BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.

0001193125-24-060494.txt : 20240306 0001193125-24-060494.hdr.sgml : 20240306 20240306134104 ACCESSION NUMBER: 0001193125-24-060494 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240306 DATE AS OF CHANGE: 20240306 EFFECTIVENESS DATE: 20240306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. CENTRAL INDEX KEY: 0001259708 ORGANIZATION NAME: IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21413 FILM NUMBER: 24725231 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FLOATING RATE INCOME STRATEGIES FUND INC DATE OF NAME CHANGE: 20061020 FORMER COMPANY: FORMER CONFORMED NAME: FLOATING RATE INCOME STRATEGIES FUND INC DATE OF NAME CHANGE: 20030813 N-CSR 1 d632264dncsr.htm BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21413

Name of Fund:

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

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

LOGO

DECEMBER 31, 2023

2023 Annual Report

BlackRock Debt Strategies Fund, Inc. (DSU)

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

BlackRock Income Trust, Inc. (BKT)

BlackRock Limited Duration Income Trust (BLW)

BlackRock Multi-Sector Income Trust (BIT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

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

December 31, 2023



	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	$	0.983251	$	—	$	—	$	0.063179		$	1.046430		94	%	—	%	—	%	6	%	100	%
FRA		1.252554		—		—		0.069006			1.321560		95		—		—		5		100
BKT		0.389110		—		—		0.669290			1.058400		37		—		—		63		100
BLW		1.064229		—		—		0.142371			1.206600		88		—		—		12		100
BIT		0.143266		—		—		0.104134			0.247400		58		—		—		42		100

^(a)

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

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

Managed Distribution Plan

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



Fund Name	Amount Per Common Share

DSU	$	0.098730
FRA		0.123840
BKT		0.088200
BLW		0.107900
BIT		0.123700

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

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

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


2		2 0 2 3 B L A C K R O C K 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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	8.04%	26.29%

U.S. small cap equities (Russell 2000^® Index)	8.18	16.93

International equities (MSCI Europe, Australasia, Far East Index)	5.88	18.24

Emerging market equities (MSCI Emerging Markets Index)	4.71	9.83

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.70	5.02

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.11	2.83

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37	5.53

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63	6.40

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65	13.44

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


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		3

Table of Contents


	Page


Supplemental Information		2
The Markets in Review		3
Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Fund Summary		6
Financial Statements:
Schedules of Investments		21
Statements of Assets and Liabilities		158
Statements of Operations		162
Statements of Changes in Net Assets		164
Statements of Cash Flows		167
Financial Highlights		171
Notes to Financial Statements		176
Report of Independent Registered Public Accounting Firm		192
Important Tax Information		193
Investment Objectives, Policies and Risks		194
Shareholder Update		208
Automatic Dividend Reinvestment Plan		218
Director and Officer Information		219
Additional Information		223
Glossary of Terms Used in this Report		226


4

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Fund’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Fund’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Fund’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Fund’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.

Each Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S		5


Fund Summary as of December 31, 2023		BlackRock Debt Strategies Fund, Inc. (DSU)

Investment Objective

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

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

Fund Information



Symbol on New York Stock Exchange		DSU
Initial Offering Date		March 27, 1998
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($10.79)^(a)		10.98%
Current Monthly Distribution per Common Share^(b)		$0.098730
Current Annualized Distribution per Common Share^(b)		$1.184760
Leverage as of December 31, 2023^(c)		23%

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	12/31/23		12/31/22		Change			High		Low

Closing Market Price	$	10.79	$	9.20		17.28	%	$	10.85	$	9.20
Net Asset Value		10.89		10.44		4.31			10.89		10.44

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

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

^(b)

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.


6		2 0 2 3 B L A C K R O C K 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 December 31, 2023 (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns

	1 Year			5 Years			10 Years

Fund at NAV^(a)(b)		15.74	%		7.34	%		5.95	%
Fund at Market Price^(a)(b)		30.14			10.50			6.82

Reference Benchmark^(c)		13.42			5.61			4.53
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index^(d)		13.44			5.35			4.59
Morningstar LSTA Leveraged Loan Index		13.32			5.80			4.42

^(a)

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

^(b)

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

^(c)

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

^(d)

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

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?

Bank loans performed well in 2023, as investors gravitated toward asset classes with the ability to perform well when interest rates are rising. High yield bonds also produced robust gains, as the backdrop of falling inflation and continued economic growth fueled positive returns for the credit-sensitive areas of the fixed-income market.

From an asset allocation perspective, bank loans were the largest contributor to the portfolio’s returns, followed by high yield bonds. Technology, consumer cyclical services, and building materials were the three largest contributors at the sector level, although nearly every sector added to returns at a time of strong market performance. B rated issues were the largest contributors, followed by BBs and CCCs. On the other hand, the Fund’s allocation to CC rated securities was a slight detractor.

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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Fund’s asset allocation positioning remained largely consistent, with bank loans being the dominant position. Sector allocations were also steady, although bottom-up factors are the key driver of the Fund’s overall positioning.

Describe portfolio positioning at period end.

Bank loans were the largest allocation in the portfolio, but high yield bonds were a meaningful position, as well. The Fund’s largest positions were in the technology, consumer cyclical services, and healthcare sectors. The Fund had relatively smaller weightings in retailers and home construction. In energy, the Fund remained broadly underweight across the midstream, independent energy, and oil field services sectors. From a credit rating perspective, the Fund was overweight in B rated issues and underweight in BBs. It also held a small position in BBB rated securities.

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.


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


Fund Summary as of December 31, 2023 (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION



Asset Type	Percentage of Total Investments

Floating Rate Loan Interests		83.2	%
Corporate Bonds		14.4
Other*		2.4

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(b)	Percentage of Total Investments

A		—	%^(c)
BBB/Baa		7.9
BB/Ba		27.6
B		55.9
CCC/Caa		6.2
CC		—	^(c)
N/R^(d)		2.4

^(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.

^(d)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2023, 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.


8		2 0 2 3 B L A C K R O C K 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 December 31, 2023		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 December 31, 2023 ($12.66)^(a)		11.74%
Current Monthly Distribution per Common Share^(b)		$0.123840
Current Annualized Distribution per Common Share^(b)		$1.486080
Leverage as of December 31, 2023^(c)		24%

^(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


	12/31/23		12/31/22		Change			High		Low

Closing Market Price	$	12.66	$	11.26		12.43	%	$	12.71	$	11.18
Net Asset Value		13.26		12.81		3.51			13.33		12.80

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

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

^(b)

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 U N D S U M M A R Y		9


Fund Summary as of December 31, 2023 (continued)		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns

	1 Year			5 Years			10 Years

Fund at NAV^(a)(b)		15.35	%		7.06	%		5.34	%
Fund at Market Price^(a)(b)		25.29			9.22			5.40

Morningstar LSTA Leveraged Loan Index		13.32			5.80			4.42

^(a)

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

^(b)

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

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?

Bank loans performed well in 2023, as investors gravitated toward asset classes with the ability to perform well when interest rates are rising. In addition, the backdrop of falling inflation and continued economic growth fueled positive returns for the credit-sensitive areas of the fixed-income market.

The Fund’s allocation to B rated issues made the largest contribution to absolute performance, followed by BBs and CCCs, respectively. Its allocation to the technology sector also contributed. On the other hand, its position in CC rated securities was a slight detractor.

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

Describe recent portfolio activity.

The investment adviser increased the Fund’s position in BBBs, while decreasing the extent of its overweight in CCCs.

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

Describe portfolio positioning at period end.

The Fund was overweight in BBBs and BBs. It also maintained a small overweight in CCCs to capitalize on idiosyncratic opportunities, although the investment adviser took advantage of the markets to reduce some of the position. Technology continued to be the Fund’s largest absolute allocation at the sector level due to its large index weighting. The Fund’s active sector weightings were largely informed by bottom-up security selection, although top-down considerations also played a role in the investment adviser’s outlook on individual securities. The Fund’s out-of-benchmark allocations remained limited.


10		2 0 2 3 B L A C K R O C K 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 December 31, 2023 (continued)		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION




Asset Type	Percentage of Total Investments


Floating Rate Loan Interests		96.6%

Corporate Bonds		1.2

Asset-Backed Securities		1.0

Investment Companies		1.0
Other*		0.2

CREDIT QUALITY ALLOCATION




Credit Rating^(a)(b)	Percentage of Total Investments


BBB/Baa		8.2%

BB/Ba		25.3

B		58.7

CCC/Caa		5.1

CC		—^(c)

N/R^(d)		2.7

^(a)

^(b)	Excludes short-term securities.

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

^(d)

*	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.


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


Fund Summary as of December 31, 2023		BlackRock Income Trust, Inc. (BKT)

Investment Objective

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

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

Fund Information



Symbol on New York Stock Exchange		BKT

Initial Offering Date		July 22, 1988

Current Distribution Rate on Closing Market Price as of December 31, 2023 ($ 12.18)^(a)		8.69%

Current Monthly Distribution per Common Share^(b)		$0.088200

Current Annualized Distribution per Common Share^(b)		$1.058400

Leverage as of December 31, 2023^(c)		29%

^(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


	12/31/23		12/31/22		Change			High		Low

Closing Market Price	$	12.18	$	12.34		(1.30	)%	$	13.27	$	10.56

Net Asset Value		12.73		13.10		(2.82	)		13.74		11.36

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

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

^(b)

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


12		2 0 2 3 B L A C K R O C K 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 December 31, 2023 (continued)		BlackRock Income Trust, Inc. (BKT)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns


	1 Year			5 Years			10 Years

Fund at NAV^(a)(b)		6.03	%		(0.40	)%		1.23	%
Fund at Market Price^(a)(b)		7.69			0.77			1.88

FTSE Mortgage Index		4.72			0.21			1.36

^(a)

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

^(b)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Performance of the Fund benefited over the reporting period from an allocation to last cash flow structures within agency collateralized mortgage obligations (“CMOs”) as spreads tightened late in the period. Allocations across agency commercial mortgage-backed securities (“CMBS”) including single-asset/single-borrower and interest-only securities also proved additive.

Tactical positioning with respect to portfolio duration and corresponding interest rate sensitivity detracted over the period, specifically positioning designed to benefit from any steepening in the U.S. Treasury yield curve between two and 10 years, as well as a long duration bias in the five-year part of the curve.

Describe recent portfolio activity.

The Fund held a substantial allocation to well-structured agency CMOs as well as agency mortgage-backed security (“MBS”) interest-only derivatives. Security selection within agency CMOs and MBS derivatives has been focused on seasoned collateral which should demonstrate more favorable prepayment performance across both higher and lower mortgage rate regimes relative to generic collateral.

The Fund held derivatives during the period as a part of its investment strategy. Derivatives were used by the investment adviser as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used Treasury futures to express duration bias and curve bias. The Fund also tactically allocated to mortgage derivatives to gain market exposure to specific collateral stories when relative value opportunities present themselves.

Describe portfolio positioning at period end.

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


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


Fund Summary as of December 31, 2023 (continued)		BlackRock Income Trust, Inc. (BKT)

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION




Asset Type^(a)	Percentage of Total Investments


U.S. Government Sponsored Agency Securities		89.1%

Non-Agency Mortgage-Backed Securities		10.9

Asset-Backed Securities		—^(b)

CREDIT QUALITY ALLOCATION




Credit Rating^(a)(c)	Percentage of Total Investments


AAA/Aaa^(d)		89.9%

AA/Aa		9.6

CCC/Caa		—^(b)

N/R		0.5

^(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.


14		2 0 2 3 B L A C K R O C K 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 December 31, 2023		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.

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 December 31, 2023 ($ 13.98)^(a)		9.26%
Current Monthly Distribution per Common Share^(b)		$0.107900
Current Annualized Distribution per Common Share^(b)		$1.294800
Leverage as of December 31, 2023^(c)		35%

^(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


	12/31/23		12/31/22		Change			High		Low

Closing Market Price	$	13.98	$	13.07		6.96	%	$	14.10	$	12.38
Net Asset Value		14.11		13.51		4.44			14.26		13.19

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

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

^(b)


F U N D S U M M A R Y		15


Fund Summary as of December 31, 2023 (continued)		BlackRock Limited Duration Income Trust (BLW)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns

	1 Year			5 Years			10 Years

Fund at NAV^(a)(b)		14.41	%		5.92	%		5.49	%
Fund at Market Price^(a)(b)		17.17			9.04			5.82

Reference Benchmark^(c)		10.70			4.41			3.63
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index		13.44			5.35			4.59
Morningstar LSTA Leveraged Loan Index^(d)		13.32			5.80			4.42
BATS S Benchmark^(e)		5.41			1.89			1.74

^(a)

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

^(b)

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

^(c)

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

^(d)

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

^(e)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The largest contributors to the Fund’s absolute performance over the period included exposure to a range of credit-oriented sectors including high yield corporate bonds and bank loans. Holdings of investment grade corporate bonds, collateralized loan obligations (“CLOs”) and capital securities were also notable contributors.

The Fund utilized 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 detracted from performance during the period.

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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.

Describe recent portfolio activity.

The Fund increased duration and corresponding interest rate sensitivity in the first quarter of 2023 as interest rates rose and did not meaningfully reduce duration until the decline in rates that took place during the fourth quarter. Based on conviction in the strong fundamentals of the U.S. economy, the Fund reduced exposure to emerging markets debt, while maintaining elevated levels of U.S. high yield corporate exposure over most of the year. The Fund continued to favor agency mortgage-backed securities (“MBS”) as a high-quality source of income as well as on the basis of attractive valuations driven by the regional bank crisis in March 2023 and bank sales of MBS. The Fund reduced the allocation to capital securities (i.e., subordinated bank debt) in the first half of 2023 due to concerns around pressures on the banking sector. During the fourth quarter of 2023, the Fund reduced risk and took profits as credit spreads became historically tight.

Describe portfolio positioning at period end.

At period end, the Fund maintained diversified exposure to non-government spread sectors including high yield and investment grade corporate bonds, bank loans, capital securities, agency and non-agency residential MBS, and CLOs. The Fund was positioned with an overweight to duration and corresponding interest rate sensitivity versus the benchmark on the view that the Fed was poised to begin cutting interest rates in 2024.


16		2 0 2 3 B L A C K R O C K 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 December 31, 2023 (continued)		BlackRock Limited Duration Income Trust (BLW)

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION



Asset Type	Percentage of Total Investments

Corporate Bonds		47.2	%
Floating Rate Loan Interests		38.2
Asset-Backed Securities		4.5
Preferred Securities		3.8
U.S. Government Sponsored Agency Securities		2.5
Non-Agency Mortgage-Backed Securities		1.9
Other*		1.9

CREDIT QUALITY ALLOCATION



Credit Rating^(a)(b)	Percentage of Total Investments

AAA/Aaa^(c)		4.1	%
AA/Aa		0.6
A		1.4
BBB/Baa		11.9
BB/Ba		31.5
B		41.5
CCC/Caa		5.5
CC		—	^(d)
C		0.3
N/R^(e)		3.2

^(a)

^(b)	Excludes short-term securities.

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

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

^(e)

*	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.


F U N D S U M M A R Y		17


Fund Summary as of December 31, 2023		BlackRock Multi-Sector Income Trust (BIT)

Investment Objective

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

On June 1, 2023, the Board of Trustees of the Trust approved a change in the fiscal year end of the Trust, effective as of December 31, 2023, from October 31 to December 31.

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

Fund Information



Symbol on New York Stock Exchange		BIT
Initial Offering Date		February 27, 2013
Current Distribution Rate on Closing Market Price as of December 31, 2023 ($ 15.00)^(a)		9.90%
Current Monthly Distribution per Common Share^(b)		$0.123700
Current Annualized Distribution per Common Share^(b)		$1.484400
Leverage as of December 31, 2023^(c)		34%

^(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


	12/31/23		12/31/22		Change			High		Low

Closing Market Price	$	15.00	$	14.21		5.56	%	$	15.35	$	13.73
Net Asset Value		14.76		14.73		0.20			15.36		13.67

GROWTH OF $10,000 INVESTMENT

LOGO

^(a)

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

^(b)

A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.


18		2 0 2 3 B L A C K R O C K 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 December 31, 2023 (continued)		BlackRock Multi-Sector Income Trust (BIT)

Performance

Returns for the period ended December 31, 2023 were as follows:


	Average Annual Total Returns


	1 Year			5 Years			10 Years

Fund at NAV^(a)(b)		10.96	%		5.54	%		6.81	%
Fund at Market Price^(a)(b)		16.89			8.99			8.09

Bloomberg U.S. Aggregate Bond Index		5.53			1.10			1.81

^(a)

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

^(b)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Positive contributors to the Fund’s performance over the period were highlighted by exposure to U.S. high yield corporate bonds. In addition, exposure to investment grade corporate bonds, collateralized loan obligations, non-agency residential mortgage-backed securities (“MBS”) and agency MBS proved additive.

The principal detractor from the Fund’s performance was the use of derivatives. In particular, the use of swaps and swaptions to manage duration and Treasury yield curve exposures detracted from performance.

Describe recent portfolio activity.

As interest rates rose over the first half of the period, the Fund significantly increased portfolio duration and corresponding interest rate sensitivity, benefiting performance late in the period as rates declined in anticipation of upcoming Fed rate decreases. The Fund favored agency MBS as a high quality source of income as well as due to attractive valuations driven by volatility in March 2023 in the wake of the regional bank crisis and bank selling of MBS. The Fund trimmed this allocation in the fourth quarter of 2023 in order to take profits after a period of strong performance. The Fund also reduced the allocation to capital securities (i.e., subordinated bank debt) in the first half of 2023 on concerns around potential pressures on the banking sector. Based on a positive view of U.S. economic fundamentals, the Fund reduced its emerging market exposure in favor of an elevated allocation to high yield corporate bonds, aiding performance.

Describe portfolio positioning at period end.

At period end, the Fund maintained a diversified exposure within non-governmental spread sectors, including high yield corporate bonds, agency and non-agency MBS, investment grade corporate bonds and capital securities. The Fund ended the period with a relatively long duration stance on the view that the Fed will reduce interest rates in 2024.


F U N D S U M M A R Y		19


Fund Summary as of December 31, 2023 (continued)		BlackRock Multi-Sector Income Trust (BIT)

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION




Asset Type	Percentage of Total Investments


Corporate Bonds		55.1%
Non-Agency Mortgage-Backed Securities		12.0
Asset-Backed Securities		11.8
U.S. Government Sponsored Agency Securities		11.3
Preferred Securities		4.0
Floating Rate Loan Interests		3.1
Short-Term Securities		1.2
Other*		1.5

CREDIT QUALITY ALLOCATION




Credit Rating^(a)(b)	Percentage of Total Investments


AAA/Aaa^(c)		17.9%
AA/Aa		1.3
A		2.1
BBB/Baa		10.8
BB/Ba		25.6
B		23.4
CCC/Caa		5.5
CC		1.9
C		2.4
N/R^(d)		9.1

^(a)

^(b)

Excludes short-term securities.

^(c)

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

^(d)

*	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.


20		2 0 2 3 B L A C K R O C K 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

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo. CME Term SOFR + 4.70%), 10.02%, 01/25/36^(a)	USD		1,000	$	992,438
Golub Capital Partners CLO Ltd., Series 2023- 66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.88%, 04/25/36^(a)(b)			1,000		1,014,419
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.87%, 04/20/36^(a)(b)			1,000		1,014,004
Symphony CLO Ltd.^(a)
Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.60%, 04/24/36^(b)			1,000		999,862
Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.34%, 01/14/34			1,000		999,711
Unique Pub Finance Co. PLC^(c)
Series A4, 5.66%, 06/30/27	GBP		30		38,601
Series N, 6.46%, 03/30/32			100		128,131
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.57%, 04/20/36^(a)(b)	USD		1,000		1,022,720


Total Asset-Backed Securities — 1.2% (Cost: $6,185,120)					6,209,886


		Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(d)			141,483		12,733


Consumer Finance — 0.1%
Travelport Finance Luxembourg SARL			230		546,731


Electrical Equipment — 0.0%
SunPower Corp.^(d)			1,707		8,245


Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)^(d)(e)(f)			7,288		—


Financial Services — 0.0%
NMG Parent LLC			1,477		147,700


Health Care Providers & Services — 0.1%
Envision Healthcare Corp.^(d)(e)			28,198		211,485


Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.^(d)			1,664		17


Media — 0.1%
Learfield Communications LLC, (Acquired 09/06/23, Cost: $73,447)^(d)(e)(f)			5,846		248,455


Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.^(d)(e)			1,075,282,733		10,753



Security		Shares		Value

Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.^(d)			213	$	1,527


Total Common Stocks — 0.3% (Cost: $15,328,180)					1,187,646


		Par (000)

Corporate Bonds

Aerospace & Defense^(b)— 0.5%
Bombardier, Inc.
7.13%, 06/15/26	USD		295		293,623
7.88%, 04/15/27			24		24,004
6.00%, 02/15/28			206		200,701
7.50%, 02/01/29			56		56,928
8.75%, 11/15/30			118		125,635
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26			200		195,471
Rolls-Royce PLC, 5.75%, 10/15/27			200		200,343
Spirit AeroSystems, Inc.
9.38%, 11/30/29			129		141,161
9.75%, 11/15/30			128		137,597
TransDigm, Inc.
6.75%, 08/15/28			540		552,464
7.13%, 12/01/31			273		286,081
Triumph Group, Inc., 9.00%, 03/15/28			266		282,850


					2,496,858

Automobile Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25^(b)			552		556,858
Clarios Global LP/Clarios U.S. Finance Co.^(b)
8.50%, 05/15/27			624		626,175
6.75%, 05/15/28			223		227,508
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(c)	EUR		100		120,580
Forvia SE, 3.75%, 06/15/28^(c)			100		108,037
Goodyear Tire & Rubber Co.
5.00%, 07/15/29	USD		26		24,565
5.63%, 04/30/33			30		26,892
NM Holdings Co. LLC^(d)(e)(g)
12.00%, 07/01/49			5,150		—
Series B, 9.50%, 07/01/05			5,125		—
Tenneco, Inc., 8.00%, 11/17/28^(b)			46		39,272
Titan International, Inc., 7.00%, 04/30/28			18		18,008
ZF Finance GmbH, 5.75%, 08/03/26^(c)	EUR		100		113,983


					1,861,878

Automobiles — 0.1%
Asbury Automotive Group, Inc.
4.50%, 03/01/28	USD		39		37,040
5.00%, 02/15/32^(b)			73		66,343
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			12		11,880
Ford Motor Co.
3.25%, 02/12/32			22		18,298
6.10%, 08/19/32			139		140,116


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)	USD		39	$	36,909
LCM Investments Holdings II LLC^(b)
4.88%, 05/01/29			103		95,678
8.25%, 08/01/31			64		66,797
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(c)	EUR		100		106,752
Wabash National Corp., 4.50%, 10/15/28^(b)	USD		70		63,162


					642,975

Banks — 0.1%
Banco BPM SpA, (3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28^(a)	EUR		150		173,229
Banco Espirito Santo SA^(d)(g)
2.63%, 05/08/17^(c)			100		28,703
4.75%, 01/15/18			200		57,405
4.00%, 01/21/22			100		28,703
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34^(a)	USD		105		108,651
Freedom Mortgage Corp.
12.00%, 10/01/28^(b)			25		27,303
12.25%, 10/01/30			26		28,542
Northern Trust Corp., 6.13%, 11/02/32			27		28,994


					481,530

Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			38		36,516


Building Products^(b)— 0.3%
Advanced Drainage Systems, Inc.
5.00%, 09/30/27			29		27,985
6.38%, 06/15/30			95		95,712
Beacon Roofing Supply, Inc.
4.13%, 05/15/29			39		35,555
6.50%, 08/01/30			76		77,708
Foundation Building Materials, Inc., 6.00%, 03/01/29			24		21,579
GYP Holdings III Corp., 4.63%, 05/01/29			109		99,506
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			27		26,481
SRS Distribution, Inc.
4.63%, 07/01/28			207		196,380
6.13%, 07/01/29			132		125,140
6.00%, 12/01/29			217		202,332
White Cap Buyer LLC, 6.88%, 10/15/28			720		696,969
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(h)			72		71,665


					1,677,012

Capital Markets — 0.2%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27^(b)			47		49,416
Ares Capital Corp., 7.00%, 01/15/27			40		41,144
Aretec Group, Inc., 10.00%, 08/15/30^(b)			25		26,566
Blackstone Private Credit Fund
7.05%, 09/29/25			25		25,442
3.25%, 03/15/27			24		22,016
Blue Owl Capital Corp., 3.40%, 07/15/26			21		19,524
Blue Owl Capital Corp. II, 8.45%, 11/15/26			38		39,149
Blue Owl Credit Income Corp.
5.50%, 03/21/25			55		54,222
3.13%, 09/23/26			12		10,959
7.75%, 09/16/27			58		59,801


Security		Par (000)		Value

Capital Markets (continued)
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)	USD		65	$	61,400
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		100,385
6.25%, 05/15/26			16		15,266
5.25%, 05/15/27			185		166,171
9.75%, 01/15/29			77		78,555
4.38%, 02/01/29			55		45,928
Oaktree Strategic Credit Fund, 8.40%, 11/14/28			43		45,293


					861,237

Chemicals — 0.6%
Ashland LLC, 3.38%, 09/01/31^(b)			55		47,405
Avient Corp., 7.13%, 08/01/30^(b)			39		40,570
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			150		134,614
Celanese U.S. Holdings LLC, 6.70%, 11/15/33			28		30,369
Chemours Co.^(b)
5.75%, 11/15/28			90		85,725
4.63%, 11/15/29			24		21,071
Element Solutions, Inc., 3.88%, 09/01/28^(b)			498		458,477
HB Fuller Co., 4.25%, 10/15/28			35		32,727
Herens Holdco SARL, 4.75%, 05/15/28^(b)			200		164,077
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)			184		175,941
Ingevity Corp., 3.88%, 11/01/28^(b)			23		20,597
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(h)			86		64,150
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)			42		35,517
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			55		52,893
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(c)	EUR		100		118,123
9.75%, 11/15/28^(b)	USD		200		212,279
Scotts Miracle-Gro Co.
4.50%, 10/15/29			5		4,443
4.38%, 02/01/32			97		81,967
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)			185		160,487
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			55		52,915
5.63%, 08/15/29			1,005		884,357
7.38%, 03/01/31			53		53,016


					2,931,720

Commercial Services & Supplies — 0.8%
ADT Security Corp.^(b)
4.13%, 08/01/29			9		8,282
4.88%, 07/15/32			68		62,899
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)
6.63%, 07/15/26			305		303,398
9.75%, 07/15/27			118		115,628
6.00%, 06/01/29			323		263,340
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28^(b)			400		364,591
AMN Healthcare, Inc., 4.00%, 04/15/29^(b)			28		25,254
APi Group DE, Inc.^(b)
4.13%, 07/15/29			67		60,967
4.75%, 10/15/29			32		30,058


22		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
APX Group, Inc.^(b)
6.75%, 02/15/27	USD		64	$	63,840
5.75%, 07/15/29			86		80,175
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/01/25^(b)			163		162,478
9.75%, 08/01/27^(b)			51		53,040
5.50%, 05/01/28^(b)			238		228,871
7.88%, 12/01/30			180		187,520
Garda World Security Corp.^(b)
4.63%, 02/15/27			61		58,816
9.50%, 11/01/27			30		30,244
7.75%, 02/15/28			175		181,057
6.00%, 06/01/29			6		5,378
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			130		128,351
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(b)			52		51,922
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)			39		35,269
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			110		102,575
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			74		68,420
Paprec Holding SA, 7.25%, 11/17/29^(c)	EUR		100		118,261
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28^(b)	USD		365		362,872
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)			202		174,702
United Rentals North America, Inc., 6.00%, 12/15/29^(b)			360		365,496
Williams Scotsman, Inc.
6.13%, 06/15/25^(b)			49		49,097
4.63%, 08/15/28^(b)			37		34,947
7.38%, 10/01/31			98		102,778


					3,880,526

Communications Equipment — 0.1%
CommScope Technologies LLC, 6.00%, 06/15/25^(b)			124		101,060
CommScope, Inc., 4.75%, 09/01/29^(b)			72		48,341
Viasat, Inc.
5.63%, 09/15/25^(b)			124		120,905
5.63%, 04/15/27^(b)			125		120,937
7.50%, 05/30/31			14		10,990
Viavi Solutions, Inc., 3.75%, 10/01/29^(b)			58		50,776


					453,009

Construction & Engineering — 0.2%
Arcosa, Inc., 4.38%, 04/15/29^(b)			117		108,971
Brand Industrial Services, Inc., 10.38%, 08/01/30			624		659,899
Dycom Industries, Inc., 4.50%, 04/15/29^(b)			37		34,333
MasTec, Inc., 4.50%, 08/15/28^(b)			13		12,208
Pike Corp., 8.63%, 01/31/31^(b)			23		24,169


					839,580

Construction Materials — 0.4%
American Builders & Contractors Supply Co., Inc., Series A, 3.88%, 11/15/29^(b)			10		8,915
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(b)			82		79,070
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			67		68,007
Emerald Debt Merger Sub LLC
6.38%, 12/15/30^(c)	EUR		100		117,908
6.63%, 12/15/30^(b)	USD		709		724,151
H&E Equipment Services, Inc., 3.88%, 12/15/28^(b)			20		18,186


Security		Par (000)		Value

Construction Materials (continued)
HT Troplast GmbH, 9.38%, 07/15/28	EUR		100	$	111,981
Masonite International Corp.^(b)
5.38%, 02/01/28	USD		45		43,200
3.50%, 02/15/30			31		26,872
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28			26		24,802
9.75%, 07/15/28			38		38,000
Resideo Funding, Inc., 4.00%, 09/01/29^(b)			18		15,705
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28^(b)			20		20,592
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28^(b)			119		117,165
8.88%, 11/15/31			178		187,109
Standard Industries, Inc./New Jersey
2.25%, 11/21/26^(c)	EUR		100		104,047
5.00%, 02/15/27^(b)	USD		45		43,872
4.75%, 01/15/28^(b)			12		11,552
4.38%, 07/15/30^(b)			176		161,636
3.38%, 01/15/31^(b)			34		29,249
Summit Materials LLC/Summit Materials Finance Corp.^(b)
5.25%, 01/15/29			124		119,970
7.25%, 01/15/31			120		126,445


					2,198,434

Consumer Finance — 0.6%
Block, Inc.
2.75%, 06/01/26			175		165,030
3.50%, 06/01/31			264		234,419
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(b).			36		37,320
Capital One Financial Corp., (1-day SOFR + 2.86%), 6.38%, 06/08/34^(a)			25		25,730
Ford Motor Credit Co. LLC, 7.35%, 03/06/30			200		214,860
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31^(b)			459		485,036
Navient Corp.
5.50%, 03/15/29			66		60,861
9.38%, 07/25/30			70		73,337
OneMain Finance Corp.
7.13%, 03/15/26			7		7,132
6.63%, 01/15/28			53		53,506
9.00%, 01/15/29			122		128,982
5.38%, 11/15/29			139		130,159
7.88%, 03/15/30			99		101,908
4.00%, 09/15/30			101		86,431
Sabre GLBL, Inc., 8.63%, 06/01/27			91		82,812
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)			167		162,393
SLM Corp., 3.13%, 11/02/26			56		52,216
Verscend Escrow Corp., 9.75%, 08/15/26^(b)			741		746,208
Worldline SA/France, 0.00%, 07/30/26^(c)(i)(j)	EUR		11		11,026


					2,859,366

Consumer Staples Distribution & Retail — 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
4.63%, 01/15/27	USD		21		20,416
5.88%, 02/15/28			107		107,072
6.50%, 02/15/28			38		38,454
3.50%, 03/15/29			85		77,179
4.88%, 02/15/30			141		134,983
Bellis Acquisition Co. PLC, 4.50%, 02/16/26^(c)	GBP		100		120,391
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28	USD		7		6,846
4.13%, 01/31/30			113		104,178


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Staples Distribution & Retail (continued)
Lamb Weston Holdings, Inc.^(b)(continued) 4.38%, 01/31/32	USD		135	$	123,157
Market Bidco Finco PLC, 5.50%, 11/04/27^(c)	GBP		100		112,169
Performance Food Group, Inc., 4.25%, 08/01/29^(b)	USD		170		155,923
Post Holdings, Inc.^(b)
5.50%, 12/15/29			11		10,599
4.63%, 04/15/30			36		33,114
4.50%, 09/15/31			28		25,092
U.S. Foods, Inc.^(b)
4.75%, 02/15/29			73		69,331
4.63%, 06/01/30			13		12,116
7.25%, 01/15/32			60		62,563
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			26		21,048
Walgreens Boots Alliance, Inc.
3.20%, 04/15/30			8		7,042
4.80%, 11/18/44			24		19,996
4.10%, 04/15/50			38		27,595


					1,289,264

Containers & Packaging — 0.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27			200		199,284
4.00%, 09/01/29			285		241,246
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.13%, 08/15/26^(c)	EUR		100		98,156
4.13%, 08/15/26^(b)	USD		200		182,500
Ball Corp.
6.00%, 06/15/29			49		50,037
3.13%, 09/15/31			35		30,177
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29			70		68,850
8.75%, 04/15/30			209		194,865
LABL, Inc.^(b)
5.88%, 11/01/28			68		61,610
9.50%, 11/01/28			117		118,170
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26			724		736,801
9.25%, 04/15/27			15		14,723
Owens-Brockway Glass Container, Inc.^(b)
6.63%, 05/13/27			10		10,001
7.25%, 05/15/31			42		42,583
Sealed Air Corp.^(b)
4.00%, 12/01/27			61		57,253
5.00%, 04/15/29			15		14,505
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)			47		47,405
Trident TPI Holdings, Inc., 12.75%, 12/31/28^(b)			27		28,890
Trivium Packaging Finance BV, 5.50%, 08/15/26^(b)			200		196,222


					2,393,278

Diversified Consumer Services — 0.1%
Service Corp. International
3.38%, 08/15/30			144		125,582
4.00%, 05/15/31			45		40,298
Sotheby’s, 7.38%, 10/15/27^(b)			200		192,879


					358,759


Security		Par (000)		Value

Diversified REITs — 0.2%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)	USD		35	$	29,246
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/32			98		82,737
6.75%, 12/01/33			45		48,547
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26^(b)			59		55,452
8.00%, 06/15/27			29		30,199
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			77		70,530
SBA Communications Corp.
3.13%, 02/01/29			294		264,158
3.88%, 02/15/27			27		25,929
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			225		228,106
VICI Properties LP/VICI Note Co., Inc.^(b)
4.63%, 06/15/25			147		144,391
4.63%, 12/01/29			133		125,319
4.13%, 08/15/30			124		112,955


					1,217,569

Diversified Telecommunication Services — 0.7%
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27			12		11,593
5.00%, 05/01/28			21		19,408
8.75%, 05/15/30			518		532,871
8.63%, 03/15/31			28		28,549
Iliad Holding SASU^(b)
6.50%, 10/15/26			220		219,570
7.00%, 10/15/28			200		199,018
Level 3 Financing, Inc.
3.40%, 03/01/27			213		204,480
4.63%, 09/15/27			262		157,200
3.63%, 01/15/29			24		12,240
10.50%, 05/15/30			265		256,966
Level 3 New Money TSA, 11.00%, 11/15/29^(k)			607		606,512
Lumen Technologies, Inc., 4.00%, 02/15/27			118		76,154
SoftBank Group Corp., 3.13%, 09/19/25^(c)	EUR		100		106,522
Telecom Italia Capital SA
6.38%, 11/15/33	USD		54		52,818
6.00%, 09/30/34			151		143,401
7.20%, 07/18/36			33		33,126
7.72%, 06/04/38			21		21,385
Zayo Group Holdings, Inc.^(b)
4.00%, 03/01/27			890		713,579
6.13%, 03/01/28			293		215,197


					3,610,589

Electric Utilities — 0.2%
Edison International, Series A, (5-year CMT + 4.70%), 5.38%^(a)(l)			100		94,580
FirstEnergy Corp., 2.65%, 03/01/30			12		10,367
NextEra Energy Operating Partners LP
3.88%, 10/15/26^(b)			17		16,186
7.25%, 01/15/29			43		45,017
Pacific Gas and Electric Co., 6.95%, 03/15/34			115		126,317
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			32		30,268
PG&E Corp., 4.25%, 12/01/27			221		231,608
Talen Energy Supply LLC, 8.63%, 06/01/30^(b)			34		36,126
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19^(d)(e)(g)			2,375		—
TransAlta Corp., 7.75%, 11/15/29			35		37,173


24		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Electric Utilities (continued)
Vistra Operations Co. LLC^(b)
5.50%, 09/01/26	USD		5	$	4,937
5.63%, 02/15/27			41		40,442
5.00%, 07/31/27			5		4,868
7.75%, 10/15/31			126		130,862
6.95%, 10/15/33			55		57,884

					866,635

Electrical Equipment^(b)— 0.1%
Regal Rexnord Corp.
6.05%, 04/15/28			159		160,952
6.30%, 02/15/30			70		71,814
6.40%, 04/15/33			70		72,959
WESCO Distribution, Inc.
7.13%, 06/15/25			49		49,358
7.25%, 06/15/28			153		157,257


					512,340

Electronic Equipment, Instruments & Components^(b)— 0.1%
Coherent Corp., 5.00%, 12/15/29			109		103,523
Imola Merger Corp., 4.75%, 05/15/29			127		120,663
Sensata Technologies BV, 4.00%, 04/15/29			36		33,455
Sensata Technologies, Inc.
4.38%, 02/15/30			181		167,871
3.75%, 02/15/31			65		57,248


					482,760

Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			225		225,563
6.25%, 04/01/28			37		36,445
Borr IHC Ltd./Borr Finance, 10.00%, 11/15/28			200		209,006
Enerflex Ltd., 9.00%, 10/15/27^(b)			83		80,066
Oceaneering International, Inc., 6.00%, 02/01/28^(b)			18		17,447
Patterson-UTI Energy, Inc., 7.15%, 10/01/33			25		26,485
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			111		110,532
6.88%, 09/01/27			192		189,724
Vallourec SACA, 8.50%, 06/30/26^(c)	EUR		9		9,984
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		47		48,636
8.63%, 04/30/30			120		125,287


					1,079,175

Entertainment^(b)— 0.2%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29			54		40,397
Live Nation Entertainment, Inc.
4.88%, 11/01/24			9		8,919
5.63%, 03/15/26			13		12,881
6.50%, 05/15/27			128		130,243
4.75%, 10/15/27			80		76,707
3.75%, 01/15/28			35		32,641
Odeon Finco PLC, 12.75%, 11/01/27			519		526,988


					828,776

Environmental, Maintenance & Security Service — 0.2%
Clean Harbors, Inc., 6.38%, 02/01/31^(b)			30		30,482
Covanta Holding Corp.
4.88%, 12/01/29^(b)			43		37,569
5.00%, 09/01/30			21		17,874


Security		Par (000)		Value

Environmental, Maintenance & Security Service (continued)
GFL Environmental, Inc.^(b)
4.25%, 06/01/25	USD		4	$	3,941
3.75%, 08/01/25			45		43,947
4.00%, 08/01/28			8		7,395
3.50%, 09/01/28			29		26,798
4.75%, 06/15/29			199		187,450
4.38%, 08/15/29			44		40,607
6.75%, 01/15/31			173		178,239
Stericycle, Inc., 3.88%, 01/15/29^(b)			33		29,943
Tervita Corp., 11.00%, 12/01/25^(b)			25		26,250
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			328		315,700


					946,195

Financial Services — 0.3%
Aircastle Ltd., 6.50%, 07/18/28^(b)			35		35,690
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(b)			9		8,426
Enact Holdings, Inc., 6.50%, 08/15/25^(b)			105		104,675
GGAM Finance Ltd.^(b)
7.75%, 05/15/26			11		11,165
8.00%, 02/15/27			113		115,830
8.00%, 06/15/28			29		30,003
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(h)			26		24,056
Intrum AB, 4.88%, 08/15/25^(c)	EUR		100		102,943
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)	USD		200		179,016
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/28^(b)			28		29,326
8.13%, 03/30/29			46		48,080
MGIC Investment Corp., 5.25%, 08/15/28			47		45,751
Nationstar Mortgage Holdings, Inc.^(b)
5.00%, 02/01/26			349		341,307
6.00%, 01/15/27			54		53,595
5.13%, 12/15/30			16		14,466
5.75%, 11/15/31			79		73,660
PennyMac Financial Services, Inc., 7.88%, 12/15/29			72		74,114
Rocket Mortgage LLC/Rocket Mortgage Co- Issuer, Inc.^(b)
2.88%, 10/15/26			203		187,267
3.88%, 03/01/31			68		59,806
4.00%, 10/15/33			27		22,937


					1,562,113

Food Products — 0.2%
Aramark International Finance SARL, 3.13%, 04/01/25^(c)	EUR		100		109,453
Aramark Services, Inc., 5.00%, 02/01/28^(b)	USD		147		142,596
B&G Foods, Inc., 8.00%, 09/15/28			29		30,451
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25			364		362,180
4.63%, 11/15/28			264		246,790
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)			94		94,069
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)			60		51,911


					1,037,450


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Gas Utilities^(b)— 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28	USD		76	$	78,484
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			29		26,291


					104,775

Ground Transportation — 0.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/31^(b)			60		59,917
GN Bondco LLC, 9.50%, 10/15/31			93		90,795
RXO, Inc., 7.50%, 11/15/27^(b)			27		27,860
Uber Technologies, Inc.^(b)
8.00%, 11/01/26			245		249,545
7.50%, 09/15/27			28		28,998
6.25%, 01/15/28			201		201,504
4.50%, 08/15/29			572		545,669


					1,204,288

Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc.^(b)
4.63%, 07/15/28			122		117,911
3.88%, 11/01/29			61		55,395
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(b)			486		512,701
Garden Spinco Corp., 8.63%, 07/20/30^(b)			64		68,361
Medline Borrower LP^(b)
3.88%, 04/01/29			157		141,951
5.25%, 10/01/29			787		741,807
Teleflex, Inc.
4.63%, 11/15/27			6		5,832
4.25%, 06/01/28^(b)			31		29,381


					1,673,339

Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29^(b)			64		61,440
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			110		95,736
Catalent Pharma Solutions, Inc.^(b)
5.00%, 07/15/27			206		199,031
3.13%, 02/15/29			27		23,628
3.50%, 04/01/30			92		80,034
Charles River Laboratories International, Inc.^(b)
4.25%, 05/01/28			46		43,786
4.00%, 03/15/31			11		9,937
CHS/Community Health Systems, Inc.^(b)
5.63%, 03/15/27			48		44,598
6.00%, 01/15/29			180		162,023
5.25%, 05/15/30			215		179,815
4.75%, 02/15/31			127		99,839
Encompass Health Corp.
4.50%, 02/01/28			5		4,784
4.75%, 02/01/30			114		107,357
4.63%, 04/01/31			84		77,295
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)			50		51,349
HealthEquity, Inc., 4.50%, 10/01/29^(b)			182		168,989
IQVIA, Inc., 6.25%, 02/01/29^(b)			109		113,790
Legacy LifePoint Health LLC, 4.38%, 02/15/27^(b)			47		43,392
LifePoint Health, Inc.
9.88%, 08/15/30			91		91,964
11.00%, 10/15/30			109		114,794
ModivCare, Inc., 5.88%, 11/15/25^(b)			126		124,425
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			24		22,699


Security		Par (000)		Value

Health Care Providers & Services (continued)
Molina Healthcare, Inc.^(b)(continued)
3.88%, 11/15/30	USD		39	$	35,057
3.88%, 05/15/32			53		46,310
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			12		11,700
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			22		21,826
Star Parent, Inc., 9.00%, 10/01/30			251		264,517
Surgery Center Holdings, Inc.^(b)
6.75%, 07/01/25			73		72,726
10.00%, 04/15/27			111		112,110
Tenet Healthcare Corp.
4.88%, 01/01/26			95		93,930
5.13%, 11/01/27			8		7,820
6.13%, 10/01/28			100		99,717
6.13%, 06/15/30			59		59,654
6.75%, 05/15/31^(b)			376		384,291


					3,130,363

Health Care REITs — 0.1%
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		100		103,384
4.63%, 08/01/29	USD		147		105,702
3.50%, 03/15/31			155		96,910


					305,996

Health Care Technology — 0.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(b)			682		618,695


Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			35		33,806
7.25%, 07/15/28			86		89,413
4.50%, 02/15/29^(b)			153		142,296
RLJ Lodging Trust LP, 4.00%, 09/15/29^(b)			74		66,499
Service Properties Trust
7.50%, 09/15/25			41		41,455
8.63%, 11/15/31^(b)			281		294,329


					667,798

Hotels, Restaurants & Leisure — 1.4%
Boyd Gaming Corp.
4.75%, 12/01/27			46		44,257
4.75%, 06/15/31^(b)			79		72,508
Boyne USA, Inc., 4.75%, 05/15/29^(b)			165		155,165
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)
3.88%, 01/15/28			41		38,734
4.38%, 01/15/28			77		73,541
4.00%, 10/15/30			75		67,267
Caesars Entertainment, Inc.^(b)
8.13%, 07/01/27			271		277,802
4.63%, 10/15/29			468		422,139
7.00%, 02/15/30			355		364,030
Carnival Corp.^(b)
7.63%, 03/01/26			49		49,886
5.75%, 03/01/27			337		328,721
4.00%, 08/01/28			68		63,222
6.00%, 05/01/29			209		201,101
7.00%, 08/15/29			42		43,853
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)			634		690,058


26		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
CCM Merger, Inc., Series 2020, 6.38%, 05/01/26^(b)	USD		26	$	25,350
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25^(b)			89		88,553
Series 2020, 6.50%, 10/01/28			19		18,856
Churchill Downs, Inc.^(b)
5.50%, 04/01/27			155		153,374
4.75%, 01/15/28			73		69,963
5.75%, 04/01/30			231		225,223
6.75%, 05/01/31			98		99,464
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29			135		122,495
6.75%, 01/15/30			570		500,461
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28^(b)			16		16,006
3.75%, 05/01/29^(b)			46		42,648
4.88%, 01/15/30			14		13,568
4.00%, 05/01/31^(b)			94		86,097
3.63%, 02/15/32^(b)			23		20,072
Life Time, Inc.^(b)
5.75%, 01/15/26			101		100,274
8.00%, 04/15/26			81		81,736
Light & Wonder International, Inc., 7.50%, 09/01/31			81		84,488
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28^(b)			62		64,106
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)			100		99,500
Lottomatica SpA, (3-mo. EURIBOR + 4.00%), 7.93%, 12/15/30^(a)(c)	EUR		100		111,497
Melco Resorts Finance Ltd., 5.38%, 12/04/29^(b)	USD		200		176,000
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			40		37,200
NCL Corp. Ltd.^(b)
5.88%, 03/15/26			110		107,487
8.38%, 02/01/28			37		39,179
8.13%, 01/15/29			31		32,382
7.75%, 02/15/29			51		51,309
NCL Finance Ltd., 6.13%, 03/15/28^(b)			46		44,033
Ontario Gaming GTA LP, 8.00%, 08/01/30			41		42,281
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			34		27,200
5.88%, 09/01/31			37		28,860
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29^(b)			36		38,419
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26^(b)			57		54,330
Royal Caribbean Cruises Ltd.^(b)
4.25%, 07/01/26			24		23,181
5.50%, 08/31/26			40		39,606
5.38%, 07/15/27			43		42,567
5.50%, 04/01/28			58		57,261
8.25%, 01/15/29			62		65,686
7.25%, 01/15/30			77		80,417
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30^(b)			69		65,235
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)			257		257,792


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)	USD		28	$	28,121
Station Casinos LLC^(b)
4.50%, 02/15/28			69		65,055
4.63%, 12/01/31			66		59,510
Viking Cruises Ltd.^(b)
5.88%, 09/15/27			58		55,970
7.00%, 02/15/29			13		12,888
9.13%, 07/15/31			215		229,103
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			45		43,875
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			44		41,147
Wynn Macau Ltd., 5.63%, 08/26/28^(b)			200		184,812
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
5.13%, 10/01/29			202		190,645
7.13%, 02/15/31			103		107,266
Yum! Brands, Inc., 4.75%, 01/15/30^(b)			41		39,742


					7,284,574

Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
4.63%, 04/01/30			46		41,206
Series B, 4.63%, 08/01/29			32		28,456
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
5.00%, 06/15/29			67		59,473
4.88%, 02/15/30			56		49,248
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			104		102,891
Dream Finders Homes, Inc., 8.25%, 08/15/28			30		31,704
KB Home, 7.25%, 07/15/30			21		21,737
LGI Homes, Inc., 8.75%, 12/15/28			33		35,104
Mattamy Group Corp., 4.63%, 03/01/30^(b)			72		66,726
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)			724		520,375
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			2		2,010
5.13%, 08/01/30			20		19,348
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29			89		80,384
3.88%, 10/15/31			23		19,445
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		17,753


					1,095,860

Household Products — 0.0%
Central Garden & Pet Co.
5.13%, 02/01/28			15		14,574
4.13%, 10/15/30			43		39,110
4.13%, 04/30/31^(b)			55		48,607
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			8		7,633
5.50%, 07/15/30			50		48,519


					158,443

Independent Power and Renewable Electricity Producers^(b)— 0.1%
Alexander Funding Trust II, 7.47%, 07/31/28			100		105,004
Calpine Corp.
5.25%, 06/01/26			28		27,628
4.63%, 02/01/29			99		91,954
5.00%, 02/01/31			25		22,918
Clearway Energy Operating LLC
4.75%, 03/15/28			47		45,280


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
Clearway Energy Operating LLC (continued)
3.75%, 01/15/32	USD		97	$	84,266
NextEra Energy Partners LP⁽ⁱ⁾
0.00%, 11/15/25^(j)			51		44,549
2.50%, 06/15/26			51		45,696
NRG Energy, Inc., 7.00%, 03/15/33			50		52,848


					520,143

Insurance — 0.7%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)			43		39,072
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27^(b)			285		273,899
6.75%, 10/15/27^(b)			792		789,200
6.75%, 04/15/28^(b)			131		134,017
5.88%, 11/01/29^(b)			447		423,529
7.00%, 01/15/31			129		136,078
AmWINS Group, Inc., 4.88%, 06/30/29^(b)			121		110,501
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)			4		4,040
HUB International Ltd.^(b)
7.00%, 05/01/26			203		203,785
7.25%, 06/15/30			433		457,348
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30			136		142,818
10.50%, 12/15/30			83		87,474
NFP Corp.
4.88%, 08/15/28^(b)			149		147,457
6.88%, 08/15/28^(b)			386		392,408
7.50%, 10/01/30^(b)			34		36,186
8.50%, 10/01/31			48		52,027
Ryan Specialty LLC, 4.38%, 02/01/30^(b)			49		45,447
USI, Inc., 7.50%, 01/15/32			119		121,832


					3,597,118

Interactive Media & Services — 0.1%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			200		163,000
Arches Buyer, Inc., 4.25%, 06/01/28^(b)			36		32,603
iliad SA^(c)
5.38%, 06/14/27	EUR		100		113,155
5.63%, 02/15/30			100		114,082
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)	USD		97		92,635


					515,475

Internet Software & Services^(b)— 0.1%
ANGI Group LLC, 3.88%, 08/15/28			80		67,562
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			71		64,304
Match Group Holdings II LLC
4.63%, 06/01/28			81		77,558
3.63%, 10/01/31			53		45,793


					255,217

IT Services — 0.6%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			50		43,563
Booz Allen Hamilton, Inc., 4.00%, 07/01/29^(b)			54		50,606
CA Magnum Holdings, 5.38%, 10/31/26^(b)			201		186,930
Camelot Finance SA, 4.50%, 11/01/26^(b)			136		132,793
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29			302		315,216
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)			188		191,733


Security		Par (000)		Value

IT Services (continued)
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)	USD		153	$	142,721
Fair Isaac Corp., 4.00%, 06/15/28^(b)			95		89,904
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,280,719
Gartner, Inc.^(b)
4.50%, 07/01/28			71		67,331
3.75%, 10/01/30			36		31,823
KBR, Inc., 4.75%, 09/30/28^(b)			75		69,506
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/28^(b)			31		33,348
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)			12		11,764
Twilio, Inc.
3.63%, 03/15/29			52		47,439
3.88%, 03/15/31			129		114,875
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)			231		209,516


					3,019,787

Leisure Products — 0.0%
Acushnet Co., 7.38%, 10/15/28			22		22,953
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			59		50,806
Mattel, Inc.
6.20%, 10/01/40			60		58,036
5.45%, 11/01/41			44		39,626


					171,421

Machinery — 0.8%
ATS Corp., 4.13%, 12/15/28^(b)			35		32,190
BWX Technologies, Inc.^(b)
4.13%, 06/30/28			86		79,747
4.13%, 04/15/29			57		52,013
Chart Industries, Inc.^(b)
7.50%, 01/01/30			224		234,135
9.50%, 01/01/31			30		32,585
Gates Global LLC/Gates Corp., 6.25%, 01/15/26^(b)			263		261,685
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			35		26,994
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(h)			126		125,448
Madison IAQ LLC, 5.88%, 06/30/29^(b)			1,162		1,023,819
Mueller Water Products, Inc., 4.00%, 06/15/29^(b)			24		21,864
OT Merger Corp., 7.88%, 10/15/29^(b)			37		22,163
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			39		36,092
Terex Corp., 5.00%, 05/15/29^(b)			102		96,135
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)			189		190,191
TK Elevator Holdco GmbH
6.63%, 07/15/28^(c)	EUR		90		91,414
7.63%, 07/15/28^(b)	USD		200		196,458
TK Elevator Midco GmbH, 4.38%, 07/15/27^(c)	EUR		200		213,460
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)	USD		312		306,495
Vertiv Group Corp., 4.13%, 11/15/28^(b)			998		936,343


					3,979,231

Media — 1.1%
Adelphia Communications Corp., 10.50%, 12/31/49^(d)(e)(g)			400		—
Altice Financing SA, 5.75%, 08/15/29^(b)			236		209,428
Cable One, Inc.
0.00%, 03/15/26^(i)(j)			28		23,758
1.13%, 03/15/28⁽ⁱ⁾			66		49,995
4.00%, 11/15/30^(b)			57		46,149


28		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
5.00%, 02/01/28	USD		28	$	26,790
6.38%, 09/01/29			385		379,673
4.50%, 08/15/30			22		19,833
7.38%, 03/01/31			662		679,453
4.25%, 01/15/34			152		123,519
Clear Channel International BV, 6.63%, 08/01/25^(b)			200		200,964
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/27^(b)			113		107,868
7.75%, 04/15/28^(b)			168		144,850
9.00%, 09/15/28			392		409,038
7.50%, 06/01/29^(b)			47		39,079
CMG Media Corp., 8.88%, 12/15/27^(b)			79		62,657
CSC Holdings LLC^(b)
5.50%, 04/15/27			200		184,860
11.25%, 05/15/28			200		206,072
4.50%, 11/15/31			216		163,312
Directv Financing LLC/Directv Financing Co- Obligor, Inc., 5.88%, 08/15/27^(b)			123		115,568
DISH DBS Corp.
7.75%, 07/01/26			85		59,203
5.25%, 12/01/26^(b)			188		161,069
DISH Network Corp., 11.75%, 11/15/27^(b)			315		328,815
GCI LLC, 4.75%, 10/15/28^(b)			35		32,112
Gray Television, Inc.^(b)
5.88%, 07/15/26			41		39,881
7.00%, 05/15/27			68		64,634
Lamar Media Corp., 4.00%, 02/15/30			15		13,747
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)			180		176,303
Nexstar Media, Inc., 5.63%, 07/15/27^(b)			20		19,339
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27^(b)			108		104,393
4.25%, 01/15/29^(b)			76		68,580
4.63%, 03/15/30^(b)			22		19,613
7.38%, 02/15/31			75		78,761
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26			728		555,248
6.50%, 09/15/28			179		87,707
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)			16		11,280
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26			11		10,336
5.00%, 08/01/27			92		88,871
4.00%, 07/15/28			53		49,017
Stagwell Global LLC, 5.63%, 08/15/29^(b)			32		29,433
Summer BidCo BV, (9.00% Cash or 9.75% PIK),
9.00%, 11/15/25^(c)(h)	EUR		124		135,758
TEGNA, Inc., 4.75%, 03/15/26^(b)	USD		11		10,699
Univision Communications, Inc.^(b)
6.63%, 06/01/27			78		77,787
8.00%, 08/15/28			169		174,344
7.38%, 06/30/30			35		34,900
Videotron Ltd., 3.63%, 06/15/29^(b)			22		19,966


					5,644,662

Metals & Mining — 0.4%
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(b)			46		47,995
ATI, Inc.
5.88%, 12/01/27			48		47,302
4.88%, 10/01/29			32		29,823


Security		Par (000)		Value

Metals & Mining (continued)
ATI, Inc. (continued)
7.25%, 08/15/30	USD		131	$	136,291
5.13%, 10/01/31			88		81,621
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)			308		314,031
Carpenter Technology Corp.
6.38%, 07/15/28			24		23,910
7.63%, 03/15/30			83		85,588
Constellium SE
4.25%, 02/15/26^(c)	EUR		100		109,706
3.75%, 04/15/29^(b)	USD		250		226,840
ERO Copper Corp., 6.50%, 02/15/30^(b)			78		68,816
Kaiser Aluminum Corp.^(b)
4.63%, 03/01/28			42		38,843
4.50%, 06/01/31			188		162,061
Mineral Resources Ltd., 9.25%, 10/01/28			10		10,638
New Gold, Inc., 7.50%, 07/15/27^(b)			135		136,198
Novelis Corp.^(b)
3.25%, 11/15/26			217		204,283
4.75%, 01/30/30			300		282,135
3.88%, 08/15/31			96		84,598
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(c)	EUR		100		104,103


					2,194,782

Mortgage Real Estate Investment Trusts (REITs)^(b)— 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 10/01/25	USD		12		11,838
4.75%, 06/15/29			22		19,837
Starwood Property Trust, Inc., 4.38%, 01/15/27			13		12,251


					43,926

Office REITs — 0.0%
Highwoods Realty LP, 7.65%, 02/01/34			15		16,182


Oil, Gas & Consumable Fuels — 2.1%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)			136		136,680
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27			34		33,736
5.75%, 01/15/28			15		14,851
5.38%, 06/15/29			66		63,450
Antero Resources Corp., 7.63%, 02/01/29^(b)			23		23,601
Apache Corp., 5.35%, 07/01/49			36		29,932
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			144		181,440
8.25%, 12/31/28			220		221,278
Series B, 5.88%, 06/30/29			113		105,130
Baytex Energy Corp., 8.50%, 04/30/30^(b)			75		77,618
Buckeye Partners LP
5.85%, 11/15/43			16		12,962
5.60%, 10/15/44			1		769
Callon Petroleum Co.
6.38%, 07/01/26			49		48,767
8.00%, 08/01/28^(b)			143		146,042
7.50%, 06/15/30^(b)			268		270,284
Chesapeake Energy Corp., 6.75%, 04/15/29^(b)			132		133,228
CITGO Petroleum Corp.^(b)
7.00%, 06/15/25			163		162,735
8.38%, 01/15/29			130		133,683
Civitas Resources, Inc.^(b)
8.38%, 07/01/28			204		212,965


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Civitas Resources, Inc.^(b)(continued)
8.63%, 11/01/30	USD		105	$	111,376
8.75%, 07/01/31			224		238,459
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			32		28,735
CNX Resources Corp., 7.38%, 01/15/31^(b)			32		32,222
Comstock Resources, Inc.^(b)
6.75%, 03/01/29			328		299,958
5.88%, 01/15/30			33		28,621
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)			250		236,901
Crescent Energy Finance LLC^(b)
7.25%, 05/01/26			180		181,110
9.25%, 02/15/28			158		163,936
CrownRock LP/CrownRock Finance, Inc., 5.00%, 05/01/29^(b)			20		19,500
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30			57		58,288
DT Midstream, Inc.^(b)
4.13%, 06/15/29			110		101,198
4.38%, 06/15/31			79		71,261
Enbridge, Inc., (5-year CMT + 4.43%), 8.50%, 01/15/84^(a)			50		53,182
Energy Transfer LP
6.00%, 02/01/29^(b)			22		22,198
7.38%, 02/01/31^(b)			27		28,375
Series H, (5-year CMT + 5.69%), 6.50%^(a)(l)			144		136,840
EnLink Midstream LLC
5.63%, 01/15/28^(b)			93		91,947
5.38%, 06/01/29			36		35,224
6.50%, 09/01/30^(b)			65		66,363
EnLink Midstream Partners LP
4.85%, 07/15/26			21		20,574
5.60%, 04/01/44			74		64,404
EQM Midstream Partners LP
4.13%, 12/01/26			17		16,420
6.50%, 07/01/27^(b)			68		69,240
7.50%, 06/01/30^(b)			67		72,026
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27^(b)			26		26,971
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28			15		15,052
8.25%, 01/15/29			47		48,365
8.88%, 04/15/30			32		33,088
Gulfport Energy Corp., 8.00%, 05/17/26^(b)			11		11,625
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			20		19,882
Hess Midstream Operations LP, 4.25%, 02/15/30^(b)			77		70,840
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
6.25%, 11/01/28			21		20,919
5.75%, 02/01/29			72		69,530
6.00%, 04/15/30			5		4,849
8.38%, 11/01/33			159		168,451
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28^(b)			67		70,321
ITT Holdings LLC, 6.50%, 08/01/29^(b)			109		96,426
Kinetik Holdings LP
6.63%, 12/15/28			24		24,451
5.88%, 06/15/30^(b)			74		72,598
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(b)			10		9,750
Matador Resources Co.
5.88%, 09/15/26			54		53,552


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Matador Resources Co. (continued)
6.88%, 04/15/28^(b)	USD		94	$	95,346
Murphy Oil Corp., 5.88%, 12/01/27			13		12,934
Murphy Oil USA, Inc., 4.75%, 09/15/29			64		60,640
Nabors Industries Ltd.^(b)
7.25%, 01/15/26			66		63,440
7.50%, 01/15/28			63		54,479
Nabors Industries, Inc.
5.75%, 02/01/25			243		242,919
7.38%, 05/15/27^(b)			10		9,797
9.13%, 01/31/30^(b)			71		71,288
New Fortress Energy, Inc., 6.75%, 09/15/25^(b)			136		134,915
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			110		111,101
Noble Finance II LLC, 8.00%, 04/15/30^(b)			78		81,163
Northern Oil and Gas, Inc.^(b)
8.13%, 03/01/28			238		240,975
8.75%, 06/15/31			74		77,078
NuStar Logistics LP
6.00%, 06/01/26			123		122,784
6.38%, 10/01/30			2		2,004
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30^(b)			46		46,846
Permian Resources Operating LLC
5.38%, 01/15/26^(b)			32		31,574
7.75%, 02/15/26^(b)			82		83,421
6.88%, 04/01/27^(b)			37		36,975
8.00%, 04/15/27^(b)			88		91,219
5.88%, 07/01/29^(b)			177		172,568
9.88%, 07/15/31^(b)			79		87,789
7.00%, 01/15/32			85		87,692
Precision Drilling Corp., 6.88%, 01/15/29^(b)			4		3,857
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)			131		123,810
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(b)			14		13,386
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28			100		103,622
SM Energy Co.
6.75%, 09/15/26			41		40,893
6.63%, 01/15/27			7		6,960
6.50%, 07/15/28			45		45,021
Southwestern Energy Co.
5.38%, 02/01/29			62		60,505
4.75%, 02/01/32			2		1,850
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28^(b)			50		51,589
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
6.00%, 03/01/27			14		13,690
5.50%, 01/15/28			21		19,845
6.00%, 12/31/30			2		1,859
6.00%, 09/01/31			41		37,922
Transocean Aquila Ltd., 8.00%, 09/30/28^(b)			33		33,494
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)			32		33,200
Transocean, Inc.^(b)
7.50%, 01/15/26			250		245,615
11.50%, 01/30/27			93		97,185
8.00%, 02/01/27			60		58,500
8.75%, 02/15/30			233		243,168
Valaris Ltd., 8.38%, 04/30/30^(b)			196		200,810
Venture Global Calcasieu Pass LLC^(b) 3.88%, 08/15/29			285		258,580


30		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Venture Global Calcasieu Pass LLC^(b)(continued)
4.13%, 08/15/31	USD		5	$	4,405
3.88%, 11/01/33			193		163,558
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28			202		203,999
9.50%, 02/01/29			587		621,144
8.38%, 06/01/31			358		357,815
9.88%, 02/01/32			281		292,701
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			51		48,962
Vital Energy, Inc.
10.13%, 01/15/28			70		71,929
9.75%, 10/15/30			85		88,117
Western Midstream Operating LP
5.45%, 04/01/44			105		95,057
5.30%, 03/01/48			39		33,939
5.50%, 08/15/48			17		15,161
5.25%, 02/01/50			54		48,414


					10,833,688

Passenger Airlines — 0.1%
Air Canada, 3.88%, 08/15/26^(b)			73		69,743
American Airlines, Inc., 8.50%, 05/15/29^(b)			126		133,056
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(b)			88		86,078
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(b)			47		33,334
United Airlines Pass-Through Trust,
Series 2020-1, Class B, 4.88%, 07/15/27			12		11,779
United Airlines, Inc., 4.63%, 04/15/29^(b)			175		163,666
VistaJet Malta Finance PLC/Vista Management
Holding, Inc.^(b)
7.88%, 05/01/27			33		28,383
6.38%, 02/01/30			52		36,315


					562,354

Personal Care Products^(b)— 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
4.75%, 01/15/29			5		4,769
6.63%, 07/15/30			66		67,803


					72,572

Pharmaceuticals — 0.2%
1375209 BC Ltd., 9.00%, 01/30/28^(b)			60		58,506
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28^(c)	EUR		100		107,380
Gruenenthal GmbH, 4.13%, 05/15/28^(c)			100		108,991
Option Care Health, Inc., 4.38%, 10/31/29^(b)	USD		79		71,397
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28^(b)			200		184,093
PRA Health Sciences, Inc., 2.88%, 07/15/26^(b)			200		186,888
Prestige Brands, Inc., 3.75%, 04/01/31^(b)			56		48,953
Teva Pharmaceutical Finance Netherlands II BV, 3.75%, 05/09/27	EUR		100		106,349
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26	USD		203		187,648


					1,060,205

Professional Services — 0.0%
CoreLogic, Inc., 4.50%, 05/01/28^(b)			243		212,870


Security		Par (000)		Value

Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp.
7.00%, 04/15/30	USD		80	$	73,775
7.00%, 04/15/30^(b)			45		41,769
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28^(b)			101		100,495
8.88%, 09/01/31			38		40,271
Howard Hughes Corp.^(b)
5.38%, 08/01/28			46		44,212
4.38%, 02/01/31			53		45,964
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29^(b)			42		32,641


					379,127

Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			51		45,900


Semiconductors & Semiconductor Equipment — 0.2%
ams-OSRAM AG, 10.50%, 03/30/29	EUR		100		119,751
Entegris Escrow Corp., 4.75%, 04/15/29^(b)	USD		564		543,365
Entegris, Inc., 4.38%, 04/15/28^(b)			74		70,423
NCR Atleos Corp., 9.50%, 04/01/29			63		66,937
Synaptics, Inc., 4.00%, 06/15/29^(b)			84		75,347


					875,823

Software — 0.8%
Alteryx, Inc., 8.75%, 03/15/28^(b)			61		64,927
Boxer Parent Co., Inc.^(b)
7.13%, 10/02/25			85		85,456
9.13%, 03/01/26			177		176,611
Capstone Borrower, Inc., 8.00%, 06/15/30^(b)			78		81,148
Clarivate Science Holdings Corp.^(b)
3.88%, 07/01/28			342		322,470
4.88%, 07/01/29			206		193,297
Cloud Software Group, Inc.^(b)
6.50%, 03/31/29			1,168		1,112,451
9.00%, 09/30/29			974		925,741
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26			23		21,869
6.50%, 10/15/28			20		18,141
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			16		14,460
Elastic NV, 4.13%, 07/15/29^(b)			120		110,190
McAfee Corp., 7.38%, 02/15/30^(b)			226		206,395
MicroStrategy, Inc., 6.13%, 06/15/28^(b)			144		139,700
Open Text Corp., 6.90%, 12/01/27^(b)			207		215,208
Playtika Holding Corp., 4.25%, 03/15/29^(b)			21		18,323
PTC, Inc., 4.00%, 02/15/28^(b)			32		30,326
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)			284		279,948
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			113		93,289


					4,109,950

Specialized REITs^(b)— 0.1%
Iron Mountain, Inc.
7.00%, 02/15/29			181		186,046
5.63%, 07/15/32			44		41,653


					227,699

Specialty Retail — 0.2%
Arko Corp., 5.13%, 11/15/29^(b)			44		38,071


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Specialty Retail (continued)
eG Global Finance PLC, 12.00%, 11/30/28	USD		415	$	441,988
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29^(b)			253		246,123


					726,182

Technology Hardware, Storage & Peripherals^(b)— 0.1%
Seagate HDD Cayman
8.25%, 12/15/29			128		138,051
8.50%, 07/15/31			120		130,237


					268,288

Textiles, Apparel & Luxury Goods^(b)— 0.0%
Crocs, Inc.
4.25%, 03/15/29			57		51,057
4.13%, 08/15/31			13		11,000
Hanesbrands, Inc., 4.88%, 05/15/26			32		30,868
Kontoor Brands, Inc., 4.13%, 11/15/29			32		28,872
Levi Strauss & Co., 3.50%, 03/01/31			82		70,999


					192,796

Transportation Infrastructure — 0.0%
Azzurra Aeroporti SpA, 2.63%, 05/30/27^(c)	EUR		100		102,774


Wireless Telecommunication Services — 0.2%
Altice France SA/France
8.13%, 02/01/27^(b)	USD		334		307,891
11.50%, 02/01/27^(k)	EUR		100		110,671
5.13%, 07/15/29^(b)	USD		200		155,604
Cellnex Finance Co. SA, 2.00%, 02/15/33^(c)	EUR		100		93,987
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)	USD		200		198,802
Hughes Satellite Systems Corp., 5.25%, 08/01/26			29		25,519
T-Mobile U.S., Inc.
3.38%, 04/15/29			67		62,250
3.50%, 04/15/31			26		23,769
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31^(b)			200		178,521


					1,157,014


Total Corporate Bonds — 18.6% (Cost: $104,045,072)					94,434,861


Floating Rate Loan Interests^(a)

Aerospace & Defense — 4.2%
Barnes Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.46%, 09/03/30			604		605,208
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.61%, 10/31/28			985		987,751
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.36%, 08/03/29			322		316,714
Cubic Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			2,525		2,343,589
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			512		475,472
Dynasty Acquisition Co., Inc., 2023 Term Loan B1, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			3,336		3,342,958
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.60%), 10.96%, 04/09/26			755		689,503


Security		Par (000)		Value

Aerospace & Defense (continued)
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.22%, 02/01/29	USD		1,467	$	1,456,274
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/01/28			4,981		4,987,433
Setanta Aircraft Leasing DAC, Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.61%, 11/05/28			1,175		1,177,937
Standard Aero Ltd., 2023 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			1,430		1,432,696
TransDigm, Inc.
2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.60%, 08/24/28			2,776		2,786,758
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.60%, 02/14/31			681		683,554


					21,285,847

Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.60%, 03/17/30			220		219,178


Automobile Components — 0.7%
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 04/10/28			587		588,871
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 05/06/30			2,041		2,043,436
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.47%, 11/17/28			1,011		889,114


					3,521,421

Automobiles — 0.6%
Dealer Tire Financial LLC, Series B, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 12/14/27			2,633		2,638,140
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/08/28			204		174,987


					2,813,127

Banks — 0.9%
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.18%, 08/02/29			2,372		2,274,730
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 08/02/28			2,387		2,378,410


					4,653,140

Beverages — 1.2%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.45%, 01/24/30			1,631		1,304,825
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 01/24/29			3,489		3,366,834
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 03/31/28			1,165		1,152,315


					5,823,974

Broadline Retail — 1.2%
New SK Holdco Sub LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 13.71%, 06/30/27^(h)			2,203		2,182,873


32		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Broadline Retail (continued)
PUG LLC
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 02/12/27^(e)	USD		320	$	316,446
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			2,876		2,824,671
Sally Holdings LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 02/28/30			572		573,286
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/21/27			335		270,322


					6,167,598

Building Products — 1.2%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 05/13/29			227		227,424
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 05/19/28			1,202		1,206,494
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 12/17/27			433		426,765
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			2,385		2,386,051
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.96%, 06/02/28			855		854,096
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 10/19/27			1,078		1,079,713


					6,180,543

Capital Markets — 2.2%
Aretec Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.96%, 08/09/30			517		515,586
Axalta Coating Systems U.S. Holdings, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 12/20/29			1,125		1,127,498
Azalea Topco, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 07/24/26			2,287		2,252,567
Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 07/24/26			836		825,877
Castlelake Aviation One DAC
2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 10/22/27			646		646,877
Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.12%, 10/22/26			1,891		1,893,312
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 06/30/28			1,280		1,278,652
2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 06/30/28			712		713,105


Security		Par (000)		Value

Capital Markets (continued)
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.20%, 04/03/28	USD		589	$	588,535
Osaic Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 4.50%), 9.86%, 08/17/28			1,253		1,255,581


					11,097,590

Chemicals — 4.6%
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.46%, 09/30/29^(e)			815		731,462
Aruba Investments Holdings LLC
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.21%, 11/24/28			1,275		1,190,531
2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/24/27			671		660,620
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.32%, 08/27/26			1,163		1,115,504
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.86%, 08/18/28			1,039		1,036,277
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/29/27			569		456,397
Derby Buyer LLC, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 11/01/30^(e)			1,698		1,698,000
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29			859		845,148
Ecovyst Catalyst Technologies LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.98%, 06/09/28			1,507		1,507,923
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/18/30^(e)			1,732		1,736,721
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.61%, 02/15/30			263		263,407
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.37%, 07/03/28			935		843,852
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 02/18/30			612		611,925
LSF11 A5 Holdco LLC
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.71%, 10/15/28			260		260,129
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/15/28			1,635		1,636,385
Lummus Technology Holdings V LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 06/30/27			209		208,847
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.86%, 03/29/28			1,922		1,853,446


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.47%, 04/03/28	USD		825	$	827,173
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 11/09/28			820		823,020
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR + 3.60%), 9.01%, 10/14/24			1,408		1,358,947
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 03/16/27			919		919,749
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 08/02/28			1,419		1,414,131
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.36%, 09/22/28			1,256		1,257,703


					23,257,297

Commercial Services & Supplies — 2.6%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 10/24/30^(e)			580		581,427
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.92%, 08/17/26 .			1,715		1,721,508
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 05/12/28			2,281		2,268,524
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.11%, 05/12/28			301		300,820
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 02/15/29			679		677,647
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.89%, 12/15/28			681		527,726
Prime Security Services Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.84%, 10/14/30			649		650,519
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.11%, 08/31/28			4,167		4,181,813
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/02/27			1,446		1,393,586
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.47%, 07/30/28			881		875,666


					13,179,236
Communications Equipment — 0.6%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 10/24/30			1,255		1,257,139


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc.
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 05/30/30	USD		760	$	743,943
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 03/02/29			1,031		1,009,264


					3,010,346

Construction & Engineering — 1.1%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.88%, 08/01/30			3,012		2,990,941
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.96%, 12/16/27			200		199,935
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 01/21/28			925		926,794
USIC Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.11%, 05/12/28			1,530		1,515,347


					5,633,017

Construction Materials — 3.6%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.86%, 05/17/28			1,412		1,234,763
American Builders & Contractors Supply Co., Inc., Series A, 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.46%, 01/15/27			1,045		1,047,325
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/03/28			2,129		2,121,344
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 04/12/28			308		307,212
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 11/23/27			1,256		1,233,429
CP Iris Holdco I, Inc.
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 10/01/29			919		824,803
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/02/28			212		211,209
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 04/28/29			698		698,512
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.36%, 05/31/30			878		880,328
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			545		545,808
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.72%, 07/28/28			712		713,242
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR + 4.18%), 8.10%, 04/12/28	EUR		853		825,169
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.36%, 03/08/29	USD		728		625,929


34		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials (continued)
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 04/29/29	USD		949	$	938,311
Quikrete Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/19/29			557		558,557
Smyrna Ready Mix Concrete LLC
2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.86%, 04/02/29			699		412,470
Term Loan B, 04/02/29^(m)			66		65,865
Standard Industries, Inc./New Jersey, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/22/28			1,392		1,394,578
Summit Materials LLC, 2023 Incremental Term Loan B, 11/30/28^(m)			655		657,050
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.70%, 12/31/26			2,992		2,995,793
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 10/04/28			98		98,198


					18,389,895

Consumer Finance — 1.1%
GTCR W Merger Sub LLC, USD Term Loan B, 09/20/30^(m)			1,457		1,462,464
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.21%, 11/16/26			1,617		1,617,904
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 12/01/28			1,602		1,606,673
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.72%, 03/31/28			850		851,852


					5,538,893

Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.47%, 09/13/26			563		563,265
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 11/22/28			779		781,679


					1,344,944

Containers & Packaging — 1.8%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 12/01/27			3,379		3,391,015
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.46%, 10/29/28			1,391		1,330,726
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.34%, 08/14/26			1,138		1,141,445
Pactiv Evergreen Group Holdings Inc, 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.72%, 02/05/26			941		943,092


Security		Par (000)		Value

Containers & Packaging (continued)
Pregis TopCo Corp.
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 07/31/26	USD		535	$	535,469
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 07/31/26			611		610,004
Trident TPI Holdings, Inc., 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.61%, 09/15/28			1,129		1,124,052


					9,075,803

Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.39%, 10/28/27			863		802,780


Diversified Consumer Services — 1.8%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.21%, 12/10/29			589		503,400
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/11/28			835		819,622
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 11/24/28			804		802,346
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 06/12/30			1,268		1,271,854
Learning Care Group U.S. No. 2, Inc., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 08/11/28			198		199,396
Sotheby’s
2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27			1,641		1,617,709
Series L, 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27			360		354,750
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.85%, 10/04/30			1,408		1,410,791
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 02/05/26			2,255		2,259,803


					9,239,671

Diversified Telecommunication Services — 1.6%
Cablevision Lightpath LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.73%, 11/30/27			197		195,998
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.97%, 10/02/27			712		660,587
Level 3 Financing, Inc., 2023 TSA Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27^(e)			1,749		1,661,649


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Lumen Technologies, Inc., 2023 TSA Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.71%, 03/15/27^(e)	USD		1,611	$	1,095,299
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.81%, 09/01/28			755		715,274
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/09/27			4,386		3,754,249


					8,083,056

Electronic Equipment, Instruments & Components — 0.7%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 07/02/29			1,347		1,349,073
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, 07/31/28^(m)			156		156,509
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.35%, 11/22/29			2,261		2,263,960


					3,769,542

Energy Equipment & Services — 0.0%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 06/28/24^(e)			46		30,835
2020 Take Back Term Loan, (1-mo. CME Term SOFR + 4.00%), 6.47%, 06/30/25			352		137,980


					168,815

Entertainment — 3.3%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 04/22/26			1,299		1,082,371
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 05/24/29			87		87,518
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.60%, 03/08/30			809		804,843
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 11/27/28			1,876		1,882,358
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.60%, 01/15/30			1,655		1,658,111
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 03/24/25			1,492		1,486,191
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 10/19/26			2,227		2,221,999
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.14%, 01/23/25			1,682		1,681,888
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.40%, 04/29/26			760		762,280


Security		Par (000)		Value

Entertainment (continued)
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 05/18/25	USD		2,514	$	2,518,784
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.60%, 01/20/28			2,416		2,415,537


					16,601,880

Environmental, Maintenance & Security Service — 0.5%
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 10/08/28			606		606,506
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			75		74,763
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			982		980,623
GFL Environmental, Inc., 2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.91%, 05/31/27			644		645,786


					2,307,678

Financial Services — 3.2%
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.88%, 11/13/25			1,947		1,946,550
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.25%), 7.90%, 10/30/26			1,116		1,117,876
2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.43%), 8.07%, 04/13/28			1,693		1,694,266
2023 USD Term Loan, 04/13/28^(e)(m)			1,420		1,423,499
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.00%, 04/18/29			423		423,333
Cogeco Financing 2 LP, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.88%, 09/29/28			1,370		1,344,589
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.10%, 04/09/27			5,578		5,517,724
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 04/07/28			1,594		1,516,292
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.38%, 06/27/29			425		426,284
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.39%, 10/04/30			271		270,775
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.00%), 8.48%, 01/31/29			672		668,675


					16,349,863

Food Products — 2.7%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.22%, 10/01/25			1,406		1,345,197
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.22%, 10/01/25			1,321		1,268,398


36		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food Products (continued)
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.97%, 06/22/30	USD		592	$	592,660
Chobani LLC
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.97%, 10/25/27			2,885		2,886,432
2023 Incremental Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.11%, 10/25/27			737		737,612
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.71%, 01/29/27			3,222		3,222,995
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.69%), 9.27%, 05/23/25			450		358,500
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/13/29			902		903,818
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 06/08/28			1,785		1,789,741
UTZ Quality Foods LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.64%, 01/20/28			597		596,752


					13,702,105

Ground Transportation — 0.7%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.10%, 04/06/28			504		499,346
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 08/06/27			563		561,027
SIRVAWorldwide, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 5.50%), 11.15%, 08/04/25			1,291		1,135,563
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 03/03/30			1,154		1,156,658


					3,352,594

Health Care Equipment & Supplies — 2.4%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 11/08/27			971		972,634
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 09/29/28			850		846,683
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 05/10/27			2,030		2,003,602
Curia Global, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.23%, 08/30/26			119		105,801
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.50%), 10.11%, 03/05/26			621		556,904
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 05/04/28			668		669,184


Security		Par (000)		Value

Health Care Equipment & Supplies (continued)
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.40%, 10/19/27	USD		1,281	$	1,244,461
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 10/23/28			3,714		3,729,693
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 12/11/26			2,247		2,243,247


					12,372,209

Health Care Providers & Services — 4.2%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 02/22/28			1,833		1,793,814
CHG Healthcare Services, Inc.
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 09/29/28			889		889,623
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.14%, 09/29/28			194		194,122
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.93%, 11/08/27			1,595		1,597,179
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/01/28			1,900		1,902,238
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 02/04/27			951		948,298
EyeCare Partners LLC
2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.39%, 02/18/27			1,915		926,729
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.39%, 11/15/29			508		135,797
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.39%, 11/15/28			463		221,494
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 07/01/30			379		378,462
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			1,719		1,724,017
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.22%, 03/06/28			1,384		1,337,131
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR + 2.00%), 7.35%, 01/02/31			1,096		1,099,135
MED ParentCo LP, 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.72%, 08/31/26			342		338,320
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 11/01/29			536		449,570
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/15/28			2,655		2,668,793


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.45%, 11/18/27	USD		1,080	$	1,063,876
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/01/28			547		508,949
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 09/27/30			626		617,912
Surgery Center Holdings, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.86%, 12/19/30			1,032		1,035,626
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 05/16/29			290		290,004
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.47%, 01/08/27			1,038		1,038,846


					21,159,935

Health Care Technology — 2.2%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 02/15/29			2,592		2,577,496
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.45%, 10/01/27			2,793		2,709,219
Verscend Holding Corp.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.47%, 04/02/29			2,740		2,740,000
2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.47%, 08/27/25			3,197		3,199,996


					11,226,711

Hotel & Resort REITs — 0.2%
RHP Hotel Properties LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.11%, 05/18/30			746		746,576


Hotels, Restaurants & Leisure — 6.5%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.22%, 02/02/26			1,636		1,518,641
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.21%, 05/31/30^(e).			139		139,997
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.93%, 10/02/28			843		796,675
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.61%, 09/20/30			2,694		2,693,171
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 02/06/30			1,122		1,124,100
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.36%, 08/08/27			879		879,314
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.46%, 03/17/28			1,302		1,300,411


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
City Football Group Ltd., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 07/21/28	USD		1,458	$	1,447,531
ECL Entertainment, LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.11%, 08/31/30			717		717,740
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.61%, 03/08/24			2,993		2,920,652
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/27/29			3,229		3,228,525
Flutter Financing BV
2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 07/22/28			420		420,552
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 11/25/30			2,961		2,963,458
Four Seasons Hotels Ltd., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 11/30/29			2,355		2,361,560
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.46%, 11/08/30			696		698,116
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 12/15/27			2,116		2,117,484
Light & Wonder International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.46%, 04/14/29			949		950,553
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 03/09/28			814		508,933
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 05/03/29			1,268		1,269,872
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 01/05/29			407		406,890
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/25/28			584		584,463
Station Casinos LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.25% Floor + 2.25%), 7.71%, 02/08/27			1,938		1,939,845
Whatabrands LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/03/28			1,966		1,966,765
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 05/24/30			172		172,092


					33,127,340

Household Durables — 1.5%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, 07/31/28^(m)			1,306		1,310,495
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.88%, 02/26/29			2,067		2,056,025
Serta Simmons Bedding, LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.96%, 06/29/28			443		420,510


38		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables (continued)
Stitch Aquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 07/28/28	USD		946	$	501,497
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 10/06/28			1,562		1,397,283
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 10/30/27			2,233		1,945,061


					7,630,871

Household Products — 0.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.54%, 12/22/26			352		352,042


Independent Power and Renewable Electricity Producers — 1.0%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 07/31/30			1,106		1,105,390
Calpine Corp.
2019 Term Loan B10, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/12/26			1,029		1,030,002
Term Loan B9, (1-mo. CME Term SOFR + 2.00%), 7.47%, 04/05/26			1,864		1,866,173
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.15%, 12/15/27			1,047		1,045,070


					5,046,635

Industrial Conglomerates — 0.1%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.40%, 10/17/30			530		530,000


Insurance — 5.5%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 11/06/30			6,097		6,097,210
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.72%, 02/19/28			2,316		2,316,168
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.22%, 02/19/28			444		445,275
Amynta Agency Borrower, Inc., 2023 1st Lien Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.61%, 02/28/28			1,269		1,268,707
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			1,268		1,270,043
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/12/27			756		756,972
2023 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 02/12/27			402		402,564
Baldwin Risk Partners, LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/14/27			393		392,493
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.37%, 11/10/29			394		395,271


Security		Par (000)		Value

Insurance (continued)
HUB International Ltd. (continued)
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.66%, 06/20/30	USD		4,411	$	4,427,888
Jones Deslauriers Insurance Management, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.62%, 03/15/30			1,025		1,027,993
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 09/01/27			1,159		1,156,083
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 02/24/28			3,310		3,317,468
USI, Inc./New York
2023 Acquisition Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.60%, 09/27/30			469		468,970
2023 Refi Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.61%, 09/27/30			537		537,097
2023 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.36%, 11/22/29			3,676		3,679,082


					27,959,284

Interactive Media & Services — 0.7%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.50%, 02/16/28			380		379,332
Adevinta ASA, USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.36%, 06/26/28			641		641,522
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.47%, 10/30/26			1,798		1,799,703
Grab Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 01/29/26			877		879,067


					3,699,624

Internet Software & Services — 0.3%
Gen Digital, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.46%, 09/12/29			1,456		1,456,551


IT Services — 3.1%
Asurion LLC
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.25%), 8.71%, 12/23/26			385		383,741
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/31/28			985		936,933
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/20/29			953		896,115
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.71%, 08/19/28			1,372		1,365,427
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 10/30/26			1,656		1,656,998
Central Parent, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 07/06/29			2,425		2,434,471
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.00%), 8.36%, 01/18/29			614		614,959
2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.21%, 02/06/26			2,000		2,002,458


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/10/27	USD		1,670	$	1,671,370
2022 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.86%, 11/09/29			1,262		1,265,551
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.64%, 07/27/28			2,073		1,456,383
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.25%), 13.89%, 07/27/29			1,907		724,623
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.40%, 06/28/29			563		557,352


					15,966,381

Leisure Products — 0.3%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.46%, 12/01/28^(e)			421		411,399
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.48%, 05/25/27			295		295,325
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.96%, 03/15/30			1,034		1,033,109


					1,739,833

Machinery — 4.3%
Arcline FM Holdings LLC
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.36%, 06/23/28			1,324		1,321,060
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 10.86%, 06/23/28^(e)			440		439,898
Columbus McKinnon Corp./New York, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 05/14/28			311		311,299
Doosan Bobcat North America, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.95%, 04/20/29			229		229,310
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 10/21/28			1,016		1,015,968
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 10/21/28			2,078		2,084,776
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			268		268,318
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.96%, 03/31/27			2,113		2,114,853
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 12/13/26			290		289,638
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 06/21/28			3,228		3,213,787


Security		Par (000)			Value

Machinery (continued)
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 04/05/29	USD		1,728		$	1,732,366
Titan Acquisition Ltd./Canada, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/28/25			4,161			4,152,748
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.38%, 07/30/27			2,388			2,390,949
Vertiv Group Corp., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.21%, 03/02/27			2,121			2,126,861


						21,691,831

Media — 4.3%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.86%, 06/30/28			413			397,501
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/21/28			1,138			1,141,499
Altice Financing SA
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.41%, 07/15/25			639			632,898
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.41%, 01/31/26			1,705			1,681,114
AVSC Holding Corp.^(h)
2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.25%, 0.25% PIK), 9.21%, 03/03/25			859			839,707
2020 Term Loan B3, (3-mo. LIBOR US + 5.00%, 10.00% PIK), 15.00%, 10/15/26			875			888,240
Charter Communications Operating, LLC, 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/07/30			1,253			1,247,648
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/21/26			1,145			1,131,570
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.95%, 12/17/26			—	⁽ⁿ⁾		188
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.98%, 04/15/27			1,817			1,717,406
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.65%, 08/02/27			1,849			1,847,113
NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.72%, 10/20/25			1,260			1,187,386
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 09/25/26			2,376			1,893,639
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 9.21%, 04/21/29			914			741,644
Virgin Media Bristol LLC
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.25%), 8.73%, 01/31/29			1,212			1,208,000
USD Term Loan N, (1-mo. CME Term SOFR + 2.50%), 7.98%, 01/31/28			2,578			2,564,982


40		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Voyage Digital NZ, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.37%, 05/11/29^(e)	USD		828	$	826,187
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.50%), 7.98%, 04/30/28			1,876		1,868,627


					21,815,349

Oil, Gas & Consumable Fuels — 2.0%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.18%, 12/21/28			3,235		3,227,729
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 09/19/29			227		227,339
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.86%, 10/18/28			1,874		1,879,022
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.21%, 01/31/28			559		561,049
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.39%, 10/27/28			1,597		1,569,052
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/05/28			2,660		2,663,754


					10,127,945

Paper & Forest Products — 0.3%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 09/07/27			1,717		1,718,394


Passenger Airlines — 2.4%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28			1,291		1,323,840
Air Canada, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 08/11/28			1,775		1,778,134
American Airlines, Inc.
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.87%, 06/04/29			1,563		1,564,954
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.11%, 01/29/27			146		144,283
Series AA, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.60%, 02/15/28			2,168		2,163,764
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.77%, 06/21/27			2,043		2,110,481
United Airlines, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/21/28			2,570		2,575,487
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.46%, 12/11/26			657		655,191


					12,316,134


Security		Par (000)		Value

Personal Care Products — 1.0%
Sunshine Luxembourg VII SARL, 2021 USD Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.95%, 10/01/26	USD		5,251	$	5,273,161


Pharmaceuticals — 1.6%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.86%, 05/04/28			1,056		1,036,549
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.71%, 02/01/27			929		753,855
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 08/01/27			1,266		1,256,654
Jazz Financing Lux SARL, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 05/05/28			1,893		1,901,948
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 10/27/28			602		603,550
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 06/02/28			1,238		1,238,978
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 04/20/29			833		829,768
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			428		429,541
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 07/03/28			85		84,968


					8,135,811

Professional Services — 2.4%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 02/04/28			1,760		1,763,433
ASGN, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 08/30/30			358		359,356
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.50%), 11.97%, 06/04/29			978		871,036
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			3,045		2,955,549
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			524		517,906
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			1,135		1,122,130
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/28/28			1,921		1,921,248
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 04/29/29^(e)			1,587		1,301,453
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.71%, 02/28/27			1,443		1,445,300


					12,257,411


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development — 0.4%
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 08/21/25	USD		79	$	78,927
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 01/31/30			1,066		1,054,766
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/31/30^(e)			791		789,022


					1,922,715

Semiconductors & Semiconductor Equipment — 0.3%
MKS Instruments, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/17/29			1,200		1,201,504
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.87%, 12/02/28			542		538,954


					1,740,458

Software — 11.2%
Applied Systems, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.10%, 09/17/27			630		632,703
2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.85%, 09/18/26			677		679,051
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 08/15/29			863		840,672
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/21/28			1,462		1,461,253
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 03/30/29			4,611		4,495,111
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.46%, 10/08/29			676		644,451
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/08/28			735		726,901
Cornerstone OnDemand, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 10/16/28			541		522,360
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.62%, 12/01/28			330		329,918
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/04/28			247		247,247
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 12/01/27			2,763		2,771,291
Helios Software Holdings, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.70%, 07/18/30			1,172		1,169,132
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 10/27/28			2,646		2,649,607


Security		Par (000)		Value

Software (continued)
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.19%, 03/01/29	USD		3,004	$	2,983,611
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.61%, 02/23/29			1,724		1,600,487
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 05/03/28			4,695		4,608,048
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.70%, 12/18/28			824		748,810
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/13/28			1,494		1,490,538
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.47%, 06/02/28			4,156		4,094,977
Proofpoint, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 08/31/28			2,444		2,441,436
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.72%, 08/31/29			1,281		1,290,608
RealPage, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 04/24/28			5,374		5,324,790
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.97%, 04/23/29			2,459		2,452,961
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.63%, 08/01/27			1,161		1,164,961
Sophia LP
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.46%, 10/09/28			2,509		2,512,136
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 10/07/27			1,944		1,945,398
SS&C Technologies, Inc.
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25			323		323,277
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25			305		305,041
2018 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25			1,576		1,577,477
UKG, Inc.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.76%, 05/03/27			1,216		1,216,436
Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.23%, 05/04/26			1,465		1,467,768
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 10.47%, 09/01/25			2,094		1,734,818
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.18%, 07/20/28			211		209,969


					56,663,244

Specialty Retail — 1.5%
EG America LLC, 2021 Term Loan, (1-mo. SOFR OIS CMPD + 4.25%), 9.99%, 03/31/26			248		247,283


42		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Specialty Retail (continued)
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 05/04/28	USD		2,617	$	2,618,392
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/11/28			3,222		3,181,672
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.46%, 08/04/28			965		967,337
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/20/28			744		724,068


					7,738,752

Textiles, Apparel & Luxury Goods — 0.4%
Crocs, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.50%, 02/20/29			577		578,841
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/24/28^(e)			737		732,620
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 03/08/30^(e)			468		466,299


					1,777,760

Trading Companies & Distributors — 1.3%
Core & Main LP, 2021 Term Loan B, (2-mo. CME Term SOFR + 2.50%), 7.99%, 07/27/28			3,523		3,518,914
TMK Hawk Parent Corp.^(e)
2020 Super Priority First Out Term Loan A, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 16.39%, 05/30/24			1,022		1,011,943
2020 Super Priority Second Out Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/28/24			3,189		1,976,766


					6,507,623

Transportation Infrastructure — 0.5%
Apple Bidco LLC
2021 Term Loan, (1-week CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 09/22/28			1,154		1,151,459
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 09/22/28			668		669,903
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.71%, 12/15/26			733		727,707


					2,549,069

Wireless Telecommunication Services — 3.1%
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.89%, 08/15/28			1,717		1,537,827
Connect Finco SARL, 2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.86%, 12/11/26			7,131		7,126,444
Digicel International Finance Ltd.
2017 Term Loan B, (3-mo. LIBOR US + 2.25%), 10.75%, 05/28/24			492		455,326
2017 Term Loan B1, 05/27/24^(m)			21		19,787


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/30/28	USD		819	$	819,859
Iridium Satellite LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.86%, 09/20/30			2,280		2,283,667
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/11/25			3,266		3,268,717


					15,511,627


Total Floating Rate Loan Interests — 107.7% (Cost: $554,186,689)					546,331,109


		Shares

Investment Companies

Equity Funds — 0.1%
Janus Henderson AAA CLO ETF			10,000		503,000


Fixed Income Funds — 0.9%
Invesco Senior Loan ETF			166,200		3,520,116
iShares iBoxx $ High Yield Corporate Bond ETF^(o)			15,000		1,160,850


					4,680,966


Total Investment Companies — 1.0% (Cost: $5,118,394)					5,183,966


		Benefical Interest (000)

Other Interests

Capital Markets — 0.0%
Millennium Lender Claim Trust^(e)(p)	USD		1,156		—


Industrial Conglomerates — 0.0%
Millennium Corp. Claim^(e)(p)			1,084		—


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


		Par (000)

Preferred Securities

Capital Trusts — 0.4%

Automobiles^(a)(l)— 0.0%
General Motors Financial Co., Inc., Series C, 5.70%	USD		50		46,175
Volkswagen International Finance NV, 3.88%^(c)	EUR		100		101,028


					147,203

Banks^(l)— 0.2%
AIB Group PLC, 5.25%^(a)(c)			200		217,738
Barclays PLC
9.63%	USD		200		207,750
4.38%^(a)			200		155,481
Citigroup, Inc.^(a)
7.63%			81		82,709


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Banks (continued)
Citigroup, Inc.^(a)(continued)
Series Y, 4.15%	USD		10	$	8,582
PNC Financial Services Group, Inc.^(a)
Series V, 6.20%			67		65,140
Series W, 6.25%			72		67,116
UBS Group AG, 9.25%^(a)(b)			200		221,653
Wells Fargo & Co., 7.63%^(a)			111		116,474


					1,142,643

Diversified Telecommunication Services — 0.0%
Telefonica Europe BV, 6.14%^(a)(c)(l)	EUR		100		113,431


Electric Utilities^(a)— 0.1%
Edison International, Series B, 5.00%^(l)	USD		75		69,833
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(c)	EUR		100		114,541
Electricite de France SA, 3.38%^(c)(l)			200		193,457


					377,831

Independent Power and Renewable Electricity Producers^(a)(b)(l)— 0.1%
NRG Energy, Inc., 10.25%	USD		118		122,848
Vistra Corp., 7.00%			77		75,845


					198,693

Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 6.50%, 08/30/84^(a)(c)	EUR		100		117,965


					2,097,766


		Shares

Preferred Stocks — 0.0%

Financial Services — 0.0%
Alliant Holdings, Inc., 9.75%^(d)(e)(l)			83		82,144


					82,144


Total Preferred Securities — 0.4% (Cost: $2,205,859)					2,179,910


Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)^(d)			2,435		—


Energy Equipment & Services — 0.0%
Turbo Cayman Ltd.^(d)(e)			1		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)^(d)			1,152		22,326


Total Warrants — 0.0% (Cost:$ — )					22,326


Total Long-Term Investments — 129.2% (Cost: $687,069,314)					655,549,704



Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(o)(q)		1,315,320	$	1,315,320


Total Short-Term Securities — 0.3% (Cost: $1,315,320)				1,315,320


Total Investments — 129.5% (Cost: $688,384,634)				656,865,024

Liabilities in Excess of Other Assets — (29.5)%				(149,466,747	)


Net Assets — 100.0%			$	507,398,277

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

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

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

^(d)	Non-income producing security.

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

^(f)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $248,455, representing 0.1% of its net assets as of period end, and an original cost of $73,447.

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

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

⁽ⁱ⁾	Convertible security.

^(j)	Zero-coupon bond.

^(k)	When-issued security.

^(l)	Perpetual security with no stated maturity date.

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

⁽ⁿ⁾	Rounds to less than 1,000.

^(o)	Affiliate of the Fund.

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

^(q)	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.


44		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	482,274	$	833,046	^(a)		$ —		$	—		$	—	$	1,315,320		1,315,320	$	58,239	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		4,175,600			(2,996,029	)		(40,771	)		22,050		1,160,850		15,000		88,631		—


									$	(40,771	)	$	22,050	$	2,476,170			$	146,870	$	—

^(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	383,107		EUR	345,514	BNP Paribas SA		03/20/24	$	504
USD	84,927		EUR	76,596	JPMorgan Chase Bank N.A.		03/20/24		109


									613

USD	99,801		EUR	92,000	Barclays Bank PLC		03/20/24		(2,075	)
USD	108,029		EUR	100,000	Barclays Bank PLC		03/20/24		(2,705	)
USD	3,771,079		EUR	3,437,000	BNP Paribas SA		03/20/24		(34,863	)
USD	782,385		EUR	713,000	UBS AG		03/20/24		(7,151	)
USD	25,000		GBP	19,617	Morgan Stanley & Co. International PLC		03/20/24		(15	)
USD	314,334		GBP	248,000	Morgan Stanley & Co. International PLC		03/20/24		(1,899	)
USD	325,036		GBP	255,060	State Street Bank and Trust Co.		03/20/24		(199	)


									(48,907	)


								$	(48,294	)

Centrally Cleared Credit Default Swaps — Sell Protection



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

CDX.NA.HY.39.V3	5.00	%	Quarterly	12/20/27	B		USD 4,008		$	251,677	$	(50,654	)	$	302,331

^(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.


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

OTC Credit Default Swaps — Sell Protection



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

Jaguar Land Rover Automotive PLC	5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/26	BB		EUR	7	$	609		$	1,068		$	(459	)
CMA CGM SA	5.00		Quarterly	Morgan Stanley & Co. International PLC	06/20/27	N/R		EUR	8		1,036			1,419			(383	)
Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	CCC+		EUR	15		(2,917	)		(2,794	)		(123	)
United Group B.V	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/27	B		EUR	4		181			(545	)		726
Ladbrokes Coral Group Ltd.	1.00		Quarterly	Morgan Stanley & Co. International PLC	06/20/28	N/R		EUR	6		(136	)		(388	)		252

										$	(1,227	)	$	(1,240	)	$	13

^(a)

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

^(b)

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

OTC Total Return Swaps

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Paid by the Fund

Received by the Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount (000)

Value

1-Day SOFR, 5.38%

Quarterly

Markit iBoxx USD Liquid Leveraged Loan Index

At Termination

JPMorgan Chase Bank N.A.

N/A

03/20/24

USD

2,273

33,033

(25,632

)

58,665

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)	$	—	$	(50,654	)	$	302,331	$	—
OTC Swaps		2,487		(29,359	)		59,643		(965	)

^(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.


46		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	613	$	—	$	—	$	613
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		302,331		—		—		—		—		302,331
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		3,465		—		—		58,665		—		62,130


	$	—	$	305,796	$	—	$	613	$	58,665	$	—	$	365,074

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	48,907	$	—	$	—	$	48,907
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		4,692		—		—		25,632		—		30,324


	$	—	$	4,692	$	—	$	48,907	$	25,632	$	—	$	79,231

^(a)

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

For the period ended December 31, 2023, 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	$	—	$	—	$	—	$	(19,805	)	$	—		$	—	$	(19,805	)
Swaps		—		172,267		—		—			(30,752	)		—		141,515


	$	—	$	172,267	$	—	$	(19,805	)	$	(30,752	)	$	—	$	121,710

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(50,452	)	$	—		$	—	$	(50,452	)
Swaps		—		248,205		—		—			58,665			—		306,870


	$	—	$	248,205	$	—	$	(50,452	)	$	58,665		$	—	$	256,418

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	6,105,235
Average amounts sold — in USD	$	101,555
Credit default swaps:
Average notional value — sell protection	$	4,122,270
Total return swaps:
Average notional value	$	568,238

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		47

Schedule of Investments (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets		Liabilities
Derivative Financial Instruments
Forward foreign currency exchange contracts	$	613	$	48,907
Swaps — centrally cleared		—		1,141
Swaps — OTC^(a)		62,130		30,324


Total derivative assets and liabilities in the Statements of Assets and Liabilities		62,743		80,372


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,141	)


Total derivative assets and liabilities subject to an MNA	$	62,743	$	79,231

^(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)
BNP Paribas SA	$	504	$	(504	)	$	—	$	—	$	—
JPMorgan Chase Bank N.A.		58,774		(25,632	)		—		—		33,142
Morgan Stanley & Co. International PLC		3,465		(3,465	)		—		—		—

	$	62,743	$	(29,601	)	$	—	$	—	$	33,142



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)(d)
Bank of America N.A.	$	2,917	$	—		$	—	$	—	$	2,917
Barclays Bank PLC		4,780		—			—		—		4,780
BNP Paribas SA		34,863		(504	)		—		—		34,359
JPMorgan Chase Bank N.A.		25,632		(25,632	)		—		—		—
Morgan Stanley & Co. International PLC		3,689		(3,465	)		—		—		224
State Street Bank and Trust Co.		199		—			—		—		199
UBS AG		7,151		—			—		—		7,151

	$	79,231	$	(29,601	)	$	—	$	—	$	49,630

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	6,209,886	$	—	$	6,209,886
Common Stocks
Construction & Engineering		12,733		—		—		12,733


48		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Common Stocks (continued)
Consumer Finance	$	—	$	546,731	$	—	$	546,731
Electrical Equipment		8,245		—		—		8,245
Energy Equipment & Services		—		—		—		—
Financial Services		—		147,700		—		147,700
Health Care Providers & Services		—		—		211,485		211,485
Industrial Conglomerates		—		17		—		17
Media		—		—		248,455		248,455
Oil, Gas & Consumable Fuels		—		—		10,753		10,753
Semiconductors & Semiconductor Equipment		1,527		—		—		1,527
Corporate Bonds
Aerospace & Defense		—		2,496,858		—		2,496,858
Automobile Components		—		1,861,878		—		1,861,878
Automobiles		—		642,975		—		642,975
Banks		—		481,530		—		481,530
Broadline Retail		—		36,516		—		36,516
Building Products		—		1,677,012		—		1,677,012
Capital Markets		—		861,237		—		861,237
Chemicals		—		2,931,720		—		2,931,720
Commercial Services & Supplies		—		3,880,526		—		3,880,526
Communications Equipment		—		453,009		—		453,009
Construction & Engineering		—		839,580		—		839,580
Construction Materials		—		2,198,434		—		2,198,434
Consumer Finance		11,026		2,848,340		—		2,859,366
Consumer Staples Distribution & Retail		—		1,289,264		—		1,289,264
Containers & Packaging		—		2,393,278		—		2,393,278
Diversified Consumer Services		—		358,759		—		358,759
Diversified REITs		—		1,217,569		—		1,217,569
Diversified Telecommunication Services		—		3,610,589		—		3,610,589
Electric Utilities		—		866,635		—		866,635
Electrical Equipment		—		512,340		—		512,340
Electronic Equipment, Instruments & Components		—		482,760		—		482,760
Energy Equipment & Services		—		1,079,175		—		1,079,175
Entertainment		—		828,776		—		828,776
Environmental, Maintenance & Security Service		—		946,195		—		946,195
Financial Services		—		1,562,113		—		1,562,113
Food Products		—		1,037,450		—		1,037,450
Gas Utilities		—		104,775		—		104,775
Ground Transportation		—		1,204,288		—		1,204,288
Health Care Equipment & Supplies		—		1,673,339		—		1,673,339
Health Care Providers & Services		—		3,130,363		—		3,130,363
Health Care REITs		—		305,996		—		305,996
Health Care Technology		—		618,695		—		618,695
Hotel & Resort REITs		—		667,798		—		667,798
Hotels, Restaurants & Leisure		—		7,284,574		—		7,284,574
Household Durables		—		1,095,860		—		1,095,860
Household Products		—		158,443		—		158,443
Independent Power and Renewable Electricity Producers		—		520,143		—		520,143
Insurance		—		3,597,118		—		3,597,118
Interactive Media & Services		—		515,475		—		515,475
Internet Software & Services		—		255,217		—		255,217
IT Services		—		3,019,787		—		3,019,787
Leisure Products		—		171,421		—		171,421
Machinery		—		3,979,231		—		3,979,231
Media		—		5,644,662		—		5,644,662
Metals & Mining		—		2,194,782		—		2,194,782
Mortgage Real Estate Investment Trusts (REITs)		—		43,926		—		43,926
Office REITs		—		16,182		—		16,182
Oil, Gas & Consumable Fuels		—		10,833,688		—		10,833,688
Passenger Airlines		—		562,354		—		562,354
Personal Care Products		—		72,572		—		72,572
Pharmaceuticals		—		1,060,205		—		1,060,205
Professional Services		—		212,870		—		212,870
Real Estate Management & Development		—		379,127		—		379,127


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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total


Corporate Bonds (continued)
Retail REITs	$	—	$	45,900		$	—	$	45,900
Semiconductors & Semiconductor Equipment		—		875,823			—		875,823
Software		—		4,109,950			—		4,109,950
Specialized REITs		—		227,699			—		227,699
Specialty Retail		—		726,182			—		726,182
Technology Hardware, Storage & Peripherals		—		268,288			—		268,288
Textiles, Apparel & Luxury Goods		—		192,796			—		192,796
Transportation Infrastructure		—		102,774			—		102,774
Wireless Telecommunication Services		—		1,157,014			—		1,157,014
Floating Rate Loan Interests		—		528,960,187			17,370,922		546,331,109
Investment Companies		5,183,966		—			—		5,183,966
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		2,097,766			—		2,097,766
Preferred Stocks		—		—			82,144		82,144
Warrants		22,326		—			—		22,326
Short-Term Securities
Money Market Funds		1,315,320		—			—		1,315,320
Unfunded Floating Rate Loan Interests^(a)		—		—			870		870


	$	6,555,143	$	632,386,122		$	17,924,629	$	656,865,894

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—	$	303,309		$	—	$	303,309
Foreign Currency Exchange Contracts		—		613			—		613
Interest Rate Contracts		—		58,665			—		58,665
Liabilities
Credit Contracts		—		(965	)		—		(965	)
Foreign Currency Exchange Contracts		—		(48,907	)		—		(48,907	)


	$	—	$	312,715		$	—	$	312,715

^(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 $149,000,000 are categorized as Level 2 within the fair value hierarchy.

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




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


Assets
Opening balance, as of December 31, 2022	$	12,356		$	1		$	11,366,161		$	—	^(a)	$	75,612	$	—	$	11,454,130
Transfers into Level 3		—			—			3,245,858			—			—		—		3,245,858
Transfers out of Level 3		—			—			(4,932,527	)		—			—		—		(4,932,527	)
Accrued discounts/premiums		—			—			430,645			—			—		—		430,645
Net realized gain (loss)		(254,730	)		—			(32,066	)		—			—		—		(286,796	)
Net change in unrealized appreciation (depreciation)^(b)(c)		(235,212	)		(1	)		187,434			—			6,532		870		(40,377	)


50		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Debt Strategies Fund, Inc. (DSU)




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


Purchases	$	949,263		$	—		$	10,930,782		$	—		$	—	$	—	$	11,880,045
Sales		(984	)		—			(3,825,365	)		—			—		—		(3,826,349	)


Closing balance, as of December 31, 2023	$	470,693		$	—	^(a)	$	17,370,922		$	—	^(a)	$	82,144	$	870	$	17,924,629


Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023^(c)	$	(489,323	)	$	(1	)	$	133,069		$	—		$	6,532	$	870	$	(348,853	)

^(a)

Rounds to less than $1.

^(b)

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

^(c)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023 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.


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

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Par (000)				Value

Asset-Backed Securities
Golub Capital Partners CLO Ltd., Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.88%, 04/25/36^(a)(b)		USD		1,000	$	1,014,419
Palmer Square CLO Ltd., Series 2023-2A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.42%, 04/20/36^(a)(b)				1,000		1,001,967
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.87%, 04/20/36^(a)(b)				1,000
				1,000		1,014,004
Symphony CLO Ltd.^(a)
Series 2023-38, Class D, (3-mo. CME Term SOFR + 5.20%), 10.60%, 04/24/36^(b)				1,000		999,862
Series 2023-40A, Class D, (3-mo. CME Term SOFR + 5.00%), 10.34%, 01/14/34				1,000		999,711
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 10.57%, 04/20/36^(a)(b)				1,000		1,022,720


Total Asset-Backed Securities — 1.3% (Cost: $6,000,000)						6,052,683


			Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(c)				123,933		11,154


Consumer Finance — 0.1%
Travelport Finance Luxembourg SARL				269		626,632


Electrical Equipment — 0.0%
SunPower Corp.^(c)				1,860		8,984


Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)^(c)(d)(e)				6,099		—


Financial Services — 0.1%
NMG Parent LLC				3,613		361,300


Health Care Providers & Services — 0.0%
Envision Healthcare Corp.^(c)(d)				23,736		178,020


Media — 0.1%
Learfield Communications LLC, (Acquired 09/06/23, Cost: $85,471)^(c)(d)(e)				6,803		289,128


Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.^(c)(d)				309,827,230		3,098


Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.^(c)				232		1,663


Total Common Stocks — 0.3% (Cost: $7,373,676)						1,479,979


Security	Par (000)			Value

Corporate Bonds

Automobile Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25^(b)		USD	446	$	449,925


Chemicals^(b)— 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28			51		48,766
WR Grace Holdings LLC, 5.63%, 08/15/29			388		341,424


					390,190

Commercial Services & Supplies — 0.0%
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28^(b)			207		205,793


Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30			249		263,325


Construction Materials^(b)— 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			118		114,165
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26^(c)(f)			1,013		96,488


					210,653

Diversified REITs — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25^(b)			138		135,551


Diversified Telecommunication Services — 0.1%
Level 3 New Money TSA, 11.00%, 11/15/29^(g)			496		496,367
Zayo Group Holdings, Inc., 6.13%, 03/01/28^(b)			251		184,349


					680,716

Electric Utilities — 0.0%
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19^(c)(d)(f)			1,710		—


Entertainment — 0.1%
Odeon Finco PLC, 12.75%, 11/01/27^(b)			607		616,342


Ground Transportation — 0.1%
Uber Technologies, Inc., 4.50%, 08/15/29^(b)			381		363,461


Health Care Equipment & Supplies — 0.1%
Medline Borrower LP, 5.25%, 10/01/29^(b)			384		361,949


Hotels, Restaurants & Leisure^(b)— 0.2%
Caesars Entertainment, Inc., 4.63%, 10/15/29			390		351,783
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30			441		387,199


					738,982

Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27^(b)			357		355,738


Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25^(b)			337		340,227


IT Services — 0.0%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29			191		199,358


Machinery — 0.2%
Vertiv Group Corp., 4.13%, 11/15/28^(b)			901		845,336


Media — 0.1%
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26^(b)			573		437,029


52		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Real Estate Management & Development — 0.0%
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29^(b)		USD	46	$	35,750


Specialty Retail — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28			465		495,239


Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(d)(h)			263		43,313


Total Corporate Bonds — 1.5% (Cost: $8,275,849)					7,168,877


Floating Rate Loan Interests^(a)

Aerospace & Defense — 5.1%
Barnes Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.46%, 09/03/30			671		672,547
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.61%, 10/31/28			968		970,868
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.36%, 08/03/29			369		363,346
Cubic Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			2,818		2,615,542
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			572		530,614
Dynasty Acquisition Co., Inc., 2023 Term Loan B1, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			3,809		3,816,631
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 5.60%), 10.96%, 04/09/26			754		689,503
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.22%, 02/01/29			1,692		1,678,770
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/01/28			5,625		5,631,716
Setanta Aircraft Leasing DAC, Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.61%, 11/05/28			1,340		1,343,350
Standard Aero Ltd., 2023 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			1,632		1,635,699
TransDigm, Inc.
2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.60%, 08/24/28			2,986		2,997,461
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.60%, 02/14/31			760		762,850


					23,708,897

Air Freight & Logistics — 0.1%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.60%, 03/17/30			244		242,873


Automobile Components — 0.8%
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 04/10/28			664		665,674


Security	Par (000)			Value

Automobile Components (continued)
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 05/06/30		USD	2,258	$	2,261,163
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.47%, 11/17/28			1,123		987,611


					3,914,448

Automobiles — 0.6%
Dealer Tire Financial LLC, Series B, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 12/14/27			2,519		2,523,922
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/08/28			242		207,180


					2,731,102

Banks — 1.1%
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.18%, 08/02/29			2,699		2,587,169
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 08/02/28			2,729		2,719,711


					5,306,880

Beverages — 1.4%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.45%, 01/24/30			1,804		1,443,145
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 01/24/29			3,856		3,720,126
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 03/31/28			1,290		1,276,784


					6,440,055

Broadline Retail — 1.3%
New SK Holdco Sub LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 13.71%, 06/30/27^(h)			1,729		1,713,354
PUG LLC
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 02/12/27^(d)			364		359,994
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			3,184		3,126,995
Sally Holdings LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 02/28/30			629		631,013
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/21/27			379		305,557


					6,136,913

Building Products — 1.5%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 05/13/29			261		262,411
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 05/19/28			1,361		1,365,516


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Building Products (continued)
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 12/17/27		USD	505	$	498,501
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			2,743		2,744,719
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.96%, 06/02/28			980		978,495
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 10/19/27			1,217		1,218,686


					7,068,328

Capital Markets — 2.5%
Aretec Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.96%, 08/09/30			571		570,329
Axalta Coating Systems U.S. Holdings, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 12/20/29			1,309		1,311,568
Azalea Topco, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 07/24/26			1,672		1,646,748
Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 07/24/26			958		946,404
Castlelake Aviation One DAC
2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 10/22/27			713		713,249
Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.40%, 10/22/26			2,189		2,191,513
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 06/30/28			1,455		1,453,552
2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 06/30/28			786		787,012
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.20%, 04/03/28			667		666,486
Osaic Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 4.50%), 9.86%, 08/17/28			1,396		1,398,840


					11,685,701

Chemicals — 5.2%
Aruba Investments Holdings LLC
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.21%, 11/24/28			690		644,287
2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/24/27			758		745,830
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.32%, 08/27/26			1,294		1,241,266
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.86%, 08/18/28			1,151		1,147,662
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/29/27			644		516,321
Derby Buyer LLC, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 11/01/30^(d)			1,890		1,890,000


Security	Par (000)			Value

Chemicals (continued)
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29		USD	947	$	932,617
Ecovyst Catalyst Technologies LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.98%, 06/09/28			1,712		1,712,751
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/18/30^(d)			1,967		1,971,958
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.61%, 02/15/30			291		291,239
Herens U.S. Holdco Corp., USD Term Loan B, (3- mo. CME Term SOFR + 3.93%), 9.37%, 07/03/28			1,063		960,136
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 02/18/30			675		674,610
LSF11 A5 Holdco LLC
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.71%, 10/15/28			291		291,025
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/15/28			1,806		1,806,760
Lummus Technology Holdings V LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 06/30/27			233		233,264
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.86%, 03/29/28			2,123		2,047,795
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.47%, 04/03/28			914		916,974
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 11/09/28			910		913,131
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR + 3.60%), 9.01%, 10/14/24			1,570		1,514,638
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 03/16/27			1,044		1,044,573
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 08/02/28			1,628		1,622,864
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.36%, 09/22/28			1,395		1,397,227


					24,516,928

Commercial Services & Supplies — 3.2%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 10/24/30^(d)			646		647,589
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.92%, 08/17/26			1,956		1,963,201
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 05/12/28			2,596		2,582,113
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.11%, 05/12/28			334		333,691


54		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Commercial Services & Supplies (continued)
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 02/15/29		USD	779	$	777,966
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.89%, 12/15/28			798		618,241
Prime Security Services Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.84%, 10/14/30			740		741,732
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.11%, 08/31/28			4,755		4,772,443
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/02/27			1,635		1,575,916
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.47%, 07/30/28			979		972,517


					14,985,409

Communications Equipment — 0.7%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 10/24/30			1,398		1,400,256
Viasat, Inc.
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 05/30/30			844		825,953
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 03/02/29			1,138		1,114,057


					3,340,266

Construction & Engineering — 1.3%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.88%, 08/01/30			3,337		3,313,804
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.96%, 12/16/27			222		221,819
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 01/21/28			1,045		1,047,099
USIC Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.11%, 05/12/28			1,734		1,717,183


					6,299,905

Construction Materials — 4.4%
ACProducts Holdings, Inc., 2021 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.86%, 05/17/28			1,628		1,423,916
American Builders & Contractors Supply Co., Inc., Series A, 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.46%, 01/15/27			1,182		1,184,076
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/03/28			2,432		2,424,114
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 04/12/28			263		262,800
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 11/23/27			1,445		1,419,170
CP Iris Holdco I, Inc.
2021 2nd Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 10/01/29			1,046		938,785
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/02/28			231		230,406


Security	Par (000)			Value

Construction Materials (continued)
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 04/28/29		USD	790	$	790,395
Emerald Debt Merger Sub LLC, Term Loan B, (1- mo. CME Term SOFR + 3.00%), 8.36%, 05/31/30			978		980,365
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			523		524,101
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.72%, 07/28/28			811		811,610
LSF10 XL Bidco SCA, 2021 EUR Term Loan B4, (3-mo. EURIBOR + 4.18%), 8.10%, 04/12/28		EUR	853		825,169
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.36%, 03/08/29		USD	838		720,396
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 04/29/29			1,094		1,081,841
Quikrete Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/19/29			622		623,390
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.86%, 04/02/29			536		537,380
Standard Industries, Inc./New Jersey, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/22/28			1,585		1,587,769
Summit Materials LLC, 2023 Incremental Term Loan B, 11/30/28⁽ⁱ⁾			729		731,282
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.70%, 12/31/26			3,140		3,143,507
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 10/04/28			111		111,350


					20,351,822

Consumer Finance — 1.3%
GTCR W Merger Sub LLC, USD Term Loan B, 09/20/30⁽ⁱ⁾			1,617		1,623,064
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.21%, 11/16/26			1,832		1,833,207
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 12/01/28			1,831		1,836,545
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.72%, 03/31/28			963		964,912


					6,257,728

Consumer Staples Distribution & Retail — 0.3%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.47%, 09/13/26			636		636,929
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 11/22/28			891		893,992


					1,530,921

Containers & Packaging — 2.3%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 12/01/27			3,744		3,757,389
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.46%, 10/29/28			1,589		1,520,160


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Containers & Packaging (continued)
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.34%, 08/14/26		USD	1,256	$	1,259,181
Pactiv Evergreen Group Holdings Inc, 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.72%, 02/05/26			226		226,902
Pregis TopCo Corp.
1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 07/31/26			609		609,975
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 07/31/26			694		693,198
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.21%, 02/04/27			1,306		1,307,241
Trident TPI Holdings, Inc., 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.61%, 09/15/28			1,275		1,269,317


					10,643,363

Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.39%, 10/28/27			1,010		940,365


Diversified Consumer Services — 2.2%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.21%, 12/10/29			669		571,881
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/11/28			955		937,196
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 11/24/28			918		916,827
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 06/12/30			1,405		1,408,946
Learning Care Group U.S. No. 2, Inc., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 08/11/28			220		221,439
Sotheby’s
2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27			1,762		1,736,395
Series L, 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27			395		389,240
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.85%, 10/04/30			1,485		1,488,188
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 02/05/26			2,546		2,551,365


					10,221,477

Diversified Telecommunication Services — 2.0%
Cablevision Lightpath LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.73%, 11/30/27			231		230,150
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.97%, 10/02/27			808		748,621


Security	Par (000)			Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc., 2023 TSA Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27^(d)		USD	1,941	$	1,844,255
Lumen Technologies, Inc., 2023 TSA Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.71%, 03/15/27^(d)			1,784		1,213,252
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.81%, 09/01/28			863		817,152
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/09/27			5,045		4,318,584


					9,172,014

Electronic Equipment, Instruments & Components — 0.9%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 07/02/29			1,539		1,541,798
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, 07/31/28⁽ⁱ⁾			189		189,406
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.35%, 11/22/29			2,497		2,500,722


					4,231,926

Energy Equipment & Services — 0.0%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 06/28/24^(d)			40		26,963
2020 Take Back Term Loan, (1-mo. CME Term SOFR + 4.00%), 6.47%, 06/30/25			309		120,864


					147,827

Entertainment — 3.6%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 04/22/26			1,491		1,242,275
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 05/24/29			101		101,021
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.60%, 03/08/30			900		895,696
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 11/27/28			2,078		2,084,651
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.60%, 01/15/30			1,847		1,850,472
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 03/24/25			1,296		1,291,380
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 10/19/26			2,505		2,498,780
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.14%, 01/23/25			414		414,125
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.40%, 04/29/26			891		893,373


56		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Entertainment (continued)
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 05/18/25	USD		2,653	$	2,658,080
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.60%, 01/20/28			2,700		2,699,529


					16,629,382

Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc., 2021 Incremental Term Loan B, 0.00%, 10/08/28			690		690,907
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			86		85,528
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			1,123		1,121,814
GFL Environmental, Inc., 2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.91%, 05/31/27			726		727,925


					2,626,174

Financial Services — 3.7%
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.88%, 11/13/25			430		430,350
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.25%), 7.90%, 10/30/26			857		858,352
2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.43%), 8.07%, 04/13/28			2,967		2,968,315
2023 USD Term Loan, 04/13/28^(d)(i)			1,582		1,585,898
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.00%, 04/18/29			468		468,052
Cogeco Financing 2 LP, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.88%, 09/29/28			1,580		1,551,035
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.10%, 04/09/27			6,115		6,048,948
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 04/07/28			1,806		1,717,957
FinCo I LLC, 2023 Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.38%, 06/27/29			611		613,229
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.39%, 10/04/30			301		300,750
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.00%), 8.48%, 01/31/29			768		764,029


					17,306,915

Food Products — 3.2%
8th Avenue Food & Provisions, Inc.
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.22%, 10/01/25			1,002		958,768
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.22%, 10/01/25			1,508		1,447,510
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.97%, 06/22/30			757		757,947
Chobani LLC
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.97%, 10/25/27			3,196		3,197,454


Security		Par (000)		Value

Food Products (continued)
Chobani LLC (continued)
2023 Incremental Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.11%, 10/25/27	USD		822	$	822,682
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.71%, 01/29/27			3,515		3,515,779
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.69%), 9.27%, 05/23/25			495		393,956
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/13/29			1,002		1,004,031
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 06/08/28			2,013		2,018,434
UTZ Quality Foods LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.64%, 01/20/28			676		676,321


					14,792,882

Ground Transportation — 0.7%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.10%, 04/06/28			573		567,087
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 08/06/27			652		649,903
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 5.50%), 11.15%, 08/04/25			1,143		1,006,458
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 03/03/30			1,275		1,277,953


					3,501,401

Health Care Equipment & Supplies — 3.0%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 11/08/27			1,103		1,104,435
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 09/29/28			942		938,109
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 05/10/27			2,254		2,224,578
Curia Global, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.23%, 08/30/26			139		124,210
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.50%), 10.11%, 03/05/26			682		611,982
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 05/04/28			757		759,060
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.40%, 10/19/27			1,476		1,434,122
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 10/23/28			4,304		4,321,125
Sotera Health Holdings LLC, 2021 Term Loan, (3- mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 12/11/26			2,539		2,534,760


					14,052,381

Health Care Providers & Services — 5.1%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 02/22/28			1,900		1,859,290


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
CHG Healthcare Services, Inc.
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 09/29/28	USD		1,013	$	1,012,801
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.14%, 09/29/28			215		215,135
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.93%, 11/08/27			1,818		1,820,457
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/01/28			2,168		2,171,620
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 02/04/27			1,053		1,050,195
EyeCare Partners LLC
2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.39%, 02/18/27			1,652		799,215
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.39%, 11/15/29			581		155,386
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.39%, 11/15/28			530		253,484
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 07/01/30			420		419,189
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			1,962		1,967,135
Ingenovis Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.22%, 03/06/28			1,604		1,549,607
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR + 2.00%), 7.35%, 01/02/31			1,223		1,226,498
MED ParentCo LP, 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.72%, 08/31/26			382		377,628
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 11/01/29			611		512,476
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/15/28			3,037		3,053,210
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.45%, 11/18/27			1,221		1,203,038
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/01/28			902		839,534
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 09/27/30			697		687,995
Surgery Center Holdings, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.86%, 12/19/30			1,164		1,167,691


Security		Par (000)		Value

Health Care Providers & Services (continued)
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 05/16/29	USD		333	$	333,406
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.47%, 01/08/27			1,219		1,220,315


					23,895,305

Health Care Technology — 2.6%
AthenaHealth Group, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 02/15/29			2,969		2,952,523
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.45%, 10/01/27			3,229		3,131,895
Verscend Holding Corp.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.47%, 04/02/29			3,092		3,092,000
2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.47%, 08/27/25			3,085		3,087,579


					12,263,997

Hotel & Resort REITs — 0.2%
RHP Hotel Properties LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.11%, 05/18/30			825		825,007


Hotels, Restaurants & Leisure — 7.8%
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.21%, 05/31/30^(d)			154		154,996
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.93%, 10/02/28			959		906,215
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.61%, 09/20/30			2,418		2,416,729
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 02/06/30			1,238		1,239,393
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.36%, 08/08/27			975		975,909
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.46%, 03/17/28			1,455		1,453,220
City Football Group Ltd., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 07/21/28			1,567		1,555,925
ECL Entertainment, LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.11%, 08/31/30			802		802,591
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.61%, 03/08/24			3,831		3,739,022
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/27/29			4,082		4,081,449


58		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Flutter Financing BV
2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 07/22/28	USD		489	$	490,506
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 11/25/30			3,256		3,258,702
Four Seasons Hotels Ltd., 2023 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 11/30/29			3,035		3,042,829
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.46%, 11/08/30			767		769,332
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 12/15/27			2,379		2,380,371
Light & Wonder International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.46%, 04/14/29			1,084		1,086,007
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 03/09/28			901		563,300
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 05/03/29			1,468		1,469,593
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 01/05/29			474		474,210
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/25/28			683		683,525
Station Casinos LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.25% Floor + 2.25%), 7.71%, 02/08/27			2,028		2,030,257
Whatabrands LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/03/28			2,239		2,240,308
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 05/24/30			531		532,429


					36,346,818

Household Durables — 1.6%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, 07/31/28⁽ⁱ⁾			1,457		1,463,680
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.88%, 02/26/29			2,384		2,371,579
Serta Simmons Bedding, LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.96%, 06/29/28			499		473,575
Stitch Aquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 07/28/28			1,075		569,883
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 10/06/28			816		730,223
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 10/30/27			2,006		1,747,113


					7,356,053


Security		Par (000)		Value

Household Products — 0.1%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.54%, 12/22/26	USD		403	$	403,034


Independent Power and Renewable Electricity Producers — 1.0%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 07/31/30			1,228		1,226,993
Calpine Corp.
2019 Term Loan B10, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/12/26			695		695,841
Term Loan B9, (1-mo. CME Term SOFR + 2.00%), 7.47%, 04/05/26			1,488		1,489,618
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.15%, 12/15/27			1,184		1,182,328


					4,594,780

Industrial Conglomerates — 0.1%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.40%, 10/17/30			590		590,000


Insurance — 6.7%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 11/06/30			6,853		6,875,387
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.72%, 02/19/28			2,561		2,561,809
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.22%, 02/19/28			492		492,876
Amynta Agency Borrower, Inc., 2023 1st Lien Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.61%, 02/28/28			1,412		1,412,125
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			1,390		1,391,810
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/12/27			871		872,142
2023 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 02/12/27			433		433,530
Baldwin Risk Partners, LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/14/27			436		435,221
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.37%, 11/10/29			462		463,795
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.66%, 06/20/30			4,580		4,597,134
Jones Deslauriers Insurance Management, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.62%, 03/15/30			1,137		1,140,320
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 09/01/27			1,345		1,342,171
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 02/24/28			3,989		3,998,038
USI, Inc./New York
2023 Acquisition Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.60%, 09/27/30			519		518,861


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Insurance (continued)
USI, Inc./New York (continued)
2023 Refi Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.61%, 09/27/30	USD		595		$	595,107
2023 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.36%, 11/22/29			4,064			4,067,070


						31,197,396

Interactive Media & Services — 0.9%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.50%, 02/16/28			429			427,649
Adevinta ASA, USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.36%, 06/26/28			726			726,810
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.47%, 10/30/26			2,057			2,059,267
Grab Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 01/29/26			1,028			1,030,237
Research Now Group, Inc., 2017 1st Lien Term Loan, 0.00%, 12/20/24			—	^(j)		1


						4,243,964

Internet Software & Services — 0.3%
Gen Digital, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.46%, 09/12/29			1,613			1,613,446


IT Services — 3.7%
Asurion LLC
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.25%), 8.71%, 12/23/26			293			292,044
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/31/28			1,117			1,061,828
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/20/29			1,066			1,002,370
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.71%, 08/19/28			1,656			1,648,231
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 10/30/26			1,714			1,714,966
Central Parent, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 07/06/29			2,696			2,707,360
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.00%), 8.36%, 01/18/29			704			705,481
2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.21%, 02/06/26			2,308			2,311,622
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/10/27			725			725,519
2022 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.86%, 11/09/29			1,757			1,761,277
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.64%, 07/27/28			2,396			1,683,060


Security		Par (000)		Value

IT Services (continued)
Magenta Buyer LLC (continued)
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.25%), 13.89%, 07/27/29	USD		2,204	$	837,408
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.40%, 06/28/29			643		636,616


					17,087,782

Leisure Products — 0.4%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.46%, 12/01/28^(d)			483		471,827
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.48%, 05/25/27			341		341,747
Topgolf Callaway Brands Corp., Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.96%, 03/15/30			1,142		1,141,180


					1,954,754

Machinery — 5.1%
Arcline FM Holdings LLC
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.36%, 06/23/28			1,513		1,510,340
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 10.86%, 06/23/28^(d)			459		458,850
Columbus McKinnon Corp./New York, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 05/14/28			351		352,045
Doosan Bobcat North America, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.95%, 04/20/29			264		263,923
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 10/21/28			1,161		1,161,665
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 10/21/28			2,353		2,361,237
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			356		356,479
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.96%, 03/31/27			2,394		2,395,503
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 12/13/26			325		324,594
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 06/21/28			3,673		3,656,212
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 04/05/29			1,940		1,944,224
Titan Acquisition Ltd./Canada, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/28/25			3,834		3,825,709


60		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Machinery (continued)
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.38%, 07/30/27	USD		2,707		$	2,710,422
Vertiv Group Corp., 2023 Term Loan B, 0.00%, 03/02/27			2,405			2,411,795


						23,732,998

Media — 4.0%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.86%, 06/30/28			481			462,575
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/21/28			1,274			1,278,944
Altice Financing SA
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.41%, 07/15/25			1,073			1,061,940
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.41%, 01/31/26			1,539			1,517,501
AVSC Holding Corp.
2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.25%, 0.25% PIK), 9.21%, 03/03/25^(h)			997			973,924
2020 Term Loan B3, (3-mo. LIBOR US + 5.00%), 10.61%, 10/15/26			989			1,003,467
Charter Communications Operating, LLC, 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/07/30			1,395			1,389,621
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/21/26			1,274			1,259,200
CMG Media Corp., 2021 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.95%, 12/17/26			—	^(j)		285
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.98%, 04/15/27			1,553			1,468,024
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.65%, 08/02/27			2,132			2,129,751
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 09/25/26			2,534			2,020,311
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 9.21%, 04/21/29			1,017			825,007
Virgin Media Bristol LLC, USD Term Loan N, (1-mo. CME Term SOFR + 2.50%), 7.98%, 01/31/28			988			983,135
Voyage Digital NZ, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.37%, 05/11/29^(d)			953			950,348
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.50%), 7.98%, 04/30/28			1,617			1,610,645


						18,934,678

Oil, Gas & Consumable Fuels — 2.5%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.18%, 12/21/28			3,652			3,644,544
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 09/19/29			264			263,910


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Medallion Midland Acquisition LP, 2023 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.86%, 10/18/28	USD		2,149	$	2,154,989
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.21%, 01/31/28			633		634,357
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.39%, 10/27/28			1,777		1,745,903
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/05/28			3,061		3,065,705


					11,509,408

Paper & Forest Products — 0.4%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 09/07/27			1,948		1,948,804


Passenger Airlines — 2.9%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28			1,472		1,510,344
Air Canada, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 08/11/28			2,017		2,019,934
American Airlines, Inc.
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.87%, 06/04/29			1,620		1,622,025
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.11%, 01/29/27			272		269,359
Series AA, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.60%, 02/15/28			2,391		2,386,068
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.77%, 06/21/27			2,258		2,331,934
United Airlines, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/21/28			2,906		2,912,162
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.46%, 12/11/26			728		726,234


					13,778,060

Personal Care Products — 1.3%
Sunshine Luxembourg VII SARL, 2021 USD Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.95%, 10/01/26			5,998		6,023,685


Pharmaceuticals — 2.0%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.86%, 05/04/28			1,204		1,181,533
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.71%, 02/01/27			1,079		875,752
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 08/01/27			1,454		1,443,413
Jazz Financing Lux SARL, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 05/05/28			2,162		2,172,451
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 10/27/28			693		695,764


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 06/02/28	USD		1,404	$	1,405,192
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 04/20/29			933		929,141
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			489		490,114
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 07/03/28			98		98,118


					9,291,478

Professional Services — 2.9%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 02/04/28			1,978		1,981,337
ASGN, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 08/30/30			397		398,395
CoreLogic, Inc.
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.50%), 11.97%, 06/04/29			1,096		975,685
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			3,339		3,241,323
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			602		595,251
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			1,304		1,289,711
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/28/28			2,023		2,023,446
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 04/29/29^(d)			1,818		1,490,808
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.71%, 02/28/27			1,639		1,640,561


					13,636,517

Real Estate Management & Development — 0.5%
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 08/21/25			92		91,558
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 01/31/30			1,188		1,176,605
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/31/30^(d)			878		875,805


					2,143,968

Semiconductors & Semiconductor Equipment — 0.4%
MKS Instruments, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/17/29			1,347		1,348,667
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.87%, 12/02/28			620		615,669


					1,964,336


Security		Par (000)		Value

Software — 12.9%
Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.85%, 09/18/26	USD		976	$	979,593
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 08/15/29			992		966,115
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/21/28			1,666		1,664,967
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 03/30/29			5,378		5,242,651
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.46%, 10/08/29			780		743,597
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/08/28			857		847,542
Cornerstone OnDemand, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 10/16/28			616		594,428
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.62%, 12/01/28			385		384,904
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/04/28			282		281,451
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 12/01/27			3,250		3,260,349
Helios Software Holdings, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.70%, 07/18/30			1,296		1,292,513
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 10/27/28			3,038		3,042,006
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.19%, 03/01/29			3,441		3,416,968
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.61%, 02/23/29			1,521		1,411,925
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 05/03/28			5,188		5,091,685
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.70%, 12/18/28			430		390,763
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/13/28			1,488		1,485,283
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.47%, 06/02/28			4,604		4,536,249
Proofpoint, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 08/31/28			2,774		2,771,571
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.72%, 08/31/29			1,451		1,461,883
RealPage, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 04/24/28			6,161		6,105,044


62		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
RealPage, Inc. (continued)
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.97%, 04/23/29	USD		2,745	$	2,738,317
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.63%, 08/01/27			1,293		1,296,700
Sophia LP
2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 8.00%), 13.46%, 10/09/28			2,779		2,782,474
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 10/07/27			2,280		2,282,612
UKG, Inc.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.76%, 05/03/27			1,402		1,402,288
Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.23%, 05/04/26			1,620		1,622,834
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 10.47%, 09/01/25			2,322		1,923,562
Voyage Australia Pty. Ltd., USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.18%, 07/20/28			234		233,492


					60,253,766

Specialty Retail — 2.2%
CD&R Firefly Bidco Ltd., 2023 GBP Term Loan B5, (3-mo. SONIA + 6.00%), 11.29%, 06/21/28	GBP		1,000		1,245,180
EG America LLC, 2021 Term Loan, (1-mo. SOFR OIS CMPD + 4.25%), 9.99%, 03/31/26	USD		282		280,515
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 05/04/28			2,964		2,965,689
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/11/28			3,645		3,599,331
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.46%, 08/04/28			1,133		1,136,001
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/20/28			857		834,650


					10,061,366

Textiles, Apparel & Luxury Goods — 0.4%
Crocs, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.50%, 02/20/29			672		674,235
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/24/28^(d)			863		857,436
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 03/08/30^(d)			517		515,800


					2,047,471


Security		Par (000)		Value

Trading Companies & Distributors — 1.5%
Core & Main LP, 2021 Term Loan B, (2-mo. CME Term SOFR + 2.50%), 7.99%, 07/27/28	USD		4,057	$	4,052,313
TMK Hawk Parent Corp.^(d)
2020 Super Priority First Out Term Loan A, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 16.39%, 05/30/24			970		960,339
2020 Super Priority Second Out Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/28/24			3,026		1,876,058


					6,888,710

Transportation Infrastructure — 0.6%
Apple Bidco LLC
2021 Term Loan, (1-week CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 09/22/28			1,296		1,293,210
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 09/22/28			740		741,572
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.71%, 12/15/26			839		833,020


					2,867,802

Wireless Telecommunication Services — 3.4%
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.89%, 08/15/28			1,896		1,697,405
Connect Finco SARL, 2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.86%, 12/11/26			6,589		6,584,613
Digicel International Finance Ltd.
2017 Term Loan B, (3-mo. LIBOR US + 2.25%), 10.75%, 05/28/24			815		754,894
2017 Term Loan B1, 05/27/24⁽ⁱ⁾			35		32,804
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/30/28			929		930,515
Iridium Satellite LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.86%, 09/20/30			2,576		2,579,883
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/11/25			3,308		3,310,298


					15,890,412

Total Floating Rate Loan Interests — 126.7% (Cost: $600,105,406)					592,130,078


		Shares

Investment Companies

Equity Funds — 0.1%
Janus Henderson AAA CLO ETF			10,000		503,000


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 (continued)

December 31, 2023

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

(Percentages shown are based on Net Assets)


Security		Shares		Value


Fixed Income Funds — 1.2%
Invesco Senior Loan ETF			119,300	$	2,526,774
iShares 0-5 Year High Yield Corporate Bond ETF^(k)			5,000		211,100
iShares iBoxx $ High Yield Corporate Bond ETF^(k)			35,000		2,708,650


					5,446,524


Total Investment Companies — 1.3% (Cost: $5,881,183)					5,949,524


		Benefical Interest (000)

Other Interests

Capital Markets — 0.0%
Millennium Lender Claim Trust^(d)(l)	USD		1,607		—


Industrial Conglomerates — 0.0%
Millennium Corp. Claim^(d)(l)			1,508		—


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


		Shares

Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)^(c)			1,895		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)^(c)			999		19,361


Total Warrants — 0.0% (Cost:$—)					19,361


Total Investments — 131.1% (Cost: $627,636,114)					612,800,502

Liabilities in Excess of Other Assets — (31.1)%					(145,464,995	)


Net Assets — 100.0%				$	467,335,507

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

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

^(c)	Non-income producing security.

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

^(e)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $289,128, representing 0.1% of its net assets as of period end, and an original cost of $85,471.

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

^(g)	When-issued security.

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

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

^(j)	Rounds to less than 1,000.

^(k)	Affiliate of the Fund.

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


64		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

Affiliates



Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class^(a)	$	—	$	37,407,058	$	(37,407,058	)	$	—		$	—	$	—		—	$	10,780	$	—
iShares 0-5 Year High Yield Corporate Bond ETF		—		204,381		—			—			6,719		211,100		5,000		6,832		—
iShares iBoxx $ High Yield Corporate Bond ETF		736,300		7,972,560		(6,040,013	)		(35,247	)		75,050		2,708,650		35,000		288,807		—


								$	(35,247	)	$	81,769	$	2,919,750			$	306,419	$	—

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



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

USD	776,899	EUR	708,000	UBS AG		03/20/24	$	(7,101	)
USD	1,152,091	GBP	909,000	State Street Bank and Trust Co.		03/20/24		(7,004	)


							$	(14,105	)

Centrally Cleared Credit Default Swaps — Sell Protection



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

CDX.NA.HY.39.V3	5.00	%	Quarterly	12/20/27	B		USD 4,435		$	278,445	$	(56,041	)	$	334,486
CDX.NA.HY.40.V2	5.00		Quarterly	06/20/28	B		USD 4,440			280,594		109,359			171,235


									$	559,039	$	53,318		$	505,721

^(a)

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

^(b)

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

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Effective

Date

Termination

Date

Notional

Amount (000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

1-Day SOFR, 5.38%

Quarterly

Markit iBoxx USD Liquid Leveraged Loan Index

At Termination

JPMorgan Chase Bank N.A.

N/A

03/20/24

USD

2,546

37,007

(28,714

)

65,721

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)	$	109,359	$	(56,041	)	$	505,721	$	—
OTC Swaps		—		(28,714	)		65,721		—

^(a)


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 (continued)

December 31, 2023

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

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	—	$	505,721	$	—	$	—	$	—	$	—	$	505,721
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		—		—		65,721		—		65,721


	$	—	$	505,721	$	—	$	—	$	65,721	$	—	$	571,442


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	14,105	$	—	$	—	$	14,105
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		—		—		28,714		—		28,714


	$	—	$	—	$	—	$	14,105	$	28,714	$	—	$	42,819

^(a)

For the period ended December 31, 2023, 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	$	—	$	—	$	—	$	(71,731	)	$	—		$	—	$	(71,731	)
Swaps		—		236,024		—		—			(34,450	)		—		201,574


	$	—	$	236,024	$	—	$	(71,731	)	$	(34,450	)	$	—	$	129,843


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(30,990	)	$	—		$	—	$	(30,990	)
Swaps		—		435,213		—		—			65,721			—		500,934


	$	—	$	435,213	$	—	$	(30,990	)	$	65,721		$	—	$	469,944

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	2,842,396
Credit default swaps:
Average notional value — sell protection	$	6,711,038
Total return swaps:
Average notional value	$	636,585

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


66		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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

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	$	—	$	14,105
Swaps — centrally cleared		—		2,827
Swaps — OTC^(a)		65,721		28,714


Total derivative assets and liabilities in the Statements of Assets and Liabilities		65,721		45,646


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,827	)


Total derivative assets and liabilities subject to an MNA	$	65,721	$	42,819

^(a)

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



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)

JPMorgan Chase Bank N.A.	$	65,721	$	(28,714	)	$	—	$	—	$	37,007



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

JPMorgan Chase Bank N.A.	$	28,714	$	(28,714	)	$	—	$	—	$	—
State Street Bank and Trust Co.		7,004		—			—		—		7,004
UBS AG		7,101		—			—		—		7,101


	$	42,819	$	(28,714	)	$	—	$	—	$	14,105

^(a)

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

^(b)

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

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	6,052,683	$	—	$	6,052,683
Common Stocks
Construction & Engineering		11,154		—		—		11,154
Consumer Finance		—		626,632		—		626,632
Electrical Equipment		8,984		—		—		8,984
Energy Equipment & Services		—		—		—		—
Financial Services		—		361,300		—		361,300
Health Care Providers & Services		—		—		178,020		178,020
Media		—		—		289,128		289,128
Oil, Gas & Consumable Fuels		—		—		3,098		3,098
Semiconductors & Semiconductor Equipment		1,663		—		—		1,663


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 (continued)

December 31, 2023

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

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2			Level 3		Total

Corporate Bonds	$	—	$	7,125,564		$	43,313	$	7,168,877
Floating Rate Loan Interests		—		573,977,902			18,152,176		592,130,078
Investment Companies		5,949,524		—			—		5,949,524
Other Interests		—		—			—		—
Warrants		19,361		—			—		19,361
Unfunded Floating Rate Loan Interests^(a)		—		—			970		970


	$	5,990,686	$	588,144,081		$	18,666,705	$	612,801,472

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—	$	505,721		$	—	$	505,721
Interest Rate Contracts		—		65,721			—		65,721
Liabilities
Foreign Currency Exchange Contracts		—		(14,105	)		—		(14,105	)


	$	—	$	557,337		$	—	$	557,337

^(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 $144,000,000 are categorized as Level 2 within the fair value hierarchy.




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


Assets
Opening balance, as of December 31, 2022	$	4,440		$	—		$	12,129,451		$	—	^(a)	$	—	$	12,133,891
Transfers into Level 3^(b)		—			78,227			3,399,733			—			—		3,477,960
Transfers out of Level 3^(c)		—			—			(5,579,631	)		—			—		(5,579,631	)
Accrued discounts/premiums		—			(1	)		412,910			—			—		412,909
Net realized gain (loss)		(213,184	)		—			(36,450	)		—			—		(249,634	)
Net change in unrealized appreciation (depreciation)^(d)(e)		(142,903	)		(53,794	)		175,630			—			970		(20,097	)
Purchases		822,717			18,881			12,220,410			—			—		13,062,008
Sales		(824	)		—			(4,569,877	)		—			—		(4,570,701	)


Closing balance, as of December 31, 2023	$	470,246		$	43,313		$	18,152,176		$	—	^(a)	$	970	$	18,666,705

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023^(e)	$	(355,568	)	$	(53,794	)	$	113,979		$	—		$	970	$	(294,413	)

^(a)

Rounds to less than $1.

^(b)

As of December 31, 2022, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2023, 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, 2022, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2023, 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)

See notes to financial statements.


68		2 0 2 3 B L A C K R O C K 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

December 31, 2023

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
Sterling COOFS Trust^(a)
Series 2004-1, Class A, 2.36%, 04/15/29	$	436	$	4,357
Series 2004-2, Class Note, 2.08%, 03/30/30^(b)		251		2,512


Total Asset-Backed Securities — 0.0% (Cost: $61,948)				6,869


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 7.8%
Fannie Mae REMICS, Series 2020-57, Class LI, 2.00%, 08/25/50		5,500		3,978,304
Freddie Mac REMICS
Series 3745, Class LK, 4.00%, 10/15/40		3,500		3,362,114
Series 5249, Class LB, 4.00%, 08/25/52		6,295		5,744,910
Ginnie Mae Mortgage-Backed Securities, Series 2022- 63, Class ZM, 3.50%, 10/20/50		4,414		3,557,843
Seasoned Credit Risk Transfer Trust
Series 2018-2, Class MA, 3.50%, 11/25/57		501		476,039
Series 2018-4, Class MA, 3.50%, 03/25/58		2,915		2,749,824
Series 2019-1, Class MA, 3.50%, 07/25/58		905		856,550
Series 2019-2, Class MA, 3.50%, 08/25/58		369		348,220


				21,073,804

Commercial Mortgage-Backed Securities — 2.1%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, (1-mo. Term SOFR + 1.15%), 6.51%, 09/15/34^(b)(c)		607		603,907
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1-mo. Term SOFR + 0.86%), 6.23%, 04/15/36^(b)(c)		250		245,138
BLP Commercial Mortgage Trust, Series 2023-IND, Class A, (1-mo. Term SOFR + 1.69%), 7.05%, 03/15/40^(b)(c)		500		497,044
BX Trust, Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.53%, 08/15/39^(b)(c)		750		750,705
Citigroup Commercial Mortgage Trust, Series 2023, Class A, 5.82%, 10/12/40^(b)(c)		340		344,178
CSAIL Commercial Mortgage Trust^(c)
Series 2018-C14, Class XA, 0.54%, 11/15/51		1,981		41,999
Series 2019-C16, Class XA, 1.54%, 06/15/52		6,331		394,409
CSRO Trust, Series 2023, Class A, 7.12%, 07/12/40		177		184,194
GS Mortgage Securities Corp. Trust^(b)(c)
Series 2022-ECI, Class A, (1-mo. Term SOFR + 2.19%), 7.56%, 08/15/39		560		561,375
Series 2023-FUN, Class A, (1-mo. Term SOFR + 2.09%), 7.45%, 03/15/28		280		278,947
MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38		569		586,454
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A, (Prime), 8.50%, 06/15/35^(b)(c)		45		41,465
ORL Trust, Series 2023, Class A, (1-mo. Term SOFR + 2.35%), 7.71%, 10/19/36^(c)		445		444,460
Wells Fargo Commercial Mortgage Trust^(c)
Series 2018-AUS, Class A, 4.06%, 08/17/36^(b)		583		532,169
Series 2018-C44, Class XA, 0.71%, 05/15/51		4,728		115,231


				5,621,675

Interest Only Collateralized Mortgage Obligations — 4.7%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37		124		21,642
Fannie Mae REMICS, Series 2021-26, Class AI, 3.50%, 05/25/50		25,688		4,589,857
Freddie Mac REMICS
Series 3744, Class CI, 3.00%, 06/25/51		18,702		2,624,993


Security	Par (000)			Value

Interest Only Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
Series 5083, Class IN, 4.50%, 07/25/32	$	11,692		$	1,081,640
Series 5138, Class IP, 3.00%, 04/25/51		17,522			2,632,294
Ginnie Mae, Series 2022-10, Class IT, 3.50%, 01/20/52		11,454			1,765,925
IndyMac INDX Mortgage Loan Trust, Series 2006- AR33, Class 4AX, 0.17%, 01/25/37^(a)		18,178			2
Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, 05/15/29^(c)		5,093			5


					12,716,358

Principal Only Collateralized Mortgage Obligations^(d)—2.1%
CHL Mortgage Pass-Through Trust, Series 2003-J8,Class PO, 4.00%, 09/25/23		1			1,035
Fannie Mae Interest Strip
Series 297, Class 1, 5.00%, 09/25/39		2,099			1,642,086
Series 337, Class 1, 5.00%, 07/25/33		1,755			1,488,283
Fannie Mae REMICS, Series 2011-90, Class AO, 4.00%, 09/25/41		3,421			2,628,931
Residential Asset Securitization Trust, Series 2005- A15, Class 1A8, 3.00%, 02/25/36		86			61,183
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9, Class CP, 5.00%, 11/25/35		45			24,607


					5,846,125


Total Non-Agency Mortgage-Backed Securities — 16.7% (Cost: $45,506,757)					45,257,962


U.S. Government Sponsored Agency Securities

Agency Obligations — 3.6%
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30^(e)		13,000			9,899,838


Collateralized Mortgage Obligations — 58.7%
Fannie Mae, Series 0040, Class K, 6.50%, 08/17/24		—	^(f)		97
Fannie Mae REMICS
Series 2004-31, Class ZG, 7.50%, 05/25/34		1,808			1,952,848
Series 2005-73, Class DS, (30-day Avg SOFR + 17.25%), 3.38%, 08/25/35^(c)		34			33,346
Series 2010-134, Class DB, 4.50%, 12/25/40		5,915			5,814,187
Series 2010-136, Class CY, 4.00%, 12/25/40		2,924			2,810,250
Series 2010-47, Class JB, 5.00%, 05/25/30		1,723			1,722,763
Series 2011-117, Class CP, 4.00%, 11/25/41		14,351			13,698,593
Series 2011-8, Class ZA, 4.00%, 02/25/41		3,556			3,407,905
Series 2011-99, Class CB, 4.50%, 10/25/41		28,799			28,429,292
Series 2012-104, Class QD, 4.00%, 09/25/42		1,639			1,502,332
Series 2013-81, Class YK, 4.00%, 08/25/43		7,000			6,515,304
Series 2018-32, Class PS, (30-day Avg SOFR + 7.10%), 0.87%, 05/25/48^(c)		4,140			3,631,481
Series 2018-50, Class EB, 4.00%, 07/25/48		2,001			1,938,392
Freddie Mac REMICS
Series 2218, Class Z, 8.50%, 03/15/30		262			275,505
Series 2731, Class ZA, 4.50%, 01/15/34		1,415			1,395,002
Series 2927, Class BZ, 5.50%, 02/15/35		1,325			1,328,725
Series 3745, Class ZA, 4.00%, 10/15/40		1,244			1,186,819
Series 3762, Class LN, 4.00%, 11/15/40		2,000			1,902,094
Series 3780, Class ZA, 4.00%, 12/15/40		3,293			3,159,277
Series 3856, Class PB, 5.00%, 05/15/41		6,253			6,303,146
Series 3960, Class PL, 4.00%, 11/15/41		2,859			2,789,899
Series 3963, Class JB, 4.50%, 11/15/41		506			499,712
Series 4016, Class BX, 4.00%, 09/15/41		15,408			14,705,343
Series 4269, Class PM, 4.00%, 08/15/41		8,884			8,313,008


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 (continued)

December 31, 2023

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 4299, Class JY, 4.00%, 01/15/44	$	1,000	$	947,955
Series 4384, Class LB, 3.50%, 08/15/43		3,702		3,553,135
Series 4615, Class LB, 4.50%, 09/15/41		7,155		7,061,177
Series 4748, Class BM, 3.50%, 11/15/47		3,351		2,886,434
Series 4774, Class L, 4.50%, 03/15/48		5,028		4,915,333
Series 4830, Class AV, 4.00%, 10/15/33		1,069		997,538
Freddie Mac Structured Pass-Through Certificates,
Series T-11, Class A9, 0.13%, 01/25/28^(c)		50		49,696
Ginnie Mae
Series 2011-88, Class PY, 4.00%, 06/20/41		7,310		7,036,350
Series 2012-16, Class HJ, 4.00%, 09/20/40		5,122		4,979,600
Series 2015-96, Class ZM, 4.00%, 07/20/45		8,785		8,024,591
Series 2018-91, Class ZL, 4.00%, 07/20/48		6,381		5,560,257


				159,327,386

Commercial Mortgage-Backed Securities^(c)— 0.6%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K105, Class X1, 1.52%, 01/25/30		1,816		133,415
Series K109, Class X1, 1.58%, 04/25/30		935		72,972
Series K110, Class X1, 1.70%, 04/25/30		392		31,848
Series K120, Class X1, 1.04%, 10/25/30		3,878		208,226
Freddie Mac Multifamily Structured Pass-Through Certificates
Series K094, Class X1, 0.88%, 06/25/29		1,398		54,891
Series K104, Class X1, 1.12%, 01/25/30		1,345		71,707
Series K107, Class X1, 1.59%, 01/25/30		1,227		95,314
Series K113, Class X1, 1.38%, 06/25/30		1,590		111,228
Series K115, Class X1, 1.32%, 06/25/30		1,947		131,076
Series K122, Class X1, 0.88%, 11/25/30		1,663		78,525
Ginnie Mae
Series 2013-63, Class IO, 0.75%, 09/16/51		3,331		83,405
Series 2014-169, Class IO, 0.62%, 10/16/56		12,532		265,002
Series 2016-113, Class IO, 1.18%, 02/16/58		3,344		174,952


				1,512,561

Interest Only Collateralized Mortgage Obligations — 8.0%
Fannie Mae REMIC Trust, Series 1999-W4, Class IO, 6.50%, 12/25/28		27		1,173
Fannie Mae REMICS
Series 1997-90, Class M, 6.00%, 01/25/28		2		8
Series 2006-36, Class PS, (30-day Avg SOFR + 6.49%), 1.15%, 05/25/36^(c)		2,025		183,340
Series 2011-134, Class ST, (30-day Avg SOFR + 5.89%), 0.55%, 12/25/41^(c)		11,854		1,425,255
Series 2013-10, Class PI, 3.00%, 02/25/43		3,563		415,565
Series 2013-45, Class EI, 4.00%, 04/25/43		1,302		115,009
Series 2015-66, Class AS, (30-day Avg SOFR + 6.14%), 0.80%, 09/25/45^(c)		9,878		768,160
Series 2017-70, Class SA, (30-day Avg SOFR + 6.04%), 0.70%, 09/25/47^(c)		15,936		2,025,291
Series 2020-12, Class JI, 4.50%, 03/25/50		7,132		1,432,728
Series 2021-23, Class CI, 3.50%, 07/25/46		17,914		2,956,423
Freddie Mac REMICS
Series 3744, Class PI, 4.00%, 06/15/39		862		27,886
Series 3923, Class SD, (30-day Avg SOFR + 5.89%), 0.55%, 09/15/41^(c)		15,178		1,531,512
Series 3954, Class SL, (30-day Avg SOFR + 5.89%), 0.55%, 11/15/41^(c)		9,012		991,807


Security	Par (000)			Value

Interest Only Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
Series 4026, Class IO, 4.50%, 04/15/32	$	519		$	39,232
Series 4119, Class SC, (30-day Avg SOFR + 6.04%), 0.70%, 10/15/42^(c)		210			24,531
Series 4706, Class IG, 4.00%, 07/15/47		7,647			1,499,781
Series 5013, Class JI, 4.00%, 09/25/50		18,692			3,543,381
Ginnie Mae
Series 2009-116, Class KS, (1-mo. Term SOFR + 6.36%), 1.00%, 12/16/39^(c)		339			27,429
Series 2011-52, Class MJ, (1-mo. Term SOFR + 6.54%), 1.18%, 04/20/41^(c)		2,427			132,858
Series 2011-52, Class NS, (1-mo. Term SOFR + 6.56%), 1.20%, 04/16/41^(c)		3,122			230,497
Series 2012-97, Class JS, (1-mo. Term SOFR + 6.14%), 0.78%, 08/16/42^(c)		3,852			131,647
Series 2017-101, Class SL, (1-mo. Term SOFR + 6.09%), 0.73%, 07/20/47^(c)		8,189			981,746
Series 2022-60, Class IH, 2.50%, 02/20/51		23,092			3,156,952


					21,642,211

Mortgage-Backed Securities — 65.6%
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/56 -01/01/57^(g)		29,846			28,820,629
Freddie Mac Mortgage-Backed Securities, 5.50%, 01/01/39^(g)		4,117			4,245,445
Ginnie Mae Mortgage-Backed Securities
8.00%, 05/15/26 - 06/15/27		7			6,612
5.00%, 10/20/39		942			957,592
Uniform Mortgage-Backed Securities
4.50%, 09/01/25 - 10/01/52^(g)		34,798			34,168,240
5.50%, 02/01/33 - 10/01/39^(g)		3,025			3,115,322
5.00%, 06/01/33 - 01/16/54^(g)(h)		27,916			27,864,348
6.50%, 10/01/38 - 10/01/39		1,075			1,128,547
2.50%, 01/18/39^(h)		180			165,811
4.00%, 01/01/41 - 10/01/52^(g)		38,775			36,998,886
3.00%, 01/16/54^(h)		41,900			37,060,223
3.50%, 01/16/54^(h)		3,664			3,361,148


					177,892,803

Principal Only Collateralized Mortgage Obligations^(d)— 0.0%
Fannie Mae REMIC Trust, Series 1999-W4, Class PO, 7.00%, 02/25/29		14			12,993
Fannie Mae REMICS, Series 2002-13, Class PR, 4.00%, 03/25/32		18			16,349
Freddie Mac REMICS, Series 1691, Class B, 4.00%, 03/15/24		—	^(f)		611


					29,953


Total U.S. Government Sponsored Agency Securities — 136.5% (Cost: $410,193,805)					370,304,752


Total Long-Term Investments — 153.2% (Cost: $455,762,510)					415,569,583


70		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value


Short-Term Securities

Borrowed Bond Agreement — 0.3%
BNP Paribas SA, 5.40%, 01/02/24 (Purchased 12/29/2023 to be repurchased at $745,174, Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $917,000 and $741,516, respectively)	$	745		$	745,062


	Shares


Money Market Funds — 2.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(i)(j)		7,494,937			7,494,937


Total Short-Term Securities — 3.0% (Cost: $8,239,999)					8,239,999


Total Investments Before Borrowed Bonds — 156.2% (Cost: $464,002,509)					423,809,582


	Par (000)


Borrowed Bonds

U.S. Governments Obligations — (0.3)%
U.S. Treasury Bonds, 2.75%, 11/15/42^(k)	$	(917	)		(741,516	)


Total Borrowed Bonds — (0.3)% (Proceeds: $(842,347))					(741,516	)

Total Investments, Net of Borrowed Bonds — 155.9% (Cost: $463,160,162)					423,068,066

Liabilities in Excess of Other Assets — (55.9)%					(151,739,343	)


Net Assets — 100.0%				$	271,328,723

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

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

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

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

^(e)	Zero-coupon bond.

^(f)	Rounds to less than 1,000.

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

^(h)	Represents or includes a TBA transaction.

⁽ⁱ⁾	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,814,963	$	1,679,974	^(a)	$	—	$	—	$	—	$	7,494,937		7,494,937	$	355,988	$	—

^(a)

Represents net amount purchased (sold).

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

Royal Bank of Canada

5.53

12/08/23

01/16/24

4,328,394

4,341,027

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

3,564,398

3,574,801

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,469,539

5,485,502

U.S. Government Sponsored Agency Securities

Up to 30 Days


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 (continued)

December 31, 2023

BlackRock Income Trust, Inc. (BKT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,267,139

5,282,512

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,604,131

5,620,487

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,094,981

2,101,096

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,628,822

5,645,250

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,739,417

5,756,168

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,660,279

5,676,799

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

8,230,339

8,254,360

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,327,355

1,331,229

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,808,726

5,825,679

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

18,908,721

18,965,931

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,869,990

1,875,448

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,823,651

2,831,893

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,808,731

2,816,928

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,896,550

1,902,085

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,561,936

5,578,170

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,161,131

1,164,520

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,440,230

5,456,108

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,572,389

2,579,897

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,370,152

2,377,069

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

4,079,634

4,091,541

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

5.56

12/20/23

01/16/24

1,258,156

1,260,488

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

5.56

12/20/23

01/16/24

1,222,822

1,225,088

U.S. Government Sponsored Agency Securities

Up to 30 Days

110,697,613

111,020,076


72		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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		306		03/19/24	$	34,545	$	1,119,571


Short Contracts 10-Year U.S. Ultra Long Treasury Note		163		03/19/24		19,237		(868,105	)
U.S. Long Bond		134		03/19/24		16,742		(1,215,618	)
2-Year U.S. Treasury Note		138		03/28/24		28,416		(283,645	)
5-Year U.S. Treasury Note		57		03/28/24		6,200		(141,094	)


								(2,508,462	)


							$	(1,388,891	)

Centrally Cleared Interest Rate Swaps



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

1-Day SOFR, 5.38%	Quarterly		0.17%	Quarterly		N/A		10/21/25		USD	137	$	(10,866	)	$	(13	)	$	(10,853	)
0.18%	Quarterly		1-Day FEDL, 5.33%	Quarterly		N/A		10/21/25		USD	137		10,736			11			10,725


												$	(130	)	$	(2	)	$	(128	)

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)	$	11	$	(13	)	$	10,725	$	(10,853	)

^(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)	$	—	$	—	$	—	$	—	$	1,119,571	$	—	$	1,119,571
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		—		—		—		10,725		—		10,725


	$	—	$	—	$	—	$	—	$	1,130,296	$	—	$	1,130,296


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	2,508,462	$	—	$	2,508,462
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		—		—		—		10,853		—		10,853


	$	—	$	—	$	—	$	—	$	2,519,315	$	—	$	2,519,315

^(a)


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 (continued)

December 31, 2023

BlackRock Income Trust, Inc. (BKT)

For the period ended December 31, 2023, 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	$	—	$	—	$	—	$	—	$	2,351,300		$	—	$	2,351,300
Options purchased^(a)		—		—		—		—		(228,000	)		—		(228,000	)
Swaps		—		—		—		—		69			—		69


	$	—	$	—	$	—	$	—	$	2,123,369		$	—	$	2,123,369


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(1,452,887	)	$	—	$	(1,452,887	)
Swaps		—		—		—		—		(121	)		—		(121	)


	$	—	$	—	$	—	$	—	$	(1,453,008	)	$	—	$	(1,453,008	)

^(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	38,788,125
Average notional value of contracts — short	$	79,336,487
Options:
Average notional value of swaption contracts purchased	$	11,250,000
Interest rate swaps:
Average notional value — pays fixed rate	$	136,615
Average notional value — receives fixed rate	$	136,615

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	—		$	6,869	$	6,869
Non-Agency Mortgage-Backed Securities		—			45,257,960			2		45,257,962
U.S. Government Sponsored Agency Securities		—			370,304,752			—		370,304,752
Short-Term Securities
Borrowed Bond Agreement		—			745,062			—		745,062
Money Market Funds		7,494,937			—			—		7,494,937
Liabilities
Investments
Borrowed Bonds		—			(741,516	)		—		(741,516	)


	$	7,494,937		$	415,566,258		$	6,871	$	423,068,066

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	1,119,571		$	10,725		$	—	$	1,130,296
Liabilities
Interest Rate Contracts		(2,508,462	)		(10,853	)		—		(2,519,315	)


	$	(1,388,891	)	$	(128	)	$	—	$	(1,389,019	)

^(a)

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


74		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Income Trust, Inc. (BKT)

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 $111,020,076 are categorized as Level 2 within the fair value hierarchy.

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		75

Schedule of Investments

December 31, 2023

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. CME Term SOFR + 2.36%), 7.78%, 04/20/34^(a)(b)		USD	1,000	$	993,694
Allegro CLO II-S Ltd., Series 2014-1RA, Class C, (3-mo. CME Term SOFR + 3.26%), 8.67%, 10/21/28^(a)(b)			1,000		988,772
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.66%, 10/15/29^(a)(b)			285		278,197
Anchorage Capital CLO Ltd.^(a)(b)
Series 2014-3RA, Class E, (3-mo. CME Term SOFR + 5.76%), 11.15%, 01/28/31			850		793,634
Series 2014-4RA, Class D, (3-mo. CME Term SOFR + 2.86%), 8.25%, 01/28/31			250		241,612
Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.15%, 01/28/31			1,000		979,112
Apidos CLO XL Ltd., Series 2022-40A, Class E, (3-mo. CME Term SOFR + 7.69%), 13.08%, 07/15/35^(a)(b)			500		498,801
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.56%, 07/18/29^(a)(b)			364		363,002
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 13.93%, 04/25/35^(a)(b)			620		620,549
Argent Securities Trust, Series 2006-W5, Class A1, (1-mo. Term SOFR + 0.41%), 5.77%, 06/25/36^(a)			3,982		2,554,724
Bain Capital Credit CLO Ltd.^(a)(b)
Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.96%, 07/19/34			300		287,927
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.76%, 07/24/34			250		240,416
Ballyrock CLO Ltd., Series 2020-14A, Class D, (3- mo. CME Term SOFR + 7.26%), 12.68%, 01/20/34^(a)(b)			250		250,001
Barings CLO Ltd., Series 2017-1A, Class D, (3-mo. CME Term SOFR + 3.86%), 9.26%, 07/18/29^(a)(b)			250		249,964
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3-mo. CME Term SOFR + 1.13%), 6.53%, 07/15/29^(a)(b)			45		44,495
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.71%, 07/15/34^(a)(b)			250		248,839
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.56%, 04/15/34^(a)(b)			500		487,990
Carlyle U.S. CLO Ltd., Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.28%), 6.70%, 04/20/31^(a)(b)			233		233,168
CarVal CLO II Ltd., Series 2019-1A, Class CR, (3- mo. CME Term SOFR + 2.26%), 7.68%, 04/20/32^(a)(b)			250		249,082
CarVal CLO III Ltd., Series 2019-2A, Class E, (3- mo. CME Term SOFR + 6.70%), 12.12%, 07/20/32^(a)(b)			500		479,718
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/17/34^(a)(b)			250		249,030


Security	Par (000)			Value

Asset-Backed Securities (continued)
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.26%, 07/15/33^(a)(b)		USD	500	$	495,373
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.22%, 04/20/35^(a)(b)			450		444,378
CIFC Funding Ltd.^(a)(b)
Series 2013-4A, Class DRR, (3-mo. CME Term SOFR + 3.06%), 8.45%, 04/27/31			250		245,110
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.78%, 04/20/32			500		498,310
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.76%, 10/22/35			250		250,174
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.35%, 10/22/35			500		511,555
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36^(c)			326		187,414
Clear Creek CLO, Series 2015-1A, Class DR, (3- mo. CME Term SOFR + 3.21%), 8.63%, 10/20/30^(a)(b)			250		249,887
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1-mo. Term SOFR + 0.25%), 5.61%, 06/25/37^(a)			495		454,221
Dryden CLO Ltd.^(a)(b)
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.31%, 04/18/31			250		244,899
Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.26%, 10/15/35			500		501,657
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.77%, 04/20/35^(a)(b)			585		577,008
Elmwood CLO I Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 7.97%), 13.39%, 10/20/33^(a)(b)			250		253,459
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.48%, 04/20/34^(a)(b)			250		248,773
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.36%, 04/15/33^(a)(b)			500		499,708
Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 2.26%), 7.68%, 10/20/34^(a)(b)			436		432,716
Generate CLO Ltd.^(a)(b)
Series 4A, Class ER, (3-mo. CME Term SOFR + 7.01%), 12.43%, 04/20/32			1,000		999,335
Series 6A, Class DR, (3-mo. CME Term SOFR + 3.76%), 9.17%, 01/22/35			750		758,730
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.24%, 07/20/34^(a)(b)			250		249,403
LCM XIII LP, Series 13A, Class AR3, (3-mo. CME Term SOFR + 1.13%), 6.53%, 07/19/27^(a)(b)			130		130,261
Madison Park Funding LXIII Ltd., Series 2023-63A, Class E, (3-mo. CME Term SOFR + 8.57%), 13.98%, 04/21/35^(a)(b)			400		401,316
Madison Park Funding XLV Ltd., Series 2020-45A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.36%, 07/15/34^(a)(b)			300		299,370


76		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities (continued)
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.27%, 07/21/30^(a)(b)	USD	500	$	492,682
Madison Park Funding XVIII Ltd., Series 2015-18A, Class ARR, (3-mo. CME Term SOFR + 1.20%), 6.61%, 10/21/30^(a)(b)		489		488,944
Madison Park Funding XXIX Ltd.^(a)(b)
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.66%, 10/18/30		510		502,565
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.36%, 10/18/30		250		240,456
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.61%, 04/25/29^(a)(b)		957		956,460
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.65%, 07/29/30^(a)(b)		250		247,692
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/15/33^(a)(b)		800		800,250
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/17/34^(a)(b)		250		249,404
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.16%, 07/15/34^(a)(b)		790		775,800
Neuberger Berman Loan Advisers CLO Ltd., Series 2019-32A, Class ER, (3-mo. CME Term SOFR + 6.36%), 11.76%, 01/20/32^(a)(b)		425		413,702
Neuberger Berman Loan Advisers NBLA CLO Ltd., Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.15%, 10/24/35^(a)(b)		500		497,461
OCP CLO Ltd.^(a)(b)
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.13%, 11/20/30		300		299,101
Series 2019-16A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.82%, 04/10/33		250		241,028
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.71%, 07/15/34^(a)(b)		250		242,583
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.98%, 07/20/30^(a)(b)		500		463,257
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.63%, 07/19/30^(a)(b)		1,567		1,564,650
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 7.04%, 01/25/31^(a)(b)		250		248,435
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.37%, 10/25/34^(a)(b)		250		250,377
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3-mo. CME Term SOFR + 3.41%), 8.81%, 10/17/29^(a)(b)		250		249,463
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.22%, 01/20/31^(a)(b)		250		232,444


Security	Par (000)		Value

Asset-Backed Securities (continued)
Rad CLO Ltd., Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.72%, 10/20/35^(a)(b)	USD	250	$	250,673
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.56%, 04/17/30^(a)(b)		500		498,487
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.11%, 01/15/34^(a)(b)		300		298,268
Regatta XXIV Funding Ltd., Series 2021-5A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.78%, 01/20/35^(a)(b)		250		248,765
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.66%, 07/15/36^(a)(b)		500		512,854
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33^(d)		980		866,124
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.51%, 10/15/29^(a)(b)		500		492,547
RRX Ltd.^(a)(b)
Series 2020-1A, Class E, (3-mo. CME Term SOFR + 6.71%), 12.11%, 04/15/33		250		246,584
Series 2021-5A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.46%, 07/15/34		250		250,777
Sterling COOFS Trust^(b)(d)
Series 2004-1, Class A, 2.36%, 04/15/29		607		6,068
Series 2004-2, Class Note, 2.08%, 03/30/30		631		6,314
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.26%, 04/23/35^(a)(b)		300		296,798
Trimaran CAVU Ltd.^(a)(b)
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.71%), 9.12%, 04/23/32		250		245,186
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.89%, 10/25/34		500		490,819
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27^(e)	GBP	30		38,601
Voya CLO Ltd.^(a)(b)
Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.31%, 10/17/32	USD	500		497,515
Series 2022-4, Class E, (3-mo. CME Term SOFR + 7.50%), 12.92%, 10/20/33		350		346,712
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.61%), 9.01%, 10/24/34^(a)(b)		500		484,150
Whitebox CLO III Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 9.01%, 10/15/34^(a)(b)		250		245,415


Total Asset-Backed Securities — 7.2% (Cost: $36,263,090)				36,045,195


	Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(f)		47,837		4,305


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Consumer Finance — 0.1%
Travelport Finance Luxembourg SARL			91	$	216,378


Energy Equipment & Services — 0.0%
Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $0)^(d)(f)(g)			2,869		—


Financial Services — 0.0%
NMG Parent LLC			1,330		133,000


Health Care Providers & Services — 0.0%
Envision Healthcare Corp.^(d)(f)			12,321		92,408


Household Products — 0.0%
Berkline Benchcraft Equity LLC^(d)(f)			3,155		—


Industrial Conglomerates — 0.0%
Ameriforge Group, Inc.^(f)			801		8


Media — 0.0%
Learfield Communications LLC, (Acquired 09/06/23, Cost: $36,292)^(d)(f)(g)			2,888		122,740


Oil, Gas & Consumable Fuels — 0.0%
Kcad Holdings I Ltd.^(d)(f)			546,753,936		5,468


Total Common Stocks — 0.1% (Cost: $7,599,835)					574,307


		Par (000)

Corporate Bonds

Aerospace & Defense — 3.1%
Bombardier, Inc.^(b)
7.13%, 06/15/26^(h)	USD		924		919,686
7.88%, 04/15/27^(h)			178		178,031
6.00%, 02/15/28^(h)			539		525,135
7.50%, 02/01/29^(h)			371		377,150
8.75%, 11/15/30^(h)			463		492,957
7.45%, 05/01/34			100		114,000
Embraer Netherlands Finance BV, 7.00%, 07/28/30^(b)(h)			387		404,372
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)(h)			423		413,421
Northrop Grumman Corp., 3.85%, 04/15/45^(h)			600		503,972
Rolls-Royce PLC, 5.75%, 10/15/27^(b)(h)			1,218		1,220,093
Spirit AeroSystems, Inc.^(b)(h)
9.38%, 11/30/29			481		526,346
9.75%, 11/15/30			418		449,339
TransDigm, Inc.^(b)(h)
6.25%, 03/15/26			5,301		5,291,841
6.75%, 08/15/28			2,096		2,144,380
7.13%, 12/01/31			976		1,022,765
Triumph Group, Inc., 9.00%, 03/15/28^(b)(h)			964		1,025,065


					15,608,553

Automobile Components — 1.1%
Aptiv PLC, 4.40%, 10/01/46^(h)			240		194,234
Clarios Global LP, 6.75%, 05/15/25^(b)(h)			528		532,646
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(e)	EUR		200		218,910
6.25%, 05/15/26^(b)(h)	USD		737		737,957
8.50%, 05/15/27^(b)(h)			2,599		2,608,060
6.75%, 05/15/28^(b)(h)			886		903,910
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(e)	EUR		100		120,580


Security		Par (000)		Value

Automobile Components (continued)
Forvia SE, 3.75%, 06/15/28^(e)	EUR		100	$	108,037
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(h)	USD		104		98,262
5.63%, 04/30/33			109		97,706
ZF Finance GmbH, 2.00%, 05/06/27^(e)	EUR		100		101,865


					5,722,167

Automobiles — 0.6%
Asbury Automotive Group, Inc.
4.50%, 03/01/28	USD		146		138,663
4.75%, 03/01/30			124		115,751
5.00%, 02/15/32^(b)			130		118,144
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			174		172,260
Ford Motor Co.
3.25%, 02/12/32			88		73,190
6.10%, 08/19/32^(h)			199		200,598
General Motors Financial Co., Inc., 6.00%, 01/09/28^(h)			1,000		1,033,924
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)			122		115,460
LCM Investments Holdings II LLC^(b)
4.88%, 05/01/29^(h)			349		324,191
8.25%, 08/01/31			252		263,014
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(e)(h)			200		189,813
Wabash National Corp., 4.50%, 10/15/28^(b)(h)			220		198,510


					2,943,518

Banks — 0.9%
Banco BPM SpA^(a)(e)
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR		150		173,229
(5-year EUR Swap + 3.17%), 2.88%, 06/29/31			100		104,323
Banco Espirito Santo SA^(e)(f)(i)
4.75%, 01/15/18			100		28,703
4.00%, 01/21/22			100		28,703
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00%^(a)(e)(h)(j)	USD		501		482,213
Barclays PLC, 5.20%, 05/12/26^(h)			200		198,703
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34^(a)(h)			430		444,953
Credit Suisse AG/New York, 5.00%, 07/09/27^(h)			1,200		1,200,254
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29^(a)(h)			1,100		1,151,927
Freedom Mortgage Corp.^(b)
12.00%, 10/01/28			103		112,489
12.25%, 10/01/30			103		113,069
HSBC Holdings PLC, 4.38%, 11/23/26^(h)			395		385,865
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(b)(h)			200		198,998
Northern Trust Corp., 6.13%, 11/02/32^(h)			119		127,786


					4,751,215

Beverages — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(h)			800		784,193


Biotechnology — 0.0%
Cidron Aida Finco SARL, 5.00%, 04/01/28^(e)	EUR		100		106,171


Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)(h)	USD		123		118,196


Building Products^(b)— 1.0%
Advanced Drainage Systems, Inc.^(h)
5.00%, 09/30/27			306		295,290
6.38%, 06/15/30			412		415,087
Beacon Roofing Supply, Inc.
4.13%, 05/15/29			123		112,134


78		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Building Products (continued)
Beacon Roofing Supply, Inc. (continued) 6.50%, 08/01/30^(h)		USD	288	$	294,472
Foundation Building Materials, Inc., 6.00%, 03/01/29			83		74,628
GYP Holdings III Corp., 4.63%, 05/01/29^(h)			371		338,687
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			87		85,326
SRS Distribution, Inc.^(h)
4.63%, 07/01/28			492		466,758
6.13%, 07/01/29			561		531,845
6.00%, 12/01/29			875		815,856
White Cap Buyer LLC, 6.88%, 10/15/28^(h)			1,570		1,519,778
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(h)(k)			224		222,959


					5,172,820

Capital Markets — 0.6%
Ares Capital Corp., 7.00%, 01/15/27			140		144,003
Aretec Group, Inc., 10.00%, 08/15/30^(b)			90		95,639
Blackstone Private Credit Fund
7.05%, 09/29/25			79		80,397
3.25%, 03/15/27			75		68,801
Blue Owl Capital Corp., 3.40%, 07/15/26			63		58,570
Blue Owl Capital Corp. II, 8.45%, 11/15/26^(b)			150		154,536
Blue Owl Credit Income Corp.
3.13%, 09/23/26			43		39,269
7.75%, 09/16/27^(h)			302		311,376
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)(h)			214		202,149
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26^(h)			418		398,818
5.25%, 05/15/27^(h)			849		762,592
9.75%, 01/15/29^(b)			298		304,020
4.38%, 02/01/29^(h)			211		176,198
Oaktree Strategic Credit Fund, 8.40%, 11/14/28^(b)			168		176,957


					2,973,325

Chemicals — 1.5%
Ashland LLC, 3.38%, 09/01/31^(b)			193		166,350
Avient Corp., 7.13%, 08/01/30^(b)(h)			106		110,267
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31^(b)(h)			273		286,304
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)(h)			447		401,151
Axalta Coating Systems LLC/Axalta Coating
Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)(h)			170		165,202
Celanese U.S. Holdings LLC, 6.70%, 11/15/33			103		111,714
Chemours Co.^(b)
5.75%, 11/15/28			103		98,108
4.63%, 11/15/29			175		153,642
Element Solutions, Inc., 3.88%, 09/01/28^(b)(h)			1,508		1,388,320
HB Fuller Co., 4.25%, 10/15/28			110		102,856
Herens Holdco SARL, 4.75%, 05/15/28^(b)(h)			412		337,999
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(h)			352		336,582
Ingevity Corp., 3.88%, 11/01/28^(b)			84		75,225
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(k)			272		202,619
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)(h)			133		112,470
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			169		162,526
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)			32		31,720


Security		Par (000)		Value

Chemicals (continued)
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(e)	EUR		100	$	118,123
9.75%, 11/15/28^(b)(h)	USD		738		783,308
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(h)			439		421,410
Scotts Miracle-Gro Co.
4.50%, 10/15/29			104		92,405
4.38%, 02/01/32			41		34,646
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b)(h)			460		399,050
WR Grace Holdings LLC^(b)
4.88%, 06/15/27^(h)			122		117,376
5.63%, 08/15/29^(h)			1,170		1,029,550
7.38%, 03/01/31			216		216,066


					7,454,989

Commercial Services & Supplies — 3.2%
ADT Security Corp.^(b)
4.13%, 08/01/29			27		24,847
4.88%, 07/15/32			148		136,899
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)			200		198,112
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(h)
6.63%, 07/15/26			1,737		1,727,879
9.75%, 07/15/27			676		662,410
6.00%, 06/01/29			1,356		1,105,539
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28^(b)(h)			1,963		1,790,341
APi Group DE, Inc.^(b)
4.13%, 07/15/29			132		120,114
4.75%, 10/15/29			100		93,932
APX Group, Inc., 5.75%, 07/15/29^(b)(h)			268		249,844
Ashtead Capital, Inc., 5.95%, 10/15/33^(b)(h)			370		376,956
Fortress Transportation and Infrastructure Investors LLC^(b)(h)
6.50%, 10/01/25			663		660,877
9.75%, 08/01/27			372		386,880
5.50%, 05/01/28			724		696,230
7.88%, 12/01/30			734		764,667
Garda World Security Corp.^(b)
4.63%, 02/15/27^(h)			326		314,326
9.50%, 11/01/27			121		121,986
7.75%, 02/15/28^(h)			617		638,354
6.00%, 06/01/29			26		23,306
Herc Holdings, Inc., 5.50%, 07/15/27^(b)(h)			670		661,502
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(b)			91		90,863
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)(h)			125		113,041
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)(h)			349		325,442
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			239		220,977
Paprec Holding SA, 7.25%, 11/17/29^(e)	EUR		100		118,261
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.25%, 04/15/24	USD		19		18,836
5.75%, 04/15/26^(h)			608		611,294
6.25%, 01/15/28^(h)			232		230,647
Rekeep SpA, 7.25%, 02/01/26^(e)	EUR		100		98,678
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)(h)	USD		653		564,753


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Commercial Services & Supplies (continued)
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25^(e)		EUR	100	$	107,788
United Rentals North America, Inc., 6.00%, 12/15/29^(b)(h)		USD	1,626		1,650,826
Verisure Holding AB, 9.25%, 10/15/27^(e)		EUR	100		118,428
Williams Scotsman, Inc.^(b)
6.13%, 06/15/25^(h)		USD	403		403,794
4.63%, 08/15/28			121		114,288
7.38%, 10/01/31^(h)			376		394,333


					15,937,250

Communications Equipment^(b)— 0.4%
CommScope Technologies LLC, 6.00%, 06/15/25^(h)			516		420,540
CommScope, Inc.^(h)
6.00%, 03/01/26			301		268,335
4.75%, 09/01/29			172		115,482
Viasat, Inc.
5.63%, 09/15/25^(h)			475		463,144
5.63%, 04/15/27^(h)			499		482,783
7.50%, 05/30/31			52		40,820
Viavi Solutions, Inc., 3.75%, 10/01/29^(h)			210		183,842


					1,974,946

Construction & Engineering^(b)— 0.4%
Arcosa, Inc., 4.38%, 04/15/29^(h)			374		348,336
Brand Industrial Services, Inc., 10.38%, 08/01/30^(h)			1,576		1,666,667
Dycom Industries, Inc., 4.50%, 04/15/29			119		110,423
Pike Corp., 8.63%, 01/31/31			89		93,525


					2,218,951

Construction Materials — 1.6%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(b)(h)			331		319,172
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b)			241		244,622
Emerald Debt Merger Sub LLC
6.38%, 12/15/30^(b)		EUR	160		188,652
6.38%, 12/15/30^(e)			100		117,907
6.63%, 12/15/30^(b)(h)		USD	2,709		2,766,891
HT Troplast GmbH, 9.38%, 07/15/28^(e)		EUR	100		111,981
James Hardie International Finance DAC, 5.00%, 01/15/28^(b)		USD	200		193,467
Jeld-Wen, Inc., 4.63%, 12/15/25^(b)(h)			280		270,900
Masonite International Corp., 5.38%, 02/01/28^(b)(h)			101		96,960
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28			81		77,267
9.75%, 07/15/28			205		205,000
Resideo Funding, Inc., 4.00%, 09/01/29^(b)			59		51,478
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28^(b)			77		79,277
Smyrna Ready Mix Concrete LLC^(b)(h)
6.00%, 11/01/28			523		514,935
8.88%, 11/15/31			730		767,358
Standard Industries, Inc./New Jersey^(b)
5.00%, 02/15/27			209		203,762
4.75%, 01/15/28			80		77,016
4.38%, 07/15/30^(h)			673		618,075
3.38%, 01/15/31^(h)			353		303,675
Summit Materials LLC/Summit Materials Finance Corp.^(b)5.25%, 01/15/29			92		89,010


Security	Par (000)			Value

Construction Materials (continued)
Summit Materials LLC/Summit Materials Finance Corp.^(b)(continued)
7.25%, 01/15/31		USD	466	$	491,026
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26^(b)(f)(i)			662		63,056


					7,851,487

Consumer Finance — 2.2%
Block, Inc.^(h)
2.75%, 06/01/26			698		658,235
3.50%, 06/01/31			1,111		986,514
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(b)			139		144,098
Capital One Financial Corp.^(a)(h)
(1-day SOFR + 2.60%), 5.82%, 02/01/34			440		437,855
(1-day SOFR + 2.86%), 6.38%, 06/08/34			100		102,920
Equifax, Inc., 2.60%, 12/15/25			59		56,291
Ford Motor Credit Co. LLC
2.75%, 06/14/24		GBP	100		125,624
5.13%, 06/16/25		USD	200		197,375
6.86%, 06/05/26		GBP	108		141,910
7.35%, 03/06/30^(h)		USD	394		423,275
7.20%, 06/10/30^(h)			376		400,457
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31^(b)(h)			1,317		1,391,703
Navient Corp.
5.50%, 03/15/29^(h)			211		194,572
9.38%, 07/25/30			200		209,535
OneMain Finance Corp.
6.88%, 03/15/25^(h)			303		306,721
7.13%, 03/15/26^(h)			331		337,219
3.50%, 01/15/27^(h)			304		281,335
6.63%, 01/15/28^(h)			240		242,289
9.00%, 01/15/29^(h)			314		331,970
5.38%, 11/15/29^(h)			105		98,322
7.88%, 03/15/30			386		397,337
4.00%, 09/15/30			206		176,286
Sabre GLBL, Inc., 8.63%, 06/01/27^(b)(h)			644		586,052
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)(h)			550		534,826
Shift4 Payments, Inc., 0.00%, 12/15/25^(l)(m)			174		193,036
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(h)			1,817		1,829,770
Worldline SA/France, 0.00%, 07/30/26^(e)(l)(m)		EUR	111		109,672


					10,895,199

Consumer Staples Distribution & Retail — 0.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26^(h)		USD	530		500,058
7.50%, 03/15/26			107		108,988
4.63%, 01/15/27^(h)			477		463,741
5.88%, 02/15/28^(h)			320		320,215
6.50%, 02/15/28			152		153,816
3.50%, 03/15/29			142		128,933
4.88%, 02/15/30^(h)			214		204,868
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(e)		GBP	100		118,021
Lamb Weston Holdings, Inc.^(b)
4.88%, 05/15/28		USD	257		251,345
4.13%, 01/31/30^(h)			312		287,642
4.38%, 01/31/32^(h)			390		355,787
Market Bidco Finco PLC, 5.50%, 11/04/27^(e)		GBP	100		112,169
Performance Food Group, Inc., 4.25%, 08/01/29^(b)(h)		USD	402		368,712


80		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Consumer Staples Distribution & Retail (continued)
Post Holdings, Inc.^(b)
5.75%, 03/01/27		USD	89	$	88,301
4.63%, 04/15/30^(h)			118		108,542
4.50%, 09/15/31			32		28,677
U.S. Foods, Inc.^(b)
6.88%, 09/15/28			194		199,696
4.75%, 02/15/29^(h)			335		318,164
4.63%, 06/01/30			39		36,347
7.25%, 01/15/32^(h)			234		243,995
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			34		27,524
Walgreens Boots Alliance, Inc.
3.20%, 04/15/30			30		26,408
4.80%, 11/18/44			97		80,818
4.10%, 04/15/50			147		106,747


					4,639,514

Containers & Packaging — 2.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27^(h)			400		398,567
3.25%, 09/01/28			200		174,965
4.00%, 09/01/29^(h)			1,200		1,015,772
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)(h)			600		583,513
2.13%, 08/15/26^(e)		EUR	200		196,313
4.13%, 08/15/26^(b)		USD	400		365,000
5.25%, 08/15/27^(b)			202		156,927
Ball Corp., 6.00%, 06/15/29^(h)			193		197,086
Canpack SA/Canpack U.S. LLC,
3.13%, 11/01/25^(b)(h)			211		200,582
Clydesdale Acquisition Holdings, Inc.^(b)(h)
6.63%, 04/15/29			314		308,841
8.75%, 04/15/30			741		690,884
Crown Americas LLC, 5.25%, 04/01/30			23		22,651
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			196		190,120
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26^(h)			424		419,971
Graham Packaging Co., Inc.,
7.13%, 08/15/28^(b)			60		54,000
Graphic Packaging International LLC^(b)
4.75%, 07/15/27			89		86,330
3.50%, 03/15/28			9		8,351
LABL, Inc.^(b)(h)
5.88%, 11/01/28			220		199,325
9.50%, 11/01/28			439		443,390
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26^(h)			3,316		3,374,630
9.25%, 04/15/27			61		59,875
OI European Group BV, 6.25%, 05/15/28^(b)		EUR	115		132,794
Owens-Brockway Glass Container, Inc.^(b)
6.63%, 05/13/27		USD	39		39,005
7.25%, 05/15/31^(h)			171		173,375
Sealed Air Corp., 5.00%, 04/15/29^(b)			59		57,054
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)(h)			173		174,490
Trident TPI Holdings, Inc., 12.75%, 12/31/28^(b)			22		23,540
Trivium Packaging Finance BV^(b)(h)
5.50%, 08/15/26			600		588,665
8.50%, 08/15/27			200		196,100


					10,532,116

Diversified Consumer Services — 0.4%
Graham Holdings Co., 5.75%, 06/01/26^(b)			140		139,158


Security	Par (000)			Value

Diversified Consumer Services (continued)
Service Corp. International^(h)
5.13%, 06/01/29		USD	238	$	233,240
3.38%, 08/15/30			263		229,361
4.00%, 05/15/31			370		331,335
Sotheby’s, 7.38%, 10/15/27^(b)(h)			1,046		1,008,758


					1,941,852

Diversified REITs — 0.7%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			108		90,246
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/32^(h)			498		420,438
6.75%, 12/01/33			160		172,613
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27^(b)			111		115,589
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)(h)			257		235,406
SBA Communications Corp.
3.13%, 02/01/29^(h)			812		729,579
3.88%, 02/15/27			62		59,540
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)(h)			902		914,452
VICI Properties LP/VICI Note Co., Inc.^(b)
4.63%, 06/15/25			75		73,669
4.63%, 12/01/29^(h)			414		390,091
4.13%, 08/15/30^(h)			378		344,330


					3,545,953

Diversified Telecommunication Services — 3.3%
AT&T, Inc., 4.30%, 02/15/30^(h)			1,350		1,321,883
Cablevision Lightpath LLC^(b)
3.88%, 09/15/27			200		175,629
5.63%, 09/15/28^(h)			400		315,244
Cellnex Telecom SA, 2.13%, 08/11/30^(e)		EUR	100		113,436
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27^(h)		USD	314		303,356
5.00%, 05/01/28^(h)			753		695,905
8.75%, 05/15/30^(h)			1,230		1,265,312
8.63%, 03/15/31			110		112,156
Iliad Holding SASU^(b)(h)
6.50%, 10/15/26			1,423		1,420,216
7.00%, 10/15/28			343		341,315
Kaixo Bondco Telecom SA, 5.13%, 09/30/29^(e)		EUR	100		102,943
Level 3 Financing, Inc.
3.40%, 03/01/27		USD	1,006		965,760
4.63%, 09/15/27			1,044		626,400
3.63%, 01/15/29			99		50,490
10.50%, 05/15/30			1,244		1,206,288
Level 3 New Money TSA, 11.00%, 11/15/29⁽ⁿ⁾			911		911,076
Lumen Technologies, Inc., 4.00%, 02/15/27			473		305,260
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%^(a)(e)(h)(j)			300		294,937
Sable International Finance Ltd., 5.75%, 09/07/27^(b)(h)			200		189,310
SoftBank Group Corp., 3.88%, 07/06/32^(e)		EUR	100		94,150
Telecom Italia Capital SA
6.38%, 11/15/33		USD	210		205,403
6.00%, 09/30/34^(h)			547		519,474
7.20%, 07/18/36			209		209,799
7.72%, 06/04/38			36		36,660
Telecom Italia SpA/Milano
5.30%, 05/30/24^(b)			200		199,070
7.88%, 07/31/28^(e)		EUR	171		209,352
Verizon Communications, Inc., 3.70%, 03/22/61^(h)		USD	1,000		763,951


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Zayo Group Holdings, Inc.^(b)(h)
4.00%, 03/01/27	USD		3,882	$	3,112,489
6.13%, 03/01/28			671		492,823


					16,560,087

Electric Utilities — 0.9%
Black Hills Corp., 3.15%, 01/15/27^(h)			305		287,629
Enel Finance International NV, 3.63%, 05/25/27^(b)(h)			900		859,880
FirstEnergy Corp., 2.65%, 03/01/30			51		44,060
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(e)			231		213,856
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24			170		168,071
4.25%, 09/15/24			9		8,708
3.88%, 10/15/26			66		62,840
7.25%, 01/15/29			167		174,833
Pacific Gas and Electric Co., 6.95%, 03/15/34^(h)			425		466,824
Palomino Funding Trust I, 7.23%, 05/17/28^(b)(h)			250		263,289
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)(h)			302		285,650
PG&E Corp., 4.25%, 12/01/27^(b)(h)			863		904,424
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(e)			162		161,197
Talen Energy Supply LLC, 8.63%, 06/01/30^(b)			134		142,379
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19^(a)(d)(f)(i)			780		—
TransAlta Corp., 7.75%, 11/15/29			109		115,767
Vistra Operations Co. LLC^(b)
7.75%, 10/15/31^(h)			366		380,124
6.95%, 10/15/33			210		221,012


					4,760,543

Electrical Equipment^(b)— 0.4%
Regal Rexnord Corp.^(h)
6.05%, 04/15/28			492		498,040
6.30%, 02/15/30			200		205,182
6.40%, 04/15/33			205		213,665
WESCO Distribution, Inc.
7.13%, 06/15/25			676		680,936
7.25%, 06/15/28^(h)			636		653,697


					2,251,520

Electronic Equipment, Instruments & Components^(b)— 0.3%
Coherent Corp., 5.00%, 12/15/29^(h)			374		355,208
Imola Merger Corp., 4.75%, 05/15/29^(h)			419		398,094
Sensata Technologies BV
4.00%, 04/15/29			168		156,125
5.88%, 09/01/30			237		235,463
Sensata Technologies, Inc.
4.38%, 02/15/30^(h)			630		584,301
3.75%, 02/15/31			54		47,560


					1,776,751

Energy Equipment & Services — 0.7%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)(h)
6.88%, 04/01/27			304		304,760
6.25%, 04/01/28			729		718,065
Borr IHC Ltd./Borr Finance^(b)
10.00%, 11/15/28^(h)			269		281,113
10.38%, 11/15/30			200		206,313
Halliburton Co., 3.80%, 11/15/25^(h)			3		2,940
Oceaneering International, Inc., 6.00%, 02/01/28^(b)			71		68,819
Patterson-UTI Energy, Inc., 7.15%, 10/01/33			100		105,940


Security		Par (000)		Value

Energy Equipment & Services (continued)
Seadrill Finance Ltd., 8.38%, 08/01/30^(b)	USD		200	$	208,666
USA Compression Partners LP/USA Compression Finance Corp.^(h)
6.88%, 04/01/26			510		507,849
6.88%, 09/01/27			485		479,251
Vallourec SACA, 8.50%, 06/30/26^(e)	EUR		34		37,717
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		139		143,840
8.63%, 04/30/30^(h)			412		430,152


					3,495,425

Entertainment^(b)— 0.4%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29			232		173,559
Live Nation Entertainment, Inc.
4.88%, 11/01/24			31		30,721
5.63%, 03/15/26			52		51,525
6.50%, 05/15/27^(h)			1,414		1,438,776
4.75%, 10/15/27^(h)			288		276,144
3.75%, 01/15/28^(h)			196		182,788


					2,153,513

Environmental, Maintenance & Security Service — 1.1%
Clean Harbors, Inc.^(b)
4.88%, 07/15/27^(h)			250		244,973
5.13%, 07/15/29^(h)			129		123,306
6.38%, 02/01/31			108		109,734
Covanta Holding Corp.
4.88%, 12/01/29^(b)			142		124,064
5.00%, 09/01/30			70		59,581
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			103		101,478
3.75%, 08/01/25^(h)			312		304,701
5.13%, 12/15/26			243		240,425
4.00%, 08/01/28^(h)			431		398,413
3.50%, 09/01/28			198		182,964
4.75%, 06/15/29^(h)			378		356,061
4.38%, 08/15/29^(h)			317		292,555
6.75%, 01/15/31^(h)			676		696,470
Republic Services, Inc., 3.38%, 11/15/27^(h)			750		720,355
Tervita Corp., 11.00%, 12/01/25^(b)			114		119,700
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)(h)			1,297		1,248,363


					5,323,143

Financial Services — 1.0%
Aircastle Ltd., 6.50%, 07/18/28^(b)(h)			135		137,662
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)			200		195,000
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(b)			34		31,830
GGAM Finance Ltd.^(b)
7.75%, 05/15/26			45		45,675
8.00%, 02/15/27			441		452,042
8.00%, 06/15/28			150		155,190
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(k)			232		217,562
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)(h)			325		290,901
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29^(b)			210		219,497
MGIC Investment Corp., 5.25%, 08/15/28^(h)			167		162,561
Nationstar Mortgage Holdings, Inc.^(b)
5.00%, 02/01/26^(h)			1,425		1,393,590
6.00%, 01/15/27^(h)			147		145,897
5.13%, 12/15/30^(h)			198		179,018


82		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Financial Services (continued)
Nationstar Mortgage Holdings, Inc.^(b)(continued)
5.75%, 11/15/31	USD		147	$	137,064
PennyMac Financial Services, Inc., 7.88%, 12/15/29^(b)			280		288,223
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^(b)
2.88%, 10/15/26^(h)			872		804,420
3.88%, 03/01/31			170		149,514
4.00%, 10/15/33			81		68,812


					5,074,458

Food Products — 0.7%
Aramark International Finance SARL, 3.13%, 04/01/25^(e)	EUR		138		151,045
Aramark Services, Inc., 5.00%, 02/01/28^(b)(h)	USD		525		509,271
B&G Foods, Inc., 8.00%, 09/15/28^(b)			113		118,655
Chobani LLC/Chobani Finance Corp., Inc.^(b)(h)
7.50%, 04/15/25			1,330		1,323,350
4.63%, 11/15/28			608		568,364
Darling Global Finance BV, 3.63%, 05/15/26^(e)	EUR		120		130,701
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)(h)	USD		434		434,321
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29^(b)			129		111,608


					3,347,315

Gas Utilities^(b)— 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(h)			298		307,738
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			91		82,499


					390,237

Ground Transportation — 1.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/31^(b)			235		234,677
GN Bondco LLC, 9.50%, 10/15/31^(b)(h)			366		357,322
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)(h)			1,333		1,313,954
RXO, Inc., 7.50%, 11/15/27^(b)(h)			85		87,708
Uber Technologies, Inc.
0.00%, 12/15/25^(l)(m)			916		931,443
8.00%, 11/01/26^(b)(h)			334		340,196
7.50%, 09/15/27^(b)(h)			475		491,924
6.25%, 01/15/28^(b)(h)			384		384,963
4.50%, 08/15/29^(b)(h)			1,070		1,020,744
Union Pacific Corp., 3.20%, 05/20/41^(h)			600		479,755


					5,642,686

Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc.
2.63%, 11/01/25^(e)	EUR		100		107,829
4.63%, 07/15/28^(b)(h)	USD		675		652,375
3.88%, 11/01/29^(b)			209		189,797
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(b)(h)			1,461		1,541,267
Garden Spinco Corp., 8.63%, 07/20/30^(b)			199		212,559
Medline Borrower LP^(b)(h)
3.88%, 04/01/29			688		622,051
5.25%, 10/01/29			1,588		1,496,811


Security		Par (000)		Value

Health Care Equipment & Supplies (continued)
Teleflex, Inc.
4.63%, 11/15/27	USD		80	$	77,765
4.25%, 06/01/28^(b)(h)			331		313,717


					5,214,171

Health Care Providers & Services — 3.2%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28^(b)			115		113,258
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)(h)			345		300,261
Catalent Pharma Solutions, Inc.^(b)
5.00%, 07/15/27^(h)			627		605,790
3.13%, 02/15/29^(h)			249		217,905
3.50%, 04/01/30			107		93,083
Charles River Laboratories International, Inc.^(b)
4.25%, 05/01/28			159		151,347
4.00%, 03/15/31			42		37,942
CHS/Community Health Systems, Inc.^(b)
5.63%, 03/15/27			185		171,890
6.00%, 01/15/29^(h)			631		567,982
5.25%, 05/15/30^(h)			750		627,260
4.75%, 02/15/31^(h)			567		445,739
Elevance Health, Inc., 3.65%, 12/01/27^(h)			1,000		969,984
Encompass Health Corp.
4.50%, 02/01/28			15		14,351
4.75%, 02/01/30^(h)			299		281,577
4.63%, 04/01/31			237		218,083
Ephios Subco 3 SARL, 7.88%, 01/31/31^(e)	EUR		100		114,102
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)(h)	USD		196		201,287
HCA, Inc., 5.50%, 06/15/47^(h)			650		625,767
HealthEquity, Inc., 4.50%, 10/01/29^(b)(h)			782		726,094
IQVIA, Inc.^(b)
5.00%, 10/15/26^(h)			463		458,577
5.00%, 05/15/27^(h)			437		428,891
6.25%, 02/01/29^(h)			402		419,667
6.50%, 05/15/30			211		216,298
Legacy LifePoint Health LLC, 4.38%, 02/15/27^(b)			253		233,579
LifePoint Health, Inc.^(b)(h)
9.88%, 08/15/30			345		348,654
11.00%, 10/15/30			397		418,101
ModivCare, Inc., 5.88%, 11/15/25^(b)(h)			422		416,725
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			46		43,506
3.88%, 11/15/30			80		71,912
3.88%, 05/15/32^(h)			141		123,201
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			48		46,800
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			88		87,303
Star Parent, Inc., 9.00%, 10/01/30^(b)(h)			886		933,714
Surgery Center Holdings, Inc.^(b)(h)
6.75%, 07/01/25			305		303,856
10.00%, 04/15/27			621		627,210
Tenet Healthcare Corp.
4.88%, 01/01/26^(h)			1,077		1,064,865
6.25%, 02/01/27^(h)			133		133,652
5.13%, 11/01/27^(h)			216		211,151
4.63%, 06/15/28			81		77,299
6.13%, 10/01/28^(h)			352		351,004
6.13%, 06/15/30			250		252,772
6.75%, 05/15/31^(b)(h)			896		915,757
UnitedHealth Group, Inc., 3.75%, 07/15/25^(h)			1,470		1,448,758


					16,116,954


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care REITs — 0.5%
Healthpeak OP LLC, 2.88%, 01/15/31^(h)	USD		1,000	$	867,951
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		339		350,473
4.63%, 08/01/29	USD		185		133,026
3.50%, 03/15/31^(h)			910		568,957
Ventas Realty LP, 4.13%, 01/15/26^(h)			650		633,671


					2,554,078

Health Care Technology — 0.4%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(b)(h)			2,138		1,939,546


Hotel & Resort REITs^(h)— 0.5%
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			751		725,380
7.25%, 07/15/28^(b)			327		339,978
4.50%, 02/15/29^(b)			302		280,872
Service Properties Trust
7.50%, 09/15/25			165		166,834
8.63%, 11/15/31^(b)			1,144		1,198,263


					2,711,327

Hotels, Restaurants & Leisure — 5.4%
Boyd Gaming Corp.^(h)
4.75%, 12/01/27			133		127,959
4.75%, 06/15/31^(b)			366		335,924
Boyne USA, Inc., 4.75%, 05/15/29^(b)(h)			363		341,363
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)
3.88%, 01/15/28^(h)			208		196,502
4.38%, 01/15/28^(h)			134		127,981
4.00%, 10/15/30			212		190,143
Caesars Entertainment, Inc.^(b)(h)
6.25%, 07/01/25			760		762,066
8.13%, 07/01/27			1,703		1,745,744
4.63%, 10/15/29			246		221,894
7.00%, 02/15/30			1,527		1,565,842
Carnival Corp.
7.63%, 03/01/26^(b)(h)			152		154,748
7.63%, 03/01/26^(e)	EUR		100		111,941
5.75%, 03/01/27^(b)(h)	USD		1,001		976,409
4.00%, 08/01/28^(b)(h)			357		331,916
6.00%, 05/01/29^(b)(h)			689		662,960
7.00%, 08/15/29^(b)			166		173,324
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)(h)			2,621		2,852,746
Churchill Downs, Inc.^(b)
5.50%, 04/01/27^(h)			695		687,709
4.75%, 01/15/28			137		131,300
5.75%, 04/01/30^(h)			929		905,767
6.75%, 05/01/31^(h)			389		394,810
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.45%, 07/31/28^(a)(e)	EUR		100		111,629
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29^(h)	USD		570		517,201
6.75%, 01/15/30			68		59,704
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28^(b)(h)			200		200,076
3.75%, 05/01/29^(b)			146		135,361
4.88%, 01/15/30^(h)			537		520,437
4.00%, 05/01/31^(b)			189		173,110
3.63%, 02/15/32^(b)			4		3,491
Life Time, Inc.^(b)(h)
5.75%, 01/15/26			340		337,555


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Life Time, Inc.^(b)(h)(continued)
8.00%, 04/15/26	USD		257	$	259,337
Light & Wonder International, Inc.^(b)
7.00%, 05/15/28			174		175,771
7.25%, 11/15/29^(h)			51		52,219
7.50%, 09/01/31			207		215,913
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28^(b)			246		254,355
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)(h)			305		303,475
Lottomatica SpA, (3-mo. EURIBOR + 4.00%), 7.93%, 12/15/30^(a)(e)	EUR		100		111,497
Melco Resorts Finance Ltd.
4.88%, 06/06/25^(b)(h)	USD		400		388,375
5.38%, 12/04/29^(b)(h)			800		704,000
5.38%, 12/04/29^(e)			250		220,000
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)(h)			600		593,859
MGM China Holdings Ltd.
5.88%, 05/15/26^(e)			250		243,750
4.75%, 02/01/27^(b)(h)			200		189,750
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			146		135,780
NCL Corp. Ltd.^(b)
5.88%, 03/15/26^(h)			333		325,394
8.38%, 02/01/28^(h)			132		139,774
8.13%, 01/15/29			121		126,394
7.75%, 02/15/29			77		77,466
NCL Finance Ltd., 6.13%, 03/15/28^(b)(h)			261		249,838
Ontario Gaming GTA LP, 8.00%, 08/01/30^(b)			161		166,031
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			116		92,800
5.88%, 09/01/31			116		90,480
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29^(b)			141		150,473
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26^(b)			177		168,709
Royal Caribbean Cruises Ltd.^(b)
4.25%, 07/01/26			72		69,543
5.50%, 08/31/26			136		134,660
5.38%, 07/15/27^(h)			134		132,649
11.63%, 08/15/27			42		45,703
5.50%, 04/01/28^(h)			118		116,497
8.25%, 01/15/29			191		202,355
9.25%, 01/15/29^(h)			190		204,368
7.25%, 01/15/30^(h)			286		298,693
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30^(b)(h)			232		219,340
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)(h)			911		913,806
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)			185		185,801
Station Casinos LLC, 4.63%, 12/01/31^(b)(h)			277		249,764
Vail Resorts, Inc., 6.25%, 05/15/25^(b)			137		136,315
Viking Cruises Ltd.^(b)
5.88%, 09/15/27^(h)			236		227,740
7.00%, 02/15/29			51		50,562
9.13%, 07/15/31^(h)			729		776,820
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			162		157,950
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			158		147,754
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(h)			192		186,836


84		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Wynn Macau Ltd.^(h)
5.50%, 01/15/26^(e)	USD		347	$	337,458
5.63%, 08/26/28^(b)			600		554,437
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)(h)
5.13%, 10/01/29			773		729,547
7.13%, 02/15/31			392		408,237
Yum! Brands, Inc., 4.75%, 01/15/30^(b)			167		161,876


					27,141,763

Household Durables — 0.5%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
4.63%, 04/01/30			145		129,890
Series B, 4.63%, 08/01/29			100		88,925
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
5.00%, 06/15/29			208		184,631
4.88%, 02/15/30^(h)			364		320,111
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)(h)			253		250,303
Dream Finders Homes, Inc., 8.25%, 08/15/28^(b)			115		121,533
LGI Homes, Inc., 8.75%, 12/15/28^(b)			89		94,674
Mattamy Group Corp., 4.63%, 03/01/30^(b)(h)			199		184,424
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)(h)			671		482,281
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			255		256,275
5.13%, 08/01/30			54		52,239
Tempur Sealy International, Inc.^(b)
4.00%, 04/15/29			204		184,251
3.88%, 10/15/31			48		40,581
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/24			11		11,000
Tri Pointe Homes, Inc., 5.25%, 06/01/27			15		14,737


					2,415,855

Household Products — 0.1%
Berkline Benchcraft LLC, 0.00%, 05/03/12^(d)(f)(i)			200		—
Central Garden & Pet Co.
5.13%, 02/01/28			15		14,574
4.13%, 10/15/30^(h)			194		176,450
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			141		134,532
5.50%, 07/15/30			154		149,437


					474,993

Independent Power and Renewable Electricity Producers — 0.7%
Alexander Funding Trust II, 7.47%, 07/31/28^(b)(h)			170		178,506
Calpine Corp.^(b)
5.25%, 06/01/26			221		218,064
5.13%, 03/15/28^(h)			1,060		1,016,305
4.63%, 02/01/29^(h)			106		98,456
5.00%, 02/01/31			91		83,421
Clearway Energy Operating LLC^(b)(h)
4.75%, 03/15/28			336		323,707
3.75%, 01/15/32			307		266,699
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26^(e)			200		194,250
NextEra Energy Partners LP^(b)(l)
0.00%, 11/15/25^(m)			199		173,826
2.50%, 06/15/26			199		178,304


Security		Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc.^(h)
6.63%, 01/15/27	USD		720	$	721,549
7.00%, 03/15/33^(b)			205		216,676


					3,669,763

Insurance — 2.7%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)			136		123,576
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)
4.25%, 10/15/27^(h)			1,317		1,265,703
6.75%, 10/15/27^(h)			2,364		2,355,643
6.75%, 04/15/28^(h)			624		638,371
5.88%, 11/01/29^(h)			1,103		1,045,084
7.00%, 01/15/31			504		531,652
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25^(h)			360		350,510
AmWINS Group, Inc., 4.88%, 06/30/29^(b)(h)			320		292,235
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)(h)			304		307,056
HUB International Ltd.^(b)(h)
7.00%, 05/01/26			1,151		1,155,449
7.25%, 06/15/30			1,714		1,810,378
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30^(h)			543		570,220
10.50%, 12/15/30			256		269,799
NFP Corp.^(b)
4.88%, 08/15/28^(h)			519		513,626
6.88%, 08/15/28^(h)			1,283		1,304,299
7.50%, 10/01/30^(h)			105		111,751
8.50%, 10/01/31			189		204,857
Ryan Specialty LLC, 4.38%, 02/01/30^(b)			183		169,732
USI, Inc., 7.50%, 01/15/32^(b)			465		476,067


					13,496,008

Interactive Media & Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)(h)			403		328,445
Arches Buyer, Inc., 4.25%, 06/01/28^(b)			110		99,620
iliad SA^(e)
5.38%, 06/14/27	EUR		100		113,155
5.63%, 02/15/30			100		114,082
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)(h)	USD		279		266,445


					921,747

Internet Software & Services^(b)— 0.3%
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
5.25%, 12/01/27^(h)			303		296,912
3.50%, 03/01/29			204		184,762
ION Trading Technologies SARL, 5.75%, 05/15/28			200		176,426
Match Group Holdings II LLC
4.63%, 06/01/28			157		150,328
5.63%, 02/15/29^(h)			177		171,911
4.13%, 08/01/30			198		179,667
3.63%, 10/01/31^(h)			153		132,195


					1,292,201

IT Services — 1.1%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			150		130,688
CA Magnum Holdings, 5.38%, 10/31/26^(b)(h)			382		355,260
Camelot Finance SA, 4.50%, 11/01/26^(b)(h)			624		609,286
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29^(b)(h)			582		607,468


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)(h)	USD		578	$	589,478
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)(h)			654		610,064
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(e)	EUR		100		117,844
Fair Isaac Corp., 4.00%, 06/15/28^(b)(h)	USD		450		425,862
Gartner, Inc.^(b)
4.50%, 07/01/28			11		10,432
3.63%, 06/15/29			57		51,447
3.75%, 10/01/30			87		76,905
KBR, Inc., 4.75%, 09/30/28^(b)			235		217,787
La Financiere Atalian SASU, 5.13%, 05/15/25^(e)	EUR		100		80,809
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)	USD		47		46,074
Science Applications International Corp., 4.88%, 04/01/28^(b)(h)			289		275,273
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25^(b)			163		163,308
Twilio, Inc.
3.63%, 03/15/29			142		129,545
3.88%, 03/15/31^(h)			319		284,071
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)(h)			676		613,129


					5,394,730

Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28^(b)			87		90,766
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			178		153,280
Mattel, Inc.^(h)
6.20%, 10/01/40			219		211,832
5.45%, 11/01/41			172		154,903


					610,781

Machinery — 1.5%
ATS Corp., 4.13%, 12/15/28^(b)			108		99,330
Chart Industries, Inc.^(b)
7.50%, 01/01/30^(h)			675		705,542
9.50%, 01/01/31			92		99,928
Gates Global LLC/Gates Corp., 6.25%, 01/15/26^(b)(h)			416		413,920
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28^(b)(h)			145		111,831
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(h)(k)			240		238,948
Loxam SAS, 6.38%, 05/31/29^(e)	EUR		100		114,259
Madison IAQ LLC, 5.88%, 06/30/29^(b)(h)	USD		836		736,586
OT Merger Corp., 7.88%, 10/15/29^(b)			115		68,885
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)			122		112,903
Terex Corp., 5.00%, 05/15/29^(b)(h)			333		313,853
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)(h)			928		933,846
TK Elevator Holdco GmbH
6.63%, 07/15/28^(e)	EUR		129		130,722
7.63%, 07/15/28^(b)(h)	USD		400		392,916
TK Elevator Midco GmbH, 4.38%, 07/15/27^(e)	EUR		311		331,930
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)(h)	USD		1,833		1,800,660
Vertiv Group Corp., 4.13%, 11/15/28^(b)(h)			992		930,714


					7,536,773

Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28^(b)			100		101,500


Media — 5.7%
Altice Financing SA, 5.75%, 08/15/29^(b)(h)			1,124		997,447


Security		Par (000)		Value

Media (continued)
AMC Networks, Inc., 4.75%, 08/01/25	USD		189	$	184,050
Cable One, Inc.
0.00%, 03/15/26^(l)(m)			88		74,668
1.13%, 03/15/28^(h)(l)			620		469,650
4.00%, 11/15/30^(b)(h)			231		187,026
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)(h)
5.13%, 05/01/27			565		545,886
5.00%, 02/01/28			701		670,705
6.38%, 09/01/29			734		723,843
4.75%, 03/01/30			246		224,786
4.25%, 02/01/31			764		667,683
7.38%, 03/01/31			1,773		1,819,743
4.75%, 02/01/32			168		148,169
4.25%, 01/15/34			346		281,169
Charter Communications Operating LLC/Charter Communications Operating Capital^(h)
4.91%, 07/23/25			2,425		2,401,947
5.38%, 05/01/47			425		361,175
Clear Channel International BV, 6.63%, 08/01/25^(b)(h)			584		586,816
Clear Channel Outdoor Holdings, Inc.^(b)(h)
5.13%, 08/15/27			653		623,345
7.75%, 04/15/28			330		284,527
9.00%, 09/15/28			1,891		1,973,192
7.50%, 06/01/29			671		557,917
CMG Media Corp., 8.88%, 12/15/27^(b)(h)			315		249,836
CSC Holdings LLC^(b)(h)
5.50%, 04/15/27			200		184,859
11.25%, 05/15/28			1,679		1,729,974
6.50%, 02/01/29			865		763,449
4.13%, 12/01/30			330		251,048
4.50%, 11/15/31			269		203,384
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27^(b)(h)			513		482,003
Discovery Communications LLC, 3.45%, 03/15/25^(h)			170		165,665
DISH DBS Corp.
7.75%, 07/01/26^(h)			601		418,603
5.25%, 12/01/26^(b)(h)			1,090		933,858
5.75%, 12/01/28^(b)			71		56,630
DISH Network Corp., 11.75%, 11/15/27^(b)(h)			916		956,173
GCI LLC, 4.75%, 10/15/28^(b)			107		98,171
Gray Television, Inc.^(b)(h)
5.88%, 07/15/26			158		153,688
7.00%, 05/15/27			225		213,863
Interpublic Group of Cos., Inc., 5.40%, 10/01/48^(h)			200		189,260
Lamar Media Corp., 4.00%, 02/15/30			40		36,660
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)(h)			560		548,498
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			177		172,524
Nexstar Media, Inc., 5.63%, 07/15/27^(b)			79		76,389
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27^(h)			558		539,361
4.25%, 01/15/29^(h)			310		279,735
4.63%, 03/15/30			107		95,390
7.38%, 02/15/31^(h)			295		309,791
Radiate Holdco LLC/Radiate Finance, Inc.^(b)(h)
4.50%, 09/15/26			894		681,857
6.50%, 09/15/28			1,118		547,803


86		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)	USD		51	$	35,955
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26^(h)			535		502,724
5.00%, 08/01/27^(h)			860		830,754
4.00%, 07/15/28			97		89,710
Stagwell Global LLC, 5.63%, 08/15/29^(b)(h)			101		92,897
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(e)(k)	EUR		124		135,757
TEGNA, Inc., 4.75%, 03/15/26^(b)	USD		45		43,769
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(b)			200		187,000
Univision Communications, Inc.^(b)
6.63%, 06/01/27			188		187,487
8.00%, 08/15/28^(h)			562		579,770
7.38%, 06/30/30^(h)			174		173,501
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)(h)			449		395,169
Videotron Ltd., 3.63%, 06/15/29^(b)			84		76,233
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)(h)			754		708,156
VZ Secured Financing BV, 3.50%, 01/15/32^(e)	EUR		100		97,216
Ziggo Bond Co. BV^(b)
6.00%, 01/15/27^(h)	USD		199		193,679
5.13%, 02/28/30			225		188,182
Ziggo BV, 4.88%, 01/15/30^(b)			200		178,397


					28,818,572

Metals & Mining — 2.0%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24^(e)			250		248,828
Amsted Industries, Inc., 5.63%, 07/01/27^(b)			156		155,441
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(b)			186		194,065
ATI, Inc.
5.88%, 12/01/27			171		168,512
4.88%, 10/01/29			101		94,128
7.25%, 08/15/30^(h)			525		546,206
5.13%, 10/01/31^(h)			273		253,210
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)(h)			1,109		1,130,714
Carpenter Technology Corp.
6.38%, 07/15/28			81		80,696
7.63%, 03/15/30^(h)			367		378,443
Constellium SE
4.25%, 02/15/26^(e)	EUR		100		109,706
5.88%, 02/15/26^(b)(h)	USD		588		584,346
5.63%, 06/15/28^(b)(h)			500		487,962
3.75%, 04/15/29^(b)(h)			756		685,965
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)(h)			331		278,642
JSW Steel Ltd., 5.95%, 04/18/24^(e)			200		199,162
Kaiser Aluminum Corp.^(b)(h)
4.63%, 03/01/28			163		150,747
4.50%, 06/01/31			573		493,942
New Gold, Inc., 7.50%, 07/15/27^(b)(h)			585		590,190
Novelis Corp.^(b)(h)
3.25%, 11/15/26			868		817,134
4.75%, 01/30/30			988		929,163
3.88%, 08/15/31			1,030		907,671
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(e)	EUR		200		208,207
Vedanta Resources Finance II PLC, 13.88%, 01/21/24^(e)	USD		200		177,108


					9,870,188

Mortgage Real Estate Investment Trusts (REITs)^(b)— 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 10/01/25			43		42,418


Security		Par (000)		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (continued)
4.25%, 02/01/27	USD		170	$	160,178
4.75%, 06/15/29			67		60,413


					263,009

Office REITs — 0.1%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50^(h)			450		355,518
Highwoods Realty LP, 7.65%, 02/01/34			55		59,334


					414,852

Oil, Gas & Consumable Fuels — 9.1%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)(h)			604		607,020
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27^(h)			298		295,687
5.75%, 01/15/28			59		58,412
5.38%, 06/15/29			206		198,042
Apache Corp., 5.35%, 07/01/49			119		98,943
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27^(h)			552		695,520
8.25%, 12/31/28^(h)			880		885,114
Series B, 5.88%, 06/30/29			134		124,667
Baytex Energy Corp., 8.50%, 04/30/30^(b)			193		199,738
Buckeye Partners LP
4.13%, 03/01/25^(b)			262		253,968
5.85%, 11/15/43			145		117,464
5.60%, 10/15/44			86		66,171
Callon Petroleum Co.
6.38%, 07/01/26			162		161,231
8.00%, 08/01/28^(b)(h)			909		928,337
7.50%, 06/15/30^(b)(h)			555		559,729
Chesapeake Energy Corp.^(b)
5.88%, 02/01/29			41		40,178
6.75%, 04/15/29^(h)			436		440,056
CITGO Petroleum Corp., 8.38%, 01/15/29^(b)(h)			509		523,420
Civitas Resources, Inc.^(b)(h)
8.38%, 07/01/28			814		849,771
8.63%, 11/01/30			411		435,957
8.75%, 07/01/31			797		848,444
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			96		86,206
CNX Resources Corp., 7.38%, 01/15/31^(b)			97		97,673
Comstock Resources, Inc.^(b)(h)
6.75%, 03/01/29			509		465,484
5.88%, 01/15/30			595		516,044
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)(h)			1,617		1,532,276
Crescent Energy Finance LLC^(b)(h)
7.25%, 05/01/26			708		712,365
9.25%, 02/15/28			597		619,429
CrownRock LP/CrownRock Finance, Inc., 5.00%, 05/01/29^(b)			59		57,525
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30^(b)			221		225,995
DT Midstream, Inc.^(b)(h)
4.13%, 06/15/29			328		301,755
4.38%, 06/15/31			418		377,050
Ecopetrol SA, 8.88%, 01/13/33			122		132,256
Enbridge, Inc.^(a)
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78^(h)			1,565		1,446,590


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Enbridge, Inc.^(a)(continued)
(5-year CMT + 4.43%), 8.50%, 01/15/84	USD		194	$	206,347
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28^(b)(h)			386		386,364
Energean Israel Finance Ltd., 8.50%, 09/30/33^(b)(e)			38		36,176
Energy Transfer LP
3.90%, 07/15/26^(h)			235		228,387
6.00%, 02/01/29^(b)(h)			140		141,258
7.38%, 02/01/31^(b)			96		100,890
Series H, (5-year CMT + 5.69%), 6.50%^(a)(h)(j)			456		433,328
EnLink Midstream LLC^(h)
5.63%, 01/15/28^(b)			310		306,492
5.38%, 06/01/29			253		247,549
6.50%, 09/01/30^(b)			189		192,964
EnLink Midstream Partners LP
4.85%, 07/15/26			63		61,721
5.60%, 04/01/44			205		178,416
EQM Midstream Partners LP
6.00%, 07/01/25^(b)			94		93,957
4.13%, 12/01/26			100		96,588
6.50%, 07/01/27^(b)(h)			187		190,409
4.50%, 01/15/29^(b)			21		19,839
7.50%, 06/01/30^(b)			84		90,302
4.75%, 01/15/31^(b)(h)			506		470,908
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27^(b)			33		34,232
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28^(h)			164		164,572
8.25%, 01/15/29			181		186,257
8.88%, 04/15/30			186		192,324
Gulfport Energy Corp., 8.00%, 05/17/26^(b)			37		37,401
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			60		59,645
Hess Corp., 4.30%, 04/01/27			50		49,470
Hess Midstream Operations LP, 4.25%, 02/15/30^(b)(h)			240		220,800
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
6.25%, 11/01/28			145		144,441
5.75%, 02/01/29			212		204,727
6.00%, 04/15/30			21		20,366
8.38%, 11/01/33^(h)			618		654,734
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28^(b)			263		276,035
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26^(e)(h)			200		193,187
Impulsora Pipeline LLC, 6.05%, 01/01/43^(d)			1,327		1,127,151
ITT Holdings LLC, 6.50%, 08/01/29^(b)(h)			343		303,432
Kinetik Holdings LP^(b)
6.63%, 12/15/28			92		93,731
5.88%, 06/15/30^(h)			309		303,145
Leviathan Bond Ltd., 6.75%, 06/30/30^(b)(e)			15		13,898
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(b)			32		31,200
Matador Resources Co.^(h)
5.88%, 09/15/26			436		432,380
6.88%, 04/15/28^(b)			326		330,667
Medco Bell Pte. Ltd., 6.38%, 01/30/27^(e)			250		239,687
MPLX LP, 4.25%, 12/01/27^(h)			185		180,982
Murphy Oil Corp.
5.88%, 12/01/27			36		35,817
5.88%, 12/01/42			29		25,622
Murphy Oil USA, Inc., 4.75%, 09/15/29			146		138,335
Nabors Industries Ltd.^(b)
7.25%, 01/15/26			199		191,281
7.50%, 01/15/28			234		202,351


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Nabors Industries, Inc.
5.75%, 02/01/25^(h)	USD		880	$	879,707
7.38%, 05/15/27^(b)			47		46,045
9.13%, 01/31/30^(b)(h)			276		277,121
New Fortress Energy, Inc., 6.75%, 09/15/25^(b)(h)			475		471,210
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)(h)			332		335,323
Noble Finance II LLC, 8.00%, 04/15/30^(b)(h)			310		322,571
Northern Oil and Gas, Inc.^(b)(h)
8.13%, 03/01/28			1,139		1,153,237
8.75%, 06/15/31			314		327,062
NuStar Logistics LP
6.00%, 06/01/26			163		162,713
6.38%, 10/01/30			25		25,044
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30^(b)			222		226,085
Permian Resources Operating LLC^(b)
5.38%, 01/15/26			52		51,308
7.75%, 02/15/26^(h)			607		617,519
6.88%, 04/01/27			143		142,902
8.00%, 04/15/27^(h)			272		281,949
5.88%, 07/01/29^(h)			411		400,708
9.88%, 07/15/31^(h)			309		343,376
7.00%, 01/15/32			329		339,420
Petroleos Mexicanos
4.25%, 01/15/25			37		35,867
6.50%, 03/13/27			85		78,997
8.75%, 06/02/29			130		125,045
5.95%, 01/28/31^(h)			158		125,373
6.70%, 02/16/32			48		39,720
Precision Drilling Corp., 6.88%, 01/15/29^(b)			12		11,572
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)(h)			331		312,832
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(b)			51		48,765
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28^(b)(h)			389		403,090
SM Energy Co.
6.75%, 09/15/26^(h)			202		201,474
6.63%, 01/15/27			21		20,881
6.50%, 07/15/28^(h)			143		143,066
Southwestern Energy Co.
5.70%, 01/23/25			18		17,928
5.38%, 02/01/29			252		245,925
4.75%, 02/01/32			5		4,626
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			63		63,054
5.88%, 03/15/28			124		123,835
7.00%, 09/15/28^(b)			192		198,100
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
7.50%, 10/01/25			13		13,065
6.00%, 03/01/27			41		40,093
5.50%, 01/15/28			108		102,061
6.00%, 12/31/30			3		2,789
6.00%, 09/01/31			131		121,166
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28			280		271,240
Transocean Aquila Ltd., 8.00%, 09/30/28^(b)			129		130,931
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)(h)			175		181,560
Transocean, Inc.^(b)(h)
7.50%, 01/15/26			572		561,968
11.50%, 01/30/27			569		594,605
8.00%, 02/01/27			396		386,100


88		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Transocean, Inc.^(b)(h)(continued)
8.75%, 02/15/30	USD		923	$	964,732
Valaris Ltd., 8.38%, 04/30/30^(b)(h)			778		797,092
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29^(h)			802		727,654
4.13%, 08/15/31			9		7,929
3.88%, 11/01/33^(h)			731		619,485
Venture Global LNG, Inc.^(b)(h)
8.13%, 06/01/28			799		806,908
9.50%, 02/01/29			2,303		2,436,959
8.38%, 06/01/31			1,395		1,394,278
9.88%, 02/01/32			1,104		1,149,969
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			159		152,647
Vital Energy, Inc.
10.13%, 01/15/28			272		279,496
9.75%, 10/15/30^(h)			327		338,991
Western Midstream Operating LP
5.45%, 04/01/44^(h)			209		189,209
5.30%, 03/01/48^(h)			199		173,175
5.50%, 08/15/48			99		88,289
5.25%, 02/01/50^(h)			413		370,280


					46,034,403

Passenger Airlines — 0.8%
Air Canada, 3.88%, 08/15/26^(b)(h)			464		443,301
American Airlines, Inc., 8.50%, 05/15/29^(b)(h)			459		484,704
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)
5.50%, 04/20/26			163		161,459
5.75%, 04/20/29			890		867,461
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)(h)			529		530,787
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(b)			161		115,786
United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27^(h)			30		29,446
United Airlines, Inc.^(b)(h)
4.38%, 04/15/26			514		500,844
4.63%, 04/15/29			690		645,312
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27^(b)			127		109,231


					3,888,331

Personal Care Products — 0.0%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30^(b)(h)			259		266,073


Pharmaceuticals — 1.0%
1375209 BC Ltd., 9.00%, 01/30/28^(b)			271		264,252
AbbVie, Inc., 4.25%, 11/14/28^(h)			1,000		994,705
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28^(e)	EUR		100		107,380
CVS Health Corp., 3.75%, 04/01/30^(h)	USD		1,000		940,703
Gruenenthal GmbH, 4.13%, 05/15/28^(e)	EUR		100		108,991
Jazz Securities DAC, 4.38%, 01/15/29^(b)(h)	USD		200		186,283
Option Care Health, Inc., 4.38%, 10/31/29^(b)(h)			245		221,421
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)(h)
4.13%, 04/30/28			428		393,958
5.13%, 04/30/31			200		170,969
PRA Health Sciences, Inc., 2.88%, 07/15/26^(b)(h)			284		265,380
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29	EUR		100		120,574
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26^(h)	USD		570		526,894


Security		Par (000)		Value

Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV (continued)
4.75%, 05/09/27^(h)	USD		400	$	383,684
7.88%, 09/15/29			200		214,616
8.13%, 09/15/31^(h)			200		217,356


					5,117,166

Professional Services — 0.2%
CoreLogic, Inc., 4.50%, 05/01/28^(b)(h)			962		842,722


Real Estate Management & Development — 0.3%
Agps Bondco PLC^(e)(f)(i)
5.50%, 11/13/26	EUR		100		38,086
5.00%, 01/14/29			100		35,216
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp.
7.00%, 04/15/30^(h)	USD		271		250,098
7.00%, 04/15/30^(b)			236		217,509
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31^(b)			181		191,818
Fantasia Holdings Group Co. Ltd.^(e)(f)(i)
11.75%, 04/17/22			400		9,000
11.88%, 06/01/23			200		4,500
9.25%, 07/28/23			200		4,500
9.88%, 10/19/23			200		4,500
Howard Hughes Corp.^(b)
5.38%, 08/01/28			65		62,473
4.13%, 02/01/29			149		132,865
4.38%, 02/01/31			100		86,725
Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29^(b)			8		6,217
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(e)			200		177,772
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24^(e)			200		190,686


					1,411,965

Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			160		144,000


Semiconductors & Semiconductor Equipment — 1.2%
ams-OSRAM AG, 10.50%, 03/30/29^(e)	EUR		100		119,751
Broadcom, Inc., 4.11%, 09/15/28^(h)	USD		1,594		1,556,294
Entegris Escrow Corp., 4.75%, 04/15/29^(b)(h)			2,192		2,111,803
Entegris, Inc., 4.38%, 04/15/28^(b)			169		160,830
NCR Atleos Corp., 9.50%, 04/01/29^(b)			250		265,624
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25			33		31,801
QUALCOMM, Inc., 1.65%, 05/20/32^(h)			1,779		1,450,979
Synaptics, Inc., 4.00%, 06/15/29^(b)			172		154,282


					5,851,364

Software — 2.8%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)(h)			444		441,023
Alteryx, Inc., 8.75%, 03/15/28^(b)(h)			276		293,767
Boxer Parent Co., Inc.
6.50%, 10/02/25^(e)	EUR		100		109,975
7.13%, 10/02/25^(b)(h)	USD		398		400,133
9.13%, 03/01/26^(b)(h)			803		801,235
Capstone Borrower, Inc., 8.00%, 06/15/30^(b)(h)			304		316,269
Clarivate Science Holdings Corp.^(b)(h)
3.88%, 07/01/28			757		713,771
4.88%, 07/01/29			992		930,827
Cloud Software Group, Inc.^(b)(h)
6.50%, 03/31/29			3,798		3,617,370


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Cloud Software Group, Inc.^(b)(h)(continued)
9.00%, 09/30/29	USD		1,975	$	1,877,145
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26			71		67,510
6.50%, 10/15/28			64		58,052
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			41		37,053
Elastic NV, 4.13%, 07/15/29^(b)(h)			376		345,261
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)(h)			200		182,452
McAfee Corp., 7.38%, 02/15/30^(b)(h)			761		694,984
MicroStrategy, Inc., 6.13%, 06/15/28^(b)(h)			485		470,518
Open Text Corp., 6.90%, 12/01/27^(b)(h)			849		882,664
Oracle Corp., 3.60%, 04/01/50^(h)			785		581,455
Playtika Holding Corp., 4.25%, 03/15/29^(b)			78		68,059
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(h)			1,110		1,094,163
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			442		364,902


					14,348,588

Specialized REITs^(b)— 0.2%
Iron Mountain, Inc.
7.00%, 02/15/29^(h)			748		768,852
5.63%, 07/15/32			19		17,987


					786,839

Specialty Retail^(b)(h)— 0.3%
Arko Corp., 5.13%, 11/15/29			124		107,292
eG Global Finance PLC, 12.00%, 11/30/28			298		317,379
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28			343		323,375
7.75%, 02/15/29			587		571,044


					1,319,090

Technology Hardware, Storage & Peripherals^(b)(h)— 0.2%
Seagate HDD Cayman
8.25%, 12/15/29			499		538,185
8.50%, 07/15/31			474		514,434


					1,052,619

Textiles, Apparel & Luxury Goods^(b)— 0.1%
Crocs, Inc., 4.25%, 03/15/29			25		22,393
Hanesbrands, Inc., 4.88%, 05/15/26^(h)			136		131,187
Kontoor Brands, Inc., 4.13%, 11/15/29			98		88,420
Levi Strauss & Co., 3.50%, 03/01/31			16		13,854
William Carter Co., 5.63%, 03/15/27			160		158,000


					413,854

Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)			200		198,460
Azzurra Aeroporti SpA, 2.13%, 05/30/24^(e)	EUR		100		109,170
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(e)	USD		200		183,070
Heathrow Finance PLC, 4.13%, 09/01/29^(c)(e)	GBP		100		110,098
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(b)(h)	USD		435		424,973


					1,025,771

Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32^(h)			900		895,294


Wireless Telecommunication Services — 1.0%
Altice France SA/France
5.88%, 02/01/27^(e)	EUR		100		98,034
8.13%, 02/01/27^(b)(h)	USD		507		467,368


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
Altice France SA/France (continued)
11.50%, 02/01/27^(e)(n)	EUR		100	$	110,671
5.50%, 01/15/28^(b)(h)	USD		381		313,782
5.13%, 07/15/29^(b)(h)			702		546,170
5.50%, 10/15/29^(b)(h)			372		291,694
Cellnex Finance Co. SA, 1.25%, 01/15/29^(e)	EUR		100		98,583
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)(h)	USD		1,366		1,357,817
Eutelsat SA, 1.50%, 10/13/28^(e)	EUR		100		82,796
Hughes Satellite Systems Corp., 5.25%, 08/01/26	USD		114		100,317
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			275		190,352
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(d)(k)			157		25,891
Rogers Communications, Inc., 5.00%, 03/15/44^(h)			545		512,171
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29^(e)	GBP		100		112,647
4.50%, 07/15/31^(e)			100		109,924
4.75%, 07/15/31^(b)(h)	USD		597		532,886


					4,951,103


Total Corporate Bonds — 74.5% (Cost: $381,055,152)					375,256,086


Floating Rate Loan Interests^(a)

Aerospace & Defense — 2.0%
Barnes Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.46%, 09/03/30			384		385,219
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.61%, 10/31/28			440		441,176
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.36%, 08/03/29			383		376,282
Cubic Corp.
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			1,621		1,504,952
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.90%, 05/25/28			329		305,371
Dynasty Acquisition Co., Inc., 2023 Term Loan B1, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			1,797		1,800,790
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.22%, 02/01/29			453		449,546
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/01/28			1,829		1,830,980
Setanta Aircraft Leasing DAC, Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.61%, 11/05/28			591		592,477
Standard Aero Ltd., 2023 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.36%, 08/24/28			770		771,767
TransDigm, Inc.
2023 Term Loan I, (3-mo. CME Term SOFR + 3.25%), 8.60%, 08/24/28			1,086		1,089,732
2023 Term Loan J, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.60%, 02/14/31			534		536,002


					10,084,294

Air Freight & Logistics — 0.0%
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.60%, 03/17/30			160		158,954


90		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobile Components — 0.4%
Adient U.S. LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 04/10/28	USD		312	$	312,379
Clarios Global LP, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 05/06/30			1,218		1,219,470
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.47%, 11/17/28			574		504,799


					2,036,648

Automobiles — 0.2%
Dealer Tire Financial LLC, Series B, Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 12/14/27			821		822,791
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/08/28			96		82,445


					905,236

Banks — 0.4%
Ascensus Holdings, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.18%, 08/02/29			379		363,958
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 08/02/28			1,616		1,610,109


					1,974,067

Beverages — 0.7%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.45%, 01/24/30			911		728,615
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 01/24/29			2,196		2,119,434
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 03/31/28			641		633,894


					3,481,943

Broadline Retail — 0.7%
New SK Holdco Sub LLC, 2022 PIK Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.85%, 1.50% PIK), 13.71%, 06/30/27^(k)			1,200		1,189,485
PUG LLC
2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 02/12/27^(d)			110		108,385
USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			1,699		1,668,674
Sally Holdings LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 02/28/30			289		289,629
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/21/27			157		126,627


					3,382,800

Building Products — 0.8%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 05/13/29			109		109,736
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 05/19/28			606		608,433


Security		Par (000)		Value

Building Products (continued)
LBM Acquisition LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 12/17/27	USD		389	$	383,737
SRS Distribution, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			1,801		1,801,870
2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.96%, 06/02/28			403		402,224
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 10/19/27			932		933,217


					4,239,217

Capital Markets — 1.2%
Aretec Group, Inc., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.96%, 08/09/30			302		301,588
Axalta Coating Systems U.S. Holdings, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 12/20/29			755		756,890
Azalea Topco, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 07/24/26			326		321,237
Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 07/24/26			977		965,638
Castlelake Aviation One DAC
2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 10/22/27			321		320,962
Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.40%, 10/22/26			1,030		1,030,981
Focus Financial Partners LLC
2021 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 06/30/28			619		618,073
2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 06/30/28			401		401,496
ION Trading Finance Ltd., 2021 USD Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.20%, 04/03/28			296		295,242
Osaic Holdings, Inc., 2023 Term Loan B, (1-mo.
CME Term SOFR + 4.50%), 9.86%, 08/17/28			924		926,207


					5,938,314

Chemicals — 2.5%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 09/30/28			582		574,712
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/24/27			332		326,480
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.32%, 08/27/26			482		461,552
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.86%, 08/18/28			605		602,672
CPC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.36%, 12/29/27			251		201,372
Derby Buyer LLC, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.59%, 11/01/30^(d)			1,031		1,031,000


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29	USD		471	$	463,605
Ecovyst Catalyst Technologies LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.98%, 06/09/28			660		660,326
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/18/30^(d)			1,014		1,016,715
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.61%, 02/15/30			316		316,928
Herens U.S. Holdco Corp., USD Term Loan B, (3- mo. CME Term SOFR + 3.93%), 9.37%, 07/03/28			573		517,526
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 02/18/30			297		296,510
LSF11 A5 Holdco LLC
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.71%, 10/15/28			147		147,506
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/15/28			884		884,559
Lummus Technology Holdings V LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 06/30/27			158		158,249
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.86%, 03/29/28			1,167		1,125,610
Nouryon USA LLC, 2023 USD Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.47%, 04/03/28			470		470,960
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 11/09/28			475		476,590
OQ Chemicals Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR + 3.60%), 9.01%, 10/14/24			826		797,469
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 03/16/27			425		425,484
Sparta U.S. HoldCo LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 08/02/28			791		788,684
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.36%, 09/22/28			814		814,836


					12,559,345

Commercial Services & Supplies — 1.6%
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 10/24/30^(d)			313		313,770
Albion Financing 3 SARL, USD Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.92%, 08/17/26			916		919,943
Allied Universal Holdco LLC
2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 05/12/28			1,576		1,567,450


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Allied Universal Holdco LLC (continued)
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.11%, 05/12/28	USD		168	$	168,340
Amentum Government Services Holdings LLC, 2022 Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 02/15/29			323		322,595
PECF USS Intermediate Holding III Corp., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.89%, 12/15/28			527		408,279
Prime Security Services Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.84%, 10/14/30			448		449,048
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.11%, 08/31/28			2,261		2,268,819
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/02/27			969		933,742
Viad Corp., Initial Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.47%, 07/30/28			526		522,531


					7,874,517

Communications Equipment — 0.4%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 10/24/30			837		838,825
Viasat, Inc.
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 05/30/30			396		387,593
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.86%, 03/02/29			615		601,838


					1,828,256

Construction & Engineering — 0.7%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.88%, 08/01/30			2,018		2,003,932
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.96%, 12/16/27			254		254,004
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 01/21/28			424		424,966
USIC Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.11%, 05/12/28			700		693,023


					3,375,925

Construction Materials — 1.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.86%, 05/17/28			686		599,748
American Builders & Contractors Supply Co., Inc., Series A, 2019 Term Loan, (1-mo. CME Term SOFR + 2.00%), 7.46%, 01/15/27			761		762,473
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/03/28			1,574		1,569,033
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 04/12/28			75		75,086
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 11/23/27			722		708,383


92		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials (continued)
CP Iris Holdco I, Inc.
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/02/28	USD		165	$	164,507
Class DD, 2021 Delayed Draw Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.00%, 10/02/28			1		1,450
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 04/28/29			356		355,678
Emerald Debt Merger Sub LLC, Term Loan B, (1- mo. CME Term SOFR + 3.00%), 8.36%, 05/31/30			474		475,177
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			187		187,493
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.72%, 07/28/28			331		331,273
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.36%, 03/08/29			390		335,319
Oscar AcquisitionCo. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 04/29/29			491		485,266
Quikrete Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/19/29			313		314,189
Smyrna Ready Mix Concrete LLC, Term Loan B, 04/02/29^(o)			279		279,088
Standard Industries, Inc./New Jersey, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/22/28			660		660,949
Summit Materials LLC, 2023 Incremental Term Loan B, 11/30/28^(o)			372		373,164
Wilsonart LLC, 2021 Term Loan E, (3-mo. CME Term SOFR at 1.00% Floor + 3.25%), 8.70%, 12/31/26			1,451		1,452,973
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 10/04/28			389		390,961


					9,522,210

Consumer Finance — 0.6%
GTCR W Merger Sub LLC, USD Term Loan B, 09/20/30^(o)			833		836,124
Trans Union LLC
2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.21%, 11/16/26			743		743,779
2021 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 12/01/28			1,077		1,079,126
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.72%, 03/31/28			425		425,926


					3,084,955

Consumer Staples Distribution & Retail — 0.2%
U.S. Foods, Inc.
2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.47%, 09/13/26			582		583,075
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 11/22/28			377		377,858


					960,933


Security		Par (000)		Value

Containers & Packaging — 0.8%
Charter Next Generation, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 12/01/27	USD		1,888	$	1,894,065
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.46%, 10/29/28			602		575,804
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.34%, 08/14/26			654		656,284
Pactiv Evergreen Group Holdings Inc, 2020 Term Loan B2, (1-mo. CME Term SOFR + 3.25%), 8.72%, 02/05/26			142		142,854
Pregis TopCo Corp., 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.11%, 07/31/26			134		134,202
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.75%), 7.21%, 02/04/27			121		120,722
Trident TPI Holdings, Inc., 2021 Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.61%, 09/15/28			625		622,484


					4,146,415

Distributors — 0.2%
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.39%, 10/28/27			836		778,164


Diversified Consumer Services — 1.1%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.21%, 12/10/29			226		193,253
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/11/28			492		482,666
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 11/24/28			857		855,609
KUEHG Corp., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.35%, 06/12/30			680		682,458
Learning Care Group U.S. No. 2, Inc., 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 08/11/28			111		111,221
Sotheby’s, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27			1,195		1,177,606
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.85%, 10/04/30			799		801,422
Wand NewCo 3, Inc., 2020 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 02/05/26			1,218		1,220,695


					5,524,930

Diversified Telecommunication Services — 0.8%
Consolidated Communications, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.97%, 10/02/27			349		323,674
Level 3 Financing, Inc., 2023 TSA Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27^(d)			734		697,104


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Lumen Technologies, Inc., 2023 TSA Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.71%, 03/15/27^(d)	USD		991	$	673,915
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.81%, 09/01/28			382		361,622
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/09/27			2,372		2,030,207


					4,086,522

Electronic Equipment, Instruments & Components — 0.4%
Coherent Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 07/02/29			587		587,944
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, 07/31/28^(o)			105		105,197
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.35%, 11/22/29			1,355		1,357,296


					2,050,437

Energy Equipment & Services — 0.0%
Lealand Finance Co. BV
2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 06/28/24^(d)			16		10,570
2020 Take Back Term Loan, (1-mo. CME Term SOFR + 4.00%), 6.47%, 06/30/25			117		45,947


					56,517

Entertainment — 2.2%
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 04/22/26			660		549,728
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 05/24/29			45		45,510
Cirque Du Soleil Holding USA Newco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.60%, 03/08/30			637		633,786
Creative Artists Agency LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 11/27/28			1,407		1,411,539
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.60%, 01/15/30			1,024		1,025,925
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 03/24/25			1,036		1,031,898
Live Nation Entertainment, Inc., Term Loan B4, (1- mo. CME Term SOFR + 1.75%), 7.21%, 10/19/26			1,708		1,704,409
SMG U.S. Midco 2, Inc., 2020 Term Loan, (3-mo. CME Term SOFR + 2.50%), 8.14%, 01/23/25			888		887,733
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.40%, 04/29/26			792		794,448


Security		Par (000)		Value

Entertainment (continued)
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 05/18/25	USD		1,709	$	1,712,751
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.60%, 01/20/28			1,432		1,431,410


					11,229,137

Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 2021 Incremental Term Loan B, 10/08/28^(o)			418		418,077
Covanta Holding Corp.
2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			36		36,430
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28			478		477,827
GFL Environmental, Inc., 2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.91%, 05/31/27			344		344,853


					1,277,187

Financial Services — 1.4%
Belron Finance U.S. LLC
2018 Term Loan B, (3-mo. CME Term SOFR + 2.25%), 7.88%, 11/13/25			177		176,700
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.25%), 7.90%, 10/30/26			571		571,477
2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.43%), 8.07%, 04/13/28			913		913,615
2023 USD Term Loan, 04/13/28^(d)(o)			731		732,801
Belron Luxembourg SARL, 2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 8.00%, 04/18/29			218		218,623
Cogeco Financing 2 LP, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.88%, 09/29/28			665		652,678
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.10%, 04/09/27			2,774		2,743,460
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 04/07/28			792		753,390
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.39%, 10/04/30			149		148,876
UPC Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR + 3.00%), 8.48%, 01/31/29			341		339,788


					7,251,408

Food Products — 1.9%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.22%, 10/01/25			825		789,051
Aramark Services, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 04/06/28			383		383,125
2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.97%, 06/22/30			513		513,720
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR + 2.50%), 7.86%, 10/10/26			128		126,970


94		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food Products (continued)
Chobani LLC
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.97%, 10/25/27	USD		1,875	$	1,875,542
2023 Incremental Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.11%, 10/25/27			550		550,456
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.71%, 01/29/27			1,972		1,972,924
H-Food Holdings LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.69%), 9.27%, 05/23/25			233		185,159
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/13/29			582		582,888
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 06/08/28			1,252		1,255,035
UTZ Quality Foods LLC, 2021 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 8.64%, 01/20/28			1,369		1,369,457


					9,604,327

Ground Transportation — 0.4%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.10%, 04/06/28			271		268,060
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 08/06/27			478		476,651
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 5.50%), 11.15%, 08/04/25			361		317,240
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 03/03/30			1,055		1,057,716


					2,119,667

Health Care Equipment & Supplies — 1.6%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 11/08/27			746		747,515
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 09/29/28			459		457,129
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 05/10/27			1,309		1,292,038
Curia Global, Inc., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.23%, 08/30/26			92		82,483
Femur Buyer, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 4.50%), 10.11%, 03/05/26			435		389,996
Insulet Corp., Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.72%, 05/04/28			281		281,350
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.40%, 10/19/27			1,010		980,886
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 10/23/28			2,829		2,840,448
Sotera Health Holdings LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 12/11/26			1,090		1,088,407


					8,160,252


Security		Par (000)		Value

Health Care Providers & Services — 2.2%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 02/22/28	USD		1,027	$	1,004,997
CHG Healthcare Services, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 09/29/28			459		459,476
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.93%, 11/08/27			951		952,291
Electron BidCo, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/01/28			1,224		1,225,764
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 02/04/27			484		482,269
EyeCare Partners LLC
2020 Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.39%, 02/18/27			846		409,318
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 12.39%, 11/15/29			176		47,067
2021 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.39%, 11/15/28			193		92,227
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 07/01/30			211		210,588
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			893		895,389
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR + 2.00%), 7.35%, 01/02/31			653		654,868
MED ParentCo LP, 1st Lien Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.72%, 08/31/26			166		163,719
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 11/01/29			247		207,171
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/15/28			1,499		1,507,028
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.45%, 11/18/27			622		612,747
Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 11/01/28			484		450,699
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 09/27/30			444		438,263
Surgery Center Holdings, Inc., 2023 Term Loan, (SOFR CME + 3.50%), 8.86%, 12/19/30			627		628,632
Vizient, Inc., 2022 Term Loan B7, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 05/16/29			125		125,274
WCG Intermediate Corp., 2019 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 9.47%, 01/08/27			626		626,415


					11,194,202


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Technology — 0.9%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 02/15/29	USD		1,665	$	1,655,756
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.45%, 10/01/27			1,504		1,458,637
Verscend Holding Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.47%, 08/27/25			1,248		1,249,446


					4,363,839

Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.11%, 05/18/30			420		419,949


Hotels, Restaurants & Leisure — 4.2%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.22%, 02/02/26			1,036		961,069
Alterra Mountain Co., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.21%, 05/31/30^(d)			316		317,591
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.93%, 10/02/28			401		379,526
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.61%, 09/20/30			1,368		1,367,914
Caesars Entertainment, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 02/06/30			587		587,394
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.36%, 08/08/27			641		641,067
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.46%, 03/17/28			753		751,600
City Football Group Ltd., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 07/21/28			926		919,872
ECL Entertainment, LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.11%, 08/31/30			247		247,565
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 3.00%), 8.61%, 03/08/24			1,823		1,779,700
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/27/29			2,351		2,350,770
Flutter Financing BV
2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 07/22/28			258		258,292
Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 11/25/30			1,689		1,690,402
Four Seasons Hotels Ltd., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 11/30/29			1,350		1,353,560
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.46%, 11/08/30			1,350		1,354,468


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 12/15/27	USD		1,396	$	1,396,783
Light & Wonder International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.46%, 04/14/29			623		623,968
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.71%, 03/09/28			491		306,834
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 05/03/29			793		793,504
Playa Resorts Holding BV, 2022 Term Loan B, (SOFR CME + 4.25%, 0.50% Floor), 9.61%, 01/05/29			224		216,969
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/25/28			302		302,138
Station Casinos LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.25% Floor + 2.25%), 7.71%, 02/08/27			1,017		1,018,367
Whatabrands LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/03/28			1,234		1,234,947
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 05/24/30			198		198,638


					21,052,938

Household Durables — 1.0%
AI Aqua Merger Sub, Inc., 2023 Incremental Term Loan, 07/31/28^(o)			901		904,099
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.88%, 02/26/29			1,391		1,383,952
Serta Simmons Bedding, LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.50%), 12.96%, 06/29/28			200		189,230
Stitch Aquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 07/28/28			258		136,772
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 10/06/28			1,312		1,173,671
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 10/30/27			1,669		1,453,694


					5,241,418

Independent Power and Renewable Electricity Producers — 0.3%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 07/31/30			610		609,011
Calpine Corp., 2019 Term Loan B10, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/12/26			281		281,518
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.50%), 8.15%, 12/15/27			632		631,256


					1,521,785


96		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Industrial Conglomerates — 0.1%
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.40%, 10/17/30	USD		288	$	288,000


Insurance — 2.8%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 11/06/30			3,702		3,714,330
AmWINS Group, Inc.
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 7.72%, 02/19/28			1,103		1,103,544
2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.22%, 02/19/28			223		223,133
AssuredPartners, Inc.
2020 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27			1,078		1,079,205
2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/12/27			280		280,065
2023 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 02/12/27			128		127,862
Baldwin Risk Partners, LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 10/14/27			224		223,572
HUB International Ltd.
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.37%, 11/10/29			303		303,900
2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.66%, 06/20/30			1,832		1,839,046
Jones Deslauriers Insurance Management, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.62%, 03/15/30			587		588,714
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.46%, 09/01/27			643		641,752
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 02/24/28			1,853		1,856,991
USI, Inc./New York
2023 Acquisition Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.60%, 09/27/30			250		250,450
2023 Refi Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.61%, 09/27/30			287		287,052
2023 Term Loan B, (SOFR CME + 3.75%, 0.50% Floor), 8.38%, 11/22/29			1,531		1,532,380


					14,051,996

Interactive Media & Services — 0.4%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.50%, 02/16/28			207		206,068
Adevinta ASA, USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.36%, 06/26/28			315		315,278
Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.47%, 10/30/26			1,057		1,058,416


Security		Par (000)			Value

Interactive Media & Services (continued)
Grab Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 9.97%, 01/29/26	USD		473		$	474,428
Research Now Group, Inc., 2017 1st Lien Term Loan, 12/20/24^(o)			—	^(p)		1


						2,054,191

Internet Software & Services — 0.2%
Gen Digital, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.46%, 09/12/29			832			832,473


IT Services — 2.1%
Asurion LLC
2020 Term Loan B8, (1-mo. CME Term SOFR + 3.25%), 8.71%, 12/23/26			838			835,073
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/31/28			364			346,102
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.25%), 10.72%, 01/20/29			538			505,887
2023 Term Loan B11, (1-mo. CME Term SOFR + 4.25%), 9.71%, 08/19/28			670			666,581
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 10/30/26			926			926,688
Central Parent, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 07/06/29			1,597			1,603,303
Dun & Bradstreet Corp.
2022 Incremental Term Loan B2, (1-mo. CME Term SOFR + 3.00%), 8.36%, 01/18/29			301			301,084
2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.21%, 02/06/26			1,936			1,939,118
Epicor Software Corp., 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 07/30/27			284			284,853
Go Daddy Operating Co. LLC
2021 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.47%, 08/10/27			814			815,396
2022 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.86%, 11/09/29			649			650,146
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.64%, 07/27/28			1,007			707,459
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.25%), 13.89%, 07/27/29			936			355,580
Venga Finance SARL, 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.40%, 06/28/29			416			410,843


						10,348,113

Leisure Products — 0.2%
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.46%, 12/01/28^(d)			295			287,752
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.48%, 05/25/27			307			307,897
Topgolf Callaway Brands Corp., Term Loan B, (1- mo. CME Term SOFR + 3.50%), 8.96%, 03/15/30			526			525,478


						1,121,127


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery — 2.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.36%, 06/23/28	USD		942	$	939,929
Columbus McKinnon Corp./New York, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.39%, 05/14/28			139		139,351
Doosan Bobcat North America, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.95%, 04/20/29			144		143,643
Filtration Group Corp.
2021 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 10/21/28			488		487,939
2023 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.72%, 10/21/28			1,099		1,102,295
Gardner Denver, Inc., 2020 USD Term Loan B2, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27			873		874,284
Gates Global LLC, 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.96%, 03/31/27			1,195		1,196,136
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 12/13/26			155		154,806
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 06/21/28			1,817		1,808,788
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 04/05/29			1,195		1,197,981
Titan Acquisition Ltd./Canada, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/28/25			1,794		1,790,227
Vertical U.S. Newco, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.38%, 07/30/27			1,601		1,603,466
Vertiv Group Corp., 2023 Term Loan B, (SOFR CME + 2.50%), 7.97%, 03/02/27			1,220		1,223,377


					12,662,222

Media — 2.0%
A L Parent LLC, 2023 Take Back Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 5.50%), 10.86%, 06/30/28			204		196,417
ABG Intermediate Holdings 2 LLC, 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/21/28			623		628,263
Altice Financing SA
2017 USD Term Loan B, (3-mo. LIBOR US + 2.75%), 8.41%, 07/15/25			431		427,077
USD 2017 1st Lien Term Loan, (3-mo. LIBOR US + 2.75%), 8.41%, 01/31/26			519		512,177
AVSC Holding Corp.
2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.25%, 0.25% PIK), 9.21%, 03/03/25^(k)			646		631,411
2020 Term Loan B3, (3-mo. LIBOR US + 5.00%), 5.00%, 10/15/26			399		405,025
Charter Communications Operating, LLC, 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/07/30			646		642,962


Security		Par (000)		Value

Media (continued)
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/21/26	USD		654	$	646,371
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.98%, 04/15/27			857		809,731
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.65%, 08/02/27			1,083		1,081,704
NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.25%), 8.72%, 10/20/25			743		700,464
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 09/25/26			1,607		1,280,648
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.75%), 9.21%, 04/21/29			465		377,141
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.25%), 8.73%, 01/31/29			607		604,997
Voyage Digital NZ, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.37%, 05/11/29^(d)			403		402,358
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR + 2.50%), 7.98%, 04/30/28			510		507,996


					9,854,742

Oil, Gas & Consumable Fuels — 1.1%
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.18%, 12/21/28			1,768		1,763,714
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 09/19/29			102		101,808
Medallion Midland Acquisition LP, 2021 Term Loan, (SOFR CME + 3.75%), 8.86%, 10/18/28			1,060		1,063,455
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.39%, 10/27/28			953		936,322
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/05/28			1,471		1,473,415


					5,338,714

Paper & Forest Products — 0.2%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1- mo. CME Term SOFR + 1.75%), 7.21%, 09/07/27			1,039		1,039,565


Passenger Airlines — 1.6%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3- mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28			1,352		1,387,234
Air Canada, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 08/11/28.			1,160		1,162,337
American Airlines, Inc.
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.87%, 06/04/29			213		213,266
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR + 1.75%), 7.11%, 01/29/27			1,572		1,555,862
Series AA, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.60%, 02/15/28			1,148		1,146,103


98		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Passenger Airlines (continued)
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.77%, 06/21/27	USD		1,079	$	1,114,171
United Airlines, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/21/28			1,314		1,317,222
WestJet Airlines Ltd., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.46%, 12/11/26			421		419,379


					8,315,574

Personal Care Products — 0.8%
Sunshine Luxembourg VII SARL, 2021 USD Term Loan B3, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.95%, 10/01/26			3,887		3,903,271


Pharmaceuticals — 1.2%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.86%, 05/04/28			669		656,582
Amynta Agency Borrower, Inc., 2023 1st Lien Term Loan B, (SOFR CME + 4.25%), 9.61%			894		893,610
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.71%, 02/01/27			563		456,876
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 08/01/27			1,082		1,074,436
Jazz Financing Lux SARL, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 05/05/28			1,066		1,070,729
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 10/27/28			607		609,103
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 06/02/28			825		825,941
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 04/20/29			469		467,055
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28			223		223,087


					6,277,419

Professional Services — 1.4%
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 02/04/28			1,060		1,062,473
ASGN, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 08/30/30			203		204,202
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			2,195		2,130,544
Element Materials Technology Group U.S. Holdings, Inc.
2022 USD Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			307		303,128
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.70%, 07/06/29			664		656,776


Security		Par (000)		Value

Professional Services (continued)
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/28/28	USD		938	$	937,728
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 04/29/29^(d)			977		800,887
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.71%, 02/28/27			1,051		1,051,983


					7,147,721

Real Estate Management & Development — 0.2%
Cushman & Wakefield U.S. Borrower LLC
2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 08/21/25			47		46,779
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 01/31/30			593		587,408
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/31/30^(d)			445		443,888


					1,078,075

Semiconductors & Semiconductor Equipment — 0.2%
MKS Instruments, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/17/29			916		916,965
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.87%, 12/02/28			250		248,598


					1,165,563

Software — 5.8%
Applied Systems, Inc.
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.10%, 09/17/27			90		90,386
2022 Extended 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.85%, 09/18/26			244		244,545
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.88%, 08/15/29			474		461,500
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 09/21/28			719		718,874
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 03/30/29			3,503		3,414,899
Cloudera, Inc.
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.46%, 10/08/29			457		435,672
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.21%, 10/08/28			376		372,100
Cornerstone OnDemand, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 10/16/28			326		315,175
Delta TopCo, Inc., 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.62%, 12/01/28			186		185,954
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 02/04/28			111		111,408


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Genesys Cloud Services Holdings II LLC,
2020 USD Term Loan B4, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 12/01/27	USD		1,542	$	1,546,750
Helios Software Holdings, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.70%, 07/18/30			555		553,223
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 10/27/28			1,221		1,222,290
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.19%, 03/01/29			1,617		1,606,259
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.61%, 02/23/29			1,005		932,495
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 05/03/28			2,646		2,596,961
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/13/28			890		887,783
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.47%, 06/02/28			2,468		2,431,720
Proofpoint, Inc., 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 08/31/28			2,364		2,361,793
RealPage, Inc.
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 04/24/28			3,418		3,386,939
2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.50%), 11.97%, 04/23/29			420		418,805
Severin Acquisition LLC, 2018 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 8.63%, 08/01/27			643		644,825
Sophia LP, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 10/07/27			739		739,498
SS&C Technologies, Inc.
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25			463		463,652
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25			437		437,537
UKG, Inc.
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.76%, 05/03/27			788		788,261
2021 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.76%, 05/04/26			57		57,649
Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.23%, 05/04/26			760		760,806
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), 10.47%, 09/01/25			1,115		923,551
Voyage Australia Pty. Ltd., USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.18%, 07/20/28			133		132,923


					29,244,233

Specialty Retail — 1.1%
CD&R Firefly Bidco Ltd., 2023 GBP Term Loan B5, (3-mo. SONIA + 6.00%), 11.29%, 06/21/28	GBP		1,000		1,245,180


Security		Par (000)		Value

Specialty Retail (continued)
EG America LLC, 2021 Term Loan, (1-mo. SOFR OIS CMPD + 4.25%), 9.99%, 03/31/26	USD		116	$	115,334
Mavis Tire Express Services Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 05/04/28			1,255		1,255,540
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/11/28			1,601		1,581,339
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.46%, 08/04/28			755		756,594
Restoration Hardware, Inc.
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/20/28			360		350,014
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.97%, 10/20/28			311		302,213


					5,606,214

Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.50%, 02/20/29			300		300,909
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/24/28^(d)			399		396,439
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.11%, 03/08/30^(d)			232		231,640


					928,988

Trading Companies & Distributors — 0.5%
Core & Main LP, 2021 Term Loan B, (2-mo. CME Term SOFR + 2.50%), 7.99%, 07/27/28			1,791		1,789,148
TMK Hawk Parent Corp.^(d)
2020 Super Priority First Out Term Loan A, (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), 16.39%, 05/30/24			165		162,797
2020 Super Priority Second Out Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/28/24			1,294		802,115


					2,754,060

Transportation Infrastructure — 0.3%
Apple Bidco LLC
2021 Term Loan, (1-week CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 09/22/28			644		643,088
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 09/22/28			356		357,348
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 11.71%, 12/15/26			625		620,005


					1,620,441

Wireless Telecommunication Services — 1.4%
Altice France SA/France, 2023 USD Term Loan B14, (3-mo. CME Term SOFR + 5.50%), 10.89%, 08/15/28			851		762,227
Connect Finco SARL, 2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.86%, 12/11/26			3,054		3,051,904


100		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
Digicel International Finance Ltd.
2017 Term Loan B, (3-mo. LIBOR US + 2.25%), 10.75%, 05/28/24	USD		417	$	386,479
2017 Term Loan B1, 05/27/24^(o)			18		16,795
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/30/28			366		366,338
Iridium Satellite LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.86%, 09/20/30			1,375		1,377,683
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/11/25			1,042		1,042,288


					7,003,714


Total Floating Rate Loan Interests — 60.4% (Cost: $306,402,572)					304,123,124


Foreign Agency Obligations

Bahrain — 0.1%
Bahrain Government International Bond, 6.75%, 09/20/29^(e)			200		202,875


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42^(h)			200		178,188


Colombia — 0.1%
Colombia Government International Bond^(h)
3.13%, 04/15/31			200		162,563
8.00%, 04/20/33			200		218,312


					380,875

Dominican Republic — 0.1%
Dominican Republic International Bond^(b)
4.50%, 01/30/30			200		183,750
7.05%, 02/03/31			150		157,342
4.88%, 09/23/32^(h)			300		272,742


					613,834

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61^(b)			200		116,313


Guatemala — 0.0%
Guatemala Government Bond, 4.65%, 10/07/41^(b)			200		163,000


Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(e)(h)			200		196,062


Morocco — 0.0%
Morocco Government International Bond, 2.38%, 12/15/27^(b)			200		178,875


Nigeria — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29^(b)			200		191,562


Oman — 0.1%
Oman Government International Bond, 6.50%, 03/08/47^(e)(h)			308		313,775


Security		Par (000)		Value

Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27^(b)	USD		62	$	61,437
2.50%, 02/08/30^(e)	EUR		138		131,859
2.12%, 07/16/31^(e)			156		136,900


					330,196

South Africa — 0.1%
Republic of South Africa Government International Bond
4.85%, 09/30/29	USD		200		187,250
5.00%, 10/12/46			230		169,337


					356,587

Ukraine — 0.0%
Ukraine Government International Bond^(f)(i)
9.75%, 11/01/30^(e)			236		66,965
7.25%, 03/15/35^(b)			200		46,400


					113,365


Total Foreign Agency Obligations — 0.7% (Cost: $3,676,075)					3,335,507


		Shares

Investment Companies

Fixed Income Funds — 1.2%
Invesco Senior Loan ETF			275,501		5,835,111


Total Investment Companies — 1.2% (Cost: $5,745,681)					5,835,111


		Par (000)

Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 2.3%
Alternative Loan Trust
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35	USD		974		553,463
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,754		761,949
Series 2007-19, Class 1A1, 6.00%, 08/25/37			543		278,472
CHL Mortgage Pass-Through Trust
Series 2005-17, Class 1A6, 5.50%, 09/25/35			92		82,147
Series 2006-17, Class A2, 6.00%, 12/25/36			612		246,221
Series 2007-HY5, Class 3A1, 5.06%, 09/25/37^(a)			238		207,581
COLT Mortgage Loan Trust^(b)(c)
Series 2022-7, Class A1, 5.16%, 04/25/67			2,022		1,970,257
Series 2022-9, Class A1, 6.79%, 12/25/67			264		267,391
Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, 06/25/66^(a)(b)			205		163,045
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67^(a)(b)			1,419		1,368,460
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 4.63%, 10/25/35^(a)			302		164,757
JP Morgan Mortgage Trust, Series 2022-DSC1, Class A1, 4.75%, 01/25/63^(a)(b)			376		358,036
OBX Trust^(b)(c)
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62			88		89,244
Series 2023-NQM6, Class A1, 6.52%, 07/25/63			1,127		1,136,724
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57^(b)(c)			571		548,013


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
Verus Securitization Trust^(b)(c)
Series 2022-3, Class A1, 4.13%, 02/25/67	USD		1,345	$	1,251,986
Series 2022-7, Class A1, 5.15%, 07/25/67			1,619		1,620,883
Series 2022-INV2, Class A1, 6.79%, 10/25/67			402		407,742


					11,476,371

Commercial Mortgage-Backed Securities^(b)— 0.7%
BX Commercial Mortgage Trust^(a)
Series 2019-XL, Class A, (1-mo. Term SOFR + 1.03%), 6.40%, 10/15/36			504		502,702
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 6.40%, 12/15/38			1,000		978,977
Series 2021-XL2, Class A, (1-mo. Term SOFR + 0.80%), 6.17%, 10/15/38			383		375,939
BX Trust, Series 2022 VAMF, Class A, (1-mo. Term SOFR + 0.85%), 6.21%, 01/15/39^(a)			1,200		1,174,427
Citigroup Commercial Mortgage Trust, Series 2019- SMRT, Class A, 4.15%, 01/10/36			800		798,513


					3,830,558


Total Non-Agency Mortgage-Backed Securities — 3.0% (Cost: $16,271,186)					15,306,929


		Benefical Interest (000)

Other Interests

Capital Markets — 0.0%
Millennium Lender Claim Trust^(d)(q)	USD		918		—


Industrial Conglomerates — 0.0%
Millennium Corp. Claim^(d)(q)			861		—


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


		Par (000)

Preferred Securities

Capital Trusts — 5.4%^(a)

Automobiles^(j)— 0.1%
General Motors Financial Co., Inc., Series C, 5.70%^(h)	USD		365		337,074
Volkswagen International Finance NV, 3.88%^(e)	EUR		100		101,028


					438,102

Banks^(j)— 4.3%
AIB Group PLC, 5.25%^(e)			200		217,738
Bank of America Corp.^(h)
Series DD, 6.30%	USD		215		215,538
Series X, 6.25%			1,929		1,911,233
Series Z, 6.50%			143		142,307
Bank of East Asia Ltd., 5.88%^(e)			250		232,656
Barclays PLC
9.63%^(h)			805		836,194
4.38%^(h)			455		353,719
8.00%			210		206,097



Security		Par (000)		Value

Banks (continued)
BNP Paribas SA
4.63%^(b)(h)	USD		1,500	$	1,208,215
8.50%^(b)(h)			420		439,834
6.88%^(e)	EUR		200		228,509
Chong Hing Bank Ltd., 5.70%^(e)	USD		250		245,703
Citigroup, Inc., 7.63%^(h)			326		332,879
Credit Agricole SA, 4.75%^(b)(h)			200		169,660
Goldman Sachs Group, Inc., Series R, 4.95%^(h)			730		697,062
HSBC Holdings PLC^(h)
6.00%			415		396,350
6.38%			500		493,622
ING Groep NV, 3.88%^(h)			1,750		1,415,312
JPMorgan Chase & Co., Series FF, 5.00%^(h)			2,000		1,963,531
Krung Thai Bank PCL/Cayman Islands, 4.40%^(e)			202		187,103
Lloyds Banking Group PLC
8.00%			265		265,529
6.75%			450		443,614
7.50%^(h)			1,250		1,224,113
NatWest Group PLC, 6.00%^(h)			1,185		1,145,668
Nordea Bank Abp, 3.75%^(b)(h)			560		442,371
PNC Financial Services Group, Inc.^(h)
Series V, 6.20%			290		281,949
Series W, 6.25%			289		269,396
Rizal Commercial Banking Corp., 6.50%^(e)			200		188,392
Societe Generale SA, 5.38%^(b)(h)			2,250		1,840,799
UBS Group AG^(b)
9.25%			460		496,237
9.25%^(h)			640		709,290
Wells Fargo & Co.^(h)
7.63%			439		460,648
Series S, 5.90%			1,500		1,484,186
Woori Bank, 4.25%^(e)			250		244,063


					21,389,517

Capital Markets — 0.3%
Charles Schwab Corp., Series H, 4.00%^(h)(j)			2,000		1,579,620


Diversified Telecommunication Services^(e)— 0.1%
British Telecommunications PLC, 8.38%, 12/20/83	GBP		100		134,391
Telefonica Europe BV, 6.14%^(j)	EUR		200		226,862


					361,253

Electric Utilities — 0.5%
Edison International, Series B, 5.00%^(j)	USD		258		240,225
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(e)	EUR		100		114,541
Electricite de France SA^(j)
9.13%^(b)	USD		205		228,865
3.00%^(e)	EUR		200		200,919
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(h)	USD		1,750		1,642,113


					2,426,663

Independent Power and Renewable Electricity Producers^(b)(h)(j)— 0.1%
NRG Energy, Inc., 10.25%			475		494,516
Vistra Corp., 7.00%			240		236,400


					730,916

Transportation Infrastructure — 0.0%
Abertis Infraestructuras Finance BV, 3.25%^(e)(j)	EUR		100		105,683


102		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80^(e)	EUR		100	$	104,841


				27,136,595


		Shares

Preferred Stocks — 0.5%

Capital Markets^(a)(j)— 0.5%
Morgan Stanley
Series F, 6.88%			55,000		1,376,100
Series K, 5.85%			53,253		1,289,787


					2,665,887

Wireless Telecommunication Services — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $136,229)^(f)(g)			139,135		547


					2,666,434


Total Preferred Securities — 5.9% (Cost: $32,455,546)					29,803,029


		Par (000)


U.S. Government Sponsored Agency Securities

Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K042, Class X1, 1.01%, 12/25/24^(a)	USD		31,325		200,745


Mortgage-Backed Securities^(r)— 3.9%
Uniform Mortgage-Backed Securities
3.50%, 01/16/54			9,000		8,256,094
5.00%, 01/16/54			1,500		1,483,945
5.50%, 01/16/54			4,600		4,619,406
7.00%, 01/16/54			5,200		5,363,516


					19,722,961


Total U.S. Government Sponsored Agency Securities — 3.9% (Cost: $19,511,846)					19,923,706


		Shares


Warrants

Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)^(f)			1,315		—


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price USD 36.00)^(f)			345		6,686


Total Warrants — 0.0% (Cost: $ — )					6,686


Total Long-Term Investments — 156.9% (Cost: $808,980,983)					790,209,680


Security		Shares			Value


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(s)(t)			5,762,133		$	5,762,133


Total Short-Term Securities — 1.1% (Cost: $5,762,133)						5,762,133


Total Investments Before TBA Sale Commitments — 158.0% (Cost: $814,743,116)						795,971,813


		Par (000)


TBA Sale Commitments

Mortgage-Backed Securities — (1.1)%
Uniform Mortgage-Backed Securities, 7.00%, 01/16/54^(r)	USD		(5,200	)		(5,363,516	)


Total TBA Sale Commitments — (1.1)% (Proceeds: $(5,320,453))						(5,363,516	)


Total Investments, Net of TBA Sale Commitments — 156.9% (Cost: $809,422,663)						790,608,297

Liabilities in Excess of Other Assets — (56.9)%						(286,838,274	)


Net Assets — 100.0%					$	503,770,023

^(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)	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.

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

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

^(f)	Non-income producing security.

^(g)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $123,287, representing less than 0.05% of its net assets as of period end, and an original cost of $172,521.

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

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

^(j)	Perpetual security with no stated maturity date.

^(k)	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.

^(l)	Convertible security.

^(m)	Zero-coupon bond.

⁽ⁿ⁾	When-issued security.

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

^(p)	Rounds to less than 1,000.

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

^(r)	Represents or includes a TBA transaction.

^(s)	Affiliate of the Fund.

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


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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

Affiliates



Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,474,663	$	4,287,470	^(a)	$	—	$	—	$	—	$	5,762,133		5,762,133	$	140,382	$	—

^(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)

BNP Paribas SA

4.75

%^(b)

11/02/23

Open

1,440,720

$ 1,451,936

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

11/02/23

Open

615,094

620,588

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

11/02/23

Open

346,390

349,484

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

11/02/23

Open

440,340

444,295

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.55

^(b)

11/02/23

Open

504,787

509,379

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/02/23

Open

258,763

261,074

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/02/23

Open

488,750

493,196

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/02/23

Open

604,150

609,645

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/02/23

Open

633,442

639,204

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/02/23

Open

460,252

464,439

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/02/23

Open

556,255

561,315

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/02/23

Open

410,987

414,679

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.53

^(b)

11/02/23

Open

652,431

658,344

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.60

^(b)

11/02/23

Open

1,105,579

1,115,725

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.60

^(b)

11/02/23

Open

504,215

508,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.63

^(b)

11/02/23

Open

392,587

396,210

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/02/23

Open

749,801

756,744

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/02/23

Open

432,862

436,871

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/02/23

Open

552,240

557,354

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/02/23

Open

611,617

617,281

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

1,180,361

1,190,262

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

464,625

468,522

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

729,120

735,235

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/06/23

Open

98,600

99,436

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

356,804

359,884

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

249,150

251,301

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

223,343

225,270

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

277,780

280,178

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

247,760

249,899

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

278,730

281,136

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

266,603

268,904

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

270,428

272,762

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

413,058

416,623

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/06/23

Open

288,420

290,910

Corporate Bonds

Open/Demand

BNP Paribas SA

5.00

^(b)

11/09/23

Open

736,422

741,843

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.25

^(b)

11/09/23

Open

1,050,700

1,058,821

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

11/09/23

Open

403,750

406,958

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/09/23

Open

270,433

272,640

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/09/23

Open

2,167,699

2,182,671

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

4.50

11/14/23

01/04/24

199,650

200,823

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

380,789

383,473

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

248,831

250,586

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

249,920

251,682

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

638,600

643,102

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

226,380

227,976

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

430,376

433,438

Corporate Bonds

Up to 30 Days


104		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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)

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

226,980

$ 228,595

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

172,594

173,822

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

370,961

373,601

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

171,600

172,821

Capital Trusts

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

235,384

237,059

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

492,256

495,759

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

164,900

166,073

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

165,055

166,229

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

178,555

179,837

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

254,575

256,403

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

194,574

195,971

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

287,888

289,955

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

321,019

323,324

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

2,494,240

2,512,150

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

317,497

319,777

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

280,755

282,771

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

134,586

135,552

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

147,750

148,811

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

462,815

466,138

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

386,828

389,605

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

337,411

339,834

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

211,656

213,176

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

460,275

463,580

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

289,959

292,041

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

216,000

217,551

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.55

11/14/23

01/04/24

759,435

764,938

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

11/14/23

01/04/24

276,610

278,650

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

11/14/23

01/04/24

505,037

508,762

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

11/14/23

01/04/24

294,752

296,926

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.65

11/14/23

01/04/24

180,600

181,932

Corporate Bonds

Up to 30 Days

TD Securities (USA) LLC

5.65

^(b)

11/14/23

Open

359,825

362,479

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

11/15/23

01/04/24

285,429

287,435

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.75

11/15/23

01/10/24

319,760

321,701

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.24

11/15/23

01/10/24

125,890

126,733

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.45

11/15/23

01/10/24

232,284

233,901

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.45

11/15/23

01/10/24

672,256

676,937

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.49

11/15/23

01/10/24

1,320,469

1,329,732

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

1,439,539

1,449,747

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

248,575

250,338

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

348,091

350,560

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

295,993

298,092

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

267,581

269,479

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

242,109

243,826

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

252,700

254,492

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

914,850

921,338

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.60

11/15/23

01/10/24

428,998

432,068

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

177,413

178,693

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

92,220

92,886

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

376,290

379,007

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

365,392

368,030

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

986,832

993,957

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.65

11/15/23

01/10/24

1,056,537

1,064,165

Capital Trusts

Up to 30 Days

Barclays Bank PLC

5.50

^(b)

11/15/23

Open

417,000

419,931

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

^(b)

11/15/23

Open

787,500

793,034

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.55

^(b)

11/15/23

Open

381,500

384,205

Capital Trusts

Open/Demand

Barclays Bank PLC

5.55

^(b)

11/15/23

Open

1,170,312

1,178,612

Capital Trusts

Open/Demand

Barclays Bank PLC

5.55

^(b)

11/15/23

Open

1,847,500

1,860,602

Capital Trusts

Open/Demand

Barclays Bank PLC

5.55

^(b)

11/15/23

Open

444,375

447,526

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.60

^(b)

11/15/23

Open

2,306,250

2,322,752

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.50

^(b)

11/15/23

Open

143,000

144,005

Capital Trusts

Open/Demand

Barclays Capital, Inc.

5.55

^(b)

11/15/23

Open

47,750

48,089

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.55

^(b)

11/15/23

Open

585,934

590,089

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		105

Schedule of Investments (continued)

December 31, 2023

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)

Barclays Capital, Inc.

5.55

%^(b)

11/15/23

Open

286,869

$ 288,903

Capital Trusts

Open/Demand

Barclays Capital, Inc.

5.55

^(b)

11/15/23

Open

130,845

131,773

Capital Trusts

Open/Demand

Barclays Capital, Inc.

5.55

^(b)

11/15/23

Open

395,747

398,554

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.55

^(b)

11/15/23

Open

197,800

199,203

Capital Trusts

Open/Demand

Barclays Capital, Inc.

5.70

^(b)

11/15/23

Open

288,888

290,992

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

11/15/23

Open

81,244

81,805

Corporate Bonds

Open/Demand

BNP Paribas SA

5.68

^(b)

11/15/23

Open

632,730

637,322

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/15/23

Open

713,900

718,872

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/15/23

Open

1,081,331

1,089,000

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.00

^(b)

11/15/23

Open

172,908

174,013

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

451,530

454,692

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

219,422

220,959

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

332,640

334,969

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

179,575

180,832

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

184,308

185,598

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

92,163

92,808

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

575,320

579,349

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

86,320

86,924

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

192,570

193,918

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.50

^(b)

11/15/23

Open

135,235

136,185

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.65

^(b)

11/15/23

Open

716,782

721,957

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.65

^(b)

11/15/23

Open

491,185

494,731

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

11/15/23

Open

114,686

115,492

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.63

^(b)

11/15/23

Open

713,984

719,120

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

11/15/23

Open

113,864

114,686

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.66

^(b)

11/15/23

Open

292,163

294,275

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.66

^(b)

11/15/23

Open

367,652

370,311

Corporate Bonds

Open/Demand

BofA Securities, Inc.

0.25

11/16/23

01/11/24

702,202

702,422

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.15

11/16/23

01/11/24

135,840

136,545

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.25

11/16/23

01/11/24

115,331

115,944

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

11/16/23

01/11/24

471,184

474,188

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

11/16/23

01/11/24

536,144

539,595

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

11/16/23

01/11/24

774,615

779,602

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

11/16/23

01/11/24

201,240

202,548

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

72,020

72,493

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

254,788

256,460

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

1,952,499

1,965,312

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

159,023

160,086

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

456,262

459,314

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

1,255,912

1,264,311

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

230,100

231,639

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

474,187

477,388

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

219,960

221,445

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

576,592

580,484

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

237,150

238,751

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

291,720

293,689

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

674,310

678,862

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

231,713

233,277

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

334,375

336,632

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

255,938

257,665

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

376,687

379,230

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

268,553

270,365

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

169,650

170,795

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

384,038

386,630

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

1,204,545

1,212,676

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

95,710

96,356

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

424,897

427,792

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

550,989

554,742

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

143,529

144,507

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

486,850

490,167

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

277,448

279,338

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

464,519

467,684

Corporate Bonds

Up to 30 Days


106		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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)

BofA Securities, Inc.

5.45

11/16/23

01/11/24

807,525

$ 813,026

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

441,656

444,665

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

339,676

341,990

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

365,582

368,073

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

495,285

498,659

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

92,795

93,433

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

375,779

378,363

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

313,230

315,383

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

125,258

126,119

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

572,422

576,358

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

284,200

286,154

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

450,640

453,738

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

176,906

178,122

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

757,643

762,852

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

857,495

863,390

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

709,702

714,582

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,247,010

1,255,583

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

492,450

495,836

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

728,507

733,516

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

151,753

152,796

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

401,150

403,908

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,294,009

1,302,905

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

123,205

124,052

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

476,905

480,184

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

199,956

201,331

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

147,758

148,773

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,776,060

1,788,270

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

2,457,397

2,474,292

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

124,781

125,639

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

839,492

845,264

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

518,876

522,444

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

128,669

129,553

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

428,510

431,456

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

172,253

173,437

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

486,855

490,202

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,318,165

1,327,228

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

391,875

394,569

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

442,819

445,863

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

129,750

130,642

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

129,600

130,491

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

38,378

38,641

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

97,154

97,822

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

108,045

108,788

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

11/16/23

01/11/24

306,195

308,312

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

11/16/23

01/11/24

288,694

290,689

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

248,316

250,039

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

237,200

238,846

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

143,550

144,546

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

233,511

235,131

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

1,138,125

1,146,021

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

546,000

549,788

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

1,015,872

1,022,920

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

77,044

77,578

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

184,690

185,971

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

76,570

77,101

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

199,413

200,796

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

248,803

250,529

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

11/16/23

01/11/24

326,540

328,822

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

11/16/23

01/11/24

317,905

320,126

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

11/16/23

01/11/24

317,490

319,708

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

11/16/23

01/11/24

426,970

429,953

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

122,613

123,471

Corporate Bonds

Up to 30 Days


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 (continued)

December 31, 2023

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)

BofA Securities, Inc.

5.60

11/16/23

01/11/24

304,365

$ 306,496

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

252,608

254,376

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

238,163

239,830

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

408,471

411,331

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

277,130

279,070

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/16/23

01/11/24

339,086

341,460

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

141,514

142,513

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

658,560

663,211

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

673,110

677,864

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

458,940

462,181

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

524,307

528,010

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

143,393

144,406

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

136,619

137,584

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

521,985

525,672

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

1,242,460

1,251,235

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

1,505,806

1,516,441

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/16/23

01/11/24

346,156

348,601

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

159,600

160,737

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

143,520

144,543

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

103,213

103,949

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

140,434

141,434

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

131,091

132,025

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.70

11/16/23

01/11/24

87,203

87,824

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.80

11/16/23

01/11/24

385,673

388,469

Capital Trusts

Up to 30 Days

Merrill Lynch International

5.33

11/16/23

01/11/24

448,011

450,996

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.55

11/16/23

01/11/24

175,401

176,617

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.55

11/16/23

01/11/24

178,680

179,919

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.60

11/16/23

01/11/24

244,118

245,826

Foreign Agency Obligations

Up to 30 Days

Merrill Lynch International

5.60

11/16/23

01/11/24

720,099

725,139

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.65

11/16/23

01/11/24

347,300

349,753

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.65

11/16/23

01/11/24

282,578

284,573

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.70

11/16/23

01/11/24

217,085

218,632

Foreign Agency Obligations

Up to 30 Days

Merrill Lynch International

5.70

11/16/23

01/11/24

241,203

242,921

Corporate Bonds

Up to 30 Days

Credit Agricole Corporate and Investment Bank

5.59

^(b)

11/20/23

Open

259,560

261,212

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/20/23

Open

1,946,660

1,959,186

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/21/23

Open

432,905

435,691

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/21/23

Open

281,685

283,497

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/21/23

Open

291,295

293,169

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/21/23

Open

271,180

272,925

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.49

11/22/23

01/10/24

864,957

869,970

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

300,598

302,374

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

352,774

354,859

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

642,042

645,838

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

411,355

413,787

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

369,940

372,127

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.48

^(b)

11/24/23

Open

876,645

881,716

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.55

11/28/23

01/10/24

313,495

315,090

Corporate Bonds

Up to 30 Days

TD Securities (USA) LLC

5.55

^(b)

11/28/23

Open

1,339,200

1,346,013

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.60

11/29/23

01/11/24

721,395

724,986

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.48

^(b)

11/29/23

Open

169,250

170,074

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.65

11/30/23

01/10/24

169,703

170,528

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/30/23

01/11/24

426,750

428,716

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/30/23

01/11/24

182,160

183,007

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/30/23

01/11/24

162,925

163,683

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/30/23

01/11/24

920,254

924,533

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

11/30/23

01/11/24

284,724

286,109

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.45

^(b)

11/30/23

Open

188,866

189,753

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/30/23

Open

587,757

590,516

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/30/23

Open

128,511

129,118

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

11/30/23

Open

477,000

479,329

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.40

12/01/23

01/11/24

368,125

369,671

Corporate Bonds

Up to 30 Days


108		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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)

Goldman Sachs & Co. LLC

5.55

%^(b)

12/01/23

Open

620,350

$ 623,028

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/01/23

Open

314,795

316,178

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.40

12/06/23

01/11/24

82,366

82,675

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

12/06/23

01/11/24

297,303

298,459

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.15

^(b)

12/08/23

Open

96,401

96,691

Corporate Bonds

Open/Demand

BNP Paribas SA

5.51

^(b)

12/08/23

Open

261,725

262,686

Capital Trusts

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

629,625

631,997

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

297,883

299,005

Capital Trusts

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

243,781

244,699

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

244,388

245,308

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

247,450

248,382

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/08/23

Open

275,456

276,494

Corporate Bonds

Open/Demand

BNP Paribas SA

5.70

^(b)

12/08/23

Open

790,724

793,728

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

675,000

677,166

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

903,750

906,650

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

803,750

806,329

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.40

^(b)

12/08/23

Open

917,244

920,133

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

630,370

632,744

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

252,540

253,491

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

222,045

222,881

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

175,859

176,521

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

441,787

443,452

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

278,500

279,549

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

301,013

302,146

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

259,899

260,878

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

224,543

225,388

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

241,335

242,244

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/08/23

Open

302,475

303,614

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.65

12/12/23

01/10/24

243,428

244,153

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.30

^(b)

12/12/23

Open

887,792

890,276

Corporate Bonds

Open/Demand

BNP Paribas SA

5.30

^(b)

12/12/23

Open

464,446

465,745

Corporate Bonds

Open/Demand

BNP Paribas SA

5.32

^(b)

12/12/23

Open

906,300

908,845

Corporate Bonds

Open/Demand

BNP Paribas SA

5.37

^(b)

12/12/23

Open

150,293

150,718

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

12/12/23

Open

297,330

298,176

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

12/12/23

Open

194,040

194,592

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

12/12/23

Open

388,585

389,695

Corporate Bonds

Open/Demand

BNP Paribas SA

5.42

^(b)

12/12/23

Open

133,456

133,838

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

^(b)

12/12/23

Open

255,960

256,695

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

1,375,000

1,378,955

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

822,500

824,866

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

261,800

262,553

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

133,905

134,290

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

302,038

302,906

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

616,560

618,333

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/12/23

Open

971,992

974,799

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/12/23

Open

633,987

635,818

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/12/23

Open

447,165

448,456

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/12/23

Open

383,467

384,577

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/12/23

Open

600,231

601,967

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/12/23

Open

213,233

213,849

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/12/23

Open

315,052

315,964

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

276,799

277,601

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

93,663

93,934

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

187,920

188,464

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

278,760

279,568

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

483,367

484,768

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

233,549

234,225

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

90,781

91,044

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

226,435

227,091

Corporate Bonds

Open/Demand

BNP Paribas SA

5.50

^(b)

12/12/23

Open

1,242,000

1,245,605

Corporate Bonds

Open/Demand

BNP Paribas SA

5.53

^(b)

12/12/23

Open

987,500

990,382

Corporate Bonds

Open/Demand

BNP Paribas SA

5.53

^(b)

12/12/23

Open

931,250

933,968

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		109

Schedule of Investments (continued)

December 31, 2023

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 SA

5.54

%^(b)

12/12/23

Open

1,786,736

$ 1,791,960

Capital Trusts

Open/Demand

BNP Paribas SA

5.56

^(b)

12/12/23

Open

524,969

526,509

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

100,153

100,451

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

114,021

114,346

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

274,238

275,055

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

290,846

291,714

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

630,120

631,999

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

215,940

216,584

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/12/23

Open

358,985

360,055

Corporate Bonds

Open/Demand

BNP Paribas SA

5.68

^(b)

12/12/23

Open

351,260

352,313

Corporate Bonds

Open/Demand

BNP Paribas SA

5.68

^(b)

12/12/23

Open

338,100

339,114

Corporate Bonds

Open/Demand

BNP Paribas SA

5.70

^(b)

12/12/23

Open

1,085,000

1,088,264

Capital Trusts

Open/Demand

BNP Paribas SA

5.70

^(b)

12/12/23

Open

1,397,812

1,402,018

Capital Trusts

Open/Demand

Credit Agricole Corporate and Investment Bank

5.50

^(b)

12/12/23

Open

660,000

661,916

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

^(b)

12/12/23

Open

174,900

175,410

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

^(b)

12/12/23

Open

170,000

170,495

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

^(b)

12/12/23

Open

327,250

328,203

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.57

^(b)

12/12/23

Open

291,671

292,529

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.59

^(b)

12/12/23

Open

284,830

285,670

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.59

^(b)

12/12/23

Open

259,500

260,266

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.61

^(b)

12/12/23

Open

871,045

873,624

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.25

^(b)

12/12/23

Open

336,213

337,145

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

^(b)

12/12/23

Open

260,363

261,098

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

^(b)

12/12/23

Open

535,414

536,926

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/12/23

Open

345,530

346,524

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/12/23

Open

300,988

301,853

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/12/23

Open

1,218,814

1,222,320

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

419,662

420,892

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

886,706

889,304

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

228,311

228,980

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

242,688

243,398

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

548,181

549,787

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

516,655

518,168

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

336,810

337,797

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

275,844

276,652

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

269,248

270,037

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

318,487

319,420

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

339,040

340,033

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

469,028

470,402

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

399,026

400,195

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.65

^(b)

12/12/23

Open

513,922

515,455

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/12/23

Open

202,421

202,992

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/12/23

Open

181,831

182,345

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/12/23

Open

301,560

302,411

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/12/23

Open

115,981

116,309

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/12/23

Open

891,419

893,936

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

120,488

120,836

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

140,893

141,300

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

494,829

496,260

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

189,381

189,929

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

621,075

622,871

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

206,948

207,546

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

105,135

105,439

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

86,103

86,352

Corporate Bonds

Open/Demand


110		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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)

Nomura Securities International, Inc.

5.48

%^(b)

12/12/23

Open

647,669

$ 649,542

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

161,990

162,459

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

271,440

272,225

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

195,543

196,108

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

265,736

266,505

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

285,964

286,791

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

944,444

947,175

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

392,160

393,294

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

354,492

355,518

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

114,210

114,540

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

915,000

917,646

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

268,600

269,377

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

493,190

494,616

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

1,789,745

1,794,921

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.50

^(b)

12/12/23

Open

159,803

160,267

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.57

^(b)

12/12/23

Open

1,336,474

1,340,403

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

12/12/23

Open

260,100

260,871

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

12/12/23

Open

301,624

302,518

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.65

^(b)

12/12/23

Open

250,088

250,833

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.65

^(b)

12/12/23

Open

112,088

112,422

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

227,486

228,167

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

2,306,781

2,313,684

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

442,417

443,741

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

293,873

294,752

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

337,500

338,510

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

292,950

293,827

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

263,574

264,362

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/12/23

Open

493,859

495,337

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

271,069

271,856

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

358,956

359,998

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

798,750

801,069

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

881,250

883,808

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

402,375

403,543

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

407,550

408,733

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

156,188

156,641

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

328,950

329,905

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/12/23

Open

349,554

350,568

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

330,187

331,151

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

600,437

602,190

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

1,374,450

1,378,461

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

2,753

2,761

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

215,906

216,536

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.53

^(b)

12/12/23

Open

1,450,540

1,454,774

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.63

^(b)

12/12/23

Open

239,440

240,151

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.63

^(b)

12/12/23

Open

399,912

401,101

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

147,345

147,784

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

482,820

484,260

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

184,388

184,937

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

99,169

99,464

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

271,215

272,024

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

192,300

192,873

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

470,400

471,803

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

394,375

395,551

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

261,056

261,835

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

1,136,621

1,140,011

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

197,188

197,775

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

114,660

115,002

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

356,865

357,929

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

303,000

303,904

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

309,249

310,171

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

118,234

118,586

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

142,275

142,699

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		111

Schedule of Investments (continued)

December 31, 2023

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

5.65

%^(b)

12/12/23

Open

239,554

$ 240,268

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

302,737

303,640

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

502,292

503,790

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/12/23

Open

166,563

167,059

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.67

^(b)

12/12/23

Open

369,615

370,721

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

467,337

468,692

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

169,044

169,534

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

413,337

414,535

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

201,156

201,739

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

295,205

296,060

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

200,385

200,966

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

246,250

246,964

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/12/23

Open

94,500

94,774

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

12/12/23

Open

1,147,500

1,150,831

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.53

^(b)

12/12/23

Open

186,500

187,044

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.60

^(b)

12/12/23

Open

149,674

150,116

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.63

^(b)

12/12/23

Open

829,400

831,864

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.63

^(b)

12/12/23

Open

1,443,015

1,447,303

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.64

^(b)

12/12/23

Open

254,820

255,578

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.64

^(b)

12/12/23

Open

1,261,065

1,264,819

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

360,490

361,565

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

379,102

380,233

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

87,231

87,491

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

883,318

885,952

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

470,475

471,878

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

559,980

561,650

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

677,700

679,721

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

362,040

363,120

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

258,588

259,359

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

354,055

355,111

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

426,250

427,521

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

311,355

312,283

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

367,260

368,355

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/12/23

Open

658,559

660,523

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.67

^(b)

12/12/23

Open

1,236,968

1,240,669

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.67

^(b)

12/12/23

Open

187,750

188,312

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.70

^(b)

12/12/23

Open

507,680

509,207

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

244,298

244,969

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

160,783

161,225

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

155,263

155,690

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

154,751

155,177

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

138,738

139,120

Foreign Agency Obligations

Up to 30 Days

Barclays Capital, Inc.

4.50

12/13/23

01/10/24

369,706

370,538

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

12/13/23

01/11/24

134,835

135,202

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/13/23

01/11/24

250,808

251,497

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/13/23

01/11/24

419,719

420,873

Corporate Bonds

Up to 30 Days

Goldman Sachs & Co. LLC

5.55

^(b)

12/13/23

Open

4,280,557

4,292,436

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.49

12/15/23

01/10/24

390,945

391,780

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

1.00

^(b)

12/15/23

Open

197,921

197,998

Corporate Bonds

Open/Demand

BNP Paribas SA

5.43

^(b)

12/15/23

Open

182,000

182,384

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/15/23

Open

143,250

143,554

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/15/23

Open

248,453

248,989

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.42

^(b)

12/15/23

Open

1,124,762

1,127,133

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.50

12/18/23

01/04/24

201,640

202,040

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.59

12/18/23

01/11/24

460,020

460,949

Corporate Bonds

Up to 30 Days

Credit Agricole Corporate and Investment Bank

5.50

^(b)

12/18/23

Open

549,132

550,223

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/18/23

Open

374,062

374,812

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/18/23

Open

812,917

814,576

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.60

12/19/23

01/11/24

107,975

108,177

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.75

12/19/23

01/11/24

227,494

227,930

Corporate Bonds

Up to 30 Days

RBC Capital Markets, LLC

5.50

^(b)

12/19/23

Open

1,560,960

1,563,822

Corporate Bonds

Open/Demand


112		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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 SA

5.47

%^(b)

12/20/23

Open

518,032

$ 518,898

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/20/23

Open

2,478,545

2,482,703

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/20/23

Open

678,080

679,230

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/20/23

Open

520,594

521,477

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/20/23

Open

160,100

160,371

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.64

^(b)

12/20/23

Open

549,000

549,946

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.65

12/22/23

01/10/24

718,406

719,534

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.65

12/22/23

01/10/24

1,322,205

1,324,280

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.54

^(b)

12/22/23

Open

157,751

157,994

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

167,580

167,838

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

89,968

90,106

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

195,460

195,761

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

115,544

115,722

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

164,000

164,252

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/22/23

Open

99,085

99,237

Corporate Bonds

Open/Demand

BNP Paribas SA

5.60

^(b)

12/22/23

Open

808,370

809,627

Corporate Bonds

Open/Demand

BNP Paribas SA

5.70

^(b)

12/22/23

Open

587,242

588,172

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

12/22/23

Open

1,344,844

1,346,943

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.65

^(b)

12/22/23

Open

291,666

292,124

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/22/23

Open

1,298,262

1,300,307

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/22/23

Open

783,255

784,452

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/22/23

Open

441,700

442,393

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/22/23

Open

256,525

256,928

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/22/23

Open

317,999

318,498

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/22/23

Open

1,018,145

1,019,743

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.63

^(b)

12/22/23

Open

739,100

740,256

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.64

^(b)

12/22/23

Open

843,067

844,388

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

858,400

859,747

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

423,162

423,827

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

1,855,544

1,858,456

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

560,869

561,749

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

1,113,970

1,115,718

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

299,268

299,737

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

529,251

530,082

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

1,065,360

1,067,032

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

741,562

742,726

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

647,000

648,015

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

2,553,232

2,557,240

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

282,038

282,480

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

706,929

708,039

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

611,820

612,780

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

862,462

863,816

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

355,020

355,577

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

12/22/23

Open

712,662

713,781

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.66

^(b)

12/22/23

Open

589,537

590,464

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.67

^(b)

12/22/23

Open

314,449

314,944

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.67

^(b)

12/22/23

Open

452,670

453,383

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.70

^(b)

12/22/23

Open

859,155

860,515

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.62

^(b)

12/26/23

Open

558,512

558,948

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.65

^(b)

12/28/23

Open

338,704

338,863

Corporate Bonds

Open/Demand

274,930,124

276,235,400

^(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.


S C H E D U L E O F I N V E S T M E N T S		113

Schedule of Investments (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

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		83		03/19/24	$	9,795	$	434,965
2-Year U.S. Treasury Note		436		03/28/24		89,779		857,634
5-Year U.S. Treasury Note		477		03/28/24		51,885		1,025,555


								2,318,154


Short Contracts
10-Year U.S. Treasury Note		455		03/19/24		51,365		(1,643,646	)
U.S. Long Bond		73		03/19/24		9,120		(662,240	)
Ultra U.S. Treasury Bond		30		03/19/24		4,008		(360,022	)


								(2,665,908	)


							$	(347,754	)

Forward Foreign Currency Exchange Contracts



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

USD	271,711		EUR	251,523	Westpac Banking Corp.		03/14/24	$	(6,742	)
USD	78,105		EUR	72,000	Barclays Bank PLC		03/20/24		(1,624	)
USD	109,620		EUR	100,000	BNP Paribas SA		03/20/24		(1,114	)
USD	104,959		EUR	95,000	Morgan Stanley & Co. International PLC		03/20/24		(239	)
USD	6,800,061		EUR	6,197,000	UBS AG		03/20/24		(62,152	)
USD	1,197,718		GBP	945,000	State Street Bank and Trust Co.		03/20/24		(7,282	)
USD	1,290,241		GBP	1,018,000	State Street Bank and Trust Co.		03/20/24		(7,844	)


								$	(86,997	)

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.41.V2		5.00	%		Quarterly		12/20/28		USD	6,009	$	(361,866	)	$	(77,025	)	$	(284,841	)
CDX.NA.IG.41.V1		1.00			Quarterly		12/20/28		USD	24,430		(482,695	)		(369,718	)		(112,977	)


											$	(844,561	)	$	(446,743	)	$	(397,818	)

OTC Credit Default Swaps — Sell Protection



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

Virgin Media Finance PLC	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	10	$	780		$	603		$	177
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	BB		EUR	17		1,507			(460	)		1,967
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC Morgan Stanley & Co.	12/20/26	BB		EUR	10		884			274			610
CMA CGM SA	5.00		Quarterly	International PLC	06/20/27	N/R		EUR	30		3,884			5,321			(1,437	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	10		(89	)		(787	)		698
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	2		(18	)		(251	)		233
Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	CCC+		EUR	7		(1,405	)		(1,346	)		(59	)
Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	4		(844	)		(792	)		(52	)
Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	12		(2,373	)		(2,227	)		(146	)
Adler Real Estate AG	5.00		Quarterly	Citibank N.A.	12/20/27	CCC+		EUR	4		(689	)		(664	)		(25	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	CCC+		EUR	8		(1,442	)		(1,390	)		(52	)


114		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

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)

Adler Real Estate AG	5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/27	CCC+		EUR	5	$	(1,045	)	$	(991	)	$	(54	)
United Group B.V.	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	B		EUR	11		498			(1,486	)		1,984
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/28	N/R		EUR	9		(205	)		(564	)		359
CMBX.NA.15	3.00		Monthly	Morgan Stanley & Co. International PLC	11/15/64	N/R		USD	2,318		(425,642	)		(429,959	)		4,317


										$	(426,199	)	$	(434,719	)	$	8,520

^(a)

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

^(b)

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

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Effective

Date

Termination

Date

Notional

Amount (000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation
(Depreciation)

Rate

Frequency

Reference

Frequency

1-Day SOFR, 5.38%

Quarterly

Markit iBoxx USD Liquid Leveraged Loan Index

At Termination

JPMorgan Chase Bank N.A.

N/A

03/20/24

USD

3,200

46,504

(36,084

)

82,588

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)	$	—	$	(446,743	)	$	—	$	(397,818	)
OTC Swaps		6,198		(477,001	)		92,933		(1,825	)

^(a)


S C H E D U L E O F I N V E S T M E N T S		115

Schedule of Investments (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

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)	$	—	$	—	$	—	$	—	$	2,318,154	$	—	$	2,318,154
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		16,543		—		—		82,588		—		99,131


	$	—	$	16,543	$	—	$	—	$	2,400,742	$	—	$	2,417,285


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	2,665,908	$	—	$	2,665,908
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		86,997		—		—		86,997
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		397,818		—		—		—		—		397,818
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		442,742		—		—		36,084		—		478,826


	$	—	$	840,560	$	—	$	86,997	$	2,701,992	$	—	$	3,629,549

^(a)

For the period ended December 31, 2023, 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	$	—	$	—		$	—	$	—		$	(5,151,654	)	$	—	$	(5,151,654	)
Forward foreign currency exchange contracts		—		—			—		(42,027	)		—			—		(42,027	)
Options purchased^(a)		—		(4	)		—		—			—			—		(4	)
Options written		—		1,036			—		—			—			—		1,036
Swaps		—		(890,712	)		—		—			1,779,763			—		889,051


	$	—	$	(889,680	)	$	—	$	(42,027	)	$	(3,371,891	)	$	—	$	(4,303,598	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—		$	(1,141,192	)	$	—	$	(1,141,192	)
Forward foreign currency exchange contracts		—		—			—		(64,064	)		—			—		(64,064	)
Swaps		—		230,751			—		—			(2,222,077	)		—		(1,991,326	)


	$	—	$	230,751		$	—	$	(64,064	)	$	(3,363,269	)	$	—	$	(3,196,582	)

^(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	200,375,666
Average notional value of contracts — short	$	69,181,813
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	9,650,585
Average amounts sold — in USD	$	96,870
Options:
Average notional value of swaption contracts purchased	$	—	^(a)
Average notional value of swaption contracts written	$	—	^(a)


116		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)



Credit default swaps:
Average notional value — buy protection	$	25,132,325
Average notional value — sell protection	$	2,571,213
Interest rate swaps:
Average notional value — pays fixed rate	$	—	^(a)
Average notional value — receives fixed rate	$	4,800,000
Total return swaps:
Average notional value	$	799,965

^(a)

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

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

Derivative Financial Instruments — Offsetting as of Period End

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



	Assets			Liabilities

Derivative Financial Instruments
Futures contracts	$	125,117		$	8,732
Forward foreign currency exchange contracts		—			86,997
Swaps — centrally cleared		7,650			—
Swaps — OTC^(a)		99,131			478,826


Total derivative assets and liabilities in the Statements of Assets and Liabilities		231,898			574,555


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(132,767	)		(8,732	)


Total derivative assets and liabilities subject to an MNA	$	99,131		$	565,823

^(a)

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



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

Bank of America N.A.	$	1,967	$	(1,865	)	$	—	$	—	$	102
Barclays Bank PLC		884		(884	)		—		—		—
JPMorgan Chase Bank N.A.		86,642		(40,614	)		—		—		46,028
Morgan Stanley & Co. International PLC		9,638		(9,638	)		—		—		—


	$	99,131	$	(53,001	)	$	—	$	—	$	46,130


S C H E D U L E O F I N V E S T M E N T S		117

Schedule of Investments (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)



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.	$	1,865	$	(1,865	)	$	—	$	—		$	—
Barclays Bank PLC		4,841		(884	)		—		(3,957	)		—
BNP Paribas SA		1,114		—			—		—			1,114
Citibank N.A.		689		—			—		—			689
JPMorgan Chase Bank N.A.		40,614		(40,614	)		—		—			—
Morgan Stanley & Co. International PLC		432,680		(9,638	)		—		(423,042	)		—
State Street Bank and Trust Co.		15,126		—			—		—			15,126
UBS AG		62,152		—			—		—			62,152
Westpac Banking Corp.		6,742		—			—		—			6,742


	$	565,823	$	(53,001	)	$	—	$	(426,999	)	$	85,823

^(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	$	—	$	35,166,689	$	878,506	$	36,045,195
Common Stocks
Construction & Engineering		4,305		—		—		4,305
Consumer Finance		—		216,378		—		216,378
Energy Equipment & Services		—		—		—		—
Financial Services		—		133,000		—		133,000
Health Care Providers & Services		—		—		92,408		92,408
Household Products		—		—		—		—
Industrial Conglomerates		—		8		—8
Media		—		—		122,740		122,740
Oil, Gas & Consumable Fuels		—		—		5,468		5,468
Corporate Bonds
Aerospace & Defense		—		15,608,553		—		15,608,553
Automobile Components		—		5,722,167		—		5,722,167
Automobiles		—		2,943,518		—		2,943,518
Banks		—		4,751,215		—		4,751,215
Beverages		—		784,193		—		784,193
Biotechnology		—		106,171		—		106,171
Broadline Retail		—		118,196		—		118,196
Building Products		—		5,172,820		—		5,172,820
Capital Markets		—		2,973,325		—		2,973,325
Chemicals		—		7,454,989		—		7,454,989
Commercial Services & Supplies		—		15,937,250		—		15,937,250
Communications Equipment		—		1,974,946		—		1,974,946
Construction & Engineering		—		2,218,951		—		2,218,951
Construction Materials		—		7,851,487		—		7,851,487
Consumer Finance		109,672		10,785,527		—		10,895,199
Consumer Staples Distribution & Retail		—		4,639,514		—		4,639,514
Containers & Packaging		—		10,532,116		—		10,532,116
Diversified Consumer Services		—		1,941,852		—		1,941,852
Diversified REITs		—		3,545,953		—		3,545,953


118		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Corporate Bonds (continued)
Diversified Telecommunication Services	$	113,436	$	16,446,651	$	—	$	16,560,087
Electric Utilities		—		4,760,543		—		4,760,543
Electrical Equipment		—		2,251,520		—		2,251,520
Electronic Equipment, Instruments & Components		—		1,776,751		—		1,776,751
Energy Equipment & Services		—		3,495,425		—		3,495,425
Entertainment		—		2,153,513		—		2,153,513
Environmental, Maintenance & Security Service		—		5,323,143		—		5,323,143
Financial Services		—		5,074,458		—		5,074,458
Food Products		—		3,347,315		—		3,347,315
Gas Utilities		—		390,237		—		390,237
Ground Transportation		—		5,642,686		—		5,642,686
Health Care Equipment & Supplies		—		5,214,171		—		5,214,171
Health Care Providers & Services		—		16,116,954		—		16,116,954
Health Care REITs		—		2,554,078		—		2,554,078
Health Care Technology		—		1,939,546		—		1,939,546
Hotel & Resort REITs		—		2,711,327		—		2,711,327
Hotels, Restaurants & Leisure		—		27,141,763		—		27,141,763
Household Durables		—		2,415,855		—		2,415,855
Household Products		—		474,993		—		474,993
Independent Power and Renewable Electricity Producers		—		3,669,763		—		3,669,763
Insurance		—		13,496,008		—		13,496,008
Interactive Media & Services		—		921,747		—		921,747
Internet Software & Services		—		1,292,201		—		1,292,201
IT Services		—		5,394,730		—		5,394,730
Leisure Products		—		610,781		—		610,781
Machinery		—		7,536,773		—		7,536,773
Marine Transportation		—		101,500		—		101,500
Media		—		28,818,572		—		28,818,572
Metals & Mining		—		9,870,188		—		9,870,188
Mortgage Real Estate Investment Trusts (REITs)		—		263,009		—		263,009
Office REITs		—		414,852		—		414,852
Oil, Gas & Consumable Fuels		—		44,907,252		1,127,151		46,034,403
Passenger Airlines		—		3,888,331		—		3,888,331
Personal Care Products		—		266,073		—		266,073
Pharmaceuticals		—		5,117,166		—		5,117,166
Professional Services		—		842,722		—		842,722
Real Estate Management & Development		—		1,411,965		—		1,411,965
Retail REITs		—		144,000		—		144,000
Semiconductors & Semiconductor Equipment		—		5,851,364		—		5,851,364
Software		—		14,348,588		—		14,348,588
Specialized REITs		—		786,839		—		786,839
Specialty Retail		—		1,319,090		—		1,319,090
Technology Hardware, Storage & Peripherals		—		1,052,619		—		1,052,619
Textiles, Apparel & Luxury Goods		—		413,854		—		413,854
Transportation Infrastructure		—		1,025,771		—		1,025,771
Water Utilities		—		895,294		—		895,294
Wireless Telecommunication Services		—		4,925,212		25,891		4,951,103
Floating Rate Loan Interests		—		295,693,397		8,429,727		304,123,124
Foreign Agency Obligations		—		3,335,507		—		3,335,507
Investment Companies		5,835,111		—		—		5,835,111
Non-Agency Mortgage-Backed Securities		—		15,306,929		—		15,306,929
Other Interests		—		—		—		—
Preferred Securities
Capital Trusts		—		27,136,595		—		27,136,595
Preferred Stocks		2,665,887		—		—		2,665,887
U.S. Government Sponsored Agency Securities		—		19,923,706		—		19,923,706
Warrants		6,686		—		—		6,686


S C H E D U L E O F I N V E S T M E N T S		119

Schedule of Investments (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Short-Term Securities
Money Market Funds	$	5,762,133		$	—		$	—	$	5,762,133
Unfunded Floating Rate Loan Interests^(a)		—			—			470		470
Liabilities
Investments
TBA Sale Commitments		—			(5,363,516	)		—		(5,363,516	)


	$	14,497,230		$	765,428,629		$	10,682,361		790,608,220


Investments Valued at NAV^(b)										547


									$	790,608,767

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	10,345		$	—	$	10,345
Interest Rate Contracts		2,318,154			82,588			—		2,400,742
Liabilities
Credit Contracts		—			(399,643	)		—		(399,643	)
Foreign Currency Exchange Contracts		—			(86,997	)		—		(86,997	)
Interest Rate Contracts		(2,665,908	)		—			—		(2,665,908	)


	$	(347,754	)	$	(393,707	)	$	—	$	(741,461	)

^(a)

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

^(b)

Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(c)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $276,235,400 are categorized as Level 2 within the fair value hierarchy.




	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Other Interests			Unfunded Floating Rate Loan Interests


Assets
Opening balance, as of December 31, 2022	$	1,354,025		$	6,098		$	1,198,484		$	3,710,331		$	384,933		$	^—	^(a)	$	—
Transfers into Level 3^(b)		—			—			124,833			1,657,588			—			—			—
Transfers out of Level 3^(c)		(500,001	)		—			—			(1,235,844	)		(384,933	)		—			—
Accrued discounts/premiums		(25,409	)		—			—			179,341			—			—			—
Net realized gain (loss)		—			(100,300	)		(197,646	)		(41,583	)		—			—			—
Net change in unrealized appreciation (depreciation)^(d)(e)		49,891			(103,780	)		98,621			37,279			—			—			470
Purchases		—			418,983			30,129			5,952,245			—			—			—
Sales		—			(385	)		(101,379	)		(1,829,630	)		—			—			—


Closing balance, as of December 31, 2023	$	878,506		$	220,616		$	1,153,042		$	8,429,727		$	—		$	—	^(a)	$	470


Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023^(e)	$	49,891		$	(203,837	)	$	98,621		$	(18,517	)	$	—		$	—		$	470




	Total


Assets
Opening balance, as of December 31, 2022	$	6,653,871
Transfers into Level 3^(b)		1,782,421
Transfers out of Level 3^(c)		(2,120,778	)
Accrued discounts/premiums		153,932
Net realized gain (loss)		(339,529	)
Net change in unrealized appreciation (depreciation)^(d)(e)		82,481


120		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Limited Duration Income Trust (BLW)




	Total


Purchases	$	6,401,357
Sales		(1,931,394	)


Closing balance, as of December 31, 2023	$	10,682,361


Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023^(e)	$	(73,372	)

^(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.


S C H E D U L E O F I N V E S T M E N T S		121

Schedule of Investments

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
Allegro CLO V Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.61%, 10/16/30^(a)(b)	USD		460	$	459,968
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.66%, 10/15/29^(a)(b)			287		280,150
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(b)			2,000		1,991,550
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.15%, 01/28/31^(a)(b)			250		244,778
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.56%, 07/18/29^(a)(b)			372		371,068
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 6.59%, 07/17/30^(a)(b)			214		213,496
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 13.93%, 04/25/35^(a)(b)			380		380,337
Ares XL CLO Ltd., Series 2016-40A, Class A1RR, (3-mo. CME Term SOFR + 1.13%), 6.53%, 01/15/29^(a)(b)			618		617,225
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 6.58%, 04/15/30^(a)(b)			232		232,294
Argent Securities Trust, Series 2006-W5, Class A1, (1-mo. Term SOFR + 0.41%), 5.77%, 06/25/36^(a)			3,982		2,554,724
Atrium XIII, Series 13A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.92%, 11/21/30^(a)(b)			250		247,353
Atrium XV, Series 15A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.67%, 01/23/31^(a)(b)			550		540,577
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.96%, 07/19/34^(a)(b)			250		239,939
Ballyrock CLO Ltd.^(a)(b)
Series 2020-14A, Class D, (3-mo. CME Term SOFR + 7.26%), 12.68%, 01/20/34			250		250,001
Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.18%, 10/20/35			500		499,468
Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.81%, 07/15/34^(a)(b)			250		243,835
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1-mo. Term SOFR + 0.39%), 5.75%, 11/25/36^(a)			866		844,087
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3-mo. CME Term SOFR + 1.13%), 6.53%, 07/15/29^(a)(b)			44		44,495
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.71%, 07/15/34^(a)(b)			250		248,839
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.85%, 10/22/30^(a)(b)			345		345,454
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 6.68%, 10/20/30^(a)(b)			3,099		3,097,920
Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 6.66%, 07/20/31^(a)(b)			1,580		1,579,680


Security		Par (000)		Value

Asset-Backed Securities (continued)
Carlyle U.S. CLO Ltd.^(a)(b)
Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.48%, 01/20/31	USD		250	$	249,729
Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 3.46%), 8.84%, 01/25/35			250		243,641
Carrington Mortgage Loan Trust^(a)
Series 2006-FRE2, Class A2, (1-mo. Term SOFR + 0.23%), 5.59%, 10/25/36			2,768		2,127,978
Series 2006-FRE2, Class A5, (1-mo. Term SOFR + 0.19%), 5.55%, 03/25/35			5,701		4,381,911
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.12%, 07/20/32^(a)(b)			500		479,718
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.93%, 07/20/30^(a)(b)			944		943,902
C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term SOFR + 0.43%), 5.79%, 10/25/36^(a)			4,037		2,528,727
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.22%, 04/20/35^(a)(b)			400		395,002
CIFC Funding Ltd.^(a)(b)
Series 2013-4A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.71%, 04/27/31			248		247,664
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.86%, 10/17/31			550		550,869
Series 2016-1A, Class 1A, (3-mo. CME Term SOFR + 1.96%), 7.37%, 10/21/31			750		746,270
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.61%, 10/24/30			422		421,222
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.76%, 07/15/36			500		489,694
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.76%, 10/22/35			250		250,174
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.35%, 10/22/35			500		511,555
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36			326		187,414
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.63%, 10/20/30^(a)(b)			250		249,887
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1-mo. Term SOFR + 0.25%), 5.61%, 06/25/37^(a)			495		454,221
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. Term SOFR + 0.25%), 5.62%, 01/15/37^(a)			379		343,808
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3- mo. CME Term SOFR + 1.44%), 6.86%, 10/20/30^(a)(b)			297		297,285
Dryden CLO Ltd., Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.26%, 10/15/35^(a)(b)			500		501,657
Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.76%, 01/15/31^(a)(b)			236		236,466
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 6.56%, 04/15/29^(a)(b)			369		368,478
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.77%, 04/20/35^(a)(b)			415		409,330


122		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Elmwood CLO 22 Ltd, Series 2023-1A, Class E, (3- mo. CME Term SOFR + 7.65%), 13.05%, 04/17/36^(a)(b)	USD		500	$	500,261
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.36%, 04/15/33^(a)(b)			250		249,854
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39^(b)			3,800		3,541,513
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.61%, 04/17/31^(a)(b)			1,280		1,278,584
Fremont Home Loan Trust^(a)
Series 2006-A, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.79%, 05/25/36			4,080		2,348,434
Series 2006-D, Class 2A3, (1-mo. Term SOFR + 0.26%), 5.62%, 11/25/36			6,140		2,081,278
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.82%, 04/15/36^(a)(b)			300		301,088
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3-mo. CME Term SOFR + 5.51%), 10.93%, 04/20/31^(a)(b)			500		469,019
Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, (3-mo. CME Term SOFR + 1.46%), 6.83%, 11/22/31^(a)(b)			750		750,073
Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.76%, 07/15/31^(a)(b)			487		486,774
Generate CLO Ltd.^(a)(b)
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.27%, 01/22/31			600		588,027
Series 2A, Class ER, (3-mo. CME Term SOFR + 5.91%), 11.32%, 01/22/31			250		239,311
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3- mo. CME Term SOFR + 1.45%), 6.85%, 10/15/30^(a)(b)			425		425,265
GoldenTree Loan Management U.S. CLO Ltd.^(a)(b)
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.17%), 6.59%, 11/20/30			855		854,368
Series 2018-3A, Class D, (3-mo. CME Term SOFR + 3.11%), 8.53%, 04/20/30			250		246,257
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.23%, 10/20/32			250		249,953
Goldentree Loan Opportunities X Ltd., Series 2015- 10A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.80%, 07/20/31^(a)(b)			500		500,304
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.73%, 07/20/31^(a)(b)			250		247,592
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. Term SOFR + 0.28%), 5.64%, 04/25/37^(a)			3,273		2,231,575
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. CME Term SOFR + 5.76%), 11.18%, 07/20/30^(a)(b)			1,000		939,602
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.66%, 03/20/30^(a)(b)			160		159,730
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.79%, 08/25/36^(a)			4,938		1,926,523
Madison Park Funding LXIII Ltd., Series 2023-63A, Class E, (3-mo. CME Term SOFR + 8.57%), 13.98%, 04/21/35^(a)(b)			350		351,151


Security		Par (000)		Value

Asset-Backed Securities (continued)
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.91%, 04/19/33^(a)	USD		500	$	495,018
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.27%, 07/21/30^(a)(b)			500		492,682
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.62%, 10/21/30^(a)(b)			250		240,111
Madison Park Funding XXIX Ltd.^(a)(b)
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.66%, 10/18/30			565		556,764
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.36%, 10/18/30			500		480,911
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.61%, 04/25/29^(a)(b)			957		956,460
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.65%, 07/29/30^(a)(b)			250		247,692
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. CME Term SOFR + 1.01%), 6.41%, 04/15/29^(a)(b)			233		232,364
Madison Park Funding XXXVII Ltd., Series 2019- 37A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/15/33^(a)(b)			800		800,250
MASTR Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1-mo. Term SOFR + 0.41%), 5.77%, 06/25/36^(a)			6,918		2,447,567
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 6.58%, 10/15/29^(a)(b)			474		473,576
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.16%, 07/15/34^(a)(b)			710		697,238
Neuberger Berman Loan Advisers CLO Ltd.^(a)(b)
Series 2017-25A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.59%, 10/18/29			1,349		1,349,811
Series 2017-26A, Class AR, (3-mo. CME Term SOFR + 1.18%), 6.58%, 10/18/30			240		240,030
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.48%, 07/20/31			400		396,322
Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.33%, 01/20/36			250		248,855
Neuberger Berman Loan Advisers NBLA CLO Ltd.^(a)(b)
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.15%, 10/24/35			550		547,208
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.21%, 10/24/35			250		254,799
OCP CLO Ltd.^(a)(b)
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.64%, 01/15/33			550		548,522
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.62%, 07/15/30			573		572,161
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.13%, 11/20/30			400		398,801
Series 2019-17A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.72%, 07/20/32			500		497,719
Octagon Investment Partners 31 Ltd., Series 2017- 1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.98%, 07/20/30^(a)(b)			500		463,257


S C H E D U L E O F I N V E S T M E N T S		123

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Octagon Investment Partners 32 Ltd., Series 2017- 1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.61%, 07/15/29^(a)(b)	USD		204	$	204,284
Octagon Investment Partners XIV Ltd., Series 2012- 1A, Class AARR, (3-mo. CME Term SOFR + 1.21%), 6.61%, 07/15/29^(a)(b)			305		304,193
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.63%, 07/19/30^(a)(b)			2,422		2,418,888
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 7.04%, 01/25/31^(a)(b)			250		248,435
Octagon Investment Partners XXI Ltd., Series 2014- 1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 6.64%, 02/14/31^(a)(b)			500		499,183
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.42%, 01/22/30^(a)(b)			500		476,235
OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.63%, 01/20/32^(a)(b)			250		246,508
OZLM VII Ltd., Series 2014-7RA, Class A1R, (3-mo. CME Term SOFR + 1.27%), 6.67%, 07/17/29^(a)(b)			314		314,350
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. CME Term SOFR + 1.24%), 6.64%, 10/17/29^(a)(b)			556		555,844
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.22%, 01/20/31^(a)(b).			250		232,444
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.39%), 6.79%, 01/17/31^(a)(b)			487		487,095
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.58%, 04/20/29			168		168,076
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.48%, 07/20/29			804		803,022
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.44%, 04/15/30			189		188,192
Rad CLO Ltd.^(a)(b)
Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.64%, 07/15/31			643		642,740
Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.21%, 01/20/33			500		498,150
Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.72%, 10/20/35			250		250,673
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.56%, 04/17/30^(a)(b)			250		249,243
Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 6.91%, 10/17/30^(a)(b)			349		349,024
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 6.73%, 07/17/31^(a)(b)			239		239,557
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.11%, 01/15/34^(a)(b)			850		845,092
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.66%, 07/15/36^(a)			500		512,854
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33^(c)			1,110		981,018


Security		Par (000)			Value

Asset-Backed Securities (continued)
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37	USD		3,499		$	1,463,366
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.51%, 10/15/29^(a)(b)			500			492,547
RRX Ltd., Series 2020-1A, Class E, (3-mo. CME Term SOFR + 6.71%), 12.11%, 04/15/33^(a)(b)			500			493,167
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. Term SOFR + 0.51%), 5.87%, 09/25/47^(a)			3,355			3,049,038
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45^(c)			—	^(d)		661,984
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 6.59%, 10/26/34^(a)(b)			1,100			1,099,802
SoFi Personal Loan Trust, Series 2023-1, Class A, 6.00%, 11/12/30^(c)			400			401,500
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 6.74%, 07/20/32^(a)(b)			250			249,394
Stratus Static CLO Ltd., Series 2022-3A, Class D, (3-mo. CME Term SOFR + 5.29%), 10.71%, 10/20/31^(a)(b)			500			505,422
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 6.74%, 01/17/32^(a)(b)			500			499,167
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.26%, 04/23/35^(a)(b)			600			593,595
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.50%, 01/17/32^(a)(b)			1,178			1,174,643
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.59%, 07/15/30^(a)(b)			2,206			2,204,511
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.58%, 01/20/31^(a)(b)			250			249,973
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3- mo. CME Term SOFR + 1.96%), 7.38%, 10/20/34^(a)(b)			250			248,256
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 7.37%, 07/21/34^(a)(b)			1,000			999,115
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.54%, 04/25/32^(a)(b)			250			243,527
Trimaran Cavu Ltd., Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.76%), 12.17%, 04/23/32^(a)(b)			375			360,230
Trimaran CAVU Ltd.^(a)
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.49%, 10/22/35			500			500,456
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.54%, 01/20/36^(b)			1,100			1,121,662
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.23%, 01/20/36^(b)			500			501,309
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 14.28%, 07/20/36			500			498,671
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32^(e)	GBP		31			39,721
Voya CLO Ltd.^(a)
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.81%, 07/15/34^(b)	USD		250			242,613


124		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Voya CLO Ltd.^(a)(continued)
Series 2022-4, Class E, (3-mo. CME Term SOFR + 7.50%), 12.92%, 10/20/33	USD		350	$	346,712
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.66%, 10/15/30^(a)(b)			405		405,766
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE3, Class 2A3, (1-mo. Term SOFR + 0.35%), 5.71%, 05/25/37^(a)			5,565		4,766,961
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.28%, 01/20/35^(a)(b)			275		273,763


Total Asset-Backed Securities — 18.5% (Cost: $107,829,281)					103,150,465


		Shares

Common Stocks

Aerospace & Defense — 0.4%
RTX Corp.			25,650		2,158,191


Building Products — 0.2%
Carrier Global Corp.			25,650		1,473,592


Machinery — 0.2%
Otis Worldwide Corp.			12,825		1,147,453


Total Common Stocks — 0.8% (Cost: $2,964,200)					4,779,236


		Par (000)

Corporate Bonds

Aerospace & Defense — 3.9%
Bombardier, Inc.^(b)
7.13%, 06/15/26^(f)	USD		1,023		1,018,224
7.88%, 04/15/27^(f)			222		222,039
6.00%, 02/15/28^(f)			683		665,430
7.50%, 02/01/29^(f)			591		600,798
8.75%, 11/15/30			607		646,275
7.45%, 05/01/34			286		326,040
Embraer Netherlands Finance BV, 7.00%, 07/28/30^(b)			734		766,949
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(b)(f)			864		844,434
Lockheed Martin Corp., 4.09%, 09/15/52^(f)			451		400,659
Northrop Grumman Corp., 3.85%, 04/15/45^(f)			680		571,168
Rolls-Royce PLC, 5.75%, 10/15/27^(b)			1,745		1,747,998
RTX Corp., 3.75%, 11/01/46^(f)			700		555,792
Spirit AeroSystems, Inc.^(b)
9.38%, 11/30/29^(f)			621		679,544
9.75%, 11/15/30			531		570,811
TransDigm, Inc.^(b)
6.25%, 03/15/26^(f)			6,464		6,452,832
6.75%, 08/15/28^(f)			2,778		2,842,122


Security		Par (000)		Value

Aerospace & Defense (continued)
TransDigm, Inc.^(b)(continued)
7.13%, 12/01/31	USD		1,265	$	1,325,613
Triumph Group, Inc., 9.00%, 03/15/28^(b)(f)			1,250		1,329,181


					21,565,909

Air Freight & Logistics^(f)— 0.2%
FedEx Corp.
3.90%, 02/01/35			500		456,656
4.75%, 11/15/45			500		460,638


					917,294

Automobile Components — 1.3%
Aptiv PLC, 4.40%, 10/01/46^(f)			280		226,606
Clarios Global LP, 6.75%, 05/15/25^(b)			140		141,232
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26^(e)	EUR		423		462,995
6.25%, 05/15/26^(b)(f)	USD		770		770,999
8.50%, 05/15/27^(b)(f)			3,576		3,588,466
6.75%, 05/15/28^(b)(f)			1,121		1,143,661
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(e)	EUR		100		120,580
Forvia SE, 3.75%, 06/15/28^(e)			100		108,037
Goodyear Tire & Rubber Co.
5.00%, 07/15/29^(f)	USD		132		124,717
5.63%, 04/30/33			137		122,805
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27^(e)(g)	EUR		100		107,834
Tenneco, Inc., 8.00%, 11/17/28^(b)	USD		32		27,320
ZF Europe Finance BV, 6.13%, 03/13/29^(e)	EUR		100		117,189
ZF Finance GmbH, 2.00%, 05/06/27^(e)			100		101,864


					7,164,305

Automobiles — 0.7%
Asbury Automotive Group, Inc.
4.50%, 03/01/28	USD		22		20,894
5.00%, 02/15/32^(b)			168		152,679
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b)			231		228,690
Ford Motor Co.^(f)
3.25%, 02/12/32			113		93,983
6.10%, 08/19/32			331		333,658
General Motors Co., 6.25%, 10/02/43^(f)			2,194		2,238,150
LCM Investments Holdings II LLC^(b)
4.88%, 05/01/29			55		51,090
8.25%, 08/01/31			328		342,335
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(e)	EUR		100		106,752
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(e)(f)	USD		200		189,813
Wabash National Corp., 4.50%, 10/15/28^(b)(f)			281		253,551


					4,011,595

Banks — 1.4%
Banco BPM SpA^(a)
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28	EUR		150		173,229
(5-year EUR Swap + 3.17%), 2.88%, 06/29/31^(e)			100		104,323
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29^(a)(e)			100		113,943
Banco Santander SA, 6.92%, 08/08/33	USD		400		426,266
Bangkok Bank PCL/Hong Kong
5.50%, 09/21/33			271		278,417
(5-year CMT + 4.73%), 5.00%^(a)			505		486,063
Barclays PLC, 5.20%, 05/12/26^(f)			200		198,704


S C H E D U L E O F I N V E S T M E N T S		125

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Banks (continued)
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34^(a)(f)	USD		560	$	579,474
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13%^(a)(e)(h)	EUR		200		212,786
Credit Suisse AG/New York, 5.00%, 07/09/27^(f)	USD		900		900,190
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29^(a)(f)			815		853,473
Freedom Mortgage Corp.
12.00%, 10/01/28^(b)			134		146,345
12.25%, 10/01/30			133		146,002
HSBC Holdings PLC, 4.38%, 11/23/26^(f)			370		361,443
Intesa Sanpaolo SpA, 5.71%, 01/15/26^(b)(f)			200		198,998
JPMorgan Chase & Co., (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29^(a)(f)			2,250		2,132,034
Northern Trust Corp., 6.13%, 11/02/32^(f)			169		181,478
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(a)(b)(f)			500		468,170


					7,961,338

Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(f)			2,160		2,117,321


Biotechnology — 0.2%
Amgen, Inc., 2.80%, 08/15/41^(f)			250		181,777
Cidron Aida Finco SARL, 5.00%, 04/01/28^(e)	EUR		100		106,171
Gilead Sciences, Inc., 4.75%, 03/01/46^(f)	USD		700		667,015


					954,963

Broadline Retail — 0.0%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(b)			155		148,947


Building Products — 1.3%
Advanced Drainage Systems, Inc.^(b)
5.00%, 09/30/27			373		359,945
6.38%, 06/15/30^(f)			522		525,912
Beacon Roofing Supply, Inc.^(b)
4.13%, 05/15/29			159		144,953
6.50%, 08/01/30^(f)			377		385,472
Foundation Building Materials, Inc., 6.00%, 03/01/29^(b)			104		93,509
GYP Holdings III Corp., 4.63%, 05/01/29^(b)			472		430,890
Lowe’s Cos., Inc., 4.65%, 04/15/42^(f)			400		372,179
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(b)			111		108,864
SRS Distribution, Inc.^(b)
4.63%, 07/01/28			1,047		993,285
6.13%, 07/01/29^(f)			718		680,686
6.00%, 12/01/29^(f)			1,204		1,122,617
White Cap Buyer LLC, 6.88%, 10/15/28^(b)(f)			1,663		1,609,804
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26^(b)(f)(g)			309		307,564


					7,135,680

Capital Markets — 0.8%
Ares Capital Corp., 7.00%, 01/15/27			185		190,290
Aretec Group, Inc., 10.00%, 08/15/30^(b)			130		138,145
Blackstone Private Credit Fund 7.05%, 09/29/25			103		104,821
3.25%, 03/15/27			97		88,983
Blue Owl Capital Corp.
3.75%, 07/22/25^(f)			238		227,961
3.40%, 07/15/26			83		77,164


Security		Par (000)		Value

Capital Markets (continued)
Blue Owl Capital Corp. II, 8.45%, 11/15/26	USD		196	$	201,928
Blue Owl Credit Income Corp.
3.13%, 09/23/26			56		51,141
7.75%, 09/16/27^(f)			395		407,263
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(b)(f)			273		257,882
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			563		537,164
5.25%, 05/15/27^(f)			1,071		961,998
9.75%, 01/15/29			391		398,898
4.38%, 02/01/29^(f)			272		227,136
Oaktree Strategic Credit Fund, 8.40%, 11/14/28			218		229,623
Raymond James Financial, Inc., 4.95%, 07/15/46^(f)			400		373,156


					4,473,553

Chemicals — 1.8%
Ashland LLC, 3.38%, 09/01/31^(b)			37		31,891
Avient Corp., 7.13%, 08/01/30^(b)			141		146,677
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31^(b)			358		375,446
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)(f)			245		219,870
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b)			600		583,067
Braskem Idesa SAPI, 6.99%, 02/20/32^(b)			305		172,362
Braskem Netherlands Finance BV, 8.50%, 01/12/31^(b)			203		189,297
Celanese U.S. Holdings LLC, 6.70%, 11/15/33			129		139,913
Chemours Co.^(b)
5.75%, 11/15/28			113		107,633
4.63%, 11/15/29			227		199,296
Element Solutions, Inc., 3.88%, 09/01/28^(b)			2,001		1,842,194
HB Fuller Co., 4.25%, 10/15/28			141		131,843
Herens Holdco SARL, 4.75%, 05/15/28^(b)			471		386,402
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)(f)			423		404,472
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(b)(g)			349		259,728
Kronos International, Inc., 3.75%, 09/15/25^(e)	EUR		100		105,510
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(b)	USD		170		143,758
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			218		209,648
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(e)	EUR		100		118,123
9.75%, 11/15/28^(b)	USD		1,098		1,165,409
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(b)(f)			305		292,779
Scotts Miracle-Gro Co.
4.50%, 10/15/29			115		102,179
4.38%, 02/01/32			32		27,041
Sherwin-Williams Co., 4.50%, 06/01/47^(f)			310		283,537
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(b).			586		508,355
WR Grace Holdings LLC^(b)
4.88%, 06/15/27			177		170,292
5.63%, 08/15/29^(f)			1,459		1,283,857
7.38%, 03/01/31			445		445,136


					10,045,715

Commercial Services & Supplies — 3.5%
ADT Security Corp.^(b)
4.13%, 08/01/29			35		33,336
4.88%, 07/15/32			173		160,023


126		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(b)	USD		222	$	219,904
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(f)
6.63%, 07/15/26			2,652		2,638,074
9.75%, 07/15/27			909		890,726
6.00%, 06/01/29			1,655		1,349,312
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28^(b)			2,466		2,249,295
4.88%, 06/01/28^(e)	GBP		100		107,071
APi Group DE, Inc.^(b)
4.13%, 07/15/29	USD		168		152,873
4.75%, 10/15/29			128		120,233
APX Group, Inc., 5.75%, 07/15/29^(b)(f)			342		318,831
Ashtead Capital, Inc., 5.95%, 10/15/33^(b)(f)			280		285,264
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/01/25^(b)			831		828,339
9.75%, 08/01/27^(b)			487		506,480
5.50%, 05/01/28^(b)(f)			972		934,717
7.88%, 12/01/30			943		982,398
Garda World Security Corp.^(b)
4.63%, 02/15/27			437		421,351
9.50%, 11/01/27			139		140,133
7.75%, 02/15/28^(f)			781		808,030
6.00%, 06/01/29			34		30,477
Herc Holdings, Inc., 5.50%, 07/15/27^(b)(f)			838		827,372
Inter Media and Communication SpA, 6.75%, 02/09/27^(e)	EUR		100		106,053
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(b)	USD		114		113,829
Metis Merger Sub LLC, 6.50%, 05/15/29^(b)(f)			158		142,884
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(b)			230		214,474
NESCO Holdings II, Inc., 5.50%, 04/15/29^(b)			305		282,000
Paprec Holding SA, 7.25%, 11/17/29^(e)	EUR		100		118,261
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.25%, 04/15/24	USD		24		23,793
5.75%, 04/15/26			562		565,045
6.25%, 01/15/28^(f)			268		266,437
Rekeep SpA, 7.25%, 02/01/26^(e)	EUR		100		98,678
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(b)(f).	USD		690		596,753
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25^(e)	EUR		100		107,788
United Rentals North America, Inc.
5.50%, 05/15/27	USD		173		173,382
6.00%, 12/15/29^(b)(f)			2,121		2,153,383
Verisure Holding AB^(e) 3.25%, 02/15/27	EUR		100		105,762
9.25%, 10/15/27			100		118,428
Williams Scotsman, Inc., 7.38%, 10/01/31	USD		412		432,088


					19,623,277

Communications Equipment — 0.3%
CommScope Technologies LLC, 6.00%, 06/15/25^(b)(f)			525		427,875
CommScope, Inc.^(b)(f)
6.00%, 03/01/26			486		433,260
4.75%, 09/01/29			257		172,551


Security		Par (000)		Value

Communications Equipment (continued)
Viasat, Inc.
5.63%, 09/15/25^(b)	USD		660	$	643,526
5.63%, 04/15/27^(b)(f)			248		239,940
7.50%, 05/30/31			68		53,380


					1,970,532

Construction & Engineering — 0.5%
Arcosa, Inc., 4.38%, 04/15/29^(b)			477		444,268
Brand Industrial Services, Inc., 10.38%, 08/01/30^(f)			1,928		2,038,918
Pike Corp., 8.63%, 01/31/31^(b)			117		122,948


					2,606,134

Construction Materials — 1.7%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27^(b)			425		409,813
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28^(b).			295		299,434
Emerald Debt Merger Sub LLC 6.38%, 12/15/30^(b)	EUR		205		241,710
6.38%, 12/15/30^(e)			100		117,907
6.63%, 12/15/30^(b)	USD		3,488		3,562,539
HT Troplast GmbH, 9.38%, 07/15/28	EUR		100		111,981
Jeld-Wen, Inc., 4.63%, 12/15/25^(b)	USD		365		353,137
Masonite International Corp., 5.38%, 02/01/28^(b)(f)			161		154,560
New Enterprise Stone & Lime Co., Inc.^(b)
5.25%, 07/15/28			103		98,253
9.75%, 07/15/28			48		48,000
Resideo Funding, Inc., 4.00%, 09/01/29^(b)			77		67,183
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28^(b)			102		105,016
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28^(b)(f)			692		681,329
8.88%, 11/15/31			939		987,054
Standard Industries, Inc./New Jersey
2.25%, 11/21/26^(e)	EUR		131		136,302
5.00%, 02/15/27^(b)	USD		94		91,644
4.75%, 01/15/28^(b)			115		110,710
4.38%, 07/15/30^(b)(f)			1,068		980,839
3.38%, 01/15/31^(b)			125		107,534
Summit Materials LLC/Summit Materials Finance Corp.^(b)
5.25%, 01/15/29			40		38,700
7.25%, 01/15/31			612		644,867


					9,348,512

Consumer Finance — 2.7%
Block, Inc.
2.75%, 06/01/26			845		796,860
3.50%, 06/01/31^(f)			2,157		1,915,310
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(b)			182		188,675
Capital One Financial Corp., (1-day SOFR + 2.86%), 6.38%, 06/08/34^(a)(f)			130		133,796
Ford Motor Credit Co. LLC
2.75%, 06/14/24	GBP		105		131,905
4.39%, 01/08/26	USD		1,250		1,215,492
6.86%, 06/05/26	GBP		108		141,910
7.35%, 03/06/30	USD		394		423,274
7.20%, 06/10/30^(f)			861		917,005
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31^(b)(f)			2,305		2,435,745
Navient Corp.
5.50%, 03/15/29^(f)			268		247,134
9.38%, 07/25/30			241		252,490
OneMain Finance Corp.
6.88%, 03/15/25^(f)			362		366,445
7.13%, 03/15/26^(f)			422		429,929
3.50%, 01/15/27			389		359,998


S C H E D U L E O F I N V E S T M E N T S		127

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Consumer Finance (continued)
OneMain Finance Corp. (continued)
6.63%, 01/15/28	USD		285	$	287,719
9.00%, 01/15/29^(f)			411		434,521
5.38%, 11/15/29^(f)			131		122,668
7.88%, 03/15/30			507		521,891
4.00%, 09/15/30			267		228,487
Sabre GLBL, Inc., 8.63%, 06/01/27			778		707,995
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)(f)			819		796,404
Shift4 Payments, Inc., 0.00%, 12/15/25^(i)(j)			219		242,959
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(f)			2,007		2,021,105


					15,319,717

Consumer Staples Distribution & Retail — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(b)
3.25%, 03/15/26			65		61,328
7.50%, 03/15/26			127		129,359
4.63%, 01/15/27			1,035		1,006,230
5.88%, 02/15/28^(f)			377		377,253
6.50%, 02/15/28			199		201,378
3.50%, 03/15/29			309		280,566
4.88%, 02/15/30^(f)			320		306,344
Bellis Acquisition Co. PLC^(e) 3.25%, 02/16/26	GBP		100		118,021
4.50%, 02/16/26			100		120,391
BRF GmbH, 4.35%, 09/29/26^(e)	USD		200		187,890
Lamb Weston Holdings, Inc.^(b)(f)
4.13%, 01/31/30			368		339,270
4.38%, 01/31/32			474		432,418
Market Bidco Finco PLC, 5.50%, 11/04/27^(e)	GBP		100		112,169
Performance Food Group, Inc., 4.25%, 08/01/29^(b)(f)	USD		509		466,851
Post Holdings, Inc.^(b)
4.63%, 04/15/30^(f)			397		365,178
4.50%, 09/15/31			42		37,638
Premier Foods Finance PLC, 3.50%, 10/15/26^(e)	GBP		100		118,326
U.S. Foods, Inc.^(b)
6.88%, 09/15/28	USD		254		261,458
4.75%, 02/15/29^(f)			427		405,541
4.63%, 06/01/30			51		47,530
7.25%, 01/15/32^(f)			306		319,070
United Natural Foods, Inc., 6.75%, 10/15/28^(b)			44		35,620
Walgreens Boots Alliance, Inc.
3.20%, 04/15/30			40		35,211
4.80%, 11/18/44			128		106,647
4.10%, 04/15/50			192		139,425


					6,011,112

Containers & Packaging — 2.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC^(b)
6.00%, 06/15/27^(f)			736		733,363
3.25%, 09/01/28			200		174,965
4.00%, 09/01/29^(f)			1,600		1,354,362
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)			400		389,009
2.13%, 08/15/26^(e)	EUR		243		238,520
4.13%, 08/15/26^(b)	USD		669		610,463
5.25%, 08/15/27^(b)			255		198,101
Ball Corp., 6.00%, 06/15/29^(f)			249		254,272


Security		Par (000)		Value

Containers & Packaging (continued)
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(b)(f)	USD		211	$	200,582
Clydesdale Acquisition Holdings, Inc.^(b)
6.63%, 04/15/29^(f)			671		659,975
8.75%, 04/15/30			1,004		936,096
Crown Americas LLC, 5.25%, 04/01/30			31		30,530
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			74		71,780
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26^(f)			258		255,548
Graphic Packaging International LLC, 2.63%, 02/01/29^(e)	EUR		195		198,254
Kleopatra Finco SARL, 4.25%, 03/01/26^(e)			100		90,698
LABL, Inc.^(b)
5.88%, 11/01/28^(f)	USD		280		253,687
9.50%, 11/01/28			567		572,670
Mauser Packaging Solutions Holding Co.^(b)
7.88%, 08/15/26^(f)			4,200		4,274,260
9.25%, 04/15/27			80		78,524
OI European Group BV, 6.25%, 05/15/28	EUR		150		173,210
Owens-Brockway Glass Container, Inc.^(b)
6.63%, 05/13/27	USD		51		51,006
7.25%, 05/15/31^(f)			221		224,070
Sealed Air Corp., 5.00%, 04/15/29^(b)			77		74,460
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28^(b)(f)			227		228,955
Trident TPI Holdings, Inc., 12.75%, 12/31/28^(b)			16		17,120
Trivium Packaging Finance BV^(b)
5.50%, 08/15/26			800		784,887
8.50%, 08/15/27^(f)			200		196,100


					13,325,467

Diversified Consumer Services — 0.5%
Graham Holdings Co., 5.75%, 06/01/26^(b)			135		134,188
Grand Canyon University, 5.13%, 10/01/28			249		222,646
Service Corp. International^(f)
5.13%, 06/01/29			107		104,860
4.00%, 05/15/31			503		450,437
Sotheby’s, 7.38%, 10/15/27^(b)(f)			1,730		1,668,405


					2,580,536

Diversified REITs — 1.1%
American Tower Corp., 2.30%, 09/15/31^(f)			1,000		826,827
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/32			698		589,288
6.75%, 12/01/33			235		253,525
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27			145		150,995
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(b)			353		323,340
SBA Communications Corp.
3.13%, 02/01/29^(f)			1,435		1,289,343
3.88%, 02/15/27			73		70,103
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(b)			1,162		1,178,041
VICI Properties LP, 4.95%, 02/15/30			186		180,479
VICI Properties LP/VICI Note Co., Inc.^(b)
4.63%, 12/01/29			696		655,806
4.13%, 08/15/30			488		444,532


					5,962,279


128		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services — 3.8%
AT&T, Inc.^(f)
4.65%, 06/01/44	USD		111	$	98,808
4.75%, 05/15/46			2,545		2,300,312
Cablevision Lightpath LLC^(b)
3.88%, 09/15/27			418		367,065
5.63%, 09/15/28			401		316,032
Cellnex Telecom SA, 2.13%, 08/11/30	EUR		100		113,436
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27	USD		405		391,271
5.00%, 05/01/28			1,139		1,052,637
8.75%, 05/15/30			1,653		1,700,455
8.63%, 03/15/31			109		111,137
Iliad Holding SASU^(b)(f) 6.50%, 10/15/26			1,722		1,718,631
7.00%, 10/15/28			438		435,849
Kaixo Bondco Telecom SA, 5.13%, 09/30/29^(e)	EUR		117		120,444
Level 3 Financing, Inc.
3.40%, 03/01/27	USD		1,339		1,285,440
4.63%, 09/15/27			1,352		811,200
3.63%, 01/15/29			128		65,280
10.50%, 05/15/30			1,605		1,556,344
Level 3 New Money TSA, 11.00%, 11/15/29^(k)			945		944,585
Lumen Technologies, Inc., 4.00%, 02/15/27			611		394,321
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%^(a)(e)(f)(h)			250		245,781
Sable International Finance Ltd., 5.75%, 09/07/27^(b)(f)			200		189,310
SoftBank Group Corp.^(e)
4.50%, 04/20/25	EUR		100		109,500
3.88%, 07/06/32			100		94,150
Telecom Italia Capital SA
6.38%, 11/15/33	USD		176		172,147
6.00%, 09/30/34			698		662,875
7.20%, 07/18/36			320		321,224
7.72%, 06/04/38			72		73,321
Telecom Italia SpA/Milano
5.30%, 05/30/24^(b)			202		201,060
2.75%, 04/15/25^(e)	EUR		100		107,370
7.88%, 07/31/28^(e)			100		122,428
1.63%, 01/18/29^(e)			100		95,119
Verizon Communications, Inc.^(f)
4.50%, 08/10/33	USD		500		487,732
3.70%, 03/22/61			1,250		954,938
Zayo Group Holdings, Inc.^(b)(f)
4.00%, 03/01/27			3,450		2,766,122
6.13%, 03/01/28			906		665,421


					21,051,745

Electric Utilities — 1.2%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30^(e)			219		183,418
Duke Energy Corp., 4.80%, 12/15/45^(f)			1,500		1,364,190
Enel Finance International NV, 3.63%, 05/25/27^(b)(f)			1,250		1,194,278
FirstEnergy Corp., 2.65%, 03/01/30			68		58,747
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 .			231		213,856
NextEra Energy Operating Partners LP 4.25%, 07/15/24^(b)			205		202,674
4.25%, 09/15/24^(b)			11		10,643
3.88%, 10/15/26^(b)			86		81,882
7.25%, 01/15/29			219		229,273
Pacific Gas and Electric Co., 6.95%, 03/15/34^(f)			630		691,998


Security		Par (000)		Value

Electric Utilities (continued)
Palomino Funding Trust I, 7.23%, 05/17/28^(b)(f)	USD		250	$	263,289
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)			407		384,965
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(e)			162		161,197
Talen Energy Supply LLC, 8.63%, 06/01/30^(b)			174		184,881
TransAlta Corp., 7.75%, 11/15/29			142		150,816
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37^(f)			750		806,184
Vistra Operations Co. LLC^(b)
7.75%, 10/15/31			480		498,523
6.95%, 10/15/33			300		315,731


					6,996,545

Electrical Equipment^(b)— 0.5%
Regal Rexnord Corp.
6.05%, 04/15/28^(f)			640		647,857
6.30%, 02/15/30			265		271,866
6.40%, 04/15/33^(f)			275		286,624
WESCO Distribution, Inc.
7.13%, 06/15/25			830		836,061
7.25%, 06/15/28^(f)			573		588,944


					2,631,352

Electronic Equipment, Instruments & Components — 0.7%
Coherent Corp., 5.00%, 12/15/29^(b)(f)			610		579,351
Corning, Inc., 4.38%, 11/15/57^(f)			1,915		1,672,968
Imola Merger Corp., 4.75%, 05/15/29^(b)			582		552,960
Sensata Technologies BV, 5.88%, 09/01/30^(b)			309		306,997
Sensata Technologies, Inc.^(b)
4.38%, 02/15/30			1,066		988,675
3.75%, 02/15/31			26		22,899


					4,123,850

Energy Equipment & Services — 0.9%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			381		381,952
6.25%, 04/01/28^(f)			1,088		1,071,680
Borr IHC Ltd./Borr Finance
10.00%, 11/15/28			415		433,687
10.38%, 11/15/30			256		264,080
EDO Sukuk Ltd., 5.88%, 09/21/33			250		257,344
Oceaneering International, Inc., 6.00%, 02/01/28^(b)			92		89,174
Patterson-UTI Energy, Inc., 7.15%, 10/01/33			135		143,019
Seadrill Finance Ltd., 8.38%, 08/01/30			200		208,666
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			516		513,824
6.88%, 09/01/27			760		750,992
Vallourec SACA, 8.50%, 06/30/26^(e)	EUR		44		48,810
Weatherford International Ltd.^(b)
6.50%, 09/15/28	USD		182		188,337
8.63%, 04/30/30^(f)			538		561,704


					4,913,269

Entertainment^(b)— 0.5%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29			303		226,674
Live Nation Entertainment, Inc.
5.63%, 03/15/26			58		57,470
6.50%, 05/15/27^(f)			1,676		1,705,367


S C H E D U L E O F I N V E S T M E N T S		129

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Entertainment (continued)
Live Nation Entertainment, Inc. (continued)
4.75%, 10/15/27^(f)	USD		618	$	592,560
3.75%, 01/15/28			253		235,946


					2,818,017

Environmental, Maintenance & Security Service — 1.1%
Clean Harbors, Inc.^(b)
4.88%, 07/15/27			297		291,028
5.13%, 07/15/29			149		142,423
6.38%, 02/01/31			142		144,280
Covanta Holding Corp.
4.88%, 12/01/29^(b)			181		158,138
5.00%, 09/01/30			91		77,456
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			22		21,675
3.75%, 08/01/25			402		392,596
5.13%, 12/15/26			496		490,743
4.00%, 08/01/28			567		524,131
3.50%, 09/01/28			259		239,332
4.75%, 06/15/29^(f)			483		454,967
4.38%, 08/15/29^(f)			403		371,922
6.75%, 01/15/31			887		913,859
Tervita Corp., 11.00%, 12/01/25^(b)			147		154,350
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)			1,690		1,626,625


					6,003,525

Financial Services — 1.2%
Aircastle Ltd., 6.50%, 07/18/28^(b)(f)			177		180,490
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)			262		255,450
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(b)			44		41,191
GGAM Finance Ltd.^(b)
7.75%, 05/15/26			58		58,870
8.00%, 02/15/27			578		592,473
8.00%, 06/15/28			177		183,124
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(g)			285		267,768
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(b)(f)			415		371,458
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29			257		268,622
MGIC Investment Corp., 5.25%, 08/15/28			216		210,258
Nationstar Mortgage Holdings, Inc.^(b)
5.00%, 02/01/26			1,861		1,819,980
6.00%, 01/15/27^(f)			237		235,223
5.13%, 12/15/30^(f)			241		217,896
5.75%, 11/15/31			170		158,509
PennyMac Financial Services, Inc., 7.88%, 12/15/29 .			367		377,778
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^(b)
2.88%, 10/15/26^(f)			1,123		1,035,967
3.88%, 03/01/31			201		176,779
4.00%, 10/15/33			104		88,351


					6,540,187

Food Products — 1.0%
Aramark International Finance SARL, 3.13%, 04/01/25^(e)	EUR		200		218,905
Aramark Services, Inc., 5.00%, 02/01/28^(b)(f)	USD		1,272		1,233,891
B&G Foods, Inc., 8.00%, 09/15/28			148		155,406
Chobani LLC/Chobani Finance Corp., Inc.^(b)
7.50%, 04/15/25^(f)			1,694		1,685,530
4.63%, 11/15/28			1,233		1,152,620


Security		Par (000)		Value

Food Products (continued)
Darling Global Finance BV, 3.63%, 05/15/26^(e)	EUR		156	$	169,912
Darling Ingredients, Inc., 6.00%, 06/15/30^(b)	USD		557		557,412
Minerva Luxembourg SA, 8.88%, 09/13/33			203		214,675


					5,388,351

Gas Utilities^(b)— 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28			387		399,646
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			117		106,071


					505,717

Ground Transportation — 1.4%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/31^(b)			309		308,575
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42^(f)			500		460,091
GN Bondco LLC, 9.50%, 10/15/31			479		467,643
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b)(f)			1,777		1,751,939
RXO, Inc., 7.50%, 11/15/27^(b)			109		112,473
Uber Technologies, Inc.
0.00%, 12/15/25^(f)(i)(j)			1,537		1,562,912
8.00%, 11/01/26^(b)			783		797,525
7.50%, 09/15/27^(b)(f)			965		999,383
6.25%, 01/15/28^(b)			343		343,860
4.50%, 08/15/29^(b)(f)			1,003		956,828
Union Pacific Corp., 3.20%, 05/20/41^(f)			275		219,888


					7,981,117

Health Care Equipment & Supplies — 1.2%
Avantor Funding, Inc.
2.63%, 11/01/25^(e)	EUR		300		323,488
4.63%, 07/15/28^(b)(f)	USD		1,050		1,014,805
3.88%, 11/01/29^(b)			31		28,152
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(b)(f)			1,860		1,962,188
Becton Dickinson & Co., 4.69%, 12/15/44^(f)			600		560,681
Garden Spinco Corp., 8.63%, 07/20/30^(b)			254		271,307
Medline Borrower LP^(b)
3.88%, 04/01/29			888		802,880
5.25%, 10/01/29^(f)			1,978		1,864,416
Teleflex, Inc., 4.63%, 11/15/27			100		97,206


					6,925,123

Health Care Providers & Services — 2.9%
AHP Health Partners, Inc., 5.75%, 07/15/29^(b)			442		384,683
Catalent Pharma Solutions, Inc.^(b)
5.00%, 07/15/27^(f)			683		659,896
3.13%, 02/15/29			121		105,889
3.50%, 04/01/30^(f)			494		429,749
Charles River Laboratories International, Inc., 4.00%, 03/15/31^(b)			55		49,686
CHS/Community Health Systems, Inc.^(b)
5.63%, 03/15/27			132		122,646
6.00%, 01/15/29			769		692,200
5.25%, 05/15/30^(f)			1,146		958,453
4.75%, 02/15/31^(f)			847		665,856
Encompass Health Corp.
4.75%, 02/01/30^(f)			380		357,858
4.63%, 04/01/31			303		278,816
Ephios Subco 3 SARL, 7.88%, 01/31/31^(e)	EUR		100		114,102
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)(f)	USD		254		260,851
HealthEquity, Inc., 4.50%, 10/01/29^(b)			988		917,367


130		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
IQVIA, Inc.^(b)
5.00%, 10/15/26^(f)	USD		548	$	542,765
6.25%, 02/01/29			614		640,983
6.50%, 05/15/30			274		280,880
Legacy LifePoint Health LLC, 4.38%, 02/15/27^(b)			365		336,982
LifePoint Health, Inc.
9.88%, 08/15/30^(f)			461		465,882
11.00%, 10/15/30			520		547,639
ModivCare, Inc., 5.88%, 11/15/25^(b)(f)			544		537,200
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			59		55,801
3.88%, 11/15/30			321		288,547
3.88%, 05/15/32^(f)			213		186,112
Northwell Healthcare, Inc., 4.26%, 11/01/47^(f)			686		580,879
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(b)			62		60,450
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			114		113,097
Star Parent, Inc., 9.00%, 10/01/30			1,325		1,396,355
Surgery Center Holdings, Inc.^(b)(f)
6.75%, 07/01/25			392		390,530
10.00%, 04/15/27			457		461,570
Tenet Healthcare Corp.
4.88%, 01/01/26^(f)			325		321,338
6.25%, 02/01/27^(f)			172		172,843
5.13%, 11/01/27^(f)			490		479,000
6.13%, 10/01/28^(f)			460		458,698
6.13%, 06/15/30			320		323,548
6.75%, 05/15/31^(b)(f)			1,097		1,121,189
UnitedHealth Group, Inc., 4.38%, 03/15/42^(f)			750		691,466


					16,451,806

Health Care REITs — 0.2%
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		382		394,928
4.63%, 08/01/29^(f)	USD		208		149,565
3.50%, 03/15/31^(f)			1,220		762,777


					1,307,270

Health Care Technology — 0.4%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(b)(f)			2,775		2,517,418


Hotel & Resort REITs — 0.4%
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			82		79,203
7.25%, 07/15/28			356		370,128
4.50%, 02/15/29^(b)			142		132,066
Service Properties Trust
7.50%, 09/15/25^(f)			215		217,389
8.63%, 11/15/31^(b)			1,483		1,553,343


					2,352,129

Hotels, Restaurants & Leisure — 6.0%
Boyd Gaming Corp., 4.75%, 06/15/31^(b)(f)			482		442,391
Boyne USA, Inc., 4.75%, 05/15/29^(b)			465		437,284
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.^(b)
3.88%, 01/15/28			69		65,186
4.38%, 01/15/28^(f)			157		149,948
4.00%, 10/15/30			771		691,509
Caesars Entertainment, Inc.^(b)(f)
6.25%, 07/01/25			991		993,695
8.13%, 07/01/27			1,468		1,504,845


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.^(b)(f)(continued)
4.63%, 10/15/29	USD		295	$	266,092
7.00%, 02/15/30			2,001		2,051,899
Carnival Corp.
7.63%, 03/01/26^(b)(f)			197		200,562
7.63%, 03/01/26^(e)	EUR		100		111,941
5.75%, 03/01/27^(b)	USD		1,271		1,239,776
4.00%, 08/01/28^(b)			449		417,452
6.00%, 05/01/29^(b)(f)			872		839,043
7.00%, 08/15/29^(b)			217		226,574
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(b)(f)			3,535		3,847,561
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)			559		556,190
Churchill Downs, Inc.^(b)
5.50%, 04/01/27^(f)			684		676,825
4.75%, 01/15/28			618		592,289
5.75%, 04/01/30			1,073		1,046,166
6.75%, 05/01/31^(f)			504		511,527
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.45%, 07/31/28^(a)	EUR		100		111,629
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(b)
4.63%, 01/15/29	USD		390		353,874
6.75%, 01/15/30			82		71,996
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28^(b)(f)			111		111,042
3.75%, 05/01/29^(b)			186		172,446
4.88%, 01/15/30^(f)			450		436,121
4.00%, 05/01/31^(b)			302		276,609
3.63%, 02/15/32^(b)			3		2,618
Life Time, Inc.^(b)(f)
5.75%, 01/15/26			435		431,872
8.00%, 04/15/26			336		339,055
Light & Wonder International, Inc.
7.00%, 05/15/28^(b)			190		191,933
7.25%, 11/15/29^(b)(f)			213		218,093
7.50%, 09/01/31			272		283,711
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28^(b)			319		329,835
Lindblad Expeditions LLC, 6.75%, 02/15/27^(b)			389		387,055
Lottomatica SpA, (3-mo. EURIBOR + 4.00%), 7.93%, 12/15/30^(a)(e)	EUR		100		111,497
Melco Resorts Finance Ltd.
4.88%, 06/06/25^(b)	USD		400		388,375
5.75%, 07/21/28^(b)			200		184,125
5.38%, 12/04/29^(b)			800		704,000
5.38%, 12/04/29^(e)			250		220,000
Merlin Entertainments Ltd., 5.75%, 06/15/26^(b)			600		593,859
MGM China Holdings Ltd.
5.88%, 05/15/26^(e)			250		243,750
5.88%, 05/15/26^(b)			200		195,000
4.75%, 02/01/27^(b)			200		189,750
Motion Bondco DAC, 6.63%, 11/15/27^(b)			200		184,961
NCL Corp. Ltd.^(b)
5.88%, 03/15/26^(f)			429		419,201
8.38%, 02/01/28			173		183,189
8.13%, 01/15/29			159		166,089
7.75%, 02/15/29			80		80,484


S C H E D U L E O F I N V E S T M E N T S		131

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
NCL Finance Ltd., 6.13%, 03/15/28^(b)(f)	USD		333	$	318,758
Ontario Gaming GTA LP, 8.00%, 08/01/30			366		377,438
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(b)
5.63%, 09/01/29			148		118,400
5.88%, 09/01/31			148		115,440
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29^(b)			185		197,429
Royal Caribbean Cruises Ltd.^(b)
4.25%, 07/01/26			92		88,860
5.50%, 08/31/26			176		174,266
5.38%, 07/15/27^(f)			173		171,256
11.63%, 08/15/27			54		58,761
5.50%, 04/01/28			152		150,063
8.25%, 01/15/29			251		265,922
9.25%, 01/15/29^(f)			247		265,679
7.25%, 01/15/30			399		416,708
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30^(b)			280		264,720
Six Flags Entertainment Corp., 7.25%, 05/15/31^(b)(f)			1,141		1,144,514
Station Casinos LLC, 4.63%, 12/01/31^(b)			354		319,193
Viking Cruises Ltd.^(b)
5.88%, 09/15/27^(f)			308		297,220
7.00%, 02/15/29			66		65,433
9.13%, 07/15/31			931		992,071
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(b)			206		200,850
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)(f)			268		260,792
Wynn Macau Ltd.
5.50%, 01/15/26^(e)			200		194,500
5.63%, 08/26/28^(b)(f)			963		889,872
5.13%, 12/15/29^(b)			200		177,125
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)(f)
5.13%, 10/01/29			1,011		954,168
7.13%, 02/15/31			485		505,090
Yum! Brands, Inc., 4.75%, 01/15/30^(b)			219		212,281


					33,647,733

Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30^(b)			185		165,721
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b) 5.00%, 06/15/29			266		236,114
4.88%, 02/15/30			476		418,607
Dream Finders Homes, Inc., 8.25%, 08/15/28			151		159,578
LGI Homes, Inc., 8.75%, 12/15/28			116		123,395
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(b)(f)			225		161,719
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			299		300,495
5.13%, 08/01/30			75		72,554
Tempur Sealy International, Inc., 3.88%, 10/15/31^(b)			66		55,799


					1,693,982

Household Products — 0.1%
Central Garden & Pet Co.
5.13%, 02/01/28			20		19,432
4.13%, 10/15/30^(f)			244		221,927


Security		Par (000)		Value

Household Products (continued)
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29	USD		106	$	101,137
5.50%, 07/15/30			198		192,134


					534,630

Independent Power and Renewable Electricity Producers — 0.6%
Alexander Funding Trust II, 7.47%, 07/31/28^(b)(f)			220		231,008
Calpine Corp.^(b)
5.25%, 06/01/26			195		192,409
5.13%, 03/15/28^(f)			1,281		1,228,195
5.00%, 02/01/31			120		110,006
Clearway Energy Operating LLC, 4.75%, 03/15/28^(b)(f)			116		111,756
NRG Energy, Inc.
6.63%, 01/15/27			958		960,061
7.00%, 03/15/33^(b)(f)			270		285,378
SCC Power PLC, (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28^(b)(g)			173		77,007


					3,195,820

Insurance — 3.2%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(b)			173		157,196
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27^(b)(f)			2,168		2,083,556
6.75%, 10/15/27^(b)(f)			2,135		2,127,453
6.75%, 04/15/28^(b)			603		616,887
5.88%, 11/01/29^(b)(f)			1,879		1,780,338
7.00%, 01/15/31			661		697,266
AmWINS Group, Inc., 4.88%, 06/30/29^(b)			392		357,988
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42^(f)			250		241,485
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)			323		326,247
HUB International Ltd.^(b)(f)
7.00%, 05/01/26			1,252		1,256,839
7.25%, 06/15/30			2,282		2,410,317
Jones Deslauriers Insurance Management, Inc.^(b)
8.50%, 03/15/30			711		746,642
10.50%, 12/15/30			335		353,057
NFP Corp.
4.88%, 08/15/28^(b)			912		902,556
6.88%, 08/15/28^(b)(f)			2,145		2,180,609
7.50%, 10/01/30^(b)(f)			136		144,744
8.50%, 10/01/31			248		268,807
Ryan Specialty LLC, 4.38%, 02/01/30^(b)			239		221,673
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(b)(f)			700		609,436
USI, Inc., 7.50%, 01/15/32			611		625,542


					18,108,638

Interactive Media & Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(b)			514		418,910
iliad SA^(e)
5.38%, 06/14/27	EUR		100		113,155
5.63%, 02/15/30			100		114,082
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27^(b)	USD		357		340,935


					987,082


132		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Internet Software & Services^(b)— 0.3%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27	USD		359	$	351,787
ION Trading Technologies SARL, 5.75%, 05/15/28			246		217,004
Match Group Holdings II LLC
5.63%, 02/15/29			209		202,991
4.13%, 08/01/30			262		237,741
3.63%, 10/01/31^(f)			564		487,307


					1,496,830

IT Services — 1.2%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(b)			190		165,537
CA Magnum Holdings, 5.38%, 10/31/26^(b)			488		453,840
Camelot Finance SA, 4.50%, 11/01/26^(b)			602		587,805
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29			589		614,775
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29^(b)(f)			711		725,119
Dun & Bradstreet Corp., 5.00%, 12/15/29^(b)(f)			826		770,509
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(e)	EUR		100		117,844
Fair Isaac Corp., 4.00%, 06/15/28^(b)	USD		112		105,992
Gartner, Inc.^(b)
4.50%, 07/01/28			8		7,587
3.75%, 10/01/30			116		102,541
KBR, Inc., 4.75%, 09/30/28^(b)			306		283,586
La Financiere Atalian SASU, 5.13%, 05/15/25^(e)	EUR		100		80,809
Presidio Holdings, Inc., 4.88%, 02/01/27^(b)	USD		59		57,838
Science Applications International Corp., 4.88%, 04/01/28^(b)			377		359,092
Twilio, Inc.
3.63%, 03/15/29			206		187,931
3.88%, 03/15/31			630		561,018
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(b)(f)			1,599		1,450,285


					6,632,108

Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28			114		118,935
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(b)			228		196,336
Mattel, Inc.
6.20%, 10/01/40			291		281,476
5.45%, 11/01/41^(f)			210		189,125


					785,872

Machinery — 1.7%
Chart Industries, Inc.^(b)
7.50%, 01/01/30^(f)			876		915,636
9.50%, 01/01/31			120		130,340
Gates Global LLC/Gates Corp., 6.25%, 01/15/26^(b)(f)			572		569,140
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28^(f)			170		131,112
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(g)			587		584,428
Loxam SAS, 6.38%, 05/31/29^(e)	EUR		100		114,259
Madison IAQ LLC^(b)
4.13%, 06/30/28	USD		320		290,925
5.88%, 06/30/29^(f)			606		533,937
OT Merger Corp., 7.88%, 10/15/29^(b)			147		88,053
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(e)	EUR		100		109,573
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(b)	USD		155		143,442
Terex Corp., 5.00%, 05/15/29^(b)			421		396,792
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(b)			1,341		1,349,448


Security		Par (000)		Value

Machinery (continued)
TK Elevator Holdco GmbH
6.63%, 07/15/28^(e)	EUR		167	$	170,030
7.63%, 07/15/28^(b)(f)	USD		552		542,225
TK Elevator Midco GmbH, 4.38%, 07/15/27^(e)	EUR		372		397,035
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)(f)	USD		2,366		2,324,257
Vertiv Group Corp., 4.13%, 11/15/28^(b)(f)			847		794,672


					9,585,304

Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28^(b)			100		101,500


Media — 6.1%
Altice Financing SA, 5.75%, 08/15/29^(b)(f)			1,598		1,418,079
AMC Networks, Inc., 4.75%, 08/01/25			283		275,588
Banijay Entertainment SASU, 8.13%, 05/01/29^(b)			200		205,907
Cable One, Inc.
0.00%, 03/15/26^(i)(j)			114		96,729
1.13%, 03/15/28⁽ⁱ⁾			940		712,050
4.00%, 11/15/30^(b)			272		220,222
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
5.13%, 05/01/27^(f)			711		686,947
5.00%, 02/01/28^(f)			527		504,224
6.38%, 09/01/29^(f)			955		941,785
4.75%, 03/01/30^(f)			315		287,836
4.25%, 02/01/31^(f)			1,017		888,787
7.38%, 03/01/31^(f)			2,710		2,781,446
4.75%, 02/01/32			209		184,330
4.25%, 01/15/34			578		469,698
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45^(f)			3,000		2,947,841
Clear Channel International BV, 6.63%, 08/01/25^(b)			707		710,409
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/27^(b)(f)			586		559,388
7.75%, 04/15/28^(b)(f)			319		275,043
9.00%, 09/15/28			2,037		2,125,538
7.50%, 06/01/29^(b)(f)			862		716,727
CMG Media Corp., 8.88%, 12/15/27^(b)			409		324,390
CSC Holdings LLC^(b)
5.50%, 04/15/27^(f)			427		394,675
11.25%, 05/15/28			2,187		2,253,397
6.50%, 02/01/29^(f)			368		324,797
4.13%, 12/01/30^(f)			535		407,001
4.50%, 11/15/31			204		154,239
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27^(b)(f)			640		601,329
Discovery Communications LLC, 4.95%, 05/15/42^(f)			400		329,209
DISH DBS Corp.
7.75%, 07/01/26^(f)			1,070		745,266
5.25%, 12/01/26^(b)(f)			1,285		1,100,924
5.75%, 12/01/28^(b)			65		51,844
DISH Network Corp., 11.75%, 11/15/27^(b)			1,243		1,297,514
GCI LLC, 4.75%, 10/15/28^(b)			136		124,778
Gray Television, Inc.^(b)(f)
5.88%, 07/15/26			206		200,378
7.00%, 05/15/27			277		263,289
Lamar Media Corp., 4.00%, 02/15/30			53		48,574
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)			580		568,087
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			209		203,714
Nexstar Media, Inc., 5.63%, 07/15/27^(b)			103		99,596


S C H E D U L E O F I N V E S T M E N T S		133

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.00%, 08/15/27^(b)(f)	USD		1,045	$	1,010,094
4.25%, 01/15/29^(b)(f)			381		343,803
4.63%, 03/15/30^(b)			122		108,763
7.38%, 02/15/31			387		406,404
Radiate Holdco LLC/Radiate Finance, Inc.^(b)
4.50%, 09/15/26			421		321,098
6.50%, 09/15/28			916		448,826
RCS & RDS SA, 2.50%, 02/05/25^(e)	EUR		100		107,606
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)	USD		66		46,530
Sirius XM Radio, Inc.^(b)
3.13%, 09/01/26			58		54,501
5.00%, 08/01/27^(f)			951		918,660
4.00%, 07/15/28			96		88,785
Stagwell Global LLC, 5.63%, 08/15/29^(b)(f)			129		118,650
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(e)(g)	EUR		124		135,758
TEGNA, Inc., 4.75%, 03/15/26^(b)	USD		59		57,386
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(b)			400		374,000
Univision Communications, Inc.^(b)
6.63%, 06/01/27			72		71,804
8.00%, 08/15/28^(f)			759		783,000
7.38%, 06/30/30^(f)			225		224,355
UPC Broadband Finco BV, 4.88%, 07/15/31^(b)			794		698,807
Videotron Ltd., 3.63%, 06/15/29^(b)			112		101,644
VZ Secured Financing BV, 3.50%, 01/15/32^(e)	EUR		100		97,216
Ziggo Bond Co. BV^(b)
6.00%, 01/15/27	USD		638		620,941
5.13%, 02/28/30			295		246,728
Ziggo BV, 4.88%, 01/15/30^(b)			217		193,561


					34,080,495

Metals & Mining — 2.8%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24^(e)			250		248,828
Amsted Industries, Inc., 5.63%, 07/01/27^(b)			185		184,337
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		173,563
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(b)			312		325,528
ATI, Inc.
5.88%, 12/01/27			216		212,857
4.88%, 10/01/29			129		120,223
7.25%, 08/15/30^(f)			685		712,668
5.13%, 10/01/31			350		324,628
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42^(f)			250		226,258
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)(f)			1,740		1,774,069
Carpenter Technology Corp.
6.38%, 07/15/28			106		105,602
7.63%, 03/15/30^(f)			463		477,437
Constellium SE
4.25%, 02/15/26^(e)	EUR		100		109,706
5.88%, 02/15/26^(b)	USD		1,193		1,185,586
5.63%, 06/15/28^(b)			250		243,981
3.75%, 04/15/29^(b)(f)			2,013		1,826,517
First Quantum Minerals Ltd., 8.63%, 06/01/31^(b)			432		363,666
JSW Steel Ltd., 5.95%, 04/18/24^(e)			200		199,162
Kaiser Aluminum Corp.^(b)(f)
4.63%, 03/01/28			243		224,734
4.50%, 06/01/31			1,040		896,508
Metinvest BV, 7.65%, 10/01/27^(e)			200		128,000


Security		Par (000)		Value

Metals & Mining (continued)
New Gold, Inc., 7.50%, 07/15/27^(b)	USD		900	$	907,985
Novelis Corp.^(b)(f)
3.25%, 11/15/26			1,113		1,047,777
4.75%, 01/30/30			1,100		1,034,493
3.88%, 08/15/31			1,372		1,209,054
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29^(e)	EUR		300		312,310
Rio Tinto Finance USA PLC, 4.75%, 03/22/42^(f)	USD		400		387,082
Vedanta Resources Finance II PLC
13.88%, 01/21/24^(e)			200		177,108
8.95%, 03/11/25^(b)			320		237,165


					15,376,832

Mortgage Real Estate Investment Trusts (REITs)^(b)— 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 10/01/25			54		53,269
4.25%, 02/01/27			220		207,289
4.75%, 06/15/29			85		76,643


					337,201

Office REITs — 0.0%
Highwoods Realty LP, 7.65%, 02/01/34			85		91,698


Oil, Gas & Consumable Fuels — 11.3%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(b)(f)			865		869,325
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(b)
5.75%, 03/01/27			382		379,034
5.75%, 01/15/28			75		74,252
5.38%, 06/15/29			263		252,840
Apache Corp.
4.75%, 04/15/43^(f)			800		629,625
5.35%, 07/01/49			72		59,865
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			747		941,220
8.25%, 12/31/28			1,141		1,147,630
Baytex Energy Corp., 8.50%, 04/30/30^(b)			232		240,099
Buckeye Partners LP
4.13%, 03/01/25^(b)			345		334,423
5.85%, 11/15/43			182		147,438
5.60%, 10/15/44			117		90,023
Callon Petroleum Co.
6.38%, 07/01/26			208		207,012
8.00%, 08/01/28^(b)			1,175		1,199,996
7.50%, 06/15/30^(b)(f)			721		727,144
Chesapeake Energy Corp.^(b)
5.88%, 02/01/29			53		51,938
6.75%, 04/15/29^(f)			555		560,163
CITGO Petroleum Corp., 8.38%, 01/15/29^(b)			666		684,868
Civitas Resources, Inc.^(b)(f)
8.38%, 07/01/28			1,060		1,106,582
8.63%, 11/01/30			539		571,729
8.75%, 07/01/31			993		1,057,095
CNX Midstream Partners LP, 4.75%, 04/15/30^(b)			124		111,350
CNX Resources Corp., 7.38%, 01/15/31^(b)			127		127,882
Comstock Resources, Inc.^(b)(f)
6.75%, 03/01/29			498		455,425
5.88%, 01/15/30			1,195		1,036,424
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(b)(f)			2,219		2,102,734


134		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Oil, Gas & Consumable Fuels (continued)
Crescent Energy Finance LLC^(b)
7.25%, 05/01/26	USD		902	$	907,561
9.25%, 02/15/28			782		811,380
CrownRock LP/CrownRock Finance, Inc., 5.00%, 05/01/29^(b)			81		78,975
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30			290		296,555
DT Midstream, Inc.^(b)(f)
4.13%, 06/15/29			415		381,793
4.38%, 06/15/31			527		475,372
Ecopetrol SA, 4.13%, 01/16/25			396		385,357
Empresa Nacional del Petroleo, 6.15%, 05/10/33^(b)			200		200,122
Enbridge, Inc.^(a)
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78^(f)			1,865		1,723,892
(5-year CMT + 4.43%), 8.50%, 01/15/84			257		273,357
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80^(f)			690		636,525
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28^(b)			567		567,535
Energean Israel Finance Ltd., 8.50%, 09/30/33			160		152,528
Energy Transfer LP
6.00%, 02/01/29^(b)			188		189,689
7.38%, 02/01/31^(b)			126		132,418
6.13%, 12/15/45^(f)			500		503,599
5.30%, 04/15/47^(f)			350		320,896
Series H, (5-year CMT + 5.69%), 6.50%^(a)(h)			581		552,113
EnLink Midstream LLC
5.63%, 01/15/28^(b)			402		397,450
5.38%, 06/01/29^(f)			316		309,192
6.50%, 09/01/30^(b)			245		250,138
EnLink Midstream Partners LP
4.85%, 07/15/26			88		86,213
5.60%, 04/01/44			249		216,710
Enterprise Products Operating LLC, (3-mo. CME Term SOFR + 2.83%), 5.38%, 02/15/78^(a)			420		376,421
EQM Midstream Partners LP
4.13%, 12/01/26			131		126,531
4.50%, 01/15/29^(b)			34		32,121
7.50%, 06/01/30^(b)			108		116,102
4.75%, 01/15/31^(b)(f)			804		748,242
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27^(b)			26		26,971
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28^(f)			204		204,711
8.25%, 01/15/29			238		244,913
8.88%, 04/15/30			227		234,718
Gulfport Energy Corp., 8.00%, 05/17/26^(b)			47		47,510
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			78		77,538
Hess Corp., 4.30%, 04/01/27^(f)			750		742,054
Hilcorp Energy I LP/Hilcorp Finance Co.^(b)
6.25%, 11/01/28			188		187,276
5.75%, 02/01/29			281		271,360
6.00%, 04/15/30			28		27,155
8.38%, 11/01/33			792		839,076
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28^(b)			343		360,000
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26^(e)(f)			200		193,187
Impulsora Pipeline LLC, 6.05%, 01/01/43^(a)(c)			1,504		1,277,438
ITT Holdings LLC, 6.50%, 08/01/29^(b)(f)			437		386,588
Kinetik Holdings LP 6.63%, 12/15/28			121		123,276


Security		Par (000)		Value


Oil, Gas & Consumable Fuels (continued)
Kinetik Holdings LP (continued)
5.88%, 06/15/30^(b)(f)	USD		403	$	395,364
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26^(b)			41		39,975
Matador Resources Co.^(f)
5.88%, 09/15/26			255		252,883
6.88%, 04/15/28^(b)			399		404,712
Medco Bell Pte. Ltd., 6.38%, 01/30/27^(e)			250		239,687
MPLX LP, 4.25%, 12/01/27^(f)			235		229,896
Murphy Oil Corp.
5.88%, 12/01/27			17		16,914
5.88%, 12/01/42			35		30,923
Murphy Oil USA, Inc., 4.75%, 09/15/29			171		162,023
Nabors Industries Ltd.^(b)
7.25%, 01/15/26			273		262,410
7.50%, 01/15/28			305		263,748
Nabors Industries, Inc.
5.75%, 02/01/25^(f)			1,143		1,142,619
7.38%, 05/15/27^(b)			64		62,700
9.13%, 01/31/30^(b)			362		363,470
New Fortress Energy, Inc., 6.75%, 09/15/25^(b)(f)			241		239,077
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(b)			657		663,576
Noble Finance II LLC, 8.00%, 04/15/30^(b)			402		418,302
Northern Oil and Gas, Inc.^(b)(f)
8.13%, 03/01/28			1,528		1,547,100
8.75%, 06/15/31			408		424,972
NuStar Logistics LP
6.00%, 06/01/26			182		181,680
6.38%, 10/01/30			30		30,053
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30^(b)			271		275,986
Permian Resources Operating LLC
5.38%, 01/15/26^(b)			82		80,908
7.75%, 02/15/26^(b)			710		722,304
6.88%, 04/01/27^(b)			196		195,866
8.00%, 04/15/27^(b)(f)			352		364,875
5.88%, 07/01/29^(b)(f)			528		514,779
9.88%, 07/15/31^(b)(f)			402		446,722
7.00%, 01/15/32			431		444,651
Petroleos Mexicanos
3.75%, 02/21/24^(e)	EUR		137		150,372
8.75%, 06/02/29	USD		146		140,460
5.95%, 01/28/31^(f)			183		145,211
6.70%, 02/16/32			44		36,410
Precision Drilling Corp., 6.88%, 01/15/29^(b)			16		15,429
Puma International Financing SA, 5.00%, 01/24/26^(e)			310		292,466
Rockcliff Energy II LLC, 5.50%, 10/15/29^(b)			263		248,565
Rockies Express Pipeline LLC, 4.95%, 07/15/29^(b)			66		63,108
Shell International Finance BV, 4.38%, 05/11/45^(f)			450		412,291
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28			510		528,472
SM Energy Co.
6.75%, 09/15/26^(f)			221		220,424
6.63%, 01/15/27			27		26,847
6.50%, 07/15/28			200		200,092
Southwestern Energy Co.
5.38%, 02/01/29			260		253,732
4.75%, 02/01/32			6		5,551
Suncor Energy, Inc., 6.50%, 06/15/38^(f)			800		854,865
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			75		75,064


S C H E D U L E O F I N V E S T M E N T S		135

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Oil, Gas & Consumable Fuels (continued)
Sunoco LP/Sunoco Finance Corp. (continued)
5.88%, 03/15/28	USD		147	$	146,804
7.00%, 09/15/28^(b)			252		260,006
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(b)
7.50%, 10/01/25			16		16,080
6.00%, 03/01/27			53		51,828
5.50%, 01/15/28			126		119,071
6.00%, 12/31/30			13		12,084
6.00%, 09/01/31			168		155,388
Transocean Aquila Ltd., 8.00%, 09/30/28^(b)			169		171,529
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)			228		236,547
Transocean, Inc.^(b)
7.50%, 01/15/26			754		740,776
11.50%, 01/30/27			710		741,950
8.00%, 02/01/27			496		483,600
8.75%, 02/15/30^(f)			1,212		1,266,459
Valaris Ltd., 8.38%, 04/30/30^(b)			1,011		1,035,810
Venture Global Calcasieu Pass LLC^(b)
3.88%, 08/15/29			1,025		929,982
4.13%, 08/15/31			157		138,318
3.88%, 11/01/33^(f)			947		802,533
Venture Global LNG, Inc.^(b)
8.13%, 06/01/28^(f)			1,031		1,041,204
9.50%, 02/01/29^(f)			3,019		3,194,606
8.38%, 06/01/31			1,809		1,808,063
9.88%, 02/01/32			1,448		1,508,293
Vermilion Energy, Inc., 6.88%, 05/01/30^(b)			204		195,849
Vital Energy, Inc.
10.13%, 01/15/28			356		365,811
9.75%, 10/15/30			427		442,659
Western Midstream Operating LP
5.45%, 04/01/44^(f)			757		685,315
5.30%, 03/01/48			43		37,420
5.50%, 08/15/48^(f)			103		91,856
5.25%, 02/01/50^(f)			481		431,246


					62,857,295

Passenger Airlines — 0.8%
Air Canada, 3.88%, 08/15/26^(b)			582		556,037
American Airlines, Inc., 8.50%, 05/15/29^(b)			601		634,655
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(b)			981		956,182
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)(f)			285		285,871
United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27			36		35,336
United Airlines, Inc.^(b)
4.38%, 04/15/26			660		643,108
4.63%, 04/15/29^(f)			1,136		1,062,427
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27^(b)			165		141,914


					4,315,530

Personal Care Products — 0.1%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30^(b)(f)			337		346,203


Pharmaceuticals — 1.3%
1375209 BC Ltd., 9.00%, 01/30/28^(b)			332		323,733
AbbVie, Inc.^(f)
4.75%, 03/15/45			500		480,907
4.45%, 05/14/46			1,000		918,127
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27^(e)	EUR		100		106,668


Security		Par (000)		Value


Pharmaceuticals (continued)
CVS Health Corp., 5.05%, 03/25/48^(f)	USD		1,110	$	1,038,192
Gruenenthal GmbH, 4.13%, 05/15/28^(e)	EUR		100		108,991
Jazz Securities DAC, 4.38%, 01/15/29^(b)(f)	USD		200		186,283
Option Care Health, Inc., 4.38%, 10/31/29^(b)(f)			314		283,780
Organon & Co./Organon Foreign Debt Co-Issuer BV^(b)(f)
4.13%, 04/30/28			1,153		1,061,293
5.13%, 04/30/31			200		170,969
Rossini SARL, 6.75%, 10/30/25^(e)	EUR		166		183,256
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100		120,574
Teva Pharmaceutical Finance Netherlands III BV
7.13%, 01/31/25	USD		200		200,890
3.15%, 10/01/26^(f)			740		684,037
4.75%, 05/09/27			200		191,842
6.75%, 03/01/28			200		203,580
7.88%, 09/15/29			200		214,616
8.13%, 09/15/31^(f)			200		217,356
Utah Acquisition Sub, Inc., 3.95%, 06/15/26^(f)			650		628,156


					7,323,250

Professional Services — 0.2%
CoreLogic, Inc., 4.50%, 05/01/28^(b)(f)			1,225		1,073,112


Real Estate Management & Development — 0.3%
Agps Bondco PLC, 5.50%, 11/13/26^(e)(l)(m)	EUR		200		76,173
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp.
7.00%, 04/15/30	USD		348		320,922
7.00%, 04/15/30^(b)			316		291,918
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31			372		394,235
Fantasia Holdings Group Co. Ltd.^(l)(m)
11.75%, 04/17/22^(e)			430		9,675
12.25%, 10/18/22			200		4,500
11.88%, 06/01/23^(e)			200		4,500
9.25%, 07/28/23^(e)			400		9,000
Howard Hughes Corp., 5.38%, 08/01/28^(b)(f)			106		101,879
SBB Treasury OYJ, 1.13%, 11/26/29^(e)	EUR		100		64,735
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(e)	USD		200		177,772


					1,455,309

Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27^(b)			204		183,600


Semiconductors & Semiconductor Equipment — 0.8%
ams-OSRAM AG, 10.50%, 03/30/29	EUR		100		119,751
Broadcom, Inc., 4.15%, 04/15/32^(b)(f)	USD		1,000		942,674
Entegris Escrow Corp., 4.75%, 04/15/29^(b)(f)			2,256		2,173,462
Entegris, Inc., 4.38%, 04/15/28^(b)			152		144,652
NCR Atleos Corp., 9.50%, 04/01/29			327		347,436
QUALCOMM, Inc., 4.65%, 05/20/35^(f)			400		409,133
Synaptics, Inc., 4.00%, 06/15/29^(b)			216		193,749


					4,330,857

Software — 3.1%
Alteryx, Inc., 8.75%, 03/15/28^(b)(f)			344		366,144
Boxer Parent Co., Inc.
6.50%, 10/02/25^(e)	EUR		100		109,975
7.13%, 10/02/25^(b)	USD		761		765,079
9.13%, 03/01/26^(b)			735		733,385
Capstone Borrower, Inc., 8.00%, 06/15/30^(b)			394		409,902
Clarivate Science Holdings Corp.^(b)(f)
3.88%, 07/01/28			1,442		1,359,653


136		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Software (continued)
Clarivate Science Holdings Corp.^(b)(f)(continued)
4.88%, 07/01/29	USD		1,244	$	1,167,288
Cloud Software Group, Inc.^(b)(f)
6.50%, 03/31/29			4,678		4,455,518
9.00%, 09/30/29			2,015		1,915,163
Consensus Cloud Solutions, Inc.^(b)
6.00%, 10/15/26			91		86,527
6.50%, 10/15/28			83		75,286
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			53		47,897
Elastic NV, 4.13%, 07/15/29^(b)(f)			481		441,677
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28^(b)			200		182,452
Iron Mountain U.K. PLC, 3.88%, 11/15/25^(e)	GBP		100		122,403
McAfee Corp., 7.38%, 02/15/30^(b)(f)	USD		1,315		1,200,926
MicroStrategy, Inc., 6.13%, 06/15/28^(b)			603		584,994
Open Text Corp., 6.90%, 12/01/27^(b)			1,101		1,144,656
Oracle Corp., 3.60%, 04/01/50^(f)			250		185,177
Playtika Holding Corp., 4.25%, 03/15/29^(b)			101		88,127
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(f)			1,530		1,508,171
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)			372		307,112


					17,257,512

Specialized REITs^(b)— 0.2%
Iron Mountain, Inc.
7.00%, 02/15/29^(f)			951		977,512
5.63%, 07/15/32			89		84,254


					1,061,766

Specialty Retail — 0.3%
Arko Corp., 5.13%, 11/15/29^(b)(f)			158		136,710
eG Global Finance PLC, 12.00%, 11/30/28			391		416,427
PetSmart, Inc./PetSmart Finance Corp.^(b)
4.75%, 02/15/28			436		411,054
7.75%, 02/15/29^(f)			895		870,672


					1,834,863

Technology Hardware, Storage & Peripherals^(b)— 0.2%
Seagate HDD Cayman
8.25%, 12/15/29^(f)			649		699,964
8.50%, 07/15/31			615		667,462


					1,367,426

Textiles, Apparel & Luxury Goods^(b)— 0.0%
Hanesbrands, Inc., 4.88%, 05/15/26^(f)			175		168,807
Levi Strauss & Co., 3.50%, 03/01/31			21		18,183


					186,990

Tobacco^(f)— 0.4%
Altria Group, Inc., 4.50%, 05/02/43			750		625,468
Philip Morris International, Inc., 4.38%, 11/15/41			900		798,469
Reynolds American, Inc., 5.85%, 08/15/45			715		669,280


					2,093,217

Transportation Infrastructure — 0.2%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61^(b)			320		240,022
Azzurra Aeroporti SpA, 2.13%, 05/30/24^(e)	EUR		100		109,170
DP World Salaam, (5-year CMT + 5.75%), 6.00%^(a)(e)(h)	USD		200		199,132
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(e)			200		183,070


Security		Par (000)		Value


Transportation Infrastructure (continued)
Heathrow Finance PLC, 4.13%, 09/01/29^(e)(n)	GBP		100	$	110,098
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(b)(f)	USD		520		508,014


					1,349,506

Wireless Telecommunication Services — 1.0%
Altice France SA/France
5.88%, 02/01/27^(e)	EUR		100		98,034
8.13%, 02/01/27^(b)	USD		570		525,443
11.50%, 02/01/27^(k)	EUR		100		110,671
5.50%, 01/15/28^(b)	USD		357		294,016
5.13%, 07/15/29^(b)			1,206		938,291
5.50%, 10/15/29^(b)			400		313,650
Cellnex Finance Co. SA^(e)
1.25%, 01/15/29	EUR		100		98,583
2.00%, 09/15/32			100		94,392
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)	USD		1,466		1,457,218
Eutelsat SA, 1.50%, 10/13/28^(e)	EUR		100		82,796
Hughes Satellite Systems Corp., 5.25%, 08/01/26	USD		150		131,996
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			243		168,202
Millicom International Cellular SA, 5.13%, 01/15/28^(e)			283		262,832
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25^(e)			208		159,120
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29^(e)	GBP		100		112,647
4.50%, 07/15/31^(e)			100		109,924
4.75%, 07/15/31^(b)(f)	USD		562		501,645


					5,459,460


Total Corporate Bonds — 86.2% (Cost: $487,806,262)					480,903,228


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.2%
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.22%, 02/01/29			744		738,397
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/01/28			312		312,651


					1,051,048

Air Freight & Logistics — 0.0%
Clue Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.86%, 12/19/30			268		253,482


Automobile Components — 0.0%
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.47%, 11/17/28			170		149,857


Banks — 0.0%
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.18%, 08/02/29			232		222,400


Beverages — 0.0%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.45%, 01/24/30			38		30,400
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 01/24/29			32		30,721


					61,121


S C H E D U L E O F I N V E S T M E N T S		137

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Broadline Retail — 0.0%
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.97%, 02/12/27	USD		119	$	116,825


Building Products — 0.0%
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.11%, 10/19/27			95		94,886


Chemicals — 0.2%
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 09/30/28			87		85,544
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.21%, 11/24/28			118		109,996
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29			661		650,930
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.37%, 07/03/28			178		160,645
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.86%, 03/29/28			275		265,130


					1,272,245

Commercial Services & Supplies — 0.1%
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.89%, 12/15/28			262		202,909
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.50%), 14.14%, 11/02/28			201		148,740


					351,649

Communications Equipment — 0.1%
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 05/30/30			316		309,488


Construction & Engineering — 0.2%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.88%, 08/01/30			1,142		1,134,112


Consumer Finance — 0.0%
Sabre GLBL, Inc.
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 12/17/27			61		52,662
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 12/17/27			95		82,969


					135,631

Containers & Packaging — 0.0%
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.85%, 09/15/28			165		164,684


Security		Par (000)		Value


Diversified Consumer Services — 0.1%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.21%, 12/10/29	USD		157	$	134,179
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 12/11/28			203		199,411


					333,590

Diversified Telecommunication Services — 0.1%
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 10/08/27^(c)			220		218,645
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/09/27			254		217,202


					435,847

Electronic Equipment, Instruments & Components — 0.0%
Roper Industrial Products Investment Co., USD Term Loan, 0.00%, 11/22/29			125		124,782


Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.47%, 06/28/24^(c)			17		11,528


Financial Services — 0.1%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.10%, 04/09/27			33		32,647
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.36%, 04/07/28			274		260,642


					293,289

Food Products — 0.1%
Chobani LLC, 2023 Incremental Term Loan, (3-mo. CME Term SOFR + 3.75%), 9.11%, 10/25/27			307		307,255


Health Care Equipment & Supplies — 0.1%
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.36%, 09/29/28			267		265,334
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 05/10/27			331		326,926


					592,260

Health Care Providers & Services — 0.2%
LifePoint Health, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 5.50%), 11.17%, 11/16/28			137		136,519
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.25%), 13.76%, 04/29/25			300		180,087
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.35%, 09/27/30			493		486,339
Surgery Center Holdings, Inc., 2023 Term Loan, (1- mo. CME Term SOFR + 3.50%) , 8.86%, 12/19/30			130		130,768


					933,713


138		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value


Health Care Technology — 0.7%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.61%, 02/15/29	USD		2,207		$	2,194,358
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.45%, 10/01/27			551			534,337
Verscend Holding Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.47%, 08/27/25			1,226			1,227,359


						3,956,054

Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.88%, 02/26/29			273			272,102
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 10/06/28			528			471,877


						743,979

Insurance — 0.0%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 11/06/30			66			66,345


Interactive Media & Services — 0.0%
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.50%, 02/16/28			125			124,310


IT Services — 0.2%
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.64%, 07/27/28			790			555,393
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.25%), 13.89%, 07/27/29			530			201,400
Project Alpha Intermediate Holding, Inc., 2023 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.11%, 10/28/30			117			117,032


						873,825

Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.48%, 05/25/27			130			130,378


Machinery — 0.3%
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 06/21/28			—	^(d)		81
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 04/05/29			468			469,084
Titan Acquisition Ltd./Canada, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.47%, 03/28/25			977			974,721


						1,443,886

Media — 0.5%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 7.25%), 12.72%, 09/01/25			311			283,785


Security		Par (000)		Value


Media (continued)
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/21/26	USD		1,032	$	1,019,812
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.65%, 08/02/27			991		989,986
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.72%, 09/25/26			329		262,567


					2,556,150

Oil, Gas & Consumable Fuels — 0.3%
Ecopetrol SA, 2023 Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.13%, 09/06/30			150		148,875
Freeport LNG Investments LLLP, Term Loan B, (3- mo. CME Term SOFR + 3.50%), 9.18%, 12/21/28			135		134,594
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 09/19/29			142		142,310
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.39%, 10/27/28			1,323		1,299,848


					1,725,627

Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28			487		499,895


Personal Care Products — 0.0%
KDC/ONE Development Corp., Inc., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.36%, 08/15/28			252		249,102


Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.86%, 05/04/28			89		86,796


Professional Services — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 06/02/28			165		159,898
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 04/29/29^(c)			169		138,818


					298,716

Real Estate Management & Development — 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/31/30^(c)			104		104,090


Software — 1.0%
Boxer Parent Co., Inc.
2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.97%, 02/27/26			529		526,519
2023 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.61%, 12/29/28			129		217,034
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.95%, 03/30/29			999		973,856


S C H E D U L E O F I N V E S T M E N T S		139

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value


Software (continued)
Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.46%, 10/08/29	USD		442		$	420,969
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.19%, 03/01/29			583			579,389
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.61%, 02/23/29			66			61,262
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.61%, 05/03/28			821			805,714
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.70%, 12/18/28			195			177,206
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.47%, 06/02/28			361			356,141
Proofpoint, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.72%, 08/31/29			472			475,162
Sophia LP, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.96%, 10/07/27			177			177,321
UKG, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.76%, 05/03/27			556			556,450


						5,327,023

Specialty Retail — 0.0%
Staples, Inc., 7 Year Term Loan, (1-mo. LIBOR US + 5.00%), 10.46%, 04/16/26			—	^(d)		2


Transportation Infrastructure — 0.0%
Apple Bidco LLC, 2022 Incremental Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.86%, 09/22/28			65			65,545


Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd.
2017 Term Loan B, (3-mo. LIBOR US + 2.25%), 10.75%, 05/28/24			695			643,657
2017 Term Loan B1, 05/27/24^(o)			30			27,971


						671,628


Total Floating Rate Loan Interests — 4.9% (Cost: $27,846,716)						27,273,043


Foreign Agency Obligations

Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32^(e)			200			183,312


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42^(f)			200			178,188


Colombia — 0.1%
Colombia Government International Bond
4.50%, 01/28/26^(f)			200			196,000
3.88%, 03/22/26	EUR		100			109,000
8.00%, 04/20/33^(f)	USD		200			218,312


						523,312

Dominican Republic — 0.2%
Dominican Republic International Bond
6.88%, 01/29/26^(e)			107			108,787


Security		Par (000)		Value


Dominican Republic (continued)
Dominican Republic International Bond (continued)
5.95%, 01/25/27^(e)	USD		176	$	176,366
4.50%, 01/30/30^(b)			200		183,750
7.05%, 02/03/31^(b)			150		157,342
4.88%, 09/23/32^(b)			162		147,281


					773,526

Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61^(b)			200		116,313


Guatemala — 0.1%
Guatemala Government Bond
5.38%, 04/24/32^(b)			200		193,700
6.60%, 06/13/36			200		205,500
4.65%, 10/07/41^(b)			200		163,000


					562,200

Hungary — 0.0%
Hungary Government International Bond, 5.38%, 03/25/24			64		63,984
Magyar Export-Import Bank, 6.00%, 05/16/29	EUR		121		141,466


					205,450

Indonesia — 0.0%
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27^(b)(f)	USD		200		198,750


Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(e)(f)			365		357,814


Mexico — 0.1%
Mexico Government International Bond
3.75%, 01/11/28^(f)			300		289,031
6.35%, 02/09/35			200		209,188


					498,219

Morocco — 0.0%
Morocco Government International Bond, 5.95%, 03/08/28^(b)			200		204,875


Nigeria — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29^(b)			200		191,562


Oman — 0.1%
Oman Government International Bond, 6.75%, 01/17/48^(e)			309		322,615


Panama — 0.1%
Panama Government International Bond
6.40%, 02/14/35^(f)			337		328,575
6.85%, 03/28/54			200		186,750


					515,325

Peru — 0.1%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(e)			379		374,346
Peruvian Government International Bond^(f)
2.78%, 01/23/31			117		101,680
1.86%, 12/01/32			356		278,125


					754,151


140		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Poland — 0.1%
Republic of Poland Government International Bond
4.88%, 10/04/33^(f)	USD		138	$	139,484
5.50%, 04/04/53			71		73,869


					213,353

Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27^(b)(f)			168		166,473
2.88%, 03/11/29^(e)	EUR		140		139,719
2.50%, 02/08/30^(e)			150		143,325
2.12%, 07/16/31^(e)			168		147,431


					596,948

Saudi Arabia — 0.1%
Saudi Government International Bond, 4.50%, 04/17/30^(e)(f)	USD		362		361,887


Senegal — 0.1%
Senegal Government International Bond, 6.25%, 05/23/33^(e)			231		205,734


South Africa — 0.1%
Republic of South Africa Government International Bond
5.88%, 04/20/32^(f)			390		369,408
5.00%, 10/12/46			200		147,250


					516,658

Ukraine — 0.0%
Ukraine Government International Bond^(l)(m)
7.75%, 09/01/27^(e)			107		28,569
7.25%, 03/15/35^(b)			371		86,072


					114,641


Total Foreign Agency Obligations — 1.4% (Cost: $7,902,919)					7,594,833


Municipal Bonds

Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33			800		791,103


Total Municipal Bonds — 0.1% (Cost: $790,464)					791,103


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 14.6%
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57^(a)(b)			12		5,062
Alternative Loan Trust
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,754		761,949
Series 2007-19, Class 1A1, 6.00%, 08/25/37			543		278,471
Bravo Residential Funding Trust
Series 2021-NQM1, Class A1, 0.94%, 02/25/49^(a)(b)			615		542,045
Series 2023-NQM3, Class A1, 4.85%, 09/25/62^(b)			397		390,962
Series 2023-NQM4, Class A1, 6.44%, 05/25/63			1,348		1,360,543
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49^(a)(b)			367		369,846
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1-mo. Term SOFR + 0.76%), 6.00%, 07/25/37^(a)			2,632		705,808
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,453		530,096
CIM Trust
Series 2023-I1, Class A1, 6.03%, 04/25/58^(b)			1,252		1,243,521


Security		Par (000)		Value


Collateralized Mortgage Obligations (continued)
CIM Trust (continued)
Series 2023-I2, Class A1, 6.64%, 12/25/67	USD		1,231	$	1,241,836
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.43%, 11/25/36^(a)			640		603,415
COLT Mortgage Loan Trust
Series 2020-2, Class M1, 5.25%, 03/25/65^(a)(b)			2,550		2,489,117
Series 2020-3, Class M1, 3.36%, 04/27/65^(a)(b)			2,850		2,613,222
Series 2022-1, Class A1, 4.55%, 04/25/67^(a)(b)			1,327		1,300,764
Series 2022-7, Class A1, 5.16%, 04/25/67^(b)			2,224		2,167,282
Series 2022-9, Class A1, 6.79%, 12/25/67^(b)			308		311,957
Series 2023-2, Class A1, 6.60%, 07/25/68			1,374		1,392,136
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + 0.56%), 5.50%, 05/25/35^(a)			1,166		974,233
Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + 0.51%), 5.87%, 12/25/36^(a)			2,272		524,854
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,402		676,375
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.96%, 11/20/46^(a)			2,528		1,903,185
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 5.86%, 11/25/46^(a)			4,185		3,471,722
Series 2006-OA16, Class A2, (1-mo. Term SOFR + 0.49%), 5.85%, 10/25/46^(a)			2,648		2,379,163
Series 2006-OA18, Class A1, (1-mo. Term SOFR + 0.35%), 5.71%, 12/25/46^(a)			1,538		1,312,447
Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + 0.53%), 5.89%, 07/25/46^(a)			3,045		2,461,468
Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + 0.49%), 5.85%, 07/25/46^(a)			1,030		869,819
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,242		1,466,474
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,573		740,444
Series 2007-22, Class 2A16, 6.50%, 09/25/37			6,980		2,671,936
Series 2007-23CB, Class A1, 6.00%, 09/25/37			3,984		2,021,948
Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + 0.46%), 5.75%, 04/25/37^(a)			1,526		1,144,168
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.85%, 03/25/47^(a)			1,768		1,475,761
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + 0.31%), 5.87%, 04/25/46^(a)			3,604		3,335,040
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67^(a)(b)			2,708		2,689,813
CSMC Trust^(a)(b)
Series 2011-4R, Class 1A2, (1-mo. Term SOFR + 1.61%), 6.93%, 09/27/37			1,176		950,636
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		961,831
Ellington Financial Mortgage Trust^(a)(b)
Series 2020-1, Class M1, 5.24%, 05/25/65			500		485,309
Series 2021-2, Class A1, 0.93%, 06/25/66			199		158,249
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51^(a)(b)			2,074		1,698,631
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67^(a)(b)			956		922,411
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67^(b)			1,025		1,007,762
JP Morgan Mortgage Trust^(a)(b)
Series 2022-DSC1, Class A1, 4.75%, 01/25/63			515		490,460
Series 2023-DSC1, Class A1, 4.63%, 07/25/63			328		308,529
MFA Trust
Series 2021-NQM1, Class M1, 2.31%, 04/25/65^(a)(b)			2,000		1,518,371
Series 2023-NQM3, Class A1, 6.62%, 07/25/68			1,714		1,732,869


S C H E D U L E O F I N V E S T M E N T S		141

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Collateralized Mortgage Obligations (continued)
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67^(b)	USD		1,651	$	1,655,347
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.33%, 05/26/37^(b)			3,651		3,670,190
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(a)			6,592		1,250,536
OBX Trust
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62^(b)			538		543,604
Series 2023-NQM1, Class A1, 6.12%, 11/25/62^(a)(b)			456		458,162
Series 2023-NQM6, Class A1, 6.52%, 07/25/63			1,549		1,562,991
Onslow Bay Financial LLC, Class A1A, 6.57%, 06/25/63			1,510		1,524,261
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58			1,495		1,502,107
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1-mo. Term SOFR + 0.71%), 6.07%, 08/25/36^(a)			6,276		1,300,569
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62^(b)			665		664,357
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57^(b)			670		643,473
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65^(a)(b)			1,750		1,338,161
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65^(a)(b)			1,057		873,368
Verus Securitization Trust
Series 2022-3, Class A1, 4.13%, 02/25/67^(b)			457		424,917
Series 2022-7, Class A1, 5.15%, 07/25/67^(b)			1,781		1,782,972
Series 2022-INV2, Class A1, 6.79%, 10/25/67^(b)			466		472,437
Series 2023-1, Class A1, 5.85%, 12/25/67^(b)			302		301,423
Series 2023-5, Class A1, 6.48%, 06/25/68			1,313		1,325,313
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58			1,598		1,610,629


					81,566,757

Commercial Mortgage-Backed Securities — 4.1%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. Term SOFR + 0.38%), 5.74%, 07/25/37^(a)(b)			1,240		1,128,219
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1-mo. Term SOFR + 0.86%), 6.23%, 04/15/36^(a)(b)			480		470,665
BX Commercial Mortgage Trust^(a)(b)
Series 2019-XL, Class A, (1-mo. Term SOFR + 1.03%), 6.40%, 10/15/36			495		494,324
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 6.40%, 12/15/38			600		587,386
Series 2021-SOAR, Class A, (1-mo. Term SOFR + 0.78%), 6.15%, 06/15/38			1,532		1,507,366
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 6.37%, 02/15/39			1,353		1,328,222
BX Trust^(a)(b)
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 6.28%, 02/15/36			1,650		1,623,100
Series 2022, Class B, (1-mo. Term SOFR + 2.66%), 8.03%, 08/15/41			278		278,261
Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.53%, 08/15/39			650		650,611


Security		Par (000)		Value


Commercial Mortgage-Backed Securities (continued)
BX Trust^(a)(b)(continued)
Series 2023, Class A, (1-mo. Term SOFR + 2.69%), 8.05%, 05/15/38	USD		140	$	140,263
CENT Trust, Series 2023, Class A, (1-mo. Term SOFR + 2.62%), 7.98%, 09/15/38^(a)			1,081		1,086,445
Cold Storage Trust^(a)(b)
Series 2020-ICE5, Class A, (1-mo. Term SOFR + 1.01%), 6.37%, 11/15/37			101		100,770
Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.96%, 11/15/37			280		277,186
CSMC BHAR, Series 2021-BHAR, Class C, (1-mo. Term SOFR + 2.11%), 7.48%, 11/15/38^(a)(b)			270		265,818
CSMC Trust, Series 2020-NET, Class A, 2.26%, 08/15/37^(b)			479		443,149
Extended Stay America Trust^(a)(b)
Series 2021-ESH, Class D, (1-mo. Term SOFR + 2.36%), 7.73%, 07/15/38			1,335		1,311,348
Series 2021-ESH, Class F, (1-mo. Term SOFR + 3.81%), 9.18%, 07/15/38			847		828,427
GS Mortgage Securities Corp II, Class E, 7.43%, 09/10/38			275		268,836
GS Mortgage Securities Corp Trust, Series 2023, Class B, (1-mo. Term SOFR + 2.79%), 8.15%, 03/15/28^(a)			550		547,243
Independence Plaza Trust, Series 2018-INDP, Class A, 3.76%, 07/10/35^(b)			1,000		955,052
JP Morgan Chase Commercial Mortgage Securities Trust
Class B, 2.85%, 09/06/38			275		243,098
Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.74%, 03/15/39^(a)(b)			1,600		1,577,902
KSL Commercial Mortgage Trust, Series 2023-HT, Class D, (1-mo. Term SOFR + 4.29%), 9.64%, 12/15/36^(a)			1,100		1,100,674
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. Term SOFR + 1.11%), 6.47%, 04/25/31^(a)(b)			36		35,832
MED Trust^(a)(b)
Series 2021, Class A, (1-mo. Term SOFR + 1.06%), 6.43%, 11/15/38			1,065		1,044,170
Series 2023, Class E, (1-mo. Term SOFR + 3.26%), 8.63%, 11/15/38			390		379,191
MF1 2021-W10X, Series 2021-W10, Class A, (1-mo. Term SOFR + 1.07%), 6.43%, 12/15/34^(a)(b)			520		507,138
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. Term SOFR + 2.19%), 7.55%, 05/15/37^(a)(b)			500		497,017
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class A4, 3.64%, 12/15/59			1,600		1,526,045
Series 2020, Class B, (1-mo. Term SOFR + 1.45%), 6.82%, 02/15/37^(a)(b)			780		763,952
Series 2020, Class D, (1-mo. Term SOFR + 2.20%), 7.57%, 02/15/37^(a)(b)			800		781,746


					22,749,456


Total Non-Agency Mortgage-Backed Securities — 18.7% (Cost: $120,692,769)					104,316,213


142		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


Preferred Securities

Capital Trusts — 5.5%

Automobiles^(a)(h)— 0.1%
General Motors Financial Co., Inc., Series C, 5.70%	USD		395	$	364,779
Volkswagen International Finance NV, 3.88%^(e)	EUR		100		101,028


					465,807

Banks^(h)— 4.4%
AIB Group PLC, 5.25%^(a)(e)			200		217,738
Banco Bilbao Vizcaya Argentaria SA, 6.13%^(a)	USD		2,000		1,820,220
Bank of America Corp., Series X, 6.25%^(a)(f)			2,925		2,898,059
Bank of East Asia Ltd., 5.88%^(a)(e)			250		232,656
Bank of New York Mellon Corp., Series I, 3.75%^(a)(f)			2,845		2,459,024
Barclays PLC
9.63%			1,105		1,147,819
4.38%^(a)(f)			585		454,782
8.00%^(a)			275		269,888
BNP Paribas SA^(a)
8.50%^(b)			545		570,737
6.88%^(e)	EUR		200		228,509
Chong Hing Bank Ltd., 5.70%^(a)(e)	USD		250		245,703
Citigroup, Inc., 7.63%^(a)			425		433,967
Credit Agricole SA, 4.75%^(a)(b)			260		220,558
Goldman Sachs Group, Inc., Series R, 4.95%^(a)			900		859,392
HSBC Holdings PLC^(a)
4.70%			465		378,717
4.60%			200		166,803
6.00%^(f)			695		663,767
Lloyds Banking Group PLC^(a)
8.00%			345		345,689
6.75%			515		507,692
NatWest Group PLC, 6.00%^(a)			1,185		1,145,668
Nordea Bank Abp, 3.75%^(a)(b)			560		442,371
PNC Financial Services Group, Inc.^(a)
Series V, 6.20%			377		366,534
Series W, 6.25%^(f)			380		354,224
Rizal Commercial Banking Corp., 6.50%^(a)(e)			200		188,392
Societe Generale SA, 6.75%^(a)(b)(f)			3,000		2,679,263
UBS Group AG^(a)(b)
9.25%			616		664,527
9.25%			760		842,281
Wells Fargo & Co.^(a)(f)
7.63%			571		599,157
Series S, 5.90%			3,000		2,968,372
Woori Bank, 4.25%^(a)(e)			250		244,062


					24,616,571

Diversified Telecommunication Services^(a)— 0.1%
British Telecommunications PLC, 8.38%, 12/20/83	GBP		100		134,391
Telefonica Europe BV, 6.14%^(e)(h)	EUR		200		226,862


					361,253

Electric Utilities^(a)— 0.6%
Edison International, Series B, 5.00%^(h)	USD		328		305,402
EDP - Energias de Portugal SA, 5.94%, 04/23/83^(e)	EUR		100		114,542
Electricite de France SA^(h)
9.13%^(b)	USD		245		273,521


Security		Par (000)		Value


Electric Utilities (continued)
Electricite de France SA^(h)(continued)
3.00%^(e)	EUR		200	$	200,919
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(f)	USD		2,500		2,345,876


					3,240,260

Independent Power and Renewable Electricity Producers^(a)(b)(h)—0.2%
NRG Energy, Inc., 10.25%			625		650,679
Vistra Corp., 7.00%^(f)			307		302,395


					953,074

Insurance — 0.0%
Liberty Mutual Group, Inc., 3.63%, 05/23/59^(a)(e)	EUR		100		107,500


Oil, Gas & Consumable Fuels — 0.0%
Repsol International Finance BV, 4.25%^(a)(e)(h)			100		107,628


Pharmaceuticals^(a)— 0.0%
Bayer AG
4.50%, 03/25/82^(e)			100		104,875
7.00%, 09/25/83			100		113,823


					218,698

Real Estate Management & Development^(a)(e)— 0.0%
Fastighets AB Balder, 2.87%, 06/02/81			100		83,072
Heimstaden Bostad AB, 2.63%^(h)			100		37,038


					120,110

Transportation Infrastructure — 0.0%
Abertis Infraestructuras Finance BV, 3.25%^(a)(e)(h)			100		105,683


Wireless Telecommunication Services^(a)(e)— 0.1%
Vodafone Group PLC
2.63%, 08/27/80			100		104,841
6.50%, 08/30/84			100		117,965


					222,806


					30,519,390


		Shares


Preferred Stocks — 0.7%^(a)(h)

Capital Markets — 0.7%
Morgan Stanley
Series F, 6.88%			100,000		2,502,000
Series K, 5.85%			60,125		1,456,228


					3,958,228


Total Preferred Securities — 6.2% (Cost: $36,448,030)					34,477,618


S C H E D U L E O F I N V E S T M E N T S		143

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value


U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.9%
Fannie Mae REMICS, Series 4480, Class ZX, 4.00%, 11/15/44	USD		4,547	$	4,339,177
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47			573		526,826


					4,866,003

Mortgage-Backed Securities — 16.7%
Fannie Mae Mortgage-Backed Securities^(f)
4.50%, 07/01/55			6,461		6,388,773
4.00%, 02/01/56 - 04/01/56			6,871		6,632,857
Uniform Mortgage-Backed Securities
1.50%, 05/01/31 - 06/01/31^(f)			7,414		6,814,540
4.00%, 03/01/34 - 09/01/52^(f)			20,931		19,883,910
4.50%, 04/01/48 - 01/16/54^(f)(p)			11,745		11,504,093
6.50%, 10/01/53^(f)			5,227		5,355,740
3.50%, 01/16/54^(p)			10,000		9,173,437
5.00%, 01/16/54^(p)			11,000		10,882,266
5.50%, 01/16/54^(p)			11,020		11,066,491
7.00%, 01/16/54^(p)			5,700		5,879,238


					93,581,345


Total U.S. Government Sponsored Agency Securities — 17.6% (Cost: $100,564,237)					98,447,348


		Shares


Warrants

Entertainment — 0.0%
Aviron Capital LLC, (Expires 12/16/31)^(c)(m)			10		—


Total Warrants — 0.0% (Cost: $— )					—


Total Long-Term Investments — 154.4% (Cost: $892,844,878)					861,733,087


Short-Term Securities

Money Market Funds — 1.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(q)(r)			10,305,527		10,305,527


Total Short-Term Securities — 1.8% (Cost: $10,305,527)					10,305,527


Total Investments Before TBA Sale Commitments — 156.2% (Cost: $903,150,405)					872,038,614


Security		Par (000)			Value


TBA Sale Commitments

Mortgage-Backed Securities — (1.0)%
Uniform Mortgage-Backed Securities, 7.00%, 01/16/54^(p)	USD		(5,700	)	$	(5,879,238	)


Total TBA Sale Commitments — (1.0)% (Proceeds: $(5,832,035))						(5,879,238	)


Total Investments, Net of TBA Sale Commitments — 155.2% (Cost: $897,318,370)						866,159,376

Liabilities in Excess of Other Assets — (55.2)%						(307,986,008	)


Net Assets — 100.0%					$	558,173,368

^(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)	Rounds to less than 1,000.

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

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

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

^(h)	Perpetual security with no stated maturity date.

⁽ⁱ⁾	Convertible security.

^(j)	Zero-coupon bond.

^(k)	When-issued security.

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

^(m)	Non-income producing security.

⁽ⁿ⁾	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.

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

^(p)	Represents or includes a TBA transaction.

^(q)	Affiliate of the Fund.

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


144		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 10/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,684,688	$	4,620,839	^(a)	$	—	$	—	$	—	$	10,305,527		10,305,527	$	79,585	$	—

^(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)

BNP Paribas SA

5.45

%^(b)

11/02/23

Open

793,196

800,281

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

1,886,606

1,902,430

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

233,520

235,479

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

11/06/23

Open

606,225

611,310

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/06/23

Open

115,600

116,580

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/08/23

Open

625,776

630,986

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

11/08/23

Open

600,075

605,026

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/08/23

Open

537,000

541,551

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.35

11/14/23

01/04/24

861,315

867,331

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

166,850

168,026

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

165,000

166,163

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

456,250

459,467

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

11/14/23

01/04/24

850,640

856,637

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

213,400

214,918

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

421,877

424,879

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

219,505

221,067

Capital Trusts

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

215,410

216,943

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/14/23

01/04/24

557,546

561,513

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

270,269

272,209

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

662,806

667,566

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

147,750

148,811

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

250,500

252,299

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

787,426

793,080

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

416,377

419,367

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

253,171

254,989

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

322,830

325,148

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

227,858

229,494

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/14/23

01/04/24

325,706

328,045

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

11/15/23

01/04/24

1,093,125

1,100,737

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/15/23

01/04/24

298,366

300,463

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

11/15/23

01/04/24

369,810

372,409

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

11/15/23

01/10/24

194,695

196,051

Capital Trusts

Up to 30 Days

Barclays Bank PLC

5.45

11/15/23

01/10/24

1,815,091

1,827,731

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

11/15/23

01/10/24

426,530

429,500

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

11/15/23

01/10/24

381,875

384,534

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.75

11/15/23

01/10/24

441,269

443,947

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.24

11/15/23

01/10/24

165,055

166,161

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.24

11/15/23

01/10/24

190,977

192,256

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.40

11/15/23

01/10/24

122,266

123,109

Foreign Agency Obligations

Up to 30 Days

Barclays Capital, Inc.

5.45

11/15/23

01/10/24

397,900

400,671

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.45

11/15/23

01/10/24

243,750

245,447

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.55

11/15/23

01/10/24

2,165,700

2,181,058

Capital Trusts

Up to 30 Days

Barclays Bank PLC

5.50

^(b)

11/15/23

Open

1,496,662

1,507,181

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

^(b)

11/15/23

Open

676,875

681,632

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

^(b)

11/15/23

Open

2,115,969

2,130,839

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

11/15/23

Open

314,090

314,491

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

11/15/23

Open

101,361

102,062

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		145

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BNP Paribas SA

5.44

%^(b)

11/15/23

Open

189,240

190,555

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

11/15/23

Open

524,606

528,260

Capital Trusts

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

^(b)

11/15/23

Open

238,075

237,638

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

^(b)

11/15/23

Open

90,383

91,020

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/15/23

Open

1,400,377

1,410,309

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

11/15/23

Open

129,040

129,922

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

11/15/23

Open

194,396

195,725

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

425,040

428,016

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

477,500

480,844

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

112,880

113,670

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

249,555

251,302

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

618,000

622,327

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

229,366

230,972

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

279,953

281,913

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

146,913

147,941

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/15/23

Open

235,121

236,768

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.50

^(b)

11/15/23

Open

165,113

166,273

Corporate Bonds

Open/Demand

BofA Securities, Inc.

2.50

11/16/23

01/11/24

450,735

452,144

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

3.50

11/16/23

01/11/24

488,312

490,449

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.15

11/16/23

01/11/24

189,610

190,594

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.25

11/16/23

01/11/24

149,475

150,269

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

4.50

11/16/23

01/11/24

196,584

197,690

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.10

11/16/23

01/11/24

346,749

348,959

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

11/16/23

01/11/24

945,419

951,505

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

11/16/23

01/11/24

431,827

434,634

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

261,975

263,694

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

415,562

418,290

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

11/16/23

01/11/24

91,410

92,010

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

1,701,462

1,712,840

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/16/23

01/11/24

694,577

699,223

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

374,680

377,209

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

841,500

847,180

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

574,062

577,937

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

722,767

727,646

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

281,163

283,060

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

281,813

283,715

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

849,520

855,254

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

280,875

282,771

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

361,523

363,964

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

123,156

123,988

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

535,000

538,611

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

350,625

352,992

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

446,224

449,236

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/16/23

01/11/24

66,388

66,836

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.43

11/16/23

01/11/24

1,975,556

1,988,965

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

769,393

774,634

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

391,875

394,545

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

694,899

699,633

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

656,250

660,721

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

293,183

295,180

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

615,930

620,126

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

896,697

902,806

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

115,250

116,035

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

238,734

240,360

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

598,340

602,416

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

11/16/23

01/11/24

548,769

552,507

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.49

11/16/23

01/11/24

2,121,875

2,136,436

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

2,580,000

2,597,738

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

798,750

804,241

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

900,487

906,678

Corporate Bonds

Up to 30 Days


146		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BofA Securities, Inc.

5.50

11/16/23

01/11/24

529,575

533,216

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

153,255

154,309

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

994,602

1,001,440

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

653,350

657,842

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

932,740

939,153

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

482,369

485,685

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

515,612

519,157

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,485,176

1,495,387

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

454,025

457,146

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

125,430

126,292

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

225,469

227,019

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

349,796

352,201

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

583,537

587,549

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

174,195

175,393

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

120,951

121,783

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

161,883

162,995

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

2,686,470

2,704,940

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

190,598

191,908

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

309,885

312,015

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

162,594

163,712

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

135,052

135,981

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

436,100

439,098

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

108,723

109,470

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

504,810

508,281

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

678,634

683,299

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

175,629

176,836

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

1,253,805

1,262,425

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

168,831

169,992

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

77,441

77,974

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

277,016

278,921

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

957,780

964,365

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

160,283

161,384

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

795,094

800,560

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

364,675

367,182

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/16/23

01/11/24

357,500

359,958

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

11/16/23

01/11/24

1,991,250

2,005,015

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

99,790

100,482

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

318,283

320,491

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

321,975

324,209

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

289,201

291,208

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

97,565

98,242

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

182,700

183,968

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

279,451

281,390

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

230,680

232,280

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

11/16/23

01/11/24

257,353

259,138

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/22/23

01/11/24

752,600

756,850

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/22/23

01/11/24

740,250

744,469

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/22/23

01/11/24

1,862,960

1,873,776

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

11/22/23

01/11/24

2,796,349

2,812,878

Corporate Bonds

Up to 30 Days

Goldman Sachs & Co. LLC

5.25

^(b)

11/22/23

Open

662,930

666,604

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/22/23

Open

928,687

934,030

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/22/23

Open

3,306,170

3,325,539

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/22/23

Open

784,575

789,171

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

11/22/23

Open

731,850

736,137

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/22/23

Open

544,983

548,136

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.60

^(b)

11/22/23

Open

671,933

675,905

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

^(b)

11/22/23

Open

2,593,957

2,609,428

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/24/23

Open

667,920

671,784

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/29/23

Open

169,250

170,074

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/29/23

Open

674,515

677,801

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.35

11/30/23

01/11/24

1,157,885

1,163,219

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/30/23

01/11/24

195,594

196,495

Corporate Bonds

Up to 30 Days


S C H E D U L E O F I N V E S T M E N T S		147

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BofA Securities, Inc.

5.35

11/30/23

01/11/24

508,500

510,843

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

11/30/23

01/11/24

1,842,500

1,850,988

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/30/23

01/11/24

208,810

209,781

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

11/30/23

01/11/24

1,514,890

1,521,934

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

11/30/23

01/11/24

1,259,095

1,265,058

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.45

^(b)

11/30/23

Open

245,526

246,678

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

11/30/23

Open

293,313

294,694

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/30/23

Open

614,075

616,957

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

11/30/23

Open

203,363

204,317

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

11/30/23

Open

166,195

166,979

Corporate Bonds

Open/Demand

BNP Paribas SA

5.50

^(b)

12/01/23

Open

868,500

872,215

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/01/23

Open

808,904

812,396

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/07/23

Open

1,464,064

1,469,605

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.32

12/08/23

01/11/24

267,517

268,347

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.55

12/08/23

01/11/24

162,996

163,524

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

12/08/23

01/11/24

148,633

149,115

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

12/08/23

01/11/24

266,361

267,224

Foreign Agency Obligations

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

116,314

116,653

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

139,751

140,159

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,478,839

1,483,155

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

619,221

621,029

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,061,555

1,064,653

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

292,951

293,806

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,506,061

2,513,375

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

6,041,553

6,059,186

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

98,336

98,623

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,854,569

1,859,982

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

2,707,500

2,715,402

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,669,145

1,674,017

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,373,027

1,377,034

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,939,007

1,944,666

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

91,970

92,238

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

5,162,382

5,177,449

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

4,391,210

4,404,026

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

12,550,585

12,587,215

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

376,537

377,636

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

206,775

207,379

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

1,347,692

1,351,625

U.S. Government Sponsored Agency Securities

Up to 30 Days

Royal Bank of Canada

5.53

12/08/23

01/16/24

3,779,334

3,790,364

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas SA

5.15

^(b)

12/08/23

Open

126,844

127,225

Corporate Bonds

Open/Demand


148		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

HSBC Securities (USA), Inc.

5.50

%^(b)

12/08/23

Open

168,578

169,118

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

452,500

453,952

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

210,478

211,153

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

156,860

157,363

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

187,105

187,705

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

^(b)

12/08/23

Open

312,942

313,946

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.40

^(b)

12/08/23

Open

1,222,992

1,226,844

Corporate Bonds

Open/Demand

BNP Paribas SA

5.30

^(b)

12/11/23

Open

490,762

492,208

Corporate Bonds

Open/Demand

BNP Paribas SA

5.37

^(b)

12/11/23

Open

194,344

194,924

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

12/11/23

Open

381,000

382,141

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

^(b)

12/11/23

Open

496,725

498,218

Corporate Bonds

Open/Demand

BNP Paribas SA

5.42

^(b)

12/11/23

Open

197,134

197,727

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

^(b)

12/11/23

Open

334,170

335,180

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

376,291

377,431

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

535,000

536,620

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

862,500

865,111

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

756,000

758,289

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

563,250

564,955

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

356,421

357,500

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/11/23

Open

330,221

331,221

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/11/23

Open

592,525

594,326

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/11/23

Open

1,204,070

1,207,729

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

^(b)

12/11/23

Open

544,252

545,906

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/11/23

Open

343,710

344,756

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/11/23

Open

278,843

279,691

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

426,300

427,600

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

1,977,500

1,983,531

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

765,559

767,894

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

316,111

317,075

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

474,150

475,596

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/11/23

Open

867,500

870,146

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

^(b)

12/11/23

Open

2,705,625

2,713,952

Capital Trusts

Open/Demand

BNP Paribas SA

5.55

^(b)

12/11/23

Open

1,458,229

1,462,725

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/11/23

Open

281,200

282,083

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/11/23

Open

1,123,984

1,127,349

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/11/23

Open

378,885

380,074

Corporate Bonds

Open/Demand

BNP Paribas SA

5.68

^(b)

12/11/23

Open

972,216

975,284

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.50

^(b)

12/11/23

Open

338,018

339,050

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

5.50

^(b)

12/11/23

Open

798,437

800,877

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.25

^(b)

12/11/23

Open

334,594

335,570

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

^(b)

12/11/23

Open

1,420,031

1,424,251

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

^(b)

12/11/23

Open

332,520

333,508

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/11/23

Open

197,381

197,979

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/11/23

Open

260,010

260,797

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/11/23

Open

825,836

828,337

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/11/23

Open

2,105,025

2,111,399

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

831,077

833,640

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

687,746

689,867

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

1,291,012

1,294,993

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

692,640

694,776

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

1,675,345

1,680,511

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

81,355

81,606

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

545,200

546,881

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

1,029,105

1,032,278

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

539,505

541,168

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

590,250

592,070

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

354,656

355,750

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

344,886

345,949

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

465,465

466,900

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

425,430

426,742

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		149

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

Goldman Sachs & Co. LLC

5.55

%^(b)

12/11/23

Open

768,622

770,992

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

571,330

573,092

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

292,679

293,581

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/11/23

Open

173,644

174,179

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

4.50

^(b)

12/11/23

Open

245,625

246,239

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

465,000

466,382

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

181,731

182,271

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

450,000

451,338

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

258,390

259,158

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

715,227

717,353

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

165,233

165,724

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

^(b)

12/11/23

Open

104,545

104,856

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.45

^(b)

12/11/23

Open

920,000

922,786

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

244,020

244,763

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

333,125

334,139

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

375,345

376,488

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

177,975

178,517

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

626,652

628,560

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

245,144

245,890

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

203,740

204,360

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

319,700

320,673

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

261,844

262,641

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

419,375

420,652

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

108,199

108,528

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

1,606,545

1,611,436

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

749,070

751,351

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

256,764

257,545

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

442,035

443,381

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

450,000

451,370

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

347,160

348,217

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

337,250

338,277

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

172,530

173,055

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

278,760

279,609

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

928,175

931,001

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

397,687

398,898

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/11/23

Open

1,475,625

1,480,117

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.57

^(b)

12/11/23

Open

2,688,750

2,697,070

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/11/23

Open

295,350

296,228

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

^(b)

12/11/23

Open

421,875

423,159

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

370,000

371,131

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

732,187

734,425

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

718,875

721,072

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

519,350

520,937

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

335,775

336,801

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

546,000

547,668

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

1,267,500

1,271,373

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

796,000

798,432

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

351,000

352,073

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

170,000

170,519

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

629,062

630,985

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

420,000

421,283

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

341,000

342,042

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

615,794

617,675

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

373,500

374,641

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

611,625

613,494

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

253,425

254,199

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

337,500

338,531

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

214,144

214,798

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

594,750

596,567

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

501,375

502,907

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

480,350

481,818

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/11/23

Open

418,125

419,403

Corporate Bonds

Open/Demand


150		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

Societe Generale

5.47

%^(b)

12/11/23

Open

303,000

303,921

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

89,494

89,766

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

568,125

569,852

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

1,117,800

1,121,197

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

167,813

168,322

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

765,000

767,325

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

3,355,000

3,365,196

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

121,713

122,082

Corporate Bonds

Open/Demand

Societe Generale

5.47

^(b)

12/11/23

Open

262,836

263,635

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

859,500

862,122

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

366,437

367,555

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

445,000

446,357

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

220,313

220,984

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

294,000

294,897

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

475,625

477,076

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

186,434

187,003

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

262,969

263,771

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

533,400

535,027

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

628,310

630,226

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

245,625

246,374

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

264,938

265,746

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

86,005

86,267

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

^(b)

12/11/23

Open

217,473

218,136

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

12/11/23

Open

1,508,062

1,512,671

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

12/11/23

Open

525,647

527,254

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

^(b)

12/11/23

Open

385,619

386,797

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

^(b)

12/12/23

Open

267,671

268,433

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

^(b)

12/12/23

Open

174,585

175,087

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

114,748

115,080

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

333,040

334,005

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

^(b)

12/12/23

Open

305,340

306,225

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

600,295

602,053

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/12/23

Open

1,396,787

1,400,879

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

157,091

157,546

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

^(b)

12/12/23

Open

638,854

640,701

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

5.45

12/13/23

01/04/24

177,648

178,132

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

154,751

155,177

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

203,581

204,141

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

293,429

294,236

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

12/13/23

01/04/24

155,263

155,690

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

12/13/23

01/10/24

464,694

465,739

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

12/13/23

01/11/24

168,165

168,619

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/13/23

01/11/24

325,890

326,786

Corporate Bonds

Up to 30 Days

Goldman Sachs & Co. LLC

5.55

^(b)

12/13/23

Open

5,219,680

5,234,165

Corporate Bonds

Open/Demand

BNP Paribas SA

5.43

^(b)

12/15/23

Open

101,010

101,223

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

^(b)

12/15/23

Open

530,929

532,054

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.42

^(b)

12/15/23

Open

1,508,900

1,512,080

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.50

12/18/23

01/11/24

488,000

488,969

Corporate Bonds

Up to 30 Days

TD Securities (USA) LLC

5.50

^(b)

12/18/23

Open

295,752

296,339

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

^(b)

12/19/23

Open

1,782,720

1,785,988

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.55

12/20/23

01/10/24

1,866,840

1,870,006

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

12/20/23

01/11/24

892,570

894,102

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.33

12/20/23

01/11/24

678,813

680,019

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

12/20/23

01/11/24

339,589

340,194

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

12/20/23

01/11/24

1,578,289

1,581,103

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

12/20/23

01/11/24

1,490,325

1,492,983

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

12/20/23

01/11/24

203,345

203,711

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

12/20/23

01/11/24

259,080

259,546

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

12/20/23

01/11/24

171,360

171,668

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

12/20/23

01/11/24

772,144

773,534

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

1,067,325

1,069,282

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

1,528,312

1,531,114

Corporate Bonds

Up to 30 Days


S C H E D U L E O F I N V E S T M E N T S		151

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity
of the Agreements

^(a)

BofA Securities, Inc.

5.50

12/20/23

01/11/24

356,300

356,953

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

630,379

631,535

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

1,799,927

1,803,227

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

3,286,500

3,292,525

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

12/20/23

01/11/24

195,978

196,337

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.65

12/20/23

01/11/24

1,056,294

1,058,283

Corporate Bonds

Up to 30 Days

BNP Paribas SA

4.75

^(b)

12/20/23

Open

2,422,062

2,425,897

Corporate Bonds

Open/Demand

BNP Paribas SA

5.00

^(b)

12/20/23

Open

974,129

975,752

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

^(b)

12/20/23

Open

490,280

491,176

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

^(b)

12/20/23

Open

160,100

160,372

Corporate Bonds

Open/Demand

BNP Paribas SA

5.65

^(b)

12/26/23

Open

127,140

Corporate Bonds

Open/Demand

283,379,886

284,576,426

^(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
5-Year U.S. Treasury Note		1,994		03/28/24	$	216,894	$	4,607,841

Short Contracts
10-Year U.S. Treasury Note		740		03/19/24		83,539		(2,673,182	)
10-Year U.S. Ultra Long Treasury Note		238		03/19/24		28,088		(1,245,020	)
U.S. Long Bond		373		03/19/24		46,602		(3,383,772	)
Ultra U.S. Treasury Bond		111		03/19/24		14,829		(1,370,358	)
2-Year U.S. Treasury Note		41		03/28/24		8,442		(24,357	)


								(8,696,689	)


							$	(4,088,848	)

Forward Foreign Currency Exchange Contracts



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

USD	104,790		EUR	97,038	Barclays Bank PLC	03/14/24	$	(2,638	)
USD	130,174		EUR	120,545	Barclays Bank PLC	03/14/24		(3,277	)
USD	145,190		EUR	134,415	Deutsche Bank AG	03/14/24		(3,617	)
USD	493,932		EUR	457,247	Deutsche Bank AG	03/14/24		(12,272	)
USD	109,619		EUR	100,000	BNP Paribas SA	03/20/24		(1,115	)
USD	10,517,764		EUR	9,585,000	UBS AG	03/20/24		(96,131	)
USD	1,738,910		GBP	1,372,000	State Street Bank and Trust Co.	03/20/24		(10,572	)


							$	(129,622	)

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.41.V2		5.00	%		Quarterly		12/20/28	USD	6,623	$	(398,828	)	$	(84,932	)	$	(313,896	)
CDX.NA.IG.41.V1		1.00			Quarterly		12/20/28	USD	27,020		(533,869	)		(408,541	)		(125,328	)


										$	(932,697	)	$	(493,473	)	$	(439,224	)


152		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index

Financing

Rate Paid

by the Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount (000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CMBX.NA.7

3.00

Monthly

Deutsche Bank AG

01/17/47

USD 14,855

2,812,513

963,235

1,849,278

OTC Credit Default Swaps — Sell Protection



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

Virgin Media Finance PLC	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	20	$	1,560		$	1,205		$	355
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	BB		EUR	20		1,742			(532	)		2,274
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	BB		EUR	10		884			274			610
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/26	BB		EUR	7		581			1,019			(438	)
CMA CGM SA	5.00		Quarterly	Morgan Stanley & Co. International PLC	06/20/27	N/R		EUR	38		4,855			6,651			(1,796	)
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	10		(89	)		(787	)		698
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	11		(99	)		(1,380	)		1,281
Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	CCC+		EUR	9		(1,756	)		(1,682	)		(74	)
Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	5		(1,055	)		(990	)		(65	)
Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	CCC+		EUR	15		(2,967	)		(2,784	)		(183	)
Adler Real Estate AG	5.00		Quarterly	Citibank N.A.	12/20/27	CCC+		EUR	4		(860	)		(829	)		(31	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/27	CCC+		EUR	9		(1,802	)		(1,737	)		(65	)
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/27	CCC+		EUR	7		(1,307	)		(1,239	)		(68	)
United Group B.V.	5.00		Quarterly	Bank of America N.A.	12/20/27	B		EUR	23		1,023			(2,851	)		3,874
Ladbrokes Coral Group Ltd.	1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/28	N/R		EUR	7		(159	)		(439	)		280
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD	5,942		(1,125,005	)		(269,977	)		(855,028	)
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD	2,971		(562,503	)		(134,833	)		(427,670	)
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD	5,942		(1,125,005	)		(133,493	)		(991,512	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	407		(70,877	)		(41,121	)		(29,756	)
CMBX.NA.15	3.00		Monthly	Morgan Stanley & Co. International PLC	11/15/64	N/R		USD	2,972		(545,733	)		(551,268	)		5,535


										$	(3,428,572	)	$	(1,136,793	)	$	(2,291,779	)

^(a)

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

^(b)

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

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps^(a)	$	—		$ (493,473	)	$	—	$	(439,224	)
OTC Swaps		972,384		(1,145,942	)		1,864,185		(2,306,686	)

^(a)

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


S C H E D U L E O F I N V E S T M E N T S		153

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	4,607,841	$	—	$	4,607,841
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		2,836,569		—		—		—		—		2,836,569


	$	—	$	2,836,569	$	—	$	—	$	4,607,841	$	—	$	7,444,410

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	8,696,689	$	—	$	8,696,689
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		129,622		—		—		129,622
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		439,224		—		—		—		—		439,224
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,452,628		—		—		—		—		3,452,628


	$	—	$	3,891,852	$	—	$	129,622	$	8,696,689	$	—	$	12,718,163

^(a)

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

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:



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

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—	$	—		$	2,901,941		$	—	$	2,901,941
Forward foreign currency exchange contracts		—		—			—		(274,755	)		—			—		(274,755	)
Swaps		—		(53,462	)		—		—			(493,617	)		—		(547,079	)


	$	—	$	(53,462	)	$	—	$	(274,755	)	$	2,408,324		$	—	$	2,080,107

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—	$	—		$	(11,439,008	)	$	—	$	(11,439,008	)
Forward foreign currency exchange contracts		—		—			—		(286,118	)		—			—		(286,118	)
Swaps		—		(85,823	)		—		—			754,690			—		668,867


	$	—	$	(85,823	)	$	—	$	(286,118	)	$	(10,684,318	)	$	—	$	(11,056,259	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	216,894,235
Average notional value of contracts — short	$	181,499,852
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	13,240,379
Credit default swaps:
Average notional value — buy protection	$	48,497,925
Average notional value — sell protection	$	18,449,012
Interest rate swaps:
Average notional value — receives fixed rate	$	—	^(a)

^(a)

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

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


154		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

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	$	322,579		$	5,107
Forward foreign currency exchange contracts		—			129,622
Swaps — centrally cleared		9,151			—
Swaps — OTC^(a)		2,836,569			3,452,628


Total derivative assets and liabilities in the Statement of Assets and Liabilities		3,168,299			3,587,357


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(331,730	)		(5,107	)


Total derivative assets and liabilities subject to an MNA	$	2,836,569		$	3,582,250

^(a)

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



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

Bank of America N.A.	$	6,148	$	(5,139	)	$	—	$	—		$	1,009
Barclays Bank PLC		884		(884	)		—		—			—
Deutsche Bank AG		2,812,513		(15,889	)		—		(2,796,624	)		—
JPMorgan Chase Bank N.A.		3,819		(3,819	)		—		—			—
Morgan Stanley & Co. International PLC		13,205		(13,205	)		—		—			—


	$	2,836,569	$	(38,936	)	$	—	$	(2,796,624	)	$	1,009




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

Bank of America N.A.	$	5,139	$	(5,139	)	$	—	$	—		$	—
Barclays Bank PLC		2,822,450		(884	)		—		(2,810,000	)		11,566
BNP Paribas SA		1,115		—			—		—			1,115
Citibank N.A.		860		—			—		(860	)		—
Deutsche Bank AG		15,889		(15,889	)		—		—			—
JPMorgan Chase Bank N.A.		4,408		(3,819	)		—		—			589
Morgan Stanley & Co. International PLC		625,686		(13,205	)		—		(612,481	)		—
State Street Bank and Trust Co.		10,572		—			—		—			10,572
UBS AG		96,131		—			—		—			96,131


	$	3,582,250	$	(38,936	)	$	—	$	(3,423,341	)	$	119,973

^(a)

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

^(b)

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

^(c)

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

^(d)

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

^(e)

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


S C H E D U L E O F I N V E S T M E N T S		155

Schedule of Investments (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	101,105,963	$	2,044,502	$	103,150,465
Common Stocks		4,779,236		—		—		4,779,236
Corporate Bonds
Aerospace & Defense		—		21,565,909		—		21,565,909
Air Freight & Logistics		—		917,294		—		917,294
Automobile Components		—		7,164,305		—		7,164,305
Automobiles		—		4,011,595		—		4,011,595
Banks		—		7,961,338		—		7,961,338
Beverages		—		2,117,321		—		2,117,321
Biotechnology		—		954,963		—		954,963
Broadline Retail		—		148,947		—		148,947
Building Products		—		7,135,680		—		7,135,680
Capital Markets		—		4,473,553		—		4,473,553
Chemicals		—		10,045,715		—		10,045,715
Commercial Services & Supplies		—		19,623,277		—		19,623,277
Communications Equipment		—		1,970,532		—		1,970,532
Construction & Engineering		—		2,606,134		—		2,606,134
Construction Materials		—		9,348,512		—		9,348,512
Consumer Finance		—		15,319,717		—		15,319,717
Consumer Staples Distribution & Retail		—		6,011,112		—		6,011,112
Containers & Packaging		—		13,325,467		—		13,325,467
Diversified Consumer Services		—		2,580,536		—		2,580,536
Diversified REITs		—		5,962,279		—		5,962,279
Diversified Telecommunication Services		113,436		20,938,309		—		21,051,745
Electric Utilities		—		6,996,545		—		6,996,545
Electrical Equipment		—		2,631,352		—		2,631,352
Electronic Equipment, Instruments & Components		—		4,123,850		—		4,123,850
Energy Equipment & Services		—		4,913,269		—		4,913,269
Entertainment		—		2,818,017		—		2,818,017
Environmental, Maintenance & Security Service		—		6,003,525		—		6,003,525
Financial Services		—		6,540,187		—		6,540,187
Food Products		—		5,388,351		—		5,388,351
Gas Utilities		—		505,717		—		505,717
Ground Transportation		—		7,981,117		—		7,981,117
Health Care Equipment & Supplies		—		6,925,123		—		6,925,123
Health Care Providers & Services		—		16,451,806		—		16,451,806
Health Care REITs		—		1,307,270		—		1,307,270
Health Care Technology		—		2,517,418		—		2,517,418
Hotel & Resort REITs		—		2,352,129		—		2,352,129
Hotels, Restaurants & Leisure		—		33,647,733		—		33,647,733
Household Durables		—		1,693,982		—		1,693,982
Household Products		—		534,630		—		534,630
Independent Power and Renewable Electricity Producers		—		3,195,820		—		3,195,820
Insurance		—		18,108,638		—		18,108,638
Interactive Media & Services		—		987,082		—		987,082
Internet Software & Services		—		1,496,830		—		1,496,830
IT Services		—		6,632,108		—		6,632,108
Leisure Products		—		785,872		—		785,872
Machinery		—		9,585,304		—		9,585,304
Marine Transportation		—		101,500		—		101,500
Media		—		34,080,495		—		34,080,495
Metals & Mining		—		15,376,832		—		15,376,832
Mortgage Real Estate Investment Trusts (REITs)		—		337,201		—		337,201
Office REITs		—		91,698		—		91,698


156		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Corporate Bonds (continued)
Oil, Gas & Consumable Fuels	$	—		$	61,579,857		$	1,277,438	$	62,857,295
Passenger Airlines		—			4,315,530			—		4,315,530
Personal Care Products		—			346,203			—		346,203
Pharmaceuticals		—			7,323,250			—		7,323,250
Professional Services		—			1,073,112			—		1,073,112
Real Estate Management & Development		—			1,455,309			—		1,455,309
Retail REITs		—			183,600			—		183,600
Semiconductors & Semiconductor Equipment		—			4,330,857			—		4,330,857
Software		—			17,257,512			—		17,257,512
Specialized REITs		—			1,061,766			—		1,061,766
Specialty Retail		—			1,834,863			—		1,834,863
Technology Hardware, Storage & Peripherals		—			1,367,426			—		1,367,426
Textiles, Apparel & Luxury Goods		—			186,990			—		186,990
Tobacco		—			2,093,217			—		2,093,217
Transportation Infrastructure		—			1,349,506			—		1,349,506
Wireless Telecommunication Services		—			5,459,460			—		5,459,460
Floating Rate Loan Interests		—			26,799,962			473,081		27,273,043
Foreign Agency Obligations		—			7,594,833			—		7,594,833
Municipal Bonds		—			791,103			—		791,103
Non-Agency Mortgage-Backed Securities		—			104,316,213			—		104,316,213
Preferred Securities
Capital Trusts		—			30,519,390			—		30,519,390
Preferred Stocks		3,958,228			—			—		3,958,228
U.S. Government Sponsored Agency Securities		—			98,447,348			—		98,447,348
Warrants		—			—			—		—
Short-Term Securities
Money Market Funds		10,305,527			—			—		10,305,527
Unfunded Floating Rate Loan Interests^(a)		—			100			—		100
Liabilities
Investments
TBA Sale Commitments		—			(5,879,238	)		—		(5,879,238	)


	$ 19,156,427			$ 843,208,028			$ 3,795,021		$ 866,159,476

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	1,864,185		$	—	$	1,864,185
Interest Rate Contracts		4,607,841			—			—		4,607,841
Liabilities
Credit Contracts		—			(2,745,910	)		—		(2,745,910	)
Foreign Currency Exchange Contracts		—			(129,622	)		—		(129,622	)
Interest Rate Contracts		(8,696,689	)		—			—		(8,696,689	)


	$	(4,088,848	)	$	(1,011,347	)	$	—	$	(5,100,195	)

^(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 or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $284,576,426 are categorized as Level 2 within the fair value hierarchy.

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		157

Statements of Assets and Liabilities

December 31, 2023


	DSU		FRA		BKT		BLW


ASSETS
Investments, at value — unaffiliated^(a)	$	654,388,854	$	609,880,752	$	416,314,645	$	790,209,680
Investments, at value — affiliated^(b)		2,476,170		2,919,750		7,494,937		5,762,133
Cash		—		—		—		1,614,413
Cash pledged:
Collateral — reverse repurchase agreements		—		—		—		1,140,000
Collateral — OTC derivatives		—		—		—		470,000
Futures contracts		—		—		884,000		920,470
Centrally cleared swaps		287,000		663,000		1,000		647,000
Foreign currency, at value^(c)		—		970		—		146,426
Receivables:
Investments sold		3,187,264		3,991,814		—		1,820,137
TBA sale commitments		—		—		—		5,320,453
Dividends — unaffiliated		—		—		—		43,103
Dividends — affiliated		1,813		18		60,934		20,776
Interest — unaffiliated		6,213,843		5,454,987		3,807,511		10,728,734
From custodian		780,236		—		—		—
Variation margin on futures contracts		—		—		40,406		125,117
Variation margin on centrally cleared swaps		—		—		—		7,650
Swap premiums paid		2,487		—		—		6,198
Unrealized appreciation on:
Forward foreign currency exchange contracts		613		—		—		—
OTC swaps		59,643		65,721		—		92,933
Unfunded floating rate loan interests		870		970		—		470
Deferred offering costs		238,051		21,186		140,909		110,250
Prepaid expenses		4,760		4,425		1,679		4,536


Total assets		667,641,604		623,003,593		428,746,021		819,190,479


LIABILITIES
Bank overdraft		16,129		753,857		—		—
Foreign bank overdraft^(d)		615,714		—		—		—
Cash received:
Collateral — reverse repurchase agreements		—		—		3,048,000		3,615,534
Collateral — TBA commitments		—		—		50,000		—
Borrowed bonds, at value^(e)		—		—		741,516		—
TBA sale commitments, at value^(f)		—		—		—		5,363,516
Reverse repurchase agreements, at value		—		—		111,020,076		276,235,400
Payables:
Investments purchased		8,886,383		9,519,965		40,013,442		28,595,641
Accounting services fees		33,742		32,558		23,287		36,920
Administration fees		—		—		34,005		—
Bank borrowings		149,000,000		144,000,000		—		—
Custodian fees		14,111		8,990		10,748		23,408
Interest expense and fees		826,050		802,308		—		—
Investment advisory fees		303,289		385,827		146,456		357,880
Offering costs		—		—		—		6,226
Directors’ and Officer’s fees		330,456		7,831		180,148		406,823
Other accrued expenses		38,903		14,449		14,777		42,681
Principal payups		—		—		2,030,213		64,329
Professional fees		80,956		85,352		66,762		81,817
Transfer agent fees		17,222		11,303		15,739		15,726
Variation margin on futures contracts		—		—		22,113		8,732
Variation margin on centrally cleared swaps		1,141		2,827		16		—
Swap premiums received		29,359		28,714		—		477,001


158		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023


	DSU			FRA			BKT			BLW


Unrealized depreciation on:
Forward foreign currency exchange contracts		48,907			14,105			—			86,997
OTC swaps		965			—			—			1,825


Total liabilities		160,243,327			155,668,086			157,417,298			315,420,456

Commitments and contingent liabilities

NET ASSETS	$	507,398,277		$	467,335,507		$	271,328,723		$	503,770,023


NET ASSETS CONSIST OF
Paid-in capital^(g)(h)(i)	$	649,446,264		$	536,340,608		$	428,585,995		$	613,022,942
Accumulated loss		(142,047,987	)		(69,005,101	)		(157,257,272	)		(109,252,919	)


NET ASSETS	$	507,398,277		$	467,335,507		$	271,328,723		$	503,770,023


Net asset value	$	10.89		$	13.26		$	12.73		$	14.11


^(a) Investments, at cost — unaffiliated	$	685,930,514		$	624,814,896		$	456,507,572		$	808,980,983
^(b) Investments, at cost — affiliated	$	2,454,120		$	2,821,218		$	7,494,937		$	5,762,133
^(c) Foreign currency, at cost	$	—		$	964		$	—		$	135,915
^(d) Foreign bank overdraft, at cost	$	616,717		$	—		$	—		$	—
^(e) Proceeds received from borrowed bonds	$	—		$	—		$	842,347		$	—
^(f) Proceeds from TBA sale commitments	$	—		$	—		$	—		$	5,320,453
^(g) Shares outstanding		46,610,312			35,232,197			21,307,672			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.


F I N A N C I A L S T A T E M E N T S		159

Statements of Assets and Liabilities (continued)

December 31, 2023


	BIT


ASSETS
Investments, at value — unaffiliated^(a)	$	861,733,087
Investments, at value — affiliated^(b)		10,305,527
Cash		92,039
Cash pledged:
Collateral — OTC derivatives		3,530,000
Futures contracts		2,826,400
Centrally cleared swaps		714,000
Foreign currency, at value^(c)		431,642
Receivables:
Investments sold		2,552,990
TBA sale commitments		5,832,035
Dividends — unaffiliated		69,825
Dividends — affiliated		42,432
Interest — unaffiliated		11,256,294
Variation margin on futures contracts		322,579
Variation margin on centrally cleared swaps		9,151
Swap premiums paid		972,384
Unrealized appreciation on:
OTC swaps		1,864,185
Unfunded floating rate loan interests		100
Deferred offering costs		177,734
Prepaid expenses		4,935


Total assets		902,737,339


LIABILITIES
Cash received:
Collateral — reverse repurchase agreements		3,357,468
Collateral — OTC derivatives		2,960,000
Collateral — TBA commitments		558,000
TBA sale commitments, at value^(d)		5,879,238
Reverse repurchase agreements, at value		284,576,426
Payables:
Investments purchased		42,316,588
Accounting services fees		40,037
Custodian fees		23,151
Investment advisory fees		571,580
Offering costs		63,076
Directors’ and Officer’s fees		166,929
Other accrued expenses		97,533
Principal payups		182,013
Professional fees		142,882
Transfer agent fees		41,693
Variation margin on futures contracts		5,107
Swap premiums received		1,145,942


160		2 0 2 3 B L A C K R O C K 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 (continued)

December 31, 2023


	BIT


Unrealized depreciation on:
Forward foreign currency exchange contracts		129,622
OTC swaps		2,306,686


Total liabilities		344,563,971

Commitments and contingent liabilities

NET ASSETS	$	558,173,368


NET ASSETS CONSIST OF
Paid-in capital^(e)(f)(g)	$	632,591,607
Accumulated loss		(74,418,239	)


NET ASSETS	$	558,173,368


Net asset value	$	14.76


^(a) Investments, at cost — unaffiliated	$	892,844,878
^(b) Investments, at cost — affiliated	$	10,305,527
^(c) Foreign currency, at cost	$	432,868
^(d) Proceeds from TBA sale commitments	$	5,832,035
^(e) Shares outstanding		37,821,006
^(f) Shares authorized		Unlimited
^(g) Par value	$	0.001

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		161

Statements of Operations

Year Ended December 31, 2023


	DSU			FRA			BKT			BLW


INVESTMENT INCOME
Dividends — unaffiliated	$	202,504		$	163,785		$	—		$	902,494
Dividends — affiliated		146,870			306,419			355,988			140,382
Interest — unaffiliated		57,544,128			55,911,518			15,160,580			55,878,128
Other income — unaffiliated		498,494			482,739			—			375,831
Foreign taxes withheld		(4,883	)		—			—			(5,311	)


Total investment income		58,387,113			56,864,461			15,516,568			57,291,524


EXPENSES
Investment advisory		3,495,628			4,506,441			1,761,807			4,049,194
Professional		113,762			93,359			76,916			107,460
Accounting services		95,659			92,595			65,787			105,624
Transfer agent		79,054			48,090			75,078			73,695
Directors and Officer		60,819			27,354			33,417			65,582
Custodian		40,375			21,909			30,629			65,645
Registration		15,992			12,088			24,024			12,253
Printing and postage		9,588			20,632			12,086			23,516
Administration		—			—			406,571			—
Miscellaneous		19,952			16,034			22,579			65,337

Total expenses excluding interest expense		3,930,829			4,838,502			2,508,894			4,568,306
Interest expense and fees		8,353,143			8,455,050			6,243,293			13,203,653

Total expenses		12,283,972			13,293,552			8,752,187			17,771,959
Less:
Fees waived and/or reimbursed by the Manager		(8,991	)		(36,656	)		(5,322	)		(2,132	)


Total expenses after fees waived and/or reimbursed		12,274,981			13,256,896			8,746,865			17,769,827


Net investment income		46,112,132			43,607,565			6,769,703			39,521,697


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,799,848	)		(4,003,846	)		(16,904,881	)		(19,864,603	)
Investments — affiliated		(40,771	)		(35,247	)		—			—
Forward foreign currency exchange contracts		(19,805	)		(71,731	)		—			(42,027	)
Foreign currency transactions		(108,181	)		29,777			—			(59,045	)
Futures contracts		—			—			2,351,300			(5,151,654	)
Options written		—			—			—			1,036
Swaps		141,515			201,574			69			889,051


		(8,827,090	)		(3,879,473	)		(14,553,512	)		(24,227,242	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		31,997,549			22,378,901			24,043,631			52,074,209
Investments — affiliated		22,050			81,769			—			—
Borrowed bonds		—			—			(6,483	)		—
Forward foreign currency exchange contracts		(50,452	)		(30,990	)		—			(64,064	)
Foreign currency translations		3,239			1,289			—			68,066
Futures contracts		—			—			(1,452,887	)		(1,141,192	)
Swaps		306,870			500,934			(121	)		(1,991,326	)
Unfunded floating rate loan interests		43,254			49,456			—			31,875


		32,322,510			22,981,359			22,584,140			48,977,568


Net realized and unrealized gain		23,495,420			19,101,886			8,030,628			24,750,326


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	69,607,552		$	62,709,451		$	14,800,331		$	64,272,023

See notes to financial statements.


162		2 0 2 3 B L A C K R O C K 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 (continued)

Year Ended December 31, 2023


	BIT


	Period from 11/01/23 to 12/31/23			Year Ended 10/31/23


INVESTMENT INCOME
Dividends — unaffiliated	$	158,298		$	445,963
Dividends — affiliated		79,585			472,142
Interest — unaffiliated		9,709,517			54,818,997
Other income — unaffiliated		983			227,539
Foreign taxes withheld		—			(13,674	)


Total investment income		9,948,383			55,950,967


EXPENSES
Investment advisory		1,117,761			6,705,449
Professional		66,698			137,297
Directors and Officer		22,391			35,379
Accounting services		19,261			113,852
Transfer agent		17,090			78,744
Custodian		12,266			49,244
Printing and postage		8,065			28,339
Registration		2,200			12,940
Miscellaneous		3,505			120,544


Total expenses excluding interest expense		1,269,237			7,281,788
Interest expense and fees		2,669,328			14,264,962


Total expenses		3,938,565			21,546,750
Less:
Fees waived and/or reimbursed by the Manager		(1,091	)		(7,530	)


Total expenses after fees waived and/or reimbursed		3,937,474			21,539,220


Net investment income		6,010,909			34,411,747


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,798,056	)		(34,155,814	)
Forward foreign currency exchange contracts		(274,755	)		(391,726	)
Foreign currency transactions		53,658			139,736
Futures contracts		2,901,941			7,600,651
Options written		—			(1,552	)
Swaps		(547,079	)		(32,159	)


		335,709			(26,840,864	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		50,932,497			29,123,454
Forward foreign currency exchange contracts		(286,118	)		51,370
Foreign currency translations		25,124			(3,145	)
Futures contracts		(11,439,008	)		(12,464,722	)
Options written		—			37
Swaps		668,867			(1,568,788	)
Unfunded floating rate loan interests		67			24,813


		39,901,429			15,163,019


Net realized and unrealized gain (loss)		40,237,138			(11,677,845	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	46,248,047		$	22,733,902

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		163

Statements of Changes in Net Assets


	DSU						FRA

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	46,112,132		$	33,524,702		$	43,607,565		$	29,462,918
Net realized loss		(8,827,090	)		(9,343,061	)		(3,879,473	)		(6,501,067	)
Net change in unrealized appreciation (depreciation)		32,322,510			(43,923,145	)		22,981,359			(32,309,384	)


Net increase (decrease) in net assets resulting from operations		69,607,552			(19,741,504	)		62,709,451			(9,347,533	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(45,919,775	)		(31,579,170	)		(44,066,728	)		(27,297,906	)
Return of capital		(2,854,653	)		(838,309	)		(2,494,734	)		—


Decrease in net assets resulting from distributions to shareholders		(48,774,428	)		(32,417,479	)		(46,561,462	)		(27,297,906	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		—			43,132			—			—


NET ASSETS
Total increase (decrease) in net assets		20,833,124			(52,115,851	)		16,147,989			(36,645,439	)
Beginning of year		486,565,153			538,681,004			451,187,518			487,832,957


End of year	$	507,398,277		$	486,565,153		$	467,335,507		$	451,187,518

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

See notes to financial statements.


164		2 0 2 3 B L A C K R O C K 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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,769,703		$	9,190,557		$	39,521,697		$	34,564,968
Net realized loss		(14,553,512	)		(2,021,958	)		(24,227,242	)		(29,094,666	)
Net change in unrealized appreciation (depreciation)		22,584,140			(67,003,293	)		48,977,568			(71,493,091	)


Net increase (decrease) in net assets resulting from operations		14,800,331			(59,834,694	)		64,272,023			(66,022,789	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(8,218,384	)		(10,487,125	)		(37,992,549	)		(32,930,219	)
Return of capital		(14,333,355	)		(11,460,544	)		(5,096,654	)		(5,605,804	)


Decrease in net assets resulting from distributions to shareholders		(22,551,739	)		(21,947,669	)		(43,089,203	)		(38,536,023	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		45,446			64,960			—			—


NET ASSETS
Total increase (decrease) in net assets		(7,705,962	)		(81,717,403	)		21,182,820			(104,558,812	)
Beginning of year		279,034,685			360,752,088			482,587,203			587,146,015


End of year	$	271,328,723		$	279,034,685		$	503,770,023		$	482,587,203

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		165

Statements of Changes in Net Assets (continued)


	BIT

	Period from 11/01/23 to 12/31/23			Year Ended 10/31/23			Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,010,909		$	34,411,747		$	38,948,323
Net realized gain (loss)		335,709			(26,840,864	)		5,527,115
Net change in unrealized appreciation (depreciation)		39,901,429			15,163,019			(113,608,350	)


Net increase (decrease) in net assets resulting from operations		46,248,047			22,733,902			(69,132,912	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(6,321,510	)		(33,743,136	)		(40,442,459	)
Return of capital		(3,029,601	)		(22,251,175	)		(15,441,926	)


Decrease in net assets resulting from distributions to shareholders		(9,351,111	)		(55,994,311	)		(55,884,385	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions		455,242			1,529,354			1,178,157


NET ASSETS
Total increase (decrease) in net assets		37,352,178			(31,731,055	)		(123,839,140	)
Beginning of period		520,821,190			552,552,245			676,391,385


End of period	$	558,173,368		$	520,821,190		$	552,552,245

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

See notes to financial statements.


166		2 0 2 3 B L A C K R O C K 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

Year Ended December 31, 2023


	DSU			FRA			BKT			BLW


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	69,607,552		$	62,709,451		$	14,800,331		$	64,272,023
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments and principal paydowns/payups		204,597,815			154,465,489			944,000,678			818,585,252
Purchases of long-term investments		(185,894,136	)		(148,730,273	)		(930,118,073	)		(805,830,657	)
Net purchases of short-term securities		(851,545	)		(28,659	)		(1,679,974	)		(4,248,909	)
Amortization of premium and accretion of discount on investments and other fees		(2,066,299	)		(1,463,203	)		6,868,026			(2,131,793	)
Paid-in-kind income		(126,632	)		30,136			—			(69,621	)
Premiums paid on closing options written		—			—			—			(798	)
Premiums received from options written		—			—			—			1,834
Net realized loss on investments and options written		8,847,579			4,044,716			16,904,881			19,863,567
Net unrealized appreciation on investments, swaps, borrowed bonds, foreign currency translations and unfunded floating rate loan interests		(32,077,530	)		(22,544,855	)		(24,037,148	)		(52,343,519	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		5,402			3,958			(32,380	)		(9,473	)
Dividends — unaffiliated		—			—			—			27,930
From custodian		(780,236	)		—			—			—
Interest — unaffiliated		(2,126,472	)		(2,698,692	)		(761,629	)		(2,684,948	)
Variation margin on futures contracts		—			—			238,266			280,018
Variation margin on centrally cleared swaps		14			14			36			8,992
Swap premiums paid		(538	)		—			—			(1,595	)
Prepaid expenses		(681	)		(654	)		15,553			(598	)
Deferred offering costs		(138,108	)		(12,138	)		(25,096	)		—
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		—			—			3,048,000			3,321,158
Collateral — TBA commitments		—			—			(2,102,000	)		—
Payables
Accounting services fees		(1,842	)		(1,056	)		(1,866	)		(1,402	)
Administration fees		—			—			(2,373	)		—
Custodian fees		(2,888	)		(8,871	)		2,779			(7,115	)
Interest expense and fees		32,949			102,468			(256,986	)		380,255
Investment advisory fees		(5,737	)		(257	)		(10,680	)		(327	)
Directors’ and Officer’s fees		16,886			7,260			7,807			19,455
Other accrued expenses		(16,069	)		(4,958	)		(2,639	)		(27,632	)
Professional fees		(21,005	)		(38,011	)		(18,092	)		(32,162	)
Transfer agent fees		(11,885	)		(8,722	)		(7,610	)		(7,663	)
Variation margin on futures contracts		—			—			(81,151	)		(453,274	)
Variation margin on centrally cleared swaps		1,141			2,827			16			—
Swap premiums received		22,817			28,714			—			(205,995	)


Net cash provided by operating activities		59,010,552			45,854,684			26,748,676			38,703,003


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(48,774,428	)		(46,561,462	)		(22,506,293	)		(43,089,203	)
Payments for offering costs		—			—			—			(2,000	)
Payments for bank borrowings		(151,000,000	)		(134,000,000	)		—			—
Proceeds from bank borrowings		136,000,000			131,000,000			—			—
Increase (decrease) in bank overdraft		631,843			753,857			(878	)		—
Net borrowing of reverse repurchase agreements		—			—			(4,487,765	)		16,460


Net cash used for financing activities		(63,142,585	)		(48,807,605	)		(26,994,936	)		(43,074,743	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(10	)		(2	)		—			9,447


F I N A N C I A L S T A T E M E N T S		167

Statements of Cash Flows (continued)

Year Ended December 31, 2023


	DSU			FRA			BKT			BLW


CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency	$	(4,132,043	)	$	(2,952,923	)	$	(246,260	)	$	(4,362,293	)
Restricted and unrestricted cash and foreign currency at beginning of year		4,419,043			3,616,893			1,131,260			9,300,602


Restricted and unrestricted cash and foreign currency at end of year	$	287,000		$	663,970		$	885,000		$	4,938,309


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest expense	$	8,320,194		$	8,352,582		$	6,500,279		$	12,823,398


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	—		$	—		$	45,446		$	—


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	—		$	—		$	1,614,413
Cash pledged
Collateral — reverse repurchase agreements		—			—			—			1,140,000
Collateral — OTC derivatives		—			—			—			470,000
Futures contracts		—			—			884,000			920,470
Centrally cleared swaps		287,000			663,000			1,000			647,000
Foreign currency at value		—			970			—			146,426


	$	287,000		$	663,970		$	885,000		$	4,938,309

See notes to financial statements.


168		2 0 2 3 B L A C K R O C K 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 (continued)

Year Ended December 31, 2023


	BIT


	Period from 11/01/23 to 12/31/23			Year Ended 10/31/23


CASH PROVIDED BY OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	46,248,047		$	22,733,902
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		251,094,537			1,309,719,895
Purchases of long-term investments		(239,424,936	)		(1,287,090,779	)
Net proceeds from sales (purchases) of short-term securities		(4,244,875	)		5,536,969
Amortization of premium and accretion of discount on investments and other fees		(926,930	)		(4,378,309	)
Premiums paid on closing options written		—			(4,815	)
Premiums received from options written		—			2,392
Net realized loss on investments and options written		1,797,976			34,157,366
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		(51,077,149	)		(29,577,832	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		2,494			(17,736	)
Dividends — unaffiliated		(65,080	)		134,890
From the custodian		545,585			(545,585	)
Interest — unaffiliated		(1,480,803	)		(472,643	)
Swaps		—			582,693
Variation margin on futures contracts		196,968			673,678
Variation margin on centrally cleared swaps		(9,151	)		63,854
Swap premiums paid		317,855			399,510
Prepaid expenses		(2,535	)		29
Other assets		—			550,000
Deferred offering costs		(63,076	)		63,076
Increase (Decrease) in Liabilities
Due to broker		—			(144,387	)
Cash received
Collateral — reverse repurchase agreements		3,087,468			(63,192	)
Collateral — OTC derivatives		(420,000	)		(1,470,000	)
Collateral — TBA commitments		558,000			—
Payables
Swaps		—			(611,551	)
Accounting services fees		10,154			(35,618	)
Custodian fees		6,217			(37,944	)
Interest expense and fees		268,425			446,832
Investment advisory fees		19,795			11,442
Directors’ and Officer’s fees		22,391			2,479
Other accrued expenses		2,971			41,282
Professional fees		(1,398	)		(86,292	)
Transfer agent fees		2,975			11,153
Variation margin on futures contracts		(298,585	)		303,692
Variation margin on centrally cleared swaps		(115,843	)		115,843
Swap premiums received		(189,867	)		(727,829	)


Net cash provided by operating activities		5,861,630			50,286,465


CASH USED FOR FINANCING ACTIVITIES
Cash dividends paid to shareholders		(8,895,869	)		(54,529,774	)
Payments for offering costs		63,076			(66,752	)
Decrease in bank overdraft		—			(1,080	)
Net borrowing of reverse repurchase agreements		(1,469,845	)		(5,247,711	)


Net cash used for financing activities		(10,302,638	)		(59,845,317	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	17,256		$	(8,476	)


F I N A N C I A L S T A T E M E N T S		169

Statements of Cash Flows (continued)

Year Ended December 31, 2023


	BIT

	Period from 11/01/23 to 12/31/23			Year Ended 10/31/23


CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency	$	(4,423,752	)	$	(9,567,328	)
Restricted and unrestricted cash and foreign currency at beginning of period		12,017,833			21,585,161


Restricted and unrestricted cash and foreign currency at end of period	$	7,594,081		$	12,017,833


SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION
Cash paid during the period for interest expense	$	2,400,903		$	13,819,047


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	455,242		$	1,529,354


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY ATTHE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	92,039		$	28,453
Cash pledged
Collateral — reverse repurchase agreements		—			3,278,900
Collateral — OTC derivatives		3,530,000			4,420,000
Futures contracts		2,826,400			3,060,400
Centrally cleared swaps		714,000			619,000
Foreign currency at value		431,642			611,080


	$	7,594,081		$	12,017,833

See notes to financial statements.


170		2 0 2 3 B L A C K R O C K 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

(For a share outstanding throughout each period)


	DSU

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 03/01/19 to 12/31/19			Year Ended 02/28/19

Net asset value, beginning of period	$	10.44		$	11.56		$	11.55		$	12.25		$	12.16		$	12.62

Net investment income^(a)		0.99			0.72			0.61			0.63			0.64			0.79
Net realized and unrealized gain (loss)		0.51			(1.14	)		0.13			(0.50	)		0.21			(0.43	)


Net increase (decrease) from investment operations		1.50			(0.42	)		0.74			0.13			0.85			0.36


Distributions^(b)
From net investment income		(0.99	)		(0.68	)		(0.62	)		(0.61	)		(0.73	)		(0.82	)
Return of capital		(0.06	)		(0.02	)		(0.11	)		(0.22	)		(0.03	)		—


Total distributions		(1.05	)		(0.70	)		(0.73	)		(0.83	)		(0.76	)		(0.82	)


Net asset value, end of period	$	10.89		$	10.44		$	11.56		$	11.55		$	12.25		$	12.16


Market price, end of period	$	10.79		$	9.20		$	11.70		$	10.45		$	11.20		$	10.78


Total Return^(c)
Based on net asset value		15.74	%		(2.97	)%		6.67	%		2.57	%		8.03	%^(d)		3.86	%


Based on market price		30.14	%		(15.51	)%		19.33	%		1.50	%		11.42	%^(d)		1.30	%


Ratios to Average Net Assets^(e)
Total expenses		2.47	%		1.90	%		1.34	%		1.48	%		2.21	%^(f)(g)		2.23	%


Total expenses after fees waived and/or reimbursed		2.47	%		1.90	%		1.34	%		1.47	%		2.21	%^(f)(g)		2.23	%

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		0.79	%		0.84	%		0.92	%		0.91	%		0.92	%^(f)		0.96	%


Net investment income		9.25	%		6.65	%		5.21	%		5.65	%		6.25	%^(f)		6.40	%


Supplemental Data
Net assets, end of period (000)	$	507,398		$	486,565		$	538,681		$	537,959		$	605,240		$	641,220


Borrowings outstanding, end of period (000)	$	149,000		$	164,000		$	248,000		$	229,000		$	262,000		$	278,000


Asset coverage, end of period per $1,000 of bank borrowings^(h)	$	4,405		$	3,967		$	3,172		$	3,349		$	3,310		$	3,308


Portfolio turnover rate		30	%		18	%		47	%		67	%		53	%		62	%

^(a)	Based on average shares outstanding.

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

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

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

^(f)	Annualized.

^(g)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

^(h)	Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			171

Financial Highlights (continued)

(For a share outstanding throughout each period)


	FRA

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19

Net asset value, beginning of period	$	12.81		$	13.85		$	13.81		$	14.55		$	14.49		$	14.92

Net investment income^(a)		1.24			0.84			0.67			0.69			0.25			0.84
Net realized and unrealized gain (loss)		0.53			(1.11	)		0.17			(0.51	)		0.19			(0.40	)


Net increase (decrease) from investment operations		1.77			(0.27	)		0.84			0.18			0.44			0.44


Distributions^(b)
From net investment income		(1.25	)		(0.77	)		(0.67	)		(0.70	)		(0.38	)		(0.87	)
Return of capital		(0.07	)		—			(0.13	)		(0.22	)		—			—


Total distributions		(1.32	)		(0.77	)		(0.80	)		(0.92	)		(0.38	)		(0.87	)


Net asset value, end of period	$	13.26		$	12.81		$	13.85		$	13.81		$	14.55		$	14.49


Market price, end of period	$	12.66		$	11.26		$	13.43		$	12.11		$	13.44		$	12.46


Total Return^(c)
Based on net asset value		15.35	%		(1.34	)%		6.48	%		2.76	%		3.41	%^(d)		3.94	%


Based on market price		25.29	%		(10.57	)%		17.74	%		(2.45	)%		11.08	%^(d)		(3.37	)%


Ratios to Average Net Assets^(e)
Total expenses		2.88	%		2.17	%		1.55	%		1.69	%		2.20	%^(f)(g)		2.45	%


Total expenses after fees waived and/or reimbursed		2.87	%		2.17	%		1.54	%		1.67	%		2.20	%^(f)(g)		2.45	%

Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		1.04	%		1.15	%		1.14	%		1.13	%		1.19	%^(f)		1.16	%


Net investment income		9.45	%		6.36	%		4.76	%		5.15	%		5.26	%^(f)		5.74	%


Supplemental Data
Net assets, end of period (000)	$	467,336		$	451,188		$	487,833		$	488,051		$	522,545		$	526,447


Borrowings outstanding, end of period (000)	$	144,000		$	147,000		$	223,000		$	208,000		$	214,000		$	204,000


Asset coverage, end of period per $1,000 of bank borrowings^(h)	$	4,245		$	4,069		$	3,188		$	3,346		$	3,442		$	3,582


Portfolio turnover rate		25	%		14	%		49	%		65	%		16	%		53	%

^(a)	Based on average shares outstanding.

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

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(d)	Not annualized.

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

^(f)	Annualized.

^(g)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

^(h)	Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

See notes to financial statements.


172		2 0 2 3 B L A C K R O C K 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)


	BKT

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			12/31/23				12/31/22	^(a)			12/31/21	^(a)			12/31/20	^(a)			12/31/19	^(a)

Net asset value, beginning of year		$	13.10			$	16.94			$	18.54			$	18.89			$	18.75

Net investment income^(b)			0.32				0.43				0.70				0.86				0.75
Net realized and unrealized gain (loss)			0.37				(3.24	)			(1.06	)			0.02				0.63


Net increase (decrease) from investment operations			0.69				(2.81	)			(0.36	)			0.88				1.38


Distributions^(c)
From net investment income			(0.39	)			(0.49	)			(0.89	)			(1.01	)			(0.89	)
Return of capital			(0.67	)			(0.54	)			(0.35	)			(0.22	)			(0.35	)


Total distributions			(1.06	)			(1.03	)			(1.24	)			(1.23	)			(1.24	)


Net asset value, end of year		$	12.73			$	13.10			$	16.94			$	18.54			$	18.89


Market price, end of year		$	12.18			$	12.34			$	16.95			$	18.21			$	18.15


Total Return^(d)
Based on net asset value			6.03	%			(16.67	)%			(2.01	)%			4.92	%			7.91	%


Based on market price			7.69	%			(21.50	)%			(0.23	)%			7.31	%			14.83	%


Ratios to Average Net Assets^(e)
Total expenses			3.23	%			1.65	%			0.94	%			1.18	%			2.06	%


Total expenses after fees waived and/or reimbursed			3.23	%			1.64	%			0.94	%			1.18	%			2.06	%


Total expenses after fees waived and/or reimbursed and excluding interest expense			0.92	%			0.95	%			0.90	%			0.89	%			0.94	%


Net investment income			2.50	%			2.94	%			3.91	%			4.55	%			3.95	%


Supplemental Data
Net assets, end of year (000)		$	271,329			$	279,035			$	360,752			$	394,195			$	401,715


Borrowings outstanding, end of year (000)		$	111,020			$	115,764			$	115,184			$	156,936			$	175,655


Portfolio turnover rate^(f)			221	%			237	%			248	%			69	%			255	%

^(a)	Per share operating performance amounts have been adjusted to reflect a 1-for-3 reverse stock split prior to the open of trading on the NYSE on October 18, 2022 for common stockholders of record as of the close of business on October 17, 2022.

^(b)	Based on average shares outstanding.

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

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

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



	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19

Portfolio turnover rate (excluding MDRs)		106	%		122	%		119	%		31	%		136	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			173

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BLW

		Year Ended 12/31/23				Year Ended 12/31/22				Year Ended 12/31/21				Year Ended 12/31/20				Period from 09/01/19 to 12/31/19				Year Ended 08/31/19

Net asset value, beginning of period			$	13.51			$	16.44			$	16.93			$	17.05			$	17.03			$	16.71


Net investment income^(a)				1.11				0.97				1.00				0.98				0.31				0.94
Net realized and unrealized gain (loss)				0.70				(2.82	)			(0.31	)			0.08				0.18				0.33


Net increase (decrease) from investment operations				1.81				(1.85	)			0.69				1.06				0.49				1.27


Distributions^(b)
From net investment income				(1.07	)			(0.92	)			(1.02	)			(1.03	)			(0.47	)			(0.95	)
Return of capital				(0.14	)			(0.16	)			(0.16	)			(0.15	)			—				—


Total distributions				(1.21	)			(1.08	)			(1.18	)			(1.18	)			(0.47	)			(0.95	)


Net asset value, end of period			$	14.11			$	13.51			$	16.44			$	16.93			$	17.05			$	17.03


Market price, end of period			$	13.98			$	13.07			$	16.85			$	15.92			$	16.39			$	15.44


Total Return^(c)
Based on net asset value				14.41	%			(10.96	)%			4.18	%^(d)			7.58	%			3.11	%^(e)			8.77	%


Based on market price				17.17	%			(15.96	)%			13.55	%			5.24	%			9.32	%^(e)			9.41	%


Ratios to Average Net Assets^(f)
Total expenses				3.64	%			2.04	%			1.18	%			1.39	%			1.64	%^(g)(h)			1.81	%


Total expenses after fees waived and/or reimbursed				3.64	%			2.04	%			1.18	%			1.39	%			1.64	%^(g)(h)			1.81	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				0.94	%			0.96	%			0.92	%			0.90	%			0.89	%^(g)			0.84	%


Net investment income				8.10	%			6.70	%			5.90	%			6.07	%			5.32	%^(g)			5.69	%


Supplemental Data
Net assets, end of period (000)			$	503,770			$	482,587			$	587,146			$	603,933			$	611,068			$	610,251


Borrowings outstanding, end of period (000)			$	276,235			$	275,639			$	312,356			$	275,105			$	213,399			$	202,539


Portfolio turnover rate⁽ⁱ⁾				106	%			77	%			66	%			65	%			14	%			50	%

^(a)	Based on average shares outstanding.

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

^(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.66%.

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



	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19

Portfolio turnover rate (excluding MDRs)		70	%		58	%		52	%		58	%		14	%		50	%

See notes to financial statements.


174		2 0 2 3 B L A C K R O C K 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)


	BIT

		Period from 11/01/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		to 12/31/23				10/31/23				10/31/22				10/31/21						10/31/20	^(a)			10/31/19	^(a)

Net asset value, beginning of period			$	13.78			$	14.66			$	17.98			$	17.66			$	17.28			$	18.79


Net investment income^(b)				0.16				0.91				1.03				1.13				1.08				1.18
Net realized and unrealized gain (loss)				1.07				(0.31	)			(2.87	)			0.67				0.78				(1.28	)


Net increase (decrease) from investment operations				1.23				0.60				(1.84	)			1.80				1.86				(0.10	)


Distributions^(c)
From net investment income				(0.17	)			(0.89	)			(1.07	)			(1.11	)			(0.99	)			(1.14	)
Return of capital				(0.08	)			(0.59	)			(0.41	)			(0.37	)			(0.49	)			(0.27	)


Total distributions				(0.25	)			(1.48	)			(1.48	)			(1.48	)			(1.48	)			(1.41	)


Net asset value, end of period			$	14.76			$	13.78			$	14.66			$	17.98			$	17.66			$	17.28	^(d)


Market price, end of period			$	15.00			$	14.09			$	14.43			$	18.90			$	15.65			$	17.15


Total Return^(e)
Based on net asset value				8.95	%^(f)			4.08	%			(10.47	)%^(g)			10.55	%			12.68	%^(h)			0.00	%^(d)(i)


Based on market price				8.29	%^(f)			8.12	%			(16.16	)%			31.13	%			0.61	%			14.76	%


Ratios to Average Net Assets^(j)
Total expenses				4.29	%^(k)(l)			3.92	%			1.99	%			1.70	%			2.36	%			2.89	%


Total expenses after fees waived and/or reimbursed				4.29	%^(k)(l)			3.92	%			1.99	%			1.70	%			2.19	%^(m)			2.89	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				1.34	%^(k)(l)			1.32	%			1.34	%			1.42	%			1.39	%			1.35	%


Net investment income				6.64	%^(l)			6.26	%			6.39	%			6.14	%			6.51	%			6.43	%


Supplemental Data
Net assets, end of period (000)			$	558,173			$	520,821			$	552,552			$	676,391			$	662,853			$	648,617


Borrowings outstanding, end of period (000)			$	284,576			$	285,633			$	288,231			$	386,820			$	353,128			$	373,345


Portfolio turnover rate⁽ⁿ⁾				28	%			151	%			112	%			75	%			101	%			32	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

^(d)	For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2019.

^(e)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f)	Not annualized.

^(g)	Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(h)	Includes payments received from an affiliate and unaffiliated third parties, which impacted the Fund’s total return. Excluding the payments, the Fund’s total return would have been 1.38%.

⁽ⁱ⁾	Amount is greater than (0.005)%.

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

^(k)

Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed, total expenses after fees waived and/or reimbursed and excluding interest expense would have been 4.35%, 4.35% and 1.40%, respectively.

^(l)	Annualized.

^(m)	Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Fund’s expense ratio. Excluding the payment, the Fund’s total expense ratio would have been 2.36%.

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



	Period from 11/01/23 to 12/31/23		Year Ended 10/31/23		Year Ended 10/31/22		Year Ended 10/31/21		Year Ended 10/31/20	^(a)	Year Ended 10/31/19	^(a)

Portfolio turnover rate (excluding MDRs)	17	%	91	%	77	%	58	%	72	%	32	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S			175

Notes to Financial Statements

1.	*ORGANIZATION*

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



Fund Name	Herein Referred To As	Organized	Diversification Classification

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

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

On June 1, 2023, the Board of Trustees of the BlackRock Multi-Sector Income Trust approved a change in the fiscal year end of the Trust, effective as of December 31, 2023, from October 31 to December 31.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

ForeignTaxes: 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 December 31, 2023, 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.


176		2 0 2 3 B L A C K R O C K 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 (continued)

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period and as of the report date. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset- backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.


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		177

Notes to Financial Statements (continued)

•

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 be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.



		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
		(ii) recapitalizations and other transactions across the capital structure; and
		(iii) market multiples of comparable issuers.

Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
		(ii) quoted prices for similar investments or assets in active markets; and
		(iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
		(ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
		(iii) relevant news and other public sources; and
		(iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).


178		2 0 2 3 B L A C K R O C K 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 (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 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 December 31, 2023, certain investments of BLW were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities,


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		179

Notes to Financial Statements (continued)

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 Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:




Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)


DSU	Action Environmental Group, Inc.	$	86,990	$	86,337	$	87,207	$	870


								$	870


FRA	Action Environmental Group, Inc.	$	96,989	$	96,261	$	97,231		970


								$	970


BLW	Action Environmental Group, Inc.	$	46,995	$	46,642	$	47,112		470


								$	470


BIT	OMNIA Partners LLC	$	6,374	$	6,310	$	6,410		100


								$	100


180		2 0 2 3 B L A C K R O C K 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 (continued)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the period ended December 31, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:



Fund Name	Average Amount Outstanding		Weighted Average Interest Rate

BKT	$	124,488,663	4.99%
BLW		248,278,450	5.31
BIT		294,554,648	5.42


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		181

Notes to Financial Statements (continued)

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

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



BKT

Counterparty		Borrowed Bonds Agreements	^(a)		Reverse Repurchase Agreements			Borrowed Bonds at Value including Accrued Interest	^(b)		Net Amount before Collateral			Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(c)		Cash Collateral Pledged		Net Collateral (Received Pledged	)/ ^(c)		Net Exposure Due (to)/ from Counterparty	^(d)

BNP Paribas SA	$	745,062		$	—		$	(742,749	)	$	2,313		$	—	$	—	$	—		$	—	$	—		$	2,313
Deutsche Bank Securities, Inc.		—			(2,485,576	)		—			(2,485,576	)		—		—		2,485,576			—		2,485,576			—
Royal Bank of Canada		—			(108,534,500	)		—			(108,534,500	)		—		—		108,534,500			—		108,534,500			—


	$	745,062		$	(111,020,076	)	$	(742,749	)	$	(111,017,763	)	$	—	$	—	$	111,020,076		$	—	$	111,020,076		$	2,313

^(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 $1,233 which is included in interest expense payable in the Statements of Assets and Liabilities.

^(c)

Net collateral, including accrued interest, if any, with a value of $114,464,474 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.

^(d)

Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

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



Fund Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount

BLW
Barclays Bank PLC	$	(7,406,662	)	$	7,354,981		$	51,681		$	—
Barclays Capital, Inc.		(16,931,161	)		16,931,161			—			—
BNP Paribas SA		(39,049,228	)		39,049,228			—			—
BofA Securities, Inc.		(60,544,457	)		60,544,457			—			—
Credit Agricole Corporate and Investment Bank		(4,368,927	)		4,368,927			—			—
Goldman Sachs & Co. LLC		(21,756,792	)		21,756,792			—			—
HSBC Securities (USA), Inc.		(2,390,145	)		2,390,145			—			—
J.P. Morgan Securities LLC		(15,323,834	)		15,323,834			—			—
Merrill Lynch International		(3,102,306	)		3,102,306			—			—
Nomura Securities International, Inc.		(31,649,288	)		31,649,288			—			—
RBC Capital Markets, LLC		(21,445,539	)		21,445,539			—			—
TD Securities (USA) LLC		(52,267,061	)		52,267,061			—			—


	$	(276,235,400	)	$	276,183,719		$	51,681		$	—

^(a)

Net collateral, including accrued interest, if any, with a value of $329,185,739 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.


182		2 0 2 3 B L A C K R O C K 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 (continued)



Fund Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount	^(b)

BIT
Barclays Bank PLC	$	(7,157,468	)	$	7,157,468		$	—		$	—
Barclays Capital, Inc.		(6,402,885	)		6,402,885			—			—
BNP Paribas SA		(31,878,449	)		31,878,449			—			—
BofA Securities, Inc.		(79,862,003	)		79,862,003			—			—
Credit Agricole Corporate and Investment Bank		(1,468,585	)		1,468,585			—			—
Goldman Sachs & Co. LLC		(36,528,970	)		36,528,970			—			—
HSBC Securities (USA), Inc.		(1,493,237	)		1,493,237			—			—
J.P. Morgan Securities LLC		(10,608,937	)		10,608,937			—			—
Nomura Securities International, Inc.		(27,455,555	)		27,455,555			—			—
RBC Capital Markets, LLC		(13,418,762	)		13,418,762			—			—
Royal Bank of Canada		(49,949,672	)		49,949,672			—			—
Societe Generale		(6,771,296	)		5,478,790			—			(1,292,506	)
TD Securities (USA) LLC		(11,580,607	)		11,580,607			—			—


	$	(284,576,426	)	$	283,283,920		$	—		$	(1,292,506	)

^(a)

Net collateral, including accrued interest, if any, with a value of $332,319,653 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes.

^(b)

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

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.


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		183

Notes to Financial Statements (continued)

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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

•

Credit default swaps—Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

Total return swaps—Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.


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Notes to Financial Statements (continued)

•

Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage:




	DSU			FRA


Investment advisory fees		0.55	%		0.75%

For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.

For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Fund’s net assets. For purposes of calculating this fee, “net assets” means the total assets of the Fund minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).

For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage.

For such services, BIT pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Fund’s managed assets.

For purposes of calculating this fee, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to BLW and BIT, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BSL”), an affiliate of the Manager. The Manager pays


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Notes to Financial Statements (continued)

BIL and BSL for services they provide for that portion of BLW and BIT for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by BLW and BIT to the Manager.

Distribution Fees: DSU, BKT, BLW and BIT have each entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of DSU, BKT, BLW and BIT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of DSU’s, BKT’s BLW’s and BIT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended December 31, 2023 amounted to $0.

Administration: BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund’s average weekly net assets. For BKT, the Manager may reduce or discontinue this arrangement at any time without notice.

Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. The amounts waived were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


DSU	$	895
FRA		142
BKT		5,322
BLW		2,132



	Amounts Waived


Fund Name	Period from 11/01/23 to 12/31/23		Year Ended 10/31/23

BIT	$	1,091	$	7,530

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


DSU	$	8,096
FRA		36,514

Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the period ended December 31, 2023, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:




	U.S. Government Securities				Other Securities

Fund Name	Purchases		Sales		Purchases		Sales


DSU	$	—	$	—	$	192,337,320	$	200,869,868
FRA		—		—		155,356,769		151,183,533
BKT		—		—		931,095,715		943,799,698
BLW		—		12,290,018		801,848,269		805,583,206
BIT		—		—		234,591,551		246,324,455

For the period ended December 31, 2023, purchases and sales related to mortgage dollar rolls were as follows:




Fund Name	Purchases		Sales

BKT	$	485,339,662	$	484,857,786
BLW		273,266,164		273,213,212
BIT		91,001,031		90,993,647


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Notes to Financial Statements (continued)

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 December 31, 2023, 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.

The tax character of distributions paid was as follows:




Fund Name			Year Ended 12/31/23		Year Ended 12/31/22


DSU
Ordinary income			$	45,919,775	$	31,579,170
Return of capital				2,854,653		838,309

			$	48,774,428	$	32,417,479

FRA
Ordinary income			$	44,066,728	$	27,297,906
Return of capital				2,494,734		—


			$	46,561,462	$	27,297,906

BKT
Ordinary income			$	8,218,384	$	10,487,125
Return of capital				14,333,355		11,460,544


			$	22,551,739	$	21,947,669

BLW
Ordinary income			$	37,992,549	$	32,930,219
Return of capital				5,096,654		5,605,804


			$	43,089,203	$	38,536,023




Fund Name	Period from 11/01/23 to 12/31/23		Year Ended 10/31/23		Year Ended 10/31/22


BIT
Ordinary income	$	6,321,510	$	33,743,136	$	40,442,459
Return of capital		3,029,601		22,251,175		15,441,926


	$	9,351,111	$	55,994,311	$	55,884,385

As of December 31, 2023, the tax components of accumulated earnings (loss) were as follows:




Fund Name	Non-Expiring Capital Loss Carryforwards^(a)			Net Unrealized Gains (Losses)^(b)			Qualified Late-Year Ordinary Losses^(c)			Total


DSU	$	(109,774,003	)	$	(32,034,677	)	$	(239,307	)	$	(142,047,987	)
FRA		(54,285,641	)		(14,624,432	)		(95,028	)		(69,005,101	)
BKT		(117,001,909	)		(40,255,363	)		—			(157,257,272	)
BLW		(88,266,996	)		(20,780,198	)		(205,725	)		(109,252,919	)
BIT		(55,296,907	)		(19,121,332	)		—			(74,418,239	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the tax deferral of losses on wash sales and straddles, the accrual of income on securities in default, the classification of investments, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency contracts, the timing and recognition of partnership income, amortization methods for premiums on fixed income securities, the deferral of compensation to trustees and the accounting for swap agreements.

^(c)

The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.


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Notes to Financial Statements (continued)

As of December 31, 2023, 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	$	688,783,935	$	6,760,530	$	(38,381,990	)	$	(31,621,460	)
FRA		627,913,397		5,345,951		(19,969,149	)		(14,623,198	)
BKT		464,002,509		9,936,447		(50,016,322	)		(40,079,875	)
BLW		815,851,220		14,841,493		(35,056,204	)		(20,214,711	)
BIT		890,134,068		44,961,933		(63,947,696	)		(18,985,763	)

9.	*BANK BORROWINGS*

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

The SSB Agreement allows for the following maximum commitment amounts:




Fund Name	Commitment Amounts


DSU	$	276,000,000
FRA		255,000,000

Prior to March 9, 2023, maximum commitment amounts were $340,000,000 for DSU and $274,000,000 for FRA.

Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.

In addition, DSU and FRA paid a commitment fee (based on the daily unused portion of the commitments). Advances to DSU and FRA as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

DSU and FRA may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.

For the year ended December 31, 2023, 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	$	164,000,000	$ 137,194,521	5.91%
FRA		149,000,000	139,402,740	5.90

10.

PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

Illiquidity Risk: Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could 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.


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Notes to Financial Statements (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.


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		189

Notes to Financial Statements (continued)

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW and BIT is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s, BKT’s, BLW’s and BIT’s shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:



	Year Ended

Fund Name	12/31/23		12/31/22
DSU		—		3,721
BKT		3,394		3,887	^(a)

^(a)

Share transactions reflect 1-for-3 reverse stock split effective after the close of trading on October 17, 2022.

Period from
11/01/23

Year Ended

Fund Name

to 12/31/23

10/31/23

10/31/22

BIT

31,420

103,666

74,296

For the year ended December 31, 2023, shares issued and outstanding remained constant for DSU.

For the year ended December 31, 2023 and the year ended December 31, 2022, shares issued and outstanding remained constant for FRA and BLW.

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, 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, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts. For the period ended December 31, 2023, the Funds did not repurchase any shares.

DSU, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 8,333,333, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offering, DSU, BKT, BLW and BIT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 16,000,000, 8,333,333, 10,000,000 and 15,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. For the period ended December 31, 2023, Common Shares issued and outstanding under the Shelf Offering remained constant for DSU, BKT, BLW and BIT. See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by DSU, BKT, BLW and BIT in connection with their Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following item was noted:


190		2 0 2 3 B L A C K R O C K 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 (continued)

The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name

Declaration

Date

Record

Date

Payable/

Paid Date

Dividend Per

Common Share

DSU

01/02/24

01/12/24

01/31/24

0.098730

02/01/24

02/15/24

02/29/24

0.098730

FRA

01/02/24

01/12/24

01/31/24

0.123840

02/01/24

02/15/24

02/29/24

0.123840

BKT

01/02/24

01/12/24

01/31/24

0.088200

02/01/24

02/15/24

02/29/24

0.088200

BLW

01/02/24

01/12/24

01/31/24

0.107900

02/01/24

02/15/24

02/29/24

0.107900

BIT

01/02/24

01/12/24

01/31/24

0.123700

02/01/24

02/15/24

02/29/24

0.123700


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		191

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees/Directors of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc., BlackRock Income Trust, Inc., BlackRock Limited Duration Income Trust, and BlackRock Multi-Sector Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc., BlackRock Income Trust, Inc., BlackRock Limited Duration Income Trust, and BlackRock Multi-Sector Income Trust (the “Funds”), including the schedules of investments, as of December 31, 2023, the related statements of operations and cash flows, the statements of changes in net assets and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2023, and the results of their operations and their cash flows, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statements of Operations and Statements of Cash Flows	Statements of Changes in Net Assets	Financial Highlights

BlackRock Debt Strategies Fund, Inc.	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023	For each of the four years in the period ended December 31, 2023, for the period from March 1, 2019 through December 31, 2019, and for the year ended February 28, 2019.

BlackRock Floating Rate Income Strategies Fund, Inc.	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023	For each of the four years in the period ended December 31, 2023, for the period from September 1, 2019 through December 31, 2019, and for the year ended August 31, 2019.

BlackRock Income Trust, Inc.	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023	For each of the five years in the period ended December 31, 2023.

BlackRock Limited Duration Income Trust	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023	For each of the four years in the period ended December 31, 2023, for the period from September 1, 2019 through December 31, 2019, and for the year ended August 31, 2019.

BlackRock Multi-Sector Income Trust	For the period from November 1, 2023 through December 31, 2023 and for the year ended October 31, 2023	For the period from November 1, 2023 through December 31, 2023 and for each of the two years in the period ended October 31, 2023	For the period from November 1, 2023 through December 31, 2023 and for each of the five years in the period ended October 31, 2023. The presented financial highlights were consolidated through October 31, 2020.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 26, 2024

We have served as the auditor of one or more BlackRock investment companies since 1992.


192		2 0 2 3 B L A C K R O C K 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

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2023:



Fund Name	Qualified Dividend Income

DSU	$	67,771
BLW		1,925,070
BIT		367,715

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2023:



Fund Name	Federal Obligation Interest

DSU	$	8,407
FRA		1,401
BKT		27,062
BLW		39,465
BIT		7,680

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2023 qualified for the dividends-received deduction for corporate shareholders:



Fund Name	Dividends-Received Deduction

DSU		0.09	%
BLW		2.94
BIT		4.90

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023:



Fund Name	Interest Dividends

DSU	$	45,922,515
FRA		43,614,658
BKT		8,168,604
BLW		36,547,168
BIT		5,133,975

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023:



Fund Name	Interest- Related Dividends

DSU	$	34,675,260
FRA		33,356,933
BKT		8,184,185
BLW		27,670,731
BIT		4,356,938


I M P O R T A N T T A X I N F O R M A T I O N		193

Investment Objectives, Policies and Risks

Recent Changes

The following information is a summary of certain changes since December 31, 2022, with respect to each Fund other than BlackRock Multi-Sector Income Trust (BIT), and since October 31, 2023, with respect to BIT (BIT changed its fiscal year end from October 31 to December 31 effective December 31, 2023). This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

During each Fund’s most recent fiscal year, there were no material changes in the Fund’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.

Investment Objectives and Policies

BlackRock Debt Strategies Fund, Inc. (DSU)

The Fund’s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies’ debt instruments, including Corporate Loans (as defined below), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s Investor’s Service (“Moody’s”) or BBB or lower by S&P Global Ratings (“S&P”)) or unrated debt instruments which are in the judgment of BlackRock Advisors, LLC (the “Manager”) of equivalent quality. Such investments generally involve greater volatility of price and risks to principal and income than securities in the higher rating categories. As a secondary objective, the Fund will seek to provide capital appreciation. The Fund’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”)).

Under normal market conditions, at least 80% of the Fund’s total assets will be invested in debt instruments. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund has no restrictions on portfolio maturity or duration of the debt securities in which it may invest.

The Fund’s investment policies permit investment in the following asset classes which are described in greater detail below: (i) senior and subordinated corporate loans, both secured and unsecured (“Corporate Loans”), issued either directly by the borrower or in the form of participation interests in Corporate Loans made by banks and other financial institutions; (ii) publicly offered and privately placed high-yield debt securities, senior and subordinated, both secured and unsecured; and (iii) convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and nonconvertible preferred stock. The debt securities and Corporate Loans in which the Fund invests may pay interest at fixed rates or at rates that float at a margin above a generally recognized base lending rate such as the prime rate of a designated U.S. bank, or that adjust periodically at a margin above the CD rate or LIBOR.

In connection with its investments in corporate debt securities, or restructuring of investments owned by the Fund, the Fund may receive warrants or other non-income producing debt or equity securities. The Fund may retain such securities until the Manager determines it is appropriate in light of current market conditions to effect a disposition of such securities.

The Fund will not invest in Corporate Loans that would require the Fund to make any additional investments in connection with its obligation to make future advances to a borrower in connection with revolving credit facilities if such commitments would exceed 20% of the Fund’s total assets or would cause the Fund to fail to meet the diversification requirements described herein.

The Fund may invest in high-yield corporate debt securities, including Corporate Loans, which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s and BBB or lower by S&P Global Ratings), or in unrated securities considered by the Manager to be of comparable quality. Securities rated below Baa or lower by Moody’s or BBB or lower by S&P and unrated securities of comparable quality, are commonly known as “junk bonds.” Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund’s total assets may be invested in Distressed Securities (defined below), which includes publicly offered or privately placed debt securities and Corporate Loans which, at the time of investment, are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest or are rated in the lowest rating categories (Ca or lower by Moody’s and CC or lower by S&P) or which, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”). Although the Fund will invest primarily in lower-rated securities, other than with respect to Distressed Securities (which are discussed below) it will not invest in securities in the lowest rating categories (Ca or below by Moody’s and CC or below by S&P) unless the Manager believes that the financial condition of the issuer or the protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings. Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund’s total assets may be invested in financial instruments of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational foreign currency units, provided that the foreign issuers of any non-U.S. dollar denominated instruments purchased by the Fund are domiciled in a country that is a member of the Organisation for Economic Co-operation and Development (OECD).

Up to 20% of the Fund’s total assets can be invested in convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred stock. The types of preferred securities in which the Fund may invest include trust preferred securities.

As a result of conversions of convertible securities or upon an exchange offer or bankruptcy plan of reorganization, a significant portion of the Fund’s total assets may be invested in common stock at certain points in time.

The Fund may engage in various portfolio strategies to seek to increase its return and to hedge its portfolio against movements in interest rates or foreign currencies through the use of interest rate or foreign currency swap transactions, the purchase of call and put options on securities, the sale of covered call and put options on its portfolio securities and transactions in financial futures and related options on such futures. There can be no assurance that the Fund will employ these strategies or that, if employed, they will be effective.


194		2 0 2 3 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

The Fund may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Fund may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Fund’s obligation to replace the borrowed security will be secured by collateral deposited with the broker dealer, usually cash, U.S. government securities or other liquid securities similar to those borrowed. The Fund also will be required to segregate similar collateral with its custodian or designate such collateral on its books and records to the extent, if any, necessary so that the value of both collateral amounts in the aggregate is at all times equal to at least 100% of the current market value of the security sold short. The Fund also may make short sales “against the box.” Short sales “against the box” are not subject to the foregoing 10% limitation.

Subject to other investment restrictions applicable to the Fund, up to 10% of the Fund’s assets may be invested in debt instruments, including Corporate Loans, of investment companies (which may or may not be registered under the Investment Company Act) whose portfolio securities consist entirely of (i) corporate debt or equity securities acceptable to the Manager or (ii) money market instruments.

The Fund has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.

Leverage: The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. The Fund generally will not utilize leverage if it anticipates that the Fund’s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Fund could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock. The Fund may also utilize leverage through the use of reverse repurchase agreements.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which may otherwise require untimely dispositions of Fund securities. The Fund at times may borrow from affiliates of the Manager, provided that the terms of such borrowings are no less favorable than those available from comparable sources of funds in the marketplace.

There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.

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

The Fund’s investment objective is to provide stockholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments (“floating rate debt securities”). The Fund’s investment objective is a fundamental policy and may not be changed without stockholder approval.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter). “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade at the time of investment or, if unrated, are considered by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Fund’s sub-advisor, to be of comparable quality. Secured loans may be either wholly or partially secured at the time of investment. In addition to senior loans, floating rate debt securities may include, without limitation, instruments such as catastrophe and other event linked bonds, bank capital securities, corporate bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities. Due to their floating or variable rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a floating rate debt security is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed rate debt instrument, although the value of a floating rate debt security may nonetheless decline as interest rates rise and due to other factors, such as real or perceived changes in credit quality or financial condition of the issuer or borrower, volatility in the capital markets or other adverse market conditions.

The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives.

The Fund’s policy to invest, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, as described above, is a non-fundamental policy and may be changed by the Board of Directors of the Fund provided that stockholders are provided with at least 60 days’ prior notice of any change, unless such change was previously approved by shareholders, as required by the rules under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

The Fund may invest up to 20% of its total assets in securities other than floating rate debt securities, including, but not limited to, fixed rate debt securities such as convertible securities, bonds, notes, fixed rate loans and mortgage related and other asset backed securities issued on a public or private basis, collateralized debt obligations (which include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities), preferred securities, commercial paper, U.S. government securities, structured notes, credit linked notes, credit linked trust certificates and other hybrid instruments.

To a limited extent, incidental to and in connection with its investment activities or pursuant to a convertible feature in a security, the Fund may acquire warrants and other debt and equity securities. The Fund may also acquire other debt and equity securities of a borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or other debt security or in connection with a bankruptcy or workout of the borrower or issuer.

The Fund may invest without limit, and generally intends to invest a substantial portion of its assets, in high yield securities, including senior loans and other floating or fixed rate debt securities, that are rated below investment grade by the established rating services (Ba or lower by Moody’s Investor’s Service (“Moody’s”) or BB or lower by S&P Global


I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S			195

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

Ratings (“S&P”)) or, if unrated, are considered by the Advisors to be of comparable quality. High yield bonds commonly are referred to as “junk” bonds. The high yield securities in which the Fund invests may include credit linked notes, structured notes, credit linked trust certificates or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities. Other than with respect to Distressed Securities (which are discussed below), the high yield securities in which the Fund may invest do not include securities which, at the time of investment, are in default or the issuers of which are in bankruptcy. The Fund may also invest in investment grade securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody’s or, if unrated, determined to be of comparable quality by the Advisors.

The Fund may not invest more than 10% of its total assets (at the time of investment) in securities that are rated Caa1 or lower (if rated by Moody’s) or CCC+ or lower (if rated by S&P) by each agency rating such security or, if unrated, are considered by the Advisors to be of comparable quality or are otherwise considered to be distressed securities (“Distressed Securities”).

The Fund may invest without limitation in debt securities of issuers domiciled outside the United States. The Fund, however, will not invest more than 10% of its total assets in debt securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world (including countries that may be considered “frontier” markets) except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund will invest primarily in U.S. dollar denominated debt securities. The Fund will not invest more than 10% of its total assets in debt securities denominated in currencies other than the U.S. dollar or that do not provide for payment to the Fund in U.S. dollars, including obligations of non-U.S. governments and their respective subdivisions, agencies and government sponsored enterprises.

The Fund may invest in bonds of varying maturities issued by U.S. and non-U.S. corporations and other business or governmental entities. Bonds can be variable or fixed rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. The Fund may also invest in catastrophe or other “event linked” bonds. The Fund may invest in securities of any maturity.

The Fund may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The types of preferred securities in which the Fund may invest include trust preferred securities.

The Fund may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.

The Fund may invest without limit in illiquid securities, which are floating rate debt securities, senior loans, high yield securities and other securities that lack a secondary trading market or are otherwise considered illiquid.

Leverage: The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. At times, the Fund could utilize leverage through borrowings, the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock. The Fund may also leverage through the use of reverse repurchase agreements. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

BlackRock Income Trust, Inc. (BKT)

The Fund’s investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Fund will seek to distribute monthly income that is greater than that obtainable on an annualized basis by investment in United States government securities having the same maturity as the weighted average maturity of the Fund’s investments. The Fund’s portfolio is expected to consist primarily of mortgage-backed securities and, to a lesser extent, asset-backed securities.

Mortgage-backed securities are securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. There are three basic types of mortgage-backed securities: (i) those issued or guaranteed by the United States government or one of its agencies or instrumentalities, such as the Government National Mortgage Association (“GNMA”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”); (ii) those issued by private issuers that are collateralized by securities issued or guaranteed by the United States government or one of its agencies or instrumentalities; and (iii) those issued by private issuers and collateralized by securities without a government guarantee but usually with some form of private credit enhancement.

The Fund will invest at least 65% of its assets in mortgage-backed securities. The balance of the Fund’s assets generally will be invested in asset-backed securities, which have structural characteristics similar to mortgage-backed securities but have underlying assets that are not mortgage loans or interests in mortgage loans. The Fund may also invest in various derivative mortgage-backed and asset-backed securities, such as collateralized mortgage obligations and asset-backed security residual interests and stripped mortgage-backed securities. The Fund may invest directly in securities or synthetically through the use of derivatives. In addition, for hedging purposes, the Fund may utilize a portion of its assets for certain options, futures, interest rate swaps and related transactions. For purposes of enhancing liquidity and/or preserving capital, the Fund may invest without limit in securities issued by the United States government and its agencies and instrumentalities, or repurchase agreements collateralized by such securities, certificates of deposit, time deposits or bankers’ acceptances of similar quality.

At least 80% of the Fund’s assets will be invested in securities that are (i) issued or guaranteed by the United States government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P Global Ratings (“S&P”) or Aaa by Moody’s Investors Service (“Moody’s”). Securities issued or guaranteed by the United States government or its agencies or instrumentalities are generally considered to be of the same or higher quality than privately issued securities rated AAA or Aaa.


196		2 0 2 3 B L A C K R O C K 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

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

No more than 20% of the Fund’s assets will be invested in other securities, all of which will have been determined by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Fund’s sub-advisor, to be of comparable credit quality.

The yield characteristics of mortgage-backed and asset-backed securities differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time. As a result, if the Fund purchases such a security at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if the Fund purchases these securities at a discount, faster than expected prepayments will increase, while slower than expected prepayments will reduce, yield to maturity. The Fund may also invest in derivative securities such as stripped mortgage-backed securities or residual interests, which generally are more sensitive to changes in prepayment and interest rates. The Advisors will seek to manage these risks (and potential benefits) by investing in a variety of such securities and through hedging techniques.

Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors, including changes in mortgagors’ housing needs, job transfers, unemployment, mortgagors’ net equity in the mortgaged properties and servicing decisions. Generally, however, prepayments on fixed rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. The same factors apply to prepayments on asset-backed securities but the predominant factor in a particular case may be different than in the case of mortgage-backed securities. Accordingly, amounts available for reinvestment by the Fund are likely to be greater during a period of declining interest rates than during a period of rising interest rates.

The Fund’s yield will also be affected by the interest rates on instruments in which the Fund is able to reinvest the proceeds of payments and prepayments. Accelerated prepayments on securities purchased by the Fund at a premium also impose a risk of loss of principal because the premium may not have been fully amortized at the time the principal is repaid in full.

Leverage: The Fund may borrow from time to time, at the Advisors’ discretion, for purposes of investment leverage when yields on available investments exceed interest rates and other expenses of related borrowing, or when, in the Advisors’ opinion, unusual market conditions otherwise make it advantageous for the Fund to increase its investment capacity.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

The Fund may also borrow for emergency purposes, for the payment of dividends or for the clearance of transactions.

The Fund may enter into reverse repurchase agreements.

BlackRock Limited Duration Income Trust (BLW)

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

•

intermediate duration, investment grade corporate bonds, mortgage related securities and 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 and, to a limited extent, non-U.S. dollar denominated securities of non-U.S. issuers rated below investment grade.

The Fund may invest directly in securities or synthetically through the use of derivatives.

BlackRock Advisors, LLC (the “Manager”) and the Fund’s sub-advisers, BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL” and collectively with BIL and the Manager, the “Advisors”), have broad discretion to allocate the Fund’s assets among these three principal asset classes.

The Fund’s investment objective may be changed by the Board of Trustees of the Fund without prior shareholder approval.

The Fund’s portfolio normally has an average portfolio duration of less than five years (including the effect of anticipated leverage), although it may be longer from time to time depending on market conditions. In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Specifically, duration measures the anticipated percentage change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship. Duration differs from maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.

The Fund is intended to have a relatively low level of interest rate risk compared to investment portfolios of similar credit quality but with longer durations. Certain of the Fund’s other strategies, however, may result in an above average amount of risk and volatility or loss of principal.

The Fund may invest in corporate bonds.

The Fund anticipates that, under normal market conditions, a significant portion of its Managed Assets will be invested in securities rated below investment grade, such as those rated (Ba or lower by Moody’s Investor’s Service (“Moody’s”) or BB or lower by S&P Global Ratings (“S&P”)) or securities comparably rated by other rating agencies or in unrated securities determined by the Advisors to be of comparable quality. High yield securities commonly are referred to as “junk” bonds. The Fund may invest in individual


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Investment Objectives and Policies (continued)

securities of any credit quality. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes).

The Fund may also invest in investment grade securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody’s or, if unrated, determined to be of comparable quality by the Advisors. When the Advisors believe it to be in the best interests of the Fund’s shareholders, the Fund will reduce its investment in lower grade securities and, in certain market conditions, the Fund may invest none of its assets in lower grade securities.

The Fund may invest without limitation in U.S. dollar denominated securities of non-U.S. issuers and, to a limited extent, non-U.S. dollar-denominated securities of non-U.S. issuers (“Non-U.S. Securities”), including up to 20% of its Managed Assets in issuers located in emerging market countries. The Fund can hold no more than 10% of its Managed Assets in non-U.S. dollar-denominated Non-U.S. Securities.

Non-U.S. Securities may include debt securities issued by foreign governments and other sovereign entities and debt securities issued by foreign corporations or supranational entities and securities denominated in U.S. dollars or, to a limited extent (as described above), in foreign currencies or multinational currency units. The Fund may invest in Brady Bonds and other sovereign debt of countries that have restructured their debt pursuant to the Brady Plan, which are viewed as speculative investments. The Fund may also purchase debt securities of supranational organizations such as the European Coal and Steel Community, the European Economic Community and the World Bank, which are chartered to promote economic development.

The Fund may invest in debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities including but not limited to: (1) U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance, such as U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years), and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. government under the separate trading of registered interest and principal securities program (i.e., “STRIPS”), all of which are backed by the full faith and credit of the United States; and (2) obligations issued or guaranteed by U.S. government agencies or instrumentalities, including government guaranteed mortgage-related securities, some of which are backed by the full faith and credit of the U.S. Treasury, some of which are supported by the right of the issuer to borrow from the U.S. government and some of which are backed only by the credit of the issuer itself.

The Fund may invest in mortgage-related securities, which include collateralized mortgage obligations, stripped mortgage-backed securities, mortgage pass-through securities, interests in real estate mortgage investment conduits, real estate investment trusts (“REITs”), including debt and preferred stock issued by REITs, as well as other real estate-related securities. The mortgage-related securities in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, including subordinated mortgage-related securities. The Fund will not invest more than 15% of its Managed Assets in commercial mortgage-related securities.

Asset-backed securities are a form of structured debt obligations. The securitization techniques used for asset-backed securities are similar to those used for mortgage-related securities. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of asset-backed securities that may be developed in the future.

In addition to senior, secured floating rate loans made to corporate and other business entities, the Fund may also purchase unsecured loans, other floating rate debt securities, and credit-linked notes.

A senior loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Fund may purchase “Assignments” from the Agent or other Loan Investors. The Fund also may invest in “Participations.” Participations by the Fund in a Loan Investor’s portion of a senior loan typically will result in the Fund having a contractual relationship only with such Loan Investor, not with the borrower, whereas the Fund, as a purchaser of an Assignment, would typically succeed to all the rights and obligations under the loan agreement of the assigning Loan Investor and become a Loan Investor under the loan agreement with the same rights and obligations as the assigning Loan Investor. The Fund will only acquire Participations if the Loan Investor selling the Participation, and any other persons interpositioned between the Fund and the Loan Investor, are believed by the Advisors to be creditworthy at the time they enter into such transactions.

The Fund may also acquire equity securities or debt securities (including non-dollar denominated debt securities) issued in exchange for a senior loan or issued in connection with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the Advisors, may enhance the value of a senior loan or would otherwise be consistent with the Fund’s investment policies.

The Fund may invest in collateralized bond obligations (“CBOs”), which are structured securities backed by a diversified pool of high yield, public or private fixed income securities. Under normal market conditions, the Fund expects to invest in the lower tranches of CBOs.

The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. The Fund also may purchase derivative instruments that combine features of these instruments.

The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Fund may invest directly. The Fund generally expects to invest in other investment companies either during periods when it has large amounts of uninvested cash, such as the period shortly after the Fund receives the proceeds of the offering of its common shares, or during periods when there is a shortage of attractive opportunities in the fixed income market.


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Investment Objectives and Policies (continued)

Leverage: The Fund currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Fund may borrow from banks and other financial institutions and may also borrow additional funds using such investment techniques as the Advisors may from time to time determine. Of these investment techniques, the Fund expects primarily to use reverse repurchase agreements and dollar rolls.

The Fund also has the ability to utilize leverage through the issuance of preferred shares. The Fund does not currently anticipate issuing any preferred shares.

The Fund generally will not utilize leverage if it anticipates that the Fund’s leveraged capital structure would result in a lower return to shareholders than that obtainable over time with an unleveraged capital structure. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent.

The Fund may enter into derivative securities transactions that have leverage embedded in them.

BlackRock Multi-Sector Income Trust (BIT)

The Fund’s primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Fund’s investment objectives may be changed by the Board of Trustees of the Fund (the “Board,” and each member, a “Trustee”) without prior shareholder approval.

In investing the Fund’s assets, BlackRock Advisors, LLC, the Fund’s investment adviser (the “Manager”), and BlackRock International Limited and BlackRock (Singapore) Limited, the Fund’s sub-advisers (each, a “Sub-Advisor” and, collectively with the Manager, the “Managers”), expect to allocate capital across multiple sectors of the fixed-income securities market by evaluating portfolio risk in light of the available investment opportunities and prevailing risks in the fixed-income market, with the goal of delivering attractive risk-adjusted returns. In doing so, the Managers seek to find the appropriate balance between risk mitigation and opportunism. The Managers do not manage the Fund to a benchmark, which provides flexibility to allocate and rotate the Fund’s assets across various sectors within the fixed-income universe. This strategy seeks to provide exposure to those segments of the fixed-income market that the Managers anticipate will provide value while attempting to minimize exposure to those segments that the Managers anticipate will not provide value. If the Managers’ perception of the value of a segment of the fixed-income market or an individual security is incorrect, your investment in the Fund may lose value.

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in loan and debt instruments and other investments with similar economic characteristics (collectively “fixed-income securities”). The Fund may invest directly in securities or synthetically through the use of derivatives. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). Fixed-income securities in which the Fund may invest include:

•

mortgage related securities, including mortgage-backed securities (“MBS”), which are structured debt obligations collateralized by pools of commercial mortgages (commercial mortgage-backed securities or “CMBS”) or residential mortgages (residential mortgage-backed securities or “RMBS”), including agency RMBS issued or guaranteed by U.S. federal agencies or government related guarantors and non-agency RMBS issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers; collateralized mortgage obligations (“CMOs”); Real Estate Mortgage Investment Conduits (“REMICs”), including resecuritizations of REMICs; stripped mortgage-backed securities, including interest-only (“IO”) and principal-only (“PO”) classes; delegated underwriting and servicing bonds; MBS credit default swaps and other mortgage related derivative instruments; inverse floating rate instruments which are derivative interests in MBS; repurchase agreements supported by MBS; and interests in real estate investment trusts (“REITs”) that invest the majority of their assets in real property mortgages or MBS, including debt and preferred stock issued by mortgage REITs;

•

asset-backed securities (“ABS”);

•

U.S. Government and agency securities;

•

loans and loan participations, including senior secured floating rate and fixed rate loans or debt (“Senior Loans”) and second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”);

•

bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, which may include fixed, variable and floating rate bonds, debentures, notes and other similar types of debt instrument (collectively referred to herein as “corporate bonds”), of any quality, rated or unrated, including those that are rated below investment grade quality;

•

collateralized loan obligations (“CLOs”);

•

preferred securities;

•

convertible securities, including synthetic convertible securities;

•

sovereign debt, including obligations of foreign governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international agencies and supranational entities;

•

municipal securities, including taxable municipal securities such as Build America Bonds (“BABs”); and

•

structured instruments, including structured notes, hybrid or indexed securities, event-linked securities, credit-linked notes (“CLNs”), equity-linked notes and structured credit products.


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Investment Objectives and Policies (continued)

The Fund may invest in fixed-income securities of any type, including those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified reference interest rate or index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may hold securities of any duration or maturity and does not maintain set policies with respect to the average duration or maturity of the Fund’s portfolio. Additionally, as part of the Fund’s investments in loans, the Fund may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.

The Fund may invest in securities of any quality, rated or unrated, including those that are rated below investment grade quality (rated Ba/BB or below by Moody’s Investor’s Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), or Fitch Ratings, Inc. (“Fitch”)) or securities that are unrated but judged to be of comparable quality by the Managers. Such securities, sometimes referred to as “high yield” or “junk” bonds, are predominantly speculative with respect to the capacity to pay interest and repay principal in accordance with the terms of the security and generally involve greater price volatility than securities in higher rating categories. Under normal market conditions, the Fund will not invest more than 20% of its Managed Assets in securities, other than mortgage related and other asset-backed securities, that are, at the time of investment, rated CCC+ or lower by S&P or Fitch or Caa1 or lower by Moody’s, or that are unrated but judged to be of comparable quality by the Managers. For purposes of applying the foregoing policy, in the case of securities with split ratings (i.e., a security receiving two different ratings from two different rating agencies), the Fund will apply the higher of the applicable ratings. The Fund may invest in mortgage related and other asset backed securities of any quality, rated or unrated, without limitation.

Under normal market conditions, the Fund will not invest more than 10% of its Managed Assets in CLOs.

Under normal market conditions, the Fund will invest at least 25% of its total assets in mortgage related securities. The Fund’s investment in mortgage related securities may consist entirely of privately issued securities, which are issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers. The Securities and Exchange Commission (the “SEC”) informed the Fund that it is the view of the SEC staff that privately issued MBS constitute an “industry” for purposes of a fund’s industry concentration policy. On July 8, 2013, the Fund obtained formal “no-action” relief from the staff of the SEC that the staff would not recommend any enforcement action in connection with the Fund’s policy to concentrate its investments in the group of industries constituting mortgage related securities (including privately issued MBS and agency MBS).

Under normal market conditions, the Fund may invest up to 20% of its Managed Assets in securities other than fixed-income securities, including common stocks, warrants, depositary receipts and other equity securities.

The Fund may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Fund may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. The Fund may invest in securities of issuers of any market capitalization size, including small- and mid-cap companies, and of issuers that operate in any sector or industry.

The Fund may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds (“ETFs”), subject to applicable regulatory limits, that invest primarily in securities of the types in which the Fund may invest directly. The Fund treats its investments in open- or closed-end investment companies that invest substantially all of their assets in fixed-income securities as investments in fixed-income securities.

The Fund may make short sales of securities. The Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Fund’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class.

During temporary defensive periods, and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Fund may not achieve its investment objectives under these circumstances.

The Fund’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Fund’s policy to invest at least 80% of its Managed Assets in fixed-income securities may be changed by the Board; however, if this policy changes, the Fund will provide shareholders at least 60 days’ written notice before implementation of the change.

The percentage limitations applicable to the Fund’s portfolio apply only at the time of initial investment and the Fund will not be required to sell investments due to subsequent changes in the value of investments that it owns

Leverage: The Fund currently uses leverage to seek to achieve its investment objectives. The Fund currently leverages its assets through the use of reverse repurchase agreements and/or dollar rolls. The Fund currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Fund reserves the right to borrow money from banks or other financial institutions or issue debt securities or preferred shares in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. The Fund is permitted to use leverage of up to 50% of its Managed Assets (100% of its net assets).

The Fund may enter into derivative securities transactions that have leverage embedded in them.

Risk Factors

This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk.


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Risk Factors (continued)

Investment and Market Discount Risk: An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Fund’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Fund should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Fund’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund. During periods in which the Fund may use leverage, the Fund’s investment, market discount and certain other risks will be magnified.

Concentration Risk (BIT): The Fund’s strategy of concentrating in mortgage related securities means that its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these securities would have a larger impact on the Fund than on a mutual fund that does not concentrate in such securities. At times, the performance of these securities will lag the performance of other industries or the broader market as a whole.

Debt Securities Risk: Debt securities, such as bonds, involve interest rate risk, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

•

Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

•

Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.

•

Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

•

Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.

U.S. Government Obligations Risk: Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system.

U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW): There are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.

Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT): Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.


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Risk Factors (continued)

Senior Loans Risk (DSU, FRA, BLW and BIT): There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.

Second Lien Loans Risk (BIT): Second lien loans generally are subject to similar risks as those associated with investments in senior loans. Because second lien loans are subordinated or unsecured and thus lower in priority of payment to senior loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower.

CLO Risk (BIT and FRA): In addition to the general risks associated with fixed-income securities discussed herein, CLOs carry additional risks, including: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the CLO securities are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. The credit quality of CLOs depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. The underlying assets (e.g., loans) of CLOs are subject to prepayments, which shorten the weighted average maturity and may lower the return of the securities issued by the CLOs. The value of CLO securities also may change because of changes in the market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or fund providing the credit support or enhancement. Furthermore, the leveraged nature of each subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. CLOs are typically privately offered and sold, and thus are not registered under the securities laws. Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the secondary market), there often may be a delayed settlement period. As a result, investments in CLOs may be characterized by the Fund as illiquid securities; however, an active dealer market may exist which would allow such securities to be considered liquid in some circumstances. Finally, CLOs are limited recourse and may not be paid in full and may be subject to up to 100% loss.

Risks of Loan Assignments and Participations (BLW): As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Corporate Loans Risk (DSU): Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate (“SOFR”), the London Interbank Offered Rate (“LIBOR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.

Variable and Floating Rate Instrument Risk (DSU, FRA and BLW): Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time.

Unrated Securities Risk (BIT): Because the Fund may purchase securities that are not rated by any rating organization, the Managers may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the Managers’ credit analysis than would be the case when the Fund invests in rated securities.

High Yield Bonds Risk (DSU, FRA, BLW and BIT): Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.

Distressed Securities Risk (DSU and FRA): Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Collateralized Bond Obligations Risk (BLW): The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

Collateralized Debt Obligations Risk (FRA): In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.

Sovereign Debt Risk (FRA, BLW and BIT): Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

Municipal Securities Risks (BIT): Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:

•

General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

•

Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.

•

Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.

•

Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

•

Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.

•

Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

•

Tax-Exempt Status Risk — The Fund and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its shareholders to substantial tax liabilities.

Brady Bonds Risk (BLW): Brady Bonds involve various risk factors described above associated with investing in non-U.S. securities, including the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds.

Supranational Entities Risk (BLW): The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

Yield and Ratings Risk (BKT): The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, S&P and Fitch, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Manager will consider such an event in determining whether the Fund should continue to hold the security.

Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT): If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

Foreign Securities Risk (DSU, FRA, BLW and BIT): Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

•

The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

•

Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.

•

The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

•

The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.

•

Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

•

Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

•

The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund’s net asset value.

Emerging Markets Risk (FRA, BLW and BIT): Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

Equity Securities Risk (DSU, FRA, BLW and BIT): Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

Small and Mid-Capitalization Company Risk (BIT): Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

Preferred Securities Risk (DSU, FRA, BLW and BIT): Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

Convertible Securities Risk (DSU, FRA and BIT): The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

Warrants Risk (DSU and FRA): If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Real Estate-Related Securities Risk (BLW): The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or commenced development on properties and may develop additional properties in the future. Real estate development involves significant risks in addition to those involved in the ownership and operation of established properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow dependency and defaults by borrowers or tenants.


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

REIT Investment Risk (BLW and BIT): Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

Structured Securities Risk (BIT): Because structured securities of the type in which the Fund may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.

Derivatives Risk: The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:

•

Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

•

Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value.

•

Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

•

Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

•

Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

•

Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

•

Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

•

Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

•

Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

•

Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

Structured Notes Risk (FRA): Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities.

Leverage Risk: The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

•

the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

•

the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;

•

the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;

•

leverage may increase operating costs, which may reduce total return.

•

Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

Reverse Repurchase Agreements Risk: Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

Dollar Rolls Risk (BLW and BIT): Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.

Short Sales Risk (DSU and BIT): Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short.

Illiquid Investments Risk: The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Inverse Floater and Related Securities Risk (BIT): Investments in inverse floaters, residual interest tender option bonds and similar instruments expose the Fund to the same risks as investments in fixed-income securities and derivatives, as well as other risks, including those associated with leverage and increased volatility. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Distributions on inverse floaters, residual interest tender option bonds and similar instruments will typically bear an inverse relationship to short term interest rates and typically will be reduced or, potentially, eliminated as interest rates rise. Inverse floaters, residual interest tender option bonds and similar instruments will underperform the market for fixed rate securities in a rising interest rate environment. Inverse floaters may be considered to be leveraged to the extent that their interest rates vary by a magnitude that exceeds the magnitude of the change in a reference rate of interest (typically a short term interest rate). The leverage inherent in inverse floaters is associated with greater volatility in their market values. Investments in inverse floaters, residual interest tender option bonds and similar instruments that have fixed-income securities underlying them will expose the Fund to the risks associated with those fixed-income securities and the values of those investments may be especially sensitive to changes in prepayment rates on the underlying fixed-income securities.

Investment Companies and ETFs Risk (DSU, BLW and BIT): Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Fund may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

Risk of Investing in the United States: Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

An outbreak of an infectious coronavirus (COVID-19) that was first developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

Shareholder Activism Risk: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Fund consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Fund’s corporate governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Fund’s Board of Directors, or to seek other actions such as a termination of the Fund’s investment advisory contract with its current investment manager or commencing litigation. If the Fund becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Fund may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Fund. Further, the Fund’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.


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Shareholder Update (unaudited)

The following information is presented for DSU, BKT, BLW and BIT, in conformance with annual reporting requirements for funds that have filed a shelf offering registration statement pursuant to General Instruction A.2 of Form N-2.

Summary of Expenses

BlackRock Debt Strategies Fund, Inc. (DSU)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in DSU’s common shares.



	DSU
Shareholder Transaction Expenses
Maximum sales load (as a percentage of offering price)^(a)		1.00%
Offering expenses borne by the Fund (as a percentage of offering price)^(a)		0.05%
Dividend reinvestment plan fees		$0.02 per share for open market purchases of common shares^(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares)
Investment advisory fees^(c)(d)		0.70%
Other expenses		1.77
Miscellaneous		0.09
Interest expense^(e)		1.68
Total annual expenses		2.47
Fee waivers^(d)		—
Total annual Fund operating expenses after fee waivers^(d)		2.47

^(a)

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.

^(b)

Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by DSU. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

^(c)

DSU currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average daily value of DSU’s net assets, plus the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).

^(d)

DSU and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of DSU’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the “ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees DSU pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by DSU (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of DSU (the “Independent Directors”)) or a majority of the outstanding voting securities of DSU), upon 90 days’ written notice by DSU to the Manager.

^(e)

DSU uses leverage in the form of a credit facility, in an amount equal to approximately 22.7% of DSU’s Managed Assets at an annual interest expense to DSU of 5.91% which is based on current market conditions. The actual amount of interest expense borne by DSU will vary over time in accordance with the level of DSU’s use of leverage and variations in market interest rates. Interest expense is required to be treated as expense of DSU for accounting purposes.

The following example illustrates DSU’s expenses (including the sales load of $10.00 and offering costs of $0.47) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.47% of net assets attributable to common shares and (ii) a 5% annual return:


	1 Year	3 Years	5 Years	10 Years
Total expenses incurred	$ 35	$ 87	$ 141	$ 288

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. DSU’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.


208		2 0 2 3 B L A C K R O C K 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

Shareholder Update (unaudited) (continued)

BlackRock Income Trust, Inc. (BKT)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BKT’s common shares.



	BKT
Shareholder Transaction Expenses
Maximum sales load (as a percentage of offering price)^(a)		1.00%
Offering expenses borne by the Fund (as a percentage of offering price)^(a)		0.05%
Dividend reinvestment plan fees		$0.02 per share for open market purchases of common shares^(b)
Dividend reinvestment plan sale transaction fee		$2.50^(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares)
Investment advisory fees^(c)(d)		0.65%
Other expenses		2.58
Miscellaneous		0.27
Interest expense^(e)		2.31
Total annual expenses		3.23
Fee waivers^(d)		—
Total annual Fund operating expenses after fee waivers^(d)		3.23

^(a)

^(b)

Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BKT. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

^(c)

BKT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.65% of the average weekly value of BKT’s net assets. For purposes of calculating this fee, “net assets” means the total assets of BKT minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).

^(d)

BKT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BKT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BKT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BKT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BKT or a majority of the outstanding voting securities of BKT), upon 90 days’ written notice by BKT to the Manager.

^(e)

BKT uses leverage in the form of reverse repurchase agreements representing 29.0% of Managed Assets at an annual interest expense to BKT of 5.0% which is based on current market conditions. The actual amount of interest expenses borne by BKT will vary over time in accordance with the level of BKT’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of BKT for accounting purposes.

The following example illustrates BKT’s expenses (including the sales load of $10.00 and offering costs of $0.54) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 3.23% of net assets attributable to common shares and (ii) a 5% annual return:


	1 Year	3 Years	5 Years	10 Years
Total expenses incurred	$ 43	$ 109	$ 178	$ 360

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BKT’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.


S H A R E H O L D E R U P D A T E			209

Shareholder Update (unaudited) (continued)

BlackRock Limited Duration Income Trust (BLW)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BLW’s common shares.



	BLW
Shareholder Transaction Expenses
Maximum sales load (as a percentage of offering price)^(a)		1.00%
Offering expenses borne by the Fund (as a percentage of offering price)^(a)		0.02%
Dividend reinvestment plan fees		$0.02 per share for open market purchases of common shares^(b)
Dividend reinvestment plan sale transaction fee		$2.50^(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares)
Investment advisory fees^(c)(d)		0.83%
Other expenses		2.81
Miscellaneous		0.11
Interest expense^(e)		2.70
Acquired fund fees and expenses^(f)		0.01
Total annual expenses^(f)		3.65
Fee waivers^(d)		—
Total annual Fund operating expenses after fee waivers^(d)		3.65

^(a)

^(b)

Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BLW. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

^(c)

BLW currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average weekly value of BLW’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “managed assets” are determined as total assets of BLW (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

^(d)

BLW and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BLW’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BLW pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BLW (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BLW or a majority of the outstanding voting securities of BLW), upon 90 days’ written notice by BLW to the Manager.

^(e)

BLW uses leverage in the form of reverse repurchase agreements representing 35.4% of Managed Assets at an annual interest expense to BLW of 5.31%, which is based on current market conditions. The actual amount of interest expense borne by BLW will vary over time in accordance with the level of BLW’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of BLW for accounting purposes.

^(f)

The total annual expenses do not correlate to the ratios to average net assets shown in BLW’s Financial Highlights for the year ended December 31, 2023, which do not include acquired fund fees and expenses.

The following example illustrates BLW’s expenses (including the sales load of $10.00 and offering costs of $0.22) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 3.65% of net assets attributable to common shares and (ii) a 5% annual return:


	1 Year	3 Years	5 Years	10 Years
Total expenses incurred	$ 47	$ 121	$ 197	$ 397

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BLW’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.


210		2 0 2 3 B L A C K R O C K 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

Shareholder Update (unaudited) (continued)

BlackRock Multi-Sector Income Trust (BIT)

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BIT’s common shares.



		BIT

Shareholder Transaction Expenses
Maximum sales load (as a percentage of offering price)^(a)		1.00%
Offering expenses borne by the Fund (as a percentage of offering price)^(a)		0.03%
Dividend reinvestment plan fees		$0.02 per share for open market purchases of common shares^(b)
Dividend reinvestment plan sale transaction fee		$2.50^(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares)
Investment advisory fees^(c)(d)		1.23%
Other expenses		3.06
Miscellaneous		0.11
Interest expense^(e)		2.95
Total annual expenses		4.29
Fee waivers^(d)		—
Total annual Fund operating expenses after fee waivers^(d)		4.29

^(a)

If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.

^(b)

Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BIT. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.

^(c)

BIT currently pays the Manager a monthly fee at an annual contractual investment management fee rate of 0.80% of the average daily value of BIT’s managed assets. For purposes of calculating these fees, “managed assets” means the total assets of BIT (including any assets attributable to money borrowed for investment purposes) minus the sum of BIT’s accrued liabilities (other than money borrowed for investment purposes).

^(d)

BIT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of BIT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BIT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BIT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BIT (the “Independent Trustees”)) or a majority of the outstanding voting securities of BIT), upon 90 days’ written notice by BIT to the Manager.

^(e)

Assumes the use of leverage in the form of reverse repurchase agreements representing 33.8% of managed assets at an annual interest expense to BIT of 5.42%, which is based on current market conditions. The actual amount of interest expense borne by BIT will vary over time in accordance with the level of BIT’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of BIT for accounting purposes.

The following example illustrates BIT’s expenses (including the sales load of $10.00 and offering costs of $0.31) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 4.29% of net assets attributable to common shares and (ii) a 5% annual return:


	1 Year		3 Years		5 Years		10 Years

Total expenses incurred	$	53	$	139	$	226	$	450

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BIT’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.


S H A R E H O L D E R U P D A T E			211

Shareholder Update (unaudited) (continued)

Share Price Data

The following tables summarize each Fund’s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.


	NYSE Market Price Per Common Share				NAV per Common Share on Date of Market Price				Premium/ (Discount) on Date of Market Price

DSU — During Quarter Ended	High		Low		High		Low		High			Low			Trading Volume

December 31, 2023	$	10.85	$	9.78	$	10.87	$	10.61		(0.18	)%		(7.82	)%		9,476,571
September 30, 2023		10.36		9.81		10.84		10.76		(4.43	)		(8.83	)		8,558,668
June 30, 2023		9.79		9.25		10.72		10.51		(8.68	)		(11.99	)		8,742,409
March 31, 2023		9.96		9.25		10.79		10.48		(7.69	)		(11.74	)		8,395,438
December 31, 2022		9.77		8.80		10.48		10.24		(6.77	)		(14.06	)		9,860,686
September 30, 2022		10.15		8.83		10.84		10.27		(6.37	)		(14.02	)		6,897,776
June 30, 2022		10.52		8.59		11.34		10.40		(7.23	)		(17.40	)		11,465,492
March 31, 2022		11.75		10.06		11.57		11.20		1.56			(10.18	)		11,354,361

As of December 31, 2023, DSU’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.79, $10.89, and (0.92)%, respectively.


	NYSE Market Price Per Common Share				NAV per Common Share on Date of Market Price				Premium/ (Discount) on Date of Market Price

BKT — During Quarter Ended	High		Low		High		Low		High			Low			Trading Volume

December 31, 2023	$	12.60		$ 10.56	$	12.81	$	11.52		(1.64	)%		(8.33	)%		4,901,930
September 30, 2023		12.32		11.15		12.83		11.95		(3.98	)		(6.69	)		3,041,993
June 30, 2023		12.87		12.12		13.56		12.72		(5.09	)		(4.72	)		3,325,442
March 31, 2023		13.27		12.39		13.73		12.97		(3.35	)		(4.47	)		3,858,408
December 31, 2022		12.82		11.63		13.54		12.70		(5.32	)		(8.43	)		4,348,585
September 30, 2022		14.43		12.06		14.82		13.08		(2.63	)		(7.80	)		3,427,337
June 30, 2022		15.36		12.93		15.51		14.43		(0.97	)		(10.40	)		6,302,488
March 31, 2022		16.92		14.85		16.89		15.66		0.18			(5.17	)		7,312,624

As of December 31, 2023, BKT’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $12.18, $12.73, and (4.32)%, respectively.


	NYSE Market Price Per Common Share				NAV per Common Share on Date of Market Price				Premium/ (Discount) on Date of Market Price

BLW — During Quarter Ended	High		Low		High		Low		High			Low			Trading Volume

December 31, 2023	$	13.98	$	12.38	$	14.11	$	13.23		(0.92	)%		(6.42	)%		5,878,380
September 30, 2023		13.29		12.73		13.74		13.51		(3.28	)		(5.77	)		4,428,629
June 30, 2023		13.25		12.46		13.75		13.41		(3.64	)		(7.08	)		4,150,113
March 31, 2023		14.10		12.52		14.26		13.47		(1.12	)		(7.05	)		5,390,067
December 31, 2022		13.53		11.76		13.64		13.11		(0.81	)		(10.30	)		7,021,181
September 30, 2022		13.95		12.10		14.47		13.15		(3.59	)		(7.98	)		4,846,321
June 30, 2022		14.50		12.16		15.50		13.74		(6.45	)		(11.50	)		7,688,521
March 31, 2022		16.45		13.65		16.44		14.99		0.06			(8.94	)		8,580,380

As of December 31, 2023, BLW’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $13.98, $14.11, and (0.92)%, respectively.


	NYSE Market Price Per Common Share				NAV per Common Share on Date of Market Price				Premium/ (Discount) on Date of Market Price

BIT — During Quarter Ended	High		Low		High		Low		High			Low			Trading Volume

December 31, 2023	$	15.35	$	14.36	$	14.59	$	13.86		5.43	%		3.61	%		4,160,619
October 31, 2023		15.01		13.73		14.50		13.72		3.52			0.07			5,503,757
July 31, 2023		14.95		14.00		14.55		14.33		2.75			(2.30	)		5,540,851
April 30, 2023		15.24		14.08		15.29		14.48		(0.33	)		(2.76	)		6,248,672
January 31, 2023		15.22		14.19		14.73		14.74		3.30			(3.73	)		6,234,148
October 31, 2022		16.70		14.06		15.70		14.52		6.37			(3.17	)		6,104,129
July 31, 2022		15.88		13.64		16.15		15.08		(1.67	)		(9.55	)		7,111,803


212		2 0 2 3 B L A C K R O C K 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

Shareholder Update (unaudited) (continued)


	NYSE Market Price Per Common Share				NAV per Common Share on Date of Market Price				Premium/ (Discount) on Date of Market Price

BIT — During Quarter Ended	High		Low		High		Low		High			Low			Trading Volume

April 30, 2022	$	17.10	$	15.17	$	17.27	$	16.22		(0.98	)%		(6.47	)%		7,107,554
January 31, 2022		18.95		16.36		17.97		17.35		5.45			(5.71	)		7,934,072
October 31, 2021		19.15		18.31		18.38		18.16		4.19			0.83			6,538,043

As of December 31, 2023, BIT’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $15.00, $14.76, and 1.63%, respectively.

Common shares of each Fund have historically traded at both a premium and discount to NAV.

Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.

Senior Securities

The following table sets forth information regarding DSU’s outstanding senior securities as of the end of each of DSU’s last ten fiscal years, as applicable. DSU’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.


DSU — Fiscal Year Ended		Total Amount Outstanding (000)		Asset Coverage	^(a)		Liquidation Preference		Average Market Value (000)	^(b)	Type of Senior Security

December 31, 2023	$	149,000	$	4,405		$	N/A	$	137,195		Bank Borrowings
December 31, 2022		164,000		3,967			N/A		215,814		Bank Borrowings
December 31, 2021		248,000		3,172			N/A		239,134		Bank Borrowings
December 31, 2020		229,000		3,349			N/A		220,721		Bank Borrowings
December 31, 2019		262,000		3,310			N/A		264,317		Bank Borrowings
February 28, 2019		278,000		3,308			N/A		293,419		Bank Borrowings
February 28, 2018		338,000		3,196			N/A		348,104		Bank Borrowings
February 28, 2017		318,000		3,455			N/A		234,238		Bank Borrowings
February 29, 2016		190,000		4,733			N/A		254,199		Bank Borrowings
February 28, 2015		295,000		3,719			N/A		303,926		Bank Borrowings

^(a)

Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.

^(b)

Represents the average daily amount outstanding for loans under the revolving credit agreements.


S H A R E H O L D E R U P D A T E			213

Shareholder Update (unaudited) (continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand DSU’s financial performance for the periods presented. Certain information reflects financial results for a single common share of DSU.


		DSU^(a)

	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			02/28/18				02/28/17				02/29/16	⁽ⁱ⁾			02/28/15	⁽ⁱ⁾			02/28/14	⁽ⁱ⁾

Net asset value, beginning of year		$	12.70			$	11.38			$	12.87			$	13.32			$	13.15

Net investment income^(b)			0.78				0.73				0.77				0.87				0.90
Net realized and unrealized gain (loss)			(0.04	)			1.34				(1.46	)			(0.43	)			0.28


Net increase (decrease) from investment operations			(0.74	)			2.07				(0.69	)			0.44				1.18


Distributions^(c)
From net investment income			(0.82	)			(0.75	)			(0.80	)			(0.89	)			(0.99	)
From return of capital			—				—				—				—				(0.02	)


Total distributions			(0.82	)			(0.75	)			(0.80	)			(0.89	)			(1.01	)


Net asset value, end of year		$	12.62			$	12.70			$	11.38			$	12.87			$	13.32


Market price, end of year		$	11.47			$	11.68			$	9.96			$	11.43			$	12.24


Total Return^(d)
Based on net asset value			6.60	%^(e)			19.57	%			(4.73	)%			4.15	%			9.91	%


Based on market price			5.35	%			25.53	%			(6.03	)%			0.66	%			(0.81	)%


Ratios to Average Net Assets
Total expenses			1.86	%			1.36	%^(f)			1.18	%^(g)			1.24	%			1.38	%^(h)


Total expenses after fees waived and paid indirectly			1.85	%			1.35	%^(f)			1.18	%^(g)			1.24	%			1.38	%^(h)


Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and income tax			0.94	%			0.87	%^(f)			0.84	%^(g)			0.89	%			1.00	%^(h)


Net investment income			6.12	%			6.04	%			6.29	%			6.68	%			6.80	%


Supplemental Data
Net assets, end of year (000)		$	742,204			$	780,810			$	709,236			$	801,887			$	829,737


Borrowings outstanding, end of year (000)		$	338,000			$	318,000			$	190,000			$	295,000			$	315,000


Asset coverage, end of year per $1,000 of bank borrowings		$	3,196			$	3,455			$	4,733			$	3,719			$	3,634


Portfolio turnover rate			59	%			55	%			41	%			54	%			54	%

^(a)	Consolidated Financial Highlights through November 30, 2017.

^(b)	Based on average shares outstanding.

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

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

^(f)	Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02%.

^(g)	Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

^(h)

Includes reorganization costs associated with the Fund’s reorganization. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense and income tax would have been 1.31%, 1.31% and 0.94%, respectively.

⁽ⁱ⁾	Per share operating performance amounts have been adjusted to reflect a one-for-three reverse stock split effective after the close of trading on November 15, 2016 for the shareholders of record on November 15, 2016.


214		2 0 2 3 B L A C K R O C K 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

Shareholder Update (unaudited) (continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BKT’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BKT.


		BKT

	Period from 09/01/18				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			to 12/31/18	^(a)			08/31/18	^(a)			08/31/17	^(a)			08/31/16	^(a)			08/31/15	^(a)			08/31/14	^(a)

Net asset value, beginning of period		$	18.94			$	20.21			$	20.87			$	21.24			$	21.81			$	21.95


Net investment income^(b)			0.25				0.72				0.74				0.84				0.96				1.04
Net realized and unrealized gain (loss)			0.07				(1.02	)			(0.45	)			(0.17	)			(0.35	)			0.12

Net increase (decrease) from investment operations			0.32				(0.30	)			0.29				0.67				0.61				1.16


Distributions^(c)
From net investment income			(0.40	)			(0.90	)			(0.95	)			(1.04	)			(1.18	)			(1.30	)
From return of capital			(0.11	)			(0.07	)			—				—				—				—


Total distributions			(0.51	)			(0.97	)			(0.95	)			(1.04	)			(1.18	)			(1.30	)


Net asset value, end of period		$	18.75			$	18.94			$	20.21			$	20.87			$	21.24			$	21.81


Market price, end of period		$	16.92			$	17.31			$	18.93			$	19.8			$	18.9			$	19.26


Total Return^(d)
Based on net asset value			2.06	%^(e)			(1.14	)%			1.82	%			3.64	%			3.56	%			6.05	%


Based on market price			0.72	%^(e)			(3.44	)%			0.53	%			10.44	%			4.35	%			7.12	%


Ratios to Average Net Assets^(f)
Total expenses			2.08	%^(g)(h)			1.79	%			1.29	%			1.08	%			0.99	%⁽ⁱ⁾			1.02	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed			2.08	%^(g)			1.79	%			1.28	%			1.08	%			0.99	%⁽ⁱ⁾			1.02	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed and excluding interest expense			0.99	%^(g)			1.04	%			0.90	%			0.89	%			0.90	%⁽ⁱ⁾			0.96	%⁽ⁱ⁾


Net investment income			4.04	%^(g)			3.72	%			3.63	%			4.01	%			4.48	%			4.74	%


Supplemental Data
Net assets, end of period (000)		$	398,629			$	402,763			$	430,830			$	444,882			$	452,616			$	464,933


Borrowings outstanding, end of period (000)		$	186,799			$	186,441			$	185,769			$	152,859			$	173,695			$	205,415


Portfolio turnover rate^(j)			95	%			373	%			346	%			141	%			191	%			256	%

^(a)	Per share operating performance amounts have been adjusted to reflect a 1-for-3 reverse stock split prior to the open of trading on the NYSE on October 18, 2022 for common stockholders of record as of the close of business on October 17, 2022.

^(b)	Based on average shares outstanding.

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

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:



	Period from 09/01/18 to 12/31/18			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14

Investments in underlying funds		—	%		0.01	%		0.01	%		—	%		—	%		—	%

^(g)	Annualized.

^(h)

Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 0.99%, 0.99% and 0.89% for the year ended August 31, 2015 and 0.97%, 0.97% and 0.90% for the year ended August 31, 2014, respectively.

⁽ⁱ⁾	Audit fees were not annualized in the calculation of the expenses ratios. If these expenses were annualized, the total expenses would have been 2.11%.

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



	Period from 09/01/18 12/31/18			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15			Year Ended 08/31/14

Portfolio turnover rate (excluding MDRs)		45	%		181	%		161	%		63	%		78	%		125	%


S H A R E H O L D E R U P D A T E			215

Shareholder Update (unaudited) (continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BLW’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BLW.


	BLW

		Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16			Year Ended 08/31/15	^(a)		Year Ended 08/31/14^(a)

Net asset value, beginning of year	$	17.02		$	16.84		$	17.04		$	18.09		$	17.54

Net investment income^(b)		0.95			1.01			1.32			1.16			1.26
Net realized and unrealized gain (loss)		(0.31	)		0.44			(0.22	)		(0.92	)		0.51


Net increase from investment operations		0.64			1.45			1.10			0.24			1.77


Distributions from net investment income^(c)		(0.95	)		(1.27	)		(1.30	)		(1.29	)		(1.22	)


Net asset value, end of year	$	16.71		$	17.02		$	16.84		$	17.04	^(d)	$	18.09


Market price, end of year	$	15.06		$	15.99		$	15.74		$	14.6		$	16.81


Total Return^(e)
Based on net asset value		4.42	%		9.62	%		7.78	%		2.33	%^(d)		10.77	%


Based on market price		0.18	%		10.18	%		17.59	%		(5.74	)%		6.89	%


Ratios to Average Net Assets
Total expenses		1.73	%		1.45	%		1.21	%		1.15	%		1.14	%


Total expenses after fees waived and paid indirectly		1.73	%		1.45	%		1.21	%		1.15	%		1.14	%


Total expenses after fees waived and paid indirectly and excluding interest expense		0.89	%		0.89	%		0.89	%		0.92	%		0.92	%


Net investment income		5.60	%		6.00	%		8.04	%		6.65	%		7.00	%


Supplemental Data
Net assets, end of year (000)	$	612,048		$	629,728		$	623,219		$	630,388		$	669,382


Borrowings outstanding, end of year (000)	$	234,622		$	252,280		$	263,445		$	264,036		$	293,890


Portfolio turnover rate		50	%		55	%		54	%		47	%		57	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

^(d)	For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the net asset value per share and total return performance presented herein are different than the information previously published on August 31, 2015.

^(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.


216		2 0 2 3 B L A C K R O C K 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

Shareholder Update (unaudited) (continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BIT’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BIT.


	BIT

		Year Ended 10/31/18	^(a)		Year Ended 10/31/17	^(a)		Year Ended 10/31/16	^(a)		Year Ended 10/31/15			Year Ended 10/31/14	^(a)

Net asset value, beginning of year	$	20.07		$	18.91		$	18.91		$	19.87		$	18.95

Net investment income^(b)		1.38			1.51			1.69			1.55			1.62
Net realized and unrealized gain (loss)		(1.13	)		1.42			(0.05	)		(1.03	)		0.70


Net increase from investment operations		0.25			2.93			1.64			0.52			2.32


Distributions^(c)
From net investment income		(1.49	)		(1.77	)		(1.64	)		(1.40	)		(1.40	)
From net realized gain		—			—			—			(0.08	)		—
From return of capital		(0.04	)		—			—			—			—


Total distributions		(1.53	)		(1.77	)		(1.64	)		(1.48	)		(1.40	)


Net asset value, end of year	$	18.79		$	20.07		$	18.91		$	18.91	^(d)	$	19.87


Market price, end of year	$	16.25		$	18.55		$	16.76		$	16.31		$	17.79


Total Return^(e)
Based on net asset value		2.18	%^(f)		17.34	%^(g)		10.51	%^(f)		3.87	%^(d)		13.40	%


Based on market price		(4.40	)%		22.36	%		13.56	%		0.06	%		12.91	%


Ratios to Average Net Assets
Total expenses		2.90	%		2.33	%		2.05	%^(h)		2.09	%^(h)		2.04	%


Total expenses after fees waived and paid indirectly		2.89	%		2.33	%		2.05	%^(h)		2.09	%^(h)		2.04	%


Total expenses after fees waived and paid indirectly and excluding interest expense and fees		1.42	%		1.39	%		1.43	%^(h)		1.53	%^(h)		1.52	%


Net investment income		7.17	%		7.86	%		9.24	%^(h)		7.97	%^(h)		8.27	%


Supplemental Data
Net assets, end of year (000)	$	710,832		$	765,859		$	726,381		$	726,432		$	763,360


Borrowings outstanding, end of year (000)	$	376,302		$	471,082		$	427,329		$	510,352		$	707,294


Portfolio turnover rate		38	%		53	%		52	%		21	%		29	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

^(d)

For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on October 31, 2015.

^(e)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f)	Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(g)	Includes payment received from a settlement of litigation, which impacted the Trust’s total return. Excluding the payment from a settlement of litigation, the Trust’s total return is 16.70%.

^(h)	Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01% for the years ended October 31, 2016 and October 31, 2015.


S H A R E H O L D E R U P D A T E			217

Automatic Dividend Reinvestment Plan

Pursuant to DSU, FRA, BKT, BLW and BIT’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Fund’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After DSU, FRA, BKT, BLW and BIT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Fund’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in FRA, BKT, BLW and BIT that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in DSU that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006, Providence, RI 02940-3078, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.


218		2 0 2 3 B L A C K R O C K 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

Director and Officer Information

Independent Directors^(a)

Name

Year of Birth^(b)

Position(s) Held

(Length of Service)^(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

R. Glenn Hubbard

1958

Chair of the Board (Since 2022)

Director

(Since 2007)

Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.

69 RICs consisting of 102 Portfolios

ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy)

W. Carl Kester^(d)

1951

Vice Chair of the Board

(Since 2022)

Director

(Since 2007)

Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.

71 RICs consisting of 104 Portfolios

None

Cynthia L. Egan

1955

Director

(Since 2016)

Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.

71 RICs consisting of 104 Portfolios

Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non- Executive Vice Chair of the Board) (chemical products)

Frank J. Fabozzi^(d)

1948

Director

(Since 2007)

Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester.

71 RICs consisting of 104 Portfolios

None

Lorenzo A. Flores

1964

Director

(Since 2021)

Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016.

69 RICs consisting of 102 Portfolios

None

Stayce D. Harris

1959

Director

(Since 2021)

Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020.

69 RICs consisting of 102 Portfolios

KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer)


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		219

Director and Officer Information (continued)

Independent Directors^(a)(continued)

Name

Year of Birth^(b)

Position(s) Held

(Length of Service)^(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

J. Phillip Holloman

1955

Director

(Since 2021)

President and Chief Operating Officer, Cintas Corporation from 2008 to 2018.

69 RICs consisting of 102 Portfolios

PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation); Vestis Corporation (uniforms and facilities services)

Catherine A. Lynch^(d)

1961

Director

(Since 2016)

Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.

71 RICs consisting of 104 Portfolios

PennyMac Mortgage Investment Trust

Non-Management Interested Director^(a)(f)

Name

Year of Birth^(b)

Position(s) Held

(Length of Service)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company
and Other
Investment
Company
Directorships

Held During

Past 5 Years

Arthur P. Steinmetz

1958

Director

(Since 2023)

Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014.

70 RICs consisting of 103 Portfolios

Trustee of 104 OppenheimerFunds funds from 2014 to 2019


220		2 0 2 3 B L A C K R O C K 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

Director and Officer Information (continued)

Interested Directors^(a)(e)

Name

Year of Birth^(b)

Position(s) Held

(Length of Service)^(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships

Held During

Past 5 Years

Robert Fairbairn

1965

Director

(Since 2018)

Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.

97 RICs consisting of 268 Portfolios

None

John M. Perlowski^(d)

1964

Director

(Since 2015)

President and Chief Executive Officer

(Since 2010)

Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.

99 RICs consisting of 270 Portfolios

None

^(a)	The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)

Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.

^(c)

Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995.

^(d)	Dr. Fabozzi, Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

^(e)	Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

^(f)

Mr. Steinmetz is currently classified as a non-management interested Director based on his former directorship at another company that is not an affiliate of BlackRock, Inc. Mr. Steinmetz does not currently serve as an officer or employee of BlackRock, Inc. or its affiliates or own any securities of BlackRock, Inc. It is anticipated that Mr. Steinmetz will become an Independent Director effective January 19, 2024.


Officers Who Are Not Directors^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Jonathan Diorio 1980	Vice President (Since 2015)	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.

Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.

Aaron Wasserman 1974	Chief Compliance Officer (Since 2023)	Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.

Janey Ahn 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)	Officers of the Fund serve at the pleasure of the Board.


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		221

Director and Officer Information (continued)

Further information about the DSU’s, BKT’s, BLW’s and BIT’s Directors and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Funds.

Effective December 31, 2023, Frank Fabozzi retired as Director of the Funds.

Effective January 19, 2024, Arthur Steinmetz became an Independent Director of the Funds.

Effective October 20, 2023, Nicholas Kramvis became a portfolio manager of BKT. Mr. Kramvis has been employed by BlackRock since 2016.

Effective October 20, 2023, Ron Sion is no longer a portfolio manager of BKT.

Effective May 31, 2023, James Keenan is no longer a portfolio manager of BLW.

Effective May 31, 2023, James Keenan is no longer a porfolio manager of DSU. Effective May 31, 2023, Carly Wilson became a porfolio manager of DSU. Ms. Wilson has been employed by BlackRock since 2009.


222		2 0 2 3 B L A C K R O C K 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

Proxy Results

The Annual Meeting of Shareholders was held on July 12, 2023 for shareholders of record on May 15, 2023, to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.

Shareholders elected the Class I Directors as follows::



	Lorenzo A. Flores				R. Glenn Hubbard				John M. Perlowski				W. Carl Kester


Fund Name	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld


BLW		28,606,170		986,976		27,954,467		1,638,679		28,624,532		968,614		28,557,241		1,035,905
BKT		13,041,914		1,039,630		12,897,858		1,183,686		13,036,986		1,044,558		12,910,083		1,171,461

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch, and Frank J. Fabozzi.

Shareholders elected the Class I Directors as follows:



	Cynthia L. Egan				Lorenzo A. Flores				Stayce D. Harris				Catherine A. Lynch


Fund Name	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld


FRA		24,291,244		1,013,842		24,260,617		1,044,469		24,291,636		1,013,450		24,239,332		1,065,754
DSU		35,000,589		1,622,967		34,309,540		2,314,016		34,719,810		1,903,746		34,027,862		2,595,694

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Robert Fairbairn, J Phillip Holloman, R. Glenn Hubbard, John M. Perlowski, Frank J. Fabozzi and W. Carl Kester.

Fund Certification

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Environmental, Social and Governance (“ESG”) Integration

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Fund.

The distributions paid by each Fund for any particular month may be more or less than the amount of net investment income earned by each Fund during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Fund and is reported in each Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Fund’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Fund’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Fund’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Fund’s expense ratio and reducing the amount of assets the Fund has available for long term investment.


A D D I T I O N A L I N F O R M A T I O N		223

Additional Information (continued)

General Information

FRA does not make available copies of its Statements of Additional Information because FRA’s shares are not continuously offered, which means that the Statement of Additional Information of FRA has not been updated after completion of FRA’s offerings and the information contained in FRA’s Statement of Additional Information may have become outdated.

DSU’s, BKT’s, BLW’s and BIT’s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800)-882-0052.

The following information is a summary of certain changes since December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for DSU, BKT, BLW and BIT only, prospectuses, are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including for DSU, BKT, BLW and BIT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.


224		2 0 2 3 B L A C K R O C K 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)

Shelf Offering Program

From time-to-time, DSU, BKT, BLW and BIT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, DSU, BKT, BLW and BIT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above DSU’s, BKT’s BLW’s and BIT’s NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow DSU, BKT, BLW and BIT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

DSU, BKT, BLW and BIT filed final prospectuses with the SEC in connection with their Shelf Offerings on January 3, 2023, June 23, 2022, May 17, 2022 and May 3, 2022, respectively. This report and the prospectuses of DSU, BKT, BLW and BIT are not offers to sell DSU, BKT, BLW and BIT Common Shares or solicitations of an offer to buy DSU, BKT, BLW and BIT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of DSU, BKT, BLW and BIT contain important information about DSU, BKT, BLW and BIT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of DSU, BKT, BLW and BIT carefully and in their entirety before investing. Copies of the final prospectuses for DSU, BKT, BLW and BIT can be obtained from BlackRock at blackrock.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers


Investment Adviser		Transfer Agent
BlackRock Advisors, LLC		Computershare Trust Company, N.A.
Wilmington, DE 19809		Canton, MA 02021

Sub-Adviser		Independent Registered Public Accounting
BlackRock International Limited		Deloitte & Touche LLP
Edinburgh, EH3 8BL		Boston, MA 02116
United Kingdom
		Legal Counsel
BlackRock (Singapore) Limited^(a)		Willkie Farr & Gallagher LLP
079912 Singapore		New York, NY 10019

Accounting Agent and Custodian		Address of the Funds
State Street Bank and Trust Company		100 Bellevue Parkway
Boston, MA 02114		Wilmington, DE 19809

^(a)	For BLW and BIT.


A D D I T I O N A L I N F O R M A T I O N		225

Glossary of Terms Used in this Report


Currency Abbreviation

EUR		Euro

GBP		British Pound

USD		United States Dollar

Portfolio Abbreviation

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FEDL		Fed Funds Effective Rate

GO		General Obligation Bonds

IO		Interest Only

LIBOR		London Interbank Offered Rate

MTA		Month Treasury Average

PIK		Payment-in-Kind

PO		Principal Only

REIT		Real Estate Investment Trust

REMIC		Real Estate Mortgage Investment Conduit

SCA		Societe en Commandite par Actions

SG		Syncora Guarantee

SOFR		Secured Overnight Financing Rate

SOFR CME		Secured Overnight Financing Rate Chicago Mercantile Exchange

SONIA		Sterling Overnight Interbank Average Rate

STRIP		Separate Trading of Registered Interest & Principal

TBA		To-Be-Announced


226		2 0 2 3 B L A C K R O C K 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

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEFT-BK3-12/23-AR

(b) Not Applicable

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores

Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

(a) Audit Fees

(b) Audit-Related

Fees¹

(c) Tax Fees²

(d) All Other Fees

Entity Name

Current
Fiscal

Year

End

Previous
Fiscal

Year

End

Current
Fiscal

Year

End

Previous
Fiscal

Year

End

Current
Fiscal

Year

End

Previous
Fiscal

Year

End³

Current
Fiscal

Year

End

Previous
Fiscal

Year

End

BlackRock Floating Rate Income Strategies Fund, Inc.

$72,726

$69,972

$15,288

$14,700

$407

$431

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is

subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$2,154,000	$2,098,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name

Current Fiscal Year

End

Previous Fiscal Year

End

BlackRock Floating Rate Income Strategies Fund, Inc.

$15,695

$15,131

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year

End

Previous Fiscal Year

End

$2,154,000

$2,098,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) – Not Applicable

(j) – Not Applicable

Item 5 –

Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Frank J. Fabozzi

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

(b) Not Applicable

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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of David Delbos, Managing Director at BlackRock, Mitchell Garfin, CFA, Managing Director at BlackRock and Carly Wilson, Managing Director at BlackRock. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. Delbos and Garfin and Ms. Wilson have been members of the registrant’s portfolio management team since 2018.


Portfolio Manager		Biography
David Delbos		Managing Director of BlackRock, Inc. since 2012; Director of BlackRock, Inc. from 2007 to 2011; Vice President of BlackRock, Inc. from 2005 to 2006.
Mitchell Garfin, CFA		Managing Director of BlackRock, Inc. since 2009; Director of BlackRock, Inc. from 2005 to 2008.


Carly Wilson		Managing Director of BlackRock, Inc. since 2019; Director of BlackRock, Inc. from 2016 to 2018; Vice President of BlackRock, Inc. from 2011 to 2015; Associate at BlackRock, Inc. from 2009 to 2010; Associate at R3 Capital Partners from 2008 to 2009; Associate at Lehman Brothers from 2004 to 2008.

(a)(2) As of December 31, 2023:


	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
David Delbos	29	25	116	0	$0	5
	$35.81 Billion	$10.67 Billion	$16.36 Billion	$0	0	$ 642.4 Million
Mitchell Garfin, CFA	27	25	129	0	$0	5
	$36.79 Billion	$10.56 Billion	$16.46 Billion	$0	0	$642.4 Million
Carly Wilson	13	10	13	0	$0	$0
	$7.99 Billion	$1.20 Billion	$1.25 Billion	$0	0	0

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment

strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Delbos and Garfin and Ms. Wilson may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Delbos and Garfin and Ms. Wilson may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2023:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2023.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:


Portfolio Manager		Benchmarks
Carly Wilson		A combination of market-based indices (e.g. ICE BofA 3-Month U.S. Treasury Bill Index).
David Delbos Mitchell Garfin, CFA		A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is

closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2023.


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
David Delbos		$100,001 - $500,000
Mitchell Garfin, CFA		None
Carly Wilson		None

(b) Not Applicable

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(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

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period

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

BlackRock Floating Rate Income Strategies Fund, Inc.


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

Date: February 26, 2024

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


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

Date: February 26, 2024


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

Date: February 26, 2024

EX-99.CERT 2 d632264dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 Certification Pursuant to Section 302

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Floating Rate Income Strategies Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Strategies Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2024

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Floating Rate Income Strategies Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Strategies Fund, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 26, 2024

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

EX-99.906CERT 3 d632264dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 Certification Pursuant to Section 906

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Floating Rate Income Strategies Fund, Inc. (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended December 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 26, 2024

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

Date: February 26, 2024

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Strategies Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

EX-99.PROXYPOL 4 d632264dex99proxypol.htm PROXY VOTING POLICY AND PROCEDURES Proxy Voting Policy and Procedures

Closed-End Fund Proxy Voting Policy

August 1, 2021

LOGO

Closed-End Fund Proxy Voting Policy

Procedures Governing Delegation of Proxy Voting to Fund Adviser

Effective Date: August 1, 2021

Last Review Date: August 25, 2023

Applies to the following types of Funds registered under the 1940 Act:

☐ Open-End Mutual Funds (including money market funds)

☐ Money Market Funds

☐ Exchange-Traded Funds

☒ Closed-End Funds

☐ Other

Objective and Scope

Set forth below is the Closed-End Fund Proxy Voting Policy.

Policy / Document Requirements and Statements

The Boards of Trustees/Directors (the “Directors”) of the closed-end funds advised by BlackRock Advisors, LLC (“BlackRock”), (the “Funds”) have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock’s authority to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the “BlackRock proxy voting guidelines”) governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.



		Public		Page 1 of 1

EX-99.GLOBALCORPGOV 5 d632264dex99globalcorpgov.htm GLOBAL CORPORATE GOVERNANCE & ENGAGEMENT PRINCIPLES Global Corporate Governance & Engagement Principles

LOGO

BlackRock Investment Stewardship Global Principles Effective as of January 2024

Contents


Introduction to BlackRock			3

Philosophy on investment stewardship			3

Shareholder rights			3

Key themes			5

Boards and directors			6

Auditors and audit-related issues			8

Capital structure, mergers, asset sales, and other special transactions			9

Executive compensation			10

Material sustainability-related risks and opportunities			11

Other corporate governance matters and shareholder protections			13

Shareholder proposals			14

BlackRock’s oversight of its investment stewardship activities			15

Vote execution			16

Voting Choice			17

Conflicts management policies and procedures			17

Securities lending			18

Voting guidelines			19

Reporting and vote transparency			19

The purpose of this document is to provide an overarching explanation of BlackRock’s approach globally to our responsibilities as a shareholder on behalf of our clients, our expectations of companies, and our commitments to clients in terms of our own governance and transparency.


BlackRock Investment Stewardship		Global Principles \| 2

Introduction to BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world.

Philosophy on investment stewardship

As part of our fiduciary duty to our clients, we consider it one of our responsibilities to promote sound corporate governance as an informed, engaged shareholder on their behalf. At BlackRock, this is the responsibility of the BlackRock Investment Stewardship (BIS) team.

In our experience, sound governance is critical to the success of a company, the protection of investors’ interests, and long-term financial value creation. We take a constructive, long-term approach with companies and seek to understand how they are managing the drivers of risk and financial value creation in their business models. We have observed that well-managed companies will effectively evaluate and address risks and opportunities relevant to their businesses, which supports durable, long-term financial value creation. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.

Shareholder rights

We believe that there are certain fundamental rights attached to shareholding. Shareholders should have the right to:

•

Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by-laws.

•

Vote on key board decisions that are material to the protection of their investment, including but not limited to, changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital structure.

•

Access sufficient and timely information on material governance, strategic, and business matters to make informed decisions.

In our view, shareholder voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.

Consistent with these shareholder rights, BlackRock monitors and provides feedback to companies in our role as stewards of our clients’ assets. Investment stewardship is how we use our voice as an investor to promote sound corporate governance and business practices that support the ability of companies to deliver long-term financial performance for our clients. We do this through engagement with companies, proxy voting on behalf of those clients who have given us authority, and participating in market-level dialogue to improve corporate governance standards.

Engagement is an important mechanism for providing feedback on company practices and disclosures, particularly where our observations indicate that they could be enhanced to support a company’s ability to deliver financial performance. Similarly, it provides us with an opportunity to hear directly from company boards and management on how they believe their actions are aligned with the long-term


BlackRock Investment Stewardship		Global Principles \| 3

economic interests of shareholders. Engagement with companies may also inform our proxy voting decisions.

As a fiduciary, we vote in the long-term economic interests of our clients. Generally, we support the recommendations of the board of directors and management. However, there may be instances where we vote against the election of directors or other management proposals, or support shareholder proposals. For instance, we may vote against management recommendations where we are concerned that the board may not be acting in the long-term economic interests of shareholders, or disclosures do not provide sufficient information to assess how material, strategic risks and opportunities are being managed. Our regional proxy voting guidelines are informed by our market-specific approach and standards of corporate governance best practices.


BlackRock Investment Stewardship		Global Principles \| 4

Key themes

While accepted standards and norms of corporate governance can differ between markets, in our experience, there are certain globally-applicable fundamental elements of governance that contribute to a company’s ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of principles (the “Principles”), which are anchored in transparency and accountability. At a minimum, it is our view that companies should observe the accepted corporate governance standards in their domestic market and we ask that, if they do not, they explain how their approach better supports durable, long-term financial value creation.

These Principles cover seven key subjects:

•

Boards and directors

•

Auditors and audit-related issues

•

Capital structure, mergers, asset sales, and other special transactions

•

Executive compensation

•

Material sustainability-related risks and opportunities

•

Other corporate governance matters and shareholder protections

•

Shareholder proposals

Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where they are relevant, as these can be a source of material business risk or opportunity. Collectively, these BIS policies set out the core elements of corporate governance that guide our investment stewardship efforts globally and within each market, including when engaging with companies and voting at shareholder meetings. The BIS policies are applied on a case-by-case basis, taking into consideration the context within which a company is operating.


BlackRock Investment Stewardship		Global Principles \| 5

Boards and directors

We believe that an effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s management and strategic initiatives is critical to the long-term financial success of a company and the protection of shareholders’ economic interests. In our view, a strong board can be a competitive advantage to a company, providing valuable oversight of and perspectives to management on the most important decisions in support of long-term financial performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a company. For this reason, BIS sees engagement with and the election of directors as one of our most important responsibilities. Disclosure of material risks that may affect a company’s long-term strategy and financial value creation, including material sustainability-related factors when relevant, is essential for shareholders to appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.

The board should establish and maintain a framework of robust and effective governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic interests of investors. There should be clear descriptions of the role of the board and the committees of the board and how directors engage with and oversee management. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s purpose and strategy.

Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance and risk oversight responsibilities, we will consider voting against the election of directors who, on our assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis and in light of each company’s circumstances, taking into consideration their governance, business practices that support durable, long-term financial value creation, and performance. Set out below are ways in which boards and directors can demonstrate a commitment to acting in the long-term economic interests of all shareholders.

Regular accountability through director elections

It is our view that directors should stand for election on a regular basis, ideally annually. In our experience, annual director elections allow shareholders to reaffirm their support for board members and/or hold them accountable for their decisions in a timely manner. When board members are not elected annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.

Effective board composition

Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate succession planning. We consider the average overall tenure of the board, and seek a balance between the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more recently. We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s assessment should consider a number of factors, including each director’s independence and time commitments, as well as


BlackRock Investment Stewardship		Global Principles \| 6

the diversity and relevance of director experiences and skillsets, and how these factors may contribute to the financial performance of the company.

Similarly, there should be a sufficient number of independent directors, free from conflicts of interest or undue influence from connected parties, to ensure objectivity in the decision-making of the board and its ability to oversee management. Common impediments to independence may include but are not limited to:

•

Current or recent employment at the company or a subsidiary

•

Being, or representing, a shareholder with a substantial shareholding in the company

•

Interlocking directorships

•

Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company and shareholders.

In our experience, boards are most effective at overseeing and advising management when there is a senior, independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent members of the board through shaping the agenda, ensuring adequate information is provided to the board, and encouraging independent director participation in board deliberations. The lead independent director or another appropriate director should be available to meet with shareholders in those situations where an independent director is best placed to explain and contextualize a company’s approach.

There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors, or require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms committees comprised entirely of independent directors. In many markets, these committees of the board specialize in audit, director nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to investigate a significant adverse event.

When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit within overall board composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as well as the particular skill-sets of individual directors, aligns with the company’s long-term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in board discussions.

It is in this context that we are interested in diversity in the board room. We see it as a means to promoting diversity of thought and avoiding “group think” when the board advises and oversees management. This position is based on our view that diversity of perspective and thought – in the board room, in the management team, and throughout the company – leads to better long-term economic outcomes for companies. Academic research has revealed correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.¹ In our experience, greater diversity in the board

¹ For a discussion on the different impacts of diversity see: McKinsey, “Diversity Wins: How Inclusion Matters,” May 2022; Harvard Business Review, “Diverse Teams Feel Less Comfortable – and That’s Why They Perform Better,” September 2016; “Do Diverse Directors Influence DEI Outcomes,” September 2022.


BlackRock Investment Stewardship		Global Principles \| 7

room can contribute to more robust discussions and more innovative and resilient decisions. Over time, greater diversity in the board room can also promote greater diversity and resilience in the leadership team, and the workforce more broadly. That diversity can enable companies to develop businesses that better address the needs of the customers and communities they serve.

We ask boards to disclose how diversity is considered in board composition, including professional characteristics, such as a director’s industry experience, specialist areas of expertise and geographic location; as well as demographic characteristics such as gender, race/ethnicity, and age.

We look to understand a board’s diversity in the context of a company’s domicile, market capitalization, business model, and strategy. Increasingly, we see the most effective boards nominating directors from diverse backgrounds which helps ensure boards can more effectively understand the company’s customers, employees, and communities. We note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies, particularly if there is a risk their board composition may be misaligned. Self-identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We encourage boards to aspire to meaningful diversity of membership, while recognizing that building a strong, diverse board can take time.

Sufficient capacity

As the role and expectations of a director are increasingly demanding, directors must be able to commit an appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet all of their responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of roles that would impair their ability to fulfill their duties.

Auditors and audit-related issues

BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a company’s financial condition. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.

The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area of evolving practice and note that international standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop their guidance to companies.²

In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management

² IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.


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systems.³ In our view, effective audit committee oversight strengthens the quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.

We hold members of the audit committee or equivalent responsible for overseeing the management of the audit function. Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and oversee the audit process and related activities.

We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.

The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, the fees earned should be disclosed and explained. Audit committees should have in place a procedure for assessing annually the independence of the auditor and the quality of the external audit process.

Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management practices and, more broadly, the quality of the board’s oversight. The audit or risk committee, should periodically review the company’s risk assessment and risk management policies and the significant risks and exposures identified by management, the internal auditors or the independent auditors and management’s steps to address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.

Capital structure, mergers, asset sales, and other special transactions

The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. Preemptive rights are a key protection for shareholders against the dilution of their interests.

Effective voting rights are basic rights of share ownership and a core principle of effective governance. Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should match economic exposure, i.e. one share, one vote.

In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time, companies may have a valid

³ Enterprise risk management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of objectives. (Committee of Sponsoring Organizations of the Treadway Commission (COSO), Enterprise Risk Management — Integrated Framework, September 2004, New York, NY, updated in 2017. Please see: https://www.coso.org/SitePages/Home.aspx).


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argument for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these share class structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.

In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek reassurance from the board that the financial interests of executives and/or board members in a given transaction have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to support should come from the independent directors, a best practice in most markets, and ideally, the terms should have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.

As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon introduction and periodically thereafter.

Executive compensation

In most markets, one of the most important roles for a company’s board of directors is to put in place a compensation structure that incentivizes and rewards executives appropriately. There should be a clear link between variable pay and operational and financial performance. Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not have a position on the use of sustainability-related criteria in compensation structures, but in our view, where companies choose to include these components, they should be adequately disclosed, material to the company’s strategy, and as rigorous as other financial or operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a period of years. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their employment. Finally, pension contributions and other deferred compensation arrangements should be reasonable, in light of market practices.

We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee or its equivalent, we expect disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than a rigorous


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measure of outperformance. We encourage companies to clearly explain how compensation outcomes have rewarded performance.

We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback compensation or require executives to forgo awards when compensation was based on faulty financial statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results.

Non-executive directors should be compensated in a manner that is commensurate with the time and effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk compromising directors’ independence or aligning their interests too closely with those of the management, whom they are charged with overseeing.

We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. BIS may signal concerns through not supporting management’s proposals to approve compensation, where they are on the agenda. We may also vote against members of the compensation committee or equivalent board members for poor compensation practices or structures.

Material sustainability-related risks and opportunities

It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. As with all risks and opportunities in a company’s business model, appropriate oversight of material sustainability considerations is a core component of having an effective governance framework, which supports durable, long-term financial value creation.

Robust disclosure is essential for investors to effectively evaluate companies’ strategy and business practices related to material sustainability-related risks and opportunities. Long-term investors like our clients can benefit when companies demonstrate that they have a resilient business model through disclosures thatcover governance, strategy, risk management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2,⁴ provide companies with a useful guide to preparing this disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from various internal and external sources. We recognize that the practical realities of data collection and reporting may not line up with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect, analyze, and report this data to investors.

⁴ The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.


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That said, to give investors time to assess the data, we encourage companies to produce climate and other sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities.

Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best practices and disclosures. We find it helpful to our understanding of investment risk when companies disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business practices. We will express any concerns through our voting where a company’s actions or disclosures do not seem adequate in light of the materiality of the business risks.

Climate and nature-related risk

While companies in various sectors and geographies may be affected differently by climate-related risks and opportunities, the low-carbon transition is an investment factor that can be material for many companies and economies around the globe.

We seek to understand, from company disclosures and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term business model associated with a range of climate-related scenarios, including a scenario in which global warming is limited to well below 2°C, considering global ambitions to achieve a limit of 1.5°C. As one of many shareholders, and typically a minority one, BlackRock does not tell companies what to do. It is the role of the board and management to set and implement a company’s long-term strategy to deliver long-term financial returns.

Our research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government policies, technology, and consumer preferences, which may be material for many companies.⁵ Yet the path to a low-carbon economy is deeply uncertain and uneven, with different parts of the economy moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while delivering long-term value to investors. In this context, we encourage companies to publicly disclose, consistent with their business model and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon economy. Where available, we appreciate companies publishing their transition plan.⁶

Consistent with the ISSB standards, we are better able to assess preparedness for the low-carbon transition when companies disclose short-, medium- and long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.

⁵ BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.

⁶ We have observed that more companies are developing such plans, and public policy makers in a number of markets are signaling their intentions to require them. We view transition plans (TPs) as a method for a company to both internally assess and externally communicate long-term strategy, ambition, objectives, and actions to create financial value through the global transition towards a low-carbon economy. While many initiatives across jurisdictions outline a framework for TPs, there is no consensus on the key elements these plans should contain. We view useful disclosure as that which communicates a company’s approach to managing financially material, business relevant risks and opportunities – including climate-related risks – to deliver long-term financial performance, thus enabling investors to make more informed decisions.


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While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to make regarding scope 3 emissions and recognize these are provided on a good-faith basis as methodology develops. Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.

In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities, as well as in our assessment of relevant shareholder proposals. Our publicly available commentary provides more information on our approach to natural capital.⁷

Key stakeholder interests

In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.

As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have identified their key stakeholders and considered their interests in business decision-making. In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies consider the needs of their workforce today, and the skills required for their future business strategy. We are also interested to understand the role of the board, which is well positioned to ensure that the approach taken is informed by and aligns with the company’s strategy and purpose.

Companies should articulate how they address material adverse impacts that could arise from their business practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can contribute to a company’s long-term success.

Other corporate governance matters and shareholder protections

⁷ Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final recommendations of the Taskforce on Nature-related Financial Disclosures may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of other private sector standards.


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In our view, shareholders have a right to material and timely information on the financial performance and viability of the companies in which they invest. In addition, companies should publish information on the governance structures in place and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests have been protected. We believe shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and to call special meetings of shareholders.

Corporate form

In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given the company’s purpose and business model.⁸ Companies proposing to change their corporate form to a public benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under applicable law. Supporting documentation from companies or shareholder proponents proposing to alter the corporate form should clearly articulate how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting mechanisms that would be available to shareholders. As a fiduciary on behalf of clients, we generally support management proposals if our analysis indicates that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by-case basis.

Shareholder proposals

In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted on by shareholders at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.

BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

When assessing shareholder proposals, we evaluate each proposal on its merit, with a singular focus on its implications for long-term financial value creation by that company. We believe it is helpful for companies to disclose the names of the proponent or organization that has submitted or advised on the proposal. We consider the business and economic relevance of the issue raised, as well as its materiality and the urgency with which our experience indicates it should be addressed. We would not support proposals that we believe would result in over-reaching into the basic business decisions of the company. We take into consideration the legal effect of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that would be deemed illegal in a given jurisdiction.

Where a proposal is focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with long-term financial value creation, we will look to the board and management to demonstrate that the company has met the intent of the request made in the shareholder proposal. Where our analysis and/or engagement indicate an opportunity for improvement in the

⁸Corporate form refers to the legal structure by which a business is organized.


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company’s approach to the issue, we may support shareholder proposals that are reasonable and not unduly prescriptive or constraining on management.

We recognize that some shareholder proposals bundle topics and/or specific requests and include supporting statements that explain the reasoning or objectives of the proponent. In voting on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it can advance our clients’ long-term financial interests. We would normally explain to the company our rationale for supporting such proposals.

Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the board has not responded sufficiently or with an appropriate sense of urgency. We may also support a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a material risk.

BlackRock’s oversight of its investment stewardship activities

Oversight

BlackRock maintains three regional advisory committees (Stewardship Advisory Committees) for a) the Americas; b) Europe, the Middle East and Africa; and c) Asia-Pacific, generally consisting of senior BlackRock investment professionals and/or senior employees with practical boardroom experience. The regional Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines) covering markets within each respective region. The advisory committees do not determine voting decisions, which are the responsibility of BIS.

In addition to the regional Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global Oversight Committee) is a risk-focused committee, comprised of senior representatives from various BlackRock investment teams, a senior legal representative, the Global Head of Investment Stewardship (Global Head), and other senior executives with relevant experience and team oversight. The Global Committee does not determine voting decisions, which are the responsibility of BIS.

The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which require the application of professional judgment and consideration of each company’s unique circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves amendments to the regional Guidelines, as proposed by the regional Stewardship Advisory Committees.

In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these reports in an oversight capacity as informed by the Guidelines.

BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BIS may


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utilize third parties for certain of the foregoing activities and performs oversight of those third parties. BIS may raise complicated or particularly controversial matters for internal discussion with the relevant investment teams and governance specialists for discussion and guidance prior to making a voting decision.

Vote execution

BlackRock votes on proxy issues when our clients authorize us to do so. When BlackRock has been authorized to vote on behalf of our clients, we carefully consider proxies submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,” below).

When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines for the relevant market, as well as the Global Principles. The Guidelines are reviewed annually and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by the applicable Stewardship Advisory Committees. BIS analysts may, in the exercise of their professional judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is required or that an exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.

In the uncommon circumstance of there being a vote with respect to fixed income securities or the securities of privately held issuers, the decision generally will be made by a Fund’s portfolio managers and/or BIS based on an assessment of the particular transactions or other matters at issue.

In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

As a consequence, BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

Active portfolio managers have full discretion to vote the shares in the Funds they manage based on their analysis of the economic impact of a particular ballot item on their investors. Portfolio managers may, from time to time, reach differing views on how to maximize economic value with respect to a particular investment. Therefore, portfolio managers may, and sometimes do, vote shares in the Funds under their


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management differently from BIS or from one another. However, because BlackRock’s clients are mostly long-term investors with long-term economic goals, ballots are generally cast in a uniform manner.

Voting Choice

BlackRock offers a Voting Choice program, which provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable. BlackRock Voting Choice aims to make proxy voting easier and more accessible for eligible clients.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland, and Canada that utilize equity index investment strategies, as well as eligible clients in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. Currently, this includes over 650 pooled investment funds, including equity index funds and SAE investment funds. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.⁹

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Agreements with our clients to allow them greater control over their voting, including which policies they have selected, will be treated confidentially consistent with our treatment of similar client agreements.

Conflicts management policies and procedures

BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

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BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

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BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

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BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

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Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

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Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

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BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by BlackRock

⁹Read more about BlackRock Voting Choice on our website.


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BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

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Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies in which BlackRock invests on their behalf

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Established a reporting structure that separates BIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

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Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for:

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public companies that include BlackRock employees on their boards of directors

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public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

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public companies that are the subject of certain transactions involving BlackRock Funds

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public companies that are joint venture partners with BlackRock, and

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public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Global Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an annual basis.

Securities lending


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When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund providers to keep fund expenses lower.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them for voting, as guided by our fiduciary responsibility to act in our clients’ financial interests. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration).¹⁰ BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

Voting guidelines

The voting guidelines published for each region/country in which we vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. As previously discussed, the Guidelines should be read in conjunction with the Principles and engagement priorities. Collectively, these “BIS policies” set out the core elements of corporate governance that guide our investment stewardship efforts globally and within each market, including when engaging with companies and voting at shareholder meetings. The BIS policies are applied on a case-by-case basis, taking into consideration the context within which a company is operating.

Reporting and vote transparency

We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and through disclosure on our website. Each year we publish an annual report that provides a global overview of our

¹⁰ Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an estimated record date without knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to potentially earn revenue for the fund (thereby forgoing the opportunity to vote).


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investment stewardship engagement and voting activities and a voting spotlight that summarizes our voting over a proxy year.¹¹ Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies in which we invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key themes.

At a more granular level, on a quarterly basis, we publish our vote record for each company that held a shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any votes against management proposals or on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement meeting.

In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business practices that support durable, long-term financial value creation.

¹¹The proxy year runs from July 1 to June 30.


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This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.

©2024 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

LOGO

EX-99.USCORPGOV 6 d632264dex99uscorpgov.htm CORPORATE GOVERNANCE AND PROXY VOTING GUIDELINES FOR U.S. SECURITIES Corporate Governance and Proxy Voting Guidelines for U.S. Securities

LOGO

BlackRock Investment Stewardship Proxy voting guidelines for U.S. securities Effective as of January 2024

Contents



Introduction			3

Voting guidelines			3

Boards and directors			4

Board structure			6

Board composition and effectiveness			8

Board responsiveness and shareholder rights			9

Auditors and audit-related issues			11

Capital structure proposals			11

Mergers, acquisitions, transactions, and other special situations			12

Executive compensation			14

Material sustainability-related risks and opportunities			17

General corporate governance matters			20

Shareholder protections			23


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These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles.

Introduction

BlackRock’s clients depend on us to help them meet their long-term investment goals. Given that the business decisions that companies make have a direct impact on our clients’ long-term investment outcomes and financial well-being, we consider it one of our responsibilities to promote sound corporate governance as an informed, engaged shareholder on their behalf. At BlackRock, this is the responsibility of the BlackRock Investment Stewardship (BIS) team, which serves as a link between BlackRock’s clients and the companies we invest in on their behalf. In BIS’ experience, sound governance is critical to the success of a company, the protection of investors’ interests, and long-term financial value creation.

To that end, BIS takes a long-term approach to stewardship, focused on understanding the drivers of risk and financial value creation in companies’ business models. We do this in three ways:

Engaging with companies to build our understanding of a company’s approach to corporate governance and business risks and opportunities.

Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated voting authority to BlackRock. Voting is the formal mechanism through which we signal our support for, or concerns about, how companies are serving the long-term financial interests of BlackRock’s clients.

Contributing to emerging thinking on stewardship to share our perspectives with clients, policymakers, and others in the corporate governance ecosystem, on topical and emerging stewardship issues that we believe may impact clients’ financial interests as long-term investors.

The following issue-specific proxy voting guidelines (the “Guidelines”) summarize BIS’ philosophy and approach to engagement and voting, as well as our view of governance best practices and the roles and responsibilities of boards and directors for publicly listed U.S. companies. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.

Voting guidelines

These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of shareholder meetings:

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Boards and directors

•

Auditors and audit-related issues

•

Capital structure

•

Mergers, acquisitions, asset sales, and other special transactions

•

Executive compensation


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•

Material sustainability-related risks and opportunities

•

General corporate governance matters

•

Shareholder protections

Boards and directors

Disclosure of material risks that may affect a company’s long-term strategy and financial value creation, including material sustainability-related factors when relevant, is essential for shareholders to appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.

Independence

It is our view that a majority of the directors on the board should be independent to ensure objectivity in the decision-making of the board and its ability to oversee management. In addition, all members of audit, compensation, and nominating/governance board committees should be independent. Our view of independence may vary from listing standards.

Common impediments to independence may include:

•

Employment as a senior executive by the company or a subsidiary within the past five years

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An equity ownership in the company in excess of 20%

•

Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company and its shareholders

We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. To signal our concerns, we may also vote against the chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure.


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Oversight role of the board

The board should exercise appropriate oversight of management and the business activities of the company. Where we determine that a board has failed to do so in a way that may impede a company’s ability to deliver long-term financial value, we may vote against the responsible committees and/or individual directors.

Common circumstances are illustrated below:

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Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee

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Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, material sustainability factors), we may vote against members of the responsible committee, or the most relevant director

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Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual

•

Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance

Sufficient capacity

Where a director serves on an excessive number of boards, which may limit their capacity to focus on each board’s needs, we may vote against that individual. The following identifies the maximum number of boards on which a director may serve, before BIS considers them to be over-committed:



		Total # of Public Boards

Public Company Executives¹		2

Non-Executive Directors		4

In addition, we recognize that board leadership roles may vary in responsibility and time requirements in different markets around the world. In particular, where a director maintains a Chair role of a publicly listed company in European markets, we may consider that responsibility as equal to two board commitments, consistent with our EMEA Proxy Voting Guidelines. We will take the total number of board commitments across our global policies into account for director elections.

¹ A public company executive is defined as a Named Executive Officer or Executive Chair.


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Risk oversight

Companies should have an established process for identifying, monitoring, and managing business and material risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosures provide investors with a sense of the company’s long-term risk management practices and, more broadly, the quality of the board’s oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

Board Structure

Classified board of directors/staggered terms

Directors should be re-elected annually; classification of the board generally limits shareholders’ rights to regularly evaluate a board’s performance and select directors. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure. This may include when a company needs consistency and stability during a time of transition, e.g., newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at non-operating companies, e.g., closed-end funds or business development companies (“BDC”),² in certain circumstances. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate.

Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see “Shareholder rights” for additional detail).

Independent leadership

There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent.

In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.³ However, BIS may vote against the most senior non-executive member of the board when appropriate independence is lacking in designated leadership roles.

In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent Director, with the ability to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible.

² A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies.

³ To this end, we do not view shareholder proposals asking for the separation of Chair and CEO to be a proxy for other concerns we may have at the company for which a vote against directors would be more appropriate. Rather, support for such a proposal might arise in the case of overarching and sustained governance concerns such as lack of independence or failure to oversee a material risk over consecutive years.


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The following table illustrates examples⁴ of responsibilities under each board leadership model:



	Combined Chair/CEO or CEO + Non-independent Chair		Separate Independent Chair
	Chair/CEO or Non- independent Chair	Lead Independent Director	Independent Chair

Board Meetings	Authority to call full meetings of the board of directors	Authority to call meetings of independent directors	Authority to call full meetings of the board of directors
		Attends full meetings of the board of directors
		Briefs CEO on issues arising from executive sessions

Agenda	Primary responsibility for shaping board agendas, consulting with the lead independent director	Collaborates with chair/CEO to set board agenda and board information	Primary responsibility for shaping board agendas, in conjunction with CEO

Board Communications	Communicates with all directors on key issues and concerns outside of full board meetings	Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning	Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning

CEO and management succession planning

Companies should have a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. Succession planning should cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. We encourage the company to explain their executive succession planning process, including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise.

Where there is significant concern regarding the board’s succession planning efforts, we may vote against members of the responsible committee, or the most relevant director.

During a CEO transition, companies may elect for the departing CEO to maintain a role in the boardroom. We ask for disclosures to understand the timeframe and responsibilities of this role. In such instances, we typically look for the board to have appropriate independent leadership structures in place. (See chart above.)

Director compensation and equity programs

Compensation for directors should generally be structured to attract and retain directors, while also aligning their interests with those of shareholders. In our view, director compensation packages that are

⁴ This table is for illustrative purposes only. The roles and responsibilities cited here are not all-encompassing and are noted for reference as to how these leadership positions may be defined.


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based on the company’s long-term value creation and include some form of long-term equity compensation are more likely to meet this goal.

Board composition and effectiveness

Director qualifications and skills

We encourage boards to periodically review director qualifications and skills to ensure relevant experience and diverse perspectives are represented in the boardroom. To this end, performance reviews and skills assessments should be conducted by the nominating/governance committee or the Lead Independent Director. This process may include internal board evaluations; however, boards may also find it useful to periodically conduct an assessment with a third party. We encourage boards to disclose their approach to evaluations, including objectives of the evaluation; if an external party conducts the evaluation; the frequency of the evaluations; and, whether that evaluation occurs on an individual director basis.

Board term limits and director tenure

Where boards find that age limits or term limits are a valuable mechanism for ensuring periodic board refreshment, we generally defer to the board’s determination in setting such limits. BIS will also consider the average board tenure to evaluate processes for board renewal. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors.

In addition, where boards have adopted corporate governance guidelines regarding committee leadership and/or membership rotation, we appreciate clear disclosure of those policies.

Board diversity

As noted above, highly qualified, engaged directors with professional characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of shareholders in board discussions. In our view, a strong board provides a competitive advantage to a company, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

It is in this context that we are interested in diversity in the boardroom. We see it as a means to promoting diversity of thought and avoiding ‘group think’ in the board’s advising of and overseeing management. It can help boards to have deeper discussions and make more resilient decisions. We ask boards to disclose how diversity is considered in board composition, including professional characteristics, such as a director’s relevant industry experience, specialist areas of expertise and geographic location; as well as demographic characteristics such as gender, race/ethnicity, and age.

We look to understand a board’s diversity in the context of a company’s domicile, market capitalization, business model, and strategy. Increasingly, we see leading boards nominating directors from diverse backgrounds which helps ensure boards can more effectively understand the company’s customers, employees, and communities. Self-identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We encourage boards to aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time. We take a case-by-case approach and consider the size of the board in our evaluation of overall composition and diversity. Business model, strategy, location, and company size may also impact our analysis of board diversity. We acknowledge that these factors


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may also play into the various elements of diversity that a board may attract. We look for disclosures from companies to help us understand their approach and do not prescribe any particular board composition.

In the U.S., we believe that boards should aspire to at least 30% diversity of membership,⁵ and we encourage large companies, such as those in the S&P 500, to lead in achieving this standard. In light of market developments,⁶ an informative indicator of diversity for such companies is having at least two women and a director who identifies as a member of an underrepresented group.⁷ We recognize that companies with smaller market capitalizations and in certain sectors may face more challenges. Among these smaller companies, we look for the presence of diversity and take into consideration the steps that companies are taking to ensure diversity on their board.

In order to help investors understand overall diversity, we look to boards to disclose:

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The process by which candidates for board positions are identified, including whether professional firms or other resources outside of incumbent directors’ networks are engaged to identify and/or assess candidates, and whether a diverse slate of nominees is considered for all available board nominations

•

How directors’ professional characteristics, which may include domain expertise such as finance or technology, and sector- or market-specific experience, are complementary and link to the company’s long-term strategy

•

How diversity, including professional characteristics and demographic factors, is considered in board composition, given the company’s long-term strategy and business model

To the extent that, based on our assessment of corporate disclosures, a company has not adequately explained their approach to diversity in their board composition, we may vote against members of the nominating/governance committee. Our publicly available commentary provides more information on our approach to board diversity.

Board size

We typically defer to the board in setting the appropriate size and believe that directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may vote against the appropriate committees and/or individual directors if, in our view, the board is ineffective in its oversight, either because it is too small to allow for the necessary range of skills and experience or too large to function efficiently.

Board responsiveness and shareholder rights

Shareholder rights

⁵ For a discussion on the different impacts of diversity see: McKinsey, “Diversity Wins: How Inclusion Matters”, May 2022; Harvard Business Review, “Diverse Teams Feel Less Comfortable – and That’s Why They Perform Better”, September 2016; “Do Diverse Directors Influence DEI Outcomes”, September 2022

⁶ Spierings, Merel “Corporate Director Diversity Can Contribute to Board Effectiveness” Harvard Law School Forum on Corporate Governance (Nov. 2023) https://corpgov.law.harvard.edu/2023/11/24/us-public-company-board-diversity-in-2023/

⁷ Including, but not limited to, individuals who identify as Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, or Native Hawaiian or Pacific Islander; individuals who identify as LGBTQ+; individuals who identify as underrepresented based on national, Indigenous, religious, or cultural identity; individuals with disabilities; and veterans.


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Where we determine that a board has not acted in the best interests of the company’s shareholders, or takes action to unreasonably limit shareholder rights, we may vote against the relevant committees and/or individual directors. Common circumstances are illustrated below:

•

The independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board implements or renews a poison pill without shareholder approval

•

The independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws and where the effect may be to entrench directors or to unreasonably reduce shareholder rights

•

Members of the compensation committee where the company has repriced options without shareholder approval

If a board maintains a classified structure, it is possible that the director(s) or committee members with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, we may register our concern by voting against the most relevant director(s) up for election.

Responsiveness to shareholders

A board should be engaged with and responsive to the company’s shareholders, including acknowledging voting outcomes for director elections, compensation, shareholder proposals, and other ballot items. Where we determine that a board has not substantially addressed shareholder concerns that we deem material to the business, we may vote against the responsible committees and/or individual directors. Common circumstances are illustrated below:

•

The Independent Chair or Lead Independent Director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession

•

The chair of the nominating/governance committee, or where the chair is not standing for election, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BIS did not support the initial vote against such board member(s)

•

The Independent Chair or Lead Independent Director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that (1) receive substantial support, and (2) in our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation

Majority vote requirements

Directors should generally be elected by a majority of the shares voted. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards generally assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. As a best practice, companies with either a majority vote standard or a plurality vote standard should adopt a resignation policy for directors who do not receive support from at least a majority of votes cast. Where the company already has a sufficiently robust


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majority voting process in place, we are unlikely to support a shareholder proposal seeking an alternative mechanism.

We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies or those with concentrated ownership structures.

Cumulative voting

As stated above, a majority vote standard is generally in the best long-term interests of shareholders, as it ensures director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates.

Auditors and audit-related issues

BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company’s financial condition. Consistent with our approach to voting on directors, we seek to hold the audit committee of the board responsible for overseeing the management of the independent auditor and the internal audit function at a company.

We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we look for timely disclosure and remediation of accounting irregularities.

The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification.

From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above.

Capital structure proposals

Equal voting rights

In our view, shareholders should be entitled to voting rights in proportion to their economic interests. In addition, companies that have implemented dual or multiple class share structures should review these structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company’s proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. Where companies are unwilling to voluntarily implement “one share, one vote” within a specified timeframe, or are unresponsive


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to shareholder feedback for change over time, we generally support shareholder proposals to recapitalize stock into a single voting class.

Blank check preferred stock

We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (“blank check” preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board’s discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote.

Nonetheless, we may support the proposal where the company:

•

Appears to have a legitimate financing motive for requesting blank check authority

•

Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes

•

Has a history of using blank check preferred stock for financings

•

Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility

Increase in authorized common shares

BIS will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a company’s history with respect to the use of its common shares.

Increase or issuance of preferred stock

We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable.

Stock splits

We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). In the event of a proposal for a reverse split that would not proportionately reduce the company’s authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock.

Mergers, acquisitions, transactions, and other special situations

Mergers, acquisitions, and transactions

In assessing mergers, acquisitions, or other transactions – including business combinations involving Special Purpose Acquisition Companies (“SPACs”) – BIS’ primary consideration is the long-term economic interests of our clients as shareholders. Boards should clearly explain the economic and


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strategic rationale for any proposed transactions or material changes to the business. We will review a proposed transaction to determine the degree to which it has the potential to enhance long-term shareholder value. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as:

•

The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply

•

There should be clear strategic, operational, and/or financial rationale for the combination

•

Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and/or board members’ financial interests appear likely to affect their ability to place shareholders’ interests before their own, as well as measures taken to address conflicts of interest

•

We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions

Contested director elections and special situations

Contested elections and other special situations⁸ are assessed on a case-by-case basis. We evaluate a number of factors, which may include: the qualifications and past performance of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident’s and management’s plans; the ownership stake and holding period of the dissident; the likelihood that the dissident’s strategy will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value.

We will evaluate the actions that the company has taken to limit shareholders’ ability to exercise the right to nominate dissident director candidates, including those actions taken absent the immediate threat of a contested situation. BIS may take voting action against directors (up to and including the full board) where those actions are viewed as egregiously infringing on shareholder rights.

We will consider a variety of possible voting outcomes in contested situations, including the ability to support a mix of management and dissident nominees.

Poison pill plans

Where a poison pill is put to a shareholder vote by management, our policy is to examine these plans individually. Although we have historically opposed most plans, we may support plans that include a reasonable “qualifying offer clause.” Such clauses typically require shareholder ratification of the pill and stipulate a sunset provision whereby the pill expires unless it is renewed. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does

⁸ Special situations are broadly defined as events that are non-routine and differ from the normal course of business for a company’s shareholder meeting, involving a solicitation other than by management with respect to the exercise of voting rights in a manner inconsistent with management’s recommendation. These may include instances where shareholders nominate director candidates, oppose the view of management and/or the board on mergers, acquisitions, or other transactions, etc.


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not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. Lastly, we look for shareholder approval of poison pill plans within one year of adoption of implementation.

Reimbursement of expense for successful shareholder campaigns

We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. Introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns.

Executive compensation

A company’s board of directors should put in place a compensation structure that balances incentivizing, rewarding, and retaining executives appropriately across a wide range of business outcomes. This structure should be aligned with shareholder interests, particularly the generation of sustainable, long-term value.

The compensation committee should carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics, consistent with corporate strategy and market practice. Performance-based compensation should include metrics that are relevant to the business and stated strategy and/or risk mitigation efforts. Goals, and the processes used to set these goals, should be clearly articulated and appropriately rigorous. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices and/or structures.

There should be a clear link between variable pay and company performance that drives sustained value creation for our clients as shareholders. Where compensation structures provide for a front-loaded⁹ award, we look for appropriate structures (including vesting and/or holding periods) that motivate sustained performance for shareholders over a number of years. We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively short time period for payouts to be earned, unless there are extended vesting and/or holding requirements.

Compensation structures should generally drive outcomes that align the pay of the executives with performance of the company and the value received by shareholders. When evaluating performance, we examine both executive teams’ efforts, as well as outcomes realized by shareholders. Payouts to executives should reflect both the executive’s contributions to the company’s ongoing success, as well as exogenous factors that impacted shareholder value. Where discretion has been used by the compensation committee, we look for disclosures relating to how and why the discretion was used and how the adjusted outcome is aligned with the interests of shareholders. While we believe special awards¹⁰ should be used sparingly, we acknowledge that there may be instances when such awards are appropriate. When evaluating these awards, we consider a variety of factors, including the magnitude and

⁹ Front-loaded awards are generally those that accelerate the grant of multiple years’ worth of compensation in a single year.

¹⁰ “Special awards” refers to awards granted outside the company’s typical compensation program.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 14

structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the company’s historical use of such awards, in addition to other company-specific circumstances.

We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking.

We support incentive plans that foster the sustainable achievement of results – both financial and non-financial – consistent with the company’s strategic initiatives. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. Our publicly available commentary provides more information on our approach to executive compensation.

Where executive compensation appears excessive relative to the performance of the company and/or compensation paid by peers, or where an equity compensation plan is not aligned with shareholders’ interests, we may vote against members of the compensation committee.

“Say on Pay” advisory resolutions

In cases where there is a “Say on Pay” vote, BIS will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. Where we conclude that a company has failed to align pay with performance, we will generally vote against the management compensation proposal and relevant compensation committee members.

Frequency of “Say on Pay” advisory resolutions

BIS will generally support annual advisory votes on executive compensation. It is our view that shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. Where a company has failed to implement a “Say on Pay” advisory vote within the frequency period that received the most support from shareholders or a “Say on Pay” resolution is omitted without explanation, BIS may vote against members of the compensation committee.

Clawback proposals

We generally favor prompt recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We appreciate when companies disclose recovery policies in compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. We also favor recoupment from or the foregoing of the grant of any awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results. This includes, but is not limited to, settlement agreements arising from such behavior and paid for directly by the company. We typically support shareholder proposals on these matters unless the company already has a robust clawback policy that sufficiently addresses our concerns.

Employee stock purchase plans

Employee stock purchase plans (“ESPP”) are an important part of a company’s overall human capital management strategy and can provide performance incentives to help align employees’ interests with


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 15

those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section 423 of the Internal Revenue Code. We will typically support qualified ESPP proposals.

Equity compensation plans

BIS supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. Boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests, such as the excessive pledging or heading of stock. We may support shareholder proposals requesting the establishment of such policies.

Our evaluation of equity compensation plans is based on a company’s executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. We generally oppose plans that contain “evergreen” provisions, which allow for automatic annual increases of shares available for grant without requiring further shareholder approval; we note that the aggregate impacts of such increases are difficult to predict and may lead to significant dilution. We also generally oppose plans that allow for repricing without shareholder approval. We may oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as “double trigger” change of control provisions).

Golden parachutes

We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential payout under a golden parachute arrangement also presents the risk of motivating a management team to support a sub-optimal sale price for a company.

When determining whether to support or oppose an advisory vote on a golden parachute plan, BIS may consider several factors, including:

•

Whether we determine that the triggering event is in the best interests of shareholders

•

Whether management attempted to maximize shareholder value in the triggering event

•

The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment

•

Whether excessively large excise tax gross-up payments are part of the pay-out

•

Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers

•

Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company

It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BIS may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented.

We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 16

Option exchanges

There may be legitimate instances where underwater options create an overhang on a company’s capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a case-by-case basis. BIS may support a request to reprice or exchange underwater options under the following circumstances:

•

The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance

•

Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated

•

There is clear evidence that absent repricing, employee incentives, retention, and/or recruiting may be impacted

BIS may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders.

Supplemental executive retirement plans

BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans (“SERP”) to a shareholder vote unless the company’s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

Material sustainability-related risks and opportunities

When assessing how to vote – including on the election of directors and relevant shareholder proposals – robust disclosures are essential for investors to understand, where appropriate, how companies are integrating material sustainability risks and opportunities across their business and strategic, long-term planning. Where a company has failed to appropriately provide the necessary disclosures and evidence of effective business practices to support our assessment, BIS may express concerns through our engagement and voting. As part of this consideration, we encourage companies to produce sustainability-related disclosures sufficiently in advance of their annual meeting so that the disclosures can be considered in relevant vote decisions.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 17

S2,¹¹ provide companies with a useful guide to preparing this disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight the metrics that are industry-or company-specific.

Companies may also disclose any material supranational standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business conduct.

Climate risk

Our research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government policies, technology, and consumer preferences, which may be material for many companies.¹² Yet the path to a low-carbon economy is deeply uncertain and uneven, with different parts of the economy moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while delivering long-term value to investors. In this context, we encourage companies to publicly disclose, consistent with their business model and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon economy. Where available, we appreciate companies publishing their transition plan.¹³

Consistent with the ISSB standards, we are better able to assess preparedness for the low-carbon transition when companies disclose short-, medium- and long-term targets, ideally science-based where

¹¹ The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.

¹² BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.

¹³ We have observed that more companies are developing such plans, and public policy makers in a number of markets are signaling their intentions to require them. We view transition plans (TPs) as a method for a company to both internally assess and externally communicate long-term strategy, ambition, objectives, and actions to create financial value through the global transition towards a low-carbon economy. While many initiatives across jurisdictions outline a framework for TPs, there is no consensus on the key elements these plans should contain. We view useful disclosure as that which communicates a company’s approach to managing financially material, business relevant risks and opportunities – including climate-related risks – to deliver long-term financial performance, thus enabling investors to make more informed decisions.


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these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.

Natural capital

Key stakeholder interests

¹⁴ Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final recommendations of the Taskforce on Nature-related Financial Disclosures may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of other private sector standards.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 19

Human capital management

A company’s approach to human capital management (“HCM”) is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Consequently, we ask companies to demonstrate a robust approach to HCM and provide shareholders with clear and consistent disclosures to help investors understand how a company’s approach aligns with its stated strategy and business model.

Some components of HCM are consistent across most companies, such as the approach to diversity, equity, and inclusion (“DEI”). We ask companies to disclose their approach to DEI as well as workforce demographics, which are baselined by their responses to the U.S. Equal Employment Opportunity Commission’s EEO-1 Survey.

Other relevant HCM factors may be more nuanced to a company’s strategy and business model. Those more nuanced factors may include the company’s approach to workplace safety, compensation, benefits, talent development, and performance management. We ask companies to disclose and provide context on the most relevant HCM factors for their business.

Our publicly available commentary provides more information on our approach to HCM.

Corporate political activities

Companies may engage in certain political activities, within legal and regulatory limits, in order to support public policy matters material to their long-term strategies. These activities can also create risks, including: the potential for allegations of corruption; certain reputational risks; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying activity. Companies that engage in political activities should develop and maintain robust processes, including board oversight, to guide these activities and mitigate risks.

We depend on companies to provide accessible and clear disclosures so that investors can easily understand how their political activities support their long-term strategy, including on stated public policy priorities. When presented with shareholder proposals requesting increased disclosure on corporate political activities, BIS will evaluate publicly available information to consider how a company’s lobbying and political activities may impact the company. We will also evaluate whether there is general consistency between a company’s stated positions on policy matters material to their strategy and the material positions taken by significant industry groups of which they are a member. We may decide to support a shareholder proposal requesting additional disclosures if we identify a material inconsistency or determine that further transparency may clarify how the company’s political activities support its long-term strategy. Our publicly available commentary provides more information on our approach to corporate political activities.

General corporate governance matters

IPO governance

Boards should disclose how the corporate governance structures adopted upon a company’s initial public offering (“IPO”) are in shareholders’ best long-term interests. We also ask boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 20

to shareholders. In our letter on unequal voting structures, we articulate our view that “one vote for one share” is the preferred structure for publicly-traded companies. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, these structures should have a specific and limited duration. We will generally engage newly listed companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we think that such arrangements may not be in the best interests of shareholders over the long-term.

We may apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we ask boards to take steps to bring corporate governance standards in line with market norms.

Further, if a company qualifies as an emerging growth company (an “EGC”) under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. An EGC should have an independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO.

Corporate form

Proposals to change a corporation’s form, including those to convert to a public benefit corporation (“PBC”) structure, should clearly articulate the stakeholder groups the company seeks to benefit and provide detail on how the interests of shareholders would be augmented or adversely affected with the change to a PBC. These disclosures should also include the accountability and voting mechanisms that would be available to shareholders. We generally support management proposals to convert to a PBC if our analysis indicates that shareholders’ interests are adequately protected. Corporate form shareholder proposals are evaluated on a case-by-case basis.

Shareholder Proposals

When assessing shareholder proposals, BIS evaluates each proposal on its merit, with a singular focus on its implications for long-term financial value creation by that company. We would not support proposals that we believe would result in over-reaching into the basic business decisions of the company. In addition, we believe it helpful for companies to disclose the names of the proponent or organization that has submitted or advised on the proposal. We consider the business and economic relevance of the issue raised, as well as its materiality and the urgency with which our experience indicates it should be addressed.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 21

of the proponent. We may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it can advance our clients’ long-term financial interests. We would normally explain to the company our rationale for supporting such proposals.

Exclusive forum provisions

BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the Independent Chair or Lead Independent director and members of the nominating/governance committee.

Reincorporation

We will evaluate the economic and strategic rationale behind the company’s proposal to reincorporate on a case-by-case basis. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights.

Multi-jurisdictional companies

Where a company is listed on multiple exchanges or incorporated in a country different from their primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company’s governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company’s primary listing, the market standards by which the company governs themselves, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. Companies should disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices.

Adjourn meeting to solicit additional votes

We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders’ best long-term economic interests.

Bundled proposals

Shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders.

Other business

We oppose voting on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight.


BlackRock Investment Stewardship		Proxy voting guidelines for U.S. securities \| 22

Shareholder protections

Amendment to charter/articles/bylaws

Shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see “Director elections”). In cases where a board’s unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company’s corporate governance structure.

When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company’s and/or proponent’s publicly stated rationale for the changes; the company’s governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes.

Proxy access

It is our view that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company’s proxy card.¹⁵

Securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders’ ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company’s outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds.

Right to act by written consent

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent.

¹⁵ BlackRock is subject to certain regulations and laws in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals or elect directors to the board.


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We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting.

Right to call a special meeting

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders (typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally think that a right to act via written consent is not a sufficient alternative to the right to call a special meeting.

Consent solicitation

While BlackRock is supportive of the shareholder rights to act by written consent and call a special meeting, BlackRock is subject to certain regulations and laws that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to participate in consent solicitations. As a result, BlackRock will generally not participate in consent solicitations or related processes. However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so.

Simple majority voting

We generally favor a simple majority voting requirement to pass proposals. Therefore, we will generally support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders’ ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests, and we may support supermajority voting requirements in those situations.

Virtual meetings

Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings are an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted in-person, virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. Shareholders should have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship. Relevant shareholder proposals are assessed on a case-by-case basis.


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Want to know more?

blackrock.com/stewardship | contactstewardship@blackrock.com

This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.

©2024 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

LOGO

EX-99.(SEC19) 7 d632264dex99sec19.htm EX-99.(SEC19) EX-99.(SEC19)

BlackRock Floating Rate Income Strategies Fund, Inc.

Cusip: 09255X100

Ticker: FRA


Record Date		December 15, 2023
Pay Date		December 20, 2023

Distribution Amount per share	$	0.123840

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.


							% Breakdown of the
			% Breakdown		Total Cumulative		Total Cumulative
			of the Current		Distributions for the		Distributions for the
	Current Distribution		Distribution		Fiscal Year to Date		Fiscal Year to Date

Net Income	$	0.104483		84%	$	1.252554		95%
Net Realized Short-Term Capital Gains	$	-		0%	$	-		0%
Net Realized Long-Term Capital Gains	$	-		0%	$	-		0%

Return of Capital	$	0.019357		16%	$	0.069006		5%

Total (per common share)	$	0.123840		100%	$	1.321560		100%


Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2023								5.82%

Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2023								11.31%


Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2023								13.24%

Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2023								9.12%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052

BlackRock Floating Rate Income Strategies Fund, Inc.

Cusip: 09255X100

Ticker: FRA


Record Date		January 12, 2024
Pay Date		January 31, 2024

Distribution Amount per share	$	0.123840


							% Breakdown of the
			% Breakdown		Total Cumulative		Total Cumulative
			of the Current		Distributions for the		Distributions for the
	Current Distribution		Distribution		Fiscal Year to Date		Fiscal Year to Date

Net Income	$	0.105126		85%	$	0.105126		85%
Net Realized Short-Term Capital Gains	$	-		0%	$	-		0%
Net Realized Long-Term Capital Gains	$	-		0%	$	-		0%

Return of Capital	$	0.018714		15%	$	0.018714		15%

Total (per common share)	$	0.123840		100%	$	0.123840		100%


Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2023								7.06%

Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2023								11.21%


Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2023								15.44%

Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2023								0.93%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

Contact Number: 800-882-0052

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