30			21		16,643
Series C, 3.40%, 03/01/50 (g)			717		486,054
FirstEnergy Transmission LLC (b)
5.45%, 07/15/44 (g)			458		428,098


Security		Par (000)		Value

Electric Utilities (continued)
FirstEnergy Transmission LLC (b) (continued)
4.55%, 04/01/49	USD		163	$	131,154
NextEra Energy Operating Partners LP (b)
4.25%, 07/15/24 (g)			170		162,622
4.25%, 09/15/24			9		8,573
Pike Corp., 5.50%, 09/01/28 (b)			80		64,945
Texas Competitive Electric Holdings, 1.00%, 11/10/21 (c)(e)(j)			780		—


					2,959,273

Electrical Equipment (b) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (g)			416		385,840
GrafTech Finance, Inc., 4.63%, 12/15/28			136		110,091


					495,931

Electronic Equipment, Instruments & Components — 0.4%
BWX Technologies, Inc. (b)
4.13%, 06/30/28			268		238,520
4.13%, 04/15/29			208		182,520
Energizer Holdings, Inc. (b)
4.75%, 06/15/28			140		111,121
4.38%, 03/31/29			19		14,587
Imola Merger Corp., 4.75%, 05/15/29 (b)(g)			660		552,196
Vertiv Group Corp., 4.13%, 11/15/28 (b)(g)			994		807,048
Xerox Corp., 4.80%, 03/01/35			56		42,971


					1,948,963

Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp. (b)
6.88%, 04/01/27			139		126,750
6.25%, 04/01/28 (g)			706		625,022
Halliburton Co., 3.80%, 11/15/25 (g)			3		2,970
Petroleos Mexicanos
8.75%, 06/02/29 (b)			169		151,181
6.70%, 02/16/32 (g)			220		166,650
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			263		239,251
6.88%, 09/01/27 (g)			406		360,325
Vallourec SA, 8.50%, 06/30/26 (d)	EUR		25		24,195
Weatherford International Ltd. (b)
6.50%, 09/15/28	USD		13		11,667
8.63%, 04/30/30			208		172,596


					1,880,607

Entertainment (b) — 0.1%
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29 (g)			324		273,780
Lindblad Expeditions LLC, 6.75%, 02/15/27			260		222,950
NCL Corp. Ltd., 7.75%, 02/15/29			109		83,385


					580,115

Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc. (b)(g)
4.88%, 07/15/27			250		228,750
5.13%, 07/15/29			172		156,090
Covanta Holding Corp.
4.88%, 12/01/29 (b)			250		203,430
5.00%, 09/01/30			45		36,734
GFL Environmental, Inc. (b)
4.25%, 06/01/25			86		81,160
3.75%, 08/01/25			136		126,140


S C H E D U L E O F I N V E S T M E N T S		71


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc. (b) (continued)
5.13%, 12/15/26 (g)	USD		485	$	463,805
4.00%, 08/01/28 (g)			431		355,575
3.50%, 09/01/28			198		169,785
4.75%, 06/15/29			378		312,795
4.38%, 08/15/29			259		208,495
Stericycle, Inc., 3.88%, 01/15/29 (b)			162		132,435
Tervita Corp., 11.00%, 12/01/25 (b)			114		123,975
Waste Pro USA, Inc., 5.50%, 02/15/26 (b)(g)			519		461,028


					3,060,197

Equity Real Estate Investment Trusts (REITs) — 1.2%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50 (g)			450		371,148
Brookfield Property REIT, Inc./BPR Cumulus
LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (b)			178		147,604
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (b)			163		139,202
ERP Operating LP, 3.38%, 06/01/25 (g)			1,015		994,918
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (b)(g)			142		118,668
Iron Mountain, Inc. (b)(g)
5.25%, 07/15/30			172		149,536
5.63%, 07/15/32			417		352,605
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24 (d)			229		199,230
MPT Operating Partnership LP/MPT Finance Corp. (g)
5.00%, 10/15/27			66		60,368
4.63%, 08/01/29			433		379,957
3.50%, 03/15/31			1,400		1,103,424
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27 (g)			644		571,299
4.50%, 02/15/29 (b)			179		151,774
RLJ Lodging Trust LP (b)
3.75%, 07/01/26			135		116,987
4.00%, 09/15/29			97		79,677
Ventas Realty LP, 4.13%, 01/15/26 (g)			650		643,024


					5,579,421

Food & Staples Retailing — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b)
3.25%, 03/15/26 (g)			582		506,893
7.50%, 03/15/26 (g)			107		106,436
4.63%, 01/15/27 (g)			766		684,283
5.88%, 02/15/28			320		299,081
4.88%, 02/15/30			138		118,382
Bellis Acquisition Co. PLC, 3.25%, 02/16/26 (d)	GBP		100		94,341
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)	USD		313		311,951
Kraft Heinz Foods Co.
6.50%, 02/09/40			155		167,491
4.88%, 10/01/49 (g)			397		350,651
5.50%, 06/01/50 (g)			691		663,301
Lamb Weston Holdings, Inc. (b)
4.88%, 05/15/28 (g)			156		146,813
4.13%, 01/31/30			312		270,055
4.38%, 01/31/32			285		247,950
Market Bidco Finco PLC, 5.50%, 11/04/27 (d)	GBP		100		92,515
Ocado Group PLC, 3.88%, 10/08/26 (d)			100		97,624


Security		Par (000)		Value

Food & Staples Retailing (continued)
Performance Food Group, Inc., 4.25%, 08/01/29 (b)(g)	USD		395	$	329,825
Post Holdings, Inc. (b)
5.75%, 03/01/27			89		86,219
5.63%, 01/15/28			73		69,291
5.50%, 12/15/29 (g)			261		233,329
4.63%, 04/15/30 (g)			170		143,441
U.S. Foods, Inc., 4.75%, 02/15/29 (b)			335		292,854


					5,312,726

Food Products — 0.6%
Aramark Services, Inc. (b)
5.00%, 04/01/25 (g)			623		596,924
5.00%, 02/01/28			442		400,545
BRF SA, 4.88%, 01/24/30 (d)			200		158,600
Chobani LLC/Chobani Finance Corp., Inc. (b)(g)
7.50%, 04/15/25			757		695,205
4.63%, 11/15/28			364		307,580
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31 (b)(g)			280		229,708
Pilgrim’s Pride Corp., 3.50%, 03/01/32 (b)(g)			175		136,719
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b)			284		240,094


					2,765,375

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (b)			91		77,384


Health Care Equipment & Supplies (b) — 0.2%
Avantor Funding, Inc.
4.63%, 07/15/28 (g)			872		799,362
3.88%, 11/01/29			210		183,677
Embecta Corp., 6.75%, 02/15/30			152		136,850
Hologic, Inc., 3.25%, 02/15/29			46		39,316


					1,159,205

Health Care Providers & Services — 3.5%
180 Medical, Inc., 3.88%, 10/15/29 (b)			200		173,000
Acadia Healthcare Co., Inc. (b)
5.50%, 07/01/28			115		107,444
5.00%, 04/15/29			55		49,375
AdaptHealth LLC (b)
6.13%, 08/01/28			73		64,570
5.13%, 03/01/30			26		21,916
AHP Health Partners, Inc., 5.75%, 07/15/29 (b)			324		238,043
Cano Health LLC, 6.25%, 10/01/28 (b)			125		102,225
Centene Corp.
2.45%, 07/15/28 (g)			687		572,985
4.63%, 12/15/29 (g)			1,058		986,585
3.00%, 10/15/30 (g)			652		540,345
2.50%, 03/01/31 (g)			1,077		854,880
2.63%, 08/01/31			334		265,697
CHS/Community Health Systems, Inc. (b)
8.00%, 03/15/26 (g)			1,132		1,030,901
5.63%, 03/15/27 (g)			565		478,199
6.00%, 01/15/29 (g)			502		415,867
6.13%, 04/01/30			301		183,610
Elevance Health, Inc., 2.75%, 10/15/42 (h)			57		391,043
Encompass Health Corp.
4.50%, 02/01/28			45		38,524
4.75%, 02/01/30 (g)			403		337,730


72		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Encompass Health Corp. (continued)
4.63%, 04/01/31	USD		211	$	170,852
HCA, Inc., 5.50%, 06/15/47 (g)			650		579,821
Legacy LifePoint Health LLC (b)
6.75%, 04/15/25			190		183,656
4.38%, 02/15/27			217		185,930
LifePoint Health, Inc., 5.38%, 01/15/29 (b)(g)			160		117,600
Medline Borrower LP (b)(g)
3.88%, 04/01/29			449		382,418
5.25%, 10/01/29			1,118		918,213
ModivCare, Inc., 5.88%, 11/15/25 (b)			71		65,320
Molina Healthcare, Inc. (b)
4.38%, 06/15/28			303		270,661
3.88%, 11/15/30			226		193,180
3.88%, 05/15/32			238		199,584
Owens & Minor, Inc., 6.63%, 04/01/30 (b)			142		129,713
Prime Healthcare Services, Inc., 7.25%, 11/01/25 (b)			312		266,292
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26 (b)			53		51,543
Surgery Center Holdings, Inc. (b)(g)
6.75%, 07/01/25			611		560,006
10.00%, 04/15/27			621		601,528
Teleflex, Inc.
4.63%, 11/15/27			80		73,800
4.25%, 06/01/28 (b)(g)			368		332,501
Tenet Healthcare Corp.
4.63%, 07/15/24 (g)			204		195,785
4.63%, 09/01/24 (b)(g)			367		352,320
4.88%, 01/01/26 (b)(g)			1,618		1,488,560
6.25%, 02/01/27 (b)			95		87,439
5.13%, 11/01/27 (b)(g)			614		552,600
4.63%, 06/15/28 (b)			81		70,533
6.13%, 10/01/28 (b)(g)			183		156,608
4.25%, 06/01/29 (b)			48		40,426
6.13%, 06/15/30 (b)			283		261,090
UnitedHealth Group, Inc., 3.75%, 07/15/25 (g)			1,470		1,468,013


					16,808,931

Health Care Technology — 0.8%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27 (b)(g)			365		343,585
2.38%, 03/01/28 (d)	EUR		100		85,412
3.13%, 02/15/29 (b)	USD		157		128,808
3.50%, 04/01/30 (b)(g)			412		336,163
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25 (b)(g)			732		712,741
Charles River Laboratories International, Inc. (b)
4.25%, 05/01/28			159		142,831
3.75%, 03/15/29			34		29,507
4.00%, 03/15/31			98		83,540
Chrome Bidco SASU, 3.50%, 05/31/28 (d)	EUR		100		85,755
IQVIA, Inc. (b)(g)
5.00%, 10/15/26	USD		463		440,929
5.00%, 05/15/27			437		413,446
Minerva Merger Sub, Inc., 6.50%, 02/15/30 (b)(g)			600		498,954
Syneos Health, Inc., 3.63%, 01/15/29 (b)(g)			802		679,156


					3,980,827

Hotels, Restaurants & Leisure — 4.0%
1011778 BC ULC/New Red Finance, Inc. (b)
5.75%, 04/15/25			207		208,206


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
1011778 BC ULC/New Red Finance, Inc. (b) (continued)
3.88%, 01/15/28 (g)	USD		590	$	512,073
4.38%, 01/15/28			134		117,156
4.00%, 10/15/30			146		117,165
Accor SA, 0.70%, 12/07/27 (d)	EUR		32		13,579
Affinity Gaming, 6.88%, 12/15/27 (b)	USD		4		3,360
Airbnb, Inc., 0.00%, 03/15/26 (h)(i)			567		471,177
Boyd Gaming Corp.
4.75%, 12/01/27			179		161,995
4.75%, 06/15/31 (b)(g)			376		317,728
Boyne USA, Inc., 4.75%, 05/15/29 (b)			297		257,184
Caesars Entertainment, Inc. (b)(g)
6.25%, 07/01/25			1,466		1,412,828
8.13%, 07/01/27			1,508		1,457,105
4.63%, 10/15/29			624		485,160
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (b)(g)			478		457,116
Carnival Corp., 7.63%, 03/01/26 (b)			71		54,992
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (b)(g)			668		607,880
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (b)(g)			296		287,120
Champion Path Holdings Ltd., 4.50%, 01/27/26 (d)			232		143,840
Churchill Downs, Inc. (b)
5.50%, 04/01/27 (g)			675		641,250
4.75%, 01/15/28			435		387,150
Cirsa Finance International SARL, 4.75%, 05/22/25 (d)	EUR		100		92,356
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b)
4.63%, 01/15/29 (g)	USD		483		411,757
6.75%, 01/15/30			292		224,110
Food Service Project SA, 5.50%, 01/21/27 (d)	EUR		100		89,862
Fortune Star BVI Ltd., 6.75%, 07/02/23 (d)	USD		200		157,175
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25 (b)			145		142,100
5.75%, 05/01/28 (b)			99		94,132
3.75%, 05/01/29 (b)			110		93,296
4.88%, 01/15/30 (g)			972		878,445
4.00%, 05/01/31 (b)			292		242,652
McDonald’s Corp., 3.70%, 01/30/26 (g)			405		403,762
Melco Resorts Finance Ltd., 5.25%, 04/26/26 (d)			250		175,000
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b)			200		182,501
MGM China Holdings Ltd., 5.88%, 05/15/26 (d)			250		189,812
MGM Resorts International
6.00%, 03/15/23 (g)			416		415,035
5.75%, 06/15/25			29		27,623
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b)			235		191,525
Powdr Corp., 6.00%, 08/01/25 (b)			317		314,622
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b)
5.63%, 09/01/29			116		82,587
5.88%, 09/01/31			116		80,506
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (b)			177		154,875
Royal Caribbean Cruises Ltd., 5.38%, 07/15/27 (b)(g)			284		206,431
Scientific Games International, Inc. (b) 8.63%, 07/01/25			203		208,095


S C H E D U L E O F I N V E S T M E N T S		73


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc. (b) (continued)
7.00%, 05/15/28	USD		174	$	163,287
7.25%, 11/15/29			51		47,828
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 (b)(g)			533		539,572
Spirit Issuer PLC, Series A5, 5.47%, 12/28/34 (d)	GBP		2,550		3,279,689
Station Casinos LLC, 4.63%, 12/01/31 (b)	USD		277		216,060
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25 (d)	GBP		100		111,170
Vail Resorts, Inc., 6.25%, 05/15/25 (b)	USD		154		153,811
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28 (b)			158		138,196
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b)(g)			192		164,446
Wynn Macau Ltd., 5.50%, 01/15/26 (d)			347		239,864
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)
7.75%, 04/15/25			239		232,609
5.13%, 10/01/29 (g)			618		486,737
Yum! Brands, Inc.
4.75%, 01/15/30 (b)(g)			279		253,192
3.63%, 03/15/31			96		80,640
5.35%, 11/01/43			71		58,842


					19,338,266

Household Durables — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co. (b)
4.63%, 08/01/29			100		75,000
4.63%, 04/01/30			145		106,481
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b)
5.00%, 06/15/29			208		157,262
4.88%, 02/15/30 (g)			412		299,318
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25 (b)			253		223,672
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26 (b)			219		214,620
Mattamy Group Corp., 4.63%, 03/01/30 (b)			199		145,432
Meritage Homes Corp., 5.13%, 06/06/27			50		45,767
NCR Corp. (b)
5.75%, 09/01/27			220		195,257
5.00%, 10/01/28			110		93,269
5.13%, 04/15/29			145		122,632
6.13%, 09/01/29			92		79,567
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b)			330		221,925
Taylor Morrison Communities, Inc. (b)
5.88%, 06/15/27			245		225,819
5.13%, 08/01/30			54		44,846
Tempur Sealy International, Inc. (b)
4.00%, 04/15/29			224		180,441
3.88%, 10/15/31 (g)			239		179,250
Tri Pointe Group, Inc./Tri Pointe Homes, Inc.,
5.88%, 06/15/24			11		10,704
Tri Pointe Homes, Inc., 5.25%, 06/01/27			15		13,112


					2,634,374

Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22 (c)(e)(j)			200		—
Energizer Holdings, Inc., 6.50%, 12/31/27 (b)			117		102,521


					102,521


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers — 1.1%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24 (d)	USD		200	$	190,725
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24 (d)			200		188,663
Calpine Corp. (b)
5.25%, 06/01/26 (g)			221		209,950
4.50%, 02/15/28 (g)			249		226,061
5.13%, 03/15/28 (g)			1,060		933,118
4.63%, 02/01/29 (g)			106		88,221
5.00%, 02/01/31			43		34,762
3.75%, 03/01/31			5		4,067
Clearway Energy Operating LLC (b)
4.75%, 03/15/28 (g)			300		269,904
3.75%, 01/15/32			262		207,635
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27 (b)			215		167,702
Greenko Mauritius Ltd., 6.25%, 02/21/23 (d)			200		197,975
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (d)			200		176,500
India Cleantech Energy, 4.70%, 08/10/26 (b)			243		193,483
India Green Energy Holdings
5.38%, 04/29/24 (b)			250		233,750
5.38%, 04/29/24 (d)			250		233,750
Investment Energy Resources Ltd., 6.25%, 04/26/29 (b)			200		169,600
NRG Energy, Inc.
6.63%, 01/15/27 (g)			720		705,151
5.75%, 01/15/28			63		57,263
5.25%, 06/15/29 (b)(g)			253		225,803
3.63%, 02/15/31 (b)(g)			277		217,165
3.88%, 02/15/32 (b)			134		106,434
TerraForm Power Operating LLC (b)
5.00%, 01/31/28			96		86,951
4.75%, 01/15/30			186		159,307


					5,283,940

Insurance — 2.2%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29 (b)			231		180,825
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b)(g)
4.25%, 10/15/27			1,166		1,009,255
6.75%, 10/15/27			1,896		1,682,473
5.88%, 11/01/29			1,182		980,835
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (g)			360		355,115
AmWINS Group, Inc., 4.88%, 06/30/29 (b)			266		217,833
Aon Global Ltd., 3.88%, 12/15/25 (g)			1,115		1,102,703
GTCR AP Finance, Inc., 8.00%, 05/15/27 (b)			330		308,930
HUB International Ltd. (b)
7.00%, 05/01/26 (g)			1,226		1,152,930
5.63%, 12/01/29			53		43,781
Ryan Specialty Group LLC, 4.38%, 02/01/30 (b)			135		117,450
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53 (a)(g)			3,500		3,281,530


					10,433,660

Interactive Media & Services — 0.4%
Arches Buyer, Inc., 4.25%, 06/01/28 (b)			110		89,563
Cablevision Lightpath LLC (b) 3.88%, 09/15/27			400		331,000


74		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interactive Media & Services (continued)
Cablevision Lightpath LLC (b) (continued)
5.63%, 09/15/28 (g)	USD		400	$	312,904
Iliad SA, 2.38%, 06/17/26 (d)	EUR		100		91,696
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. (b)
4.75%, 04/30/27	USD		303		249,536
6.00%, 02/15/28 (g)			309		222,051
Twitter, Inc. (b)
3.88%, 12/15/27			295		278,113
5.00%, 03/01/30			182		172,672
United Group BV, 4.00%, 11/15/27 (d)	EUR		100		79,367


					1,826,902

Internet & Direct Marketing Retail — 0.0%
Very Group Funding PLC, 6.50%, 08/01/26 (d)	GBP		100		92,310


Internet Software & Services — 1.1%
ANGI Group LLC, 3.88%, 08/15/28 (b)	USD		262		199,486
Booking Holdings, Inc., 0.75%, 05/01/25 (h)			380		455,544
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (b)
5.25%, 12/01/27			303		277,245
3.50%, 03/01/29			165		139,110
Match Group Holdings II LLC (b)
4.63%, 06/01/28			157		142,336
5.63%, 02/15/29			177		165,495
4.13%, 08/01/30			198		165,351
3.63%, 10/01/31			158		124,425
Uber Technologies, Inc.
7.50%, 05/15/25 (b)(g)			667		660,644
0.00%, 12/15/25 (h)(i)			1,582		1,261,989
8.00%, 11/01/26 (b)(g)			311		309,600
7.50%, 09/15/27 (b)(g)			622		602,581
6.25%, 01/15/28 (b)(g)			402		371,786
4.50%, 08/15/29 (b)(g)			652		536,270
Zillow Group, Inc., 1.38%, 09/01/26 (h)			55		54,945


					5,466,807

IT Services — 1.2%
Ahead DB Holdings LLC, 6.63%, 05/01/28 (b)			150		124,350
Booz Allen Hamilton, Inc. (b)(g)
3.88%, 09/01/28			272		240,720
4.00%, 07/01/29			391		340,924
CA Magnum Holdings, 5.38%, 10/31/26 (b)(g)			382		330,430
Camelot Finance SA, 4.50%, 11/01/26 (b)(g)			564		514,424
Condor Merger Sub, Inc., 7.38%, 02/15/30 (b)(g)			786		638,837
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b)(g)			485		418,919
Fair Isaac Corp., 4.00%, 06/15/28 (b)(g)			366		324,217
Gartner, Inc. (b)
4.50%, 07/01/28			107		98,248
3.63%, 06/15/29			133		115,227
3.75%, 10/01/30 (g)			368		313,260
International Business Machines Corp., 1.95%, 05/15/30 (g)			500		419,019
KBR, Inc., 4.75%, 09/30/28 (b)			206		181,556
La Financiere Atalian SASU, 5.13%, 05/15/25 (d)	EUR		100		79,919
Science Applications International Corp., 4.88%, 04/01/28 (b)(g)	USD		289		269,492


Security		Par (000)		Value

IT Services (continued)
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (b)	USD		243	$	228,599
Twilio, Inc., 3.88%, 03/15/31			353		290,438
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b)(g)			692		579,649


					5,508,228

Leisure Products — 0.1%
Mattel, Inc.
3.75%, 04/01/29 (b)			103		92,556
6.20%, 10/01/40			219		209,145
5.45%, 11/01/41			278		244,015


					545,716

Machinery — 0.8%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28 (b)			108		90,180
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (b)(l)			240		232,800
Madison IAQ LLC, 5.88%, 06/30/29 (b)			658		504,239
Mueller Water Products, Inc., 4.00%, 06/15/29 (b)			138		120,383
OT Merger Corp., 7.88%, 10/15/29 (b)			115		66,050
Stevens Holding Co., Inc., 6.13%, 10/01/26 (b)			167		160,737
Terex Corp., 5.00%, 05/15/29 (b)			333		283,050
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (b)(g)			852		783,158
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (b)(g)			400		359,000
TK Elevator Midco GmbH, 4.38%, 07/15/27 (d)	EUR		100		90,280
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b)(g)	USD		1,033		920,987


					3,610,864

Media — 9.4%
Altice Financing SA
3.00%, 01/15/28 (d)	EUR		100		78,054
5.00%, 01/15/28 (b)(g)	USD		378		304,608
5.75%, 08/15/29 (b)(g)			1,447		1,161,217
Altice France Holding SA, 10.50%, 05/15/27 (b)(g)			1,673		1,403,881
AMC Networks, Inc.
4.75%, 08/01/25			222		206,802
4.25%, 02/15/29			123		99,653
Block Communications, Inc., 4.88%, 03/01/28 (b)			128		108,160
Cable One, Inc.
1.13%, 03/15/28 (h)			1,028		861,464
4.00%, 11/15/30 (b)			261		214,406
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27 (b)(g)			565		533,219
5.00%, 02/01/28 (b)			83		76,584
5.38%, 06/01/29 (b)(g)			731		653,397
4.75%, 03/01/30 (b)			204		174,471
4.50%, 08/15/30 (b)(g)			1,099		912,476
4.25%, 02/01/31 (b)(g)			764		622,660
4.75%, 02/01/32 (b)			451		369,279
4.50%, 05/01/32 (g)			426		344,932
4.50%, 06/01/33 (b)			260		204,885
4.25%, 01/15/34 (b)(g)			991		765,547
Charter Communications Operating LLC/Charter Communications Operating Capital (g)
4.91%, 07/23/25			2,425		2,430,626
5.38%, 05/01/47			425		361,871


S C H E D U L E O F I N V E S T M E N T S		75


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Clear Channel International BV, 6.63%, 08/01/25 (b)(g)	USD		384	$	357,120
Clear Channel Outdoor Holdings, Inc. (b)(g)
5.13%, 08/15/27			1,676		1,415,097
7.75%, 04/15/28			1,017		739,939
7.50%, 06/01/29			803		577,405
CMG Media Corp., 8.88%, 12/15/27 (b)(g)			617		487,436
Comcast Corp., 3.95%, 10/15/25 (g)			3,000		3,011,836
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b)(g)			2,266		2,036,296
CSC Holdings LLC
5.25%, 06/01/24			123		115,005
6.50%, 02/01/29 (b)(g)			865		781,207
5.75%, 01/15/30 (b)(g)			660		480,170
4.13%, 12/01/30 (b)(g)			626		488,280
3.38%, 02/15/31 (b)(g)			257		190,003
4.50%, 11/15/31 (b)(g)			488		376,321
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27 (b)(g)			459		391,559
Discovery Communications LLC (g)
3.25%, 04/01/23			1,490		1,485,695
3.45%, 03/15/25			170		164,598
DISH DBS Corp.
5.88%, 07/15/22 (g)			1,233		1,226,009
5.00%, 03/15/23			186		177,029
7.75%, 07/01/26 (g)			601		468,480
5.25%, 12/01/26 (b)(g)			1,226		960,988
5.75%, 12/01/28 (b)(g)			946		700,428
DISH Network Corp., 3.38%, 08/15/26 (h)			260		175,630
Frontier Communications Holdings LLC (b)(g)
5.88%, 10/15/27			417		374,926
5.00%, 05/01/28			483		410,550
6.75%, 05/01/29			573		471,292
6.00%, 01/15/30			266		204,674
GCI LLC, 4.75%, 10/15/28 (b)			198		171,557
iHeartCommunications, Inc.
6.38%, 05/01/26			264		244,688
5.25%, 08/15/27 (b)			122		104,411
4.75%, 01/15/28 (b)			78		64,278
Iliad Holding SASU (b)(g)
6.50%, 10/15/26			486		437,385
7.00%, 10/15/28			498		433,228
Kaixo Bondsco Telecom SA, 5.13%, 09/30/29 (d)	EUR		100		79,382
Lamar Media Corp., 4.00%, 02/15/30	USD		126		105,796
LCPR Senior Secured Financing DAC (b)(g)
6.75%, 10/15/27			360		335,819
5.13%, 07/15/29			768		641,280
Liberty Broadband Corp. (b)(h)
1.25%, 09/30/50			413		385,742
2.75%, 09/30/50			797		758,092
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(l)			401		205,827
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (b)(g)			748		583,440
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26 (b)			200		175,000
Live Nation Entertainment, Inc. (b)
4.88%, 11/01/24			31		29,605
6.50%, 05/15/27 (g)			1,066		1,048,326
4.75%, 10/15/27			152		134,751


Security		Par (000)		Value

Media (continued)
Live Nation Entertainment, Inc. (b) (continued)
3.75%, 01/15/28	USD		192	$	165,600
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (d)	EUR		100		87,474
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b)	USD		177		162,840
Network i2i Ltd., (5 year CMT + 4.27%), 5.65% (a)(d)(k)			300		277,650
Outfront Media Capital LLC/Outfront Media Capital Corp. (b)
5.00%, 08/15/27 (g)			329		287,464
4.25%, 01/15/29			144		114,713
4.63%, 03/15/30			15		11,818
Radiate Holdco LLC/Radiate Finance, Inc. (b)(g)
4.50%, 09/15/26			1,150		991,622
6.50%, 09/15/28			2,120		1,638,495
Sable International Finance Ltd.
5.75%, 09/07/27 (d)			245		224,567
5.75%, 09/07/27 (b)			200		183,320
Scripps Escrow II, Inc., 3.88%, 01/15/29 (b)			17		14,247
Sinclair Television Group, Inc., 4.13%, 12/01/30 (b)(g) .			495		392,617
Sirius XM Radio, Inc. (b)
3.13%, 09/01/26 (g)			491		438,085
5.00%, 08/01/27			293		271,763
4.00%, 07/15/28 (g)			347		300,155
5.50%, 07/01/29 (g)			722		657,922
4.13%, 07/01/30			36		30,067
3.88%, 09/01/31 (g)			498		396,533
Stagwell Global LLC, 5.63%, 08/15/29 (b)			101		81,157
Summer BC Holdco B SARL, 5.75%, 10/31/26 (d)	EUR		100		91,292
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b)	USD		200		176,480
Univision Communications, Inc. (b)
5.13%, 02/15/25			133		125,153
6.63%, 06/01/27			234		222,794
7.38%, 06/30/30			129		126,098
UPC Broadband Finco BV, 4.88%, 07/15/31 (b)(g)			449		365,935
Videotron Ltd., 3.63%, 06/15/29 (b)			262		212,681
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b)(g)			754		623,911
VZ Secured Financing BV, 3.50%, 01/15/32 (d)	EUR		100		78,639
WMG Acquisition Corp., 3.88%, 07/15/30 (b)	USD		136		113,091
Ziggo Bonds Co. BV (b)
6.00%, 01/15/27			199		176,115
5.13%, 02/28/30 (g)			225		176,492
Ziggo BV, 4.88%, 01/15/30 (b)(g)			200		169,588


					45,481,150

Metals & Mining — 1.7%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24 (d)			250		249,375
Allegheny Technologies, Inc.
4.88%, 10/01/29			101		80,547
5.13%, 10/01/31			273		209,129
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30	.		200		167,250
Arconic Corp. (b)
6.00%, 05/15/25 (g)			332		323,801
6.13%, 02/15/28			343		320,287
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b)(g)			861		798,961
Carpenter Technology Corp.
6.38%, 07/15/28			44		39,275
7.63%, 03/15/30			303		278,244


76		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Metals & Mining (continued)
Commercial Metals Co.
4.13%, 01/15/30	USD		70	$	58,940
4.38%, 03/15/32			75		61,431
Constellium SE (b)
5.88%, 02/15/26 (g)			588		548,986
5.63%, 06/15/28			500		447,371
3.75%, 04/15/29 (g)			756		599,563
FMG Resources August 2006 Pty. Ltd., 6.13%, 04/15/32 (b)(g)			405		364,500
JSW Steel Ltd., 5.95%, 04/18/24 (d)			200		197,500
Kaiser Aluminum Corp. (b)
4.63%, 03/01/28			191		159,011
4.50%, 06/01/31			347		262,637
Mineral Resources Ltd. (b)
8.00%, 11/01/27			126		122,850
8.50%, 05/01/30			128		126,080
New Gold, Inc., 7.50%, 07/15/27 (b)(g)			545		474,150
Nexa Resources SA, 5.38%, 05/04/27 (b)(g)			237		218,973
Novelis Corp. (b)(g)
3.25%, 11/15/26			472		398,970
4.75%, 01/30/30			951		790,452
3.88%, 08/15/31			511		393,567
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b)			122		103,812
thyssenkrupp AG, 2.88%, 02/22/24 (d)	EUR		84		84,433
U.S. Steel Corp., 6.88%, 03/01/29 (g)	USD		346		301,916
Vedanta Resources Finance II PLC, 13.88%, 01/21/24 (d)			200		178,000


					8,360,011

Multiline Retail — 0.1%
Bath & Body Works, Inc.
6.88%, 11/01/35 (g)			295		239,687
6.75%, 07/01/36			71		56,793
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b)(g)			396		364,946


					661,426

Offshore Drilling & Other Services — 0.1%
Applied Materials, Inc., 3.90%, 10/01/25 (g)			285		286,780
Entegris, Inc. (b)
4.38%, 04/15/28			246		217,095
3.63%, 05/01/29			40		33,449


					537,324

Oil, Gas & Consumable Fuels — 9.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b)(g)			699		679,253
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b)
5.75%, 03/01/27			271		252,030
5.75%, 01/15/28			59		53,715
5.38%, 06/15/29			206		184,485
Apache Corp.
4.25%, 01/15/30			205		181,681
5.10%, 09/01/40 (g)			450		379,971
5.25%, 02/01/42			40		33,459
5.35%, 07/01/49			137		108,249
Arcosa, Inc., 4.38%, 04/15/29 (b)(g)			374		317,359
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) 9.00%, 11/01/27 (g)			639		802,062


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) (continued) 5.88%, 06/30/29	USD		291	$	256,080
Buckeye Partners LP
4.13%, 03/01/25 (b)(g)			262		242,567
5.85%, 11/15/43			145		102,950
5.60%, 10/15/44			86		59,888
Callon Petroleum Co.
6.13%, 10/01/24			126		127,940
9.00%, 04/01/25 (b)(g)			842		892,520
6.38%, 07/01/26			119		109,778
8.00%, 08/01/28 (b)(g)			583		560,030
7.50%, 06/15/30 (b)			549		505,157
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31 (d)	EUR		200		142,734
Centennial Resource Production LLC
6.88%, 04/01/27 (b)	USD		46		43,683
3.25%, 04/01/28 (g)(h)			478		594,512
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29 (b)			560		539,000
Cheniere Energy Partners LP (g)
4.50%, 10/01/29			659		588,289
4.00%, 03/01/31			634		539,090
3.25%, 01/31/32 (b)			528		415,800
Cheniere Energy, Inc., 4.63%, 10/15/28 (g)			1,831		1,648,944
Chesapeake Energy Corp. (b)
5.88%, 02/01/29			41		38,663
6.75%, 04/15/29 (g)			518		500,922
Citgo Holding, Inc., 9.25%, 08/01/24 (b)			228		220,590
Civitas Resources, Inc., 5.00%, 10/15/26 (b)			88		78,980
CNX Midstream Partners LP, 4.75%, 04/15/30 (b)			92		77,280
CNX Resources Corp.
2.25%, 05/01/26 (h)			499		729,288
6.00%, 01/15/29 (b)			110		102,762
Colgate Energy Partners III LLC (b)
7.75%, 02/15/26			272		258,573
5.88%, 07/01/29 (g)			353		309,316
Comstock Resources, Inc. (b)(g)
6.75%, 03/01/29			647		579,343
5.88%, 01/15/30			543		466,980
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b)			1,367		1,164,055
Crescent Energy Finance LLC, 7.25%, 05/01/26 (b)(g)			708		644,280
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b)
5.63%, 05/01/27			52		46,280
6.00%, 02/01/29			47		41,011
8.00%, 04/01/29			90		83,588
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25 (b)(g)			809		760,460
DCP Midstream Operating LP (b)
6.45%, 11/03/36			162		158,760
6.75%, 09/15/37 (g)			295		280,619
DT Midstream, Inc. (b)(g)
4.13%, 06/15/29			408		345,780
4.38%, 06/15/31			518		433,825
Dycom Industries, Inc., 4.50%, 04/15/29 (b)			102		89,057
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (b)			290		274,412


S C H E D U L E O F I N V E S T M E N T S		77


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
eG Global Finance PLC
6.75%, 02/07/25 (b)(g)	USD		596	$	561,959
6.25%, 10/30/25 (d)	EUR		142		133,360
8.50%, 10/30/25 (b)	USD		252		244,125
Enbridge, Inc., (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 (a)(g)			1,565		1,393,067
Endeavor Energy Resources LP/EER Finance, Inc. (b)
6.63%, 07/15/25			192		192,941
5.75%, 01/30/28 (g)			386		367,723
Energy Transfer LP (g) 3.90%, 07/15/26			235		225,806
Series H, (5 year CMT + 5.69%), 6.50% (a)(k)			644		569,243
EnLink Midstream LLC
5.63%, 01/15/28 (b)			249		228,400
5.38%, 06/01/29			335		293,195
EnLink Midstream Partners LP
4.40%, 04/01/24 (g)			240		234,275
4.15%, 06/01/25			17		15,825
4.85%, 07/15/26			115		106,088
5.60%, 04/01/44			226		160,056
5.05%, 04/01/45			40		27,050
5.45%, 06/01/47			60		42,464
EQM Midstream Partners LP
6.00%, 07/01/25 (b)(g)			94		90,116
4.13%, 12/01/26			100		86,375
6.50%, 07/01/27 (b)(g)			364		338,447
4.50%, 01/15/29 (b)			21		17,049
7.50%, 06/01/30 (b)			84		80,694
4.75%, 01/15/31 (b)(g)			663		528,742
EQT Corp., 1.75%, 05/01/26 (h)			193		454,611
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25			46		42,435
7.75%, 02/01/28			118		102,076
Geopark Ltd., 5.50%, 01/17/27 (b)			200		166,325
Gulfport Energy Corp., 8.00%, 05/17/26 (b)			37		36,398
Harvest Midstream I LP, 7.50%, 09/01/28 (b)			60		56,354
Hess Corp., 4.30%, 04/01/27 (g)			50		48,739
Hess Midstream Operations LP, 4.25%, 02/15/30 (b) .			240		200,992
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (b)			32		30,160
Hilong Holding Ltd., 9.75%, 11/18/24 (d)			207		112,466
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (d)			200		187,000
HTA Group Ltd., 7.00%, 12/18/25 (b)			200		166,788
IHS Holding Ltd., 6.25%, 11/29/28 (b)			200		159,500
Impulsora Pipeline LLC, 6.05%, 12/31/42 (c)			1,382		1,223,330
ITT Holdings LLC, 6.50%, 08/01/29 (b)			343		274,400
Kinetik Holdings LP, 5.88%, 06/15/30 (b)(g)			553		526,796
Matador Resources Co., 5.88%, 09/15/26 (g)			1,116		1,072,788
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (d)			250		211,250
MPLX LP, 4.25%, 12/01/27 (g)			185		178,521
Murphy Oil Corp.
5.75%, 08/15/25			63		62,339
5.88%, 12/01/27			56		52,262
6.13%, 12/01/42			29		21,678
Murphy Oil USA, Inc., 4.75%, 09/15/29			146		131,409
Nabors Industries Ltd. (b)
7.25%, 01/15/26			85		75,382
7.50%, 01/15/28			140		120,400
Nabors Industries, Inc., 7.38%, 05/15/27 (b)			331		314,450


Security		Par (000)			Value

Oil, Gas & Consumable Fuels (continued)
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (b)	USD		200		$	192,000
New Fortress Energy, Inc. (b)(g)
6.75%, 09/15/25			657			620,865
6.50%, 09/30/26			1,086			983,657
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (b)			171			153,900
NGPL PipeCo LLC, 7.77%, 12/15/37 (b)(g)			227			247,030
Northern Oil & Gas, Inc., 8.13%, 03/01/28 (b)(g)			755			711,587
NuStar Logistics LP
6.00%, 06/01/26			163			152,405
6.38%, 10/01/30			25			21,721
Occidental Petroleum Corp.
6.95%, 07/01/24			63			64,890
8.00%, 07/15/25			36			37,890
5.88%, 09/01/25			117			116,491
5.50%, 12/01/25			151			148,735
8.88%, 07/15/30			100			114,808
6.63%, 09/01/30 (g)			649			668,470
6.13%, 01/01/31			78			79,047
7.50%, 05/01/31			85			91,375
6.45%, 09/15/36			98			100,450
6.20%, 03/15/40 (g)			944			929,840
6.60%, 03/15/46			64			67,968
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26 (b)(l)			—	(m)		40
Oil & Gas Holding Co., 7.63%, 11/07/24 (d)			200			205,725
OQ SAOC, 5.13%, 05/06/28 (b)			200			188,350
PDC Energy, Inc.
6.13%, 09/15/24			75			74,490
5.75%, 05/15/26			235			219,215
Petroleos Mexicanos
6.50%, 03/13/27 (g)			107			92,368
5.95%, 01/28/31 (g)			273			199,181
6.38%, 01/23/45 (g)			109			65,536
6.75%, 09/21/47			57			34,913
7.69%, 01/23/50			88			58,740
Pioneer Natural Resources Co., 0.25%, 05/15/25 (h)			283			611,846
Puma International Financing SA, 5.13%, 10/06/24 (b)			200			181,000
Range Resources Corp.
5.00%, 03/15/23			189			187,582
4.88%, 05/15/25			14			13,656
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b)			377			343,059
SM Energy Co.
5.63%, 06/01/25			74			69,930
6.75%, 09/15/26			156			147,165
6.63%, 01/15/27			34			31,790
6.50%, 07/15/28			172			158,189
Southwestern Energy Co.
5.95%, 01/23/25			18			17,782
5.38%, 02/01/29 (g)			279			258,800
4.75%, 02/01/32			161			137,579
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			63			60,063
5.88%, 03/15/28			124			113,058
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b)
6.00%, 03/01/27			41			36,593
6.00%, 12/31/30			28			23,240
6.00%, 09/01/31			131			108,075


78		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Tap Rock Resources LLC, 7.00%, 10/01/26 (b)(g)	USD		768	$	725,160
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (g)			280		271,283
Transocean, Inc., 11.50%, 01/30/27 (b)			171		160,506
Venture Global Calcasieu Pass LLC (b)(g)
3.88%, 08/15/29			827		723,398
4.13%, 08/15/31			705		602,437
3.88%, 11/01/33			1,545		1,274,625
Vermilion Energy, Inc., 6.88%, 05/01/30 (b)			159		142,305
Vivo Energy Investments BV, 5.13%, 09/24/27 (b)			200		188,500
Western Midstream Operating LP
4.75%, 08/15/28			37		33,804
5.45%, 04/01/44			339		281,756
5.30%, 03/01/48			199		160,424
5.50%, 08/15/48			99		80,685
5.75%, 02/01/50 (g)			795		638,432


					44,436,308

Personal Products — 0.0%
Coty, Inc., 3.88%, 04/15/26 (d)	EUR		100		92,419


Pharmaceuticals — 1.5%
AbbVie, Inc., 2.95%, 11/21/26 (g)	USD		1,750		1,658,207
Bausch Health Cos., Inc. (b)
9.00%, 12/15/25			114		84,229
6.13%, 02/01/27			64		54,400
5.00%, 02/15/29			108		56,160
6.25%, 02/15/29 (g)			7		3,725
7.25%, 05/30/29 (g)			117		63,473
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (d)	EUR		100		89,040
CVS Health Corp. (g)
4.75%, 12/01/22	USD		165		165,423
3.25%, 08/15/29			1,750		1,597,508
Elanco Animal Health, Inc., 6.40%, 08/28/28			156		148,496
Gruenenthal GmbH, 4.13%, 05/15/28 (d)	EUR		100		89,600
Jazz Securities DAC, 4.38%, 01/15/29 (b)(g)	USD		441		392,277
Nidda BondsCo GmbH, 7.25%, 09/30/25 (d)	EUR		100		87,313
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24 (d)			100		92,587
Option Care Health, Inc., 4.38%, 10/31/29 (b)	USD		208		178,360
Organon & Co./Organon Foreign Debt Co-Issuer BV (b)(g)
4.13%, 04/30/28			790		699,150
5.13%, 04/30/31			772		666,105
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (b)			266		186,213
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b)(g)			484		430,760
Prestige Brands, Inc., 3.75%, 04/01/31 (b)			149		123,551
Teva Pharmaceutical Finance Netherlands II BV
6.00%, 01/31/25	EUR		100		102,064
3.75%, 05/09/27			100		88,604


					7,057,245

Real Estate Management & Development — 0.7%
Adler Group SA, 2.75%, 11/13/26 (d)			100		52,502
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26 (b)(g)	USD		260		235,592
China Aoyuan Group Ltd. (d)(e)(j)
6.35%, 02/08/24			400		32,000
6.20%, 03/24/26			200		16,000
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25 (d)			200		118,500


Security		Par (000)		Value

Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24 (d)	USD		200	$	124,000
DIC Asset AG, 2.25%, 09/22/26 (d)	EUR		100		69,689
Easy Tactic Ltd., 11.75%, 08/02/23 (d)	USD		200		43,600
Fantasia Holdings Group Co. Ltd. (d)(e)(j)
11.75%, 04/17/22			400		33,000
11.88%, 06/01/23			200		16,500
9.25%, 07/28/23			200		16,500
9.88%, 10/19/23			200		16,500
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (b)(g)			90		75,488
Global Prime Capital Pte. Ltd., 5.50%, 10/18/23 (d)			200		197,037
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (b)			100		94,655
Howard Hughes Corp. (b)
5.38%, 08/01/28			180		150,750
4.13%, 02/01/29			149		114,922
4.38%, 02/01/31			140		103,612
Jingrui Holdings Ltd., 12.00%, 07/25/22 (d)			200		30,859
KWG Group Holdings Ltd., 5.88%, 11/10/24 (d)			231		45,045
MAF Sukuk Ltd. (d)
4.64%, 05/14/29			275		275,137
3.93%, 02/28/30			238		227,632
Modern Land China Co. Ltd., 9.80%, 04/11/23 (c)(d)(e)(j)			431		68,960
Realogy Group LLC/Realogy Co-Issuer Corp. (b)
5.75%, 01/15/29			456		345,794
5.25%, 04/15/30			135		99,900
Ronshine China Holdings Ltd., 6.75%, 08/05/24 (d)			200		23,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31 (d)(e)(j)			200		21,000
Shui On Development Holding Ltd., 5.50%, 03/03/25 (d)			209		157,795
Sinic Holdings Group Co. Ltd., 10.50%, 12/18/22 (c)(e)(j)			200		4,000
Starwood Property Trust, Inc., 4.38%, 01/15/27 (b)			77		66,841
Sunac China Holdings Ltd., 7.00%, 07/09/25 (d)(e)(j)			200		28,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25 (d)			200		172,000
Times China Holdings Ltd. (d)
6.75%, 07/08/25			390		54,600
6.20%, 03/22/26			277		38,780
Wanda Group Overseas Ltd., 7.50%, 07/24/22 (d)			200		194,000
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24 (d)			200		169,000
Yuzhou Group Holdings Co. Ltd. (d)(e)(j)
8.38%, 10/30/24			200		14,000
7.70%, 02/20/25			200		13,000
8.30%, 05/27/25			200		13,000


					3,573,190

Road & Rail — 0.5%
Danaos Corp., 8.50%, 03/01/28 (b)			100		99,002
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(g)			1,461		1,430,900
Seaspan Corp., 5.50%, 08/01/29 (b)(g)			353		284,012
Union Pacific Corp., 3.20%, 05/20/41 (g)			600		489,422


					2,303,336

Semiconductors & Semiconductor Equipment — 1.4%
Broadcom, Inc. (g)
3.46%, 09/15/26			578		553,761
4.11%, 09/15/28			1,594		1,512,448
Entegris Escrow Corp., 4.75%, 04/15/29 (b)(g)			1,292		1,203,147


S C H E D U L E O F I N V E S T M E N T S		79


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc. (h)
0.13%, 11/15/24	USD		250	$	248,750
1.63%, 02/15/25			86		213,952
1.63%, 02/15/27			61		101,298
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25			33		31,353
Qualcomm, Inc., 1.65%, 05/20/32 (g)			1,779		1,436,781
Sensata Technologies BV (b)
5.63%, 11/01/24 (g)			229		226,060
5.00%, 10/01/25 (g)			324		311,040
4.00%, 04/15/29			168		142,477
Sensata Technologies, Inc. (b)
4.38%, 02/15/30 (g)			571		486,023
3.75%, 02/15/31			34		27,250
Synaptics, Inc., 4.00%, 06/15/29 (b)			192		155,900


					6,650,240

Software — 1.6%
ACI Worldwide, Inc., 5.75%, 08/15/26 (b)(g)			444		428,580
Black Knight InfoServ LLC, 3.63%, 09/01/28 (b)(g)			386		333,890
Boxer Parent Co., Inc.
6.50%, 10/02/25 (d)	EUR		100		98,130
7.13%, 10/02/25 (b)(g)	USD		398		381,109
9.13%, 03/01/26 (b)(g)			678		633,396
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28 (a)(d)	EUR		100		96,598
Elastic NV, 4.13%, 07/15/29 (b)(g)	USD		376		313,877
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28 (b)			200		158,728
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b)			230		185,636
MicroStrategy, Inc., 6.13%, 06/15/28 (b)(g)			451		359,145
MSCI, Inc. (b)
4.00%, 11/15/29			83		73,565
3.63%, 09/01/30			147		122,551
3.88%, 02/15/31 (g)			373		318,915
3.63%, 11/01/31			129		106,186
3.25%, 08/15/33			183		145,868
Open Text Corp. (b)
3.88%, 02/15/28 (g)			268		238,367
3.88%, 12/01/29			196		164,963
Open Text Holdings, Inc., 4.13%, 02/15/30 (b)(g)			256		221,453
Oracle Corp., 3.60%, 04/01/50 (g)			785		545,307
Playtika Holding Corp., 4.25%, 03/15/29 (b)(g)			391		322,575
PTC, Inc. (b)
3.63%, 02/15/25			76		71,879
4.00%, 02/15/28			187		168,986
SS&C Technologies, Inc., 5.50%, 09/30/27 (b)(g)			1,507		1,405,368
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%,
09/01/25 (b)(g)			814		610,862


					7,505,934

Specialty Retail — 0.4%
Arko Corp., 5.13%, 11/15/29 (b)			181		137,113
Bath & Body Works, Inc., 7.60%, 07/15/37			60		48,370
Carvana Co., 10.25%, 05/01/30 (b)			166		136,120
National Vision Holdings, Inc., 2.50%, 05/15/25 (h)			244		273,597
PetSmart, Inc./PetSmart Finance Corp. (b) 4.75%, 02/15/28			343		296,777


Security		Par (000)		Value

Specialty Retail (continued)
PetSmart, Inc./PetSmart Finance Corp. (b) (continued)
7.75%, 02/15/29 (g)	USD		587	$	528,599
Staples, Inc., 7.50%, 04/15/26 (b)(g)			434		359,730
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24 (a)(d)	EUR		100		100,035


					1,880,341

Technology Hardware, Storage & Peripherals — 0.1%
II-VI, Inc., 5.00%, 12/15/29 (b)(g)	USD		430		375,175


Textiles, Apparel & Luxury Goods (b) — 0.1%
Crocs, Inc.
4.25%, 03/15/29			25		18,492
4.13%, 08/15/31			149		105,456
Kontoor Brands, Inc., 4.13%, 11/15/29			98		77,824
Levi Strauss & Co., 3.50%, 03/01/31			125		102,187
William Carter Co., 5.63%, 03/15/27			160		149,826


					453,785

Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26 (b)			194		133,860
Jerrold Finco PLC, 5.25%, 01/15/27 (d)	GBP		100		107,335
MGIC Investment Corp., 5.25%, 08/15/28	USD		167		149,540
Nationstar Mortgage Holdings, Inc. (b)
6.00%, 01/15/27			147		127,514
5.13%, 12/15/30			104		77,743
5.75%, 11/15/31			98		75,039
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26 (b)			296		244,617


					915,648

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28 (d)	EUR		100		85,412


Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b)	USD		200		180,375
Autostrade per l’Italia SpA, 1.63%, 01/25/28 (d)	EUR		100		87,256
DP World Salaam, (5 year CMT + 5.75%), 6.00% (a)(d)(k)	USD		200		200,563
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 (d)			200		167,850
Heathrow Finance PLC, 4.63%, 09/01/29 (d)	GBP		100		104,871
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b)(g)	USD		435		430,488


					1,171,403

Utilities — 0.7%
American Water Capital Corp., 4.45%, 06/01/32 (g)			900		894,688
Consensus Cloud Solutions, Inc. (b)
6.00%, 10/15/26			71		61,081
6.50%, 10/15/28			64		52,813
FEL Energy VI SARL, 5.75%, 12/01/40			188		136,904
Genneia SA, 8.75%, 09/02/27 (b)			70		65,594
Inkia Energy Ltd., 5.88%, 11/09/27 (b)(g)			377		342,787
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (d)			250		201,141
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b)(g)			433		376,710

2 0 2 2

- A


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Utilities (continued)
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (b)	USD		280	$	237,265
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (d)			165		154,081
Thames Water Kemble Finance PLC, 4.63%, 05/19/26 (d)	GBP		168		190,749
Vistra Operations Co. LLC (b)
5.50%, 09/01/26	USD		8		7,555
5.63%, 02/15/27 (g)			422		396,790
4.38%, 05/01/29			227		189,915


					3,308,073

Wireless Telecommunication Services — 1.5%
Altice France SA
5.88%, 02/01/27 (d)	EUR		100		90,805
8.13%, 02/01/27 (b)(g)	USD		507		466,638
5.50%, 01/15/28 (b)(g)			381		307,033
4.13%, 01/15/29 (d)	EUR		100		78,909
5.13%, 01/15/29 (b)	USD		200		151,522
5.13%, 07/15/29 (b)(g)			902		681,010
5.50%, 10/15/29 (b)(g)			477		364,385
Kenbourne Invest SA, 6.88%, 11/26/24 (b)			275		250,130
Millicom International Cellular SA, 5.13%, 01/15/28 (d)			248		210,994
Rogers Communications, Inc., 5.00%, 03/15/44 (g)			545		507,319
SBA Communications Corp.
3.13%, 02/01/29			25		20,463
3.88%, 02/15/27 (g)			1,106		1,009,546
Sprint Corp., 7.63%, 03/01/26 (g)			506		533,135
T-Mobile USA, Inc.
4.75%, 02/01/28 (g)			532		515,620
2.63%, 02/15/29			240		202,029
3.38%, 04/15/29			155		135,625
2.88%, 02/15/31 (g)			180		149,441
3.50%, 04/15/31			373		322,059
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29 (b)(g)			525		384,562
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25 (b)			75		71,344
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29 (d)	GBP		100		96,561
4.50%, 07/15/31 (d)			100		95,862
4.75%, 07/15/31 (b)(g)	USD		797		643,856


					7,288,848


Total Corporate Bonds — 77.3% (Cost: $426,934,217)					372,588,936


Floating Rate Loan Interests (a)

Aerospace & Defense — 1.8%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			2,574		2,372,876
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.82%, 05/25/28			523		482,619
Bleriot U.S. Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 6.25%, 10/31/26			285		275,844


Security		Par (000)		Value

Aerospace & Defense (continued)
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/17/28	USD		155	$	147,121
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			784		721,040
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 04/06/26			1,459		1,341,136
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.00%, 02/01/29			455		422,068
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/01/28			2,265		2,122,124
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.92%, 12/09/25			853		807,335


					8,692,163

Air Freight & Logistics — 0.2%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.72%, 04/06/28			275		248,346
Kestrel Bidco, Inc., Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.03%, 12/11/26			178		158,987
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/15/28			602		542,282


					949,615

Airlines — 1.4%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.81%, 04/20/28			942		897,296
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28 (c)			1,178		1,080,998
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 3.40%, 01/29/27			692		607,813
2017 Incremental Term Loan, (6 mo. LIBOR + 2.00%), 2.84%, 12/15/23			763		736,184
2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.37%, 06/27/25			314		277,458
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			1,583		1,560,975
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.39%, 04/21/28			1,677		1,554,169


					6,714,893

Auto Components — 1.0%
Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/10/28			337		313,395
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/30/26			1,701		1,583,743
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 01/31/28			808		720,847
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 05/16/24			1,064		1,018,192


S C H E D U L E O F I N V E S T M E N T S		81


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)			Value

Auto Components (continued)
USI, Inc. (continued)
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/02/26 (c)	USD		83		$	76,454
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 02/05/26			1,046			968,543


						4,681,174

Banks — 0.4%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 6.67%, 08/02/27			1,266			1,162,300
LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 10/29/28			611			563,076


						1,725,376

Beverages — 0.5%
Naked Juice LLC
2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30 (c)			496			446,458
Term Loan, (SOFR + 3.25%), 5.40%, 01/24/29			1,954			1,815,071


						2,261,529

Building Materials — 0.0%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%,), 4.57%, 04/12/28			125			103,255
MI Windows & Doors LLC, 2022 Term Loan, (SOFR + 3.50%), 5.13%, 12/18/27			—	(m)		275


						103,530

Building Products — 0.8%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 11/23/27			1,180			1,032,799
CPG International LLC, 2022 Term Loan B, (SOFR + 2.50%), 4.09%, 04/28/29 (c)			360			333,000
Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 07/28/28			336			318,145
New AMI I LLC, 2022 Term Loan B, (SOFR + 6.00%), 7.52%, 03/08/29			396			359,723
Standard Industries, Inc., 2021 Term Loan B, (6 mo. LIBOR + 2.50%), 3.79%, 09/22/28			676			651,769
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.51%, 12/31/26			1,473			1,301,329


						3,996,765

Capital Markets — 0.9%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 7.50%, 08/02/29 (c)			231			214,842
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR + 3.75%, 1.00% Floor), 5.28%, 04/09/27			2,514			2,346,782
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 8.42%, 04/07/28			642			622,740
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.31%, 11/12/27			576			541,639
Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 06/30/28			628			600,594
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 04/12/24			222			217,552


						4,544,149


Security		Par (000)		Value

Chemicals — 2.0%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26	USD		1,036	$	1,007,027
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 03/18/28			1,352		1,289,226
Axalta Coating Systems U.S. Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 4.00%, 06/01/24			513		499,831
CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 12/29/27			285		248,524
Element Materials Technology Group U.S. Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.09%, 06/28/24			343		329,578
Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 01/31/26			847		834,590
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 06/30/27			413		381,090
Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 07/03/28			399		355,170
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 4.75%, 03/02/26			679		646,250
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/15/24			684		659,668
New Arclin U.S. Holding Corp., 2021 Term Loan , (1 mo. LIBOR + 3.75%), 5.42%, 09/30/28			515		474,014
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.25%), 4.38%, 10/14/24			731		674,532
PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 3.74%, 06/09/28			670		639,232
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			433		385,605
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.62%, 08/02/28 (c)			803		765,107
Starfruit Finco BV, 2018 USD Term Loan B, (3 mo. LIBOR + 3.00%), 5.25%, 10/01/25			91		85,717
WR Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			221		209,072


					9,484,233

Commercial Services & Supplies — 2.4%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/12/28			1,243		1,137,081
Amentum Government Services Holdings LLC, 2022 Term Loan, (SOFR + 4.00%), 5.30%, 02/15/29			328		311,397
Aramark Services, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 3.42%, 03/11/25			375		358,701
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 04/06/28			383		365,625
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.12%), 4.79%, 11/03/23			451		432,086
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 4.67%, 11/03/24			376		352,047
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.92%, 12/23/26			885		800,763


82		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Asurion LLC (continued)
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 6.92%, 01/31/28	USD		364	$	309,400
2021 2nd Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 6.92%, 01/20/29			646		545,870
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 10/08/28			424		419,631
Covanta Holding Corp.
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			486		458,042
2021 Term Loan C, (1 mo. LIBOR + 2.50%), 4.17%, 11/30/28			36		34,396
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 12/12/25			832		791,873
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.00%, 05/09/25			171		158,547
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 4.24%, 05/30/25			175		169,904
Packers Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.44%, 03/09/28			746		681,131
Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 3.65%, 09/23/26			301		280,221
Tempo Acquisition LLC, 2022 Term Loan B, (SOFR + 3.00%), 4.53%, 08/31/28			2,295		2,171,810
Vericast Corp., 2021 Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 10.00%, 06/16/26			121		93,940
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 08/27/25			1,268		1,210,573
Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/30/28			353		330,364


					11,413,402

Communications Equipment — 0.2%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 6.14%, 03/02/29			1,096		1,017,768


Construction & Engineering — 0.9%
Brand Energy & Infrastructure Services, Inc.,
2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.40%, 06/21/24			1,676		1,441,775
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/21/28			424		402,261
SRS Distribution, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.02%, 06/02/28			1,829		1,683,366
USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 05/12/28			710		659,257


					4,186,659

Construction Materials — 0.7%
Core & Main LP, 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 4.12%, 07/27/28			1,819		1,728,697
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/29/25			1,116		1,054,853
Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 4.33%, 06/01/26			355		331,964


					3,115,514

Containers & Packaging — 0.9%
BWAY Holding Co., 2017 Term Loan B, (1 Week LIBOR + 3.25%), 4.31%, 04/03/24			1,049		984,081


Security		Par (000)		Value

Containers & Packaging (continued)
Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/01/27	USD		2,233	$	2,097,231
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 07/31/26			136		128,394
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 5.17%, 08/18/27			580		514,150
Trident TPI Holdings, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%), 5.60%, 09/15/28			40		37,899
2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 09/15/28			454		425,071


					4,186,826

Distributors — 0.3%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/27			507		477,953
TMK Hawk Parent Corp. (c)
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 10.50%, 1.00% Floor), 11.17%, 05/30/24			162		151,031
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.11%, 08/28/24			1,310		995,908


					1,624,892

Diversified Consumer Services — 1.2%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 12/10/29 (c)			299		273,585
2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/11/28			602		554,352
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 11/24/28 (c)			409		389,520
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 07/11/25			830		787,812
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (PRIME + 5.75%), 10.50%, 12/22/25			1,554		1,419,918
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (3 mo. LIBOR + 2.25%), 3.66%, 05/15/24			402		385,840
Okta, Inc., Term Loan, (SOFR + 6.25%), 7.63%, 12/15/26			355		299,862
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.99%, 10/28/27			332		312,697
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 9.01%, 08/10/23			187		180,749
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 9.01%, 08/10/23			250		174,548
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			626		598,434
Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 07/20/28			306		285,248


					5,662,565


S C H E D U L E O F I N V E S T M E N T S		83


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services — 3.2%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.17%, 07/31/26	USD		709	$	673,530
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.06%, 03/10/28 (c)			342		329,101
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 02/04/28			772		732,230
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.81%, 08/02/28 (c)			1,509		1,403,758
Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%), 4.58%, 10/22/26			978		932,985
Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 4.17%, 09/01/28			675		642,758
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 5.25%, 02/17/23 (c)			24		1,540
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 9.34%, 12/01/28 (c)			261		221,850
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			753		679,932
EG America LLC, 2018 USD Term Loan, (3 mo. LIBOR + 4.00%), 6.25%, 02/07/25			512		480,161
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			1,496		1,412,146
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR + 4.00%), 6.20%, 02/16/28			206		194,130
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 07/03/24			679		646,370
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 7.42%, 09/21/29			100		95,375
2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 09/23/28			245		230,593
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 12/18/27			984		804,284
LEB Holdings USA, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 11/02/27			150		146,793
Oscar Acquisitionco LLC, Term Loan B, (SOFR + 4.50%), 6.11%, 04/29/29			497		441,088
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 09/25/26			633		586,966
RVR Dealership Holdings LLC, Term Loan B, (SOFR + 3.75%), 5.17%, 02/08/28			297		248,906
Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 4.25%, 11/05/28			591		560,959
SMG U.S. Midco 2, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.50%), 4.17%, 01/23/25			529		491,807
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 6.50%, 07/30/25			310		287,509
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			1,871		1,526,704
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/28/27			724		679,318


Security		Par (000)		Value

Diversified Financial Services (continued)
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 5.28%, 10/19/27.	USD		538	$	494,129
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 3.82%, 04/30/28			510		474,458


					15,419,380

Diversified Telecommunication Services — 0.6%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.57%, 11/30/27			227		213,100
CenturyLink, Inc., 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/15/27			625		573,995
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.19%, 10/02/27			349		307,834
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			750		699,871
Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 11/04/26			729		698,066
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 03/01/27			566		523,281


					3,016,147

Electric Utilities — 0.4%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 4.08%, 12/15/27			670		644,844
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 5.75%, 03/31/28			1,675		1,476,507


					2,121,351

Electrical Equipment — 0.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 7.63%, 06/23/28 (c)			631		591,778
AZZ, Inc., Term Loan B, (SOFR + 4.25%), 5.88%, 05/13/29 (c)			138		131,445
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 4.17%, 03/31/27			859		808,625
II-VI, Inc., 2021 Bridge Term Loan B, 07/02/29 (n)			662		633,037


					2,164,885

Electronic Equipment, Instruments & Components — 0.0%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/12/25			134		129,784


Environmental, Maintenance & Security Service — 0.2%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 09/07/27			785		756,231
TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 11/02/27			432		409,245


					1,165,476

Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 05/11/24			321		314,804


84		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food & Staples Retailing — 0.2%
U.S. Foods, Inc.
2019 Term Loan B, (3 mo. LIBOR + 2.00%), 3.57%, 09/13/26	USD		761	$	716,083
2021 Term Loan B, (3 mo. LIBOR + 2.75%), 4.32%, 11/22/28			468		444,115


					1,160,198

Food Products — 1.1%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/01/25			654		548,619
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.17%, 10/10/26			163		153,095
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 10/25/27			1,734		1,568,103
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 01/29/27			1,717		1,576,125
Hostess Brands LLC, 2019 Term Loan, (3 mo. LIBOR + 2.25%, 0.75% Floor), 3.60%, 08/03/25			418		399,886
Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 4.92%, 02/05/26			254		236,243
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 06/08/28			448		421,739
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 01/20/28			274		260,568


					5,164,378

Gas Utilities — 0.3%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			1,795		1,546,428


Health Care Equipment & Supplies — 0.8%
Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 11/01/28			1,006		940,425
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/04/28			285		270,151
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 10/23/28			2,630		2,434,544
Venga Finance SARL, 2021 USD Term Loan B, 12/04/28 (c)(n)			263		244,309


					3,889,429

Health Care Providers & Services — 1.0%
CHG Healthcare Services, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.75%, 09/29/28			466		440,119
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.25%, 01/08/27			678		640,320
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/10/25			742		244,220
EyeCare Partners LLC
2020 Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 02/18/27			859		792,401
2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 9.00%, 11/15/29			175		165,000
2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%), 6.00%, 11/15/28			156		143,873
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 6.75%, 03/05/26			442		384,198
Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 09/01/28			388		357,474


Security		Par (000)		Value

Health Care Providers & Services (continued)
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%), 5.17%, 02/14/25	USD		21	$	19,457
Sotera Health Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 12/11/26			578		548,377
Vizient, Inc., 2022 Term Loan B, (SOFR + 2.25%), 3.68%, 04/28/29			127		125,889
WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 12/22/28			1,147		1,078,112


					4,939,440

Health Care Services — 0.3%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.74%, 07/24/26.			1,124		1,049,445
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 9.88%, 11/01/29			247		227,240


					1,276,685

Health Care Technology — 0.5%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 5.01%, 02/15/29.			1,312		1,204,914
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 10/10/25.			332		302,434
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 5.67%, 06/02/28			891		820,980
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.99%, 07/24/26 (c)			271		256,331


					2,584,659

Hotels, Restaurants & Leisure — 2.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 11/19/26			988		940,924
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 02/02/26			136		120,913
Aristocrat Technologies, Inc., 2022 Term Loan B, (SOFR + 2.25%), 4.40%, 05/24/29			91		87,679
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 12/23/24			1,177		1,130,824
2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.17%, 07/20/25			356		342,709
Carnival Corp., (6 mo. LIBOR + 3.00%, 0.75% Floor), 5.88%, 06/30/25			396		366,910
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 3.67%, 03/17/28			342		321,458
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.25%, 03/08/24			2,311		1,709,942
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 5.53%, 01/27/29			1,950		1,793,191
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 11/30/23			532		525,903
Hilton Worldwide Finance LLC, 2019 Term Loan B2, 06/22/26 (n)			126		121,224
IRB Holding Corp., 2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 4.42%, 02/05/25			606		573,096
Penn National Gaming, Inc., 2022 Term Loan B, (SOFR + 2.75%), 4.38%, 05/03/29			618		591,678
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 03/13/28			723		679,871


S C H E D U L E O F I N V E S T M E N T S		85


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR + 3.00%), 4.36%, 04/14/29	USD		351	$	332,573
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26			563		534,118
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/08/27			834		783,115
Travelport Finance Luxembourg SARL
2020 Super Priority Term Loan, (3 mo. LIBOR + 1.50%, 1.00% Floor), 3.75%, 02/28/25			537		538,852
2021 Consented Term Loan, (3 mo. LIBOR + 5.00%), 7.25%, 05/29/26			487		381,349
Twin River Worldwide Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.37%, 10/02/28			300		278,003
Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 08/03/28			938		877,296
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 05/30/25			199		192,098


					13,223,726

Household Durables — 0.6%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 6.97%, 05/17/28			696		536,069
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 3.42%, 02/04/27			138		132,860
Snap One Holdings Corp., Term Loan B, (6 mo. LIBOR + 4.50%), 7.38%, 12/08/28			493		446,717
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/26/29			1,006		863,279
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.60%, 10/06/28			358		293,196
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 10/30/27			429		388,002


					2,660,123

Household Products — 0.0%
Spectrum Brands, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.00%), 3.67%, 03/03/28			218		209,781


Independent Power and Renewable Electricity Producers — 0.2%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 01/15/25			878		841,796
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 3.67%, 08/12/26			286		270,349


					1,112,145

Industrial Conglomerates — 1.0%
AVSC Holding Corp. (l)
2020 Term Loan B1, (0.25% PIK), 5.11%, 03/03/25			546		468,213
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			450		474,976
Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.99%, 09/29/28			1,375		1,266,921
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			234		231,525


Security		Par (000)		Value

Industrial Conglomerates (continued)
Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%), 9.00%, 07/28/28	USD		262	$	232,708
Vertical U.S. Newco, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.02%, 07/30/27			731		682,728
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.87%, 03/02/27			1,484		1,376,636


					4,733,707

Insurance — 1.5%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/09/25			834		783,407
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 5.01%, 11/06/27			2,135		1,980,624
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 02/19/28			1,010		952,100
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			536		501,555
2021 Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27			284		265,628
Hub International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.21%, 04/25/25			349		329,456
2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25			1,429		1,352,300
NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 02/15/27.			113		104,308
Ryan Specialty Group LLC, Term Loan, (SOFR + 3.00%, 0.75% Floor), 4.63%, 09/01/27 (c)			201		193,282
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 09/03/26			522		494,930
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.92%, 09/03/26			184		177,519


					7,135,109

Interactive Media & Services — 1.2%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 06/26/28			1,060		1,011,373
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 12/06/27			375		341,341
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.67%, 10/30/26			1,614		1,517,963
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 08/10/27			827		793,208
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			2,180		1,983,538


					5,647,423

Internet & Direct Marketing Retail — 0.1%
CNT Holdings I Corp., 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.69%, 11/08/27			599		566,972
PUG LLC, 2021 Incremental Term Loan B, (1 mo. LIBOR + 4.25%), 5.92%, 02/12/27 (c)			111		102,545


					669,517


86		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Internet Software & Services — 0.3%
Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.07%, 02/25/27	USD		1,284	$	1,226,515


IT Services — 2.5%
Aruba Investments, Inc., 2020 USD Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.63%, 11/24/27 (c)			337		309,810
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/02/25			755		701,468
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 10/30/26			1,502		1,418,324
CCC Intelligent Solutions, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.50%, 09/21/28			730		691,257
CoreLogic, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 5.19%, 06/02/28			1,821		1,509,253
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/28/28			952		914,108
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/01/27			2,569		2,449,863
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 02/12/27 (c)			1,216		1,094,645
Trans Union LLC
2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 3.42%, 11/16/26			757		712,413
2021 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.92%, 12/01/28			1,510		1,437,045
Virtusa Corp., 1st Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 02/11/28			443		417,618
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 3.92%, 03/31/28			432		414,008
ZoomInfo LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 02/02/26			89		85,830


					12,155,642

Leisure Products — 0.1%
Fender Musical Instruments Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.23%, 12/01/28			299		281,798
Peloton Interactive, Inc., Term Loan, (SOFR + 6.50%), 8.35%, 05/25/27			166		157,804


					439,602

Life Sciences Tools & Services — 1.4%
Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%), 3.92%, 11/08/27			1,804		1,730,705
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.17%, 02/04/27			1,836		1,691,604
ICON Luxembourg SARL
LUX Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			1,264		1,219,050
US Term Loan, (3 mo. LIBOR + 2.25%), 4.56%, 07/03/28			315		303,728
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (SOFR + 3.00%), 3.85%, 10/19/27 (c)			664		629,229
Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.88%, 11/15/28			1,473		1,380,062


					6,954,378


Security		Par (000)		Value

Machinery — 1.3%
Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%), 6.43%, 08/17/26	USD		759	$	725,078
ASP Blade Holdings, Inc., Initial Term Loan, (1 mo. LIBOR + 4.00%), 5.67%, 10/13/28			162		141,324
Clark Equipment Co., 2022 Term Loan B, (SOFR + 2.50%), 4.65%, 04/20/29			166		159,168
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 5.06%, 05/14/28			160		152,713
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/21/28			495		461,827
Fluidra SA, 2022 USD Term Loan B, (SOFR + 2.00%), 3.63%, 01/29/29			127		123,274
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 3.38%, 03/01/27			567		541,930
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%), 4.52%, 06/21/28			1,845		1,675,878
SPX Flow, Inc., (SOFR + 4.50%), 6.13%, 04/05/29			590		548,694
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			1,823		1,667,214
Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 10/04/28			64		62,217


					6,259,317

Media — 5.4%
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			438		394,950
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 3.79%, 01/31/26			528		475,503
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 5.41%, 08/14/26			1,325		1,207,546
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 4.20%, 04/22/26			670		562,989
Cable One, Inc., 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 3.67%, 05/03/28			408		391,565
Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 3.42%, 04/30/25			1,254		1,219,142
City Football Group Ltd., Term Loan, (3 mo. LIBOR + 3.50%), 4.60%, 07/21/28 (c)			678		620,644
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.74%, 08/21/26			1,971		1,687,959
CMG Media Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 12/17/26			581		534,501
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.17%, 12/12/26			3,102		2,845,723
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.57%, 07/17/25			647		600,410
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.82%, 04/15/27			870		806,759
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 4.42%, 01/07/28			358		338,107
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.92%, 12/01/23 (c)			372		325,744
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 03/24/25			514		495,893


S C H E D U L E O F I N V E S T M E N T S		87


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 3.35%, 10/17/26	USD		1,078	$	1,005,542
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.42%, 09/13/24			1,890		1,775,120
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.42%, 09/13/24			1,456		1,368,458
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.92%, 02/23/29			515		482,880
Sinclair Television Group, Inc., 2022 Term Loan B4, (SOFR + 3.75%), 5.38%, 04/21/29 (c)			806		741,520
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.63%, 09/28/23 (c)			1,480		1,416,646
Trader Interactive LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 07/28/28 (c)			230		219,613
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 4.32%, 01/31/29			341		323,782
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 4.57%, 01/31/29			917		876,551
Voyage Digital Ltd., (SOFR + 4.50%), 5.28%, 05/11/29 (c)			431		409,450
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 4.42%, 05/18/25.			1,920		1,801,605
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 3.79%, 01/20/28			910		871,330
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 03/09/27			2,342		2,152,263


					25,952,195

Oil, Gas & Consumable Fuels — 0.9%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien
Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25			330		345,949
Citgo Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.67%, 08/01/23			2		1,902
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 12/13/25			269		227,118
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			16		9,466
2020 Take Back Term Loan, (3.00% PIK), 2.83%, 06/30/25 (l)			114		57,233
Lucid Energy Group II Borrower LLC, 2021 Term
Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.87%, 11/24/28			1,495		1,473,073
Medallion Midland Acquisition LLC, (1 mo. LIBOR + 3.75%, 0.75% Floor), 5.42%, 10/18/28			901		861,897
Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%), 4.71%, 10/05/28			1,499		1,423,443


					4,400,081

Personal Products — 0.6%
Sunshine Luxembourg VII SARL, 2021 Term Loan
B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.00%, 10/01/26			3,052		2,817,651


Pharmaceuticals — 1.4%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 5.50%, 05/04/25			751		678,130


Security		Par (000)		Value

Pharmaceuticals (continued)
Bausch Health Cos., Inc., 2022 Term Loan B, (SOFR + 5.25%), 6.55%, 02/01/27	USD		974	$	832,326
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%), 3.63%, 02/22/28			1,043		1,025,455
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 2.81%, 08/01/27			632		595,779
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.67%, 11/15/27			656		618,679
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 05/05/28			1,201		1,143,865
Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 10/27/28			220		209,695
Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%), 4.63%, 06/02/28			652		625,793
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 5.25%, 11/18/27 (c)			1,136		1,048,106


					6,777,828

Professional Services — 0.8%
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (SOFR + 3.25%), 4.75%, 01/18/29			305		284,250
Term Loan, (1 mo. LIBOR + 3.25%), 4.87%, 02/06/26			2,022		1,903,784
Element Materials Technology Group U.S. Holdings, Inc. (n)
2022 USD Delayed Draw Term Loan B, 04/12/29			310		296,512
2022 USD Delayed Draw Term Loan D, 04/12/29			671		642,443
Galaxy U.S. Opco, Inc., Term Loan, (SOFR + 4.75%), 6.28%, 04/29/29			724		677,845


					3,804,834

Real Estate Management & Development — 0.4%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.17%, 11/03/28			1,048		943,831
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 4.42%, 08/21/25			1,208		1,134,576


					2,078,407

Road & Rail — 0.1%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 08/06/27			289		272,644
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.09%, 08/04/25 (c)			376		331,818


					604,462

Semiconductors & Semiconductor Equipment — 0.1%
CMC Materials, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.69%, 11/17/25			457		454,424
Synaptics, Inc., Term Loan B, (3 mo. LIBOR + 2.25%), 4.36%, 12/02/28			254		246,684


					701,108

Software — 5.2%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.25%, 09/19/24			95		90,511
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%), 7.75%, 09/19/25			90		86,428


88		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.98%, 02/12/25	USD		1,288	$	1,273,773
2022 Term Loan, 05/17/29 (n)			333		318,431
Central Parent, Inc., 2022 USD Term Loan B, 07/06/29 (n)			292		275,248
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 10/08/29 (c)			457		397,590
2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/08/28			1,115		1,023,201
ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 09/29/28			493		449,838
Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 5.42%, 10/16/28			519		462,509
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 05/28/24 (c)			439		378,543
E2open LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 02/04/28			113		106,590
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.42%, 07/31/28			296		286,528
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.92%, 07/30/27			288		271,701
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			868		796,270
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 4.44%, 10/27/28			1,812		1,715,802
Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%), 3.27%, 10/30/28 (c)			311		294,881
IPS Corp., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 5.17%, 10/02/28			254		232,550
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 6.23%, 07/27/28			1,022		916,208
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.48%, 07/27/29			936		851,520
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.15%, 03/01/29			1,642		1,490,115
Netsmart Technologies, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 10/01/27			577		547,887
Planview Parent, Inc., Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 5.67%, 12/17/27			1,026		964,902
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.82%, 08/31/28			1,769		1,640,198
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 04/24/28			3,471		3,200,138
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.92%, 05/30/25			31		29,338
Restoration Hardware, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.14%, 10/20/28			466		407,293
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.62%, 08/01/25			603		577,466
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			750		698,103


Security		Par (000)		Value

Software (continued)
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 3.42%, 04/16/25	USD		575	$	544,867
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 3.42%, 04/16/25			466		442,060
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.25%, 03/03/28			898		878,784
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			453		416,870
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			1,874		1,751,346
Term Loan B, (1 mo. LIBOR + 3.75%), 5.42%, 05/04/26			1,049		988,461


					24,805,950

Specialty Retail — 2.0%
Belron Finance U.S. LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 3.69%, 11/13/25			180		173,208
2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 3.50%, 10/30/26 (c)			410		391,073
2021 USD Term Loan B, (3 mo. LIBOR + 2.50%), 3.88%, 04/13/28			1,224		1,173,779
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (SONIA + 4.25%), 5.19%, 06/23/25	GBP		1,000		1,109,265
EG Group Ltd., 2021 Term Loan, 6.50%, 03/31/26	USD		234		220,981
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.92%, 11/24/28			312		294,334
Mavis Tire Express Services Corp., 2021 Term Loan B, (SOFR + 4.00%), 5.63%, 05/04/28			1,275		1,175,807
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 5.92%, 08/31/26			824		742,189
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			2,206		2,070,638
Pilot Travel Centers LLC, 2021 Term Loan B, (SOFR + 2.00%), 3.63%, 08/04/28			430		410,951
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			303		278,103
Restoration Hardware, Inc., 2022 Incremental Term Loan, (SOFR + 3.25%), 4.88%, 10/20/28			364		323,960
Reverb Buyer, Inc.
2021 Delayed Draw Term Loan, (3 mo. LIBOR + 3.50%), 3.50%, 11/01/28			28		26,640
2021 First Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.38%, 11/01/28			1,084		1,014,633
WOOF Holding, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.81%, 12/21/27 (c)			227		211,794


					9,617,355

Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 6.67%, 07/23/26			394		349,660


Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., Term Loan B, (SOFR + 3.50%), 4.45%, 02/17/29			730		663,089


S C H E D U L E O F I N V E S T M E N T S		89


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Trading Companies & Distributors — 0.4%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 3.92%, 05/19/28	USD		616	$	586,319
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 01/31/28 (c)			519		451,881
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 7.00%, 04/03/28			300		275,787
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			409		375,655


					1,689,642

Wireless Telecommunication Services — 0.3%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR), 4.99%, 04/30/28			433		408,494
MetroNet Systems Holdings LLC, 2021 1st Lien Term Loan, (SOFR + 3.75%), 5.05%, 06/02/28			263		242,892
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 3.42%, 04/11/25			1,058		1,017,581


					1,668,967


Total Floating Rate Loan Interests — 55.5% (Cost: $286,365,541)					267,612,311


Foreign Agency Obligations

Argentina — 0.0%
Argentine Republic Government International Bond, 2.50%, 07/09/41 (g)(o)			351		90,311


Bahrain — 0.0%
Bahrain Government International Bond, 6.75%, 09/20/29 (d)			200		190,975


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42 (g)			200		178,500


Colombia — 0.1%
Colombia Government International Bond
4.50%, 01/28/26 (g)			243		227,782
3.88%, 04/25/27 (g)			200		176,475
3.13%, 04/15/31			200		148,350


					552,607

Dominican Republic — 0.2%
Dominican Republic International Bond
5.95%, 01/25/27 (d)			307		293,146
5.50%, 02/22/29 (b)			155		134,685
4.50%, 01/30/30 (b)			200		159,600
4.88%, 09/23/32 (b)			150		115,294
6.40%, 06/05/49 (d)			150		111,544


					814,269

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61 (b)			200		110,500


Guatemala — 0.1%
Guatemala Government Bond (b)
5.38%, 04/24/32			200		184,162
4.65%, 10/07/41			200		145,788


					329,950


Security		Par (000)		Value

Hungary — 0.0%
Hungary Government International Bond, 5.25%, 06/16/29 (b)	USD		200	$	199,271


Indonesia — 0.1%
Indonesia Government International Bond
4.10%, 04/24/28			221		217,105
5.35%, 02/11/49 (g)			200		195,772


					412,877

Ivory Coast — 0.0%
Ivory Coast Government International Bond, 6.38%, 03/03/28 (d)			200		176,788


Mexico — 0.1%
Mexico Government International Bond (g)
4.15%, 03/28/27			397		391,244
3.75%, 01/11/28			200		191,900


					583,144

Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 04/07/26 (d)			250		222,528


Morocco — 0.1%
Morocco Government International Bond, 3.00%, 12/15/32 (b)(g)			300		213,000


Nigeria — 0.0%
Nigeria Government International Bond, 7.88%, 02/16/32 (d)			200		138,500


Oman — 0.1%
Oman Government International Bond, 6.50%, 03/08/47 (d)			308		258,335


Panama — 0.1%
Panama Government International Bond
3.88%, 03/17/28			200		190,913
3.16%, 01/23/30 (g)			245		218,249


					409,162

Paraguay — 0.1%
Paraguay Government International Bond
5.40%, 03/30/50 (d)			200		154,663
5.40%, 03/30/50 (b)			200		154,662


					309,325

Peru — 0.1%
Peruvian Government International Bond (g)
2.78%, 01/23/31			29		24,683
1.86%, 12/01/32			259		196,969
3.00%, 01/15/34			116		95,178


					316,830

Qatar — 0.0%
Qatar Government International Bond, 4.00%, 03/14/29 (b)(g)			200		202,000


Romania — 0.1%
Romanian Government International Bond (b)
5.25%, 11/25/27			168		160,020
3.00%, 02/14/31 (g)			140		107,695
3.63%, 03/27/32			94		73,396

					341,111


90		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Saudi Arabia — 0.1%
Saudi Government International Bond (d)
4.50%, 04/17/30	USD		325	$	331,500
2.25%, 02/02/33			200		166,000


					497,500

South Africa — 0.1%
Republic of South Africa Government International Bond
4.85%, 09/30/29			200		170,725
5.88%, 04/20/32			200		169,000


					339,725

Sri Lanka — 0.0%
Sri Lanka Government International Bond (d)(e)(j)
6.85%, 03/14/24			200		56,022
6.35%, 06/28/24			200		56,022


					112,044

Ukraine — 0.0%
Ukraine Government International Bond
9.75%, 11/01/28 (d)			236		57,820
7.25%, 03/15/33 (b)(g)			200		49,000


					106,820

Uruguay — 0.0%
Uruguay Government International Bond, 4.38%, 10/27/27			90		91,029


Total Foreign Agency Obligations — 1.5% (Cost: $8,865,676)					7,197,101


		Shares

Investment Companies

Fixed Income Funds — 0.5%
Invesco Senior Loan ETF			120,501		2,442,555


Total Investment Companies — 0.5% (Cost: $2,670,577)					2,442,555


		Par (000)

Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 0.6%
Alternative Loan Trust
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35	USD		1,117		721,357
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,869		964,848
Series 2007-19, Class 1A1, 6.00%, 08/25/37			549		326,169
CHL Mortgage Pass-Through Trust
Series 2005-17, Class 1A6, 5.50%, 09/25/35			106		100,915
Series 2006-17, Class A2, 6.00%, 12/25/36			653		323,002
Series 2007-HY5, Class 3A1, 3.08%, 09/25/37 (a)			309		287,454
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 2.82%, 10/25/35 (a)			319		200,468


					2,924,213


Security		Par (000)		Value

Commercial Mortgage-Backed Securities — 0.9%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33 (a)(b) .	USD		4,830	$	4,540,043


Total Non-Agency Mortgage-Backed Securities — 1.5% (Cost: $8,668,712)					7,464,256


		Benefical Interest (000)

Other Interests (p)

IT Services (c)(e) — 0.0%
Millennium Corp	USD		918		—
Millennium Lender Claim Trust			861		—


Total Other Interests — 0.0% (Cost: $ — )					—


		Par (000)

Preferred Securities

Capital Trusts — 5.0% (a)

Automobiles (k) — 0.1%
General Motors Financial Co., Inc., Series C, 5.70% (g)	USD		365		317,550
Volkswagen International Finance NV, 4.38% (d)	EUR		100		84,083


					401,633

Banks (k) — 1.3%
Banco Mercantil del Norte SA, 6.75% (b)(g)	USD		396		371,745
Bank of East Asia Ltd., 5.88% (d)			250		246,062
Credit Agricole SA, 4.75% (b)(g)			200		155,433
Industrial & Commercial Bank of China Ltd., 3.20% (d)			200		189,000
ING Groep NV, 3.88% (g)			1,750		1,267,375
Kasikornbank PCL, 5.28% (d)			200		183,288
Nordea Bank Abp, 3.75% (b)(g)			560		412,444
Rizal Commercial Banking Corp., 6.50% (d)			200		191,163
TMBThanachart Bank PCL, 4.90% (d)			250		228,016
U.S. Bancorp, 3.70% (g)			1,665		1,277,887
Wells Fargo & Co. (g)
Series S, 5.90%			1,500		1,356,300
Series U, 5.88%			384		374,362


					6,253,075

Capital Markets — 0.5%
Bank of New York Mellon Corp., Series I, 3.75% (g)(k)			3,110		2,538,784


Diversified Financial Services (k) — 2.6%
Bank of America Corp. (g)
Series DD, 6.30%.			215		213,149
Series X, 6.25%			1,929		1,874,988
Series Z, 6.50%			143		141,624
Barclays PLC, 4.38% (g)			455		348,923
Credit Suisse Group AG
6.38% (b)(g)			295		243,743
6.25% (d)			200		182,000
HSBC Holdings PLC (g)
6.25%			695		681,621
6.00%			415		371,944


S C H E D U L E O F I N V E S T M E N T S		91


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
JPMorgan Chase & Co. (g)
Series FF, 5.00%	USD		2,865	$	2,528,363
Series HH, 4.60%.			253		213,664
Lloyds Banking Group PLC, 7.50% (g)			1,250		1,218,340
NatWest Group PLC, 6.00% (g)			1,185		1,096,608
Societe Generale SA, 5.38% (b)(g)			2,250		1,743,750
UBS Group AG, 3.88% (b)(g)			1,500		1,220,957
Woori Bank, 4.25% (d)			250		239,656


					12,319,330

Electric Utilities — 0.4%
Edison International, Series B, 5.00% (k)			175		139,235
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 (g)			1,750		1,537,728


					1,676,963

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00% (b)(k)			240		217,800


Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., 4.48% (d)(k)			200		194,850


Media — 0.0%
SES SA, 2.88% (d)(k)	EUR		100		87,504


Oil, Gas & Consumable Fuels — 0.0%
Abertis Infraestructuras Finance BV, 3.25% (d)(k)			100		83,583


Real Estate Management & Development — 0.0%
Heimstaden Bostad AB, 3.00% (d)(k)			100		52,454


Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63% (d)(k)			100		72,833


Utilities — 0.0%
Electricite de France SA, 3.00% (d)(k)			200		159,026


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80 (d)			100		90,438


					24,148,273


		Shares

Preferred Stocks — 2.0%

Banks — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $134,650) (f)			137,556		2,542


Capital Markets (a)(k) — 2.0%
Goldman Sachs Group, Inc., Series J, 5.50%			202,526		4,949,735


Security		Shares		Value

Capital Markets (continued)
Morgan Stanley
Series F			120,000	$	3,091,200
Series K, 5.85%			53,253		1,316,947


					9,357,882


					9,360,424


Total Preferred Securities — 7.0% (Cost: $38,275,695)					33,508,697


		Par (000)

U.S. Government Sponsored Agency Securities

Agency Obligations — 2.3%
Fannie Mae Mortgage-Backed Securities, 4.00%, 07/14/22 (g)	USD		11,000		10,861,593


Collateralized Mortgage Obligations — 0.2%
Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 4.62%, 10/25/29 (a)			1,032		1,041,198


Mortgage-Backed Securities — 6.4%
Fannie Mae Mortgage-Backed Securities, 4.00%, 12/01/44 (g)			6,775		6,822,510
Freddie Mac Multifamily Structured Pass Through Certificates, Series K042, Class X1, 1.16%, 12/25/24 (a)			32,342		679,990
Uniform Mortgage-Backed Securities
4.00%, 07/14/22 - 04/25/52 (g)(q)			14,704		14,516,349
2.00%, 07/18/22 (q)			5,700		5,320,149
5.00%, 08/01/23			6		5,977
3.50%, 01/01/51 - 04/01/52 (g)			3,625		3,544,819
2.50%, 12/01/51 - 01/01/52			—		—


					30,889,794


Total U.S. Government Sponsored Agency Securities — 8.9%

(Cost: $43,059,748)					42,792,585


		Shares

Warrants

Metals & Mining — 0.0%
Ameriforge Group, Inc. (e)			2,542		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (e)			345		3,543


Total Warrants — 0.0% (Cost: $ — )					3,543


Total Long-Term Investments — 157.0% (Cost: $845,670,304)					756,454,977


92		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)


Security		Shares			Value

Short-Term Securities

Money Market Funds — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (r)(s)			4,320,231		$	4,320,231


Total Short-Term Securities — 0.9% (Cost: $4,320,231)						4,320,231


Total Investments Before TBA Sale Commitments — 157.9% (Cost: $849,990,535)						760,775,208


		Par (000)

TBA Sale Commitments

Mortgage-Backed Securities — (1.3)%
Uniform Mortgage-Backed Securities, 4.00%, 07/14/52 (q)	USD		(6,500	)		(6,409,482	)


Total TBA Sale Commitments — (1.3)% (Proceeds: $(6,361,494))						(6,409,482	)


Total Investments, Net of TBA Sale Commitments — 156.6%

(Cost: $843,629,041)						754,365,726

Liabilities in Excess of Other Assets — (56.6)%						(272,501,790	)


Net Assets — 100.0%					$	481,863,936

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

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

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

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

(e)	Non-income producing security.

(f)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,018, representing less than 0.05% of its net assets as of period end, and an original cost of $235,337.

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

(h)	Convertible security.

(i)	Zero-coupon bond.

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

(k)	Perpetual security with no stated maturity date.

(l)	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.

(m)	Rounds to less than 1,000.

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

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

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

(q)	Represents or includes a TBA transaction.

(r)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	4,969,680	$	—	$	(649,449	) (a)	$	—	$	—	$	4,320,231		4,320,231	$	11,898	$	—

(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

Barclays Capital, Inc.

1.80

(b)

06/29/21

Open

790,119

$ 793,390

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

371,995

374,292

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

326,430

328,445

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

1,023,710

1,030,030

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

518,141

521,340

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

549,010

552,399

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

196,284

197,496

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		93


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(

Barclays Capital, Inc.

2.00

(b)

06/29/21

Open

561,045

$ 564,509

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/12/21

Open

1,266,580

1,272,929

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

07/15/21

Open

428,106

430,654

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

07/15/21

Open

1,213,212

1,220,433

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

07/15/21

Open

170,435

171,449

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.95

(b)

07/16/21

Open

123,895

124,567

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

07/19/21

Open

732,929

737,250

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/22/21

Open

210,313

211,343

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/22/21

Open

642,366

645,515

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/22/21

Open

1,023,390

1,028,406

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/22/21

Open

149,425

150,157

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

07/22/21

Open

174,500

175,355

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

08/02/21

Open

535,435

538,488

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

08/06/21

Open

430,200

432,617

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

08/23/21

Open

396,880

398,616

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

08/23/21

Open

426,073

427,936

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

10/26/21

Open

985,455

988,558

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

10/26/21

Open

1,883,612

1,892,128

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

10/27/21

Open

646,949

649,865

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/02/21

Open

498,995

501,202

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/16/21

Open

175,840

176,584

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

11/18/21

Open

41,698

41,804

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

11/18/21

Open

239,401

240,109

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

(b)

11/18/21

Open

303,613

304,510

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/18/21

Open

159,428

160,097

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/18/21

Open

308,438

309,733

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/18/21

Open

42,033

42,209

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/19/21

Open

537,460

539,696

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/19/21

Open

537,460

539,696

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

11/22/21

Open

588,627

591,068

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

12/01/21

Open

1,509,941

1,516,033

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

12/01/21

Open

1,072,750

1,077,078

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

12/20/21

Open

783,035

785,559

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

12/27/21

Open

187,750

188,437

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

01/04/22

Open

563,036

564,481

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

01/05/22

Open

661,819

664,093

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

01/05/22

Open

798,380

801,397

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.75

)

(b)

01/10/22

Open

270,443

268,194

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

01/10/22

Open

520,822

522,627

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/12/22

Open

200,640

201,217

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

01/14/22

Open

820,052

822,814

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

01/14/22

Open

712,470

715,356

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

01/20/22

Open

91,823

92,169

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.20

(b)

01/31/22

Open

156,694

157,322

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

381,753

382,773

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

370,099

371,088

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

378,675

379,687

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

355,833

356,784

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

348,075

349,006

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

367,200

368,182

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

477,374

478,650

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

347,839

348,769

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

327,600

328,476

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

01/31/22

Open

346,090

347,015

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/03/22

Open

398,216

399,707

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

02/04/22

Open

321,810

322,650

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.79

(b)

02/11/22

Open

26,064

26,121

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

1.95

(b)

02/11/22

Open

864,000

866,422

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

02/11/22

Open

297,238

297,991

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

335,265

336,264

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

298,726

299,616

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

258,319

259,088

Corporate Bonds

Open/Demand


94		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

319,770

$ 320,723

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

320,780

321,736

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/14/22

Open

319,880

320,833

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

02/14/22

Open

406,700

407,881

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

02/14/22

Open

593,512

595,236

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

02/14/22

Open

303,406

304,287

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

02/14/22

Open

335,800

336,864

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

02/14/22

Open

1,573,775

1,578,761

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

1,151,150

1,155,014

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

176,750

177,343

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

509,977

511,689

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

968,830

972,082

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

131,750

132,192

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

327,656

328,756

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

1,564,412

1,569,664

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

02/14/22

Open

196,188

196,846

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

02/14/22

Open

225,425

226,207

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

02/14/22

Open

207,818

208,539

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

532,875

534,764

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

334,588

335,774

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

620,085

622,284

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

1,828,170

1,834,652

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

799,680

802,516

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

412,665

414,128

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

211,840

212,591

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

386,360

387,730

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

298,148

299,205

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

223,780

224,573

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

02/14/22

Open

316,020

317,141

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

02/14/22

Open

641,112

642,732

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

02/14/22

Open

294,690

295,457

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

02/14/22

Open

299,663

300,442

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

02/14/22

Open

290,513

291,268

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

02/14/22

Open

274,010

274,723

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

02/16/22

Open

666,947

669,040

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

02/16/22

Open

278,509

279,206

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

02/17/22

Open

212,800

213,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

02/22/22

Open

570,745

572,410

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.99

(b)

02/22/22

Open

409,538

410,791

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.99

(b)

02/22/22

Open

568,800

570,541

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

02/23/22

Open

2,970

2,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

02/24/22

Open

429,660

430,850

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

03/01/22

Open

555,015

556,460

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

421,094

422,261

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

887,412

889,871

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

406,980

408,108

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

439,875

441,094

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

902,457

904,958

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

453,850

455,108

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

650,737

652,541

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

1,364,467

1,368,248

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

919,150

921,697

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

277,179

277,947

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

552,062

553,592

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

2,113,347

2,119,203

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/01/22

Open

526,297

527,756

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/01/22

Open

326,525

327,130

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/01/22

Open

836,991

839,254

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/01/22

Open

780,481

782,591

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/01/22

Open

703,099

705,000

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.00

(b)

03/01/22

Open

393,374

394,464

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

257,726

258,484

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		95


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

306,990

307,892

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

901,170

903,818

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

865,740

868,284

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

517,412

518,933

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

5,730,400

5,747,241

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

500,544

502,015

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

1,449,850

1,454,111

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

497,260

498,721

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/01/22

Open

662,590

664,537

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

03/01/22

Open

581,394

583,200

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

03/01/22

Open

1,334,565

1,338,711

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

03/01/22

Open

1,084,601

1,087,971

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/01/22

Open

486,412

487,973

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/01/22

Open

542,587

544,319

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

239,468

240,252

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

1,300,917

1,305,178

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

1,200,306

1,204,237

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

504,780

506,433

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

703,711

706,016

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/01/22

Open

667,019

669,203

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

(b)

03/01/22

Open

512,645

514,582

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

(b)

03/01/22

Open

406,698

408,234

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

03/01/22

Open

529,849

532,029

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

1,435,987

1,438,760

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

294,325

294,893

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

360,900

361,597

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

1,525,492

1,528,438

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

1,108,031

1,110,170

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

571,497

572,601

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.75

(b)

03/01/22

Open

166,388

166,709

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

03/01/22

Open

611,319

612,766

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

03/01/22

Open

524,970

526,213

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

03/01/22

Open

54,780

54,910

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

03/01/22

Open

378,000

378,895

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

03/01/22

Open

322,691

323,455

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

693,412

695,324

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

181,250

181,750

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

206,455

207,024

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

1,185,765

1,189,034

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

335,393

336,317

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

216,405

217,002

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

412,125

413,261

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

250,408

251,098

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

844,234

846,561

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

326,690

327,591

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

368,195

369,210

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

1,377,832

1,381,631

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

147,475

147,882

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

174,000

174,480

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/02/22

Open

391,230

392,309

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/02/22

Open

59,630

59,804

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

03/02/22

Open

455,666

457,196

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

03/03/22

Open

319,550

320,215

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

(b)

03/03/22

Open

220,106

220,565

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.80

(b)

03/03/22

Open

143,715

144,014

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/03/22

Open

341,500

342,437

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/03/22

Open

203,683

204,241

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/03/22

Open

409,176

410,299

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

230,300

230,764

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

392,531

393,323

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

400,950

401,758

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

435,000

435,877

Corporate Bonds

Open/Demand


96		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

287,494

288,073

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

1,451,625

1,454,551

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

1,601,970

1,605,199

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

137,375

137,652

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

1,456,875

1,459,812

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

883,125

884,905

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

992,162

994,163

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/03/22

Open

645,937

647,240

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

03/04/22

Open

603,630

604,872

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

350,875

351,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

660,060

661,843

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

136,890

137,260

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

467,066

468,328

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

216,456

217,041

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

620,876

622,553

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/04/22

Open

737,412

739,405

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.61

(b)

03/08/22

Open

243,338

243,688

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

(b)

03/08/22

Open

136,120

136,333

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.78

(b)

03/08/22

Open

1,419,412

1,422,219

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.78

(b)

03/08/22

Open

2,655,162

2,660,412

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.81

(b)

03/08/22

Open

616,225

617,502

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

183,656

183,991

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

161,081

161,486

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

1,443,750

1,447,381

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

543,637

545,005

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

633,041

634,634

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

3,523,500

3,532,363

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

946,906

949,288

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

279,650

280,353

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

3,026,250

3,033,862

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

1,836,562

1,839,742

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

283,158

283,674

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

1,297,187

1,300,450

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.95

(b)

03/08/22

Open

820,000

822,063

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/08/22

Open

656,529

658,242

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/08/22

Open

461,169

462,373

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

03/08/22

Open

1,205,625

1,208,772

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.99

(b)

03/08/22

Open

731,737

733,671

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.00

(b)

03/08/22

Open

560,835

562,334

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

270,788

271,554

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

622,765

624,529

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

372,775

373,831

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

896,070

898,608

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

512,352

513,803

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

541,231

542,764

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

770,931

773,114

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

717,577

719,610

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

300,800

301,652

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

1,291,912

1,295,571

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

509,312

510,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

316,538

317,434

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

03/08/22

Open

42,129

42,248

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.10

(b)

03/08/22

Open

216,631

217,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/08/22

Open

560,092

561,821

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/08/22

Open

407,046

408,302

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/08/22

Open

281,295

282,163

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/08/22

Open

748,807

751,118

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

527,617

529,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

668,700

670,805

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

362,194

363,334

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

566,886

568,671

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

472,320

473,807

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		97


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

109,280

109,624

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

405,223

406,498

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

597,872

599,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

489,837

491,380

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

518,100

519,731

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

222,045

222,744

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

203,873

204,514

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

637,130

639,136

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

104,860

105,190

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/08/22

Open

414,585

415,890

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

03/08/22

Open

2,300,719

2,308,181

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

03/08/22

Open

300,514

301,488

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

03/08/22

Open

314,100

315,119

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

03/08/22

Open

2,243,587

2,250,865

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

(b)

03/08/22

Open

417,055

418,566

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.78

(b)

03/09/22

Open

423,563

424,400

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

03/09/22

Open

113,040

113,306

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

03/09/22

Open

195,570

196,031

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

03/09/22

Open

146,094

146,438

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

03/09/22

Open

294,500

295,194

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

03/10/22

Open

129,203

129,597

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.79

(b)

03/14/22

Open

234,175

234,634

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/14/22

Open

508,596

510,143

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

(b)

03/14/22

Open

330,704

331,481

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

(b)

03/14/22

Open

375,599

376,481

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

(b)

03/14/22

Open

328,213

328,984

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

(b)

03/14/22

Open

345,750

346,563

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.92

(b)

03/14/22

Open

701,222

702,871

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.25

(b)

03/15/22

Open

24,000

23,987

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.50

(b)

03/15/22

Open

195,000

195,233

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.65

(b)

03/15/22

Open

234,000

234,384

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.75

(b)

03/15/22

Open

362,160

362,862

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

192,631

193,013

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

1,182,812

1,185,157

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

420,000

420,832

Capital Trusts

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

93,090

93,275

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

1,502,209

1,505,186

Capital Trusts

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

1,640,000

1,643,250

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

2,104,314

2,107,593

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

596,831

598,014

Capital Trusts

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

1,825,000

1,828,617

Capital Trusts

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

1,389,062

1,391,816

Capital Trusts

Open/Demand

Barclays Bank PLC

1.80

(b)

03/15/22

Open

317,281

317,943

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.85

(b)

03/15/22

Open

93,938

94,138

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.85

(b)

03/15/22

Open

2,752,500

2,758,364

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.90

(b)

03/15/22

Open

207,383

207,856

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

1,164,062

1,167,062

Capital Trusts

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

308,029

308,822

Capital Trusts

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

2,673,125

2,680,012

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

581,750

583,249

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

1,205,050

1,208,155

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

965,775

968,263

Capital Trusts

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

352,125

353,032

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

(b)

03/15/22

Open

336,256

337,123

Capital Trusts

Open/Demand

RBC Capital Markets LLC

1.90

(b)

03/16/22

Open

161,303

161,668

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

437,500

438,297

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

453,125

453,951

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

1,366,875

1,369,366

Corporate Bonds

Open/Demand


98		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

1,645,000

1,647,998

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

1,675,625

1,678,678

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.72

(b)

03/17/22

Open

1,344,375

1,346,825

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.75

(b)

03/17/22

Open

673,841

675,128

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.75

(b)

03/17/22

Open

833,750

835,342

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

216,600

217,026

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

182,688

183,047

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

186,750

187,118

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

222,250

222,687

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

122,500

122,741

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

50,125

50,224

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.77

(b)

03/17/22

Open

411,188

411,997

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

251,119

251,635

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

228,179

228,648

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

214,200

214,640

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

294,866

295,472

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

320,823

321,482

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

231,600

232,076

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

03/17/22

Open

321,210

321,870

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.82

(b)

03/17/22

Open

798,750

800,438

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.82

(b)

03/17/22

Open

309,833

310,487

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.82

(b)

03/17/22

Open

433,148

434,063

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.82

(b)

03/17/22

Open

332,979

333,683

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

216,745

217,216

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

343,406

344,152

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

377,100

377,919

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

411,294

412,187

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

370,440

371,245

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

695,200

696,710

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

331,500

332,220

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

425,315

426,239

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		99


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

(a)

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

436,489

437,437

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

479,960

481,003

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

299,500

300,151

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

456,120

457,111

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

330,630

331,348

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

344,500

345,248

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

03/17/22

Open

332,175

332,897

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.86

(b)

03/17/22

Open

513,305

514,450

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.86

(b)

03/17/22

Open

483,035

484,112

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.86

(b)

03/17/22

Open

485,939

487,023

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.86

(b)

03/17/22

Open

109,705

109,950

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.88

(b)

03/17/22

Open

339,565

340,342

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.92

(b)

03/17/22

Open

74,588

74,767

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.80

(b)

03/17/22

Open

1,190,625

1,193,072

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.80

(b)

03/17/22

Open

194,000

194,399

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

1.85

(b)

03/17/22

Open

487,207

488,280

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.85

(b)

03/17/22

Open

264,688

265,270

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.90

(b)

03/17/22

Open

302,575

303,285

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

1.90

(b)

03/17/22

Open

322,444

323,201

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.90

(b)

03/17/22

Open

331,570

332,348

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

(b)

03/17/22

Open

1,490,000

1,493,715

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/22/22

Open

471,069

472,263

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

03/22/22

Open

548,625

550,244

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

03/30/22

Open

174,872

175,199

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/30/22

Open

833,866

835,841

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/31/22

Open

672,861

674,441

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

03/31/22

Open

357,300

358,139

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

04/01/22

Open

1,290,369

1,293,398

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

04/01/22

Open

1,392,300

1,395,651

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

04/01/22

Open

458,640

459,890

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.88

(b)

04/04/22

Open

261,375

261,891

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.88

(b)

04/04/22

Open

214,775

215,199

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

04/06/22

Open

260,684

261,189

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

04/11/22

Open

66,838

66,950

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.80

(b)

04/11/22

Open

197,228

197,558

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.90

(b)

04/11/22

Open

201,206

201,588

Foreign Agency Obligations

Open/Demand

Barclays Bank PLC

1.90

(b)

04/11/22

Open

212,321

212,724

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

1.88

(b)

04/11/22

Open

282,056

282,578

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

(b)

04/11/22

Open

90,680

90,862

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

04/12/22

Open

481,699

482,762

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

(b)

04/12/22

Open

89,700

89,543

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

04/14/22

Open

340,170

340,708

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

04/14/22

Open

166,725

167,016

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

04/19/22

Open

337,199

337,857

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

04/21/22

Open

232,360

232,804

Corporate Bonds

Open/Demand


100		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity
of the Agreements

)

BNP Paribas S.A.

2.05

(b)

04/21/22

Open

261,220

261,744

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

04/21/22

Open

766,010

767,696

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.75

)

(b)

04/21/22

Open

184,150

183,653

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

04/25/22

Open

340,025

340,740

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.85

(b)

04/26/22

Open

481,504

482,243

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

04/27/22

Open

269,188

269,620

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.25

)

(b)

04/28/22

Open

138,880

138,571

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

04/28/22

Open

824,377

825,832

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

04/29/22

Open

223,549

223,892

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

05/03/22

Open

143,835

144,108

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/06/22

Open

367,650

368,334

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/06/22

Open

933,240

934,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

05/06/22

Open

137,925

138,192

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

05/06/22

Open

137,271

137,507

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/10/22

Open

337,249

337,853

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.00

(b)

05/10/22

Open

923,105

924,759

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

05/10/22

Open

466,403

467,271

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.84

(b)

05/10/22

Open

383,381

383,981

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/13/22

Open

541,822

542,699

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

05/13/22

Open

204,180

204,550

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

05/13/22

Open

260,100

260,488

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

05/16/22

Open

833,425

834,797

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

(b)

05/16/22

Open

621,285

622,409

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/18/22

Open

444,231

444,904

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.00

(b)

05/19/22

Open

791,595

792,766

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/23/22

Open

172,568

172,799

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.18

(b)

05/25/22

Open

644,490

645,425

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/27/22

Open

526,256

526,834

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

05/27/22

Open

179,973

180,170

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

05/27/22

Open

76,624

76,711

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

(b)

06/03/22

Open

471,750

472,087

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

06/03/22

Open

448,800

449,204

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

06/03/22

Open

392,250

392,566

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.90

(b)

06/06/22

Open

317,363

317,612

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.80

(b)

06/08/22

Open

559,333

559,720

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.80

(b)

06/08/22

Open

387,563

387,831

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.83

(b)

06/08/22

Open

385,293

385,566

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.88

(b)

06/08/22

Open

607,060

607,511

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.87

(b)

06/08/22

Open

994,967

995,700

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

1.87

(b)

06/08/22

Open

230,520

230,690

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

1,715,132

1,716,620

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

1,664,407

1,665,489

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

1,720,432

1,721,550

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

10,535,719

10,542,567

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.30

06/10/22

07/14/22

6,643,796

6,648,115

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

1.90

(b)

06/13/22

Open

490,820

491,112

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.90

(b)

06/13/22

Open

609,765

610,128

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.90

(b)

06/13/22

Open

475,082

475,366

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.90

(b)

06/13/22

Open

477,654

477,938

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

394,043

394,283

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

758,812

759,276

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		101


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity
of the Agreements

)

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

332,821

333,025

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

386,468

386,704

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

383,250

383,484

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/13/22

Open

333,574

333,778

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

301,106

301,286

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

347,820

348,027

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

375,765

375,989

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

304,476

304,658

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

437,063

437,323

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

359,640

359,854

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

605,760

606,121

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

384,323

384,551

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

513,810

514,116

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/13/22

Open

321,131

321,323

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

(b)

06/14/22

Open

804,375

804,772

Corporate Bonds

Open/Demand

Barclays Bank PLC

1.75

(b)

06/14/22

Open

452,250

452,460

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.00

)

(b)

06/14/22

Open

516,684

516,454

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

307,680

307,851

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

331,478

331,661

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

286,978

287,137

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

452,250

452,501

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

394,654

394,872

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.95

(b)

06/14/22

Open

338,138

338,325

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

341,610

341,796

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

298,080

298,243

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

303,656

303,822

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

340,775

340,961

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

330,793

330,973

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

421,438

421,667

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

368,010

368,211

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

305,776

305,943

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

301,500

301,664

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

336,150

336,333

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/14/22

Open

279,500

279,652

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

06/14/22

Open

372,844

373,050

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

06/14/22

Open

366,520

366,723

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

(b)

06/14/22

Open

544,305

544,607

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.13

(b)

06/14/22

Open

83,190

83,246

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/14/22

Open

301,950

302,111

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/14/22

Open

278,651

278,799

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/14/22

Open

443,980

444,216

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/14/22

Open

331,530

331,706

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

06/15/22

Open

328,843

329,027

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(3.00

)

(b)

06/17/22

Open

26,550

26,528

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/17/22

Open

212,031

212,149

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.85

(b)

06/17/22

Open

105,656

105,711

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

06/17/22

Open

166,061

166,148

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.75

(b)

06/21/22

Open

145,250

145,314

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.90

(b)

06/21/22

Open

155,649

155,723

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.50

)

(b)

06/22/22

Open

123,360

123,346

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/22/22

Open

112,174

112,221

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.10

(b)

06/23/22

Open

65,813

65,839

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

1.75

(b)

06/23/22

Open

185,120

185,183

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

1.75

(b)

06/23/22

Open

166,297

166,354

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

1.85

(b)

06/23/22

Open

217,750

217,828

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

1.85

(b)

06/23/22

Open

204,413

204,486

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

(b)

06/24/22

Open

503,882

503,975

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.98

(b)

06/24/22

Open

774,440

774,610

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.05

(b)

06/24/22

Open

127,500

127,529

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

1.92

(b)

06/24/22

Open

28,000

28,006

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(5.00

)

(b)

06/24/22

Open

78,650

78,574

Corporate Bonds

Open/Demand


102		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity
of the Agreements

)

RBC Capital Markets LLC

1.88

(b)

06/28/22

Open

265,898

265,925

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/22

Open

270,020

270,035

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/22

Open

476,190

476,216

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

(b)

06/29/22

Open

293,020

293,036

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.65

(b)

06/29/22

Open

115,275

115,280

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/29/22

Open

222,135

222,147

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.93

(b)

06/29/22

Open

185,310

185,320

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.88

(b)

06/29/22

Open

510,351

510,378

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.90

(b)

06/29/22

Open

223,576

223,588

Corporate Bonds

Open/Demand

291,585,438

292,269,603

(a)

Certain agreements have no stated maturity and can be terminated by either party at any time.

(b)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
10-Year U.S. Ultra Long Treasury Note		141		09/21/22	$	17,916	$	(55,397	)
2-Year U.S. Treasury Note		230		09/30/22		48,264		(258,724	)


								(314,121	)


Short Contracts
Euro BTP		1		09/08/22		129		(3,553	)
10-Year Japanese Government Treasury Bonds		3		09/12/22		3,286		8,616
10-Year U.S. Treasury Note		288		09/21/22		34,088		95,653
U.S. Long Bond		45		09/21/22		6,214		120,063
Ultra U.S. Treasury Bond		48		09/21/22		7,409		77,093
5-Year U.S. Treasury Note		73		09/30/22		8,185		(44,884	)


								252,988


							$	(61,133	)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	6,911,308	EUR	6,526,000	BNP Paribas S.A.		09/21/22	$	34,326
USD	867,875	EUR	820,000	State Street Bank and Trust Co.		09/21/22		3,774
USD	17,225	GBP	14,081	Bank of America N.A.		09/21/22		59
USD	1,206,346	GBP	973,000	Deutsche Bank AG		09/21/22		20,141
USD	1,763,026	GBP	1,422,000	Deutsche Bank AG		09/21/22		29,435
USD	3,418,188	GBP	2,757,000	Deutsche Bank AG		09/21/22		57,070

								144,805


EUR	379,264	USD	401,686	Morgan Stanley & Co. International PLC		09/21/22		(2,024	)
GBP	37,357	USD	45,696	Deutsche Bank AG		09/21/22		(154	)
GBP	59,608	USD	72,915	Standard Chartered Bank		09/21/22		(246	)


								(2,424	)


							$	142,381


S C H E D U L E O F I N V E S T M E N T S		103


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Centrally Cleared Credit Default Swaps — Buy Protection



Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Termination Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

CDX.NA.HY.38.V2		5.00	%	Quarterly	06/20/27	USD	3,737	$	104,216	$	(117,814	)	$	222,030
CDX.NA.IG.38.V1		1.00		Quarterly	06/20/27	USD	16,590		191		(146,553	)		146,744


								$	104,407	$	(264,367	)	$	368,774

Centrally Cleared Interest Rate Swaps



Paid by the Fund		Received by the Fund		Effective			Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)		(Depreciation)
1-Day SOFR, 0.82%	Annual	3.01%	Annual		10/05/22	(a)		06/30/24	USD	11,575	$	(24,128	)	$	50	$	(24,178	)
2.86%	Annual	1-Day SOFR, 0.82%	Annual		10/05/22	(a)		11/30/26	USD	11,575		(16,677	)		105		(16,782	)
3-Month LIBOR, 2.29%	Quarterly	1.57%	Semi-Annual		N/A			02/11/30	USD	5		(482	)		163		(645	)
1.61%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly		N/A			03/28/32	USD	9,300		1,121,049			146		1,120,903
1.66%	Semi-Annual	3-Month LIBOR, 2.29%	Quarterly		N/A			04/25/32	USD	9,020		1,082,246			144		1,082,102
3-Month LIBOR, 2.29%	Quarterly	1.93%	Semi-Annual		N/A			10/22/51	USD	2,500		(501,385	)		77		(501,462	)


											$	1,660,623		$	685	$	1,659,938

(a)

Forward Swap.

OTC Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount(000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

Casino Guichard-Perrachon S.A.	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B		EUR	20	$	(3,002	)	$	(1,735	)	$	(1,267	)
Novafives S.A.S	5.00		Quarterly	Citibank N.A.	06/20/23	B-		EUR	10		(1,161	)		(668	)		(493	)
Faurecia SE	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/25	BB		EUR	10		100			461			(361	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	CCC		EUR	10		(3,224	)		1,224			(4,448	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	10		257			948			(691	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR		EUR	10		(3,280	)		836			(4,116	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	NR		EUR	10		(3,280	)		939			(4,219	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	CCC		EUR	10		(3,329	)		—			(3,329	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+		EUR	30		(886	)		1,192			(2,078	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	20		(3,251	)		(781	)		(2,470	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	10		(1,650	)		397			(2,047	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	10		(1,604	)		408			(2,012	)
K&S AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB		EUR	10		825			805			20
CMA CGM SA	5.00		Quarterly	Barclays Bank PLC	06/20/27	BB+		EUR	2		(92	)		67			(159	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	40		(1,737	)		1,825			(3,562	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	12		(511	)		396			(907	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	12		(514	)		431			(945	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	11		(483	)		405			(888	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	3		(136	)		114			(250	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	40		(6,679	)		(7,077	)		398
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	10		(1,670	)		(1,109	)		(561	)
CMBX.NA.8	3.00		Monthly	Barclays Bank PLC	10/17/57	N/R		USD	5,000		(861,017	)		(483,158	)		(377,859	)
CMBX.NA.8	3.00		Monthly	Credit Suisse International	10/17/57	N/R		USD	2,500		(430,509	)		(239,041	)		(191,468	)
CMBX.NA.8	3.00		Monthly	Morgan Stanley & Co. International PLC	10/17/57	N/R		USD	4,450		(766,305	)		(563,363	)		(202,942	)


104		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

OTC Credit Default Swaps — Sell Protection (continued)



Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

CMBX.NA.9	3.00	%	Monthly	Credit Suisse International	09/17/58	N/R		USD	5,000	$	(854,607	)	$	(518,760	)	$	(335,847	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	1,528		(261,168	)		(165,932	)		(95,236	)


										$	(3,208,913	)	$	(1,971,176	)	$	(1,237,737	)

(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps (a)	$	685	$	(264,367	)	$	2,571,779	$	(543,067	)
OTC Swaps		10,448		(1,981,624	)		418		(1,238,155	)

(a)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments

Futures contracts
Unrealized appreciation on futures contracts (a)	$	—	$	—	$	—	$	—	$	301,425	$	—	$	301,425
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		144,805		—		—		144,805

Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps (a)		—		368,774		—		—		2,203,005		—		2,571,779

Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		10,866		—		—		—		—		10,866


	$	—	$	379,640	$	—	$	144,805	$	2,504,430	$	—	$	3,028,875


Liabilities — Derivative Financial Instruments

Futures contracts
Unrealized depreciation on futures contracts (a)	$	—	$	—	$	—	$	—	$	362,558	$	—	$	362,558
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		2,424		—		—		2,424

Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps (a)		—		—		—		—		543,067		—		543,067

Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,219,779		—		—		—		—		3,219,779


	$	—	$	3,219,779	$	—	$	2,424	$	905,625	$	—	$	4,127,828

(a)


S C H E D U L E O F I N V E S T M E N T S		105


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total


Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—	$	—	$	5,080,822		$	—	$	5,080,822
Forward foreign currency exchange contracts		—		—			—		1,018,540		—			—		1,018,540
Options purchased (a)		—		—			—		—		1,023,225			—		1,023,225
Options written		—		—			—		—		(2,977,365	)		—		(2,977,365	)
Swaps		—		795,465			—		—		1,465,301			—		2,260,766


	$	—	$	795,465		$	—	$	1,018,540	$	4,591,983		$	—	$	6,405,988


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—	$	340,235		$	—	$	340,235
Forward foreign currency exchange contracts		—		—			—		343,390		—			—		343,390
Options purchased (b)		—		—			—		—		214,358			—		214,358
Options written		—		—			—		—		416,433			—		416,433
Swaps		—		(567,526	)		—		—		1,006,454			—		438,928


	$	—	$	(567,526	)	$	—	$	343,390	$	1,977,480		$	—	$	1,753,344

(a)

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

(b)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	56,842,938
Average notional value of contracts — short	$	64,202,811
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	15,282,621
Average amounts sold — in USD	$	597,437
Options:
Average value of option contracts purchased	$	4,578
Average value of option contracts written	$	727
Average notional value of swaption contracts purchased	$	24,642,500
Average notional value of swaption contracts written	$	128,536,250
Credit default swaps:
Average notional value — buy protection	$	20,988,625
Average notional value — sell protection	$	18,707,121
Interest rate swaps:
Average notional value — pays fixed rate	$	199,035,000
Average notional value — receives fixed rate	$	151,744,500

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	$	233,489		$	429,711
Forward foreign currency exchange contracts		144,805			2,424
Swaps — centrally cleared		—			222,168
Swaps — OTC (a)		10,866			3,219,779


Total derivative assets and liabilities in the Statements of Assets and Liabilities		389,160			3,874,082


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(233,489	)		(651,879	)


Total derivative assets and liabilities subject to an MNA	$	155,671		$	3,222,203

(a)

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


106		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	(b)(c)

Bank of America N.A.	$	59	$	(59	)	$	—	$	—		$	—
Barclays Bank PLC		464		(464	)		—		—			—
BNP Paribas S.A.		34,326		—			—		—			34,326
Credit Suisse International		2,629		(2,629	)		—		—			—
Deutsche Bank AG		106,646		(154	)		—		—			106,492
JPMorgan Chase Bank N.A.		6,549		(6,549	)		—		—			—
Morgan Stanley & Co. International PLC		1,224		(1,224	)		—		—			—
State Street Bank and Trust Co.		3,774		—			—		—			3,774


	$	155,671	$	(11,079	)	$	—	$	—		$	144,592



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(b)(e)

Bank of America N.A.	$	3,251	$	(59	)	$	—	$	—		$	3,192
Barclays Bank PLC		863,223		(464	)		—		(640,000	)		222,759
Citibank N.A.		1,161		—			—		—			1,161
Credit Suisse International		1,291,597		(2,629	)		—		(1,200,000	)		88,968
Deutsche Bank AG		154		(154	)		—		—			—
JPMorgan Chase Bank N.A.		28,626		(6,549	)		—		—			22,077
Morgan Stanley & Co. International PLC		1,033,945		(1,224	)		—		(640,000	)		392,721
Standard Chartered Bank		246		—			—		—			246


	$	3,222,203	$	(11,079	)	$	—	$	(2,480,000	)	$	731,124

(a)

The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

(b)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

(d)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

(e)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	21,620,266	$	955,190	$	22,575,456
Common Stocks
Construction & Engineering		27,267		—		—		27,267
Diversified Financial Services		—		—		5,467		5,467
Diversified Telecommunication Services		4,063		—		—		4,063
Household Durables		—		—		—		—
Metals & Mining		—		801		476		1,277
Software		43		—		—		43
Specialty Retail		—		231,420		—		231,420
Corporate Bonds
Advertising Agencies		—		194,885		—		194,885
Aerospace & Defense		—		12,253,033		—		12,253,033


S C H E D U L E O F I N V E S T M E N T S		107


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Corporate Bonds (continued)
Airlines	$	—	$	9,101,441	$	—	$	9,101,441
Auto Components		—		5,723,774		—		5,723,774
Automobiles		—		9,358,616		—		9,358,616
Banks		—		6,206,066		15,195		6,221,261
Beverages		—		7,131,721		—		7,131,721
Biotechnology		—		87,049		—		87,049
Building Materials		—		2,434,231		—		2,434,231
Building Products		—		3,496,076		—		3,496,076
Capital Markets		—		5,162,804		—		5,162,804
Chemicals		—		8,410,640		—		8,410,640
Commercial Services & Supplies		—		3,909,206		—		3,909,206
Communications Equipment		—		2,253,272		—		2,253,272
Construction Materials		—		1,934,186		—		1,934,186
Consumer Discretionary		—		5,795,400		—		5,795,400
Consumer Finance		—		6,678,441		—		6,678,441
Containers & Packaging		—		2,674,542		—		2,674,542
Diversified Consumer Services		—		6,773,568		—		6,773,568
Diversified Financial Services		—		13,428,548		—		13,428,548
Diversified Telecommunication Services		—		15,976,431		—		15,976,431
Electric Utilities		—		2,959,273		—		2,959,273
Electrical Equipment		—		495,931		—		495,931
Electronic Equipment, Instruments & Components		—		1,948,963		—		1,948,963
Energy Equipment & Services		—		1,880,607		—		1,880,607
Entertainment		—		580,115		—		580,115
Environmental, Maintenance & Security Service		—		3,060,197		—		3,060,197
Equity Real Estate Investment Trusts (REITs)		—		5,579,421		—		5,579,421
Food & Staples Retailing		—		5,312,726		—		5,312,726
Food Products		—		2,765,375		—		2,765,375
Gas Utilities		—		77,384		—		77,384
Health Care Equipment & Supplies		—		1,159,205		—		1,159,205
Health Care Providers & Services		—		16,808,931		—		16,808,931
Health Care Technology		—		3,980,827		—		3,980,827
Hotels, Restaurants & Leisure		13,579		19,324,687		—		19,338,266
Household Durables		—		2,634,374		—		2,634,374
Household Products		—		102,521		—		102,521
Independent Power and Renewable Electricity Producers		—		5,283,940		—		5,283,940
Insurance		—		10,433,660		—		10,433,660
Interactive Media & Services		—		1,826,902		—		1,826,902
Internet & Direct Marketing Retail		—		92,310		—		92,310
Internet Software & Services		—		5,466,807		—		5,466,807
IT Services		—		5,508,228		—		5,508,228
Leisure Products		—		545,716		—		545,716
Machinery		—		3,610,864		—		3,610,864
Media		—		45,481,150		—		45,481,150
Metals & Mining		—		8,360,011		—		8,360,011
Multiline Retail		—		661,426		—		661,426
Offshore Drilling & Other Services		—		537,324		—		537,324
Oil, Gas & Consumable Fuels		142,734		43,070,244		1,223,330		44,436,308
Personal Products		—		92,419		—		92,419
Pharmaceuticals		—		7,057,245		—		7,057,245
Real Estate Management & Development		—		3,500,230		72,960		3,573,190
Road & Rail		—		2,303,336		—		2,303,336
Semiconductors & Semiconductor Equipment		—		6,650,240		—		6,650,240
Software		—		7,505,934		—		7,505,934
Specialty Retail		—		1,880,341		—		1,880,341
Technology Hardware, Storage & Peripherals		—		375,175		—		375,175
Textiles, Apparel & Luxury Goods		—		453,785		—		453,785
Thrifts & Mortgage Finance		—		915,648		—		915,648
Transportation		—		85,412		—		85,412
Transportation Infrastructure		—		1,171,403		—		1,171,403
Utilities		—		3,308,073		—		3,308,073
Wireless Telecommunication Services		—		7,288,848		—		7,288,848
Floating Rate Loan Interests		—		250,136,482		17,475,829		267,612,311


108		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3			Total
Foreign Agency Obligations	$	—		$	7,197,101		$	—		$	7,197,101
Investment Companies		2,442,555			—			—			2,442,555
Non-Agency Mortgage-Backed Securities		—			7,464,256			—			7,464,256
Other Interests		—			—			—			—
Preferred Securities
Capital Trusts		—			24,148,273			—			24,148,273
Preferred Stocks		9,357,882			—			—			9,357,882
U.S. Government Sponsored Agency Securities		—			42,792,585			—			42,792,585
Warrants		3,543			—			—			3,543
Short-Term Securities
Money Market Funds		4,320,231			—			—			4,320,231
Liabilities
Investments
TBA Sale Commitments		—			(6,409,482	)		—			(6,409,482	)
Unfunded Floating Rate Loan Interests (a)		—			(42,176	)		(5,017	)		(47,193	)


	$	16,311,897		$	718,260,664		$	19,743,430			754,315,991


Investments Valued at NAV (b)											2,542


										$	754,318,533

Derivative Financial Instruments (c)
Assets
Credit Contracts	$	—		$	369,192		$	—		$	369,192
Foreign Currency Exchange Contracts		—			144,805			—			144,805
Interest Rate Contracts		301,425			2,203,005			—			2,504,430
Liabilities
Credit Contracts		—			(1,238,155	)		—			(1,238,155	)
Foreign Currency Exchange Contracts		—			(2,424	)		—			(2,424	)
Interest Rate Contracts		(362,558	)		(543,067	)		—			(905,625	)


	$	(61,133	)	$	933,356		$	—		$	872,223

(a)

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

(b)

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(c)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $292,269,603 are categorized as Level 2 within the fair value hierarchy.




	Asset-Backed Securities			Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Other Interests			Unfunded Floating Rate Loan Interests			Total


Assets
Opening balance, as of December 31, 2021	$	1,084,298		$	5,841	$	1,347,279		$	6,516,371		$	—	(a)	$	(127	)	$	8,953,662
Transfers into Level 3 (b)		—			—		101,934			12,629,905			—			(348	)		12,731,491
Transfers out of Level 3 (c)		(87,594	)		—		—			(2,064,598	)		—			127			(2,152,065	)
Accrued discounts/premiums		(39,013	)		—		—			84,898			—			—			45,885
Net realized gain (loss)		—			—		—			(7,474	)		—			—			(7,474	)
Net change in unrealized appreciation (depreciation) (d)(e)		(2,501	)		102		(119,106	)		(1,399,531	)		—			(4,669	)		(1,525,705	)


S C H E D U L E O F I N V E S T M E N T S		109


Schedule of Investments (unaudited) (continued) June 30, 2022		BlackRock Limited Duration Income Trust (BLW)




	Asset-Backed Securities			Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Other Interests			Unfunded Floating Rate Loan Interests			Total

Purchases	$	—		$	—	$	—		$	3,759,267		$	—		$	—		$	3,759,267
Sales		—			—		(18,622	)		(2,043,009	)		—			—			(2,061,631	)


Closing balance, as of June 30, 2022	$	955,190		$	5,943	$	1,311,485		$	17,475,829		$	—	(a)	$	(5,017	)	$	19,743,430


Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (d)	$	(2,501	)	$	102	$	(119,106	)	$	(1,370,278	)	$	—		$	(4,669	)	$	(1,496,452	)

(a)

Rounds to less than $1.

(b)

(c)

(d)

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

(e)

See notes to financial statements.


110		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

(unaudited)

June 30, 2022


	DSU		FRA		BKT		BLW


ASSETS
Investments, at value — unaffiliated (a)	$	690,414,413	$	639,804,413	$	471,447,653	$	756,454,977
Investments, at value — affiliated (b)		2,322,065		—		9,872,958		4,320,231
Cash		2,491,274		1,828,647		—		278,525
Cash pledged:
Collateral — reverse repurchase agreements		—		—		—		22,962,040
Collateral — OTC derivatives		30,000		—		—		2,480,000
Futures contracts		—		—		792,260		858,761
Centrally cleared swaps		470,000		526,000		771,000		1,307,000
Foreign currency, at value (c)		—		—		—		171,105
Receivables:
Investments sold		5,936,002		5,326,437		29		7,465,851
Reverse repurchase agreements		—		—		—		632,361
Swaps		—		—		—		7,064
TBA sale commitments		—		—		—		6,361,494
Dividends — unaffiliated		—		—		—		71,033
Dividends — affiliated		2,353		198		9,916		5,129
Interest — unaffiliated		5,262,271		3,749,433		2,847,207		8,419,409
Principal paydowns		1,316		—		—		1,600
Variation margin on futures contracts		—		—		415,728		233,489
Swap premiums paid		2,659		—		—		10,448
Unrealized appreciation on:
Forward foreign currency exchange contracts		82,198		82,200		—		144,805
OTC swaps		—		—		225,194		418
Deferred offering costs		—		—		104,818		110,250
Prepaid expenses		—		2,519		—		—


Total assets		707,014,551		651,319,847		486,486,763		812,295,990


LIABILITIES
Bank overdraft		—		—		559		—
Foreign bank overdraft (d)		125,838		152,721		—		—
Cash received:
Collateral — OTC derivatives		—		—		220,000		—
Collateral — TBA commitments		—		—		149,000		—
Borrowed bonds, at value (e)		—		—		821,109		—
TBA sale commitments, at value (f)		—		—		—		6,409,482
Reverse repurchase agreements, at value		—		—		130,620,516		292,269,603
Payables:
Investments purchased		7,410,948		7,829,112		42,229,561		25,897,088
Reverse repurchase agreements		—		—		—		690,310
Accounting services fees		90,546		70,345		52,447		83,267
Administration fees		—		—		38,109		—
Bank borrowings		222,000,000		203,000,000		—		—
Custodian fees		26,445		33,652		22,410		82,813
Income dividend distributions		59,422		84,809		77,929		114,933
Interest expense		418,517		371,919		1,198		—
Investment advisory fees		324,763		407,871		164,419		365,213
Offering costs		—		—		89,414		37,147
Directors’ and Officer’s fees		298,596		8,078		169,804		371,928
Other accrued expenses		58,053		19,666		19,233		63,575
Principal payups		—		—		934,094		—
Professional fees		68,432		105,086		68,197		94,022
Transfer agent fees		77,141		24,886		28,958		31,398
Variation margin on futures contracts		—		—		470,321		429,711
Variation margin on centrally cleared swaps		4,109		4,469		140,608		222,168
Swap premiums received		19,891		—		—		1,981,624
Unrealized depreciation on:
Forward foreign currency exchange contracts		—		12,165		—		2,424
OTC swaps		25,440		—		—		1,238,155
Unfunded floating rate loan interests		72,129		88,011		—		47,193


Total liabilities		231,080,270		212,212,790		176,317,886		330,432,054


NET ASSETS	$	475,934,281	$	439,107,057	$	310,168,877	$	481,863,936


F I N A N C I A L S T A T E M E N T S		111

Statements of Assets and Liabilities

(unaudited) (continued)

June 30, 2022


	DSU			FRA			BKT			BLW


NET ASSETS CONSIST OF
Paid-in capital (g)(h)(i)	$	653,139,226		$	538,835,342		$	454,334,448		$	623,725,400
Accumulated loss		(177,204,945	)		(99,728,285	)		(144,165,571	)		(141,861,464	)


NET ASSETS	$	475,934,281		$	439,107,057		$	310,168,877		$	481,863,936


Net asset value (g)(h)(i)	$	10.21		$	12.46		$	4.85		$	13.49


(a) Investments, at cost — unaffiliated	$	769,685,734		$	690,282,690		$	512,036,356		$	845,670,304
(b) Investments, at cost — affiliated	$	2,322,065		$	—		$	9,872,958		$	4,320,231
(c) Foreign currency, at cost	$	—		$	—		$	—		$	168,551
(d) Foreign bank overdraft, at cost	$	118,842		$	154,456		$	—		$	—
(e) Proceeds received from borrowed bonds	$	—		$	—		$	842,347		$	—
(f) Proceeds from TBA sale commitments	$	—		$	—		$	—		$	6,361,494
(g) Shares outstanding		46,610,312			35,232,197			63,912,834			35,711,253
(h) Shares authorized		400 million			200 million			200 million			Unlimited
(i) Par value	$	0.10		$	0.10		$	0.010		$	0.001

See notes to financial statements.


112		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations

(unaudited)

Six Months Ended June 30, 2022


	DSU			FRA			BKT			BLW


INVESTMENT INCOME
Dividends — unaffiliated	$	42,425		$	26,431		$	—		$	321,873
Dividends — affiliated		5,041			463			19,286			11,898
Interest — unaffiliated		17,926,542			15,817,290			6,264,957			20,438,092
Other income — unaffiliated		187,723			189,061			—			102,729
Foreign taxes withheld		—			—			—			(242	)


Total investment income		18,161,731			16,033,245			6,284,243			20,874,350


EXPENSES
Investment advisory		2,067,519			2,570,503			1,070,455			2,354,584
Commitment costs		76,829			44,083			—			—
Accounting services		41,241			52,525			38,238			61,198
Custodian		20,608			27,323			19,992			68,963
Registration		7,026			5,595			10,277			5,716
Transfer agent		2,934			31,335			40,190			35,880
Administration		—			—			247,028			—
Directors and Officer		—			13,364			—			—
Miscellaneous		51,153			67,106			43,548			45,909


Total expenses excluding interest expense		2,267,310			2,811,834			1,469,728			2,572,250

Interest expense		1,484,223			1,346,391			324,850			1,026,748


Total expenses		3,751,533			4,158,225			1,794,578			3,598,998
Less:
Fees waived and/or reimbursed by the Manager		(688	)		(91	)		(2,365	)		(1,378	)


Total expenses after fees waived and/or reimbursed		3,750,845			4,158,134			1,792,213			3,597,620


Net investment income		14,410,886			11,875,111			4,492,030			17,276,730


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated.		(3,580,179	)		(3,200,982	)		(4,484,239	)		(18,888,427	)
Forward foreign currency exchange contracts		488,751			240,641			—			1,018,540
Foreign currency transactions		23,749			20,570			—			(43,991	)
Futures contracts		—			—			1,740,023			5,080,822
Options written		—			—			—			(2,977,365	)
Swaps		81,784			81,308			(135,524	)		2,260,766


		(2,985,895	)		(2,858,463	)		(2,879,740	)		(13,549,655	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(59,644,969	)		(45,493,505	)		(43,905,265	)		(92,911,845	)
Borrowed bonds		—			—			223,985			—
Forward foreign currency exchange contracts		170,267			144,484			—			343,390
Foreign currency translations		(37,641	)		(5,172	)		—			(72,620	)
Futures contracts		—			—			(235,506	)		340,235
Options written		—			—			—			416,433
Swaps		(532,005	)		(551,776	)		2,329,770			438,928
Unfunded floating rate loan interests		(70,871	)		(86,641	)		—			(47,295	)


		(60,115,219	)		(45,992,610	)		(41,587,016	)		(91,492,774	)


Net realized and unrealized loss		(63,101,114	)		(48,851,073	)		(44,466,756	)		(105,042,429	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(48,690,228	)	$	(36,975,962	)	$	(39,974,726	)	$	(87,765,699	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		113

Statements of Changes in Net Assets



	DSU							FRA


	Six Months Ended 06/30/22 (unaudited)				Year Ended 12/31/21				Six Months Ended 06/30/22 (unaudited)				Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	14,410,886		$	28,307,179				$	11,875,111		$	23,442,141
Net realized gain (loss)			(2,985,895	)		8,095,408					(2,858,463	)		6,531,134
Net change in unrealized appreciation (depreciation)			(60,115,219	)		(2,024,097	)				(45,992,610	)		(741,676	)


Net increase (decrease) in net assets resulting from operations			(48,690,228	)		34,378,490					(36,975,962	)		29,231,599


DISTRIBUTIONS TO SHAREHOLDERS (a)
From net investment income			(14,099,627	) (b)		(28,723,773	)				(11,749,938	) (b)		(23,507,568	)
Return of capital			—			(5,103,734	)				—			(4,692,282	)


Decrease in net assets resulting from distributions to shareholders			(14,099,627	)		(33,827,507	)				(11,749,938	)		(28,199,850	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions			43,132			171,418					—			—
Redemption of shares resulting from share repurchase program (including transaction costs)			—			—					—			(1,250,043	)


Net increase (decrease) in net assets derived from capital share transactions			43,132			171,418					—			(1,250,043	)


NET ASSETS
Total increase (decrease) in net assets			(62,746,723	)		722,401					(48,725,900	)		(218,294	)
Beginning of period			538,681,004			537,958,603					487,832,957			488,051,251


End of period		$	475,934,281		$	538,681,004				$	439,107,057		$	487,832,957

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

(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


114		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets

(continued)


	BKT									BLW


	Six Months Ended 06/30/22 (unaudited)				Year Ended 12/31/21				Six Months Ended 06/30/22 (unaudited)				Year Ended 12/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,492,030			$	14,986,442			$	17,276,730			$	35,675,687
Net realized gain (loss)			(2,879,740	)			3,553,479				(13,549,655	)			12,937,429
Net change in unrealized appreciation (depreciation)			(41,587,016	)			(26,249,597	)			(91,492,774	)			(24,223,210	)


Net increase (decrease) in net assets resulting from operations			(39,974,726	)			(7,709,676	)			(87,765,699	)			24,389,906


DISTRIBUTIONS TO SHAREHOLDERS (a)
From net investment income			(10,673,445	) (b)			(18,883,406	)			(17,516,380	) (b)			(36,216,307	)
Return of capital			—				(7,473,844	)			—				(5,785,872	)


Decrease in net assets resulting from distributions to shareholders			(10,673,445	)			(26,357,250	)			(17,516,380	)			(42,002,179	)


CAPITAL SHARE TRANSACTIONS

Reinvestment of distributions			64,960				623,562				—				825,681


NET ASSETS
Total decrease in net assets			(50,583,211	)			(33,443,364	)			(105,282,079	)			(16,786,592	)
Beginning of period			360,752,088				394,195,452				587,146,015				603,932,607


End of period		$	310,168,877			$	360,752,088			$	481,863,936			$	587,146,015

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

(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		115

Statements of Cash Flows

(unaudited)

Six Months Ended June 30, 2022


	DSU			FRA			BKT			BLW


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations.	$	(48,690,228	)	$	(36,975,962	)	$	(39,974,726	)	$	(87,765,699	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments and principal paydowns/payups		128,443,652			111,471,145			796,873,779			407,984,289
Purchases of long-term investments		(97,002,815	)		(86,823,165	)		(818,030,094	)		(374,354,408	)
Net proceeds from sales (purchases) of short-term securities		(1,886,073	)		—			2,851,123			929,659
Amortization of premium and accretion of discount on investments and other fees		(484,447	)		(515,566	)		7,955,888			37,005
Paid-in-kind income		—			(202,758	)		—			(239,659	)
Premiums paid on closing options written		—			—			—			(7,978,624	)
Premiums received from options written		—			—			—			1,523,485
Net realized loss on investments and options written		3,591,154			3,209,573			4,534,065			21,865,792
Net unrealized depreciation on investments, options written, swaps, borrowed bonds, foreign currency translations and unfunded floating rate loan interests		59,584,920			45,435,662			43,951,646			93,273,718

(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(2,343	)		(196	)		(9,055	)		(5,090	)
Dividends — unaffiliated		—			—			—			1
Interest — unaffiliated		(1,884,492	)		(1,657,178	)		(804,302	)		82,492
Swaps		—			—			—			(7,064	)
Variation margin on futures contracts		—			—			(403,156	)		(193,290	)
Variation margin on centrally cleared swaps		9,062			10,152			—			—
Swap premiums paid		(2,519	)		—			—			(6,039	)
Prepaid expenses		2,789			772			2,261			4,252
Deferred offering costs		—			—			(104,818	)		(110,250	)

Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		—			—			—			(264,465	)
Collateral — OTC derivatives		—			—			(280,000	)		—
Collateral — TBA commitments		—			—			149,000			—
Payables
Accounting services fees		52,207			34,893			25,185			40,167
Administration fees		—			—			(8,402	)		—
Custodian fees		13,135			18,128			15,349			50,404
Interest expense		192,626			180,360			62,680			159,280
Investment advisory fees		(41,787	)		(42,213	)		(36,881	)		(55,553	)
Directors’ and Officer’s fees		(140,911	)		6,043			(133,430	)		(178,538	)
Other accrued expenses		9,971			(5,967	)		(7,197	)		14,123
Professional fees		(40,300	)		(42,305	)		(22,438	)		(44,359	)
Transfer agent fees		(47,743	)		16,663			16,472			18,513
Variation margin on futures contracts		—			—			397,919			371,740
Variation margin on centrally cleared swaps		4,109			4,469			136,376			195,744
Swap premiums received		(3,336	)		—			—			(92,775	)


Net cash provided by (used for) operating activities		41,676,631			34,122,550			(2,842,756	)		55,254,851


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(16,816,772	)		(14,015,117	)		(12,728,756	)		(20,904,721	)
Payments for offering costs		—			—			89,414			37,147
Payments for bank borrowings		(75,000,000	)		(77,000,000	)		—			—
Proceeds from bank borrowings		49,000,000			57,000,000			—			—
Increase in bank overdraft		125,838			152,721			559			—
Net borrowing of reverse repurchase agreements		—			—			15,356,539			(20,197,536	)


Net cash provided by (used for) for financing activities		(42,690,934	)		(33,862,396	)		2,717,756			(41,065,110	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(7,135	)		1,731			—			8,283


116		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows

(unaudited) (continued)

Six Months Ended June 30, 2022


	DSU			FRA		BKT			BLW


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency	$	(1,021,438	)	$	261,885	$	(125,000	)	$	14,198,024
Restricted and unrestricted cash and foreign currency at beginning of period		4,012,712			2,092,762		1,688,260			13,859,407


Restricted and unrestricted cash and foreign currency at end of period	$	2,991,274		$	2,354,647	$	1,563,260		$	28,057,431


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,291,597		$	1,166,031	$	262,170		$	867,468


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	43,132		$	—	$	64,960		$	—


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	2,491,274		$	1,828,647	$	—		$	278,525
Cash pledged
Collateral — reverse repurchase agreements		—			—		—			22,962,040
Collateral — OTC derivatives		30,000			—		—			2,480,000
Futures contracts		—			—		792,260			858,761
Centrally cleared swaps		470,000			526,000		771,000			1,307,000
Foreign currency at value		—			—		—			171,105


	$	2,991,274		$	2,354,647	$	1,563,260		$	28,057,431

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		117

Financial Highlights

(For a share outstanding throughout each period)


	DSU

	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 03/01/19 to 12/31/19			Year Ended February 28,
	Six Months Ended 06/30/22 (unaudited)					2021			2020		Period from 03/01/19 to 12/31/19				2019			2018	(a)		2017	(a)

Net asset value, beginning of period		$	11.56		$	11.55		$	12.25		$	12.16		$	12.62		$	12.70		$	11.38


Net investment income (b)			0.31			0.61			0.63			0.64			0.79			0.78			0.73

Net realized and unrealized gain (loss)			(1.36	)		0.13			(0.50	)		0.21			(0.43	)		(0.04	)		1.34


Net increase (decrease) from investment operations			(1.05	)		0.74			0.13			0.85			0.36			0.74			2.07


Distributions (c)
From net investment income			(0.30	) (d)		(0.62	)		(0.61	)		(0.73	)		(0.82	)		(0.82	)		(0.75	)
Return of capital			—			(0.11	)		(0.22	)		(0.03	)		—			—			—


Total distributions			(0.30	)		(0.73	)		(0.83	)		(0.76	)		(0.82	)		(0.82	)		(0.75	)


Net asset value, end of period		$	10.21		$	11.56		$	11.55		$	12.25		$	12.16		$	12.62		$	12.70


Market price, end of period		$	9.14		$	11.70		$	10.45		$	11.20		$	10.78		$	11.47		$	11.68


Total Return (e)
Based on net asset value			(8.97	)% (f)		6.67	%		2.57	%		8.03	% (f)		3.86	%		6.60	% (g)		19.57	%


Based on market price			(19.48	)% (f)		19.33	%		1.50	%		11.42	% (f)		1.30	%		5.35	%		25.53	%


Ratios to Average Net Assets (h)
Total expenses			1.46	% (i)		1.34	%		1.48	%		2.21	% (i)(j)		2.23	%		1.86	%		1.36	%


Total expenses after fees waived and/or reimbursed			1.46	% (i)		1.34	%		1.47	%		2.21	% (i)(j)		2.23	%		1.85	%		1.35	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			0.88	% (i)		0.92	%		0.91	%		0.92	% (i)		0.96	%		0.94	%		0.87	%


Net investment income			5.59	% (i)		5.21	%		5.65	%		6.25	% (i)		6.40	%		6.12	%		6.04	%


Supplemental Data

Net assets, end of period (000)		$	475,934		$	538,681		$	537,959		$	605,240		$	641,220		$	742,204		$	780,810


Borrowings outstanding, end of period (000)		$	222,000		$	248,000		$	229,000		$	262,000		$	278,000		$	338,000		$	318,000


Asset coverage, end of period per $1,000 of bank borrowings		$	3,144		$	3,172		$	3,349		$	3,310		$	3,308		$	3,196		$	3,455


Portfolio turnover rate			11	%		47	%		67	%		53	%		62	%		59	%		55	%

(a)	Consolidated Financial Highlights through November 30, 2017.

(b)	Based on average shares outstanding.

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

(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f)	Aggregate total return.

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

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

(i)	Annualized.

(j)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

See notes to financial statements.


118		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(continued)

(For a share outstanding throughout each period)


	FRA

	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
	Six Months Ended 06/30/22 (unaudited)					2021			2020		Period from 09/01/19 to 12/31/19				2019			2018	(a)		2017	(a)

Net asset value, beginning of period		$	13.85		$	13.81		$	14.55		$	14.49		$	14.92		$	14.93		$	14.78


Net investment income (b)			0.34			0.67			0.69			0.25			0.84			0.79			0.76

Net realized and unrealized gain (loss)			(1.40	)		0.17			(0.51	)		0.19			(0.40	)		(0.06	)		0.20


Net increase (decrease) from investment operations			(1.06	)		0.84			0.18			0.44			0.44			0.73			0.96


Distributions (c)
From net investment income			(0.33	) (d)		(0.67	)		(0.70	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)
Return of capital			—			(0.13	)		(0.22	)		—			—			—			—


Total distributions			(0.33	)		(0.80	)		(0.92	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)


Net asset value, end of period		$	12.46		$	13.85		$	13.81		$	14.55		$	14.49		$	14.92		$	14.93


Market price, end of period		$	11.39		$	13.43		$	12.11		$	13.44		$	12.46		$	13.80		$	14.10


Total Return (e)
Based on net asset value			(7.58	)% (f)		6.48	%		2.76	%		3.41	% (f)		3.94	%		5.28	%		6.93	%


Based on market price			(12.88	)% (f)		17.74	%		(2.45	)%		11.08	% (f)		(3.37	)%		3.11	%		8.95	%


Ratios to Average Net Assets (g)
Total expenses			1.76	% (h)		1.55	%		1.69	%		2.20	% (h)(i)		2.45	%		2.23	%		1.88	%


Total expenses after fees waived and/or reimbursed			1.76	% (h)		1.54	%		1.67	%		2.20	% (h)(i)		2.45	%		2.22	%		1.88	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			1.17	% (h)		1.14	%		1.13	%		1.19	% (h)		1.16	%		1.20	%		1.21	%


Net investment income			5.04	% (h)		4.76	%		5.15	%		5.26	% (h)		5.74	%		5.27	%		5.08	%


Supplemental Data
Net assets, end of period (000)		$	439,107		$	487,833		$	488,051		$	522,545		$	526,447		$	555,370		$	555,972


Borrowings outstanding, end of period (000)		$	203,000		$	223,000		$	208,000		$	214,000		$	204,000		$	233,000		$	237,000


Asset coverage, end of period per $1,000 of bank borrowings		$	3,163		$	3,188		$	3,346		$	3,442		$	3,582		$	3,385		$	3,346


Portfolio turnover rate			10	%		49	%		65	%		16	%		53	%		57	%		64	%

(a)	Consolidated Financial Highlights through November 30, 2017.

(b)	Based on average shares outstanding.

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

(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f)	Aggregate total return.

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

(h)	Annualized.

(i)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		119

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		BKT

		Six Months Ended 06/30/22 (unaudited)					Year Ended December 31,									Period from 09/01/18 to 12/31/18			Year Ended August 31,
		Six Months Ended 06/30/22 (unaudited)					2021			2020			2019			Period from 09/01/18 to 12/31/18			2018			2017

Net asset value, beginning of period			$	5.65			$	6.18		$	6.30		$	6.25		$	6.31		$	6.74		$	6.96


Net investment income (a)				0.07				0.23			0.29			0.25			0.08			0.24			0.25
Net realized and unrealized gain (loss)				(0.70	)			(0.35	)		(0.00	) (b)		0.21			0.03			(0.34	)		(0.15	)


Net increase (decrease) from investment operations				(0.63	)			(0.12	)		0.29			0.46			0.11			(0.10	)		0.10


Distributions (c)
From net investment income				(0.17	) (d)			(0.29	)		(0.33	)		(0.29	)		(0.13	)		(0.30	)		(0.32	)
Return of capital				—				(0.12	)		(0.08	)		(0.12	)		(0.04	)		(0.03	)		—


Total distributions				(0.17	)			(0.41	)		(0.41	)		(0.41	)		(0.17	)		(0.33	)		(0.32	)
						��

Net asset value, end of period			$	4.85			$	5.65		$	6.18		$	6.30		$	6.25		$	6.31		$	6.74


Market price, end of period			$	4.54			$	5.65		$	6.07		$	6.05		$	5.64		$	5.77		$	6.31


Total Return (e)
Based on net asset value				(11.15	)% (f)			(2.01	)%		4.92	%		7.91	%		2.06	% (f)		(1.14	)%		1.82	%


Based on market price				(16.83	)% (f)			(0.23	)%		7.31	%		14.83	%		0.72	% (f)		(3.44	)%		0.53	%


Ratios to Average Net Assets (g)
Total expenses				1.09	% (h)			0.94	%		1.18	%		2.06	%		2.08	% (h)(i)		1.79	%		1.29	%


Total expenses after fees waived and/or reimbursed				1.09	% (h)			0.94	%		1.18	%		2.06	%		2.08	% (h)		1.79	%		1.28	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				0.89	% (h)			0.90	%		0.89	%		0.94	%		0.99	% (h)		1.04	%		0.90	%


Net investment income				2.73	% (h)			3.91	%		4.55	%		3.95	%		4.04	% (h)		3.72	%		3.63	%


Supplemental Data
Net assets, end of period (000)			$	310,169			$	360,752		$	394,195		$	401,715		$	398,629		$	402,763		$	430,830


Borrowings outstanding, end of period (000)			$	130,621			$	115,184		$	156,936		$	175,655		$	186,799		$	186,441		$	185,769


Portfolio turnover rate (j)				137	%			248	%		69	%		255	%		95	%		373	%		346	%


(a) Based on average shares outstanding. (b) Amount is less than $0.005 per share. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (e) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. (f) Aggregate total return. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized. (i) Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 2.11%. (j) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

		Six Months Ended 06/30/22					Year Ended December 31,									Period from 09/01/18			Year Ended August 31,
		(unaudited)					2021			2020			2019			to 12/31/18			2018			2017

	Portfolio turnover rate (excluding MDRs)			78	%			119	%		31	%		136	%		45	%		181	%		161	%

See notes to financial statements.


120		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		BLW

		Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/22 (unaudited)				2021			2020			Period from 09/01/19 to 12/31/19			2019			2018			2017

Net asset value, beginning of period			$	16.44		$	16.93		$	17.05		$	17.03		$	16.71		$	17.02		$	16.84


Net investment income (a)				0.48			1.00			0.98			0.31			0.94			0.95			1.01
Net realized and unrealized gain (loss)				(2.94	)		(0.31	)		0.08			0.18			0.33			(0.31	)		0.44


Net increase (decrease) from investment operations				(2.46	)		0.69			1.06			0.49			1.27			0.64			1.45


Distributions (b)
From net investment income				(0.49	) (c)		(1.02	)		(1.03	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)
Return of capital				—			(0.16	)		(0.15	)		—			—			—			—


Total distributions				(0.49	)		(1.18	)		(1.18	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)


Net asset value, end of period			$	13.49		$	16.44		$	16.93		$	17.05		$	17.03		$	16.71		$	17.02


Market price, end of period			$	12.65		$	16.85		$	15.92		$	16.39		$	15.44		$	15.06		$	15.99


Total Return (d)
Based on net asset value				(15.00	)% (e)		4.18	% (f)		7.58	%		3.11	% (e)		8.77	%		4.42	%		9.62	%


Based on market price				(22.23	)% (e)		13.55	%		5.24	%		9.32	% (e)		9.41	%		0.18	%		10.18	%


Ratios to Average Net Assets (g)
Total expenses				1.34	% (h)		1.18	%		1.39	%		1.64	% (h)(i)		1.81	%		1.73	%		1.45	%


Total expenses after fees waived and/or reimbursed				1.34	% (h)		1.18	%		1.39	%		1.64	% (h)(i)		1.81	%		1.73	%		1.45	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				0.95	% (h)		0.92	%		0.90	%		0.89	% (h)		0.84	%		0.89	%		0.89	%


Net investment income				6.41	% (h)		5.90	%		6.07	%		5.32	% (h)		5.69	%		5.60	%		6.00	%


Supplemental Data
Net assets, end of period (000)			$	481,864		$	587,146		$	603,933		$	611,068		$	610,251		$	612,048		$	629,728


Borrowings outstanding, end of period (000)			$	292,270		$	312,356		$	275,105		$	213,399		$	202,539		$	234,622		$	252,280


Portfolio turnover rate (j)				41	%		66	%		65	%		14	%		50	%		50	%		55	%


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

		Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,						Period from 09/01/19 to 12/31/19			Year Ended August 31,
		Six Months Ended 06/30/22 (unaudited)				2021			2020			Period from 09/01/19 to 12/31/19			2019			2018			2017

	Portfolio turnover rate (excluding MDRs)			30	%		52	%		58	%		14	%		50	%		50	%		55	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		121

Notes to Financial Statements

(unaudited)

1.	ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as

closed-end

management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:

Fund Name

Herein Referred To As

Organized

Diversification
Classification

BlackRock Debt Strategies Fund, Inc.

DSU

Maryland

Diversified

BlackRock Floating Rate Income Strategies Fund, Inc.

FRA

Maryland

Diversified

BlackRock Income Trust, Inc.

BKT

Maryland

Diversified

BlackRock Limited Duration Income Trust

BLW

Delaware

Diversified

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

open-end

non-index

fixed-income funds and all BlackRock-advised

closed-end

funds referred to as the BlackRock Fixed-Income Complex.

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition:

For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.

Dividend income and capital gain distributions, if any, are recorded on the

ex-dividend

dates.

Non-cash

dividends, if any, are recorded on the

ex-dividend

dates at fair value.

Dividends from foreign securities where the

ex-dividend

dates may have passed are subsequently recorded when the Funds are informed of the

ex-dividend

dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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, 2022, 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.

Segregation and Collateralization:

In cases where a Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under


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Notes to Financial Statements

(unaudited) (continued)

such investments or borrowings. Doing so allows the investments or borrowings to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions:

Distributions paid by the Funds are recorded on the

ex-dividend

dates. Subject to the Funds’ managed distribution plan, the Funds intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Fund’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a

non-taxable

return of capital.

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 Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications:

In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other:

Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies:

Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies:

The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in

open-end

U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will


N O T E S T O F I N A N C I A L S T A T E M E N T S		123

Notes to Financial Statements

(unaudited) (continued)

be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.

Over-the-counter

(“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.



	Standard Inputs Generally Considered By Third-Party Pricing Services

Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.

Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy:

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).


124		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.

The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2022, certain investments of BLW were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities:

Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency

mortgage-backed securities are securities issued by

non-governmental

issuers and have no direct or indirect government guarantees of payment and are subject to various risks.

Non-agency

mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations:

Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class

Pass-Through Securities:

Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “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,


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generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks:

Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants:

Warrants entitle a fund to purchase a specified number of shares of common stock and are

non-income

producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests:

Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally

non-investment

grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully 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 London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are

marked-to-market

daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:




Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)


DSU	Athenahealth, Inc.	$	427,753	$	427,753	$	392,733	$	(35,020)
	CP Iris Holdco I, Inc.		103,475		103,475		94,809		(8,666)
	Precision Medicine Group LLC		70,375		70,375		64,921		(5,454)
	Reverb Buyer, Inc.		336,748		335,077		315,112		(19,965)
	Trident TPI Holdings, Inc.		47,249		47,249		44,225		(3,024)
FRA	Athenahealth, Inc.		490,008		490,008		449,891		(40,117)
	CP Iris Holdco I, Inc.		117,872		117,872		108,000		(9,872)
	Precision Medicine Group LLC		79,851		79,851		73,663		(6,188)
	Reverb Buyer, Inc.		469,568		467,797		439,398		(28,399)
	Trident TPI Holdings, Inc.		53,674		53,674		50,239		(3,435)


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Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)


BLW	Athenahealth, Inc.	$	222,425	$	222,425	$	204,215	$	(18,210)
	CP Iris Holdco I, Inc.		50,902		50,902		46,639		(4,263)
	New Arclin U.S. Holding Corp.		75,553		75,176		69,547		(5,629)
	Precision Medicine Group LLC		64,734		64,733		59,717		(5,017)
	Reverb Buyer, Inc.		207,051		206,277		193,748		(12,529)
	Trident TPI Holdings, Inc.		24,144		24,144		22,598		(1,545)

TBA Commitments:

TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the

mark-to-market

amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively.

Non-cash

collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell,

re-pledge

or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty

non-performance.

Mortgage Dollar Roll Transactions:

The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Borrowed Bond Agreements:

Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

Reverse Repurchase Agreements:

Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2022, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:

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


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Notes to Financial Statements

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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 with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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



BKT

Counterparty		Borrowed Bonds Agreements	(a)		Reverse Repurchase Agreements			Borrowed Bonds at Value including Accrued Interest	(b)		Net Amount before Collateral			Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(c)		Cash Collateral Pledged		Net Collateral (Received)/ Pledged		Net Exposure Due (to)/ from Counterparty	(d)

Credit Suissie AG	$	866,565		$	—		$	(822,307	)	$	44,258		$	—	$	—	$	—		$	—	$	—	$	44,258
Deutsche Bank Securities, Inc.		—			(35,385,427)			—			(35,385,427	)		—		—		35,385,427			—		35,385,427		—
HSBC Securities (USA), Inc.		—			(95,235,089)			—			(95,235,089	)		—		—		95,235,089			—		95,235,089		—


	$	866,565		$	(130,620,516	)	$	(822,307	)	$	(130,576,258	)	$	—	$	—	$	130,620,516		$	—	$	130,620,516	$	44,258

(a)

Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

(b)

Includes accrued interest on borrowed bonds in the amount of $1,198 which is included in interest expense payable in the Statements of Assets and Liabilities.

(c)

Collateral, if any, with a value of $136,054,638 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

(d)

Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

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



Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(a)		Cash Collateral Pledged/Received	(a)		Net Amount

Barclays Bank PLC	$	(25,350,576	)	$	25,350,576		$	—		$	—
Barclays Capital, Inc.		(58,389,696	)		58,389,696			—			—
BNP Paribas S.A.		(113,626,846	)		113,626,846			—			—
Credit Agricole Corporate and Investment Bank		(25,151,772	)		25,151,772			—			—
Credit Suisse Securities (USA) LLC		(5,265,259	)		5,265,259			—			—
HSBC Securities (USA), Inc.		(22,294,341	)		22,294,341			—			—
Nomura Securities International, Inc.		(773,851	)		773,851			—			—
RBC Capital Markets LLC		(40,190,872	)		40,190,872			—			—
TD Securities (USA) LLC		(1,226,390	)		1,226,390			—			—


	$	(292,269,603	)	$	292,269,603		$	—		$	—

(a)

Collateral, if any, with a value of $327,758,189 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

Short Sale Transactions:

In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently

marked-to-market

to reflect the market value of the short sale. A fund is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statements of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security


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short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts:

Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts

: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is

marked-to-market

daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed.

Non-deliverable

forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Options:

The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

•

Swaptions — The Funds may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.


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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 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 shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

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 risk 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 counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements:

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the

mark-to-market

amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund 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


130		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:

Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage:




	DSU			FRA


Investment advisory fees		0.55	%		0.75%

For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.

For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Fund’s net assets. For purposes of calculating this fee, “net assets” means the total assets of the Fund minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).

For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “managed assets” are determined as total assets of 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, 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, with respect to BLW, BSL for services they provide for that portion of each Fund for which BIL, and, with respect to BLW, BSL 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.

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.

Distribution Fees:

BKT and BLW has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BKT and BLW 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 BKT’s and BLW’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, 2022 amounted to $0.

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, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2022, the amounts waived were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


DSU	$	688
FRA		91
BKT		2,365
BLW		1,378


N O T E S T O F I N A N C I A L S T A T E M E N T S		131

Notes to Financial Statements

(unaudited) (continued)

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, 2023. 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. For the six months ended June 30, 2022, there were no fees waived by the Manager pursuant to this arrangement.

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.

Other Transactions:

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended June 30, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule

17a-7

under the 1940 Act were as follows:




Fund Name	Purchases		Sales		Net Realized Gain (Loss)


DSU	$	456,617	$	125,692	$	4,655
BLW		2,750,638		600,425		(202,676	)

7.	PURCHASES AND SALES

For the six months ended June 30, 2022, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term investments, were as follows:




	U.S. Government Securities				Other Securities


Fund Name	Purchases		Sales		Purchases		Sales


DSU	$	—	$	—	$	85,246,297	$	130,978,800
FRA		—		—		69,415,248		110,938,902
BKT		—		—		691,915,959		699,089,318
BLW		—		30,008,004		348,843,702		372,840,391

For the six months ended June 30, 2022, purchases and sales related to mortgage dollar rolls were as follows:




Fund Name	Purchases		Sales


BKT	$	300,994,273	$	301,428,859
BLW		93,596,040		93,722,896

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, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of December 31, 2021, the Funds had

non-expiring

capital loss carryforwards available to offset future realized capital gains as follows:




Fund Name	Non-Expiring


DSU	$	91,035,096
FRA		43,416,429
BKT		93,655,659
BLW		35,107,732

As of June 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


DSU	$	772,580,917	$	824,354	$	(81,006,494	)		$ (80,182,140	)
FRA		690,593,576		501,403		(51,662,325	)		(51,160,922	)
BKT		522,054,386		10,076,205		(48,870,255	)		(38,794,050	)
BLW		851,190,543		5,363,566		(94,954,666	)		(89,591,100	)


132		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

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	$	340,000,000
FRA		274,000,000

Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above

7-day,

30-day,

60-day

90-day

LIBOR. Overnight LIBOR and LIBOR rates 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 payable. 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 short-term borrowings is less than 300%.

For the six months ended June 30, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:




Fund Name	Maximum Amount Borrowed		Average Amount Outstanding		Daily Weighted Average Interest Rate


DSU	$	255,000,000	$	238,127,072		1.26%
FRA		233,000,000		215,546,961		1.26

10.	PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk:

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		133

Notes to Financial Statements

(unaudited) (continued)

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk:

The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a

mark-to-market

loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration 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.

Certain 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 increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.	CAPITAL SHARE TRANSACTIONS

DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW 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 and BLW’s shares is $0.10, $0.10, $0.010 and $0.001, respectively. The Board for DSU, FRA and BLW are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.


134		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:




Fund Name	Six Months Ended 06/30/22		Year Ended 12/31/21


DSU		3,721		14,784
BKT		11,662		104,060
BLW		—		49,148

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:




	FRA


	Shares		Amounts


Six Months Ended June 30, 2022		—	$	—
Year Ended December 31, 2021		102,939		1,250,043

BKT and BLW have filed a prospectus with the SEC allowing it to issue an additional 25,000,000 and 10,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offering, BKT and BLW, 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, 25,000,000 and 10,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. For the period ended June 30, 2022, BKT and BLW did not issue any Common Shares. See Additional Information - Shelf Offering Program for additional information.

12.	SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name

Declaration

Date

Record

Date

Payable/

Paid Date

Dividend Per

Common Share

DSU

07/01/22

07/15/22

07/29/22

0.060500

08/01/22

08/15/22

08/31/22

0.060500

FRA

07/01/22

07/15/22

07/29/22

0.066700

08/01/22

08/15/22

08/31/22

0.066700

BKT

07/01/22

07/15/22

07/29/22

0.029400

08/01/22

08/15/22

08/31/22

0.029400

BLW

07/01/22

07/15/22

07/29/22

0.098100

08/01/22

08/15/22

08/31/22

0.098100


N O T E S T O F I N A N C I A L S T A T E M E N T S		135

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”), and BlackRock Limited Duration Income Trust (“BLW” and collectively with the DSU, FRA, and BKT, the “Funds” and each, a “Fund”) met on April 14, 2022 (the “April Meeting”) and May

19-20,

2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the

sub-advisory

agreements (the

“Sub-Advisory

Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the

“Sub-Advisors”)

and BLW. The Manager and the

Sub-Advisors

are referred to herein as “BlackRock.” The Advisory Agreements and the

Sub-Advisory

Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional

one-day

meeting to consider specific information surrounding the renewal of the Agreements. In particular, 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’ analyses of 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 April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are 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 April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, 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 April 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 May Meeting.

At the May 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 engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a

fund-by-fund

basis. The following paragraphs provide


136		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

(continued)

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 number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other

non-investment

advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BKT’s and BLW’s equity shelf program and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain

closed-end

funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing

COVID-19

pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the

ex-date

at a fund’s

ex-date

NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered DSU’s performance relative to DSU’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, DSU generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for DSU, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered FRA’s performance relative to FRA’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, FRA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for FRA, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BKT’s performance relative to BKT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BKT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BKT, and that BlackRock has explained its rationale for this belief to the Board. The Board also considered alternative measures of performance when evaluating the BKT’s performance, including a set of peer funds selected by BlackRock.

The Board reviewed and considered the BLW’s performance relative to BLW’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BLW generally performed above 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.


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		137

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

(continued)

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 the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and

sub-advised

mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, 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 ranked in the second and first quartiles, respectively, 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.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. 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 BKT and BLW may from time to time make additional share offerings pursuant to its equity shelf program, the growth of BKT and BLW’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. 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.


138		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

(continued)

The Board noted the competitive nature of the

closed-end

fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its

closed-end

fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and 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 May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, approved, by unanimous vote of those present, the continuation of the Advisory Agreements between the Manager and each Fund for a

one-year

term ending June 30, 2023 , and the

Sub-Advisory

Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and BLW for a

one-year

term ending June 30, 2023. 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 also assisted by the advice of independent legal counsel in making this determination.


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S		139

Additional Information

Fund Certification

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule

18f-4”).

The Funds will be required to implement and comply with Rule

18f-4

by August 19, 2022. Once implemented, Rule

18f-4

will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Fund does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Fund management will consider ESG characteristics as part of the investment process for actively managed Funds. These considerations will vary depending on a Fund’s 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. Fund management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Fund. The ESG characteristics utilized in a Fund’s 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. ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund’s exposure to certain companies or industries and a Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to a Fund’s 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 a Fund for any particular month may be more or less than the amount of net investment income earned by a 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

The Funds, other than BKT and BLW, do not make available copies of their Statements of Additional Information because the Funds’ shares, other than BKT and BLW, are not continuously offered, which means that the Statement of Additional Information of each Fund, other than BKT and BLW, has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.

BKT’s and BLW’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, 2021. 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.


140		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

(continued)

General Information (continued)

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at

blackrock.com

. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for

e-mail

notifications of quarterly statements, annual and semi-annual shareholder reports and, for BKT and BLW only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BKT and BLW 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 BKT and BLW only, prospectuses, annual and semi-annual reports, Rule

30e-3

notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800)

882-0052.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form

N-PORT.

The Funds’ Forms

N-PORT

are available on the SEC’s website at

sec.gov

. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at

blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent

12-month

period ended June 30 is available without charge, upon request (1) by calling (800)

882-0052;

(2) on the BlackRock website at

blackrock.com

; and (3) on the SEC’s website at

sec.gov

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the

“Closed-end

Funds” section of

blackrock.com

as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From

time-to-time,

BKT and BLW may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BKT and BLW 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 BKT and BLW net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BKT and BLW 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.

On June 23, 2022, BKT filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BKT are not offers to sell BKT Common Shares or solicitations of an offer to buy BKT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BKT contains important information about BKT, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BKT carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from BlackRock at

blackrock.com

On May 17, 2022, BLW filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BLW are not offers to sell BLW Common Shares or solicitations of an offer to buy BLW Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BLW contains important information about BLW, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BLW carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from BlackRock at

blackrock.com


A D D I T I O N A L I N F O R M A T I O N		141

Additional Information

(continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their

non-public

personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal

non-public

information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to

non-affiliated

third parties any

non-public

personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These

non-affiliated

third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to

non-public

personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the

non-public

personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

(a)

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

(a)

For BLW.

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809


142		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Currency Abbreviation

EUR		Euro

GBP		British Pound

USD		United States Dollar


Portfolio Abbreviation

ABS		Asset-Backed Security

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

DAC		Designated Activity Company

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FEDL		Fed Funds Effective Rate

IO		Interest Only

LIBOR		London Interbank Offered Rate

PCL		Public Company Limited

PIK		Payment-in-Kind

PO		Principal Only

REIT		Real Estate Investment Trust

REMIC		Real Estate Mortgage Investment Conduit

SAB		Special Assessment Bonds

SCA		Societe en Commandite par Actions

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

TBA		To-Be-Announced


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		143

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-BK3-06/22-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report.

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

Item 9 –

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 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

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

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(101) Inline Interactive Data File -the instance document does not appear in the Interactive Data File because itsXBRL tags are embedded within the inline XBRL document.

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 19, 2022

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 19, 2022


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Income Trust, Inc.

Date: August 19, 2022

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