BlackRock Debt Strategies Fund (DSU) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-08603

Name of Fund: BlackRock Debt Strategies Fund, Inc. (DSU)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Debt Strategies Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Debt Strategies Fund, Inc. (DSU)

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

BlackRock Limited Duration Income Trust (BLW)

      Not FDIC Insured • May Lose Value • No Bank Guarantee    

Supplemental Information  (unaudited)

Section 19(a) Notices

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

June 30, 2021

	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	$	0.282297	$	—	$	—	$	0.020203		$	0.302500		93	%	—	%	—	%	7	%	100	%
FRA		0.305146		—		—		0.028354			0.333500		91		—		—		9		100
BLW		0.460927		—		—		0.029573			0.490500		94		—		—		6		100

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

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

Section 19(b) Disclosure

The Funds, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Directors (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Funds currently distribute the following fixed amounts per share on a monthly basis:

Exchange Symbol	Amount Per Common Share
DSU	$	0.0605
FRA		0.0667
BLW		0.0981

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

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

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

2 2 0 2 1   B L A C K R O C K  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.25%	40.79%
U.S. small cap equities (Russell 2000® Index)	17.54	62.03
International equities (MSCI Europe, Australasia, Far East Index)	8.83	32.35
Emerging market equities (MSCI Emerging Markets Index)	7.45	40.90
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.09
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.10)	(5.89)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.60)	(0.33)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	4.20
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.61	15.34
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS   PAGE  IS   NOT   PART   OF   YOUR   FUND   REPORT 3

Table of Contents

	Page
Supplemental Information	2
The Markets in Review	3
Semi-Annual Report:
The Benefits and Risks of Leveraging	5
Derivative Financial Instruments	5
Fund Summary	6
Financial Statements:
Schedules of Investments	15
Statements of Assets and Liabilities	105
Statements of Operations	107
Statements of Changes in Net Assets	108
Statements of Cash Flows	110
Financial Highlights	112
Notes to Financial Statements	115
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements	128
Additional Information	132
Glossary of Terms Used in this Report	135

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 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 each Fund’s investment adviser will be higher than if the Funds did not use leverage.

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

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

If a Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Fund’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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

THE  BENEFITS   AND  RISKS  OF   LEVERAGING  /   DERIVATIVE  FINANCIAL   INSTRUMENTS 5

Fund Summary  as of June 30, 2021  BlackRock Debt Strategies Fund, Inc. (DSU)

Investment Objective

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

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

Fund Information

Symbol on New York Stock Exchange	DSU
Initial Offering Date	March 27, 1998
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($11.45) (a)	6.34%
Current Monthly Distribution per Common Share (b)	$0.0605
Current Annualized Distribution per Common Share (b)	$0.7260
Leverage as of June 30, 2021 (c)	30%

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

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

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

Market Price and Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Market Price	$	11.45	$	10.45		9.57	%	$	11.59	$	10.32
Net Asset Value		11.72		11.55		1.47			11.76		11.55

Market Price and Net Asset Value History for the Past Five Years

6 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of June 30, 2021 (continued) BlackRock Debt Strategies Fund, Inc. (DSU)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:

				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Fund at NAV(a)(b)		4.26	%		16.52	%		5.86	%		7.38	%
Fund at Market Price(a)(b)		12.58			32.14			8.91			9.42
Reference Benchmark(c)		3.45			13.50			5.91			6.23
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(d)		3.61			15.34			7.42			7.47
S&P/LSTA Leveraged Loan Index(e)		3.28			11.65			4.39			4.99

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

^(b)  The Fund’s discount to NAV 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 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (50%) and the S&P/LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods.

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

DSU is presenting the Reference Benchmark to accompany fund performance. The Reference Benchmark is presented for informational purposes only, as the Fund is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Fund may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Fund’s performance to differ materially from that of the Reference Benchmark. The Fund employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Fund outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Fund’s performance, such as the performance of the Fund relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

Floating rate loan interest (“bank loans”) performed well in the first half of the period. In addition to benefiting from the tailwind of improving economic growth, concerns that the Fed may need to begin raising interest rates led to higher demand for floating rate assets.

From an asset allocation perspective, the Fund’s core exposure to bank loans and tactical allocations to high yield bonds, equities and investment-grade corporate bonds contributed to performance. From a sector perspective, the largest contributors included technology, independent energy and health care. With respect to credit tiers, the Fund’s positions in B rated debt made the largest contribution to absolute returns, followed by CCCs and BBs. There were no significant detractors from absolute performance given the positive performance for the bank loan market.

Describe recent portfolio activity.

The investment adviser marginally reduced the Fund’s allocation to investment-grade bonds in favor of bank loans due to supportive supply-and-demand conditions and attractive relative values. The investment adviser’s credit rating views remained consistent over the past several quarters, with a focus on avoiding the more volatile stressed CCC category. The investment adviser tactically managed the Fund’s sector positioning, although it placed a greater focus on individual security selection later in the period. The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning.

Describe portfolio positioning at period end.

The Fund remained predominately invested in bank loans, with the rest of the portfolio primarily invested in high yield bonds. The Fund’s largest sector positions were in technology, health care and consumer cyclical services, while it had lower weightings in energy, electric utilities and metals & mining. From a credit rating perspective, the Fund continued to emphasize BB and B rated issues, with a higher allocation to the latter. The Fund also held a smaller in position in CCC rated debt.

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

FUND   SUMMARY 7

Fund Summary  as of June 30, 2021 (continued) BlackRock Debt Strategies Fund, Inc. (DSU)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION

Asset Type	06/30/21			12/31/20
Floating Rate Loan Interests		84	%		82	%
Corporate Bonds		14			16
Investment Companies		1			1
Preferred Securities		1			1
Other*		—	(a)		—	(b)

CREDIT QUALITY ALLOCATION

Credit Rating(b)(c)	06/30/21			12/31/20
AAA/Aaa		—	%(a)		—	%
AA/Aa		—	(a)		—
A		—	(a)		—
BBB/Baa		5			7
BB/Ba		23			21
B		62			64
CCC/Caa		8			7
N/R		2			1

^(a)  Rounds to less than 1% of total investments.

^(b)  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.

^(c)  Excludes common stocks, warrants, short-term securities, options purchased and options written.

* Includes one or more investment categories that individually represents less than 1% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

8 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of June 30, 2021  BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Investment Objective

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

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

Fund Information

Symbol on New York Stock Exchange	FRA
Initial Offering Date	October 31, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($13.25)(a)	6.04%
Current Monthly Distribution per Common Share(b)	$0.0667
Current Annualized Distribution per Common Share(b)	$0.8004
Leverage as of June 30, 2021(c)	29%

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

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

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

Market Price and Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Market Price	$	13.25	$	12.11		9.41	%	$	13.34	$	11.92
Net Asset Value		14.01		13.81		1.45			14.07		13.81

Market Price and Net Asset Value History for the Past Five Years

FUND   SUMMARY 9

Fund Summary  as of June 30, 2021 (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:

				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Fund at NAV(a)(b)		4.06	%		15.81	%		5.29	%		5.87	%
Fund at Market Price(a)(b)		12.23			27.07			5.60			6.77
S&P/LSTA Leveraged Loan Index(c)		3.28			11.65			4.39			4.99

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

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

^(c)  An unmanaged market value-weighted index (the “Reference Benchmark”) designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

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

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

What factors influenced performance?

Floating rate loan interest (“bank loans”) performed well in the first half of the period. In addition to benefiting from the tailwind of improving economic growth, concerns that the Fed may need to begin raising interest rates led to higher demand for floating-rate assets.

From an asset allocation perspective, the Fund’s core exposure to bank loans and tactical allocations to high yield bonds, equities and investment-grade corporate Bonds contributed to performance. From a sector perspective, the largest contributors included technology, airlines and health care. With respect to credit tiers, the Fund’s positions in B rated debt made the largest contribution to absolute returns, followed by CCCs and BBs. There were no significant detractors from absolute performance given the positive performance for the bank loan market.

Describe recent portfolio activity.

The investment adviser marginally reduced the Fund’s allocation to investment-grade bonds in favor of bank loans due to supportive supply-and-demand conditions and attractive relative values. The investment adviser’s credit rating views remained consistent over the past several quarters, with a focus on avoiding the more volatile stressed CCC category. The investment adviser tactically managed the Fund’s sector positioning, although it placed a greater focus on individual security selection later in the period. The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning.

Describe portfolio positioning at period end.

The Fund remained predominately invested in bank loans, with the rest of the portfolio primarily invested in high yield bonds. By credit rating, B rated loans were the Fund’s largest position, and it had a much smaller weightings in the higher-risk CCC rated segment. Within the single B category, the investment adviser remained focused on higher-quality B+ and B rated debt, with less of an emphasis on securities rated B-.

The investment adviser’s core sector views stayed largely intact. Some of the Fund’s top sector positions were technology companies, particularly in the enterprise software area. Health care, consumer cyclical services and building materials were also areas where the investment adviser identified compelling risk-reward opportunities. The investment adviser maintained a lower allocation to energy and the consumer cyclical sectors, such as retailers and leisure, on the belief that these market segments continued to face significant headwinds.

The Fund had a bias toward larger loan tranches of $1 billion and above. The investment adviser maintained a preference for loan/bond capital structures over the loan-only segment. The securities that Fund did own in the latter category were typically transactions of $1 billion or more. The Fund remained underweight in the 2017 and 2018 vintages, arguably a period with more aggressive lending standards and weaker protections for loan holders.

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.

10 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of June 30, 2021 (continued) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION

Asset Type	06/30/21			12/31/20
Floating Rate Loan Interests		96	%		93	%
Investment Companies		2			2
Corporate Bonds		2			5
Other*		—	(a)		—	(b)

CREDIT QUALITY ALLOCATION

Credit Rating(b)(c)	06/30/21			12/31/20
AAA/Aaa		—	%(a)		—	%
AA/Aa		—	(a)		—
A		—	(a)		—
BBB/Baa		4			6
BB/Ba		20			19
B		67			67
CCC/Caa		6			6
N/R		3			2

^(a)  Rounds to less than 1% of total investments.

^(b)  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.

^(c)  Excludes common stocks, warrants, short-term securities, options purchased and options written.

* Includes one or more investment categories that individually represents less than 1% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

FUND   SUMMARY 11

Fund Summary  as of June 30, 2021  BlackRock Limited Duration Income Trust (BLW)

Investment Objective

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

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

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

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

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

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

Fund Information

Symbol on New York Stock Exchange	BLW
Initial Offering Date	July 30, 2003
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($17.02)(a)	6.92%
Current Monthly Distribution per Common Share(b)	$0.0981
Current Annualized Distribution per Common Share(b)	$1.1772
Leverage as of June 30, 2021(c)	34%

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

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

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

Market Price and Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Market Price	$	17.02	$	15.92		6.91	%	$	17.30	$	15.55
Net Asset Value		17.14		16.93		1.24			17.22		16.93

Market Price and Net Asset Value History for the Past Five Years

12 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of June 30, 2021 (continued) BlackRock Limited Duration Income Trust (BLW)

Performance and Portfolio Management Commentary

Returns for the period ended June 30, 2021 were as follows:

				Average Annual Total Returns
	6-month			1 Year			3 Years			5 Years
Fund at NAV(a)(b)		4.23	%		17.92	%		8.58	%		8.43	%
Fund at Market Price(a)(b)		10.07			31.54			12.35			10.05
Reference Benchmark(c)		2.38			9.48			5.30			5.03
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(d)		3.61			15.34			7.42			7.47
S&P/LSTA Leveraged Loan Index(e)		3.28			11.65			4.39			4.99
BATS S Benchmark(f)		0.26			1.80			3.87			2.53

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

^(b)  The Fund’s discount to NAV 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 Barclays U.S. Corporate High Yield 2% Issuer Capped Index (33.33%), the S&P/LSTA Leveraged Loan Index (33.33%), and the BATS S Benchmark (33.34%). The Reference Benchmark’s index content and weightings may have varied over past periods.

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

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

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

What factors influenced performance?

Positive contributions to the Fund’s absolute performance over the period came from allocations to below investment grade categories, specifically U.S. high yield corporate bonds and floating rate loan interests. Positioning with respect to U.S. Treasuries also contributed positively. Finally, the use of interest rate swaps proved additive.

The main detractors from the Fund’s absolute performance came from short exposure to U.S. municipal bonds and positioning in non-U.S. sovereign issues.

Describe recent portfolio activity.

Over the period, the Fund increased its allocation to high yield corporate bonds and emerging market debt, while trimming exposure to commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), cash and non-U.S. dollar securities. In addition, the Fund increased its municipal bond short position over the period.

Describe portfolio positioning at period end.

At period end, the Fund maintained a diversified exposure to non-government spread sectors including high yield corporate credit, investment grade corporate credit, emerging market debt, CMBS and ABS.

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

FUND   SUMMARY 13

Fund Summary  as of June 30, 2021 (continued) BlackRock Limited Duration Income Trust (BLW)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION

Asset Type(a)	06/30/21			12/31/20
Corporate Bonds		55	%		55	%
Floating Rate Loan Interests		30			30
Preferred Securities		4			5
U.S. Treasury Obligations		4			2
Asset-Backed Securities		3			3
Foreign Agency Obligations		2			3
Non-Agency Mortgage-Backed Securities		1			1
Investment Companies		1			1
Other*		—	(b)		—	(b)

CREDIT QUALITY ALLOCATION

Credit Rating(c)(d)	06/30/21			12/31/20
AAA/Aaa(e)		4	%		—	%
AA/Aa		—	(b)		2
A		3			4
BBB/Baa		12			14
BB/Ba		31			32
B		38			39
CCC/Caa		8			7
CC		1			—
N/R		3			2

^(a)  Excludes short-term securities, options purchased and options written.

^(b)  Rounds to less than 1% of total investments.

^(c)  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.

^(d)  Excludes short-term securities.

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

* Includes one or more investment categories that individually represents less than 1% of the Fund’s total investments. Please refer to the Schedule of Investments for details.

14 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Unique Pub Finance Co. PLC, Series N, 6.46%,03/30/32	GBP	100	$	167,378
Total Asset-Backed Securities — 0.0% (Cost: $145,503)				167,378
	Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(a)		141,483		69,327
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(b)		1,075,282,733		10,753
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(a)(b)		809		11,973
Metals & Mining — 0.0%
Ameriforge Group, Inc.		1,664		36,608
Preferred Proppants LLC(b)		14,576		1,385
				37,993
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp.(a)		2,336		70,407
Chesapeake Energy Corp.		11,300		586,696
Extraction Oil & Gas, Inc., (Acquired 03/05/21, Cost: $32,685)(a)(c)		2,622		143,374
SM Energy Co.		10,500		258,615
				1,059,092
Semiconductors & Semiconductor Equipment(a) — 0.0%
Maxeon Solar Technologies Ltd.		213		4,565
SunPower Corp.		1,707		49,878
				54,443
Software — 0.0%
Avaya Holdings Corp.(a)		40		1,076
Specialty Retail — 0.1%
NMG Parent LLC		1,477		184,133
Total Common Stocks — 0.3% (Cost: $16,174,026)				1,428,790
	Par (000)
Corporate Bonds
Aerospace & Defense — 0.5%
Bombardier, Inc.(d)
7.50%, 12/01/24	USD	78		81,510
7.50%, 03/15/25		14		14,397
7.13%, 06/15/26		204		213,588
7.88%, 04/15/27		17		17,638
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(d)		200		206,000
Spirit AeroSystems, Inc., 5.50%, 01/15/25(d)		58		61,625
TransDigm, Inc.
8.00%, 12/15/25(d)		656		708,808
6.25%, 03/15/26(d)		1,073		1,132,015
6.38%, 06/15/26		29		30,043
7.50%, 03/15/27		33		35,104

Security	Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued)
4.63%, 01/15/29(d)	USD	85	$	85,030
4.88%, 05/01/29(d)		96		96,912
Triumph Group, Inc., 8.88%, 06/01/24(d)		245		272,562
				2,955,232
Airlines — 0.7%
Air France-KLM, 3.88%, 07/01/26	EUR	100		116,739
Allegiant Travel Co., 8.50%, 02/05/24(d)	USD	1,065		1,150,200
American Airlines, Inc., 11.75%, 07/15/25(d)		279		350,145
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(d)
5.50%, 04/20/26		662		700,893
5.75%, 04/20/29		302		326,616
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(d)		265		294,616
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(d)		101		108,435
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(d)		376		413,976
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(d)		13		15,099
United Airlines Pass-Through Trust
Series 2020-1, Class A, 5.88%, 10/15/27		270		299,885
Series 2020-1, Class B, 4.88%, 07/15/27		20		20,582
United Airlines, Inc.(d)
4.38%, 04/15/26		146		151,136
4.63%, 04/15/29		133		137,655
				4,085,977
Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25(d)		721		767,851
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR	100		122,652
6.25%, 05/15/26(d)	USD	110		117,184
8.50%, 05/15/27(d)		586		638,857
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(d)		25		26,937
Goodyear Tire & Rubber Co.
9.50%, 05/31/25		65		72,556
5.00%, 07/15/29(d)		42		43,974
5.25%, 07/15/31(d)		124		129,580
5.63%, 04/30/33		102		107,579
Meritor, Inc., 4.50%, 12/15/28(d)		24		24,330
Tenneco, Inc., 7.88%, 01/15/29(d)		18		20,329
Titan International, Inc., 7.00%, 04/30/28(d)		36		37,665
Venture Holdings Co. LLC, 12.00%, 07/01/49(a)(b)(e)		5,150		1
ZF Finance GmbH, 3.00%, 09/21/25	EUR	100		125,668
				2,235,163
Automobiles — 0.4%
Allison Transmission, Inc.(d)
5.88%, 06/01/29	USD	113		123,735
3.75%, 01/30/31		115		113,030
Asbury Automotive Group, Inc.
4.50%, 03/01/28		35		35,962
4.75%, 03/01/30		73		76,285
AutoNation, Inc., 4.75%, 06/01/30		93		109,991
Carvana Co., 5.50%, 04/15/27(d)		92		95,011

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
Ford Motor Co.
4.35%, 12/08/26	USD	9	$	9,641
4.75%, 01/15/43		176		187,000
5.29%, 12/08/46		78		87,117
Ford Motor Credit Co. LLC
3.81%, 01/09/24		200		209,126
4.69%, 06/09/25		200		216,500
5.13%, 06/16/25		200		220,250
4.00%, 11/13/30		200		209,500
Group 1 Automotive, Inc., 4.00%, 08/15/28(d)		15		15,263
Ken Garff Automotive LLC, 4.88%, 09/15/28(d)		39		39,780
LCM Investments Holdings II LLC, 4.88%, 05/01/29(d)		70		71,750
Lithia Motors, Inc., 3.88%, 06/01/29(d)		42		43,535
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(d)		33		32,918
Penske Automotive Group, Inc.
3.50%, 09/01/25		62		64,220
3.75%, 06/15/29		22		22,137
Tesla, Inc., 5.30%, 08/15/25(d)		135		139,541
				2,122,292
Banks — 0.1%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR	100		120,227
Banco Espirito Santo SA(a)(e)
4.75%, 01/15/22(f)		200		33,201
4.00%, 01/21/22		100		16,600
2.63%, 05/08/49		100		16,601
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(f)(g)	USD	115		119,059
				305,688
Beverages(d) — 0.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(h)		441		463,050
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29		285		282,599
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27		208		212,160
Triton Water Holdings, Inc., 6.25%, 04/01/29		399		399,997
Trivium Packaging Finance BV, 8.50%, 08/15/27		814		884,981
				2,242,787
Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28(d)		25		24,488
Building Materials — 0.2%
APi Group DE, Inc., 4.13%, 07/15/29(d)		42		41,764
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(d)		114		122,265
CP Atlas Buyer, Inc., 7.00%, 12/01/28(d)		89		92,226
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(d)		42		45,255
Griffon Corp., 5.75%, 03/01/28		28		29,750
Jeld-Wen, Inc.(d)
4.63%, 12/15/25		32		32,601
4.88%, 12/15/27		10		10,392
Masonite International Corp., 5.38%, 02/01/28(d)		45		47,686
Patrick Industries, Inc., 4.75%, 05/01/29(d)		20		19,875
SRM Escrow Issuer LLC, 6.00%, 11/01/28(d)		200		212,000
Standard Industries, Inc.(d)
5.00%, 02/15/27		34		35,211

Security	Par (000)		Value
Building Materials (continued)
Standard Industries, Inc.(d) (continued)
4.38%, 07/15/30	USD	85	$	87,656
3.38%, 01/15/31		124		118,694
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(d)		168		178,488
Victors Merger Corp., 6.38%, 05/15/29(d)		63		63,473
				1,137,336
Building Products(d) — 0.2%
Ambience Merger Sub, Inc., 7.13%, 07/15/29(i)		25		25,250
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(h)		43		44,075
Beacon Roofing Supply, Inc., 4.13%, 05/15/29		32		31,918
Foundation Building Materials, Inc., 6.00%, 03/01/29		61		60,390
GYP Holdings III Corp., 4.63%, 05/01/29		76		76,285
LBM Acquisition LLC, 6.25%, 01/15/29		154		155,186
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26		105		109,958
SRS Distribution, Inc., 6.13%, 07/01/29		111		114,231
White Cap Buyer LLC, 6.88%, 10/15/28		207		221,542
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(h)		67		69,322
				908,157
Capital Markets — 0.3%
Aretec Escrow Issuer, Inc., 7.50%, 04/01/29(d)		36		37,002
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(f)(g)		265		271,095
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(d)		81		84,240
Hightower Holding LLC, 6.75%, 04/15/29(d)		36		36,720
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24		101		105,545
5.25%, 05/15/27		138		142,484
5.25%, 05/15/27(d)		83		85,697
4.38%, 02/01/29(d)		87		86,565
NFP Corp.(d)
4.88%, 08/15/28		86		87,388
6.88%, 08/15/28		374		393,714
Owl Rock Technology Finance Corp., 3.75%, 06/17/26(d)		40		42,060
RP Escrow Issuer LLC, 5.25%, 12/15/25(d)		50		52,188
				1,424,698
Chemicals — 0.4%
Axalta Coating Systems LLC, 3.38%, 02/15/29(d)		150		146,625
Chemours Co., 5.75%, 11/15/28(d)		38		40,651
Element Solutions, Inc., 3.88%, 09/01/28(d)		402		410,161
GCP Applied Technologies, Inc., 5.50%, 04/15/26(d)		134		137,826
HB Fuller Co., 4.25%, 10/15/28		31		32,039
Herens Holdco Sarl, 4.75%, 05/15/28(d)		200		199,000
Herens Midco Sarl, 5.25%, 05/15/29	EUR	100		116,042
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(d)	USD	181		201,819
Ingevity Corp., 3.88%, 11/01/28(d)		23		22,828
Minerals Technologies, Inc., 5.00%, 07/01/28(d)		55		57,183
PQ Corp., 5.75%, 12/15/25(d)		307		315,059
SCIH Salt Holdings, Inc.(d)
4.88%, 05/01/28		102		101,988
6.63%, 05/01/29		57		57,142

16 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Scotts Miracle-Gro Co., 4.00%, 04/01/31(d)	USD	83	$	82,741
WESCO Distribution, Inc.(d)
7.13%, 06/15/25		49		52,954
7.25%, 06/15/28		146		162,622
				2,136,680
Commercial Services & Supplies — 0.2%
AMN Healthcare, Inc., 4.00%, 04/15/29(d)		28		28,198
APX Group, Inc., 7.88%, 12/01/22		163		163,611
ASGN, Inc., 4.63%, 05/15/28(d)		79		82,750
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(d)		33		34,361
Fortress Transportation & Infrastructure Investors LLC(d)
6.50%, 10/01/25		24		24,930
9.75%, 08/01/27		17		19,656
5.50%, 05/01/28		98		102,043
Herc Holdings, Inc., 5.50%, 07/15/27(d)		106		111,747
Metis Merger Sub LLC, 6.50%, 05/15/29(d)		68		66,970
NESCO Holdings II, Inc., 5.50%, 04/15/29(d)		98		102,288
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)
3.38%, 08/31/27		8		7,760
6.25%, 01/15/28		110		117,012
Team Health Holdings, Inc., 6.38%, 02/01/25(d)		103		97,959
TMS International Corp., 6.25%, 04/15/29(d)		34		35,700
United Rentals North America, Inc., 5.25%, 01/15/30		2		2,191
				997,176
Communications Equipment(d) — 0.2%
Avaya, Inc., 6.13%, 09/15/28		266		284,700
CommScope Technologies LLC
6.00%, 06/15/25		101		103,146
5.00%, 03/15/27		129		132,064
CommScope, Inc.
6.00%, 03/01/26		24		25,337
8.25%, 03/01/27		12		12,826
7.13%, 07/01/28		63		68,276
ViaSat, Inc.
5.63%, 04/15/27		38		39,665
6.50%, 07/15/28		150		159,969
				825,983
Construction & Engineering — 0.0%
SRS Distribution, Inc., 4.63%, 07/01/28(d)		139		142,128
Construction Materials(d) — 0.3%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28		125		128,089
3.88%, 11/15/29		44		43,725
BCPE Empire Holdings, Inc., 7.63%, 05/01/27		35		35,844
Core & Main LP, 6.13%, 08/15/25		797		812,940
H&E Equipment Services, Inc., 3.88%, 12/15/28		31		30,504
IAA, Inc., 5.50%, 06/15/27		159		166,905
Picasso Finance Sub, Inc., 6.13%, 06/15/25		82		86,694
Williams Scotsman International, Inc., 4.63%, 08/15/28		77		79,518

Security	Par (000)		Value
Construction Materials (continued)
Winnebago Industries, Inc., 6.25%, 07/15/28	USD	45	$	48,488
Wolverine Escrow LLC, 9.00%, 11/15/26		496		483,600
				1,916,307
Consumer Discretionary(d) — 0.4%
Carnival Corp.
11.50%, 04/01/23		5		5,627
10.50%, 02/01/26		224		260,792
5.75%, 03/01/27		437		457,757
9.88%, 08/01/27		92		107,410
CoreLogic, Inc., 4.50%, 05/01/28		135		133,819
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26		67		69,848
Life Time, Inc.
5.75%, 01/15/26		101		104,661
8.00%, 04/15/26		70		74,602
NCL Corp. Ltd.
10.25%, 02/01/26		37		43,013
5.88%, 03/15/26		88		92,180
NCL Finance Ltd., 6.13%, 03/15/28		111		116,322
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28		60		63,365
5.88%, 10/01/30		74		80,543
4.75%, 07/15/31		53		53,133
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23		45		51,244
9.13%, 06/15/23		54		59,265
11.50%, 06/01/25		95		109,487
5.50%, 04/01/28		190		198,987
Viking Cruises Ltd., 7.00%, 02/15/29		14		14,566
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29		59		59,590
				2,156,211
Consumer Finance — 0.4%
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(d)		138		138,678
Navient Corp.
7.25%, 09/25/23		5		5,519
6.13%, 03/25/24		96		103,609
5.88%, 10/25/24		77		83,064
5.00%, 03/15/27		2		2,070
OneMain Finance Corp.
8.88%, 06/01/25		27		29,935
3.50%, 01/15/27		97		97,727
6.63%, 01/15/28		8		9,171
5.38%, 11/15/29		7		7,614
4.00%, 09/15/30		10		9,912
PayPal Holdings, Inc., 1.65%, 06/01/25		257		263,759
Sabre GLBL, Inc.(d)
9.25%, 04/15/25		287		341,194
7.38%, 09/01/25		81		88,087
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(d)		109		113,769
Square, Inc., 3.50%, 06/01/31(d)		198		199,732
Verscend Escrow Corp., 9.75%, 08/15/26(d)		851		896,741
				2,390,581
Containers & Packaging — 0.1%
Graham Packaging Co., Inc., 7.13%, 08/15/28(d)		35		37,712

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Containers & Packaging (continued)
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(d)	USD	75	$	78,000
International Paper Co., 7.30%, 11/15/39		5		7,734
Intertape Polymer Group, Inc., 4.38%, 06/15/29(d)		43		43,604
LABL Escrow Issuer LLC(d)
6.75%, 07/15/26		116		123,741
10.50%, 07/15/27		56		61,740
Sealed Air Corp., 4.00%, 12/01/27(d)		23		24,466
				376,997
Diversified Consumer Services — 0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)
6.63%, 07/15/26		868		920,280
9.75%, 07/15/27		101		111,226
6.00%, 06/01/29		200		202,758
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28		400		400,879
Ascend Learning LLC, 6.88%, 08/01/25		340		345,850
Brink’s Co., 5.50%, 07/15/25(d)		15		15,928
Clarivate Science Holdings Corp.(d)
3.88%, 06/30/28		120		121,093
4.88%, 06/30/29		163		167,279
Garda World Security Corp.(d)
4.63%, 02/15/27		29		29,145
9.50%, 11/01/27		55		60,913
Rekeep SpA, 7.25%, 02/01/26	EUR	100		127,622
Service Corp. International, 4.00%, 05/15/31	USD	114		116,357
Sotheby’s, 7.38%, 10/15/27(d)		200		215,750
				2,835,080
Diversified Financial Services — 0.3%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28(d)		200		204,922
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP	100		139,197
Central Garden & Pet Co.
4.13%, 10/15/30	USD	59		60,254
4.13%, 04/30/31(d)		62		62,697
Citigroup, Inc., Series W, (5 year CMT + 3.60%), 4.00%(f)(g)		50		51,688
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP	100		144,002
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(d)(h)	USD	25		24,819
Intrum AB, 4.88%, 08/15/25	EUR	100		124,516
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(d)	USD	44		44,000
Spectrum Brands, Inc.(d)
5.00%, 10/01/29		18		19,080
5.50%, 07/15/30		50		53,875
3.88%, 03/15/31		31		30,462
UBS Group AG, (5 year CMT + 3.31%), 4.38%(d)(f)(g)		345		352,486
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(d)		70		73,087
				1,385,085
Diversified Telecommunication Services — 1.1%
Cincinnati Bell, Inc.(d)
7.00%, 07/15/24		26		26,683

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Cincinnati Bell, Inc.(d) (continued)
8.00%, 10/15/25	USD	20	$	21,025
Consolidated Communications, Inc., 6.50%, 10/01/28(d)		160		172,120
Intelsat Jackson Holdings SA, 8.00%, 02/15/24(d)		155		160,079
Level 3 Financing, Inc.(d)
4.25%, 07/01/28		122		123,801
3.75%, 07/15/29		77		74,883
Lumen Technologies, Inc.
5.13%, 12/15/26(d)		485		503,794
4.50%, 01/15/29(d)		177		172,743
5.38%, 06/15/29(d)		142		144,043
Series P, 7.60%, 09/15/39		82		93,275
Series U, 7.65%, 03/15/42		59		66,228
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)		12		12,307
Sprint Capital Corp.
6.88%, 11/15/28		307		393,727
8.75%, 03/15/32		389		591,280
Switch Ltd.(d)
3.75%, 09/15/28		110		111,375
4.13%, 06/15/29		72		73,890
Telecom Italia Capital SA
6.38%, 11/15/33		58		69,165
6.00%, 09/30/34		134		154,602
7.20%, 07/18/36		14		18,060
7.72%, 06/04/38		23		31,355
Telecom Italia SpA, 5.30%, 05/30/24(d)		314		343,736
Uniti Group LP/Uniti Group Finance, Inc./CSL
Capital LLC, 4.75%, 04/15/28(d)		111		110,722
Zayo Group Holdings, Inc.(d)
4.00%, 03/01/27		2,211		2,195,788
6.13%, 03/01/28		472		482,030
				6,146,711
Electric Utilities — 0.2%
Edison International, (5 year CMT + 4.70%), 5.38%(f)(g)		100		100,730
FirstEnergy Corp.
2.65%, 03/01/30		8		7,968
Series B, 4.40%, 07/15/27		42		45,675
Series B, 2.25%, 09/01/30		6		5,753
Series C, 7.38%, 11/15/31		10		13,695
Series C, 5.35%, 07/15/47		163		195,600
Series C, 3.40%, 03/01/50		61		59,627
FirstEnergy Transmission LLC(d)
5.45%, 07/15/44		120		149,731
4.55%, 04/01/49		51		59,816
PG&E Corp., 5.25%, 07/01/30		74		74,703
Pike Corp., 5.50%, 09/01/28(d)		207		215,280
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 11/10/21(a)(b)(e)		2,375		—
				928,578
Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(d)		291		304,827

18 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electrical Equipment (continued)
GrafTech Finance, Inc., 4.63%, 12/15/28(d)	USD	66	$	67,732
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(a)(b)(e)		5,125		1
			372,560
Electronic Equipment, Instruments & Components — 0.1%
Brightstar Escrow Corp., 9.75%, 10/15/25(d)		28		30,135
BWX Technologies, Inc.(d)
4.13%, 06/30/28		81		82,519
4.13%, 04/15/29		56		56,980
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29		98		99,294
Energizer Holdings, Inc.(d)
4.75%, 06/15/28		34		34,841
4.38%, 03/31/29		6		6,006
Imola Merger Corp., 4.75%, 05/15/29(d)		196		201,635
Xerox Corp., 4.80%, 03/01/35		181		181,679
				693,089
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.(d)
6.88%, 04/01/27		106		112,493
6.25%, 04/01/28		166		173,289
Pioneer Energy Services Corp.(b)(d)(h)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25		319		321,732
(5.00% PIK), 5.00%, 11/15/25		237		263,059
TechnipFMC PLC, 6.50%, 02/01/26(d)		123		132,811
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26		331		346,723
6.88%, 09/01/27		291		310,869
				1,660,976
Environmental, Maintenance, & Security Service — 0.1%
Covanta Holding Corp., 5.00%, 09/01/30		43		45,150
GFL Environmental, Inc.(d)
3.75%, 08/01/25		85		87,337
5.13%, 12/15/26		73		77,228
4.00%, 08/01/28		120		118,542
3.50%, 09/01/28		65		64,837
4.75%, 06/15/29		127		131,864
Stericycle, Inc., 3.88%, 01/15/29(d)		52		51,898
Tervita Corp., 11.00%, 12/01/25(d)		42		47,029
Waste Pro USA, Inc., 5.50%, 02/15/26(d)		71		73,290
				697,175
Equity Real Estate Investment Trusts (REITs) — 0.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(d)		128		134,560
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(d)		52		53,098
Diversified Healthcare Trust, 9.75%, 06/15/25		53		58,697
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(d)		71		70,272
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26(d)		62		62,465
Iron Mountain, Inc.(d)
5.25%, 07/15/30		105		111,151
5.63%, 07/15/32		80		85,626

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.63%, 06/15/25(d)	USD	205	$	219,016
4.50%, 09/01/26		139		148,382
4.50%, 01/15/28		318		336,285
3.88%, 02/15/29(d)		101		102,573
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29		296		316,856
3.50%, 03/15/31		219		221,188
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		311		319,412
4.50%, 02/15/29(d)		24		24,020
RLJ Lodging Trust LP, 3.75%, 07/01/26(d)		43		43,430
Service Properties Trust
4.50%, 06/15/23		15		15,375
4.35%, 10/01/24		12		12,084
7.50%, 09/15/25		108		122,277
5.50%, 12/15/27		42		44,824
XHR LP, 4.88%, 06/01/29(d)		20		20,650
				2,522,241
Food & Staples Retailing — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)
3.25%, 03/15/26		146		148,080
4.63%, 01/15/27		11		11,505
4.88%, 02/15/30		68		72,523
Ingles Markets, Inc., 4.00%, 06/15/31(d)		13		12,984
Kraft Heinz Foods Co.
4.25%, 03/01/31		204		231,742
5.00%, 07/15/35		24		29,439
6.88%, 01/26/39		164		235,571
4.63%, 10/01/39		88		102,491
6.50%, 02/09/40		35		48,607
5.20%, 07/15/45		101		125,386
4.38%, 06/01/46		227		257,236
4.88%, 10/01/49		170		206,372
5.50%, 06/01/50		368		477,573
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(d)		18		19,913
Post Holdings, Inc.(d)
4.63%, 04/15/30		45		45,757
4.50%, 09/15/31		81		80,866
TreeHouse Foods, Inc., 4.00%, 09/01/28		23		22,827
United Natural Foods, Inc., 6.75%, 10/15/28(d)		28		30,132
US Foods, Inc., 4.75%, 02/15/29(d)		118		120,360
				2,279,364
Food Products(d) — 0.2%
Aramark Services, Inc.
6.38%, 05/01/25		99		105,187
5.00%, 02/01/28		3		3,142
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25		272		282,992
4.63%, 11/15/28		76		78,755
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28		90		98,437
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/29		138		155,079

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food Products (continued)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (continued)
3.75%, 12/01/31	USD	113	$	115,627
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29		113		113,982
				953,201
Gas Utilities(d) — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31		53		54,259
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29		16		16,480
				70,739
Health Care Equipment & Supplies(d) — 0.1%
Avantor Funding, Inc., 4.63%, 07/15/28		338		356,850
Hologic, Inc., 3.25%, 02/15/29		28		27,755
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.38%, 06/01/25		171		183,611
7.25%, 02/01/28		134		146,362
				714,578
Health Care Providers & Services — 1.1%
Acadia Healthcare Co., Inc.(d)
5.50%, 07/01/28		66		70,455
5.00%, 04/15/29		55		57,361
AdaptHealth LLC(d)
6.13%, 08/01/28		49		52,180
4.63%, 08/01/29		55		55,688
AHP Health Partners, Inc.(d)
9.75%, 07/15/26		212		228,070
5.75%, 07/15/29(i)		90		91,238
Centene Corp.
4.25%, 12/15/27		148		155,955
2.45%, 07/15/28		247		250,334
4.63%, 12/15/29		181		199,058
3.00%, 10/15/30		301		309,211
2.50%, 03/01/31		377		371,816
CHS/Community Health Systems, Inc.(d)
6.63%, 02/15/25		379		400,789
8.00%, 03/15/26		419		451,472
5.63%, 03/15/27		173		184,677
6.00%, 01/15/29		136		145,520
6.88%, 04/15/29		55		57,556
6.13%, 04/01/30		82		83,230
DaVita, Inc., 4.63%, 06/01/30(d)		41		42,157
Encompass Health Corp.
4.50%, 02/01/28		16		16,600
4.75%, 02/01/30		123		130,687
4.63%, 04/01/31		66		70,716
HCA, Inc., 3.50%, 09/01/30		382		406,971
Legacy LifePoint Health LLC(d)
6.75%, 04/15/25		116		123,615
4.38%, 02/15/27		44		44,528
LifePoint Health, Inc., 5.38%, 01/15/29(d)		97		94,575
ModivCare, Inc., 5.88%, 11/15/25(d)		23		24,610
Molina Healthcare, Inc.(d)
4.38%, 06/15/28		22		22,935
3.88%, 11/15/30		96		99,960
Prime Healthcare Services, Inc., 7.25%, 11/01/25(d)		152		164,552

Security	Par (000)		Value
Health Care Providers & Services (continued)
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(d)	USD	17	$	18,296
Surgery Center Holdings, Inc.(d)
6.75%, 07/01/25		145		147,900
10.00%, 04/15/27		276		302,910
Teleflex, Inc., 4.25%, 06/01/28(d)		42		43,785
Tenet Healthcare Corp.(d)
7.50%, 04/01/25		41		44,285
4.88%, 01/01/26		233		241,668
5.13%, 11/01/27		343		359,721
4.63%, 06/15/28		26		26,759
6.13%, 10/01/28		123		131,074
4.25%, 06/01/29		95		96,188
				5,819,102
Health Care Technology(d) — 0.2%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27		41		42,843
3.13%, 02/15/29		58		56,166
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25		229		232,721
Charles River Laboratories International, Inc.
4.25%, 05/01/28		46		47,553
3.75%, 03/15/29		11		11,151
4.00%, 03/15/31		31		32,250
Indigo Merger Sub, Inc., 2.88%, 07/15/26(i)		200		203,162
Mednax, Inc., 6.25%, 01/15/27		62		65,643
Syneos Health, Inc., 3.63%, 01/15/29		147		145,530
US Acute Care Solutions LLC, 6.38%, 03/01/26		12		12,400
				849,419
Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25(d)		35		36,337
Hotels, Restaurants & Leisure — 1.1%
1011778 BC ULC/New Red Finance, Inc.(d)
3.88%, 01/15/28(i)		60		60,750
4.38%, 01/15/28		218		220,997
Affinity Gaming, 6.88%, 12/15/27(d)		49		52,001
Boyd Gaming Corp.
8.63%, 06/01/25(d)		79		87,087
4.75%, 12/01/27		58		60,030
4.75%, 06/15/31(d)		121		125,537
Boyne USA, Inc., 4.75%, 05/15/29(d)		74		76,348
Caesars Entertainment, Inc.(d)
6.25%, 07/01/25		494		523,640
8.13%, 07/01/27		340		378,148
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(d)		154		162,277
Carrols Restaurant Group, Inc., 5.88%, 07/01/29(d)		32		31,560
CCM Merger, Inc., 6.38%, 05/01/26(d)		53		55,650
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op(d)
5.50%, 05/01/25		388		404,975
6.50%, 10/01/28		19		20,473
Churchill Downs, Inc., 4.75%, 01/15/28(d)		85		87,950
Everi Holdings, Inc., 5.00%, 07/15/29(d)(i)		17		17,000
Full House Resorts, Inc., 8.25%, 02/15/28(d)		20		21,800
Golden Nugget, Inc., 6.75%, 10/15/24(d)		455		459,650
Hilton Domestic Operating Co., Inc.
5.75%, 05/01/28(d)		108		116,864

20 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc. (continued)
4.88%, 01/15/30	USD		166	$	177,205
4.00%, 05/01/31(d)			73		73,648
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 4.88%, 07/01/31(d)			15		14,961
Marriott International, Inc., Series EE, 5.75%, 05/01/25			393		453,640
Marriott Ownership Resorts, Inc., 4.50%, 06/15/29(d)			49		49,674
MGM Resorts International, 5.75%, 06/15/25			73		80,501
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(d)			83		83,104
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(d)			79		84,846
Penn National Gaming, Inc., 4.13%, 07/01/29(d)			41		40,949
Playtika Holding Corp., 4.25%, 03/15/29(d)			136		135,906
Powdr Corp., 6.00%, 08/01/25(d)			74		77,700
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(d)			57		57,797
Scientific Games International, Inc.(d)
8.63%, 07/01/25			65		71,175
8.25%, 03/15/26			506		542,675
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/25(d)			47		50,407
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(d)			275		296,367
Travel + Leisure Co., 6.63%, 07/31/26(d)			56		63,448
Vail Resorts, Inc., 6.25%, 05/15/25(d)			89		95,264
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(d)			44		45,681
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(d)			287		303,144
Yum! Brands, Inc.
4.75%, 01/15/30(d)			24		25,980
5.35%, 11/01/43			14		14,875
					5,801,684
Household Durables — 0.2%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(d)
5.00%, 06/15/29			67		67,502
4.88%, 02/15/30			260		257,478
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(d)			104		111,476
Diebold Nixdorf, Inc., 9.38%, 07/15/25(d)			42		46,567
Forestar Group, Inc., 3.85%, 05/15/26(d)			33		33,299
KB Home, 4.00%, 06/15/31			31		31,271
LGI Homes, Inc., 4.00%, 07/15/29(d)			25		25,125
Mattamy Group Corp., 4.63%, 03/01/30(d)			102		104,193
NCR Corp.(d)
5.75%, 09/01/27			20		21,163
5.00%, 10/01/28			57		58,942
5.13%, 04/15/29			60		61,875
6.13%, 09/01/29			78		85,020
5.25%, 10/01/30			36		37,350
New Home Co., Inc., 7.25%, 10/15/25(d)			22		23,313
Newell Brands, Inc., 6.00%, 04/01/46			12		15,206

Security		Par (000)		Value
Household Durables (continued)
Taylor Morrison Communities, Inc., 5.13%, 08/01/30(d)	USD		20	$	21,678
Tempur Sealy International, Inc., 4.00%, 04/15/29(d)			87		88,083
Tri Pointe Homes, Inc., 5.70%, 06/15/28			18		19,845
					1,109,386
Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(d)			67		68,005
Independent Power and Renewable Electricity Producers(d) — 0.2%
Calpine Corp.
5.25%, 06/01/26			68		69,955
5.13%, 03/15/28			458		466,015
4.63%, 02/01/29			55		54,073
5.00%, 02/01/31			69		68,655
3.75%, 03/01/31			4		3,809
Clearway Energy Operating LLC, 4.75%, 03/15/28			20		20,975
NRG Energy, Inc., 3.63%, 02/15/31			96		94,339
TerraForm Power Operating LLC, 4.75%, 01/15/30			74		75,789
					853,610
Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(d)
4.25%, 10/15/27			371		376,561
6.75%, 10/15/27			731		768,252
AmWINS Group, Inc., 7.75%, 07/01/26(d)			25		26,516
AssuredPartners, Inc., 5.63%, 01/15/29(d)			86		86,000
BroadStreet Partners, Inc., 5.88%, 04/15/29(d)			61		62,220
GTCR AP Finance, Inc., 8.00%, 05/15/27(d)			6		6,390
HUB International Ltd., 7.00%, 05/01/26(d)			416		431,430
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		133,297
					1,890,666
Interactive Media & Services — 0.1%
Arches Buyer, Inc.(d)
4.25%, 06/01/28	USD		36		35,595
6.13%, 12/01/28			16		16,480
Netflix, Inc.
4.88%, 04/15/28			112		130,200
5.88%, 11/15/28			14		17,184
6.38%, 05/15/29			11		14,050
5.38%, 11/15/29(d)			11		13,361
3.63%, 06/15/30	EUR		100		140,867
4.88%, 06/15/30(d)	USD		115		136,769
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(d)
6.00%, 02/15/28			80		80,175
10.75%, 06/01/28			30		33,750
Twitter, Inc., 3.88%, 12/15/27(d)			87		92,438
					710,869
Internet Software & Services(d) — 0.2%
ANGI Group LLC, 3.88%, 08/15/28			106		105,338
Endure Digital, Inc., 6.00%, 02/15/29			57		56,430
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/29			40		39,740

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Internet Software & Services (continued)
Match Group Holdings II LLC
4.63%, 06/01/28	USD		43	$	44,714
4.13%, 08/01/30			68		69,190
Uber Technologies, Inc.
7.50%, 05/15/25			271		292,463
8.00%, 11/01/26			92		99,130
7.50%, 09/15/27			188		206,608
6.25%, 01/15/28			314		337,930
					1,251,543
IT Services — 0.7%
Ahead DB Holdings LLC, 6.63%, 05/01/28(d)			46		47,589
Austin BidCo, Inc., 7.13%, 12/15/28(d)			23		23,568
Banff Merger Sub, Inc., 9.75%, 09/01/26(d)			465		489,412
Booz Allen Hamilton, Inc.(d)
3.88%, 09/01/28			101		103,020
4.00%, 07/01/29			121		123,723
Camelot Finance SA, 4.50%, 11/01/26(d)			53		55,451
Dun & Bradstreet Corp.(d)
6.88%, 08/15/26			102		108,120
10.25%, 02/15/27			232		256,181
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,436,705
Gartner, Inc.(d)
4.50%, 07/01/28			83		87,658
3.63%, 06/15/29			65		65,975
3.75%, 10/01/30			49		50,132
KBR, Inc., 4.75%, 09/30/28(d)			61		61,000
Rackspace Technology Global, Inc., 5.38%, 12/01/28(d)			158		161,950
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.(d)
5.75%, 06/01/25			190		199,975
6.75%, 06/01/25			291		295,912
Twilio, Inc., 3.88%, 03/15/31			64		65,680
Unisys Corp., 6.88%, 11/01/27(d)			33		36,064
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(d)			104		103,350
					3,771,465
Leisure Products — 0.0%
Mattel, Inc.
6.75%, 12/31/25(d)			2		2,101
5.88%, 12/15/27(d)			34		37,060
3.75%, 04/01/29(d)			33		34,320
6.20%, 10/01/40			38		46,835
5.45%, 11/01/41			83		95,658
					215,974
Machinery — 0.4%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(d)			35		35,831
Clark Equipment Co., 5.88%, 06/01/25(d)			85		89,728
Colfax Corp., 6.38%, 02/15/26(d)			63		66,528
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(d)(h)			445		482,825
Madison IAQ LLC(d)
4.13%, 06/30/28			31		31,310
5.88%, 06/30/29			827		841,473
Mueller Water Products, Inc., 4.00%, 06/15/29(d)			34		34,939
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		100		119,381
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(d)	USD		5		5,100

Security		Par (000)		Value
Machinery (continued)
Terex Corp., 5.00%, 05/15/29(d)	USD		95	$	99,038
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(d)			147		152,329
TK Elevator US Newco Inc., 5.25%, 07/15/27(d)			200		210,750
					2,169,232
Media — 2.2%
Adelphia Communications Corp., 10.50%, 12/31/49(a)(b)(e)			400		—
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(d)			46		48,415
Altice Financing SA, 5.00%, 01/15/28(d)			204		199,955
Altice France Holding SA(d)
10.50%, 05/15/27			539		598,964
6.00%, 02/15/28			272		270,858
AMC Networks, Inc., 4.25%, 02/15/29			39		39,341
Cable One, Inc.(d)
1.13%, 03/15/28(j)			66		67,123
4.00%, 11/15/30			56		56,210
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(d)			48		50,347
5.00%, 02/01/28(d)			34		35,658
5.38%, 06/01/29(d)			117		127,893
4.50%, 08/15/30(d)			134		139,523
4.25%, 02/01/31(d)			238		242,462
4.50%, 05/01/32			295		305,694
4.50%, 06/01/33(d)			116		118,698
Cinemark USA, Inc.(d)
5.88%, 03/15/26			37		38,719
5.25%, 07/15/28			37		37,925
Clear Channel International BV, 6.63%, 08/01/25(d)			200		210,166
Clear Channel Outdoor Holdings, Inc.(d)
7.75%, 04/15/28			155		162,366
7.50%, 06/01/29			221		228,809
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(d)			659		675,620
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(d)			738		780,435
CSC Holdings LLC
5.25%, 06/01/24			344		372,794
4.63%, 12/01/30(d)			223		218,788
3.38%, 02/15/31(d)			205		193,707
DISH DBS Corp.
5.88%, 07/15/22			582		607,142
7.75%, 07/01/26			151		171,007
5.13%, 06/01/29(d)			250		246,857
Frontier Communications Holdings LLC(d)
5.88%, 10/15/27			145		155,331
5.00%, 05/01/28			216		223,307
6.75%, 05/01/29			167		177,566
GCI LLC, 4.75%, 10/15/28(d)			29		29,682
Hughes Satellite Systems Corp., 5.25%, 08/01/26			20		22,404
iHeartCommunications, Inc., 8.38%, 05/01/27			11		12,140
Lamar Media Corp., 4.00%, 02/15/30			57		57,690
LCPR Senior Secured Financing DAC(d)
6.75%, 10/15/27			200		215,540
5.13%, 07/15/29			200		206,750
Liberty Broadband Corp., 2.75%, 09/30/50(d)(j)			481		505,011

22 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(d)(h)	USD		185	$	182,150
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(d)			20		21,025
Live Nation Entertainment, Inc.(d)
4.88%, 11/01/24			9		9,144
6.50%, 05/15/27			329		365,124
4.75%, 10/15/27			30		31,088
3.75%, 01/15/28			61		61,270
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		100		120,650
News Corp., 3.88%, 05/15/29(d)	USD		40		40,400
Outfront Media Capital LLC/Outfront Media Capital Corp.(d)
5.00%, 08/15/27			28		28,991
4.25%, 01/15/29			38		38,237
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(d)			74		79,136
Radiate Holdco LLC/Radiate Finance, Inc.(d)
4.50%, 09/15/26			703		727,605
6.50%, 09/15/28			386		405,551
Scripps Escrow II, Inc.(d)
3.88%, 01/15/29			5		4,960
5.38%, 01/15/31			55		54,826
Sinclair Television Group, Inc., 4.13%, 12/01/30(d)			108		106,110
Sirius XM Radio, Inc.(d)
4.00%, 07/15/28			174		179,220
5.50%, 07/01/29			36		39,229
4.13%, 07/01/30			116		117,030
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(d)			80		77,200
Terrier Media Buyer, Inc., 8.88%, 12/15/27(d)			112		121,100
Univision Communications, Inc.(d)
5.13%, 02/15/25			107		109,161
6.63%, 06/01/27			53		57,428
UPC Broadband Finco BV, 4.88%, 07/15/31(d)			200		200,460
Videotron Ltd., 3.63%, 06/15/29(d)			116		118,286
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(d)			200		201,500
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(d)			242		246,840
WMG Acquisition Corp., 3.88%, 07/15/30(d)			7		7,069
Ziggo Bond Co. BV, 5.13%, 02/28/30(d)			200		204,698
Ziggo BV, 5.50%, 01/15/27(d)			150		155,850
					11,962,235
Metals & Mining — 0.6%
Allegheny Technologies, Inc., 7.88%, 08/15/23			20		21,925
Arconic Corp.(d)
6.00%, 05/15/25			13		13,855
6.13%, 02/15/28			145		155,544
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(d)			404		444,905
Constellium SE(d)
5.88%, 02/15/26			321		330,534
3.75%, 04/15/29			500		495,000
Freeport-McMoRan, Inc.
4.38%, 08/01/28			92		97,175
5.40%, 11/14/34			11		13,286
5.45%, 03/15/43			365		446,147
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(d)			96		98,164

Security		Par (000)		Value
Metals & Mining (continued)
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(d)	USD		44	$	48,840
Kaiser Aluminum Corp.(d)
4.63%, 03/01/28			75		77,484
4.50%, 06/01/31			41		42,047
New Gold, Inc., 7.50%, 07/15/27(d)			170		184,450
Novelis Corp., 4.75%, 01/30/30(d)			385		404,250
thyssenkrupp AG, 2.88%, 02/22/24	EUR		32		38,483
United States Steel Corp.
6.25%, 03/15/26	USD		4		4,123
6.88%, 03/01/29			87		93,090
					3,009,302
Mortgage Real Estate Investment Trusts (REITs)(d) — 0.0%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29			55		54,235
Starwood Property Trust, Inc., 5.50%, 11/01/23			9		9,428
					63,663
Multi-line Retail(d) — 0.1%
Macy’s, Inc., 8.38%, 06/15/25			176		193,811
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26			126		134,505
Victoria’s Secret & Co., 4.63%, 07/15/29(i)			50		50,000
					378,316
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 3.63%, 05/01/29(d)			31		31,388
Oil, Gas & Consumable Fuels — 2.7%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(d)			145		156,991
Antero Midstream Partners LP/Antero Midstream Finance Corp.(d)
7.88%, 05/15/26			130		145,289
5.75%, 03/01/27			66		68,640
5.75%, 01/15/28			15		15,784
5.38%, 06/15/29			66		68,805
Antero Resources Corp.(d)
7.63%, 02/01/29			79		87,690
5.38%, 03/01/30			58		59,197
Apache Corp.
4.88%, 11/15/27			68		73,643
4.38%, 10/15/28			13		13,839
4.25%, 01/15/30			62		65,410
5.10%, 09/01/40			81		84,847
5.25%, 02/01/42			18		19,035
4.75%, 04/15/43			110		114,367
4.25%, 01/15/44			46		44,948
5.35%, 07/01/49			23		24,208
Arcosa, Inc., 4.38%, 04/15/29(d)			120		122,100
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(d)
9.00%, 11/01/27			212		293,014
8.25%, 12/31/28			37		40,700
5.88%, 06/30/29			122		122,000
Brand Industrial Services, Inc., 8.50%, 07/15/25(d)			314		319,253
Buckeye Partners LP
5.85%, 11/15/43			16		15,880
5.60%, 10/15/44			6		5,820
Callon Petroleum Co.
6.25%, 04/15/23			12		12,014
6.13%, 10/01/24			33		32,531

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co. (continued)
9.00%, 04/01/25(d)	USD		215	$	234,350
8.00%, 08/01/28(d)(i)			179		181,014
Cheniere Energy Partners LP
4.50%, 10/01/29			133		142,975
4.00%, 03/01/31(d)			230		240,350
Cheniere Energy, Inc., 4.63%, 10/15/28(d)			523		551,765
Chesapeake Energy Corp.(d)
5.50%, 02/01/26			6		6,330
5.88%, 02/01/29			21		22,732
CITGO Petroleum Corp.(d)
7.00%, 06/15/25			90		93,786
6.38%, 06/15/26			74		77,145
CNX Resources Corp., 6.00%, 01/15/29(d)			79		85,416
Colgate Energy Partners III LLC(d)
7.75%, 02/15/26			38		41,657
5.88%, 07/01/29			96		99,600
Comstock Resources, Inc.(d)
7.50%, 05/15/25			96		99,600
6.75%, 03/01/29			161		171,502
5.88%, 01/15/30			85		86,700
Continental Resources, Inc.
5.75%, 01/15/31(d)			33		39,517
4.90%, 06/01/44			87		98,528
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(d)			41		42,076
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(d)			435		450,225
DCP Midstream Operating LP(d)
6.45%, 11/03/36			250		292,500
6.75%, 09/15/37			21		25,252
DT Midstream, Inc.(d)
4.13%, 06/15/29			139		141,131
4.38%, 06/15/31			178		181,879
Dycom Industries, Inc., 4.50%, 04/15/29(d)			33		33,286
eG Global Finance PLC
6.75%, 02/07/25(d)			200		206,793
6.25%, 10/30/25	EUR		142		172,418
8.50%, 10/30/25(d)	USD		244		258,402
Endeavor Energy Resources LP/EER Finance, Inc.(d)
5.50%, 01/30/26			421		437,314
5.75%, 01/30/28			45		47,981
Energy Transfer LP, Series H, (5 year CMT + 5.69%), 6.50%(f)(g)			204		207,978
EnLink Midstream LLC, 5.63%, 01/15/28(d)			56		59,158
EnLink Midstream Partners LP
4.40%, 04/01/24			136		142,800
4.85%, 07/15/26			39		40,365
5.60%, 04/01/44			74		66,970
EQM Midstream Partners LP
6.00%, 07/01/25(d)			88		95,700
4.13%, 12/01/26			17		17,404
6.50%, 07/01/27(d)			117		130,455
4.50%, 01/15/29(d)			77		78,338
4.75%, 01/15/31(d)			236		243,184
EQT Corp.
3.13%, 05/15/26(d)			57		58,408
3.90%, 10/01/27			116		124,265
5.00%, 01/15/29			10		11,150

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp. (continued)
8.50%, 02/01/30	USD		39	$	50,813
3.63%, 05/15/31(d)			16		16,680
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27			68		71,442
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(d)			6		5,970
Harvest Midstream I LP, 7.50%, 09/01/28(d)			44		47,784
Hilcorp Energy I LP/Hilcorp Finance Co.(d)
5.75%, 02/01/29			17		17,723
6.00%, 02/01/31			26		27,560
Independence Energy Finance LLC, 7.25%, 05/01/26(d)			157		164,877
Indigo Natural Resources LLC, 5.38%, 02/01/29(d)			150		156,750
ITT Holdings LLC, 6.50%, 08/01/29(d)(i)			109		111,044
MasTec, Inc., 4.50%, 08/15/28(d)			66		69,487
Matador Resources Co., 5.88%, 09/15/26			204		210,120
MEG Energy Corp.(d)
7.13%, 02/01/27			23		24,502
5.88%, 02/01/29			29		30,232
Murphy Oil Corp., 5.75%, 08/15/25			55		56,444
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		114,690
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/28(d)			26		29,120
New Fortress Energy, Inc.(d)
6.75%, 09/15/25			489		500,614
6.50%, 09/30/26			367		375,001
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(d)			170		178,500
NGPL PipeCo LLC, 7.77%, 12/15/37(d)			186		266,074
Northern Oil and Gas, Inc., 8.13%, 03/01/28(d)			153		164,857
NuStar Logistics LP
5.75%, 10/01/25			41		44,587
6.00%, 06/01/26			124		134,540
6.38%, 10/01/30			2		2,210
Occidental Petroleum Corp.
2.70%, 02/15/23			19		19,422
6.95%, 07/01/24			19		21,403
2.90%, 08/15/24			123		125,767
5.50%, 12/01/25			33		36,466
5.55%, 03/15/26			12		13,260
3.40%, 04/15/26			21		21,473
3.20%, 08/15/26			5		5,038
3.00%, 02/15/27			2		1,985
8.88%, 07/15/30			2		2,675
6.13%, 01/01/31			77		90,593
4.30%, 08/15/39			174		166,170
6.20%, 03/15/40			291		329,040
4.50%, 07/15/44			72		69,300
4.63%, 06/15/45			199		194,025
6.60%, 03/15/46			7		8,321
4.40%, 04/15/46			114		109,497
4.10%, 02/15/47			22		20,485
4.20%, 03/15/48			69		64,515
4.40%, 08/15/49			35		33,600
Ovintiv Exploration, Inc., 5.38%, 01/01/26			11		12,396
Ovintiv, Inc.
7.38%, 11/01/31			23		30,537
6.50%, 08/15/34			15		19,802

24 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Parkland Corp., 4.50%, 10/01/29(d)	USD		32	$	32,518
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(d)			362		364,675
PDC Energy, Inc.
6.13%, 09/15/24			136		139,087
6.25%, 12/01/25			29		30,015
Range Resources Corp.
4.88%, 05/15/25			39		40,365
9.25%, 02/01/26			19		20,948
8.25%, 01/15/29(d)			22		24,805
SM Energy Co.
10.00%, 01/15/25(d)			225		253,876
5.63%, 06/01/25			8		7,920
6.75%, 09/15/26			12		12,210
6.63%, 01/15/27			23		23,633
6.50%, 07/15/28			62		63,705
Southwestern Energy Co.
7.50%, 04/01/26			29		30,704
8.38%, 09/15/28			24		27,120
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28			151		160,437
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(d)
7.50%, 10/01/25			44		48,180
6.00%, 12/31/30			50		51,981
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.38%, 02/01/27			17		17,701
5.50%, 03/01/30			267		293,609
4.88%, 02/01/31(d)			41		44,382
4.00%, 01/15/32(d)			2		2,057
Transocean, Inc., 11.50%, 01/30/27(d)			167		178,472
Vine Energy Holdings LLC, 6.75%, 04/15/29(d)			188		197,870
Viper Energy Partners LP, 5.38%, 11/01/27(d)			70		72,920
Western Midstream Operating LP
4.75%, 08/15/28			95		102,600
5.45%, 04/01/44			217		233,817
5.30%, 03/01/48			51		54,315
5.50%, 08/15/48			13		14,149
6.50%, 02/01/50			131		151,676
					14,807,542
Personal Products(d) — 0.0%
Coty, Inc., 5.00%, 04/15/26			39		39,545
Edgewell Personal Care Co., 5.50%, 06/01/28			29		30,740
					70,285
Pharmaceuticals — 0.5%
Bausch Health Americas, Inc., 8.50%, 01/31/27(d)			101		109,777
Bausch Health Cos., Inc.(d)
9.00%, 12/15/25			255		273,436
7.00%, 01/15/28			130		133,900
4.88%, 06/01/28			207		211,865
5.00%, 02/15/29			154		143,605
6.25%, 02/15/29			144		142,423
5.25%, 02/15/31			29		27,070
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28	EUR		100		123,170
Elanco Animal Health, Inc., 5.90%, 08/28/28	USD		57		66,705

Security		Par (000)		Value
Pharmaceuticals (continued)
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27(d)	USD		237	$	241,740
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(d)			154		150,920
Jaguar Holding Co. II/PPD Development LP(d)
4.63%, 06/15/25			26		27,300
5.00%, 06/15/28			188		203,777
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		200		236,500
Organon & Co./Organon Foreign Debt Co-Issuer BV(d)
4.13%, 04/30/28	USD		200		203,960
5.13%, 04/30/31			200		206,040
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(d)			77		80,850
Par Pharmaceutical, Inc., 7.50%, 04/01/27(d)			254		259,672
Prestige Brands, Inc., 3.75%, 04/01/31(d)			70		67,489
					2,910,199
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28(d)			100		107,846
Howard Hughes Corp.(d)
5.38%, 08/01/28			8		8,493
4.13%, 02/01/29			62		62,001
4.38%, 02/01/31			89		88,678
Realogy Group LLC/Realogy Co-Issuer Corp.(d)
7.63%, 06/15/25			41		44,473
5.75%, 01/15/29			94		98,266
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		44		67,250
					477,007
Road & Rail — 0.0%
Autostrade per l’Italia SpA, 2.00%, 01/15/30	EUR		100		122,429
Semiconductors & Semiconductor Equipment(d) — 0.1%
Atkore, Inc., 4.25%, 06/01/31	USD		53		53,678
ON Semiconductor Corp., 3.88%, 09/01/28			106		109,195
Sensata Technologies BV, 4.00%, 04/15/29			57		57,860
Sensata Technologies, Inc., 4.38%, 02/15/30			148		155,969
Synaptics, Inc., 4.00%, 06/15/29			61		61,305
					438,007
Software — 0.5%
Black Knight InfoServ LLC, 3.63%, 09/01/28(d)			122		121,385
Boxer Parent Co., Inc.(d)
7.13%, 10/02/25			111		118,770
9.13%, 03/01/26			215		226,937
BY Crown Parent LLC, 7.38%, 10/15/24(d)			602		612,836
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(d)			415		434,712
Crowdstrike Holdings, Inc., 3.00%, 02/15/29			88		88,084
Elastic NV, 4.13%, 07/15/29(d)			96		96,000
MicroStrategy, Inc., 6.13%, 06/15/28(d)			102		102,000
MSCI, Inc.(d)
3.63%, 09/01/30			50		51,133
3.88%, 02/15/31			41		42,548
3.63%, 11/01/31			62		63,593
Open Text Corp., 3.88%, 02/15/28(d)			5		5,069
PTC, Inc., 4.00%, 02/15/28(d)			80		82,640

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Rocket Software, Inc., 6.50%, 02/15/29(d)	USD		132	$	130,981
SS&C Technologies, Inc., 5.50%, 09/30/27(d)			228		241,612
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(d)			501		521,666
				2,939,966
Specialty Retail(d) — 0.2%
Gap, Inc., 8.88%, 05/15/27			105		121,506
L Brands, Inc., 6.63%, 10/01/30			46		53,245
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29			503		554,557
Staples, Inc.
7.50%, 04/15/26			130		134,646
10.75%, 04/15/27			61		62,016
				925,970
Textiles, Apparel & Luxury Goods — 0.0%
Crocs, Inc., 4.25%, 03/15/29(d)			50		51,000
Hanesbrands, Inc., 5.38%, 05/15/25(d)			30		31,763
Levi Strauss & Co.
5.00%, 05/01/25			7		7,140
3.50%, 03/01/31(d)			35		34,797
William Carter Co., 5.50%, 05/15/25(d)			11		11,638
Wolverine World Wide, Inc., 6.38%, 05/15/25(d)			24		25,533
				161,871
Thrifts & Mortgage Finance — 0.1%
Enact Holdings, Inc., 6.50%, 08/15/25(d)			132		145,491
Home Point Capital, Inc., 5.00%, 02/01/26(d)			92		85,790
MGIC Investment Corp., 5.25%, 08/15/28			47		49,820
Nationstar Mortgage Holdings, Inc.(d)
6.00%, 01/15/27			78		80,830
5.50%, 08/15/28			103		103,837
5.13%, 12/15/30			45		44,775
United Wholesale Mortgage LLC, 5.50%, 04/15/29(d)			30		29,993
				540,536
Utilities — 0.1%
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(d)			34		36,040
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		168		237,784
Vistra Operations Co. LLC(d)
5.63%, 02/15/27	USD		99		102,712
4.38%, 05/01/29			73		73,365
				449,901
Wireless Telecommunication Services — 0.5%
Altice France SA(d)
8.13%, 02/01/27			334		363,893
5.13%, 07/15/29			351		352,720
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31			39		42,022
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		100		121,683
SBA Communications Corp., 3.88%, 02/15/27	USD		424		435,408
T-Mobile USA, Inc.
2.63%, 02/15/29			25		24,688
2.88%, 02/15/31			154		152,845
3.50%, 04/15/31			119		123,111
3.50%, 04/15/31(d)			116		120,008

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(d)	USD		189	$	189,472
VICI Properties LP/VICI Note Co., Inc.(d)
4.25%, 12/01/26			392		407,766
4.63%, 12/01/29			321		341,062
4.13%, 08/15/30			24		24,644
Vmed O2 UK Financing I PLC, 4.75%, 07/15/31(d)(i)			200		203,000
				2,902,322
Total Corporate Bonds — 21.3% (Cost: $120,534,642)					116,381,489
Floating Rate Loan Interests(f)
Aerospace & Defense — 4.6%
Atlas CC Acquisition Corp
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/28/28			5,622		5,635,973
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 6.00%, 05/25/28			1,143		1,146,300
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 10/30/26			820		819,999
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			1,795		1,747,394
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			3,339		3,250,153
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.63%, 04/09/26(b)			776		745,114
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29(b)			2,002		2,042,040
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			6,085		6,097,117
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			889		893,351
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25			3,007		2,960,637
				25,338,078
Air Freight & Logistics — 0.7%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			423		422,340
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			3,616		3,543,616
				3,965,956
Airlines — 2.0%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			1,131		1,178,219
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 01/29/27			450		430,024
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.07%, 12/14/23			2,255		2,198,602

26 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
American Airlines, Inc. (continued)
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.10%, 04/28/23	USD		1,413	$	1,377,019
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			2,112		2,253,842
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			3,312		3,352,169
				10,789,875
Auto Components — 2.5%
Adient US LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 04/08/28			728		727,774
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			4,069		4,027,733
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28			2,229		2,228,298
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/16/24			4,370		4,327,401
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.40%, 12/02/26			249		246,760
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 02/05/26			2,314		2,283,969
				13,841,935
Automobiles — 0.1%
MajorDrive Holdings IV LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 05/12/28			435		435,135
Building Materials — 0.1%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.50%, 07/31/25			162		161,778
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			520		519,507
				681,285
Building Products — 1.7%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			2,186		2,179,458
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			1,529		1,526,340
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (EURIBOR + 4.25%), 4.25%, 04/12/28	EUR		1,000		1,180,070
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD		472		471,927
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/19/26			3,732		3,730,405
				9,088,200
Capital Markets — 1.9%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 4.75%, 04/09/27			5,491		5,511,972

Security		Par (000)			Value
Capital Markets (continued)
Deerfield Dakota Holding LLC (continued)
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28(b)	USD		1,594		$	1,629,865
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27			1,259			1,257,492
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 06/27/25			—	(k)		248
Focus Financial Partners LLC(l)
2021 Delayed Draw Term Loan, 06/24/28			246			245,102
2021 Term Loan, 06/24/28			1,066			1,062,111
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/12/24(b)			588			585,203
					10,291,993
Chemicals — 5.2%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			2,944			2,983,193
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			3,091			3,073,629
Axalta Coating Systems US Holdings Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.90%, 06/01/24			1,256			1,247,619
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24(b)			1,343			1,329,488
Element Solutions, Inc., 2021 Term Loan B, 01/31/26(l)			1,773			1,769,684
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.25%, 11/07/24			1,263			1,260,794
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27			1,309			1,300,095
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/28/25			675			673,509
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			973			972,722
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26(b)			1,137			1,142,836
Lonza Group AG, USD Term Loan B, 04/29/28(l)			920			920,497
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.65%, 03/02/26			2,976			2,953,928
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24(b)			378			378,876
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			1,531			1,519,603
NIC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27			653			651,527
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.50%), 3.63%, 10/14/24			1,541			1,531,655
PQ Corp., 2021 Term Loan B, 05/26/28(l)			1,546			1,544,717
Pregis TopCo Corp., 2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 08/01/26			625			624,564

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27	USD		1,147	$	1,151,920
Sparta US Holdco LLC, 2021 Term Loan, 2021 Term Loan, 05/04/28(l)			1,025		1,025,318
Starfruit Finco BV, 2018 USD Term Loan B, (PRIME + 1.75%), 3.13%, 10/01/25			410		406,445
				28,462,619
Commercial Services & Supplies — 4.1%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 05/12/28			3,333		3,340,778
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/23			1,489		1,480,701
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/24			921		910,863
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			700		692,093
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.35%, 01/31/28			985		992,361
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26			1,719		1,711,809
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			2,694		2,692,628
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24			1,454		1,445,454
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			451		447,018
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			489		436,785
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			1,280		1,260,654
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28			1,561		1,553,603
Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26			1,502		1,500,178
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			3,644		3,649,873
				22,114,798
Communications Equipment — 0.1%
Avantor Funding, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.00%, 1.00% Floor), 3.00%, 11/21/24			593		592,054
Construction & Engineering — 1.7%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			3,600		3,538,453

Security		Par (000)		Value
Construction & Engineering (continued)
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/21/28	USD		925	$	922,428
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 06/02/28			3,021		3,017,647
USIC Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28			1,565		1,561,183
				9,039,711
Construction Materials — 2.0%
Core & Main LP
2017 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 3.75%, 08/01/24			2,178		2,174,566
2021 Term Loan B, 06/09/28(l)			3,855		3,828,556
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/29/25			2,134		2,114,578
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			1,275		1,274,999
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			1,008		1,008,080
Tamko Building Products, Inc., Term Loan B, (1 mo. LIBOR + 3.00%), 3.13%, 05/29/26			776		773,609
				11,174,388
Containers & Packaging — 1.7%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			2,242		2,186,330
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			3,802		3,802,862
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/02/28			1,938		1,928,507
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.10%, 08/01/26			549		548,091
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27			731		730,411
				9,196,201
Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/27			1,309		1,298,499
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 2.25%, 1.00% Floor), 10.50%, 05/30/24(b)			994		974,485
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			3,262		2,898,485
				5,171,469

28 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services — 2.1%
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24	USD		305	$	304,862
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			985		984,560
Bright Horizons Family Solutions LLC, 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 1.00% Floor), 2.50%, 11/07/23			1,758		1,750,552
Frontdoor, Inc., 2021 Term Loan B, 05/20/28(l)			646		646,000
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 3.85%, 07/11/25			2,996		2,935,990
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 12/22/25			1,485		1,446,218
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.32%, 05/15/24			1,109		1,103,187
PAI Holdco, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/28/27			429		429,594
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			419		423,357
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			856		815,809
Voyage Australia Property Ltd., USD Term Loan B, 06/16/28(b)(l)			659		659,000
				11,499,129
Diversified Financial Services — 7.7%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.60%, 07/31/26			1,251		1,252,634
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 03/10/28(b)			757		756,340
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 02/04/28			2,175		2,164,591
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, 05/04/29(b)(l)			2,232		2,209,680
AQGEN Island Holdings, Inc., Term Loan, 05/20/28(l)			2,489		2,481,234
Belron Finance US LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 04/13/28			1,737		1,733,339
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28			595		601,694
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			3,270		3,276,148
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			1,155		1,145,581
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			760		762,265

Security		Par (000)		Value
Diversified Financial Services (continued)
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.50%, 07/03/24	USD		1,335	$	1,327,022
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 12/17/27(l)			367		363,789
2021 Incremental Term Loan B2, 12/17/27(l)			734		727,578
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			126		124,822
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			849		842,545
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/02/27			903		904,646
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			5,007		5,018,040
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28(b)			828		829,995
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.66%, 01/23/25			1,726		1,665,288
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.40%, 07/30/25			2,061		1,983,982
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/16/27			622		621,791
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			6,658		6,693,207
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 02/28/27			1,312		1,306,571
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			1,105		1,106,827
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.57%, 04/30/28			1,876		1,855,158
				41,754,767
Diversified Telecommunication Services — 2.3%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/30/27			507		507,450
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27			713		713,467
Frontier Communications Corp., 2021 DIP Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			1,780		1,779,666
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25			1,094		1,091,001
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			455		461,447
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			157		158,440

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Iridium Satellite LLC, 2021 Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 3.75%, 11/04/26	USD		1,541	$	1,542,707
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 03/01/27			1,676		1,649,639
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			2,322		2,319,206
Orbcomm, Inc., Term Loan B, 06/17/28(l)			647		645,382
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.31%, 01/15/27	GBP		1,400		1,907,784
				12,776,189
Electric Utilities — 1.0%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD		1,176		1,174,952
Triton Water Holdings, Inc, Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/31/28			4,007		4,001,430
				5,176,382
Electrical Equipment — 0.5%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 06/23/28(l)			762		762,480
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			2,168		2,156,923
				2,919,403
Electronic Equipment, Instruments & Components — 0.1%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 02/12/25			776		775,205
Energy Equipment & Services — 0.0%
Dell International LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%, 0.25% Floor), 2.00%, 09/19/25			114		114,246
Entertainment — 0.3%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(b)			1,750		1,802,711
Environmental, Maintenance, & Security Service — 0.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 09/07/27			1,762		1,754,835
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			1,084		1,087,394
				2,842,229
Equity Real Estate Investment Trusts (REITs) — 0.4%
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 12/20/24			2,203		2,183,879
Food & Staples Retailing — 1.0%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.10%, 05/23/25			654		652,085
Hearthside Food Solutions LLC
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.79%, 05/23/25			1,394		1,384,725

Security		Par (000)		Value
Food & Staples Retailing (continued)
Hearthside Food Solutions LLC (continued)
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25	USD		178	$	177,977
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 06/27/23			2,708		2,679,106
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/13/26			743		731,238
				5,625,131
Food Products — 2.6%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 10/01/25			1,105		1,099,962
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.60%, 10/10/26			415		414,470
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			2,753		2,757,793
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 01/29/27			3,305		3,253,107
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/01/26			595		592,482
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 02/05/23			2,009		2,004,036
2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.35%, 02/05/26			1,696		1,683,448
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/08/28			1,622		1,628,386
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 01/20/28			612		611,144
				14,044,828
Health Care Equipment & Supplies — 1.1%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27			1,834		1,833,015
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 05/04/28			685		685,432
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			2,260		2,257,935
EUR Term Loan B, (3 mo.EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		990		1,174,139
				5,950,521
Health Care Providers & Services — 3.3%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25	USD		830		831,312
CCRR Parent, Inc, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/06/28			1,187		1,192,960
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			2,134	��	2,131,633
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.00%, 01/08/27			1,258		1,261,947
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			1,718		1,457,870

30 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.35%, 02/18/28	USD		1,460	$	1,397,950
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 02/18/27			1,970		1,950,515
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.65%, 03/05/26			942		901,743
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 08/06/26			4,356		4,355,243
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			435		433,326
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25			47		46,832
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			2,247		2,236,709
					18,198,040
Health Care Services — 1.1%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26			2,406		2,390,650
Unified Physician Management LLC, 2020 Term Loan, (1 Week LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27(b)			1,647		1,648,891
WP CityMD Bidco LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26			1,882		1,884,776
					5,924,317
Health Care Technology — 2.9%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			327		327,897
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			3,159		3,155,259
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 10/10/25			1,948		1,934,124
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			4,736		4,746,772
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/25/26			2,346		2,348,439
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.85%, 03/07/24			279		277,525
Verscend Holdings Corp., 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 02/01/29(b)			2,740		2,767,400
					15,557,416
Hotels, Restaurants & Leisure — 7.2%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 11/19/26			2,750		2,710,021
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 02/02/26			493		480,927
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			880		880,893

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 1.94%, 10/19/24	USD		1,085	$	1,076,632
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.34%, 09/15/23			1,078		1,076,164
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 12/23/24			1,807		1,790,171
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			3,523		3,532,233
CCM Merger, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25			1,191		1,190,034
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.11%, 03/10/28(b)			694		687,317
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28(b)			820		836,400
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			4,201		4,018,882
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 11/30/23			898		894,456
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			1,719		1,705,130
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(b)			201		223,353
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25(b)			529		531,648
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			4,300		4,297,035
IRB Holding Corp., 2020 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			1,391		1,387,334
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			662		636,095
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			1,754		1,744,644
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.85%, 08/14/24			1,138		1,129,546
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 07/10/25			1,003		1,002,753
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 2.50%, 02/08/27			1,989		1,964,293
Travelport Finance (Luxembourg) Sarl
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.20%, 05/29/26			2,613		2,379,077

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Travelport Finance (Luxembourg) Sarl (continued)
2020 Super Priority Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 3.50%, 02/28/25	USD		1,526	$	1,598,672
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 08/02/26			1,805		1,796,685
					39,570,395
Household Durables — 0.8%
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 05/17/28			3,089		3,071,362
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			1,056		1,057,014
					4,128,376
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28(b)			478		475,212
Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/25			665		656,694
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			1,056		1,041,350
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.11%, 04/06/26			1,913		1,886,867
				3,584,911
Industrial Conglomerates — 2.1%
AVSC Holding Corp.(h)
2020 Term Loan B1, (0.25% PIK), 2.25%, 03/03/25			4,389		4,017,306
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			1,369		1,633,781
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			1,427		1,434,767
Vertical Midco GmbH, USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.48%, 07/29/27			1,703		1,704,166
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.84%, 03/02/27			2,614		2,596,142
					11,386,162
Insurance — 3.1%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			2,428		2,400,175
2020 Term Loan B3, 11/06/27(l)			1,323		1,324,315
Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			1,184		1,170,318
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			2,186		2,171,016
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			599		599,712

Security		Par (000)		Value
Insurance (continued)
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/13/27	USD		1,301	$	1,293,594
2021 Term Loan B, 02/12/27(l)			176		176,088
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 04/25/25			2,375		2,347,974
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			1,413		1,411,776
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			1,456		1,454,629
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			2,067		2,062,420
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			741		741,948
					17,153,965
Interactive Media & Services — 2.7%
Adevinta ASA, USD Term Loan B, 04/20/28(l)			2,218		2,217,401
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27			2,123		2,116,556
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			2,993		2,992,960
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.10%, 08/10/27			1,713		1,701,191
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			5,695		5,775,422
					14,803,530
Internet & Direct Marketing Retail — 0.4%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			2,422		2,421,930
Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/25/27			2,412		2,409,953
IT Services — 6.1%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			1,275		1,279,246
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			688		689,996
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			2,051		2,038,753
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 10/31/26			3,338		3,321,526
Celestial -Saturn Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 04/13/29(b)			1,120		1,125,600
CoreLogic, Inc., Term Loan, 06/04/28(l)			3,280		3,268,520
Fleetcor Technologies Operating Company, LLC, 2021 Term Loan B4, 04/28/28(l)			1,510		1,506,859
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			5,654		5,663,699

32 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
IT Services (continued)
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25(b)	USD		1,376	$	1,365,288
Maximus, Inc., Term Loan B, 05/28/28(l)			894		893,258
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			898		876,260
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.38%, 08/01/25			1,121		1,000,896
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			2,259		2,204,488
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28			3,730		3,846,563
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			864		862,884
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.85%, 11/16/26			1,665		1,652,643
Virtusa Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/11/28			937		939,462
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 03/31/28			872		864,736
					33,400,677
Leisure Products — 0.1%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24			780		752,829
Life Sciences Tools & Services — 2.3%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			4,031		4,046,967
Icon Luxembourg Sarl(l)
1st Lien Term Loan B, 06/16/28			650		650,755
Term Loan B, 06/16/28			2,608		2,611,886
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/27			1,098		1,101,764
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 01/13/28			3,925		3,918,411
					12,329,783
Machinery — 2.4%
Clark Equipment Co., 2021 Incremental Term Loan, 05/18/24(l)			1,206		1,203,566
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 05/14/28(b)			382		381,522
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/28/27			2,515		2,483,913
Madison IAQ LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/16/28			3,254		3,254,000
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			6,022		5,912,689
					13,235,690

Security		Par (000)			Value
Media — 11.6%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23	USD		2,572		$	2,481,611
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			656			644,475
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.90%, 01/31/26			1,750			1,717,075
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			2,817			2,809,251
Cable One, Inc., 2021 Term Loan B4, 05/03/28(l)			437			435,033
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 04/30/25			3,571			3,563,174
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26			5,817			5,674,213
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			9,061			9,066,196
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.32%, 07/17/25			585			576,211
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			1,966			1,945,302
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			854			853,102
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 03/24/25			1,549			1,538,487
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/19/26			2,285			2,222,404
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 09/13/24			4,219			4,196,889
2020 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.75%, 09/15/24			2,279			2,282,657
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			1,095			1,110,746
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.59%, 09/19/26			1,544			1,540,022
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			2,195			2,195,744
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 12/17/26			—	(k)		208
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.10%, 09/28/23(b)			4,338			4,316,435
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 3.07%, 01/31/29			509			505,437
Virgin Media Bristol LLC
2020 USD Term Loan Q, (3 mo. LIBOR + 3.25%), 3.35%, 01/31/29			2,097			2,093,792
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.57%, 01/31/28			2,578			2,553,895
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 05/18/25			3,139			3,075,749

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.23%, 01/20/28	USD		591	$	586,078
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			5,670		5,606,763
					63,590,949
Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.64%, 07/31/25			2,040		2,022,589
Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24			900		897,688
Oil, Gas & Consumable Fuels — 0.6%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25			393		433,447
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 12/13/25			1,689		1,608,217
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			716		710,072
Lealand Finance Company BV, 2020 Take Back Term Loan, (3.00% PIK), 3.00%, 06/30/25(h)			328		145,787
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24(b)			46		27,614
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28			573		572,926
					3,498,063
Personal Products — 1.2%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/25/26			6,456		6,476,054
Pharmaceuticals — 3.2%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25			2,258		2,212,406
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28			2,323		2,324,679
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 08/01/27			936		920,918
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			1,876		1,856,356
Jazz Financing Lux Sarl, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 04/21/28			2,237		2,243,286
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			1,461		1,461,921
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/18/27			1,161		1,156,667

Security		Par (000)			Value
Pharmaceuticals (continued)
Prestige Brands, Inc., 2021 Term Loan B, 06/11/28(l)	USD		448		$	448,188
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 06/02/25			4,732			4,710,554
						17,334,975
Professional Services — 1.3%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			6,871			6,835,869
Real Estate Management & Development — 0.6%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			1,826			1,810,522
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 08/21/25			1,304			1,291,451
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			41			40,545
						3,142,518
Road & Rail — 0.4%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 09/25/25			865			864,392
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.62%, 08/04/25			1,382			1,308,294
						2,172,686
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/19/26			—	(k)		31
Software — 15.3%
2U, Inc., Term Loan, 11/30/24(l)			1,277			1,254,652
Applied Systems, Inc.
2017 1st Lien Term Loan, (PRIME + 2.25%), 3.77%, 09/19/24			437			435,564
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.25%, 09/19/25			630			637,245
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			3,166			3,172,720
2020 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			771			784,014
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			1,992			1,989,760
Cloudera, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27			866			864,843
Cornerstone OnDemand, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/22/27			895			894,205
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,340			1,339,619
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/27/24			569			545,241
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23			449			433,285

34 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
E2open LLC, 2020 Term Loan B, 10/29/27(l)	USD		253	$	253,000
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			1,886		1,946,126
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			1,887		1,886,072
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			1,914		1,952,280
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			6,563		6,517,706
Magenta Buyer LLC(l)
2021 USD 1st Lien Term Loan, 05/03/28			4,076		4,071,924
2021 USD 2nd Lien Term Loan, 05/03/29(b)			2,132		2,105,350
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/30/24			870		869,520
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26			766		766,210
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 11/29/24			440		435,366
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.35%, 12/01/25			1,218		1,216,264
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			1,826		1,832,062
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			1,304		1,306,757
Planview Parent, Inc.
2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28			824		819,880
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			1,913		1,914,546
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			1,360		1,361,131
Proof Point, Inc.(l)
1st Lien Term Loan, 06/09/28			2,453		2,437,988
2nd Lien Term Loan, 06/08/29			1,281		1,292,209
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			5,445		5,426,125
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			2,629		2,704,671
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25			586		579,826
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			982		986,975
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 3.33%, 08/01/25			3,522		3,497,624
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			4,554		4,555,071

Security		Par (000)		Value
Software (continued)
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 04/16/25	USD		357	$	352,386
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.85%, 04/16/25			470		464,122
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.85%, 04/16/25			1,739		1,717,873
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			6,082		6,088,758
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			2,577		2,612,250
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			1,767		1,794,972
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26			3,853		3,855,402
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			3,478		3,478,178
					83,449,772
Specialty Retail — 3.7%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 11/13/25			1,998		1,985,289
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 10/30/26			1,146		1,137,319
EG Group Ltd., 2021 Term Loan, 03/31/26(l)			506		506,000
Eyemart Express LLC, 2020 2nd Lien Term Loan, 08/04/25(l)			1,241		1,235,122
Mavis Tire Express Services Corp., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			2,684		2,690,710
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.35%, 08/31/26			1,866		1,864,950
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			5,228		5,229,307
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			1,433		1,413,224
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			3,055		3,069,289
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			490		489,366
WOOF Holdings, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/21/28			495		499,950
					20,120,526
Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.10%, 07/23/26			1,604		1,525,269
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			659		658,568
					2,183,837

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thrifts & Mortgage Finance — 0.1%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.75%, 05/23/25	USD		653	$	653,540
Trading Companies & Distributors — 0.6%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 04/23/28			1,233		1,225,690
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			1,364		1,354,213
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.92%, 04/01/28			604		605,836
					3,185,739
Wireless Telecommunication Services — 1.5%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			978		975,772
Metronet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.50%, 05/26/28			567		566,699
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 04/11/25			3,353		3,321,096
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			3,184		3,183,299
					8,046,866
Total Floating Rate Loan Interests — 125.8% (Cost: $682,620,119)					686,593,205
		Shares
Investment Companies
Equity Funds — 0.1%
SPDR S&P Oil & Gas Exploration & Production ETF			4,875		471,364
Fixed Income Funds — 1.8%
Invesco Senior Loan ETF			45,000		996,750
iShares iBoxx $High Yield Corporate Bond ETF(m)			42,000		3,697,680
iShares iBoxx $Investment Grade Corporate Bond ETF(m)			39,000		5,240,040
					9,934,470
Total Investment Companies — 1.9% (Cost: $9,876,665)					10,405,834

Security		Benefical Interest (000)		Value
Other Interests(n)
IT Services — 0.0%
Millennium Corp.	USD		1,156	$	—
Millennium Lender Claims			1,084		—
Total Other Interests — 0.0% (Cost: $ — )					—
		Par (000)
Preferred Securities
Capital Trusts — 0.5%(g)
Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%(f)	USD		50		56,000
Banks — 0.1%
CaixaBank SA, 6.38%(f)	EUR		200		258,773
Stichting AK Rabobank Certificaten, 2.19%			10		16,434
Wells Fargo & Co., Series U, 5.88%(f)	USD		193		216,143
					491,350
Diversified Financial Services(f) — 0.4%
Bank of America Corp.
Series AA, 6.10%			9		10,106
Series X, 6.25%			222		245,587
HSBC Holdings PLC, 6.00%			600		666,000
JPMorgan Chase & Co.
Series FF, 5.00%			765		808,567
Series HH, 4.60%			166		172,026
Natwest Group PLC, 8.63%			246		247,776
					2,150,062
Utilities — 0.0%
Electricite de France SA, 3.38%(f)	EUR		200		247,526
Total Capital Trusts — 0.5%					2,944,938
		Shares
Preferred Stocks — 0.1%
Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%(f)(g)			13,550		371,270
Insurance — 0.0%
Alliant Holdings, Inc.(b)			83		81,339
Total Preferred Stocks — 0.1%					452,609
Total Preferred Securities — 0.6% (Cost: $3,172,671)					3,397,547
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/22)(a)			5,283		—

36 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU) (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)(a)		1,152	$	8,847
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)(a)(b)		1		—
Total Warrants — 0.0% (Cost: $ — )				8,847
Total Long-Term Investments — 149.9% (Cost: $832,523,626)				818,383,090
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(m)(o)		821,890		821,890
Total Short-Term Securities — 0.1% (Cost: $821,890)				821,890
Total Investments — 150.0% (Cost: $833,345,516)				819,204,980
Liabilities in Excess of Other Assets — (50.0)%				(273,136,413	)
Net Assets — 100.0%			$	546,068,567

^(a)  Non-income producing security.

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

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $143,374, representing less than 0.05% of its net assets as of period end, and an original cost of $32,685.

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

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

^(f)  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.

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

^(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⁾  When-issued security.

^(j)  Convertible security.

^(k)  Amount is less than 500.

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

^(m)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	821,890	(a)	$	—		$	—	$	—		$	821,890		821,890	$	117	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		5,412,600		—			(1,738,551	)		93,493		(69,862	)		3,697,680		42,000		81,520		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		5,387,070		—			—			—		(147,030	)		5,240,040		39,000		50,786		—
									$	93,493	$	(216,892	)	$	9,759,610			$	132,423	$	—

^(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	2,269,282	EUR	1,872,000	BNP Paribas S.A.		09/15/21	$	46,179
USD	2,951,763	EUR	2,435,000	BNP Paribas S.A.		09/15/21		60,067
USD	2,037,976	GBP	1,442,000	BNP Paribas S.A.		09/15/21		42,925
USD	446,985	GBP	317,000	Morgan Stanley & Co. International PLC		09/15/21		8,406
							$	157,577

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) June 30, 2021   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)
CenturyLink, Inc.	1.00	%	Quarterly	Barclays Bank PLC	12/20/23	NR		USD        170			$	(2,661	)	$	(6,705	)	$	4,044
CenturyLink, Inc.	1.00		Quarterly	Barclays Bank PLC	06/20/25	NR		USD        185				(9,421	)		(20,336	)		10,915
											$	(12,082	)	$	(27,041	)	$	14,959
										��

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

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

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	(27,041	)	$	14,959	$	—

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	$	—	$	—	$	—	$	157,577	$	—	$	—	$	157,577
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		14,959		—		—		—		—		14,959
	$	—	$	14,959	$	—	$	157,577	$	—	$	—	$	172,536
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	27,041	$	—	$	—	$	—	$	—	$	27,041

For the six months ended June 30, 2021, 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	$	—	$	—	$	—	$	—		$	2,340	$	—	$	2,340
Forward foreign currency exchange contracts		—		—		—		(171,312	)		—		—		(171,312	)
Swaps		—		5,416		—		—			—		—		5,416
	$	—	$	5,416	$	—	$	(171,312	)	$	2,340	$	—	$	(163,556	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	360,269		$	—	$	—	$	360,269
Swaps		—		1,440		—		—			—		—		1,440
	$	—	$	1,440	$	—	$	360,269		$	—	$	—	$	361,709

38 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — short	$	0	(a)
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	7,699,925
Credit default swaps
Average notional value — sell protection	$	355,000

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Forward foreign currency exchange contracts	$	157,577	$	—
Swaps — OTC(a)		14,959		27,041
Total derivative assets and liabilities in the Statements of Assets and Liabilities		172,536		27,041
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	172,536	$	27,041

^(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)
Barclays Bank PLC	$	14,959	$	(14,959	)	$	—	$	—	$	—
BNP Paribas S.A		149,171		—			—		—		149,171
Morgan Stanley & Co. International PLC		8,406		—			—		—		8,406
	$	172,536	$	(14,959	)	$	—	$	—	$	157,577

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash   Collateral Pledged	(c)		Net Amount of Derivative Liabilities
Barclays Bank PLC	$	27,041	$	(14,959	)	$	—	$	(12,082	)	$	—

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

^(c)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU)

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	$	—	$	167,378		$	—	$	167,378
Common Stocks
Construction & Engineering		69,327		—			—		69,327
Diversified Financial Services		—		—			10,753		10,753
Energy Equipment & Services		—		—			11,973		11,973
Metals & Mining		—		36,608			1,385		37,993
Oil, Gas & Consumable Fuels		915,718		143,374			—		1,059,092
Semiconductors & Semiconductor Equipment		54,443		—			—		54,443
Software		1,076		—			—		1,076
Specialty Retail		—		184,133			—		184,133
Corporate Bonds		—		115,796,696			584,793		116,381,489
Floating Rate Loan Interests		—		655,015,542			31,577,663		686,593,205
Investment Companies		10,405,834		—			—		10,405,834
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		2,944,938			—		2,944,938
Preferred Stocks		371,270		—			81,339		452,609
Warrants		8,847		—			—		8,847
Short-Term Securities
Money Market Funds		821,890		—			—		821,890
Unfunded Floating Rate Loan Interests(a)		—		254			—		254
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(521	)		—		(521	)
	$	12,648,405	$	774,288,402		$	32,267,906	$	819,204,713
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—	$	14,959		$	—	$	14,959
Foreign Currency Exchange Contracts		—		157,577			—		157,577
	$	—	$	172,536		$	—	$	172,536

^(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 $238,000,000 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 at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Corporate Bonds		Floating Rate Loan Interests			Other Interests			Preferred Stocks			Warrants			Total
Assets
Opening balance, as of December 31, 2020	$	64,033		$	387,813	$	30,751,870		$	—	(a)	$	81,671		$	—	(a)	$	31,285,387
Transfers into Level 3(b)		—			—		3,950,796			—			—			—			3,950,796
Transfers out of Level 3(c)		—			—		(15,669,520	)		—	(a)		—			—	(a)		(15,669,520	)
Accrued discounts/premiums		—			11,320		20,185			—			—			—			31,505
Net realized gain (loss)		—			1,151		47,881			—			—			—			49,032
Net change in unrealized appreciation (depreciation)(d)(e)		(39,922	)		187,961		381,392			—			(332	)		—			529,099

40 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Debt Strategies Fund, Inc. (DSU)

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests		Preferred Stocks			Warrants			Total
Purchases	$	—		$	10,262		$	17,217,502		$	—	$	—		$	—		$	17,227,764
Sales		—			(13,714	)		(5,122,443	)		—		—			—			(5,136,157	)
Closing balance, as of June 30, 2021	$	24,111		$	584,793		$	31,577,663		$	—	$	81,339		$	—	(a)	$	32,267,906
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(d)	$	(39,922	)	$	187,961		$	428,616		$	—	$	(332	)	$	—		$	576,323

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2020, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2021, 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, 2020, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2021, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

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

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

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited)  June 30, 2021 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(a)			123,933	$	60,727
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(a)(b)			309,827,230		3,098
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(a)(b)			887		13,128
Media — 0.1%
Clear Channel Outdoor Holdings, Inc.(a)			114,650		302,676
Metals & Mining — 0.0%
Preferred Proppants LLC(a)(b)			12,198		1,159
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.(a)			2,027		61,094
Semiconductors & Semiconductor Equipment(a) — 0.0%
Maxeon Solar Technologies Ltd.			232		4,972
SunPower Corp.			1,860		54,349
					59,321
Software — 0.0%
Avaya Holdings Corp.(a)			66		1,775
Specialty Retail — 0.1%
NMG Parent LLC(a)			3,613		450,422
Total Common Stocks — 0.2% (Cost: $7,996,110)					953,400
		Par (000)
Corporate Bonds
Airlines(c) — 0.4%
Allegiant Travel Co., 8.50%, 02/05/24	USD		1,195		1,300,674
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26			563		596,076
					1,896,750
Auto Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25(c)			446		474,981
Automobiles — 0.0%
AutoNation, Inc., 4.75%, 06/01/30			141		166,761
Beverages — 0.1%
Triton Water Holdings, Inc., 6.25%, 04/01/29(c)			410		411,025
Building Materials — 0.0%
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(c)			118		125,367
Chemicals — 0.0%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)			51		56,866

Security		Par (000)		Value
Construction Materials — 0.2%
Wolverine Escrow LLC, 9.00%, 11/15/26(c)	USD		1,039	$	1,013,025
Consumer Finance — 0.1%
PayPal Holdings, Inc., 1.65%, 06/01/25			424		435,151
Diversified Telecommunication Services(c) — 0.4%
Zayo Group Holdings, Inc.
4.00%, 03/01/27			1,969		1,955,453
6.13%, 03/01/28			251		256,334
					2,211,787
Electric Utilities — 0.0%
Pike Corp., 5.50%, 09/01/28(c)			144		149,760
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 11/10/21(a)(b)(d)			1,710		—
					149,760
Energy Equipment & Services(b)(c)(e) — 0.1%
Pioneer Energy Services Corp.
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			351		353,069
(5.00% PIK), 5.00%, 11/15/25(f)			260		288,666
					641,735
Equity Real Estate Investment Trusts (REITs) — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25(c)			138		147,435
Hotels, Restaurants & Leisure — 0.1%
Marriott International, Inc., Series EE, 5.75%, 05/01/25			376		434,017
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(c)			337		392,017
Machinery(c) — 0.4%
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(e)			905		981,925
Madison IAQ LLC, 5.88%, 06/30/29			809		823,158
					1,805,083
Media(c) — 0.3%
Liberty Broadband Corp., 2.75%, 09/30/50(f)			513		538,608
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(e)			193		190,672
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26			573		593,055
					1,322,335
Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 8.50%, 10/30/25(c)			284		299,860
Semiconductors & Semiconductor Equipment — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(c)			75		78,881

42 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software — 0.1%
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(c)	USD		264	$	276,540
Total Corporate Bonds — 2.5% (Cost: $11,671,730)					12,339,376
Floating Rate Loan Interests(g)
Aerospace & Defense — 4.9%
Atlas CC Acquisition Corp
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/28/28			6,378		6,393,770
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 6.00%, 05/25/28			1,297		1,300,428
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 10/30/26			718		718,042
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			518		504,209
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			964		937,829
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.63%, 04/09/26(b)			776		745,113
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29(b)			2,265		2,310,300
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			6,884		6,898,753
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			1,000		1,005,395
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25			3,199		3,149,339
					23,963,178
Air Freight & Logistics — 0.8%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			479		478,253
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			3,463		3,393,500
					3,871,753
Airlines — 2.3%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			1,276		1,329,273
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 01/29/27			388		370,876
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.07%, 12/14/23			1,967		1,917,994
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.10%, 04/28/23			1,222		1,190,758
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			2,394		2,554,781
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			3,745		3,790,374
				11,154,056

Security		Par (000)		Value
Auto Components — 2.9%
Adient US LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 04/08/28	USD		825	$	824,744
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			4,611		4,565,256
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28			2,519		2,517,428
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/16/24			3,789		3,751,986
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.40%, 12/02/26			217		214,574
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 02/05/26			2,612		2,578,649
					14,452,637
Automobiles — 0.2%
MajorDrive Holdings IV LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 05/12/28			818		818,254
Building Materials — 0.1%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.50%, 07/31/25			183		182,620
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			442		441,824
					624,444
Building Products — 1.8%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			2,473		2,464,815
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			1,735		1,732,322
LSF10 XL Bidco SCA, 2021 EUR Term Loan, (EURIBOR + 4.25%), 4.25%, 04/12/28	EUR		1,000		1,180,070
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD		534		534,652
Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/19/26			3,210		3,208,602
					9,120,461
Capital Markets — 2.6%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 4.75%, 04/09/27			5,843		5,864,890
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28(b)			1,806		1,846,635
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27			1,425		1,423,501
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 06/27/25			828		824,628
Focus Financial Partners LLC(h)
2021 Delayed Draw Term Loan, 06/24/28			280		278,628
2021 Term Loan, 06/24/28			1,212		1,207,392
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/12/24(b)			1,320		1,315,401
					12,761,075
Chemicals — 6.1%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			2,553		2,586,961

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28	USD		3,497	$	3,477,347
Axalta Coating Systems US Holdings Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.90%, 06/01/24			1,848		1,835,703
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24(b)			1,157		1,145,454
Element Solutions, Inc., 2021 Term Loan B, 01/31/26(h)			2,016		2,012,230
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.25%, 11/07/24			1,239		1,236,951
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27			1,485		1,475,453
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/28/25			769		767,425
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			861		860,881
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26(b)			1,285		1,291,204
Lonza Group AG, USD Term Loan B, 04/29/28(h)			1,044		1,044,564
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.65%, 03/02/26			2,585		2,565,576
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24(b)			431		431,394
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			1,729		1,716,574
NIC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27			739		737,070
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.50%), 3.63%, 10/14/24			1,748		1,737,483
PQ Corp., 2021 Term Loan B, 05/26/28(h)			1,756		1,754,543
Pregis TopCo Corp., 2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 08/01/26			710		709,743
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			1,299		1,304,174
Sparta US Holdco LLC, 2021 Term Loan, 2021 Term Loan, 05/04/28(h)			1,162		1,162,360
Starfruit Finco BV, 2018 USD Term Loan B, (PRIME + 1.75%), 3.13%, 10/01/25			199		197,231
					30,050,321
Commercial Services & Supplies — 5.0%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 05/12/28			3,791		3,800,361
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.85%, 03/11/25			155		152,922
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/23			2,382		2,368,414
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/24			1,145		1,132,078
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			797		788,106

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Asurion LLC (continued)
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.35%, 01/31/28	USD		1,117	$	1,124,645
Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26			1,980		1,971,628
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			2,577		2,576,048
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24			1,648		1,637,658
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			538		533,863
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			424		379,136
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			990		975,254
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28			1,766		1,757,110
Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26			1,957		1,955,050
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			3,516		3,521,654
					24,673,927
Communications Equipment — 0.2%
Avantor Funding, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.00%, 1.00% Floor), 3.00%, 11/21/24			751		750,284
Construction & Engineering — 2.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			4,066		3,997,040
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/21/28			1,045		1,042,167
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 06/02/28			3,427		3,423,196
USIC Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28			1,774		1,769,124
					10,231,527
Construction Materials — 2.6%
Core & Main LP
2017 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 3.75%, 08/01/24			2,468		2,464,493
2021 Term Loan B, 06/09/28(h)			4,655		4,622,847
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/29/25			2,416		2,394,991
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			1,215		1,214,820
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			1,144		1,143,699
Tamko Building Products, Inc., Term Loan B, (1 mo. LIBOR + 3.00%), 3.13%, 05/29/26			880		877,022
				12,717,872
Containers & Packaging — 2.0%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			2,404		2,344,885

44 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27	USD		4,201	$	4,206,350
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/02/28			2,056		2,045,856
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.10%, 08/01/26			625		624,354
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27			826		824,818
					10,046,263
Distributors — 1.0%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/27			1,484		1,472,351
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 2.25%, 1.00% Floor), 10.50%, 05/30/24(b)			944		925,254
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			3,096		2,750,820
					5,148,425
Diversified Consumer Services — 2.4%
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			494		493,458
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			1,019		1,019,297
Bright Horizons Family Solutions LLC, 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 1.00% Floor), 2.50%, 11/07/23			1,857		1,848,988
Frontdoor, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%), 2.35%, 05/20/28			734		734,000
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 3.85%, 07/11/25			2,583		2,531,376
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 12/22/25			1,682		1,638,175
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.32%, 05/15/24			1,130		1,124,073
PAI Holdco, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/28/27			768		769,273
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			472		476,781
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			738		703,055
Voyage Australia Property Ltd., USD Term Loan B, 06/16/28(b)(h)			748		748,000
					12,086,476
Diversified Financial Services — 8.9%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.60%, 07/31/26			1,408		1,410,195
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 03/10/28(b)			857		855,468

Security		Par (000)		Value
Diversified Financial Services (continued)
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 02/04/28	USD		2,467	$	2,455,519
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, 05/04/29(b)(h)			2,528		2,502,720
AQGEN Island Holdings, Inc., Term Loan, 05/20/28(h)			2,827		2,818,180
Belron Finance US LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 04/13/28			3,043		3,036,770
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28			670		677,538
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			3,680		3,686,918
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			918		910,675
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			857		859,330
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.50%, 07/03/24			1,699		1,688,811
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 12/17/27(h)			417		413,351
2021 Incremental Term Loan B2, 12/17/27(h)			834		826,703
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			142		140,997
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			959		951,728
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/02/27			1,022		1,023,207
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			5,659		5,672,122
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28(b)			936		937,994
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.66%, 01/23/25			425		410,038
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.40%, 07/30/25			510		491,360
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/16/27			703		703,272
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			7,259		7,297,593
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 02/28/27			1,489		1,482,135
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			1,248		1,249,290
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.57%, 04/30/28			1,617		1,599,035
					44,100,949
Diversified Telecommunication Services — 2.9%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/30/27			575		575,110
Consolidated Communications, Inc., 2021 Term
Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27			808		808,549
Frontier Communications Corp., 2021 DIP Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			2,012		2,012,419

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25	USD		1,238	$	1,234,553
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			395		400,597
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			137		137,546
Iridium Satellite LLC, 2021 Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 3.75%, 11/04/26			1,752		1,753,672
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 03/01/27			1,931		1,900,069
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24 .			2,298		2,295,904
Orbcomm, Inc., Term Loan B, 06/17/28(h)			736		734,160
TDC A/S, EUR Term Loan, (6 mo. EURIBOR + 3.00%), 3.00%, 06/04/25	EUR		819		964,960
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.31%, 01/15/27	GBP		1,000		1,362,703
					14,180,242
Electric Utilities — 1.2%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD		1,330		1,329,268
Triton Water Holdings, Inc, Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/31/28			4,543		4,536,685
					5,865,953
Electrical Equipment — 0.7%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 06/23/28(h)			869		869,548
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			2,456		2,449,309
					3,318,857
Electronic Equipment, Instruments & Components — 0.1%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 02/12/25			674		673,890
Energy Equipment & Services — 0.1%
Dell International LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%, 0.25% Floor), 2.00%, 09/19/25			582		581,211
Entertainment — 0.4%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(b)			1,980		2,039,451
Environmental, Maintenance, & Security Service — 0.7%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 09/07/27			1,998		1,990,131
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			1,230		1,234,164
					3,224,295

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) — 0.6%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/11/24	USD		727	$	717,971
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 12/20/24			2,489		2,467,429
					3,185,400
Food & Staples Retailing — 1.0%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.10%, 05/23/25			742		739,756
Hearthside Food Solutions LLC
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.79%, 05/23/25			836		830,131
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25			165		165,124
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 06/27/23			2,362		2,337,248
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/13/26			644		633,493
					4,705,752
Food Products — 2.7%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 10/01/25			1,088		1,083,383
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.60%, 10/10/26			415		414,905
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			3,109		3,114,695
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 01/29/27			3,605		3,548,634
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/01/26			514		511,659
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 02/05/23 .			1,912		1,907,202
2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.35%, 02/05/26			408		404,649
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/08/28			1,837		1,843,997
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 01/20/28			694		692,633
					13,521,757
Health Care Equipment & Supplies — 1.2%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27			2,075		2,073,704
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 05/04/28			777		777,489
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			2,083		2,081,343
EUR Term Loan B, (3 mo.EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		990		1,174,139
					6,106,675
Health Care Providers & Services — 3.6%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25	USD		800		801,309

46 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
CCRR Parent, Inc, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/06/28	USD		1,343	$	1,349,348
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			1,857		1,854,463
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.00%, 01/08/27			1,201		1,206,136
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			1,445		1,230,373
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.35%, 02/18/28			1,260		1,206,450
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 02/18/27			1,698		1,682,131
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.65%, 03/05/26			1,061		1,015,556
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 08/06/26			4,288		4,287,282
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			494		492,584
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25			53		52,811
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			2,539		2,527,371
					17,705,814
Health Care Services — 1.2%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26			2,080		2,066,744
Unified Physician Management LLC, 2020 Term Loan, (1 Week LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27(b)			1,872		1,873,742
WP CityMD Bidco LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26			1,783		1,785,829
					5,726,315
Health Care Technology — 3.0%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			368		368,884
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			1,457		1,455,300
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 10/10/25			2,211		2,194,374
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			5,375		5,388,159
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/25/26			1,715		1,716,836
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.85%, 03/07/24			499		496,235
Verscend Holdings Corp., 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 7.50%, 02/01/29(b)			3,092		3,122,920
					14,742,708

Security		Par (000)		Value
Hotels, Restaurants & Leisure — 7.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 11/19/26	USD		2,468	$	2,431,849
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			1,000		1,000,790
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.34%, 09/15/23			1,133		1,130,693
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 12/23/24			2,353		2,331,973
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			3,640		3,648,872
CCM Merger, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25			634		633,643
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.11%, 03/10/28(b)			785		777,182
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28(b)			581		592,620
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			4,026		3,851,949
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 11/30/23			1,341		1,336,377
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3.00% PIK), 5.25%, 12/01/23(e)			151		149,948
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			2,510		2,489,369
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(b)			177		196,419
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25(b)			598		601,470
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			4,868		4,865,272
IRB Holding Corp., 2020 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			1,596		1,591,953
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			1,236		1,229,587
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.85%, 08/14/24			1,290		1,280,588
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 07/10/25			877		876,982
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 2.50%, 02/08/27			2,081		2,055,845
Travelport Finance (Luxembourg) Sarl
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.20%, 05/29/26			2,225		2,025,881
2020 Super Priority Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 3.50%, 02/28/25			1,314		1,376,346

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 08/02/26	USD		948	$	943,042
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 05/30/25			548		542,887
					37,961,537
Household Durables — 1.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 05/17/28			3,501		3,481,009
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/04/27			1,518		1,504,836
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			1,195		1,196,489
					6,182,334
Household Products — 0.1%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28(b)			540		537,584
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/25			509		502,532
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			714		703,507
Term Loan B9, (1 mo. LIBOR + 2.00%), 2.11%, 04/06/26			1,527		1,506,137
					2,712,176
Industrial Conglomerates — 2.2%
AVSC Holding Corp.(e)
2020 Term Loan B1, (0.25% PIK), 2.25%, 03/03/25			3,783		3,462,557
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			1,153		1,375,452
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			1,315		1,322,739
Vertical Midco GmbH, USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.48%, 07/29/27			1,929		1,930,127
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.84%, 03/02/27			2,972		2,951,757
					11,042,632
Insurance — 3.8%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			2,929		2,895,835
2020 Term Loan B3, 11/06/27(h)			1,665		1,666,088
Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25			1,029		1,017,259
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			2,480		2,463,400
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			680		680,728
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/13/27			1,426		1,417,619

Security		Par (000)		Value
Insurance (continued)
AssuredPartners, Inc. (continued)
2021 Term Loan B, 02/12/27(h)	USD		213	$	213,106
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 04/25/25			2,891		2,857,942
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			874		872,924
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			1,652		1,650,959
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 12/31/25			798		789,369
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			1,216		1,213,141
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			841		841,580
					18,579,950
Interactive Media & Services — 3.2%
Adevinta ASA, USD Term Loan B, 04/20/28(h)			2,513		2,512,112
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27			2,400		2,392,284
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			3,384		3,383,995
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.10%, 08/10/27			743		738,464
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			6,443		6,534,148
					15,561,003
Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			2,715		2,715,195
Internet Software & Services — 0.4%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/25/27			2,116		2,114,403
IT Services — 6.7%
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			1,440		1,444,795
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			777		778,995
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			2,072		2,059,256
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 10/31/26			2,485		2,472,761
Celestial -Saturn Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 04/13/29(b)			1,269		1,275,345
CoreLogic, Inc., Term Loan, 06/04/28(h)			3,711		3,698,012
Fleetcor Technologies Operating Company, LLC, 2021 Term Loan B4, 04/28/28(h)			495		493,970
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			5,615		5,624,966
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25(b)			1,563		1,551,464
Maximus, Inc., Term Loan B, 05/28/28(h)			1,016		1,015,157

48 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
IT Services (continued)
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.38%, 08/01/25	USD		975	$	870,539
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			2,568		2,505,613
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28			4,215		4,346,719
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			976		974,256
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.85%, 11/16/26			1,887		1,872,568
Virtusa Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/11/28			1,059		1,062,523
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 03/31/28			988		979,506
					33,026,445
Leisure Products — 0.2%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24			998		963,161
Life Sciences Tools & Services — 2.8%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			4,461		4,478,258
Icon Luxembourg Sarl(h)
1st Lien Term Loan B, 06/16/28			738		739,536
Term Loan B, 06/16/28			2,964		2,968,221
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/27			1,243		1,247,212
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 01/13/28			4,446		4,438,210
					13,871,437
Machinery — 2.7%
Clark Equipment Co., 2021 Incremental Term Loan, 05/18/24(h)			1,368		1,364,837
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 05/14/28(b)			432		431,460
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/28/27			2,258		2,230,815
Madison IAQ LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/16/28			3,699		3,699,000
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			5,560		5,458,719
					13,184,831
Media — 13.2%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			2,616		2,524,256
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			1,101		1,081,365
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.90%, 01/31/26			1,579		1,549,962
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			3,519		3,509,437
Cable One, Inc., 2021 Term Loan B4, 05/03/28(h)			1,046		1,041,293

Security		Par (000)			Value
Media (continued)
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 04/30/25	USD		3,386		$	3,378,705
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26			6,527			6,366,301
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			9,062			9,067,605
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.32%, 07/17/25			2,158			2,125,717
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			2,123			2,100,369
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			967			965,794
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 03/24/25			1,345			1,336,820
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/19/26			2,570			2,499,235
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 1.85%, 02/15/24			120			119,627
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 09/13/24			3,525			3,506,509
2020 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.75%, 09/15/24			2,576			2,579,794
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			1,021			1,035,682
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.59%, 09/19/26			1,344			1,340,421
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			2,438			2,438,558
Sinclair Television Group Inc., 2021 Term Loan B3, (1 mo. LIBOR + 3.00%), 3.11%, 04/01/28			160			158,534
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 12/17/26			—	(i)		315
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.10%, 09/28/23(b)			4,102			4,081,226
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 3.07%, 01/31/29			577			572,961
Virgin Media Bristol LLC
2020 USD Term Loan Q, (3 mo. LIBOR + 3.25%), 3.35%, 01/31/29			2,365			2,361,382
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.57%, 01/31/28			988			978,886
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 05/18/25			733			717,973
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.23%, 01/20/28			669			663,064
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			7,235			7,154,188
						65,255,979
Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.64%, 07/31/25			1,763			1,748,677
Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24			948			945,692

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels — 0.6%
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 12/13/25	USD		1,455	$	1,384,917
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			779		772,443
Lealand Finance Company BV, 2020 Take Back Term Loan, (3.00% PIK), 3.00%, 06/30/25(e)			288		127,703
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24(b)			40		24,146
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28			647		647,785
					2,956,994
Personal Products — 1.5%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/25/26			7,311		7,333,419
Pharmaceuticals — 3.7%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25			1,950		1,910,649
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28			2,045		2,046,151
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 08/01/27			1,058		1,041,004
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			1,694		1,676,745
Jazz Financing Lux Sarl, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 04/21/28			3,101		3,109,714
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			1,657		1,658,044
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/18/27			1,317		1,312,648
Prestige Brands, Inc., 2021 Term Loan B, 06/11/28(h)			509		509,214
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 06/02/25			4,871		4,848,278
					18,112,447
Professional Services — 1.2%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			6,183		6,151,209
Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			2,059		2,040,726
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 08/21/25			1,471		1,456,887
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			46		45,757
					3,543,370

Security		Par (000)		Value
Road & Rail — 0.3%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 09/25/25	USD		246	$	246,016
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.62%, 08/04/25			1,226		1,159,551
					1,405,567
Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/19/26			481		479,257
Software — 17.0%
2U, Inc., Term Loan, 11/30/24(h)			1,447		1,421,678
Applied Systems, Inc.
2017 1st Lien Term Loan, (PRIME + 2.25%), 3.77%, 09/19/24			744		741,674
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.25%, 09/19/25			442		447,083
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			2,465		2,469,656
2020 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			870		884,686
Cloudera, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27			982		980,421
Cornerstone OnDemand, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/22/27			645		643,898
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,878		1,877,160
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/27/24			1,151		1,102,803
E2open LLC, 2020 Term Loan B, 10/29/27(h)			288		288,000
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			2,141		2,209,255
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			2,134		2,132,910
Informatica LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			8,661		8,601,248
Magenta Buyer LLC(h)
2021 USD 1st Lien Term Loan, 05/03/28			4,624		4,619,376
2021 USD 2nd Lien Term Loan, 05/03/29(b)			2,418		2,387,775
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/30/24			987		987,072
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26			871		870,423
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 11/29/24			499		493,483
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.35%, 12/01/25			1,222		1,220,115
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			2,066		2,073,018
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			1,468		1,471,726
Planview Parent, Inc.
2nd Lien Term Loan, (1 Week LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/17/28			930		925,350

50 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Planview Parent, Inc. (continued)
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27	USD		2,160	$	2,161,589
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			1,535		1,536,375
Proof Point, Inc.(h)
1st Lien Term Loan, 06/09/28			2,790		2,772,925
2nd Lien Term Loan, 06/08/29			1,451		1,463,696
RealPage, Inc.
1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			6,170		6,148,571
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 04/22/29			2,965		3,050,400
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25			683		675,665
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			1,111		1,116,972
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 3.33%, 08/01/25			3,904		3,877,809
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			5,144		5,145,230
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			5,419		5,424,748
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			2,194		2,224,333
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			1,992		2,023,533
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26			3,657		3,659,483
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			3,948		3,948,385
					84,078,524
Specialty Retail — 4.3%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 11/13/25			442		440,040
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 10/30/26			880		873,281
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR - GBP + 4.75%), 4.83%, 06/23/25	GBP		1,000		1,378,638
EG Group Ltd., 2021 Term Loan, 03/31/26(h)	USD		574		574,000
Eyemart Express LLC, 2020 2nd Lien Term Loan, 08/04/25(h)			1,410		1,403,500
Mavis Tire Express Services Corp., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			3,040		3,047,600
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.35%, 08/31/26			1,728		1,726,743
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			5,922		5,923,481

Security		Par (000)		Value
Specialty Retail (continued)
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24	USD		1,598	$	1,576,613
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			3,279		3,294,474
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			554		553,153
WOOF Holdings, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/21/28			560		565,600
					21,357,123
Technology Hardware, Storage & Peripherals — 0.3%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.10%, 07/23/26			789		750,122
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			574		573,532
					1,323,654
Thrifts & Mortgage Finance — 0.1%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.75%, 05/23/25			741		741,368
Trading Companies & Distributors — 0.7%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 04/23/28			1,396		1,387,242
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			1,538		1,527,512
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.92%, 04/01/28			684		686,079
					3,600,833
Wireless Telecommunication Services — 1.8%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			1,111		1,107,471
Metronet Systems Holdings LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.50%, 05/26/28			644		643,744
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 04/11/25			3,395		3,363,343
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			3,606		3,604,825
					8,719,383
Total Floating Rate Loan Interests — 143.5% (Cost: $704,024,862)					708,356,406
		Shares
Investment Companies
Fixed Income Funds — 2.8%
Invesco Senior Loan ETF			218,000		4,828,700

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Shares		Value
Fixed Income Funds (continued)
iShares iBoxx $ High Yield Corporate Bond ETF(j)			66,000	$	5,810,640
iShares iBoxx $ Investment Grade Corporate Bond ETF(j)			24,000		3,224,640
					13,863,980
Total Investment Companies — 2.8% (Cost: $13,128,942)					13,863,980
		Benefical Interest (000)
Other Interests(k)
IT Services — 0.0%
Millennium Corp.	USD		1,607		—
Millennium Lender Claims			1,508		—
Total Other Interests — 0.0% (Cost: $ — )					—
		Shares
Warrants
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)(a)			999		7,673
Total Warrants — 0.0% (Cost: $ — )					7,673
Total Investments — 149.0% (Cost: $736,821,644)					735,520,835
Liabilities in Excess of Other Assets — (49.0)%					(241,893,577	)
Net Assets — 100.0%				$	��493,627,258

^(a)  Non-income producing security.

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

^(c)  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.

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

^(e)  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.

^(f)  Convertible security.

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

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

⁽ⁱ⁾  Amount is less than 500.

^(j)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	—	$	—	$	—	(a)	$	—		$	—		$	—		—	$	16	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		8,380,800		—		(2,607,827	)(a)		(177,697	)		(140,030	)		5,810,640		66,000		126,790		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,315,120		—		—			—			(90,480	)		3,224,640		24,000		31,253		—
								$	(177,697	)	$	(230,510	)	$	9,035,280			$	158,059	$	—

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

52 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,145,719		EUR	2,595,000	BNP Paribas S.A.		09/15/21	$	64,014
USD	2,666,894		GBP	1,887,000	BNP Paribas S.A.		09/15/21		56,171
								$	120,185

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	$	—	$	—	$	—	$	120,185	$	—	$	—	$	120,185

For the six months ended June 30, 2021, 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	$	—	$	—	$	—	$	(191,005	)	$	—	$	—	$	(191,005	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	295,184		$	—	$	—	$	295,184

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	6,492,019

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Forward foreign currency exchange contracts	$	120,185	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities.		120,185		—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	120,185	$	—

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(a)
BNP Paribas S.A.	$	120,185	$	—	$	—	$	—	$	120,185

^(a) 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
Common Stocks
Construction & Engineering	$	60,727	$	—		$	—	$	60,727
Diversified Financial Services		—		—			3,098		3,098
Energy Equipment & Services		—		—			13,128		13,128
Media		302,676		—			—		302,676
Metals & Mining		—		—			1,159		1,159
Oil, Gas & Consumable Fuels		61,094		—	��		—		61,094
Semiconductors & Semiconductor Equipment		59,321		—			—		59,321
Software		1,775		—			—		1,775
Specialty Retail		—		450,422			—		450,422
Corporate Bonds		—		11,697,641			641,735		12,339,376
Floating Rate Loan Interests		—		673,808,665			34,547,741		708,356,406
Investment Companies		13,863,980		—			—		13,863,980
Other Interests		—		—			—		—
Warrants		7,673		—			—		7,673
Unfunded Floating Rate Loan Interests(a)		—		288			—		288
Liabilities
Unfunded Floating Rate Loan Interests(a)		—		(591	)		—		(591	)
	$	14,357,246	$	685,956,425		$	35,206,861	$	735,520,532
Derivative Financial Instruments(b)
Assets
Foreign Currency Exchange Contracts	$	—	$	120,185		$	—	$	120,185

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

^(b)  Derivative financial instruments are forward foreign currency exchange contracts. 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 $201,000,000 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 at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks		Corporate Bonds		Floating Rate Loan Interests			Other Interests			Total
Assets
Opening balance, as of December 31, 2020	$	55,840	$	425,578	$	31,919,645			$      —	(a)	$	32,401,063
Transfers into Level 3		—		—		4,425,788			—			4,425,788
Transfers out of Level 3(c)		—		—		(15,835,027	)		—			(15,835,027	)

54 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Total
Accrued discounts/premiums	$	—		$	12,422		$	21,944		$	—		$	34,366
Net realized gain (loss)		—			2,879			48,742			—			51,621
Net change in unrealized appreciation (depreciation)(d)(e)		(38,455	)		206,261			404,314			—			572,120
Purchases		—			11,261			19,254,906			—			19,266,167
Sales		—			(16,666	)		(5,692,571	)		—			(5,709,237	)
Closing balance, as of June 30, 2021	$	17,385		$	641,735		$	34,547,741			$      —	(a)	$	35,206,861
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(e)	$	(38,455	)	$	206,261		$	458,242		$	—		$	626,048

^(a)  Rounds to less than $1.

^(b)  As of December 31, 2020, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2021, 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, 2020, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2021, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

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

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited)  June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AIMCO CLO, Series 2017-AA, Class CR, (3 mo. LIBOR US + 2.10%), 2.29%, 04/20/34(a)(b)	USD		1,000	$	1,003,524
Allegro CLO II-S Ltd., Series 2014-1RA, Class C, (3 mo. LIBOR US + 3.00%), 3.19%, 10/21/28(a)(b)			1,000		981,084
Anchorage Capital CLO Ltd.(a)(b)
Series 2014-3RA, Class E, (3 mo. LIBOR US + 5.50%), 5.68%, 01/28/31			850		814,201
Series 2014-4RA, Class D, (3 mo. LIBOR US + 2.60%), 2.78%, 01/28/31			250		243,645
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.68%, 01/28/31			1,000		1,000,901
Series 2016-8A, Class ER, (3 mo. LIBOR US + 5.75%), 5.93%, 07/28/28			1,000		977,405
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.01%, 04/15/31(a)(b)			1,000		1,001,201
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.39%, 06/25/36(a)			4,947		3,887,241
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.52%, 01/15/33(a)(b)			250		250,475
Bain Capital Credit CLO Ltd., Series 2020-2A, Class D, (3 mo. LIBOR US + 4.81%), 5.00%, 07/21/31(a)(b)(c)			300		300,366
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class C, (3 mo. LIBOR US + 2.60%), 2.78%, 07/15/31(a)(b)			250		249,594
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.89%, 10/20/32(a)(b)			250		251,102
CarVal CLO II Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 2.00%), 2.19%, 04/20/32(a)(b)			250		248,855
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.63%, 07/20/32(a)(b)			500		502,993
CarVal CLO Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.77%), 5.95%, 07/16/31(a)(b)			500		486,086
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			402		331,169
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 3.14%, 10/20/30(a)(b)			250		247,934
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.23%, 06/25/37(a)			687		648,001
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 01/25/30(b)			308		308,454
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 04/18/31(a)(b)			250		245,429
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/32(a)(b)			950		951,224
Elmwood CLO V Ltd.(a)(b)
Series 2020-2A, Class C, (3 mo. LIBOR US + 2.75%), 2.93%, 07/24/31			500		500,351
Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 3.03%, 10/20/34(d)			436		436,000

Security		Par (000)		Value
Asset-Backed Securities (continued)
Litigation Fee Residual Funding, 4.00%, 10/30/27(c)	USD		287	$	286,908
Madison Park Funding X Ltd., Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.59%, 01/20/29(a)(b)			500		499,524
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.89%, 04/20/26(a)(b)			300		299,999
Neuberger Berman CLO Ltd., Series 2015-20A, (3 mo. LIBOR US + 6.50%), 6.63%, 07/15/34(a)(b)			790		789,992
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 5.39%, 10/20/27(a)(b)			500		479,182
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 6.49%, 07/20/30(a)(b)			500		497,554
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 3.34%, 10/17/29(a)(b)			250		245,762
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.73%, 01/20/31(a)(b)			250		234,946
Palmer Square Loan Funding Ltd., Series 2018-5A, Class B, (3 mo. LIBOR US + 1.90%), 2.09%, 01/20/27(a)(b)			1,000		1,000,084
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.03%, 10/15/29(a)(b)			500		498,558
Sterling Coofs Trust(c)
Series 2004-1, Class A, 2.36%, 04/15/29			1,097		10,970
Series 2004-2, Class Note, 2.08%, 03/30/30(b)			1,683		16,836
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.23%, 04/15/33(a)(b)			250		250,896
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32	GBP		100		167,378
Voya CLO Ltd.(a)(b)
Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.83%, 07/25/26	USD		250		249,983
Series 2019-3A, Class C, (3 mo. LIBOR US + 2.60%), 2.79%, 10/17/32			1,000		1,001,512
York CLO Ltd., Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 6.94%, 04/20/32(a)(b)			1,000		1,001,939
York Clo-3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.79%, 10/20/29(a)(b)			250		250,222
Total Asset-Backed Securities — 3.9% (Cost: $23,068,654)					23,649,480
		Shares
Common Stocks
Construction & Engineering — 0.0%
McDermott International Ltd.(e)			47,837		23,440
Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.(c)			546,753,936		5,468
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(c)			273		4,040

56 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Shares		Value
Household Durables — 0.0%
Berkline Benchcraft Equity LLC(c)			3,155	$	—
Media — 0.0%
Clear Channel Outdoor Holdings, Inc.(e)			38,911		102,725
Metals & Mining — 0.0%
Ameriforge Group, Inc.			801		17,622
Preferred Proppants LLC(c)			5,738		545
					18,167
Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp.(e)			700		21,098
Extraction Oil & Gas, Inc., (Acquired 03/04/21, Cost: $54,877)(f)			4,410		241,144
SM Energy Co.			8,691		214,060
					476,302
Software — 0.0%
Avaya Holdings Corp.(e)			19		511
Specialty Retail — 0.0%
NMG Parent LLC			1,330		165,807
Total Common Stocks — 0.1% (Cost: $7,804,505)					796,460
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(g)	USD		200		267,381
Aerospace & Defense — 2.0%
Amsted Industries, Inc., 5.63%, 07/01/27(b)			156		164,385
Bombardier, Inc.(b)
6.00%, 10/15/22			4		4,005
7.50%, 12/01/24			199		207,955
7.50%, 03/15/25			33		33,936
7.13%, 06/15/26			640		670,080
7.88%, 04/15/27(g)			369		382,837
7.45%, 05/01/34			100		107,000
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(b)			423		435,690
Howmet Aerospace, Inc., 5.13%, 10/01/24			5		5,519
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)(g)			378		395,482
Rolls-Royce PLC, 5.75%, 10/15/27(b)			418		460,423
Spirit AeroSystems, Inc., 5.50%, 01/15/25(b)			181		192,313
TransDigm, Inc.
8.00%, 12/15/25(b)(g)			815		880,607
6.25%, 03/15/26(b)(g)			6,032		6,363,760
6.38%, 06/15/26			89		92,201
7.50%, 03/15/27			105		111,694
4.63%, 01/15/29(b)			272		272,095
4.88%, 05/01/29(b)			300		302,850
Triumph Group, Inc., 8.88%, 06/01/24(b)(g)			714		794,325
					11,877,157
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(b)			18		18,698
Airlines — 1.9%
Air France-KLM, 3.88%, 07/01/26	EUR		100		116,739

Security		Par (000)		Value
Airlines (continued)
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24(g)	USD		1,631	$	1,655,011
American Airlines, Inc., 11.75%, 07/15/25(b)			414		519,570
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)
5.50%, 04/20/26			1,179		1,248,266
5.75%, 04/20/29(g)			950		1,027,126
Avianca Holdings SA, (3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21(b)(h)			72		72,030
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(b)(g)			138		153,423
Finnair OYJ, 4.25%, 05/19/25	EUR		100		120,947
Gol Finance SA(b)
7.00%, 01/31/25	USD		200		191,400
8.00%, 06/30/26			200		203,037
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)			249		267,329
International Consolidated Airlines Group SA, 2.75%, 03/25/25	EUR		100		118,576
Latam Finance Ltd., 6.88%, 04/11/24(b)(e)(i)	USD		203		188,790
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)(g)			1,189		1,309,089
United Airlines Pass-Through Trust(g)
Series 2015-1, Class A, 3.70%, 06/01/24			2,430		2,501,900
Series 2020-1, Class A, 5.88%, 10/15/27			861		955,620
Series 2020-1, Class B, 4.88%, 07/15/27			49		51,455
United Airlines, Inc.(b)
4.38%, 04/15/26			459		475,148
4.63%, 04/15/29			416		430,560
					11,606,016
Auto Components — 1.1%
Aptiv PLC, 4.40%, 10/01/46(g)			240		278,143
Clarios Global LP, 6.75%, 05/15/25(b)			486		517,580
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR		100		122,652
6.25%, 05/15/26(b)(g)	USD		1,373		1,462,671
8.50%, 05/15/27(b)(g)			2,264		2,468,213
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b)			334		359,885
Faurecia SE, 3.75%, 06/15/28	EUR		100		124,803
Goodyear Tire & Rubber Co.
5.00%, 07/15/29(b)	USD		131		137,157
5.25%, 07/15/31(b)			386		403,370
5.63%, 04/30/33			320		337,504
ZF Finance GmbH
3.00%, 09/21/25	EUR		100		125,668
2.00%, 05/06/27			100		119,168
					6,456,814
Automobiles — 1.5%
Allison Transmission, Inc.(b)
5.88%, 06/01/29(g)	USD		396		433,620
3.75%, 01/30/31			287		282,084
Asbury Automotive Group, Inc.
4.50%, 03/01/28			129		132,548
4.75%, 03/01/30			124		129,580
Carvana Co., 5.50%, 04/15/27(b)			290		299,492
Ford Motor Co.
0.00%, 03/15/26(b)(j)(k)			221		244,343

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Automobiles (continued)
Ford Motor Co. (continued)
4.35%, 12/08/26	USD		11	$	11,784
5.29%, 12/08/46			48		53,610
Ford Motor Credit Co. LLC
5.88%, 08/02/21(g)			522		524,662
2.98%, 08/03/22(g)			449		455,174
3.35%, 11/01/22(g)			215		220,353
3.81%, 01/09/24(g)			629		657,701
4.69%, 06/09/25			200		216,500
5.13%, 06/16/25(g)			490		539,612
4.13%, 08/04/25(g)			411		439,252
3.38%, 11/13/25(g)			200		207,390
4.39%, 01/08/26(g)			400		432,000
3.82%, 11/02/27			200		208,324
2.90%, 02/16/28(g)			295		293,602
5.11%, 05/03/29(g)			526		588,846
4.00%, 11/13/30			200		209,500
General Motors Financial Co., Inc., 4.38%, 09/25/21(g)			530		534,925
Group 1 Automotive, Inc., 4.00%, 08/15/28(b)			45		45,788
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)			122		124,440
LCM Investments Holdings II LLC, 4.88%, 05/01/29(b)			220		225,500
Lithia Motors, Inc., 3.88%, 06/01/29(b)			131		135,788
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)			104		103,740
Navistar International Corp., 6.63%, 11/01/25(b)			324		334,734
Penske Automotive Group, Inc.
3.50%, 09/01/25			214		221,661
3.75%, 06/15/29			69		69,431
Renault SA, 2.38%, 05/25/26	EUR		100		120,176
Tesla, Inc., 5.30%, 08/15/25(b)(g)	USD		422		436,196
TML Holdings Pte Ltd., 4.35%, 06/09/26			200		200,750
Wabash National Corp., 5.50%, 10/01/25(b)			241		245,820
					9,378,926
Banks — 1.5%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR		100		120,227
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(a)			100		118,427
Banco de Sabadell SA, (5 year EUR Swap + 2.20%), 2.00%, 01/17/30(a)			100		117,093
Banco Espirito Santo SA(e)(i)
4.75%, 01/15/22(a)			100		16,601
4.00%, 01/21/22			100		16,601
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)	USD		150		156,216
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(a)			200		202,663
Bangkok Bank PCL
(5 year CMT + 1.90%), 3.73%, 09/25/34(a)			231		239,561
(5 year CMT + 4.73%), 5.00%(l)			201		212,030
Banistmo SA, 3.65%, 09/19/22			200		203,663
Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%(a)(l)			200		207,412
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		204,600
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(a)(l)			250		261,609
CIT Group, Inc., 5.00%, 08/01/23(g)			296		320,050

Security		Par (000)		Value
Banks (continued)
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(a)(l)	USD		250	$	269,297
Grupo Aval Ltd., 4.38%, 02/04/30(b)			200		197,690
Intesa Sanpaolo SpA 5.02%, 06/26/24(b)(g)			2,442		2,657,294
(5 year EUR Swap + 5.75%), 5.88%, 03/04/29(a)	EUR		100		133,068
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(b)	USD		200		211,287
Krung Thai Bank PCL/Cayman Islands, (5 year CMT + 3.53%), 4.40%(a)(l)			202		204,714
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(l)			279		280,133
Santander UK Group Holdings PLC, 2.88%, 08/05/21(g)			950		952,193
Standard Chartered PLC, (3 mo. LIBOR US + 1.08%), 3.89%, 03/15/24(a)(b)(g)			1,500		1,577,135
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(a)(l)			365		377,884
					9,257,448
Beverages — 1.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(g)			800		1,012,600
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(g)(h)			1,091		1,145,550
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(b)(g)			1,098		1,088,749
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(b)
4.13%, 08/15/26			276		284,970
4.75%, 07/15/27	GBP		100		140,820
5.25%, 08/15/27(g)	USD		652		665,040
Canpack SA/Eastern PA Land Investment Holding LLC, 3.13%, 11/01/25(b)			211		214,468
Central American Bottling Corp.
5.75%, 01/31/27(b)			176		183,128
5.75%, 01/31/27			105		109,253
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			34		41,650
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(g)			794		801,940
OI European Group BV, 2.88%, 02/15/25	EUR		100		120,263
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		58		60,175
Triton Water Holdings, Inc., 6.25%, 04/01/29(b)			173		173,432
Trivium Packaging Finance BV(b)(g)
5.50%, 08/15/26			1,004		1,054,903
8.50%, 08/15/27			1,367		1,486,202
					8,583,143
Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28(b)			76		74,444
Building Materials — 0.7%
APi Group DE, Inc., 4.13%, 07/15/29(b)			132		131,258
Cemex SAB de CV, 5.45%, 11/19/29			200		219,850
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(b)			362		388,245
CP Atlas Buyer, Inc., 7.00%, 12/01/28(b)			323		334,709
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(b)			315		339,412
Griffon Corp., 5.75%, 03/01/28			87		92,438
James Hardie International Finance DAC, 5.00%, 01/15/28(b)			200		211,817

58 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Materials (continued)
Jeld-Wen, Inc.(b)
6.25%, 05/15/25	USD		146	$	155,710
4.63%, 12/15/25			55		56,032
4.88%, 12/15/27			17		17,667
Masonite International Corp.(b)
5.75%, 09/15/26			86		89,010
5.38%, 02/01/28			101		107,028
Patrick Industries, Inc., 4.75%, 05/01/29(b)			64		63,600
SRM Escrow Issuer LLC, 6.00%, 11/01/28(b)(g)			485		514,100
Standard Industries, Inc.
2.25%, 11/21/26	EUR		100		117,940
5.00%, 02/15/27(b)(g)	USD		174		180,199
4.75%, 01/15/28(b)(g)			46		48,148
4.38%, 07/15/30(b)(g)			412		424,875
3.38%, 01/15/31(b)(g)			394		377,141
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b)			235		249,671
Victors Merger Corp., 6.38%, 05/15/29(b)			197		198,477
					4,317,327
Building Products(b) — 0.5%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27			262		271,961
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(h)			210		215,250
Beacon Roofing Supply, Inc., 4.13%, 05/15/29			100		99,745
Foundation Building Materials, Inc., 6.00%, 03/01/29			193		191,070
GYP Holdings III Corp., 4.63%, 05/01/29			237		237,889
LBM Acquisition LLC, 6.25%, 01/15/29			482		485,711
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			327		342,439
SRS Distribution, Inc., 6.13%, 07/01/29			345		355,043
White Cap Buyer LLC, 6.88%, 10/15/28			723		773,791
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(h)			210		217,279
					3,190,178
Capital Markets — 1.0%
Blackstone CQP Holdco LP, 5.50%, 05/24/31			367		382,410
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(a)(g)(l)			2,835		2,900,205
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)			254		264,160
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			366		388,326
5.25%, 05/15/27(g)			489		504,890
5.25%, 05/15/27(b)			261		269,482
4.38%, 02/01/29(b)			201		199,995
Intercorp Peru Ltd., 3.88%, 08/15/29(b)(g)			225		216,675
NFP Corp.(b)
4.88%, 08/15/28			270		274,358
6.88%, 08/15/28			484		509,512
RP Escrow Issuer LLC, 5.25%, 12/15/25(b)			156		162,825
					6,072,838
Chemicals — 1.3%
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)			297		290,317
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b)			170		178,075

Security		Par (000)		Value
Chemicals (continued)
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)	USD		278	$	323,748
Chemours Co., 4.00%, 05/15/26	EUR		100		121,316
Element Solutions, Inc., 3.88%, 09/01/28(b)(g)	USD		1,263		1,288,639
GCP Applied Technologies, Inc., 5.50%, 04/15/26(b)			165		169,711
HB Fuller Co., 4.25%, 10/15/28			98		101,286
Herens Holdco Sarl, 4.75%, 05/15/28(b)			412		409,940
Herens Midco Sarl, 5.25%, 05/15/29	EUR		100		116,042
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)	USD		360		401,407
Ingevity Corp., 3.88%, 11/01/28(b)			84		83,370
Minerals Technologies, Inc., 5.00%, 07/01/28(b)			169		175,709
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		122,135
NOVA Chemicals Corp., 4.88%, 06/01/24(b)	USD		67		70,685
OCP SA, 3.75%, 06/23/31(b)			200		202,250
Orbia Advance Corp. SAB de CV(b)
1.88%, 05/11/26			200		200,937
5.50%, 01/15/48(g)			200		234,375
PQ Corp., 5.75%, 12/15/25(b)(g)			543		557,254
Sasol Financing USA LLC, 5.50%, 03/18/31			200		210,500
SCIH Salt Holdings, Inc.(b)
4.88%, 05/01/28			319		318,962
6.63%, 05/01/29			179		179,448
Scotts Miracle-Gro Co., 4.00%, 04/01/31(b)			262		261,183
Valvoline, Inc., 3.63%, 06/15/31(b)			1		1,000
WESCO Distribution, Inc.(b)(g)
7.13%, 06/15/25			676		730,553
7.25%, 06/15/28			616		686,132
WR Grace & Co-Conn, 5.63%, 10/01/24(b)			216		238,760
Yingde Gases Investment Ltd., 6.25%, 01/19/23			200		205,350
					7,879,084
Commercial Services & Supplies — 0.7%
ADT Security Corp.
4.13%, 06/15/23			9		9,473
4.88%, 07/15/32(b)(g)			557		586,933
APX Group, Inc.
7.88%, 12/01/22(g)			252		252,945
8.50%, 11/01/24			60		62,700
ASGN, Inc., 4.63%, 05/15/28(b)			91		95,320
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(b)			106		110,373
DAE Funding LLC, 3.38%, 03/20/28(b)			250		255,938
Fortress Transportation & Infrastructure Investors LLC(b)
6.50%, 10/01/25			75		77,906
5.50%, 05/01/28			310		322,787
Herc Holdings, Inc., 5.50%, 07/15/27(b)			383		403,766
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		120,947
Metis Merger Sub LLC, 6.50%, 05/15/29(b)	USD		214		210,758
NESCO Holdings II, Inc., 5.50%, 04/15/29(b)			306		319,387
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
5.25%, 04/15/24			141		151,086
5.75%, 04/15/26(g)			320		353,494
3.38%, 08/31/27			238		230,860
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(b)			187		192,493
TMS International Corp., 6.25%, 04/15/29(b)			107		112,350
United Rentals North America, Inc.
5.88%, 09/15/26			17		17,591

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
United Rentals North America, Inc. (continued)
5.50%, 05/15/27	USD		339	$	359,340
5.25%, 01/15/30			161		176,358
					4,422,805
Communications Equipment — 0.7%
Avaya, Inc., 6.13%, 09/15/28(b)(g)			606		648,602
CommScope Technologies LLC(b)
6.00%, 06/15/25			389		397,266
5.00%, 03/15/27			240		245,700
CommScope, Inc.(b)
5.50%, 03/01/24(g)			749		770,534
6.00%, 03/01/26			209		220,641
8.25%, 03/01/27			347		370,874
7.13%, 07/01/28			193		209,164
Nokia OYJ
3.38%, 06/12/22			106		108,024
4.38%, 06/12/27			149		164,587
ViaSat, Inc.(b)(g)
5.63%, 04/15/27			416		434,233
6.50%, 07/15/28			477		508,701
					4,078,326
Construction & Engineering — 0.1%
SRS Distribution, Inc., 4.63%, 07/01/28(b)			434		443,765
Construction Materials(b) — 0.8%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28(g)			375		384,266
3.88%, 11/15/29			137		136,144
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			109		111,627
Core & Main LP, 6.13%, 08/15/25(g)			1,743		1,777,860
H&E Equipment Services, Inc., 3.88%, 12/15/28			93		91,512
IAA, Inc., 5.50%, 06/15/27			372		390,496
Picasso Finance Sub, Inc., 6.13%, 06/15/25(g)			403		426,072
Williams Scotsman International, Inc., 4.63%, 08/15/28			243		250,946
Winnebago Industries, Inc., 6.25%, 07/15/28			137		147,617
Wolverine Escrow LLC
8.50%, 11/15/24(g)			254		246,380
9.00%, 11/15/26			903		880,425
					4,843,345
Consumer Discretionary — 1.2%
Atento Luxco 1 SA, 8.00%, 02/10/26(b)			200		217,225
Carnival Corp.
11.50%, 04/01/23(b)			241		271,221
10.13%, 02/01/26	EUR		100		138,288
10.50%, 02/01/26(b)	USD		546		635,680
5.75%, 03/01/27(b)(g)			1,258		1,317,755
9.88%, 08/01/27(b)			231		269,693
CoreLogic, Inc., 4.50%, 05/01/28(b)			425		421,281
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(b)			141		146,993
Life Time, Inc.(b)
5.75%, 01/15/26			334		346,107
8.00%, 04/15/26			205		218,477
NCL Corp. Ltd., 5.88%, 03/15/26(b)			237		248,258
NCL Finance Ltd., 6.13%, 03/15/28(b)			612		641,345
Nielsen Finance LLC/Nielsen Finance Co.(b)
5.63%, 10/01/28(g)			479		505,867
5.88%, 10/01/30			239		260,133

Security		Par (000)		Value
Consumer Discretionary (continued)
Nielsen Finance LLC/Nielsen Finance Co.(b) (continued) 4.75%, 07/15/31	USD		166	$	166,415
Royal Caribbean Cruises Ltd.(b)
10.88%, 06/01/23.			90		102,488
9.13%, 06/15/23			153		167,918
11.50%, 06/01/25			202		232,805
5.50%, 04/01/28			584		611,623
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)			183		184,830
					7,104,402
Consumer Finance — 1.1%
Equifax, Inc., 2.60%, 12/15/25			59		62,093
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(b)(g)			536		538,632
Muthoot Finance Ltd.
6.13%, 10/31/22(b)(g)			427		442,158
4.40%, 09/02/23			200		205,350
Navient Corp.
7.25%, 09/25/23			129		142,384
6.13%, 03/25/24			86		92,816
5.88%, 10/25/24			82		88,458
5.00%, 03/15/27			258		266,965
OneMain Finance Corp.
6.13%, 05/15/22			70		72,713
6.88%, 03/15/25			226		255,064
7.13%, 03/15/26			227		264,389
3.50%, 01/15/27			304		306,280
6.63%, 01/15/28			221		253,346
5.38%, 11/15/29			36		39,159
4.00%, 09/15/30			3		2,974
Sabre GLBL, Inc.(b)
9.25%, 04/15/25			227		269,864
7.38%, 09/01/25			252		274,050
Shift4 Payments Inc., 0.00%, 12/15/25(b)(j)(k)			349		470,487
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)			262		273,462
Square, Inc., 3.50%, 06/01/31(b)(g)			622		627,442
Verscend Escrow Corp., 9.75%, 08/15/26(b)(g)			1,758		1,852,492
					6,800,578
Containers & Packaging — 0.4%
Celulosa Arauco y Constitucion SA, 4.20%, 01/29/30			200		216,162
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			196		210,210
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			424		439,985
Graham Packaging Co., Inc., 7.13%, 08/15/28(b)			60		64,650
Graphic Packaging International LLC(b)
4.75%, 07/15/27			89		96,154
3.50%, 03/15/28			17		17,128
3.50%, 03/01/29			61		60,433
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(b)			162		168,480
Intertape Polymer Group, Inc., 4.38%, 06/15/29(b)			134		135,882
Klabin Austria GmbH, 3.20%, 01/12/31(b)			200		196,710
LABL Escrow Issuer LLC(b)
6.75%, 07/15/26(g)			380		405,357

60 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
LABL Escrow Issuer LLC(b) (continued)
10.50%, 07/15/27	USD		176	$	194,040
Sealed Air Corp.(b)
5.13%, 12/01/24			46		50,083
4.00%, 12/01/27			73		77,654
6.88%, 07/15/33			44		55,656
Suzano Austria GmbH
3.75%, 01/15/31(g)			105		109,725
3.13%, 01/15/32			145		143,608
					2,641,917
Diversified Consumer Services — 1.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)
6.63%, 07/15/26(g)			1,998		2,118,340
9.75%, 07/15/27(g)			774		852,367
6.00%, 06/01/29			556		563,667
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28			1,548		1,550,905
Ascend Learning LLC(b)
6.88%, 08/01/25(g)			690		702,938
6.88%, 08/01/25			317		321,419
Bidfair Holdings, Inc., 5.88%, 06/01/29(b)			407		413,105
Clarivate Science Holdings Corp.(b)
3.88%, 06/30/28			374		377,407
4.88%, 06/30/29			514		527,493
Garda World Security Corp.(b)
4.63%, 02/15/27			284		285,420
9.50%, 11/01/27(g)			191		211,533
Graham Holdings Co., 5.75%, 06/01/26(b)			140		145,600
Rekeep SpA, 7.25%, 02/01/26	EUR		100		127,622
Service Corp. International
5.13%, 06/01/29	USD		238		258,230
3.38%, 08/15/30(g)			263		257,687
4.00%, 05/15/31			358		365,402
Sotheby’s, 7.38%, 10/15/27(b)(g)			451		486,516
					9,565,651
Diversified Financial Services — 2.7%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28(b)			403		401,735
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		139,197
Barclays PLC
3.65%, 03/16/25(g)	USD		3,600		3,898,008
5.20%, 05/12/26			200		228,428
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(a)(b)(g)(l)			1,500		1,561,530
Central Garden & Pet Co.
4.13%, 10/15/30			188		191,995
4.13%, 04/30/31(b)			195		197,194
Citigroup, Inc.(a)(l)
(5 year CMT + 3.42%), 3.88%(g)			2,000		2,042,500
Series W, (5 year CMT + 3.60%), 4.00%			155		160,231
Credit Suisse Group AG, (5 year CMT + 3.55%), 4.50%(a)(b)(l)			200		198,480
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		144,001
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(h)	USD		223		224,470

Security		Par (000)		Value
Diversified Financial Services (continued)
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(a)(g)(l)	USD		730	$	780,268
HSBC Holdings PLC
4.38%, 11/23/26(g)			395		445,402
(5 year CMT + 3.22%), 4.00%(a)(l)			290		294,712
(5 year USD ICE Swap + 4.37%), 6.38%(a)(g)(l)			1,250		1,393,500
Intrum AB, 3.00%, 09/15/27	EUR		100		117,208
ION Trading Technologies Sarl, 5.75%, 05/15/28(b)	USD		200		207,647
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b)
5.25%, 03/15/22			23		23,115
4.25%, 02/01/27(g)			315		314,554
4.75%, 06/15/29			137		137,000
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(a)(g)(l)			450		517,500
Manappuram Finance Ltd., 5.90%, 01/13/23			200		206,350
Morgan Stanley, 4.00%, 07/23/25(g)			965		1,073,327
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(g)			300		299,212
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/22			420		429,681
5.10%, 07/16/23			200		202,600
Spectrum Brands, Inc.(b)
5.00%, 10/01/29			178		188,680
5.50%, 07/15/30			154		165,935
3.88%, 03/15/31			98		96,298
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/26(b)			218		227,614
					16,508,372
Diversified Telecommunication Services — 2.8%
Axtel SAB de CV, 6.38%, 11/14/24(b)			200		208,537
Cincinnati Bell, Inc.(b)
7.00%, 07/15/24			144		147,780
8.00%, 10/15/25			67		70,434
Consolidated Communications, Inc., 6.50%, 10/01/28(b)(g)			471		506,678
Intelsat Jackson Holdings SA, 8.00%, 02/15/24(b)			476		491,599
Level 3 Financing, Inc.
5.38%, 05/01/25			90		91,912
4.63%, 09/15/27(b)			111		115,209
4.25%, 07/01/28(b)(g)			714		724,539
3.75%, 07/15/29(b)			250		243,125
Lumen Technologies, Inc.
5.13%, 12/15/26(b)(g)			713		740,629
4.00%, 02/15/27(b)(g)			349		355,980
4.50%, 01/15/29(b)			551		537,748
5.38%, 06/15/29(b)			444		450,387
Series P, 7.60%, 09/15/39(g)			124		141,050
Series U, 7.65%, 03/15/42(g)			290		325,525
Series W, 6.75%, 12/01/23(g)			512		567,798
Series Y, 7.50%, 04/01/24(g)			516		579,210
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)			212		217,427
SoftBank Group Corp.
4.50%, 04/20/25	EUR		100		128,487
4.75%, 07/30/25			100		130,433
5.00%, 04/15/28			100		132,643

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Sprint Capital Corp.(g)
6.88%, 11/15/28	USD		1,287	$	1,650,577
8.75%, 03/15/32			688		1,045,760
Switch Ltd.(b)
3.75%, 09/15/28			348		352,350
4.13%, 06/15/29			223		228,854
Telecom Italia Capital SA
6.38%, 11/15/33			222		264,735
6.00%, 09/30/34(g)			432		498,420
7.20%, 07/18/36			98		126,420
7.72%, 06/04/38			44		59,984
Telecom Italia SpA
4.00%, 04/11/24	EUR		150		191,864
5.30%, 05/30/24(b)(g)	USD		200		218,940
1.63%, 01/18/29	EUR		100		116,536
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(b)	USD		351		350,122
Verizon Communications, Inc.(g)
3.38%, 02/15/25			156		169,471
3.70%, 03/22/61			1,000		1,071,059
Zayo Group Holdings, Inc.(b)(g)
4.00%, 03/01/27			2,674		2,655,603
6.13%, 03/01/28			1,399		1,428,729
					17,336,554
Education — 0.0%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		203,000
Electric Utilities — 0.7%
Black Hills Corp., 3.15%, 01/15/27(g)			305		324,954
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			275		271,528
Enel Finance International NV, 3.63%, 05/25/27(b)(g)			900		988,610
Energuate Trust, 5.88%, 05/03/27(b)			200		208,162
Exelon Corp., 3.40%, 04/15/26(g)			140		152,437
FirstEnergy Corp.
2.65%, 03/01/30			26		25,895
Series B, 4.40%, 07/15/27			136		147,900
Series B, 2.25%, 09/01/30			21		20,135
Series C, 7.38%, 11/15/31			31		42,455
Series C, 5.35%, 07/15/47(g)			503		603,600
Series C, 3.40%, 03/01/50			191		186,703
FirstEnergy Transmission LLC(b)
5.45%, 07/15/44			378		471,652
4.55%, 04/01/49			163		191,177
NextEra Energy Operating Partners LP(b)
4.25%, 07/15/24(g)			170		179,350
4.25%, 09/15/24			9		9,495
PG&E Corp., 5.25%, 07/01/30			233		235,213
Pike Corp., 5.50%, 09/01/28(b)			250		260,000
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 11/10/21(c)(e)(i)			780		—
					4,319,266
Electrical Equipment(b) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			352		368,725
GrafTech Finance, Inc., 4.63%, 12/15/28			136		139,570
					508,295

Security		Par (000)		Value
Electronic Equipment, Instruments & Components — 0.4%
BWX Technologies, Inc.(b)
5.38%, 07/15/26	USD		209	$	214,528
4.13%, 06/30/28			251		255,706
4.13%, 04/15/29			174		177,045
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25			188		196,460
3.25%, 02/15/29(g)			309		313,079
Energizer Holdings, Inc.(b)
4.75%, 06/15/28			256		262,336
4.38%, 03/31/29			19		19,020
Imola Merger Corp., 4.75%, 05/15/29(b)			616		633,710
Xerox Corp., 4.80%, 03/01/35			203		203,761
					2,275,645
Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
6.88%, 04/01/27			139		147,514
6.25%, 04/01/28(g)			706		737,000
ChampionX Corp., 6.38%, 05/01/26			192		201,101
Halliburton Co., 3.80%, 11/15/25(g)			7		7,737
Pioneer Energy Services Corp.(b)(c)(h)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25.			108		108,634
(5.00% PIK), 5.00%, 11/15/25			80		88,461
TechnipFMC PLC, 6.50%, 02/01/26(b)(g)			321		346,605
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			336		351,960
6.88%, 09/01/27(g)			632		675,153
					2,664,165
Environmental, Maintenance, & Security Service — 0.5%
Clean Harbors, Inc.(b)(g)
4.88%, 07/15/27			250		261,875
5.13%, 07/15/29			172		187,050
Covanta Holding Corp., 5.00%, 09/01/30			139		145,950
GFL Environmental, Inc.(b)
4.25%, 06/01/25			86		89,572
3.75%, 08/01/25			266		273,315
5.13%, 12/15/26(g)			401		424,226
4.00%, 08/01/28			337		332,906
3.50%, 09/01/28			198		197,505
4.75%, 06/15/29			398		413,243
Stericycle, Inc., 3.88%, 01/15/29(b)			162		161,681
Tervita Corp., 11.00%, 12/01/25(b)			191		213,868
Waste Pro USA, Inc., 5.50%, 02/15/26(b)(g)			471		486,190
					3,187,381
Equity Real Estate Investment Trusts (REITs) — 1.6%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50			450		515,670
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(b)			141		148,226
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(b)			163		166,443
ERP Operating LP, 3.38%, 06/01/25(g)			1,015		1,097,447
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b)(g)			219
					216,754
Iron Mountain, Inc.(b)(g)
5.25%, 07/15/30			389		411,788
5.63%, 07/15/32			372		398,159

62 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security			Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
LMIRT Capital Pte Ltd., 7.25%, 06/19/24		USD		229	$	238,492
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(g)				1,020		1,104,611
4.63%, 06/15/25(b)				455		486,108
4.50%, 09/01/26(g)				637		679,997
5.75%, 02/01/27				27		30,041
4.50%, 01/15/28				432		456,840
3.88%, 02/15/29(b)				308		312,796
MPT Operating Partnership LP/MPT Finance Corp.(g)
5.00%, 10/15/27				66		69,966
4.63%, 08/01/29				399		427,114
3.50%, 03/15/31				962		971,610
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27(g)				604		620,338
4.50%, 02/15/29(b)				179		179,147
RLJ Lodging Trust LP, 3.75%, 07/01/26(b)				135		136,350
Starwood Property Trust, Inc., 5.00%, 12/15/21				234		235,170
Trust Fibra Uno, 6.95%, 01/30/44				200		243,900
Ventas Realty LP, 4.13%, 01/15/26(g)				650		726,327
XHR LP, 4.88%, 06/01/29(b)				63		65,047
						9,938,341
Food & Staples Retailing — 1.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.75%, 03/15/25				11		11,248
3.25%, 03/15/26(b)(g)				582		590,294
7.50%, 03/15/26(b)(g)				107		117,433
4.63%, 01/15/27(b)(g)				766		801,198
5.88%, 02/15/28(b)				320		344,766
4.88%, 02/15/30(b)				138		147,178
BRF GmbH, 4.35%, 09/29/26				200		210,413
Cydsa SAB de CV, 6.25%, 10/04/27(b)(g)				252		265,595
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)				200		208,725
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24				200		206,100
Kraft Heinz Foods Co.
4.25%, 03/01/31(g)				604		686,137
5.00%, 07/15/35				127		155,781
6.88%, 01/26/39(g)				233		334,683
4.63%, 10/01/39				77		89,679
6.50%, 02/09/40				155		215,260
5.00%, 06/04/42				129		157,522
5.20%, 07/15/45(g)				351		435,746
4.38%, 06/01/46(g)				410		464,611
4.88%, 10/01/49(g)				906		1,099,840
5.50%, 06/01/50(g)				1,186		1,539,135
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(b)(g)	��			156		172,575
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23(a)		EUR		100		118,466
Post Holdings, Inc.(b)
5.75%, 03/01/27		USD		253		264,701
5.63%, 01/15/28				73		77,380
5.50%, 12/15/29(g)				230		246,388
4.63%, 04/15/30(g)				170		172,861

Security		Par (000)		Value
Food & Staples Retailing (continued)
Post Holdings, Inc.(b) (continued)
4.50%, 09/15/31	USD		61	$	60,899
US Foods, Inc., 4.75%, 02/15/29(b)			301		307,020
					9,501,634
Food Products(b) — 0.7%
Aramark Services, Inc.(g)
5.00%, 04/01/25			623		638,575
5.00%, 02/01/28			658		689,058
Chobani LLC/Chobani Finance Corp., Inc.(g)
7.50%, 04/15/25			512		532,690
4.63%, 11/15/28			242		250,772
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%(a)(l)			200		210,190
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(g)			361		394,844
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(g)
6.50%, 04/15/29			625		702,350
3.75%, 12/01/31			355		363,254
MHP Lux SA, 6.25%, 09/19/29			200		198,850
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			284		286,468
					4,267,051
Gas Utilities(b) — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31			167		170,966
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29			48		49,441
					220,407
Health Care Equipment & Supplies(b) — 0.5%
Avantor Funding, Inc., 4.63%, 07/15/28(g)			959		1,012,483
Hologic, Inc., 3.25%, 02/15/29			87		86,239
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical
Diagnostics SA(g)
7.38%, 06/01/25			353		379,034
7.25%, 02/01/28			1,479		1,615,438
					3,093,194
Health Care Providers & Services — 4.1%
Acadia Healthcare Co., Inc.(b)
5.50%, 07/01/28			204		217,770
5.00%, 04/15/29			171		178,339
AdaptHealth LLC(b)
6.13%, 08/01/28			147		156,539
4.63%, 08/01/29			105		106,313
AHP Health Partners, Inc.(b)
9.75%, 07/15/26			353		379,757
5.75%, 07/15/29(d)			274		277,768
Anthem, Inc., 2.75%, 10/15/42(j)			128		690,906
Centene Corp.
4.25%, 12/15/27(g)			372		391,995
2.45%, 07/15/28(d)			771		781,408
4.63%, 12/15/29(g)			1,590		1,748,634
3.00%, 10/15/30(g)			470		482,822
2.50%, 03/01/31(g)			1,159		1,143,064
CHS/Community Health Systems, Inc.(b) 6.63%, 02/15/25(g)			703		743,415

SCHEDULE   OF   INVESTMENTS 63

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.(b) (continued)
8.00%, 03/15/26(g)	USD		1,265	$	1,363,037
5.63%, 03/15/27(g)			632		674,660
6.00%, 01/15/29			502		537,140
6.88%, 04/15/29			58		60,695
6.13%, 04/01/30			243		246,645
DaVita, Inc., 4.63%, 06/01/30(b)			127		130,584
Encompass Health Corp.
4.50%, 02/01/28			45		46,686
4.75%, 02/01/30			383		406,938
4.63%, 04/01/31			211		226,076
HCA, Inc.
5.38%, 02/01/25(g)			381		429,768
5.88%, 02/15/26			46		53,160
5.38%, 09/01/26(g)			430		494,822
5.63%, 09/01/28(g)			692		820,020
5.88%, 02/01/29(g)			516		623,070
3.50%, 09/01/30(g)			826		879,996
5.50%, 06/15/47(g)			650		846,574
Legacy LifePoint Health LLC(b)
6.75%, 04/15/25			190		202,474
4.38%, 02/15/27			217		219,604
LifePoint Health, Inc., 5.38%, 01/15/29(b)			238		232,050
ModivCare, Inc., 5.88%, 11/15/25(b)			71		75,970
Molina Healthcare, Inc.(b)
4.38%, 06/15/28			336		350,280
3.88%, 11/15/30			280		291,550
Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)			312		337,765
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b)			53		57,041
Surgery Center Holdings, Inc.(b)(g)
6.75%, 07/01/25			611		623,220
10.00%, 04/15/27			676		741,910
Teleflex, Inc.
4.63%, 11/15/27			58		61,781
4.25%, 06/01/28(b)(g)			368		383,640
Tenet Healthcare Corp.
4.63%, 07/15/24(g)			514		521,556
4.63%, 09/01/24(b)(g)			367		376,674
7.50%, 04/01/25(b)			163		176,061
4.88%, 01/01/26(b)(g)			1,596		1,655,371
6.25%, 02/01/27(b)(g)			52		54,275
5.13%, 11/01/27(b)(g)			562		589,397
4.63%, 06/15/28(b)			81		83,365
6.13%, 10/01/28(b)(g)			395		420,928
4.25%, 06/01/29(b)			298		301,725
UnitedHealth Group, Inc., 3.75%, 07/15/25(g)			1,470		1,631,081
Vizient, Inc., 6.25%, 05/15/27(b)			407		430,403
					24,956,722
Health Care Technology — 0.7%
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27(b)(g)			365		381,410
2.38%, 03/01/28	EUR		100		118,812
3.13%, 02/15/29(b)	USD		180		174,308
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(b)(g)			791		803,854
Charles River Laboratories International, Inc.(b)
4.25%, 05/01/28			159		164,366
3.75%, 03/15/29			34		34,468
4.00%, 03/15/31			98		101,952
Indigo Merger Sub, Inc., 2.88%, 07/15/26(b)(d)			484		491,652

Security		Par (000)		Value
Health Care Technology (continued)
IQVIA, Inc.(b)(g)
5.00%, 10/15/26	USD		463	$	479,205
5.00%, 05/15/27			637		667,258
Mednax, Inc., 6.25%, 01/15/27(b)			245		259,394
Syneos Health, Inc., 3.63%, 01/15/29(b)(g)			465		460,350
					4,137,029
Hotels, Restaurants & Leisure — 4.2%
1011778 BC ULC/New Red Finance, Inc.(b)
5.75%, 04/15/25			207		219,163
3.88%, 01/15/28(d)(g)			549		555,862
4.38%, 01/15/28			134		135,843
Accor SA, 0.70%, 12/07/27	EUR		31		19,529
Affinity Gaming, 6.88%, 12/15/27(b)	USD		34		36,083
Boyd Gaming Corp.
8.63%, 06/01/25(b)			97		106,930
4.75%, 12/01/27			179		185,265
4.75%, 06/15/31(b)			376		390,100
Boyne USA, Inc., 4.75%, 05/15/29(b)			235		242,457
Caesars Entertainment, Inc.(b)(g)
6.25%, 07/01/25			1,466		1,553,960
8.13%, 07/01/27			1,308		1,454,758
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)(g)			478		503,692
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)(g)			504		526,050
Champion Path Holdings Ltd.
4.50%, 01/27/26			232		241,280
4.85%, 01/27/28			231		240,789
Churchill Downs, Inc.(b)
5.50%, 04/01/27(g)			702		731,524
4.75%, 01/15/28			358		370,426
Cirsa Finance International Sarl, 4.75%, 05/22/25	EUR		100		119,020
Everi Holdings, Inc., 5.00%, 07/15/29(b)(d)	USD		51		51,000
Fortune Star BVI Ltd.
5.95%, 01/29/23			200		204,975
6.75%, 07/02/23			250		262,312
5.95%, 10/19/25			475		499,284
5.05%, 01/27/27			200		201,100
Golden Nugget, Inc., 6.75%, 10/15/24(b)(g)			1,462		1,476,942
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25(b)			145		152,613
5.75%, 05/01/28(b)			99		107,125
4.88%, 01/15/30(g)			952		1,016,260
4.00%, 05/01/31(b)			233		235,067
International Game Technology PLC, 3.50%, 06/15/26	EUR		100		121,421
Marriott Ownership Resorts, Inc., 4.50%, 06/15/29(b)	USD		151		153,076
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			40		41,550
McDonald’s Corp., 3.70%, 01/30/26(g)			405		450,053
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		259,422
Merlin Entertainments Ltd., 5.75%, 06/15/26(b)			200		209,262
MGM China Holdings Ltd., 5.88%, 05/15/26			250		261,922
MGM Resorts International
7.75%, 03/15/22(g)			575		600,990
6.00%, 03/15/23(g)			416		444,995
5.75%, 06/15/25			29		31,980
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			259		259,324

64 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Penn National Gaming, Inc., 4.13%, 07/01/29(b)(d)	USD		128	$	127,840
Playtika Holding Corp., 4.25%, 03/15/29(b)			414		413,714
Powdr Corp., 6.00%, 08/01/25(b)			229		240,450
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(b)			177		179,474
Scientific Games International, Inc.
8.63%, 07/01/25(b)			203		222,285
5.00%, 10/15/25(b)(g)			766		790,895
3.38%, 02/15/26	EUR		100		118,883
8.25%, 03/15/26(b)(g)	USD		565		605,951
7.00%, 05/15/28(b)			174		190,043
7.25%, 11/15/29(b)			51		57,528
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(b)(g)			753		811,508
Spirit Issuer PLC, Series A5, 5.47%, 12/28/34	GBP		2,550		3,919,377
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25			100		144,555
Studio City Finance Ltd., 6.00%, 07/15/25	USD		346		362,932
Vail Resorts, Inc., 6.25%, 05/15/25(b)			154		164,839
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)			158		164,037
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)			192		206,227
Wynn Macau Ltd.
5.50%, 01/15/26			347		362,463
5.50%, 10/01/27			200		207,600
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)
7.75%, 04/15/25			239		257,523
5.13%, 10/01/29(g)			748		790,075
Yum! Brands, Inc.
7.75%, 04/01/25(b)(g)			395		429,562
4.75%, 01/15/30(b)(g)			279		302,020
3.63%, 03/15/31			96		95,520
5.35%, 11/01/43			71		75,438
					25,914,143
Household Durables — 0.6%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(b)
5.00%, 06/15/29			208		209,560
4.88%, 02/15/30(g)			412		408,004
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(b)			253		271,186
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(g)			200		233,037
Forestar Group, Inc., 3.85%, 05/15/26(b)			104		104,941
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b)			307		325,420
KB Home, 4.00%, 06/15/31			96		96,840
LGI Homes, Inc., 4.00%, 07/15/29(b)			78		78,390
Mattamy Group Corp., 4.63%, 03/01/30(b)			233		238,009
Meritage Homes Corp., 5.13%, 06/06/27			50		55,875
Modern Land China Co. Ltd., 9.80%, 04/11/23			231		208,376
NCR Corp.(b)
5.75%, 09/01/27			220		232,788
5.00%, 10/01/28			110		113,748
5.13%, 04/15/29			185		190,781
6.13%, 09/01/29			92		100,280
5.25%, 10/01/30			111		115,163
Newell Brands, Inc., 6.00%, 04/01/46			37		46,886
Taylor Morrison Communities, Inc.(b)
5.88%, 06/15/27			245		277,156
5.13%, 08/01/30			54		58,530
Tempur Sealy International, Inc., 4.00%, 04/15/29(b)			272		275,386

Security		Par (000)		Value
Household Durables (continued)
Toll Brothers Finance Corp., 4.35%, 02/15/28	USD		12	$	13,170
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24			11		12,239
Tri Pointe Homes, Inc., 5.25%, 06/01/27			15		16,275
					3,682,040
Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22(a)(c)(e)(i)			200		—
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26(b)			175		177,625
					177,625
Independent Power and Renewable Electricity Producers — 1.2%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24			200		220,912
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		211,475
Calpine Corp.(b)
5.25%, 06/01/26(g)			481		494,829
4.50%, 02/15/28(g)			494		503,880
5.13%, 03/15/28(g)			1,275		1,297,312
4.63%, 02/01/29(g)			230		226,122
5.00%, 02/01/31			222		220,890
3.75%, 03/01/31			5		4,762
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)(g)			287		300,991
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)			200		204,787
Greenko Dutch BV, 3.85%, 03/29/26			200		205,000
Greenko Mauritius Ltd., 6.25%, 02/21/23			200		206,000
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			200		215,475
India Green Energy Holdings
5.38%, 04/29/24(b)			250		261,797
5.38%, 04/29/24			250		261,797
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)			200		216,250
NRG Energy, Inc.
6.63%, 01/15/27(g)			745		771,239
5.75%, 01/15/28			63		67,095
5.25%, 06/15/29(b)(g)			253		269,129
3.63%, 02/15/31(b)(g)			277		272,208
ReNew Power Pvt Ltd., 5.88%, 03/05/27			200		212,975
ReNew Power Synthetic, 6.67%, 03/12/24			200		209,912
TerraForm Power Operating LLC(b)
4.25%, 01/31/23			106		108,783
5.00%, 01/31/28			96		101,640
4.75%, 01/15/30			186		190,496
					7,255,756
Insurance — 2.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)(g)
4.25%, 10/15/27			1,112		1,128,669
6.75%, 10/15/27			1,882		1,977,907
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25(g)			360		395,235
AmWINS Group, Inc., 7.75%, 07/01/26(b)			123		130,460
Aon PLC, 3.88%, 12/15/25(g)			1,115		1,238,069
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(a)(l)			306		329,868
AssuredPartners, Inc., 5.63%, 01/15/29(b)			267		267,000
BroadStreet Partners, Inc., 5.88%, 04/15/29(b)			191		194,820

SCHEDULE   OF   INVESTMENTS 65

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
GTCR AP Finance, Inc., 8.00%, 05/15/27(b)	USD		379	$	403,635
HUB International Ltd., 7.00%, 05/01/26(b)(g)			1,226		1,271,472
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(a)(b)(g)			595		649,234
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		133,297
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(a)(g)	USD		3,500		3,745,000
					11,864,666
Interactive Media & Services — 0.7%
21Vianet Group, Inc., 7.88%, 10/15/21			200		199,850
Arches Buyer, Inc., 4.25%, 06/01/28(b)			110		108,763
Cablevision Lightpath LLC(b)
3.88%, 09/15/27			200		197,668
5.63%, 09/15/28			400		407,400
Netflix, Inc.
3.63%, 06/15/25(b)			96		103,089
4.88%, 04/15/28			109		126,712
5.88%, 11/15/28(g)			730		896,024
6.38%, 05/15/29			34		43,427
5.38%, 11/15/29(b)(g)			827		1,004,471
3.63%, 06/15/30	EUR		100		140,867
4.88%, 06/15/30(b)(g)	USD		467		555,403
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/28(b)			337		337,738
Twitter, Inc., 3.88%, 12/15/27(b)			241		256,062
United Group BV, 4.00%, 11/15/27	EUR		100		117,733
					4,495,207
Internet Software & Services — 1.1%
Airbnb, Inc., 0.00%, 03/15/26(b)(j)(k)	USD		567		534,397
ANGI Group LLC, 3.88%, 08/15/28(b)			262		260,362
Booking Holdings, Inc., 0.75%, 05/01/25(j)			682		964,348
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(b)
5.25%, 12/01/27			303		318,150
3.50%, 03/01/29			125		124,188
Match Group Holdings II LLC(b)
4.63%, 06/01/28			157		163,260
5.63%, 02/15/29			177		191,160
4.13%, 08/01/30			198		201,465
Uber Technologies, Inc.(b)
7.50%, 05/15/25(g)			734		792,133
0.00%, 12/15/25(j)(k)			1,582		1,604,148
8.00%, 11/01/26(g)			311		335,102
7.50%, 09/15/27(g)			567		623,122
6.25%, 01/15/28(g)			318		342,235
Zillow Group, Inc., 1.38%, 09/01/26(j)			55		155,402
					6,609,472
IT Services — 1.3%
Ahead DB Holdings LLC, 6.63%, 05/01/28(b)			144		148,974
Austin BidCo, Inc., 7.13%, 12/15/28(b)			72		73,778
Banff Merger Sub, Inc., 9.75%, 09/01/26(b)(g)			1,533		1,613,482
Booz Allen Hamilton, Inc.(b)
3.88%, 09/01/28(g)			363		370,260
4.00%, 07/01/29			378		386,505
Camelot Finance SA, 4.50%, 11/01/26(b)(g)			564		590,085
Castle US Holding Corp., 9.50%, 02/15/28(b)			296		308,580
Dun & Bradstreet Corp.(b)(g)
6.88%, 08/15/26			597		632,820
10.25%, 02/15/27			297		327,956

Security		Par (000)		Value
IT Services (continued)
Fair Isaac Corp., 4.00%, 06/15/28(b)	USD		169	$	174,689
Gartner, Inc.(b)
4.50%, 07/01/28			35		36,964
3.63%, 06/15/29			204		207,060
3.75%, 10/01/30(g)			416		425,614
KBR, Inc., 4.75%, 09/30/28(b)			186		186,000
Rackspace Technology Global, Inc., 5.38%, 12/01/28(b)(g)			426		436,650
Science Applications International Corp., 4.88%, 04/01/28(b)(g)			254		266,382
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.(b)
5.75%, 06/01/25			243		255,757
6.75%, 06/01/25(g)			934		949,766
Twilio, Inc., 3.88%, 03/15/31			198		203,198
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)			252		250,425
					7,844,945
Leisure Products — 0.2%
Mattel, Inc.
6.75%, 12/31/25(b)(g)			295		309,956
5.88%, 12/15/27(b)			293		319,370
3.75%, 04/01/29(b)			103		107,120
6.20%, 10/01/40			90		110,925
5.45%, 11/01/41			91		104,878
					952,249
Machinery — 0.7%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(b)			108		110,565
Colfax Corp., 6.38%, 02/15/26(b)			127		134,112
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(h)			581		630,385
Madison IAQ LLC(b)
4.13%, 06/30/28			97		97,970
5.88%, 06/30/29			705		717,337
Mueller Water Products, Inc., 4.00%, 06/15/29(b)			138		141,812
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(b)			353		360,060
Stevens Holding Co., Inc., 6.13%, 10/01/26(b)			167		179,108
Terex Corp., 5.00%, 05/15/29(b)			298		310,665
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(b)(g)			727		753,354
TK Elevator Midco GmbH, 4.38%, 07/15/27	EUR		100		123,829
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(g)	USD		394		415,177
Vertical Holdco GmbH, 7.63%, 07/15/28(b)			400		434,076
					4,408,450
Media — 9.2%
Altice Financing SA
7.50%, 05/15/26(b)(g)			1,143		1,190,206
3.00%, 01/15/28	EUR		100		112,726
5.00%, 01/15/28(b)(g)	USD		378		370,504
Altice France Holding SA(b)
10.50%, 05/15/27(g)			1,473		1,636,871
6.00%, 02/15/28			382		380,396
AMC Networks, Inc.
4.75%, 08/01/25			222		227,927
4.25%, 02/15/29			123		124,076
Block Communications, Inc., 4.88%, 03/01/28(b)			128		130,560
Cable One, Inc.(b)
1.13%, 03/15/28(j)			1,028		1,045,493

66 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Cable One, Inc.(b) (continued)
4.00%, 11/15/30	USD		178	$	178,667
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(b)(g)			680		713,252
5.00%, 02/01/28(b)			34		35,658
5.38%, 06/01/29(b)(g)			731		799,056
4.75%, 03/01/30(b)			132		139,590
4.50%, 08/15/30(b)(g)			1,300		1,353,578
4.25%, 02/01/31(b)(g)			678		690,712
4.50%, 05/01/32(g)			734		760,607
4.50%, 06/01/33(b)			362		370,420
Charter Communications Operating LLC/Charter Communications Operating Capital(g)
4.91%, 07/23/25			2,425		2,747,309
5.38%, 05/01/47			425		520,799
Cinemark USA, Inc., 5.25%, 07/15/28(b)			114		116,850
Clear Channel International BV, 6.63%, 08/01/25(b)			384		403,519
Clear Channel Outdoor Holdings, Inc.(b)
7.75%, 04/15/28			487		510,142
7.50%, 06/01/29			694		718,524
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(g)			1,880		1,927,414
Comcast Corp., 3.95%, 10/15/25(g)			3,000		3,361,441
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(b)(g)			2,266		2,396,295
CSC Holdings LLC
6.75%, 11/15/21			187		190,684
5.25%, 06/01/24			123		133,296
6.50%, 02/01/29(b)(g)			865		958,074
5.75%, 01/15/30(b)(g)			660		685,575
4.13%, 12/01/30(b)(g)			397		394,519
4.63%, 12/01/30(b)(g)			1,243		1,219,520
3.38%, 02/15/31(b)(g)			257		242,842
4.50%, 11/15/31(b)(g)			468		470,874
5.00%, 11/15/31(b)			262		263,258
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(g)			511		330,872
Discovery Communications LLC(g)
3.25%, 04/01/23			1,490		1,551,843
3.45%, 03/15/25			170		182,644
DISH DBS Corp.
5.88%, 07/15/22(g)			1,233		1,286,266
5.00%, 03/15/23			358		374,694
7.75%, 07/01/26(g)			853		966,022
5.13%, 06/01/29(b)			574		566,785
DISH Network Corp.(j)
2.38%, 03/15/24			312		302,445
3.38%, 08/15/26			922		940,901
Frontier Communications Holdings LLC(b)
5.88%, 10/15/27(g)			462		494,917
5.00%, 05/01/28(g)			674		696,801
6.75%, 05/01/29			639		679,430
GCI LLC, 4.75%, 10/15/28(b)			89		91,092
Hughes Satellite Systems Corp., 5.25%, 08/01/26(g)			177		198,272
iHeartCommunications, Inc.
6.38%, 05/01/26			264		281,012
8.38%, 05/01/27			35		37,494
5.25%, 08/15/27(b)			122		127,539
4.75%, 01/15/28(b)			78		80,243

Security		Par (000)		Value
Media (continued)
Lamar Media Corp., 4.00%, 02/15/30	USD		126	$	127,526
LCPR Senior Secured Financing DAC(b)(g)
6.75%, 10/15/27			400		431,080
5.13%, 07/15/29			568		587,170
Liberty Broadband Corp.(b)(j)
1.25%, 09/30/50			502		505,263
2.75%, 09/30/50			825		866,183
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(h)			470		463,364
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b)			63		66,229
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)			200		203,937
Live Nation Entertainment, Inc.
2.50%, 03/15/23(j)			473		660,450
4.88%, 11/01/24(b)			31		31,496
2.00%, 02/15/25(j)			857		956,412
6.50%, 05/15/27(b)(g)			966		1,072,067
4.75%, 10/15/27(b)			91		94,299
3.75%, 01/15/28(b)			189		189,835
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		100		120,650
Meredith Corp., 6.88%, 02/01/26	USD		45		46,800
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b)			177		185,850
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(l)			520		555,100
News Corp., 3.88%, 05/15/29(b)			124		125,240
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27(g)			383		396,554
4.25%, 01/15/29			121		121,756
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(b)(g)			228		243,823
Radiate Holdco LLC/Radiate Finance, Inc.(b)(g)
4.50%, 09/15/26			886		917,010
6.50%, 09/15/28			2,011		2,112,857
Sable International Finance Ltd.
5.75%, 09/07/27			270		284,094
5.75%, 09/07/27(b)			200		210,440
Scripps Escrow II, Inc.(b)
3.88%, 01/15/29			17		16,865
5.38%, 01/15/31			169		168,466
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)			273		268,222
Sirius XM Radio, Inc.(b)
5.00%, 08/01/27			170		178,117
4.00%, 07/15/28			543		559,290
5.50%, 07/01/29(g)			887		966,564
4.13%, 07/01/30(g)			220		221,954
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		124,053
TEGNA, Inc., 5.50%, 09/15/24(b)	USD		28		28,490
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(b)			200		210,400
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(b)			252		243,180
Terrier Media Buyer, Inc., 8.88%, 12/15/27(b)(g)			654		707,137
Univision Communications, Inc.(b)
5.13%, 02/15/25			133		135,687
6.63%, 06/01/27			132		143,029
UPC Broadband Finco BV, 4.88%, 07/15/31(b)			449		450,033
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		121,073
Videotron Ltd.(b)
5.13%, 04/15/27(g)	USD		439		458,755

SCHEDULE   OF   INVESTMENTS 67

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Videotron Ltd.(b) (continued)
3.63%, 06/15/29	USD		362	$	369,135
Virgin Media Secured Finance PLC(b)
5.50%, 08/15/26			200		206,250
5.50%, 05/15/29(g)			200		215,000
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b)(g)			754		769,080
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			200		199,730
WMG Acquisition Corp., 3.88%, 07/15/30(b)			136		137,346
Ziggo Bond Co. BV(b)
6.00%, 01/15/27			199		207,955
5.13%, 02/28/30			225		230,285
Ziggo BV(b)(g)
5.50%, 01/15/27			534		554,826
4.88%, 01/15/30			200		205,000
					56,381,913
Metals & Mining — 1.7%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			250		269,578
Allegheny Technologies, Inc., 7.88%, 08/15/23			68		74,545
Arconic Corp.(b)
6.00%, 05/15/25(g)			332		353,836
6.13%, 02/15/28			343		367,943
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(g)			1,049		1,155,211
Constellium SE(b)
5.88%, 02/15/26(g)			588		605,464
5.63%, 06/15/28			250		268,125
3.75%, 04/15/29			506		500,940
Freeport-McMoRan, Inc.
4.38%, 08/01/28			272		287,300
5.40%, 11/14/34			31		37,442
5.45%, 03/15/43			1,051		1,284,658
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(b)			200		217,600
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(b)(g)			371		379,362
HTA Group Ltd., 7.00%, 12/18/25(b)			200		212,287
JSW Steel Ltd., 5.95%, 04/18/24			200		213,475
Kaiser Aluminum Corp.(b)
4.63%, 03/01/28			66		68,186
4.50%, 06/01/31			129		132,295
New Gold, Inc., 7.50%, 07/15/27(b)(g)			545		591,325
Nexa Resources SA, 5.38%, 05/04/27(b)			237		254,005
Novelis Corp.(b)(g)
5.88%, 09/30/26			373		388,015
4.75%, 01/30/30			881		925,050
Periama Holdings LLC, 5.95%, 04/19/26			200		217,100
thyssenkrupp AG
1.88%, 03/06/23	EUR		43		51,083
2.88%, 02/22/24			84		101,018
Usiminas International Sarl, 5.88%, 07/18/26(b)	USD		200		216,525
Vale Overseas Ltd.(g)
6.25%, 08/10/26			63		75,553
3.75%, 07/08/30			155		164,843
Vedanta Resources Finance II PLC
8.00%, 04/23/23			313		296,039
13.88%, 01/21/24			200		217,400

Security		Par (000)		Value
Metals & Mining (continued)
Vedanta Resources Finance II PLC (continued)
8.95%, 03/11/25	USD		293	$	287,140
8.95%, 03/11/25(b)			200		196,000
					10,409,343
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29(b)			174		171,581
Multi-line Retail — 0.1%
Future Retail Ltd., 5.60%, 01/22/25			200		147,163
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b)			396		422,730
					569,893
Offshore Drilling & Other Services — 0.1%
Applied Materials, Inc., 3.90%, 10/01/25(g)			285		318,844
Entegris, Inc.(b)
4.38%, 04/15/28			231		241,106
3.63%, 05/01/29			97		98,213
					658,163
Oil, Gas & Consumable Fuels — 9.3%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b)(g)			648		701,590
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)
7.88%, 05/15/26			201		224,640
5.75%, 03/01/27			226		235,040
5.75%, 01/15/28			59		62,084
5.38%, 06/15/29			206		214,755
Antero Resources Corp., 5.38%, 03/01/30(b)			181		184,734
Apache Corp.
4.88%, 11/15/27			211		228,511
4.38%, 10/15/28			31		33,000
4.25%, 01/15/30			187		197,285
5.10%, 09/01/40(g)			306		320,535
5.25%, 02/01/42			40		42,300
4.75%, 04/15/43(g)			328		341,022
4.25%, 01/15/44			184		179,790
5.35%, 07/01/49			72		75,780
Arcosa, Inc., 4.38%, 04/15/29(b)			374		380,545
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b)
9.00%, 11/01/27			225		310,981
8.25%, 12/31/28			115		126,500
5.88%, 06/30/29			379		379,000
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(k)			146		109,951
Brand Industrial Services, Inc., 8.50%, 07/15/25(b)(g)			498		506,332
Buckeye Partners LP
4.13%, 03/01/25(b)(g)			262		271,497
5.85%, 11/15/43			145		143,912
5.60%, 10/15/44			166		161,020
Callon Petroleum Co.
6.25%, 04/15/23			52		52,060
6.13%, 10/01/24			126		124,210
9.00%, 04/01/25(b)			752		819,680
8.00%, 08/01/28(b)(d)			564		570,345
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31	EUR		200		231,696

68 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy, Inc., 5.40%, 06/15/47(g)	USD		113	$	139,829
Centennial Resource Production LLC
6.88%, 04/01/27(b)(g)			255		260,766
3.25%, 04/01/28(j)			895		1,177,462
Cheniere Energy Partners LP(g)
4.50%, 10/01/29			529		568,675
4.00%, 03/01/31(b)			675		705,375
Cheniere Energy, Inc., 4.63%, 10/15/28(b)(g)			1,651		1,741,805
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			20		21,100
5.88%, 02/01/29			65		70,360
Citgo Holding, Inc., 9.25%, 08/01/24(b)			228		232,560
CNX Resources Corp.
2.25%, 05/01/26(j)			499		646,704
6.00%, 01/15/29(b)			276		298,417
Colgate Energy Partners III LLC(b)
7.75%, 02/15/26			272		298,180
5.88%, 07/01/29			297		308,137
Comstock Resources, Inc.(b)
7.50%, 05/15/25(g)			160		166,000
6.75%, 03/01/29(g)			642		683,878
5.88%, 01/15/30			266		271,320
Continental Resources, Inc.
4.50%, 04/15/23			29		30,177
5.75%, 01/15/31(b)(g)			120		143,700
4.90%, 06/01/44			118		133,636
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(b)			95		97,494
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)(g)			790		817,650
DCP Midstream Operating LP(b)
6.45%, 11/03/36			226		264,420
6.75%, 09/15/37(g)			392		471,380
DT Midstream, Inc.(b)
4.13%, 06/15/29			433		439,638
4.38%, 06/15/31			562		574,246
Dycom Industries, Inc., 4.50%, 04/15/29(b)			102		102,883
eG Global Finance PLC
6.75%, 02/07/25(b)			596		616,243
6.25%, 10/30/25	EUR		142		172,418
8.50%, 10/30/25(b)	USD		339		358,670
Enbridge, Inc., (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78(a)(g)			1,565		1,708,256
Endeavor Energy Resources LP/EER Finance, Inc.(b)
6.63%, 07/15/25			192		205,440
5.50%, 01/30/26(g)			815		846,581
5.75%, 01/30/28			386		411,572
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)			130		133,250
Energy Transfer LP
3.90%, 07/15/26(g)			235		256,598
Series H, (5 year CMT + 5.69%), 6.50%(a)(l)			644		656,558
EnLink Midstream LLC
5.63%, 01/15/28(b)			174		183,812
5.38%, 06/01/29			82		85,577
EnLink Midstream Partners LP
4.40%, 04/01/24(g)			240		252,000
4.15%, 06/01/25			17		17,805
4.85%, 07/15/26			115		119,025
5.60%, 04/01/44			197		178,285
5.05%, 04/01/45			32		27,520

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQM Midstream Partners LP
6.00%, 07/01/25(b)(g)	USD		255	$	277,312
4.13%, 12/01/26			100		102,375
6.50%, 07/01/27(b)(g)			364		405,860
4.50%, 01/15/29(b)			240		244,171
4.75%, 01/15/31(b)(g)			791		815,078
EQT Corp.
1.75%, 05/01/26(j)			426		709,546
3.13%, 05/15/26(b)			177		181,374
3.90%, 10/01/27			271		290,309
5.00%, 01/15/29			33		36,794
8.50%, 02/01/30			191		248,856
3.63%, 05/15/31(b)			50		52,125
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24			69		69,173
6.50%, 10/01/25			46		46,460
7.75%, 02/01/28			118		121,946
Geopark Ltd., 5.50%, 01/17/27(b)			200		202,475
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27			200		194,287
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(b)			164		163,180
Harvest Midstream I LP, 7.50%, 09/01/28(b)			137		148,782
Hess Corp., 4.30%, 04/01/27(g)			50		55,648
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
5.75%, 02/01/29			127		132,398
6.00%, 02/01/31			147		155,820
Hilong Holding Ltd., 9.75%, 11/18/24			207		182,160
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		209,787
Impulsora Pipeline LLC, 6.05%, 12/31/42(a)(c)			1,418		1,406,036
Independence Energy Finance LLC, 7.25%, 05/01/26(b)			471		494,630
Indigo Natural Resources LLC, 5.38%, 02/01/29(b)			459		479,655
ITT Holdings LLC, 6.50%, 08/01/29(b)(d)			343		349,431
Leviathan Bond Ltd., 5.75%, 06/30/23(b)			227		236,457
Matador Resources Co., 5.88%, 09/15/26(g)			1,151		1,185,530
Medco Bell Pte Ltd., 6.38%, 01/30/27			250		258,016
MEG Energy Corp.(b)
6.50%, 01/15/25(g)			635		656,431
7.13%, 02/01/27			2		2,131
5.88%, 02/01/29			85		88,613
MPLX LP, 4.25%, 12/01/27(g)			185		209,638
Murphy Oil Corp.
5.75%, 08/15/25			119		122,124
6.38%, 12/01/42			29		28,721
Murphy Oil USA, Inc., 4.75%, 09/15/29			146		153,621
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)			200		205,340
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26(b)			74		75,982
New Fortress Energy, Inc.(b)(g)
6.75%, 09/15/25			1,087		1,112,816
6.50%, 09/30/26			1,323		1,351,841
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b)			362		380,100
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(g)			227		324,724
Northern Oil and Gas, Inc., 8.13%, 03/01/28(b)(g)			479		516,122
NuStar Logistics LP
6.00%, 06/01/26			163		176,855
6.38%, 10/01/30			25		27,623
Occidental Petroleum Corp.
2.70%, 02/15/23			47		48,043

SCHEDULE   OF   INVESTMENTS 69

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued)
6.95%, 07/01/24	USD		63		$	70,968
2.90%, 08/15/24(g)			466			476,485
5.50%, 12/01/25			100			110,502
5.55%, 03/15/26			36			39,780
3.40%, 04/15/26			68			69,530
3.20%, 08/15/26			16			16,120
3.00%, 02/15/27			4			3,970
8.88%, 07/15/30			34			45,471
6.13%, 01/01/31(g)			477			561,205
4.30%, 08/15/39(g)			482			460,310
6.20%, 03/15/40(g)			909			1,027,824
4.50%, 07/15/44			428			411,950
4.63%, 06/15/45(g)			498			485,550
6.60%, 03/15/46			26			30,906
4.40%, 04/15/46(g)			432			414,936
4.10%, 02/15/47			64			59,592
4.20%, 03/15/48(g)			296			276,760
4.40%, 08/15/49			104			99,840
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(b)(h)			—	(m)		37
Oil and Gas Holding Co., 7.63%, 11/07/24			200			222,725
OQ SAOC, 5.13%, 05/06/28(b)			200			201,350
Ovintiv Exploration, Inc., 5.38%, 01/01/26(g)			33			37,189
Ovintiv, Inc.(g)
7.38%, 11/01/31			59			78,335
6.50%, 08/15/34			110			145,213
Parkland Corp., 4.50%, 10/01/29(b)			102			103,651
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(b)(g)			611			615,515
PDC Energy, Inc.
1.13%, 09/15/21(j)			922			913,956
6.13%, 09/15/24			151			154,428
6.25%, 12/01/25			122			126,270
5.75%, 05/15/26			235			245,500
Pertamina Persero PT, 3.65%, 07/30/29			202			216,115
Petrobras Global Finance BV(g)
5.30%, 01/27/25			500			561,344
5.60%, 01/03/31			321			358,316
Petroleos Mexicanos(g)
6.50%, 03/13/27			103			109,489
6.35%, 02/12/48			41			34,735
Pioneer Natural Resources Co., 0.25%, 05/15/25(j)			571			911,030
Puma International Financing SA, 5.13%, 10/06/24(b)			200			201,250
Range Resources Corp.
5.88%, 07/01/22			44			45,100
5.00%, 08/15/22			252			256,796
5.00%, 03/15/23			189			195,615
4.88%, 05/15/25			14			14,490
9.25%, 02/01/26			62			68,355
8.25%, 01/15/29(b)			127			143,192
Saudi Arabian Oil Co., 2.25%, 11/24/30(b)(g)			442			433,624
SM Energy Co.
10.00%, 01/15/25(b)(g)			914			1,031,303
5.63%, 06/01/25			27			26,730
6.75%, 09/15/26			44			44,770
6.63%, 01/15/27			67			68,843
6.50%, 07/15/28			207			212,692

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.
4.10%, 03/15/22	USD		252	$	253,890
6.45%, 01/23/25			125		138,375
7.50%, 04/01/26			51		53,996
8.38%, 09/15/28			127		143,510
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			63		65,882
5.88%, 03/15/28			124		131,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26			304		319,294
5.38%, 02/01/27			2		2,083
6.50%, 07/15/27			195		211,325
6.88%, 01/15/29(g)			521		586,974
5.50%, 03/01/30			400		439,864
4.88%, 02/01/31(b)			123		133,148
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28(g)			280		316,800
Transocean, Inc., 11.50%, 01/30/27(b)			171		182,747
Vine Energy Holdings LLC, 6.75%, 04/15/29(b)			588		618,870
Viper Energy Partners LP, 5.38%, 11/01/27(b)(g)			119		123,963
Western Midstream Operating LP
4.75%, 08/15/28			37		39,960
5.45%, 04/01/44			339		365,272
5.30%, 03/01/48			315		335,475
5.50%, 08/15/48			83		90,336
6.50%, 02/01/50(g)			798		923,952
					56,977,716
Personal Products — 0.1%
Coty, Inc.
4.00%, 04/15/23	EUR		100		117,533
3.88%, 04/15/26			100		119,019
Edgewell Personal Care Co., 5.50%, 06/01/28(b)	USD		113		119,780
					356,332
Pharmaceuticals — 1.8%
Bausch Health Americas, Inc., 8.50%, 01/31/27(b)(g)			973		1,057,554
Bausch Health Cos., Inc.(b)
6.13%, 04/15/25(g)			89		91,225
9.00%, 12/15/25(g)			300		321,690
5.75%, 08/15/27			145		153,900
5.00%, 01/30/28			214		203,033
4.88%, 06/01/28			684		700,074
5.00%, 02/15/29			472		440,140
6.25%, 02/15/29(g)			529		523,207
7.25%, 05/30/29(g)			498		508,911
5.25%, 01/30/30			398		370,140
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28	. EUR		100		123,170
CVS Health Corp., 4.75%, 12/01/22(g)	USD		165		173,021
Elanco Animal Health, Inc., 5.90%, 08/28/28			156		182,562
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27(b)(g)			793		808,860
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(b)(g)			481		471,380
Jaguar Holding Co. II/PPD Development LP(b)(g)
4.63%, 06/15/25			90		94,500
5.00%, 06/15/28			589		638,429
Jazz Securities DAC, 4.38%, 01/15/29(b)			441		457,229
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		121,711
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	.		100		118,250

70 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Organon & Co./Organon Foreign Debt Co-Issuer BV(b)
4.13%, 04/30/28(g)	USD		790	$	805,642
5.13%, 04/30/31			772		795,314
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(b)			222		233,100
Par Pharmaceutical, Inc., 7.50%, 04/01/27(b)(g)			1,297		1,325,962
Prestige Brands, Inc., 3.75%, 04/01/31(b)			149		143,655
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25	EUR		100		127,824
					10,990,483
Producer Durables: Miscellaneous — 0.1%
Oracle Corp., 3.60%, 04/01/50(g)	USD		785		806,079
Real Estate Management & Development — 4.0%
Adler Group SA, 2.75%, 11/13/26	EUR		100		119,909
Agile Group Holdings Ltd.
6.05%, 10/13/25	USD		200		202,850
(5 year CMT + 11.08%), 7.75%(a)(l)			400		404,325
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)			260		275,519
Central China Real Estate Ltd.
6.88%, 08/08/22			200		195,000
7.25%, 04/24/23			200		188,000
CFLD Cayman Investment Ltd.(e)(i)
8.63%, 02/28/21			200		69,850
8.75%, 09/28/22			200		69,975
6.90%, 01/13/23			200		70,038
8.60%, 04/08/24			200		69,850
China Aoyuan Group Ltd.
7.95%, 02/19/23			450		444,375
6.35%, 02/08/24			400		376,000
6.20%, 03/24/26			200		173,850
China Evergrande Group
8.25%, 03/23/22			200		170,538
9.50%, 04/11/22			200		170,413
11.50%, 01/22/23			450		357,694
12.00%, 01/22/24			250		186,297
China SCE Group Holdings Ltd.
7.25%, 04/19/23			200		205,412
7.38%, 04/09/24			400		413,200
7.00%, 05/02/25			255		258,399
CIFI Holdings Group Co. Ltd.
6.55%, 03/28/24			200		209,787
6.45%, 11/07/24			200		211,250
6.00%, 07/16/25			200		210,225
5.25%, 05/13/26			335		344,589
Country Garden Holdings Co. Ltd.
6.50%, 04/08/24			200		211,662
6.15%, 09/17/25			200		219,000
5.13%, 01/14/27			200		213,225
Easy Tactic Ltd.
9.13%, 07/28/22			400		395,950
12.38%, 11/18/22			200		202,250
8.13%, 02/27/23			200		186,163
8.63%, 02/27/24			200		176,725
Fantasia Holdings Group Co. Ltd.
11.75%, 04/17/22			200		187,700
11.88%, 06/01/23			200		175,663
9.25%, 07/28/23			200		163,100

Security		Par (000)		Value
Real Estate Management & Development (continued)
Fantasia Holdings Group Co. Ltd. (continued) 9.88%, 10/19/23	USD		200	$	162,725
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(g)			389		410,862
Global Prime Capital Pte Ltd., 5.50%, 10/18/23			200		203,413
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)			100		102,800
Hopson Development Holdings Ltd., 7.50%, 06/27/22			200		202,600
Howard Hughes Corp.(b)
5.38%, 08/01/28			180		191,093
4.13%, 02/01/29			184		184,004
4.38%, 02/01/31			214		213,225
Kaisa Group Holdings Ltd.
11.95%, 10/22/22			200		205,912
11.50%, 01/30/23			200		202,225
10.88%, 07/23/23			600		600,487
9.38%, 06/30/24			200		188,300
11.70%, 11/11/25			200		188,058
KWG Group Holdings Ltd.
7.88%, 08/09/21			200		200,475
7.88%, 09/01/23			200		204,650
7.40%, 03/05/24			200		208,600
5.88%, 11/10/24			231		232,487
Logan Group Co. Ltd.
6.50%, 07/16/23			200		204,600
6.90%, 06/09/24			200		210,537
5.75%, 01/14/25			200		207,287
4.50%, 01/13/28			200		193,250
MAF Sukuk Ltd., 4.64%, 05/14/29			275		308,825
New Metro Global Ltd.
6.80%, 08/05/23			200		208,162
4.80%, 12/15/24			280		281,452
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		207,500
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29(b)			291		304,208
Redsun Properties Group Ltd.
9.95%, 04/11/22			200		202,100
7.30%, 01/13/25			400		369,825
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			513		544,517
Series 2019-A, 6.00%, 09/04/25			200		207,750
Series 2020-A, 5.20%, 01/12/26			232		233,160
Ronshine China Holdings Ltd.
11.25%, 08/22/21			200		200,938
10.50%, 03/01/22			200		201,850
8.95%, 01/22/23			200		197,788
7.35%, 12/15/23			200		189,038
Scenery Journey Ltd.
11.50%, 10/24/22			219		175,227
13.00%, 11/06/22			200		163,100
12.00%, 10/24/23			200		157,663
Seazen Group Ltd.
6.45%, 06/11/22			200		203,688
6.00%, 08/12/24			202		209,575
Shimao Group Holdings Ltd.
5.60%, 07/15/26			200		210,250
3.45%, 01/11/31			200		186,000

SCHEDULE   OF   INVESTMENTS 71

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Shui On Development Holding Ltd.
5.75%, 11/12/23	USD		200	$	205,437
6.15%, 08/24/24			200		207,500
5.50%, 03/03/25			209		211,351
Sino-Ocean Land Treasure III Ltd., (5 year CMT + 3.26%), 4.90%(a)(l)			200		173,975
Sunac China Holdings Ltd.
7.25%, 06/14/22			200		204,912
7.95%, 10/11/23			200		206,300
7.50%, 02/01/24			400		408,825
6.50%, 01/10/25			200		195,790
7.00%, 07/09/25			400		393,080
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		206,412
Times China Holdings Ltd.
6.75%, 07/16/23			313		320,884
6.75%, 07/08/25			390		395,557
6.20%, 03/22/26			277		272,378
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		44		67,250
Wanda Group Overseas Ltd., 7.50%, 07/24/22	USD		400		384,950
Yango Justice International Ltd.
10.00%, 02/12/23			400		403,200
7.88%, 09/04/24			200		184,938
7.50%, 02/17/25			200		179,938
Yanlord Land HK Co. Ltd.
6.75%, 04/23/23			200		207,037
6.80%, 02/27/24			200		209,725
Yuzhou Group Holdings Co. Ltd.
8.63%, 01/23/22			200		199,188
8.50%, 02/04/23			200		188,650
8.50%, 02/26/24			400		364,500
8.38%, 10/30/24			200		178,100
7.70%, 02/20/25			200		170,600
8.30%, 05/27/25			200		169,913
Zhenro Properties Group Ltd.
8.70%, 08/03/22			200		204,500
7.88%, 04/14/24			300		299,400
6.63%, 01/07/26			200		180,600
					24,203,879
Road & Rail(b) — 0.3%
Danaos Corp., 8.50%, 03/01/28			100		109,657
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(g)			1,540		1,796,136
					1,905,793
Semiconductors & Semiconductor Equipment — 1.5%
Analog Devices, Inc., 3.90%, 12/15/25(g)			375		417,227
Atkore, Inc., 4.25%, 06/01/31(b)			165		167,112
Broadcom, Inc.(g)
3.46%, 09/15/26			578		629,441
4.11%, 09/15/28			1,594		1,793,150
Microchip Technology, Inc.
0.13%, 11/15/24(j)			250		281,250
1.63%, 02/15/25(j)			86		283,533
4.25%, 09/01/25(g)			941		987,924
1.63%, 02/15/27(j)			61		135,762
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(b)			33		34,708
ON Semiconductor Corp.
1.63%, 10/15/23(j)			354		672,843
3.88%, 09/01/28(b)			330		339,946

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM, Inc., 1.65%, 05/20/32(g)	USD		1,779	$	1,695,654
Sensata Technologies BV(b)(g)
5.63%, 11/01/24			229		254,476
5.00%, 10/01/25			324		360,855
4.00%, 04/15/29			321		325,842
Sensata Technologies, Inc., 4.38%, 02/15/30(b)(g)			353		372,006
Synaptics, Inc., 4.00%, 06/15/29(b)			192		192,960
					8,944,689
Software — 1.8%
ACI Worldwide, Inc., 5.75%, 08/15/26(b)(g)			696		729,930
Black Knight InfoServ LLC, 3.63%, 09/01/28(b)			386		384,055
Boxer Parent Co., Inc.
6.50%, 10/02/25	EUR		100		125,776
7.13%, 10/02/25(b)(g)	USD		388		415,160
9.13%, 03/01/26(b)(g)			678		715,643
BY Crown Parent LLC, 7.38%, 10/15/24(b)(g)			758		771,644
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(b)			714		747,915
CDK Global, Inc., 4.88%, 06/01/27(g)			388		410,310
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28(a)	EUR		100		120,057
Crowdstrike Holdings, Inc., 3.00%, 02/15/29	USD		281		281,267
Elastic NV, 4.13%, 07/15/29(b)			299		299,000
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28(b)			200		195,764
MicroStrategy, Inc., 6.13%, 06/15/28(b)			321		321,000
MSCI, Inc.(b)
4.00%, 11/15/29			83		87,565
3.63%, 09/01/30			147		150,331
3.88%, 02/15/31(g)			524		543,786
3.63%, 11/01/31			195		200,012
Nuance Communications, Inc., 5.63%, 12/15/26(g)			237		246,904
Open Text Corp., 3.88%, 02/15/28(b)(g)			268		271,698
Open Text Holdings, Inc., 4.13%, 02/15/30(b)(g)			256		261,069
PTC, Inc.(b)
3.63%, 02/15/25			76		78,280
4.00%, 02/15/28			187		193,171
Rocket Software, Inc., 6.50%, 02/15/29(b)			412		408,819
SS&C Technologies, Inc., 5.50%, 09/30/27(b)(g)			1,649		1,747,445
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)(g)			1,440		1,499,400
					11,206,001
Specialty Retail — 0.7%
Gap, Inc., 8.88%, 05/15/27(b)			160		185,152
L Brands, Inc.
6.88%, 11/01/35(g)			401		507,766
6.75%, 07/01/36			71		88,928
National Vision Holdings, Inc., 2.50%, 05/15/25(j)			244		429,593
PetSmart, Inc./PetSmart Finance Corp.(b)
4.75%, 02/15/28			343		356,291
7.75%, 02/15/29(g)			1,505		1,659,262
Staples, Inc.(b)
7.50%, 04/15/26(g)			697		721,907
10.75%, 04/15/27			202		205,363
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24(a)	EUR		100		117,074
					4,271,336

72 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC/EMC Corp., 7.13%, 06/15/24(b)(g)	USD		638	$	654,397
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., 4.25%, 03/15/29(b)			156		159,120
Hanesbrands, Inc., 5.38%, 05/15/25(b)			64		67,760
Levi Strauss & Co.
5.00%, 05/01/25(g)			233		237,660
3.50%, 03/01/31(b)			111		110,356
William Carter Co., 5.63%, 03/15/27(b)			160		168,352
					743,248
Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26(b)			289		269,493
Jerrold Finco PLC, 5.25%, 01/15/27	GBP		100		142,863
MGIC Investment Corp., 5.25%, 08/15/28	USD		167		177,020
Nationstar Mortgage Holdings, Inc.(b)
6.00%, 01/15/27			214		221,764
5.50%, 08/15/28(g)			254		256,065
5.13%, 12/15/30			139		138,305
United Wholesale Mortgage LLC, 5.50%, 04/15/29(b)			164		163,962
					1,369,472
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		123,377
Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)	USD		200		209,412
Heathrow Finance PLC, 4.63%, 09/01/29(n)	GBP		100		142,307
Rumo Luxembourg Sarl, 5.88%, 01/18/25(b)	USD		241		252,719
Simpar Europe SA, 5.20%, 01/26/31(b)			200		204,500
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26(b)(g)			435		483,795
					1,292,733
Utilities — 0.5%
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)			240		247,680
Genneia SA, 8.75%, 01/20/22(b)			200		193,600
Inkia Energy Ltd., 5.88%, 11/09/27(b)(g)			377		388,263
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		250,281
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b)(g)			519		537,269
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(b)			107		113,420
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)			280		307,790
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			177		202,312
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		168		237,783
Vistra Operations Co. LLC(b)
5.50%, 09/01/26	USD		8		8,250
5.63%, 02/15/27(g)			422		437,825
4.38%, 05/01/29			227		228,135
					3,152,608
Wireless Telecommunication Services — 2.5%
Altice France SA
7.38%, 05/01/26(b)(g)			287		298,460

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Altice France SA (continued)
5.88%, 02/01/27	EUR		100	$	125,665
8.13%, 02/01/27(b)(g)	USD		707		770,277
5.50%, 01/15/28(b)(g)			381		395,364
4.13%, 01/15/29	EUR		100		118,723
5.13%, 01/15/29(b)	USD		200		201,000
5.13%, 07/15/29(b)			1,302		1,308,380
Kenbourne Invest SA, 6.88%, 11/26/24(b)			275		291,638
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR		100		121,683
Millicom International Cellular SA
5.13%, 01/15/28	USD		247		259,148
4.50%, 04/27/31(b)			205		213,238
Rogers Communications, Inc., 5.00%, 03/15/44(g)			545		680,822
SBA Communications Corp.(g)
4.88%, 09/01/24			806		820,105
3.88%, 02/15/27			1,248		1,281,577
Sprint Corp.(g)
7.88%, 09/15/23			177		201,085
7.13%, 06/15/24			374		431,503
7.63%, 03/01/26			552		673,440
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(b)(g)			33		32,679
T-Mobile USA, Inc.
4.50%, 02/01/26(g)			498		507,522
4.75%, 02/01/28(g)			479		513,129
2.63%, 02/15/29			76		75,050
2.88%, 02/15/31(g)			449		445,633
3.50%, 04/15/31(b)			362		374,507
3.50%, 04/15/31			337		348,643
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29 (b)			597		598,493
VICI Properties LP/VICI Note Co., Inc.(b)
3.50%, 02/15/25			387		394,639
4.25%, 12/01/26(g)			968		1,006,933
3.75%, 02/15/27			411		418,036
4.63%, 12/01/29(g)			498		529,125
4.13%, 08/15/30(g)			923		947,755
Vmed O2 UK Financing I PLC
4.00%, 01/31/29	GBP		100		136,682
4.50%, 07/15/31(d)			100		138,861
4.75%, 07/15/31(b)(d)	USD		575		583,625
					15,243,420
Total Corporate Bonds — 82.7% (Cost: $482,457,526)					505,634,308
Floating Rate Loan Interests(a)
Aerospace & Defense — 1.7%
Atlas CC Acquisition Corp.
Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/28/28			2,600		2,606,452
Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 6.00%, 05/25/28			529		530,126
Bleriot US Bidco, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 10/30/26			288		287,754
Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26			792		771,100

SCHEDULE   OF   INVESTMENTS 73

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Aerospace & Defense (continued)
Dynasty Acquisition Co., Inc. (continued)
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.65%, 04/06/26	USD		1,473	$	1,434,248
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29(c)			884		901,680
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			2,781		2,787,322
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25			1,078		1,060,827
					10,379,509
Air Freight & Logistics — 0.3%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			215		214,664
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,380		1,352,401
					1,567,065
Airlines — 0.8%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			542		564,629
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 01/29/27			64		61,243
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.07%, 12/14/23			963		939,236
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.10%, 04/28/23			371		361,670
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			1,003		1,070,361
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			1,694		1,714,453
					4,711,592
Auto Components — 0.9%
Adient US LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 04/08/28			341		340,894
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/30/26			2,151		2,129,515
Truck Hero, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28			981		980,052
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/16/24			1,075		1,064,666
2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 3.40%, 12/02/26			84		82,904
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 02/05/26			1,056		1,042,800
					5,640,831

Security		Par (000)		Value
Automobiles — 0.1%
MajorDrive Holdings IV LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 05/12/28	USD		323	$	323,100
Building Materials — 0.0%
CHI Overhead Doors, Inc, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.50%, 07/31/25			79		79,400
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			127		126,235
					205,635
Building Products — 0.6%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			1,014		1,011,181
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			673		672,015
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			221		221,029
Wilsonart LLC, 2021 Term Loan E, 12/19/26			1,608		1,607,151
					3,511,376
Capital Markets — 0.8%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 4.75%, 04/09/27			2,397		2,406,047
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28(c)			642		656,445
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/12/27			571		570,593
Focus Financial Partners LLC(o)
2021 Delayed Draw Term Loan, 06/24/28			119		118,478
2021 Term Loan, 06/24/28			515		511,469
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/12/24(c)			250		249,420
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.13%, 06/03/26			148		146,708
					4,659,160
Chemicals — 1.8%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			1,046		1,060,022
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			1,366		1,358,323
Axalta Coating Systems US Holdings Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 1.90%, 06/01/24			519		515,622
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, 06/28/24(c)			346		342,828
Element Solutions, Inc., 2021 Term Loan B, 01/31/26(o)			857		855,397
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.25%, 11/07/24			558		556,513

74 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 06/30/27	USD		439	$	435,924
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/28/25			340		339,513
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.85%, 03/30/26			123		123,088
Klockner-Pentaplast of America, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.50% Floor), 5.25%, 02/09/26(c)			521		523,299
Lonza Group AG, USD Term Loan B, 04/29/28(o)			386		386,208
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.65%, 03/02/26			719		713,948
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			724		719,246
NIC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27			288		287,468
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (1 mo. LIBOR + 3.50%), 3.63%, 10/14/24			739		734,339
PQ Corp., 2021 Term Loan B, 05/26/28(o)			677		676,438
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			531		532,888
Sparta US Holdco LLC, 2021 Term Loan, 2021 Term Loan, 05/04/28(o)			477		477,148
Starfruit Finco BV, 2018 USD Term Loan B, (PRIME + 1.75%), 3.13%, 10/01/25			113		111,891
W.R. Grace & Co.-Conn., 2021 Term Loan B3, (3 mo. LIBOR + 2.00%), 2.15%, 06/01/28(c)			403		400,985
					11,151,088
Commercial Services & Supplies — 1.5%
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 05/12/28			1,392		1,395,357
Aramark Services, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.85%, 03/11/25			375		370,154
2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 04/06/28			436		433,510
Asurion LLC
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/23			225		223,888
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.10%, 11/03/24			380		376,080
2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.35%, 12/23/26			894		883,800
2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 5.35%, 01/31/28			364		366,577
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.35%, 12/12/25			840		839,785
Diamond (BC) BV, USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 09/06/24			566		562,936
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			178		176,431
GFL Environmental, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 05/30/25			176		176,431

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23	USD		155	$	138,362
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			444		437,021
Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/09/28			713		708,800
Prime Security Services Borrower LLC, 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 09/23/26			705		704,129
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.10%, 08/27/25			1,423		1,425,120
					9,218,381
Communications Equipment — 0.1%
Avantor Funding, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.00%, 1.00% Floor), 3.00%, 11/21/24			365		364,870
Construction & Engineering — 0.7%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			1,694		1,664,972
Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 01/21/28			424		422,964
SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 06/02/28			1,448		1,446,393
USIC Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 05/12/28			716		713,985
					4,248,314
Construction Materials — 0.8%
Core & Main LP
2017 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 3.75%, 08/01/24			1,015		1,013,107
2021 Term Loan B, 06/09/28(o)			1,684		1,672,093
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/29/25			1,128		1,118,053
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			506		506,175
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.00%, 10/25/23			469		469,511
Tamko Building Products, Inc., Term Loan B, (1 mo. LIBOR + 3.00%), 3.13%, 05/29/26			360		358,963
					5,137,902
Containers & Packaging — 0.8%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			1,060		1,033,241
Charter NEX US, Inc., 2021 Term Loan, 12/01/27(o)			2,255		2,257,915
Flex Acquisition Co., Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/02/28			1,000		995,401
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 4.10%, 08/01/26			138		137,714
Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/18/27			329		328,933
					4,753,204

SCHEDULE   OF   INVESTMENTS 75

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Distributors — 0.4%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/27	USD		887	$	880,271
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 2.25%, 1.00% Floor), 10.50%, 05/30/24(c)			404		395,596
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			1,324		1,176,122
					2,451,989
Diversified Consumer Services — 0.8%
APX Group, Inc., 2020 Term Loan, (PRIME + 4.00%), 7.25%, 12/31/25			62		61,791
Ascend Learning LLC
2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			147		146,784
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			318		317,600
Bright Horizons Family Solutions LLC, 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 1.00% Floor), 2.50%, 11/07/23			778		774,914
Frontdoor, Inc., 2021 Term Loan B, 05/20/28(o)			300		300,000
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 3.85%, 07/11/25			958		938,812
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 12/22/25			844		821,781
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.32%, 05/15/24			406		403,743
PAI Holdco, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/28/27			298		298,718
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			189		190,511
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			252		240,738
Voyage Australia Property Ltd., USD Term Loan B, 06/16/28(c)(o)			308		308,000
					4,803,392
Diversified Financial Services — 3.1%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.60%, 07/31/26			717		717,883
Alchemy Copyrights LLC, Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 03/10/28(c)			345		344,963
AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 02/04/28			1,167		1,161,730
AQGEN Island Holdings, Inc., Term Loan, 05/20/28(o)			1,120		1,116,506
Belron Finance US LLC, 2021 USD Term Loan B, 04/13/28			1,236		1,233,566
Credito Real SAB de CV Sofom ENR, Term Loan B, 02/17/23(c)			35		32,900

Security		Par (000)		Value
Diversified Financial Services (continued)
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28	USD		261	$	263,936
2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			1,765		1,768,318
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25			518		513,268
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			413		414,053
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.50%, 07/03/24			686		681,761
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 4.50%, 12/17/27			183		181,729
2021 Incremental Term Loan B2, 4.50%, 12/17/27			367		363,458
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			58		57,336
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			389		386,053
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/02/27			422		422,404
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			2,333		2,337,943
RV Retailer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 02/08/28(c)			369		369,998
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.66%, 01/23/25			534		515,550
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.40%, 07/30/25			990		952,963
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/16/27			283		283,383
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			2,839		2,854,133
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 02/28/27			731		727,850
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			543		543,949
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.57%, 04/30/28			510		504,334
					18,749,967
Diversified Telecommunication Services — 0.9%
Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/30/27			229		228,850
Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 10/02/27			349		349,585
Frontier Communications Corp., 2021 DIP Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/01/28			757		757,320
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25			476		475,209
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			145		147,055
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			50		50,492

76 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Iridium Satellite LLC, 2021 Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 3.75%, 11/04/26	USD		722	$	722,377
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 03/01/27			566		557,192
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			996		994,625
Orbcomm, Inc., Term Loan B, 06/17/28(o)			304		303,240
TDC A/S, EUR Term Loan, (6 mo.EURIBOR + 3.00%), 3.00%, 06/04/25	EUR		820		964,960
					5,550,905
Electric Utilities — 0.4%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 12/15/27	USD		710		709,708
Triton Water Holdings, Inc, Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/31/28			1,716		1,713,615
					2,423,323
Electrical Equipment — 0.2%
Arcline FM Holdings LLC, 2021 1st Lien Term Loan, 06/23/28(o)			344		344,217
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			868		865,331
					1,209,548
Electronic Equipment, Instruments & Components — 0.0%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 02/12/25			230		230,058
Environmental, Maintenance, & Security Service — 0.2%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 09/07/27			793		789,923
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			436		437,341
					1,227,264
Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/11/24			245		241,836
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 12/20/24			580		574,587
					816,423
Food & Staples Retailing — 0.4%
H Food Holdings LLC, 2018 Incremental Term Loan B2, (1 mo. LIBOR + 4.00%), 4.10%, 05/23/25			322		320,870
Hearthside Food Solutions LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.79%, 05/23/25			266		264,249
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 06/27/23			1,289		1,275,476
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 09/13/26			400		394,002
					2,254,597
Food Products — 0.9%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.59%, 10/01/25			458		455,930

Security		Par (000)		Value
Food Products (continued)
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.60%, 10/10/26	USD		163	$	162,805
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			1,396		1,398,779
Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 01/29/27			1,735		1,707,262
Hostess Brands LLC, 2019 Term Loan, (3 mo. LIBOR + 2.25%), 3.00%, 08/03/25			423		420,449
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 05/01/26			113		113,135
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 02/05/23			319		318,545
2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 3.35%, 02/05/26			257		254,761
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/08/28			395		396,871
UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 01/20/28			277		276,257
					5,504,794
Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27			865		864,292
Insulet Corp., Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 05/04/28			288		288,181
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.09%, 06/30/25			853		852,656
					2,005,129
Health Care Providers & Services — 1.0%
AHP Health Partners, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 06/30/25			334		333,941
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			936		935,286
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.00%, 01/08/27			589		590,359
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/10/25			750		640,311
EyeCare Partners LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 02/18/27			870		861,503
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.65%, 03/05/26			421		402,720
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 08/06/26			1,663		1,662,550
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			146		146,055
PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/14/25			21		20,925
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/13/26			578		575,353
					6,169,003

SCHEDULE   OF   INVESTMENTS 77

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Services — 0.4%
Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.69%, 07/25/26	USD		1,138	$	1,130,933
Unified Physician Management LLC, 2020 Term Loan, (1 Week LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/18/27(c)			708		708,419
WP CityMD Bidco LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/13/26			701		702,115
					2,541,467
Health Care Technology — 0.6%
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			146		145,954
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 10/10/25.			582		577,618
Polaris Newco LLC, USD Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/04/28			2,378		2,384,043
Press Ganey Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 07/25/26			273		273,609
					3,381,224
Hotels, Restaurants & Leisure — 2.7%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 11/19/26			998		983,220
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 02/02/26			279		271,891
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			430		430,042
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.34%, 09/15/23			392		390,976
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 12/23/24			1,144		1,134,089
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			1,477		1,480,471
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 2.11%, 03/10/28(c)			345		341,684
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			2,335		2,233,811
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 11/30/23			548		545,649
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3.00% PIK), 5.25%, 12/01/23(h)			51		50,366
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			1,175		1,165,296
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23(c)			80		88,465
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25(c)			228		229,416
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			1,855		1,853,530
IRB Holding Corp., 2020 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			611		609,838

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24	USD		157	$	151,232
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			586		583,533
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.85%, 08/14/24			360		357,407
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 07/10/25			515		515,010
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 2.50%, 02/08/27			843		832,613
Travelport Finance (Luxembourg) Sarl
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.20%, 05/29/26			828		754,363
2020 Super Priority Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 3.50%, 02/28/25			500		523,856
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 08/02/26			939		934,276
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.85%, 05/30/25			201		199,690
					16,660,724
Household Durables — 0.3%
ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 05/17/28			1,435		1,426,806
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/04/27			140		138,970
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			498		498,122
					2,063,898
Household Products — 0.0%
Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 03/03/28(c)			220		218,796
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 01/15/25			887		876,316
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.10%, 08/12/26			289		284,619
					1,160,935
Industrial Conglomerates — 0.7%
AVSC Holding Corp.(h)
2020 Term Loan B1, (0.25% PIK), 2.25%, 03/03/25			1,305		1,194,180
2020 Term Loan B3, (10.00% PIK), 7.50%, 10/15/26			407		486,066
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			453		455,373
Vertical Midco GmbH, USD Term Loan B, 07/29/27			740		740,596
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.84%, 03/02/27			1,458		1,448,304
					4,324,519

78 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance — 0.8%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 05/09/25	USD		843	$	833,156
2020 Term Loan B3, 11/06/27(o)			608		608,226
AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/19/28			733		728,092
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			167		166,971
AssuredPartners, Inc.
2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/13/27			542		538,841
2021 Term Loan B, 02/12/27(o)			120		120,060
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 04/25/25			352		348,210
2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			698		697,912
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			290		289,697
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/03/26			620		618,666
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			188		188,336
					5,138,167
Interactive Media & Services — 1.2%
Adevinta ASA, USD Term Loan B, 04/20/28(o)			1,071		1,070,797
Arches Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 12/06/27			940		937,276
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			1,630		1,629,810
Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 2.10%, 08/10/27			836		829,945
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			2,759		2,798,181
					7,266,009
Internet & Direct Marketing Retail — 0.2%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			1,090		1,090,268
Internet Software & Services — 0.1%
Uber Technologies, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%), 3.60%, 02/25/27			843		842,623
IT Services — 2.1%
Aruba Investments, Inc., 2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			340		340,998
Banff Merger Sub, Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 10/02/25			764		758,956
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 10/31/26			1,731		1,722,011
CoreLogic, Inc., Term Loan, 06/04/28(o)			1,531		1,525,642
Fleetcor Technologies Operating Company, LLC, 2021 Term Loan B4, 04/28/28(o)			723		721,496
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			2,884		2,888,840

Security		Par (000)		Value
IT Services (continued)
Maximus, Inc., Term Loan B, 05/28/28(o)	USD		452	$	451,625
Optiv Security, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/01/24			606		592,030
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.38%, 08/01/25			273		243,751
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 02/12/27			1,229		1,198,802
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			435		434,960
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.85%, 11/16/26			765		759,749
Virtusa Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/11/28			448		449,221
WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 2.35%, 03/31/28			436		432,368
					12,520,449
Life Sciences Tools & Services — 0.9%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			1,855		1,862,195
Icon Luxembourg Sarl(o)
1st Lien Term Loan B, 06/16/28			303		303,850
Term Loan B, 06/16/28			1,218		1,219,540
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/27			485		486,691
PPD, Inc., Initial Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 01/13/28			1,808		1,804,361
					5,676,637
Machinery — 0.9%
Clark Equipment Co., 2021 Incremental Term Loan, 05/18/24(o)			540		538,568
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 05/14/28(c)			171		170,786
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.85%, 02/28/27			573		566,266
Madison IAQ LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/16/28			1,656		1,656,000
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 3.17%, 03/28/25			2,328		2,285,919
					5,217,539
Media — 4.4%
A-L Parent LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			1,140		1,099,929
Altice Financing SA
2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.93%, 07/15/25			443		434,889
USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 2.90%, 01/31/26			533		523,133
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.15%, 08/14/26			1,338		1,334,843
Cable One, Inc., 2021 Term Loan B4, 05/03/28(o)			412		410,146
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.86%, 04/30/25			1,363		1,359,740

SCHEDULE   OF   INVESTMENTS 79

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.69%, 08/21/26	USD		2,561	$	2,497,977
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			3,133		3,135,310
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.32%, 07/17/25			654		643,997
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			1,008		997,150
E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 01/07/28			403		402,336
Gray Television, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.34%, 02/07/24			684		679,961
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 03/24/25			522		516,773
Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.88%, 10/19/26			1,089		1,059,459
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 09/13/24			1,909		1,899,429
2020 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.75%, 09/15/24			1,075		1,076,622
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.35%, 02/23/29			581		589,355
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.59%, 09/19/26			459		457,705
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			1,147		1,147,057
Sinclair Television Group Inc., 2021 Term Loan B3, (1 mo. LIBOR + 3.00%), 3.11%, 04/01/28			192		190,231
Terrier Media Buyer, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%), 3.60%, 12/17/26			587		584,141
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 3.10%, 09/28/23(c)			1,480		1,472,128
UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 3.00%), 3.07%, 01/31/29			228		226,404
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (3 mo. LIBOR + 3.25%), 3.35%, 01/31/29			917		915,597
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.86%, 05/18/25			1,197		1,173,383
WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.12%), 2.23%, 01/20/28			261		258,576
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 03/09/27			2,100		2,076,339
					27,162,610
Metals & Mining — 0.1%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (3 mo. LIBOR + 4.50%), 4.64%, 07/31/25			666		660,238
Oil, Gas & Consumable Fuels — 0.2%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25			330		363,964
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 8.00%, 08/01/23			2		1,947
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.85%, 12/13/25			429		408,212

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.15%, 02/07/25	USD		247	$	244,687
Lealand Finance Company BV, 2020 Take Back Term Loan, (3.00% PIK), 3.00%, 06/30/25(h)			111		49,292
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/24(c)			16		9,466
Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 2.25%, 01/31/28			252		252,526
					1,330,094
Personal Products — 0.5%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/25/26			3,149		3,158,452
Pharmaceuticals — 1.1%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.63%, 05/04/25			847		829,755
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 2.50%, 02/22/28			982		982,836
Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.84%, 08/01/27			288		283,483
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			698		691,143
Jazz Financing Lux Sarl, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 04/21/28			1,273		1,276,577
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			700		700,441
Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 11/18/27			517		514,530
Prestige Brands, Inc., 2021 Term Loan B, 06/11/28(o)			212		212,089
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 06/02/25			1,178		1,172,554
					6,663,408
Professional Services — 0.6%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			3,375		3,357,295
Real Estate Management & Development — 0.2%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			713		707,268
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 08/21/25			563		557,395
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			19		18,811
					1,283,474
Road & Rail — 0.1%
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 5.62%, 08/04/25			386		365,496

80 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment — 0.1%
Cabot Microelectronics Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 2.13%, 11/17/25	USD		462	$	460,276
Software — 5.9%
Applied Systems, Inc.
2017 1st Lien Term Loan, (PRIME + 2.25%), 3.77%, 09/19/24			470		468,910
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.75% Floor), 6.25%, 09/19/25			251		253,886
Barracuda Networks, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			1,530		1,533,509
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			553		552,224
Cloudera, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/22/27			722		721,367
Cornerstone OnDemand, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 3.34%, 04/22/27			418		417,183
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,854		1,852,878
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.43%, 05/27/24			491		470,598
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23			487		470,307
E2open LLC, 2020 Term Loan B, 10/29/27(o)			114		114,000
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 8.75%, 07/31/28			850		877,098
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 07/31/27			291		291,010
Helios Software Holdings, Inc., 2021 USD Term Loan B, (6 mo. LIBOR + 3.75%), 3.90%, 03/11/28			868		868,074
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			679		692,580
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			1,649		1,637,122
Magenta Buyer LLC(o)
2021 USD 1st Lien Term Loan, 05/03/28			1,885		1,883,115
2021 USD 2nd Lien Term Loan, 9.00%, 05/03/29(c)			979		966,762
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/30/24			439		438,792
Mitchell International, Inc.
2017 2nd Lien Term Loan, 12/01/25			396		394,969
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			832		834,385
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			568		568,894
Planview Parent, Inc., Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			1,037		1,037,888
Project Alpha Intermediate Holding, Inc., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 04/26/24			603		603,398
Proof Point, Inc., 1st Lien Term Loan, 06/09/28(o)			1,278		1,270,179
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			3,635		3,622,311

Security		Par (000)		Value
Software (continued)
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 05/30/25	USD		31	$	31,008
Sabre GLBL, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			440		441,989
Severin Acquisition LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.25%), 3.33%, 08/01/25			1,868		1,855,777
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			2,091		2,091,929
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.85%, 04/16/25			512		505,447
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.85%, 04/16/25			674		665,657
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			2,735		2,737,626
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/04/28			1,429		1,448,743
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			794		806,569
2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26			1,151		1,151,318
Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 05/03/26			1,697		1,696,815
					36,274,317
Specialty Retail — 1.4%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 11/13/25			181		180,217
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.44%, 10/30/26			414		410,725
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, 06/23/25	GBP		1,000		1,378,638
EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.75%, 03/31/26	USD		236		236,000
Mavis Tire Express Services Corp., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/04/28			1,287		1,290,217
MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.35%, 08/31/26			833		832,281
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/28			2,470		2,470,617
Research Now Group, Inc., 2017 1st Lien Term Loan, (6 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			650		641,186
Sotheby’s, Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 01/15/27			1,149		1,154,119
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			229		229,235
					8,823,235
Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.10%, 07/23/26			526		500,180
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			198		197,797
					697,977

SCHEDULE   OF   INVESTMENTS 81

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thrifts & Mortgage Finance — 0.1%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.75%, 05/23/25	USD		292	$	292,664
Trading Companies & Distributors — 0.3%
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 2.60%, 04/23/28			622		618,113
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			623		618,636
ION Trading Finance Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 4.92%, 04/01/28			303		303,921
					1,540,670
Wireless Telecommunication Services — 0.5%
GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/30/28			437		436,005
Metronet Systems Holdings LLC, 2021 1st Lien Term Loan, 05/26/28			239		238,958
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 04/11/25			1,069		1,058,990
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.85%, 06/10/27			1,612		1,611,333
					3,345,286
Total Floating Rate Loan Interests — 46.3% (Cost: $280,638,920)					282,787,166
Foreign Agency Obligations
Bahrain — 0.1%
Bahrain Government International Bond, 6.75%, 09/20/29			200		219,287
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			400		462,375
					681,662
Colombia — 0.3%
Colombia Government International Bond(g)
4.50%, 01/28/26			1,354		1,477,806
3.88%, 04/25/27			200		212,475
					1,690,281
Dominican Republic — 0.2%
Dominican Republic International Bond
5.95%, 01/25/27			491		552,375
4.50%, 01/30/30(b)(g)			302		308,191
4.88%, 09/23/32(b)			185		190,550
6.40%, 06/05/49			150		161,466
					1,212,582
Egypt — 0.3%
Egypt Government International Bond
5.75%, 05/29/24(b)			215		228,814
5.88%, 06/11/25			335		357,675
7.60%, 03/01/29			816		895,713
8.50%, 01/31/47(b)(g)			321		334,301
					1,816,503

Security		Par (000)		Value
Ghana — 0.1%
Ghana Government International Bond(b)
7.75%, 04/07/29	USD		201	$	205,208
8.63%, 04/07/34			260		267,719
					472,927
Iceland — 0.5%
Iceland Government International Bond, 5.88%, 05/11/22			3,030		3,142,736
Indonesia — 0.2%
Indonesia Government International Bond(g)
4.10%, 04/24/28			650		734,216
5.35%, 02/11/49			200		259,850
					994,066
Mexico — 0.2%
Mexico Government International Bond, 4.15%, 03/28/27(g)			1,052		1,189,483
Mongolia — 0.0%
Mongolia Government International Bond, 8.75%, 03/09/24			250		286,609
Morocco — 0.1%
Morocco Government International Bond(b)
3.00%, 12/15/32(g)			300		289,500
4.00%, 12/15/50			200		185,250
					474,750
Oman — 0.0%
Oman Government International Bond, 6.50%, 03/08/47			308		300,454
Panama — 0.1%
Panama Government International Bond(g)
3.16%, 01/23/30			445		466,360
4.50%, 04/16/50			211		239,063
					705,423
Paraguay — 0.1%
Paraguay Government International Bond(b)
4.95%, 04/28/31			300		344,587
5.40%, 03/30/50			200		233,413
					578,000
Peru — 0.1%
Peruvian Government International Bond
2.78%, 01/23/31(g)			29		29,504
1.86%, 12/01/32			259		241,080
5.63%, 11/18/50			165		227,164
					497,748
Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24(b)			3,190		3,620,331
Qatar — 0.1%
Qatar Government International Bond, 4.00%, 03/14/29(b)(g)			473		544,423
Romania — 0.0%
Romanian Government International Bond, 3.00%, 02/14/31(b)(g)			280		290,378

82 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Russia — 0.1%
Russian Foreign Bond - Eurobond
4.75%, 05/27/26	USD		400	$	454,950
4.25%, 06/23/27			200		223,138
					678,088
Saudi Arabia — 0.1%
Saudi Government International Bond, 4.50%, 04/17/30			595		700,910
South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			200		209,788
Sri Lanka — 0.2%
Sri Lanka Government International Bond
5.75%, 04/18/23			222		165,223
6.85%, 03/14/24			400		274,950
6.35%, 06/28/24			200		136,725
7.85%, 03/14/29			400		253,075
7.55%, 03/28/30			200		126,475
					956,448
Ukraine — 0.2%
Ukraine Government International Bond
7.75%, 09/01/22			118		123,841
8.99%, 02/01/24			200		221,800
9.75%, 11/01/28			236		281,032
7.25%, 03/15/33(b)(g)			400		415,950
					1,042,623
Total Foreign Agency Obligations — 3.6% (Cost: $21,272,049)					22,086,213
		Shares
Investment Companies
Fixed Income Funds — 0.8%
Invesco Senior Loan ETF			157,601		3,490,862
iShares iBoxx $ Investment Grade Corporate Bond ETF(p)			10,000		1,343,600
					4,834,462
Total Investment Companies — 0.8% (Cost: $4,779,837)					4,834,462
		Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 0.7%
Countrywide Alternative Loan Trust
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35	USD		1,282		981,750
Series 2006-J8, Class A5, 6.00%, 02/25/37			2,086		1,348,190
Series 2007-19, Class 1A1, 6.00%, 08/25/37			625		448,595
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-17, Class 1A6, 5.50%, 09/25/35			147		148,088
Series 2006-17, Class A2, 6.00%, 12/25/36			748		480,610

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Home Loan Mortgage Pass-Through Trust (continued) Series 2007-HY5, Class 3A1, 3.18%, 09/25/37(a)	USD		429	$	419,575
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 2.88%, 10/25/35(a)			386		279,337
					4,106,145
Commercial Mortgage-Backed Securities — 0.8%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33(a)(b)			4,830		5,143,510
Total Non-Agency Mortgage-Backed Securities — 1.5% (Cost: $9,244,567)					9,249,655
		Benefical Interest (000)
Other Interests(q)
IT Services — 0.0%
Millennium Corp.	USD		918		—
Millennium Lender Claims			861		—
Total Other Interests — 0.0% (Cost: $ — )					—
		Par (000)
Preferred Securities
Capital Trusts — 4.6%
Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%(a)(g)(l)	USD		365		408,800
Banks — 0.8%
Al Ahli Bank of Kuwait KSCP, 7.25%(a)(l)			200		211,725
Banco Mercantil del Norte SA, 6.75%(a)(b)(g)(l)			396		425,700
Bank of East Asia Ltd., 5.88%(a)(l)			250		267,078
BBVA Bancomer SA, 5.13%, 01/18/33(a)			220		228,938
Burgan Bank SAK, 5.75%(a)(l)			250		252,469
CaixaBank SA, 6.38%(a)(l)	EUR		200		258,773
CIT Group, Inc., Series A, 5.80%(a)(l)	USD		235		242,724
Kasikornbank PCL, 5.28%(a)(l)			405		429,123
Nanyang Commercial Bank Ltd., 5.00%(a)(l)			200		200,813
Rizal Commercial Banking Corp., 6.50%(a)(l)			200		207,725
Stichting AK Rabobank Certificaten, 2.19%(l)	EUR		33		51,855
TMBThanachart Bank PCL, 4.90%(a)(l)	USD		250		253,641
Wells Fargo & Co.(a)(g)(l)
Series S, 5.90%			1,500		1,616,250
Series U, 5.88%			384		430,045
					5,076,859
Building Materials — 0.1%
Cemex SAB de CV, 5.13%(a)(b)(l)			200		206,060
Consumer Finance — 0.5%
Capital One Financial Corp., Series E, 3.93%(a)(g)(l)			3,000		3,010,740
Diversified Financial Services(a)(l) — 2.6%
Bank of America Corp.(g)
Series AA, 6.10%			15		16,843
Series DD, 6.30%			215		248,091
Series X, 6.25%			1,929		2,133,956

SCHEDULE   OF   INVESTMENTS 83

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Bank of America Corp.(g) (continued) Series Z, 6.50%	USD		143	$	161,948
Credit Suisse Group AG, 6.38%(b)(g)			295		328,816
Credit Suisse Group AG, 6.25%			200		219,000
HSBC Holdings PLC(g)
6.25%			695		735,831
6.00%			415		460,650
JPMorgan Chase & Co.(g)
Series FF, 5.00%			2,865		3,028,162
Series HH, 4.60%			253		262,184
Series R, 6.00%			92		97,808
Lloyds Banking Group PLC, 7.50%(g)			1,250		1,462,500
Morgan Stanley, Series H, 3.79%(g)			1,026		1,029,847
Natwest Group PLC(g)
6.00%			1,185		1,320,777
8.63%			200		201,444
Societe Generale SA, 5.38%(b)(g)			2,250		2,382,187
UBS Group AG, 3.88%(b)			1,500		1,502,805
Woori Bank, 4.25%			250		259,578
					15,852,427
Diversified Telecommunication Services(a)(l) — 0.1%
Telefonica Europe BV
5.88%	EUR		100		131,915
4.38%			100		128,631
					260,546
Electric Utilities — 0.3%
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(a)(g)	USD		1,750		2,033,558
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26	EUR		100		121,525
Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., 4.48%(a)(l)	USD		200		202,725
Oil, Gas & Consumable Fuels — 0.0%
Abertis Infraestructuras Finance BV, 3.25%(a)(l)	EUR		100		122,577
Real Estate Management & Development — 0.0%
Heimstaden Bostad AB, 3.00%(a)(l)			100		118,333
Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%(a)(l)			100		118,456
Utilities — 0.1%
Electricite de France SA, 3.00%(a)(l)			200		245,095
Total Capital Trusts — 4.6%					27,777,701
		Shares
Preferred Stocks — 1.7%
Banks — 0.0%
CF-B L2 (D), LLC, (Acquired 04/08/15, Cost: $134,650)(f)			137,556		1,416

Security		Shares		Value
Capital Markets(a)(l) — 1.7%
Goldman Sachs Group, Inc., Series J, 5.50%			202,526	$	5,549,212
Morgan Stanley
Series F, 6.88%			120,000		3,396,000
Series K, 5.85%			53,253		1,572,029
					10,517,241
Total Preferred Stocks — 1.7%					10,518,657
Trust Preferred — 0.0%
Diversified Financial Services — 0.0%
GMAC Capital Trust I, Series 2, 5.94%, 02/15/40(a)			7,687		194,558
Total Preferred Securities — 6.3% (Cost: $36,270,367)					38,490,916
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.2%
Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.09%, 10/25/29(a)	USD		1,426		1,470,502
Mortgage-Backed Securities — 0.2%
Uniform Mortgage-Backed Securities 5.00%, 08/01/23			13		13,235
Series K042, Class X1, 1.17%, 12/25/24(a)			32,987		1,032,161
					1,045,396
Total U.S. Government Sponsored Agency Securities — 0.4% (Cost: $2,527,374)					2,515,898
U.S. Treasury Obligations
U.S. Treasury Bonds(g)
2.88%, 05/15/49			1,350		1,580,818
1.88%, 02/15/51			6,500		6,203,438
U.S. Treasury Notes(g)
2.75%, 04/30/23 - 08/31/25			14,150		15,028,647
1.25%, 03/31/28			8,000		8,031,562
1.13%, 02/15/31			6,500		6,310,078
Total U.S. Treasury Obligations — 6.1% (Cost: $35,517,500)					37,154,543
		Shares
Warrants
Metals & Mining — 0.0%
Ameriforge Group, Inc. (Expires 06/08/22)(e)			2,542		—

84 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)(e)		345	$	2,650
Total Warrants — 0.0% (Cost: $ — )				2,650
Total Long-Term Investments — 151.7% (Cost: $903,581,299)				927,201,751
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(p)(r)		7,704,300		7,704,300
Total Short-Term Securities — 1.3% (Cost: $7,704,300)				7,704,300
Options Purchased — 0.5% (Cost: $3,411,172)				3,179,658
Total Investments Before Options Written — 153.5% (Cost: $914,696,771)				938,085,709
Options Written — (0.7)% (Premiums Received: $(3,699,983))				(4,153,999	)
Total Investments, Net of Options Written — 152.8% (Cost: $910,996,788)				933,931,710
Liabilities in Excess of Other Assets — (52.8)%				(322,573,722	)
Net Assets — 100.0%			$	611,357,988

^(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)  When-issued security.

^(e)  Non-income producing security.

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $242,560, representing less than 0.05% of its net assets as of period end, and an original cost of $189,527.

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

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

^(j)  Convertible security.

^(k)  Zero-coupon bond.

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

^(m)  Amount is less than 500.

⁽ⁿ⁾  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(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)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	9,760,422	$	—	$		(2,056,122)(a)	$	—	$	—		$	7,704,300		7,704,300	$	662	$	—
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,381,300		—		—			—		(37,700	)		1,343,600		10,000		13,022		—
								$	—	$	(37,700	)	$	9,047,900			$	13,684	$	—

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

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BNP Paribas S.A.

0.08

%(b)

11/25/20

Open

$

1,758,375

$

1,759,310

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.10

)(b)

03/25/21

Open

3,825,000

3,824,964

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.05

)(b)

03/25/21

Open

2,707,500

2,707,457

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/29/21

Open

11,700

11,715

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/29/21

Open

682,237

683,295

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

03/30/21

Open

762,135

763,498

Corporate Bonds

Open/Demand

BNP Paribas S.A.

(0.10

)(b)

03/30/21

Open

2,362,500

2,361,927

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

(0.05

)(b)

03/30/21

Open

3,093,125

3,093,134

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.07

(b)

04/05/21

Open

7,900,000

7,900,674

U.S. Treasury Obligations

Open/Demand

SCHEDULE   OF   INVESTMENTS 85

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BNP Paribas S.A.

0.45

%(b)

04/06/21

Open

$

3,694,500

$

3,698,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

3,243,750

3,247,196

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

294,350

294,663

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

914,375

915,347

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

1,537,500

1,539,134

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

608,356

609,003

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

168,506

168,685

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

1,027,725

1,028,817

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

04/06/21

Open

508,137

508,677

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

04/06/21

Open

712,682

713,534

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

04/06/21

Open

749,787

750,773

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

04/06/21

Open

813,037

814,189

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/06/21

Open

721,630

722,751

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/06/21

Open

833,646

834,926

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/06/21

Open

917,044

918,451

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/06/21

Open

700,277

701,352

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

2,503,812

2,507,833

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

1,090,136

1,091,887

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/06/21

Open

2,432,842

2,436,749

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

862,042

863,569

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

481,920

482,773

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

472,477

473,314

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

458,438

459,249

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/06/21

Open

1,348,720

1,351,108

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

436,175

436,999

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

483,735

484,649

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

413,303

414,083

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

04/06/21

Open

477,161

478,063

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

(b)

04/06/21

Open

444,063

445,006

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.25

(b)

04/06/21

Open

1,241,019

1,241,760

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.32

(b)

04/06/21

Open

860,625

861,283

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

560,787

561,311

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

407,731

408,112

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

1,620,360

1,621,872

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

816,066

816,828

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

1,555,312

1,556,764

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

646,750

647,354

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

1,094,242

1,095,264

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

274,024

274,280

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

364,331

364,841

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

117,874

118,039

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

384,188

384,725

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

2,235,000

2,238,129

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

500,000

500,700

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,257,869

1,259,630

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,077,375

1,078,883

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,048,725

1,050,193

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

362,918

363,426

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

93,670

93,801

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

311,493

311,929

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

325,380

325,836

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

313,560

313,999

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,224,425

1,226,139

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

601,800

602,643

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

529,031

529,587

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

259,823

260,095

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

417,008

417,445

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/08/21

Open

795,852

796,595

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/08/21

Open

544,897

545,406

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

04/08/21

Open

605,395

606,031

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/08/21

Open

579,150

579,961

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

04/08/21

Open

319,848

320,364

Corporate Bonds

Open/Demand

86 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

0.60

%(b)

04/12/21

Open

$

1,498,529

$

1,500,502

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/12/21

Open

210,938

211,146

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/12/21

Open

148,350

148,496

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/12/21

Open

353,290

353,639

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/12/21

Open

629,800

630,422

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/13/21

Open

241,900

242,214

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.63

(b)

04/13/21

Open

960,636

961,948

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/13/21

Open

341,948

342,451

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/14/21

Open

579,860

580,604

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

04/15/21

Open

411,060

411,324

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.31

(b)

04/15/21

Open

730,050

730,534

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

04/15/21

Open

280,860

281,160

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.50

(b)

04/15/21

Open

316,185

316,523

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

04/15/21

Open

326,616

327,000

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.55

(b)

04/15/21

Open

251,183

251,478

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate And Inves

0.25

(b)

04/15/21

Open

925,000

925,495

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/20/21

Open

147,420

147,594

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.33

(b)

04/21/21

Open

424,174

424,446

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.33

(b)

04/21/21

Open

207,323

207,456

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

216,281

216,395

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

219,895

220,011

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

200,494

200,599

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

72,293

72,330

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

103,950

104,005

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

247,500

247,630

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

216,377

216,491

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

207,750

207,859

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

473,875

474,124

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

239,000

239,125

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

217,330

217,444

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

52,438

52,465

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

207,750

207,859

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

157,325

157,408

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.27

(b)

04/21/21

Open

271,950

272,093

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

04/21/21

Open

282,563

282,755

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/21/21

Open

30,554

30,581

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/21/21

Open

93,279

93,361

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

04/29/21

Open

674,080

674,719

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

04/29/21

Open

364,910

365,256

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/29/21

Open

912,340

913,361

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/29/21

Open

680,024

680,785

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/29/21

Open

722,370

723,216

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

04/29/21

Open

661,635

662,410

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/29/21

Open

290,363

290,738

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/29/21

Open

1,048,050

1,048,862

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

04/29/21

Open

646,021

646,967

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/30/21

Open

243,322

243,489

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/30/21

Open

238,769

238,933

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/30/21

Open

265,125

265,308

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/30/21

Open

405,650

405,929

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

04/30/21

Open

369,550

369,944

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

04/30/21

Open

385,320

385,794

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.38

(b)

04/30/21

Open

508,185

508,501

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.38

(b)

04/30/21

Open

500,816

501,128

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.38

(b)

04/30/21

Open

407,400

407,654

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.38

(b)

04/30/21

Open

454,813

455,096

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.38

(b)

04/30/21

Open

470,600

470,893

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.42

(b)

04/30/21

Open

333,458

333,687

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.42

(b)

04/30/21

Open

333,120

333,349

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.42

(b)

04/30/21

Open

378,000

378,260

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.42

(b)

04/30/21

Open

365,138

365,389

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.42

(b)

04/30/21

Open

385,000

385,265

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 87

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Credit Agricole Corporate And Inves

0.42

%(b)

04/30/21

Open

$

418,500

$

418,788

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/30/21

Open

178,250

178,381

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/30/21

Open

994,400

995,133

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

05/03/21

Open

267,986

268,285

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

05/06/21

Open

781,744

782,341

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

430,320

430,682

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

424,514

424,870

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

172,215

172,360

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,192,707

1,193,710

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

530,584

531,030

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

150,765

150,815

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

28,163

28,172

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

313,544

313,647

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

259,958

260,043

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

15,775

15,780

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

353,063

353,179

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

60,569

60,589

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

418,770

418,908

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

79,134

79,160

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

131,645

131,689

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

52,516

52,533

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

37,496

37,509

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

48,013

48,028

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

180,960

181,020

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

216,536

216,608

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

198,240

198,306

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

05/12/21

Open

99,130

99,163

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

05/19/21

Open

44,135

44,160

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

05/19/21

Open

349,081

349,312

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

05/19/21

Open

517,040

517,406

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

05/24/21

Open

86,625

86,692

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

533,180

533,351

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

459,241

459,389

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

420,030

420,165

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

667,940

668,154

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

566,702

566,884

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

433,080

433,219

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

417,050

417,184

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

488,700

488,857

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

718,900

719,131

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

578,437

578,623

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

394,908

395,034

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

428,691

428,829

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

623,450

623,650

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

528,950

529,120

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.34

(b)

05/27/21

Open

369,255

369,374

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.29

(b)

05/28/21

Open

27,804

27,810

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.65

(b)

05/28/21

Open

582,175

582,532

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

06/02/21

Open

930,000

930,326

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

06/02/21

Open

1,523,487

1,524,194

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

06/02/21

Open

614,100

614,408

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

177,884

177,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

1,634,297

1,635,119

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

450,450

450,676

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

883,674

884,118

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

5,803,510

5,806,428

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

773,500

773,889

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

318,000

318,160

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

445,588

445,812

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

551,281

551,558

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

869,325

869,762

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

720,545

720,907

Corporate Bonds

Open/Demand

88 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BNP Paribas S.A.

0.55

%(b)

06/02/21

Open

$

185,000

$

185,093

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

862,387

862,821

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

520,327

520,589

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

280,780

280,921

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

604,044

604,361

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

674,347

674,687

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

648,672

648,999

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

274,838

274,982

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

725,517

725,882

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/02/21

Open

686,937

687,310

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/02/21

Open

231,179

231,287

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

608,915

609,223

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

413,080

413,289

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

633,600

633,920

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

107,535

107,589

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

232,853

232,970

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

521,397

521,661

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

598,336

598,639

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

497,920

498,172

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

388,395

388,591

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

226,485

226,600

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

666,420

666,757

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

482,197

482,441

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

961,330

961,816

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

590,021

590,320

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

326,630

326,803

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

692,125

692,491

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

547,461

547,751

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

653,185

653,530

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

839,002

839,446

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

447,666

447,903

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

385,075

385,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

672,534

672,889

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/02/21

Open

585,000

585,309

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

452,071

452,317

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

843,817

844,277

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

1,402,312

1,403,076

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

461,587

461,839

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

611,512

611,845

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

709,702

710,089

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/02/21

Open

113,600

113,662

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/03/21

Open

601,544

601,835

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

198,875

198,964

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

1,017,480

1,017,938

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

413,806

413,992

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

530,347

530,586

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

1,074,925

1,075,409

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

185,000

185,083

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

1,173,287

1,173,815

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

349,688

349,845

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

199,813

199,902

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

140,675

140,738

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

524,492

524,740

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

752,169

752,524

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

350,924

351,090

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

332,509

332,666

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

216,288

216,390

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

223,838

223,943

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

409,221

409,415

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

233,998

234,108

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

483,551

483,780

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

246,075

246,191

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 89

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BNP Paribas S.A.

0.65

%(b)

06/03/21

Open

$

1,955,542

$

1,956,496

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

228,160

228,271

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

283,508

283,646

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

454,485

454,707

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

229,298

229,409

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

339,771

339,937

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

857,990

858,408

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

333,040

333,202

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

335,948

336,111

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

396,240

396,433

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

226,550

226,660

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

425,631

425,839

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

710,544

710,890

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

367,175

367,354

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

691,900

692,237

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

493,852

494,093

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

237,850

237,966

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

446,128

446,345

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

349,650

349,820

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

371,495

371,676

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

553,455

553,725

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

673,265

673,593

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/03/21

Open

392,531

392,723

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/03/21

Open

179,213

179,304

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/03/21

Open

1,128,375

1,128,950

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/03/21

Open

385,033

385,229

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

(b)

06/03/21

Open

1,667,922

1,668,786

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/03/21

Open

280,125

280,272

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/03/21

Open

1,128,390

1,128,982

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/03/21

Open

841,620

842,062

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

06/03/21

Open

1,056,257

1,056,812

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.73

(b)

06/03/21

Open

204,000

204,112

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

349,488

349,684

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

1,308,591

1,309,327

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

340,204

340,395

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

187,960

188,066

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

313,228

313,404

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/03/21

Open

722,722

723,129

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

06/03/21

Open

849,801

850,311

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

(b)

06/03/21

Open

141,200

141,285

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

(b)

06/03/21

Open

1,196,620

1,197,473

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

274,466

274,567

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

328,653

328,773

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.58

(b)

06/04/21

Open

479,385

479,570

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/04/21

Open

671,291

671,560

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/04/21

Open

347,183

347,321

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/04/21

Open

425,113

425,319

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/04/21

Open

443,983

444,175

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/04/21

Open

513,836

514,059

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/04/21

Open

509,302

509,523

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/04/21

Open

519,585

519,810

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/04/21

Open

1,442,919

1,443,573

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

06/04/21

Open

363,000

363,165

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/04/21

Open

374,920

375,107

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/07/21

Open

1,309,499

1,310,066

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.06

(b)

06/07/21

Open

6,741,937

6,742,115

U.S. Treasury Obligations

Open/Demand

HSBC Securities (USA), Inc.

0.06

(b)

06/07/21

Open

8,420,000

8,420,222

U.S. Treasury Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/08/21

Open

871,960

872,119

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

528,900

529,062

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

1,126,142

1,126,487

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

356,570

356,679

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

366,795

366,907

Corporate Bonds

Open/Demand

90 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

0.50

%(b)

06/08/21

Open

$

351,260

$

351,367

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

430,770

430,902

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

197,750

197,810

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

456,585

456,725

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

328,345

328,445

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

364,183

364,294

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

376,635

376,750

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

210,283

210,347

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

255,789

255,867

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

394,088

394,208

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

219,780

219,847

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

414,534

414,660

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

219,605

219,672

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

766,720

766,954

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

224,993

225,061

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

464,195

464,337

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

314,903

314,999

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

180,500

180,555

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

437,168

437,301

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

281,639

281,725

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

438,030

438,164

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

350,139

350,246

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

411,215

411,341

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

328,860

328,960

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

2,804,375

2,805,232

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

849,252

849,524

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

237,195

237,240

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

331,585

331,649

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

233,400

233,445

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

341,638

341,703

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

400,579

400,656

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

231,964

232,008

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

251,724

251,772

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

271,769

271,821

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

322,831

322,893

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

374,989

375,061

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

329,426

329,489

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

225,150

225,193

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

302,944

303,002

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/08/21

Open

307,090

307,149

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/08/21

Open

218,500

218,540

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/08/21

Open

223,020

223,061

Foreign Agency Obligations

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

310,719

310,772

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

399,375

399,443

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

1,186,081

1,186,284

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

1,569,967

1,570,236

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

596,785

596,887

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

373,500

373,564

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

7,306

7,308

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

1,469,512

1,469,764

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/08/21

Open

173,400

173,430

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

856,240

856,449

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

56,018

56,031

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

345,135

345,219

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

1,296,230

1,296,547

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

1,312,681

1,313,002

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

1,066,669

1,066,929

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

666,965

667,128

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/08/21

Open

538,312

538,444

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/09/21

Open

2,689,125

2,689,596

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/09/21

Open

2,098,393

2,098,760

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

1,429,911

1,430,328

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 91

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

0.50

%(b)

06/09/21

Open

$

1,439,362

$

1,439,782

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

1,219,219

1,219,574

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

582,741

582,911

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

438,600

438,728

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

402,701

402,819

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

1,838,372

1,838,909

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

1,242,844

1,243,206

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

1,750,935

1,751,446

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

796,511

796,744

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

204,133

204,192

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

154,700

154,745

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

474,154

474,292

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/09/21

Open

197,175

197,250

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/09/21

Open

1,408,125

1,408,371

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/09/21

Open

1,625,000

1,625,427

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

06/09/21

Open

1,780,312

1,780,832

Capital Trusts

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

144,550

144,574

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

161,460

161,486

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

933,750

933,903

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

429,300

429,370

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

61,604

61,614

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

463,275

463,351

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

421,169

421,238

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

697,125

697,239

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

1,035,300

1,035,469

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

302,813

302,862

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

1,687,647

1,687,923

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

1,500,000

1,500,245

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

1,561,875

1,562,130

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/10/21

Open

122,140

122,174

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/10/21

Open

457,610

457,770

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(3.00

)(b)

06/11/21

Open

217,051

216,744

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

(b)

06/11/21

Open

209,250

209,275

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

634,187

634,277

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

233,275

233,308

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

347,563

347,612

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

149,971

149,993

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

701,187

701,353

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

3,154,112

3,154,857

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

311,225

311,298

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

410,334

410,431

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

363,000

363,086

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

544,320

544,449

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

340,550

340,630

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

567,564

567,698

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

217,330

217,381

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

310,931

311,005

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(3.00

)(b)

06/11/21

Open

95,479

95,343

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/11/21

Open

246,163

246,195

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/11/21

Open

973,665

973,849

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/11/21

Open

1,111,072

1,111,282

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/14/21

Open

135,050

135,077

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

06/16/21

Open

382,850

382,970

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.58

(b)

06/18/21

Open

742,600

742,720

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/21/21

Open

129,800

129,815

Corporate Bonds

Open/Demand

BNP Paribas S.A.

(1.00

)(b)

06/22/21

Open

51,800

51,788

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/23/21

Open

189,750

189,774

Corporate Bonds

Open/Demand

Credit Agricole Corporate And Inves

0.30

(b)

06/25/21

Open

137,100

137,103

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/29/21

Open

790,119

790,125

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/29/21

Open

1,892,500

1,892,516

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/29/21

Open

2,002,500

2,002,517

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/29/21

Open

1,298,437

1,298,448

Corporate Bonds

Open/Demand

92 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

0.35

%(b)

06/29/21

Open

$

3,048,750

$

3,048,780

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

371,995

372,000

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

590,410

590,418

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

604,222

604,231

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

326,430

326,435

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

1,286,810

1,286,828

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

1,023,710

1,023,724

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

536,270

536,277

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

280,294

280,298

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

368,663

368,668

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

932,047

932,060

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

509,655

509,662

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

317,104

317,108

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

409,076

409,076

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

653,410

653,419

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

598,579

598,587

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

245,645

245,648

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

291,200

291,204

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

518,141

518,148

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

549,010

549,018

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

260,700

260,704

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

385,328

385,333

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

1,287,500

1,287,518

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

364,544

364,549

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

435,870

435,876

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

775,912

775,923

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

196,284

196,286

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

281,663

281,666

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

561,045

561,053

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

339,154

339,159

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

488,312

488,319

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

606,156

606,166

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/30/21

Open

75,013

75,014

Corporate Bonds

Open/Demand

$

314,441,878

$

314,601,672

^(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
Euro Bund		32		09/08/21	$	6,550	$	41,324
10-Year U.S. Ultra Long Treasury Note		61		09/21/21		8,971		215,264
2-Year U.S. Treasury Note		566		09/30/21		124,701		(29,298	)
								227,290
Short Contracts
Euro Bund		1		09/08/21		205		(1,246	)
Euro OAT		38		09/08/21		7,167		(32,026	)
10-Year U.S. Treasury Note		321		09/21/21		42,507		(177,866	)
U.S. Long Bond		26		09/21/21		4,175		(97,447	)

SCHEDULE   OF   INVESTMENTS 93

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued)
Ultra U.S. Treasury Bond		113		09/21/21	$	21,753	$	(648,005	)
5-Year U.S. Treasury Note		420		09/30/21		51,821		120,306
								(836,284	)
							$	(608,994	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	90,898		CAD	110,000	State Street Bank and Trust Co.		09/15/21	$	2,163
USD	9,056,520		EUR	7,471,000	BNP Paribas S.A.		09/15/21		184,296
USD	991,612		EUR	818,000	HSBC Bank USA N.A.		09/15/21		20,192
USD	115,380		EUR	95,000	JPMorgan Chase Bank N.A.		09/15/21		2,562
USD	118,993		EUR	98,000	Morgan Stanley & Co. International PLC		09/15/21		2,613
USD	1,375,014		GBP	973,000	Barclays Bank PLC		09/15/21		28,838
USD	1,400,451		GBP	991,000	Barclays Bank PLC		09/15/21		29,372
USD	3,931,335		GBP	2,785,000	Barclays Bank PLC		09/15/21		78,202
USD	109,174		GBP	77,000	HSBC Bank USA N.A.		09/15/21		2,643
								$	350,881

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
90-Day Eurodollar Future		159		09/10/21		USD	99.63		USD	16	$	21,863
90-Day Eurodollar Future		159		09/10/21		USD	99.50		USD	16		200,737
90-Day Eurodollar Future		172		10/15/21		USD	99.25		USD	17		17,200
											$	239,800

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

5-Year Interest Rate Swap, 04/07/27

3-Month LIBOR, 0.15%

Quarterly

1.53%

Semi-Annual

JPMorgan Chase Bank N.A.

04/05/22

1.53

%

USD

4,985

$

109,441

5-Year Interest Rate Swap, 04/10/27

3-Month LIBOR, 0.15%

Quarterly

1.39%

Semi-Annual

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

9,830

165,767

5-Year Interest Rate Swap, 04/30/27

3-Month LIBOR, 0.15%

Quarterly

1.20%

Semi-Annual

Bank of America N.A.

04/28/22

1.20

USD

13,700

151,810

10-Year Interest Rate Swap, 06/26/34

3-Month LIBOR, 0.15%

Quarterly

1.97%

Semi-Annual

Goldman Sachs Bank USA

06/24/24

1.97

USD

1,720

81,034

10-Year Interest Rate Swap, 06/30/34

3-Month LIBOR, 0.15%

Quarterly

2.00%

Semi-Annual

Goldman Sachs Bank USA

06/28/24

2.00

USD

1,720

83,684

1-Year Interest Rate Swap, 02/26/26

3-Month LIBOR, 0.15%

Quarterly

1.60%

Semi-Annual

Bank of America N.A.

02/24/25

1.59

USD

15,740

85,861

1-Year Interest Rate Swap, 02/26/26

3-Month LIBOR, 0.15%

Quarterly

1.62%

Semi-Annual

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

31,400

175,947

10-Year Interest Rate Swap, 08/09/35

3-Month LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

2,050

32,725

10-Year Interest Rate Swap, 08/09/35

3-Month LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,370

21,870

10-Year Interest Rate Swap, 04/09/36

3-Month LIBOR, 0.15%

Quarterly

2.60%

Semi-Annual

Deutsche Bank AG

04/07/26

2.60

USD

2,550

218,501

94 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call (continued)

10-Year Interest Rate Swap, 08/09/40

3-Month LIBOR, 0.15%

Quarterly

1.05%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/30

1.05

%

USD

1,510

$

45,317

10-Year Interest Rate Swap, 08/09/50

3-Month LIBOR, 0.15%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

1,160

43,543

1,215,500

Put

5-Year Interest Rate Swap, 11/17/26

(0.15%)

Annual

6-Month EURIBOR, (0.52%)

Semi-Annual

Barclays Bank PLC

11/15/21

(0.15

)

EUR

8,730

29,422

5-Year Interest Rate Swap, 04/07/27

1.53%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

JPMorgan Chase Bank N.A.

04/05/22

1.53

USD

4,985

31,435

5-Year Interest Rate Swap, 04/10/27

1.39%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

04/08/22

1.39

USD

9,830

81,475

10-Year Interest Rate Swap, 04/23/32

1.90%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

04/21/22

1.90

USD

33,010

432,709

10-Year Interest Rate Swap, 06/26/34

1.97%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

06/24/24

1.97

USD

1,720

70,824

10-Year Interest Rate Swap, 06/30/34

2.00%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs Bank USA

06/28/24

2.00

USD

1,720

68,979

1-Year Interest Rate Swap, 02/26/26

1.60%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

��

Bank of America N.A.

02/24/25

1.59

USD

15,740

85,093

1-Year Interest Rate Swap, 02/26/26

1.62%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

02/24/25

1.62

USD

31,400

166,791

10-Year Interest Rate Swap, 08/09/35

0.91%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,370

152,380

10-Year Interest Rate Swap, 08/09/35

0.91%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

2,050

228,014

10-Year Interest Rate Swap, 04/09/36

2.60%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Deutsche Bank AG

04/07/26

2.60

USD

2,550

83,525

10-Year Interest Rate Swap, 08/09/40

1.05%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,510

171,390

10-Year Interest Rate Swap, 08/09/50

0.91%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

1,160

122,321

1,724,358

$

2,939,858

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
10-Year U.S. Treasury Note Future		43		07/23/21		USD	132.50		USD	6	$	(22,172	)
Put
10-Year U.S. Treasury Note Future		43		07/23/21		USD	130.50		USD	6		(2,688	)
90-Day Eurodollar Future		159		09/10/21		USD	99.37		USD	16		(153,037	)
90-Day Eurodollar Future		159		09/10/21		USD	99.75		USD	16		(48,694	)
												(204,419	)
											$	(226,591	)

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

10-Year Interest Rate Swap, 09/24/31

1.52%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Citibank N.A.

09/22/21

1.52

%

USD

4,050

$

(59,969

)

SCHEDULE   OF   INVESTMENTS 95

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Fund					Received by the Fund						Expiration		Exercise			Notional
Description	Rate			Frequency		Rate			Frequency		Counterparty	Date		Rate			Amount (000)			Value
Call (continued)
10-Year Interest Rate Swap, 10/16/31		1.78	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Goldman Sachs Bank USA		10/14/21		1.77	%		USD	2,150	$	(69,338	)
2-Year Interest Rate Swap, 01/12/24		0.51	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Morgan Stanley & Co. International PLC		01/10/22		0.51			USD	27,570		(66,826	)
10-Year Interest Rate Swap, 01/29/32		1.00	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		01/27/22		1.00			USD	2,690		(10,335	)
10-Year Interest Rate Swap, 01/29/32		1.25	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Bank of America N.A.		01/27/22		1.25			USD	2,460		(20,975	)
10-Year Interest Rate Swap, 02/20/32		1.62	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Bank of America N.A.		02/18/22		1.62			USD	2,350		(56,467	)
2-Year Interest Rate Swap, 02/25/24		0.41	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Goldman Sachs Bank USA		02/23/22		0.41			USD	40,050		(51,079	)
2-Year Interest Rate Swap, 03/03/24		0.51	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		03/01/22		0.51			USD	23,990		(51,683	)
2-Year Interest Rate Swap, 03/04/24		0.49	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	JPMorgan Chase Bank N.A.		03/02/22		0.49			USD	36,010		(69,507	)
2-Year Interest Rate Swap, 03/05/24		0.52	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Citibank N.A.		03/03/22		0.52			USD	12,275		(27,371	)
2-Year Interest Rate Swap, 03/23/24		0.56	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		03/21/22		0.56			USD	12,275		(32,156	)
2-Year Interest Rate Swap, 03/25/24		0.57	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		03/23/22		0.57			USD	23,990		(64,332	)
10-Year Interest Rate Swap, 04/23/32		1.25	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		04/21/22		1.25			USD	33,010		(338,449	)
5-Year Interest Rate Swap, 04/24/27		0.90	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Bank of America N.A.		04/22/22		0.90			USD	6,850		(32,478	)
5-Year Interest Rate Swap, 04/30/27		0.90	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Bank of America N.A.		04/28/22		0.90			USD	20,550		(97,528	)
10-Year Interest Rate Swap, 06/09/32		1.40	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	JPMorgan Chase Bank N.A.		06/07/22		1.40			USD	3,185		(50,059	)
10-Year Interest Rate Swap, 08/10/32		0.72	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		08/08/22		0.72			USD	1,060		(3,512	)
10-Year Interest Rate Swap, 10/13/32		1.06	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Deutsche Bank AG		10/11/22		1.06			USD	1,875		(16,129	)
10-Year Interest Rate Swap, 12/18/32		1.23	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Goldman Sachs Bank USA		12/16/22		1.23			USD	1,742		(22,933	)
10-Year Interest Rate Swap, 12/18/32		1.25	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Goldman Sachs Bank USA		12/16/22		1.24			USD	1,743		(23,499	)
10-Year Interest Rate Swap, 01/01/33		1.25	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Citibank N.A.		12/30/22		1.25			USD	1,930		(26,820	)
10-Year Interest Rate Swap, 01/11/33		1.44	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Barclays Bank PLC		01/09/23		1.44			USD	3,520		(69,392	)
10-Year Interest Rate Swap, 03/03/33		2.01	%		Semi-Annual		3-Month LIBOR, 0.15%			Quarterly	Bank of America N.A.		03/01/23		2.01			USD	3,660		(174,847	)
																					(1,435,684	)
Put
2-Year Interest Rate Swap, 08/11/23		6-Month EURIBOR, (0.52%)			Semi-Annual		(0.25	%)		Annual	Barclays Bank PLC		08/09/21		(0.25	)		EUR	68,730		(181	)
5-Year Interest Rate Swap, 09/05/26		3-Month LIBOR, 0.15%			Quarterly		0.60	%		Semi-Annual	Deutsche Bank AG		09/03/21		0.60			USD	6,900		(142,954	)
10-Year Interest Rate Swap, 09/24/31		3-Month LIBOR, 0.15%			Quarterly		1.52	%		Semi-Annual	Citibank N.A.		09/22/21		1.52			USD	4,050		(44,867	)
10-Year Interest Rate Swap, 10/16/31		3-Month LIBOR, 0.15%			Quarterly		1.78	%		Semi-Annual	Goldman Sachs Bank USA		10/14/21		1.77			USD	2,150		(12,118	)
2-Year Interest Rate Swap, 12/08/23		3-Month LIBOR, 0.15%			Quarterly		0.50	%		Semi-Annual	Barclays Bank PLC		12/06/21		0.50			USD	10,280		(20,901	)
2-Year Interest Rate Swap, 12/12/23		3-Month LIBOR, 0.15%			Quarterly		0.45	%		Semi-Annual	Deutsche Bank AG		12/10/21		0.45			USD	10,211		(26,061	)
2-Year Interest Rate Swap, 01/12/24		3-Month LIBOR, 0.15%			Quarterly		0.51	%		Semi-Annual	Morgan Stanley & Co. International PLC		01/10/22		0.51			USD	27,570		(74,270	)

96 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Fund			Received by the Fund						Expiration		Exercise			Notional
Description	Rate	Frequency		Rate			Frequency		Counterparty	Date		Rate			Amount (000)			Value
Put (continued)
10-Year Interest Rate Swap, 01/29/32	3-Month LIBOR, 0.15%		Quarterly		1.25	%		Semi-Annual	Bank of America N.A.		01/27/22		1.25	%		USD	2,460	$	(91,515	)
10-Year Interest Rate Swap, 01/29/32	3-Month LIBOR, 0.15%		Quarterly		1.50	%		Semi-Annual	Deutsche Bank AG		01/27/22		1.50			USD	2,690		(60,211	)
10-Year Interest Rate Swap, 02/09/32	3-Month LIBOR, 0.15%		Quarterly		0.68	%		Semi-Annual	Deutsche Bank AG		02/07/22		0.68			USD	7,000		(589,310	)
10-Year Interest Rate Swap, 02/20/32	3-Month LIBOR, 0.15%		Quarterly		1.62	%		Semi-Annual	Bank of America N.A.		02/18/22		1.62			USD	2,350		(43,814	)
2-Year Interest Rate Swap, 02/27/24	3-Month LIBOR, 0.15%		Quarterly		0.75	%		Semi-Annual	Deutsche Bank AG		02/25/22		0.75			USD	40,050		(81,991	)
2-Year Interest Rate Swap, 03/03/24	3-Month LIBOR, 0.15%		Quarterly		0.51	%		Semi-Annual	Deutsche Bank AG		03/01/22		0.51			USD	23,990		(91,667	)
2-Year Interest Rate Swap, 03/04/24	3-Month LIBOR, 0.15%		Quarterly		0.49	%		Semi-Annual	JPMorgan Chase Bank N.A.		03/02/22		0.49			USD	36,010		(146,188	)
2-Year Interest Rate Swap, 03/05/24	3-Month LIBOR, 0.15%		Quarterly		0.52	%		Semi-Annual	Citibank N.A.		03/03/22		0.52			USD	12,275		(46,385	)
2-Year Interest Rate Swap, 03/23/24	3-Month LIBOR, 0.15%		Quarterly		0.56	%		Semi-Annual	Deutsche Bank AG		03/21/22		0.56			USD	12,275		(46,433	)
2-Year Interest Rate Swap, 03/25/24	3-Month LIBOR, 0.15%		Quarterly		0.57	%		Semi-Annual	Deutsche Bank AG		03/23/22		0.57			USD	23,990		(90,014	)
10-Year Interest Rate Swap, 06/09/32	3-Month LIBOR, 0.15%		Quarterly		2.40	%		Semi-Annual	JPMorgan Chase Bank N.A.		06/07/22		2.40			USD	3,185		(19,439	)
10-Year Interest Rate Swap, 08/10/32	3-Month LIBOR, 0.15%		Quarterly		0.72	%		Semi-Annual	Deutsche Bank AG		08/08/22		0.72			USD	1,060		(96,870	)
10-Year Interest Rate Swap, 10/13/32	3-Month LIBOR, 0.15%		Quarterly		1.06	%		Semi-Annual	Deutsche Bank AG		10/11/22		1.06			USD	1,875		(125,397	)
10-Year Interest Rate Swap, 12/18/32	3-Month LIBOR, 0.15%		Quarterly		1.23	%		Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.23			USD	1,742		(102,182	)
10-Year Interest Rate Swap, 12/18/32	3-Month LIBOR, 0.15%		Quarterly		1.25	%		Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.24			USD	1,743		(100,712	)
10-Year Interest Rate Swap, 01/01/33	3-Month LIBOR, 0.15%		Quarterly		1.25	%		Semi-Annual	Citibank N.A.		12/30/22		1.25			USD	1,930		(111,883	)
10-Year Interest Rate Swap, 01/11/33	3-Month LIBOR, 0.15%		Quarterly		1.44	%		Semi-Annual	Barclays Bank PLC		01/09/23		1.44			USD	3,520		(165,131	)
10-Year Interest Rate Swap, 03/03/33	3-Month LIBOR, 0.15%		Quarterly		2.01	%		Semi-Annual	Bank of America N.A.		03/01/23		2.01			USD	3,660		(86,866	)
10-Year Interest Rate Swap, 05/17/33	6-Month EURIBOR, (0.52%)		Semi-Annual		0.70	%		Annual	Barclays Bank PLC		05/15/23		0.70			EUR	4,360		(74,364	)
																			(2,491,724	)
																		$	(3,927,408	)

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.36.V1		5.00	%		Quarterly		06/20/26		USD     8,580	$	(890,440	)	$	(762,344	)	$	(128,096	)
CDX.NA.IG.36.V1		1.00			Quarterly		06/20/26		USD   34,830		(897,177	)		(718,671	)		(178,506	)
										$	(1,787,617	)	$	(1,481,015	)	$	(306,602	)

SCHEDULE   OF   INVESTMENTS 97

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective			Termination		Notional						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)			Value			(Received)			(Depreciation)
0.12%	Annual	6-Month GBP LIBOR, 3.69%	Annual		N/A			04/11/23		GBP	26,780	$	28,246		$	(404	)	$	28,650
3-Month CAD BA, 1.35%	Semi-Annual	0.64%	Semi-Annual		N/A			04/21/23		CAD	15,340		(22,254	)		(9	)		(22,245	)
0.28%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			04/24/23		USD	13,530		(346	)		(878	)		532
3-Month LIBOR, 0.15%	Quarterly	0.34%	Semi-Annual		12/13/21	(a)		12/13/23		USD	930		(2,682	)		4			(2,686	)
3-Month LIBOR, 0.15%	Quarterly	0.45%	Semi-Annual		03/01/22	(a)		03/01/24		USD	4,460		(12,907	)		20			(12,927	)
0.73%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/21/22	(a)		06/21/24		USD	6,150		3,300			27			3,273
0.77%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/28/22	(a)		06/28/24		USD	1,795		(12	)		8			(20	)
0.35%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			10/01/25		USD	1,220		25,030			9			25,021
0.56%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/12/26		USD	545		7,055			4			7,051
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/25/25	(a)		02/25/26		USD	9,080		7,057			16			7,041
1.62%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/26/25	(a)		02/26/26		USD	7,120		(315	)		13			(328	)
1.71%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		03/06/25	(a)		03/06/26		USD	2,590		(2,271	)		5			(2,276	)
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.15%)	Annual		11/16/21	(a)		11/16/26		EUR	4,360		14,265			59			14,206
1.29%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/20/22	(a)		04/20/27		USD	2,510		(6,158	)		23			(6,181	)
1.31%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		04/29/22	(a)		04/29/27		USD	30		(95	)		—			(95	)
1.36%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/20/22	(a)		06/21/27		USD	780		(2,379	)		7			(2,386	)
0.50%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			08/19/27		USD	80		2,884			1			2,883
0.84%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/15/27		USD	5,460		102,185			68			102,117
1.27%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/15/28		USD	5,390		(29,429	)		69			(29,498	)
3-Month LIBOR, 0.15%	Quarterly	1.57%	Semi-Annual		N/A			02/11/30		USD	5		113			183			(70	)
0.53%	Quarterly	3-Month LIBOR, 0.15%	Quarterly		N/A			10/21/30		USD	25		1,365			—			1,365
3-Month LIBOR, 0.15%	Quarterly	0.56%	Quarterly		N/A			10/21/30		USD	25		(1,414	)		—			(1,414	)
0.93%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			11/18/30		USD	480		20,656			7			20,649
(0.21%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		N/A			01/28/31		EUR	1,290		40,290			(654	)		40,944
1.16%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31		USD	500		10,348			8			10,340
1.18%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31		USD	1,080		21,119			17			21,102
1.26%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/10/31		USD	790		9,529			12			9,517
1.68%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	(a)		02/18/31		USD	3,990		(71,233	)		(438	)		(70,795	)
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/03/31		USD	830		(11,344	)		13			(11,357	)
1.58%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/12/31		USD	440		(7,649	)		7			(7,656	)
3-Month LIBOR, 0.15%	Quarterly	1.58%	Semi-Annual		08/25/21	(a)		08/26/31		USD	1,600		13,306			26			13,280
0.80%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		02/08/22	(a)		02/09/32		USD	1,310		97,231			21			97,210
0.83%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		08/15/22	(a)		08/16/32		USD	16,030		1,290,132			49,365			1,240,767
3-Month LIBOR, 0.15%	Quarterly	2.08%	Semi-Annual		05/05/23	(a)		05/05/33		USD	560		13,769			3			13,766
0.44%	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		05/16/23	(a)		05/16/33		EUR	1,540		(17,901	)		34			(17,935	)
3-Month LIBOR, 0.15%	Quarterly	2.15%	Semi-Annual		05/16/23	(a)		05/16/33		USD	1,890		58,464			12			58,452
0.84%	Quarterly	1-Day SOFR, 0.05%	Quarterly		N/A			10/22/40		USD	11		1,084			—			1,084
3-Month LIBOR, 0.15%	Quarterly	0.91%	Quarterly		N/A			10/22/40		USD	11		(1,080	)		—			(1,080	)
3-Month LIBOR, 0.15%	Quarterly	1.78%	Semi-Annual		09/30/21	(a)		02/15/47		USD	1,600		2,880			45			2,835
3-Month LIBOR, 0.15%	Quarterly	1.80%	Semi-Annual		09/30/21	(a)		02/15/47		USD	1,440		6,267			40			6,227
1.89%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	(a)		02/15/47		USD	1,740		(30,851	)		49			(30,900	)
2.10%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		09/30/21	(a)		02/15/47		USD	5,070		(317,009	)		(720	)		(316,289	)
3-Month LIBOR, 0.15%	Quarterly	0.99%	Semi-Annual		N/A			08/22/50		USD	155		(29,164	)		5			(29,169	)
3-Month LIBOR, 0.15%	Quarterly	1.00%	Semi-Annual		N/A			08/22/50		USD	155		(28,770	)		5			(28,775	)
0.91%	Quarterly	3-Month LIBOR, 0.15%	Quarterly		N/A			10/21/50		USD	12		1,694			—			1,694
3-Month LIBOR, 0.15%	Quarterly	0.99%	Quarterly		N/A			10/21/50		USD	12		(1,651	)		—			(1,651	)
												$	1,181,355		$	47,082		$	1,134,273

^(a) Forward Swap.

98 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

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	)
Broadcom, Inc.	1.00	%	Quarterly	Citibank N.A.	06/20/24	BBB-		USD	1,185	$	21,396		$	(54,802	)	$	76,198
Adler Real Estate AG	5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	BB+		EUR	10		1,450			1,542			(92	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	10		1,436			1,190			246
CMBX.NA.8	3.00		Monthly	Barclays Bank PLC	10/17/57	NR		USD	5,000		(689,554	)		(491,506	)		(198,048	)
CMBX.NA.8	3.00		Monthly	Credit Suisse International	10/17/57	NR		USD	2,500		(344,777	)		(243,137	)		(101,640	)
CMBX.NA.8	3.00		Monthly	Morgan Stanley & Co. International PLC	10/17/57	NR		USD	4,450		(613,702	)		(573,716	)		(39,986	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR		USD	5,000		(386,335	)		(527,073	)		140,738
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	1,528		(118,064	)		(169,286	)		51,222
										$	(2,128,150	)	$	(2,056,788	)	$	(71,362	)

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

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

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	50,185	$	(1,484,118	)	$	1,730,006	$	(902,335	)	$	—
OTC Swaps		2,732		(2,059,520	)		268,404		(339,766	)		—
Options Written		N/A		N/A			739,737		(1,193,753	)		(4,153,999	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	376,894	$	—	$	376,894
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		350,881		—		—		350,881
Options purchased
Investments at value — unaffiliated(b)		—		—		—		—		3,179,658		—		3,179,658
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		—		—		—		1,730,006		—		1,730,006
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		271,136		—		—		—		—		271,136
	$	—	$	271,136	$	—	$	350,881	$	5,286,558	$	—	$	5,908,575
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	985,888	$	—	$	985,888
Options written
Options written at value		—		—		—		—		4,153,999		—		4,153,999

SCHEDULE   OF   INVESTMENTS 99

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	306,602	$	—	$	—	$	595,733	$	—	$	902,335
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		2,399,286		—		—		—		—		2,399,286
	$	—	$	2,705,888	$	—	$	—	$	5,735,620	$	—	$	8,441,508

^(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).

^(b) Includes options purchased at value as reported in the Schedule of Investments.

For the six months ended June 30, 2021, 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	$	—	$	—	$	—	$	—		$	2,642,579		$	—	$	2,642,579
Forward foreign currency exchange contracts		—		—		—		(352,852	)		—			—		(352,852	)
Options purchased(a)		—		—		—		—			2,557,096			—		2,557,096
Options written		—		—		—		—			(1,694,170	)		—		(1,694,170	)
Swaps		—		159,519		—		—			741,423			—		900,942
	$	—	$	159,519	$	—	$	(352,852	)	$	4,246,928		$	—	$	4,053,595
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—		$	(502,892	)	$	—	$	(502,892	)
Forward foreign currency exchange contracts		—		—		—		797,033			—			—		797,033
Options purchased(b)		—		—		—		—			(213,776	)		—		(213,776	)
Options written		—		—		—		—			(808,235	)		—		(808,235	)
Swaps		—		638,142		—		—			554,069			—		1,192,211
	$	—	$	638,142	$	—	$	797,033		$	(970,834	)	$	—	$	464,341

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

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	77,802,382
Average notional value of contracts — short	$	135,271,386
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	13,503,316
Average amounts sold — in USD	$	18,177,851
Options
Average value of option contracts purchased.	$	300,308
Average value of option contracts written	$	231,608
Average notional value of swaption contracts purchased	$	215,100,799
Average notional value of swaption contracts written	$	590,868,574
Credit default swaps
Average notional value — buy protection	$	42,187,500
Average notional value — sell protection	$	24,692,448
Interest rate swaps
Average notional value — pays fixed rate	$	119,148,076
Average notional value — receives fixed rate	$	43,129,126

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

100 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

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	$	55,358		$	171,429
Forward foreign currency exchange contracts		350,881			—
Options		3,179,658	(a)		4,153,999
Swaps — centrally cleared		—			78,561
Swaps — OTC(b)		271,136			2,399,286
Total derivative assets and liabilities in the Statements of Assets and Liabilities		3,857,033			6,803,275
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(295,158	)		(476,581	)
Total derivative assets and liabilities subject to an MNA	$	3,561,875		$	6,326,694

^(a) Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

^(b) 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	(b)		Net Amount of Derivative Assets	(c)
Bank of America N.A.	$	322,764	$	(322,764	)	$	—	$	—		$	—
Barclays Bank PLC		165,834		(165,834	)		—		—			—
BNP Paribas S.A.		184,296		—			—		—			184,296
Citibank N.A.		76,198		(76,198	)		—		—			—
Credit Suisse International		140,738		(140,738	)		—		—			—
Deutsche Bank AG		734,735		(734,735	)		—		—			—
Goldman Sachs Bank USA		304,521		(304,521	)		—		—			—
HSBC Bank USA N.A.		22,835		—			—		—			22,835
JPMorgan Chase Bank N.A.		144,874		(144,874	)		—		—			—
Morgan Stanley & Co. International PLC		1,462,917		(924,176	)		—		(480,000	)		58,741
State Street Bank and Trust Co.		2,163		—			—		—			2,163
	$	3,561,875	$	(2,813,840	)	$	—	$	(480,000	)	$	268,035
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	(e)
Bank of America N.A.	$	604,490	$	(322,764	)	$	—	$	(281,726	)	$	—
Barclays Bank PLC		1,019,523		(165,834	)		—		(853,689	)		—
Citibank N.A.		372,097		(76,198	)		—		(260,000	)		35,899
Credit Suisse International		871,850		(140,738	)		—		(731,112	)		—
Deutsche Bank AG		1,867,504		(734,735	)		—		(570,000	)		562,769
Goldman Sachs Bank USA		381,861		(304,521	)		—		(77,340	)		—
JPMorgan Chase Bank N.A.		285,193		(144,874	)		—		(140,319	)		—
Morgan Stanley & Co. International PLC		924,176		(924,176	)		—		—			—
	$	6,326,694	$	(2,813,840)		$	—	$	(2,914,186	)	$	598,668

^(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 from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Excess of collateral pledged to 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. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

SCHEDULE   OF   INVESTMENTS 101

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

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	$	—	$	23,034,400	$	615,080	$	23,649,480
Common Stocks
Construction & Engineering		23,440		—		—		23,440
Diversified Financial Services		—		—		5,468		5,468
Energy Equipment & Services		—		—		4,040		4,040
Household Durables		—		—		—		—
Media		102,725		—		—		102,725
Metals & Mining		—		17,622		545		18,167
Oil, Gas & Consumable Fuels		235,158		241,144		—		476,302
Software		511		—		—		511
Specialty Retail		—		165,807		—		165,807
Corporate Bonds
Advertising Agencies		—		267,381		—		267,381
Aerospace & Defense		—		11,877,157		—		11,877,157
Air Freight & Logistics		—		18,698		—		18,698
Airlines		—		11,606,016		—		11,606,016
Auto Components		—		6,456,814		—		6,456,814
Automobiles		—		9,378,926		—		9,378,926
Banks		—		9,257,448		—		9,257,448
Beverages		—		8,583,143		—		8,583,143
Biotechnology		—		74,444		—		74,444
Building Materials		—		4,317,327		—		4,317,327
Building Products		—		3,190,178		—		3,190,178
Capital Markets		—		6,072,838		—		6,072,838
Chemicals		—		7,879,084		—		7,879,084
Commercial Services & Supplies		—		4,422,805		—		4,422,805
Communications Equipment		—		4,078,326		—		4,078,326
Construction & Engineering		—		443,765		—		443,765
Construction Materials		—		4,843,345		—		4,843,345
Consumer Discretionary		—		7,104,402		—		7,104,402
Consumer Finance		—		6,800,578		—		6,800,578
Containers & Packaging		—		2,641,917		—		2,641,917
Diversified Consumer Services		—		9,565,651		—		9,565,651
Diversified Financial Services		—		16,508,372		—		16,508,372
Diversified Telecommunication Services		—		17,336,554		—		17,336,554
Education		—		203,000		—		203,000
Electric Utilities		—		4,319,266		—		4,319,266
Electrical Equipment		—		508,295		—		508,295
Electronic Equipment, Instruments & Components		—		2,275,645		—		2,275,645
Energy Equipment & Services		—		2,467,070		197,095		2,664,165
Environmental, Maintenance, & Security Service		—		3,187,381		—		3,187,381
Equity Real Estate Investment Trusts (REITs)		—		9,938,341		—		9,938,341
Food & Staples Retailing		—		9,501,634		—		9,501,634
Food Products		—		4,267,051		—		4,267,051
Gas Utilities		—		220,407		—		220,407
Health Care Equipment & Supplies		—		3,093,194		—		3,093,194
Health Care Providers & Services		—		24,956,722		—		24,956,722
Health Care Technology		—		4,137,029		—		4,137,029
Hotels, Restaurants & Leisure		19,529		25,894,614		—		25,914,143
Household Durables		—		3,682,040		—		3,682,040
Household Products		—		177,625		—		177,625
Independent Power and Renewable Electricity Producers		—		7,255,756		—		7,255,756
Insurance		—		11,864,666		—		11,864,666
Interactive Media & Services		—		4,495,207		—		4,495,207

102 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Internet Software & Services	$	—		$	6,609,472		$	—	$	6,609,472
IT Services		—			7,844,945			—		7,844,945
Leisure Products		—			952,249			—		952,249
Machinery		—			4,408,450			—		4,408,450
Media		—			56,381,913			—		56,381,913
Metals & Mining		—			10,409,343			—		10,409,343
Mortgage Real Estate Investment Trusts (REITs)		—			171,581			—		171,581
Multi-line Retail		—			569,893			—		569,893
Offshore Drilling & Other Services		—			658,163			—		658,163
Oil, Gas & Consumable Fuels		231,696			55,339,984			1,406,036		56,977,716
Personal Products		—			356,332			—		356,332
Pharmaceuticals		—			10,990,483			—		10,990,483
Producer Durables: Miscellaneous		—			806,079			—		806,079
Real Estate Management & Development		—			24,203,879			—		24,203,879
Road & Rail		—			1,905,793			—		1,905,793
Semiconductors & Semiconductor Equipment		—			8,944,689			—		8,944,689
Software		—			11,206,001			—		11,206,001
Specialty Retail		—			4,271,336			—		4,271,336
Technology Hardware, Storage & Peripherals		—			654,397			—		654,397
Textiles, Apparel & Luxury Goods		—			743,248			—		743,248
Thrifts & Mortgage Finance		—			1,369,472			—		1,369,472
Transportation		—			123,377			—		123,377
Transportation Infrastructure		—			1,292,733			—		1,292,733
Utilities		—			3,152,608			—		3,152,608
Wireless Telecommunication Services		—			15,243,420			—		15,243,420
Floating Rate Loan Interests		—			274,055,130			8,732,036		282,787,166
Foreign Agency Obligations		—			22,086,213			—		22,086,213
Investment Companies		4,834,462			—			—		4,834,462
Non-Agency Mortgage-Backed Securities		—			9,249,655			—		9,249,655
Other Interests		—			—			—		—
Preferred Securities
Capital Trusts		—			27,777,701			—		27,777,701
Preferred Stocks		10,517,241			—			—		10,517,241
Trust Preferred		194,558			—			—		194,558
U.S. Government Sponsored Agency Securities		—			2,515,898			—		2,515,898
U.S. Treasury Obligations		—			37,154,543			—		37,154,543
Warrants		2,650			—			—		2,650
Short-Term Securities
Money Market Funds		7,704,300			—			—		7,704,300
Options Purchased
Interest Rate Contracts		239,800			2,939,858			—		3,179,658
Unfunded Floating Rate Loan Interests(a)		—			113			—		113
Liabilities
Unfunded Floating Rate Loan Interests(a)		—			(246	)		—		(246	)
	$	24,106,070		$	903,017,790		$	10,960,300		938,084,160
Investments Valued at NAV(b)										1,416
									$	938,085,576
Derivative Financial Instruments(c)
Assets
Credit Contracts	$	—		$	268,404		$	—	$	268,404
Foreign Currency Exchange Contracts		—			350,881			—		350,881
Interest Rate Contracts		376,894			1,730,006			—		2,106,900
Liabilities
Credit Contracts		—			(646,368	)		—		(646,368	)
Interest Rate Contracts		(1,212,479	)		(4,523,141	)		—		(5,735,620	)
	$	(835,585	)	$	(2,820,218	)	$	—	$	(3,655,803	)

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

^(b)  Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

SCHEDULE   OF   INVESTMENTS 103

Schedule of Investments (unaudited) (continued) June 30, 2021   BlackRock Limited Duration Income Trust (BLW)

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 $314,601,672 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 at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Warrants			Total
Assets
Opening balance, as of December 31, 2020	$	814,296		$	24,676		$	1,642,502		$	7,511,633		$	—	(a)	$	—	(a)	$	9,993,107
Transfers into Level 3		—			—			—			1,218,981			—			—			1,218,981
Transfers out of Level 3		—			—			—			(3,395,669	)		—	(a)		—	(a)		(3,395,669	)
Accrued discounts/premiums		(43,679	)		—			3,813			2,894			—			—			(36,972	)
Net realized gain (loss)		—			—			846			18,140			—			—			18,986
Net change in unrealized appreciation (depreciation)(b)(c)		38,813			(14,623	)		(24,713	)		39,501			—			—			38,978
Purchases		—			—			3,456			4,949,553			—			—			4,953,009
Sales		(194,350	)		—			(22,773	)		(1,612,997	)		—			—			(1,830,120	)
Closing balance, as of June 30, 2021	$	615,080		$	10,053		$	1,603,131		$	8,732,036		$	—		$	—		$	10,960,300
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(c)	$	38,813		$	(14,623	)	$	(24,713	)	$	57,540		$	—		$	—		$	57,017

^(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 June 30, 2021 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.

104 2 0 2 1   BLACK ROCK  SEMI - ANNUAL   REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

June 30, 2021

	DSU		FRA		BLW
ASSETS
Investments, at value — unaffiliated(a)	$	809,445,370	$	726,485,555	$	929,037,809
Investments, at value — affiliated(b)		9,759,610		9,035,280		9,047,900
Cash		2,896,271		2,713,413		1,460,818
Cash pledged:
Collateral — reverse repurchase agreements		—		—		46,000
Collateral — OTC derivatives		30,000		—		3,570,000
Futures contracts		—		—		1,488,470
Centrally cleared swaps		—		—		3,906,000
Foreign currency, at value(c)		408,829		—		984,995
Receivables:
Investments sold		13,437,179		13,247,483		6,709,759
Dividends — unaffiliated		—		—		70,678
Dividends — affiliated		16		2		77
Interest — unaffiliated		3,152,950		1,714,579		8,993,440
Variation margin on futures contracts		—		—		55,358
Swap premiums paid		—		—		2,732
Unrealized appreciation on:
Forward foreign currency exchange contracts		157,577		120,185		350,881
OTC swaps		14,959		—		268,404
Unfunded floating rate loan interests		254		288		113
Total assets		839,303,015		753,316,785		965,993,434
LIABILITIES
Cash received:
Collateral — reverse repurchase agreements		—		—		2,465,321
Collateral — OTC derivatives		—		—		480,000
Options written, at value(d)		—		—		4,153,999
Reverse repurchase agreements, at value		—		—		314,601,672
Payables:
Investments purchased		53,733,610		57,658,720		28,459,615
Reverse repurchase agreements		—		—		294,345
Bank borrowings		238,000,000		201,000,000		—
Income dividend distributions		40,436		86,370		117,127
Interest expense		217,065		176,340		—
Investment advisory fees		351,784		423,170		416,729
Directors’ and Officer’s fees		419,487		1,416		525,079
Other accrued expenses		444,504		342,920		472,037
Variation margin on futures contracts		—		—		171,429
Variation margin on centrally cleared swaps		—		—		78,561
Swap premiums received		27,041		—		2,059,520
Unrealized depreciation on:
OTC swaps		—		—		339,766
Unfunded floating rate loan interests		521		591		246
Total liabilities		293,234,448		259,689,527		354,635,446
NET ASSETS	$	546,068,567	$	493,627,258	$	611,357,988

FINANCIAL   STATEMENTS 105

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021

	DSU			FRA			BLW
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)	$	658,028,410		$	543,527,624		$	628,806,055
Accumulated loss		(111,959,843	)		(49,900,366	)		(17,448,067	)
NET ASSETS	$	546,068,567		$	493,627,258		$	611,357,988
Net asset value(e)(f)(g)	$	11.72		$	14.01		$	17.14
(a) Investments, at cost — unaffiliated	$	824,061,131		$	728,537,693		$	905,722,777
(b) Investments, at cost — affiliated	$	9,284,385		$	8,283,951		$	8,973,994
(c)  Foreign currency, at cost	$	411,492		$	—		$	994,146
(d) Premiums received	$	—		$	—		$	3,699,983
(e) Shares outstanding		46,591,807			35,232,197			35,669,162
(f)  Shares authorized		400 million			200 million			Unlimited
(g) Par value	$	0.10		$	0.10		$	0.001

See notes to financial statements.

106 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended June 30, 2021

	DSU			FRA			BLW
INVESTMENT INCOME
Dividends — unaffiliated	$	32,980		$	71,529		$	428,883
Dividends — affiliated		132,423			158,059			13,684
Interest — unaffiliated		17,022,033			14,715,629			20,874,548
Other income — unaffiliated		368,525			414,477			167,703
Total investment income		17,555,961			15,359,694			21,484,818
EXPENSES
Investment advisory		2,126,349			2,604,494			2,448,794
Transfer agent		99,805			19,549			21,559
Professional		74,623			65,582			62,635
Directors and Officer		67,973			14,881			86,449
Accounting services		50,814			48,101			57,909
Custodian		15,356			18,630			45,135
Registration		8,456			6,168			6,164
Miscellaneous		38,592			19,311			52,023
Total expenses excluding interest expense		2,481,968			2,796,716			2,780,668
Interest expense		1,133,783			979,258			835,358
Total expenses		3,615,751			3,775,974			3,616,026
Less:
Fees waived and/or reimbursed by the Manager		(26,871	)		(38,381	)		(5,426	)
Total expenses after fees waived and/or reimbursed		3,588,880			3,737,593			3,610,600
Net investment income		13,967,081			11,622,101			17,874,218
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		4,719,883			4,306,471			9,274,246
Investments — affiliated		93,493			(177,697	)		—
Forward foreign currency exchange contracts		(171,312	)		(191,005	)		(352,852	)
Foreign currency transactions		(21,438	)		(12,013	)		(73,471	)
Futures contracts		2,340			—			2,642,579
Options written		—			—			(1,694,170	)
Swaps		5,416			—			900,942
		4,628,382			3,925,756			10,697,274
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		3,470,627			2,963,272			(4,376,412	)
Investments — affiliated		(216,892	)		(230,510	)		(37,700	)
Forward foreign currency exchange contracts		360,269			295,184			797,033
Foreign currency translations		(7,055	)		35			(37,674	)
Futures contracts		—			—			(502,892	)
Options written		—			—			(808,235	)
Swaps		1,440			—			1,192,211
Unfunded floating rate loan interests		133			150			49
		3,608,522			3,028,131			(3,773,620	)
Net realized and unrealized gain		8,236,904			6,953,887			6,923,654
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,203,985		$	18,575,988		$	24,797,872

See notes to financial statements.

FINANCIAL   STATEMENTS 107

Statements of Changes in Net Assets

	DSU						FRA
	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,967,081		$	30,030,733		$	11,622,101		$	24,541,501
Net realized gain (loss)		4,628,382			(27,280,198	)		3,925,756			(20,159,713	)
Net change in unrealized appreciation (depreciation)		3,608,522			(2,040,404	)		3,028,131			473,480
Net increase in net assets resulting from operations		22,203,985			710,131			18,575,988			4,855,268
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(14,094,021	)(b)		(29,156,637	)		(11,749,938	)(b)		(24,834,098	)
Return of capital		—			(10,264,492	)		—			(8,006,999	)
Decrease in net assets resulting from distributions to shareholders		(14,094,021	)		(39,421,129	)		(11,749,938	)		(32,841,097	)
CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchases (including transaction costs)		—			(28,570,553	)		(1,250,043	)		(6,507,629	)
NET ASSETS
Total increase (decrease) in net assets		8,109,964			(67,281,551	)		5,576,007			(34,493,458	)
Beginning of period		537,958,603			605,240,154			488,051,251			522,544,709
End of period	$	546,068,567		$	537,958,603		$	493,627,258		$	488,051,251

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

108 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	BLW
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	17,874,218		$	34,850,346
Net realized gain (loss)			10,697,274			(8,159,232	)
Net change in unrealized appreciation (depreciation)			(3,773,620	)		10,602,268
Net increase in net assets resulting from operations			24,797,872			37,293,382
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income			(17,492,955	)(b)		(36,735,203	)
Return of capital			—			(5,328,251	)
Decrease in net assets resulting from distributions to shareholders			(17,492,955	)		(42,063,454	)
CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions			120,464			—
Redemption of shares resulting from share repurchase program (including transaction costs)			—			(2,364,913	)
Net increase (decrease) in net assets derived from capital share transactions			120,464			(2,364,913	)
NET ASSETS
Total increase (decrease) in net assets			7,425,381			(7,134,985	)
Beginning of period			603,932,607			611,067,592
End of period		$	611,357,988		$	603,932,607

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

FINANCIAL   STATEMENTS 109

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2021

	DSU			FRA			BLW
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	22,203,985		$	18,575,988		$	24,797,872
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		207,914,418			211,980,462			207,929,438
Purchases of long-term investments		(210,837,295	)		(202,017,492	)		(248,801,738	)
Net proceeds from sales (purchases) of short-term securities		(821,890	)		—			2,256,122
Amortization of premium and accretion of discount on investments and other fees		(617,985	)		(650,875	)		30,054
Premiums paid on closing options written		—			—			(6,685,966	)
Premiums received from options written		—			—			4,585,860
Net realized gain on investments and options written		(4,813,376	)		(4,127,272	)		(7,580,076	)
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		(3,615,577	)		(3,028,096	)		3,830,007
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		57			25			166
Dividends — unaffiliated		—			—			356
Interest — unaffiliated		443,718			653,010			(148,647	)
Variation margin on futures contracts		—			—			13,735
Swap premiums paid		—			—			(2,732	)
Prepaid expenses		4,995			4,545			5,543
Other assets		3,111			—			—
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		—			—			(1,395,360	)
Collateral — OTC derivatives		—			—			480,000
Payables
Interest expense		(12,460	)		(16,720	)		(497,537	)
Investment advisory fees		(6,410	)		(19,954	)		8,481
Directors’ and Officer’s fees		41,669			(55	)		56,670
Other accrued expenses		193,075			58,544			109,841
Variation margin on futures contracts		—			—			57,769
Variation margin on centrally cleared swaps		—			—			29,626
Swap premiums received		(3,621	)		—			(914,478	)
Net cash provided by (used for) operating activities		10,076,414			21,412,110			(21,834,994	)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(16,872,389	)		(14,020,422	)		(20,753,816	)
Payments for bank borrowings		(112,000,000	)		(138,000,000	)		—
Net payments on redemption of capital shares		—			(1,250,043	)		—
Proceeds from bank borrowings		121,000,000			131,000,000			—
Net borrowing of reverse repurchase agreements		—			—			40,288,409
Net cash provided by (used for) for financing activities		(7,872,389	)		(22,270,465	)		19,534,593
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(2,705	)		(99	)		(31,665	)
CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		2,201,320			(858,454	)		(2,332,066	)
Restricted and unrestricted cash and foreign currency at beginning of period		1,133,780			3,571,867			13,788,349
Restricted and unrestricted cash and foreign currency at end of period	$	3,335,100		$	2,713,413		$	11,456,283
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	1,146,243		$	995,978		$	1,332,895
NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to shareholders	$	—		$	—		$	120,464

110 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2021

	DSU		FRA		BLW
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	2,896,271	$	2,713,413	$	1,460,818
Cash pledged
Collateral — reverse repurchase agreements		—		—		46,000
Collateral — OTC derivatives		30,000		—		3,570,000
Futures contracts		—		—		1,488,470
Centrally cleared swaps		—		—		3,906,000
Foreign currency at value		408,829		—		984,995
	$	3,335,100	$	2,713,413	$	11,456,283

See notes to financial statements.

FINANCIAL   STATEMENTS 111

Financial Highlights

(For a share outstanding throughout each period)

	DSU
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20				Period from 03/01/19 to 12/31/19					Year Ended February 28,								Year Ended
														2019			2018	(a)		2017	(a)	February 29, 2016(a)(b)
Net asset value, beginning of period		$	11.55			$	12.25			$	12.16		$	12.62		$	12.70		$	11.38			$	12.87
Net investment income(c)			0.30				0.63				0.64			0.79			0.78			0.73				0.77
Net realized and unrealized gain (loss)			0.17				(0.50	)			0.21			(0.43	)		(0.04	)		1.34				(1.46	)
Net increase (decrease) from investment operations			0.47				0.13				0.85			0.36			0.74			2.07				(0.69	)
Distributions(d)
From net investment income			(0.30	)(e)			(0.61	)			(0.73	)		(0.82	)		(0.82	)		(0.75	)			(0.80	)
Return of capital			—				(0.22	)			(0.03	)		—			—			—				—
Total distributions			(0.30	)			(0.83	)			(0.76	)		(0.82	)		(0.82	)		(0.75	)			(0.80	)
Net asset value, end of period		$	11.72			$	11.55			$	12.25		$	12.16		$	12.62		$	12.70			$	11.38
Market price, end of period		$	11.45			$	10.45			$	11.20		$	10.78		$	11.47		$	11.68			$	9.96
Total Return(f)
Based on net asset value			4.26	%(g)			2.57	%			8.03	%(g)		3.86	%		6.60	%(h)		19.57	%			(4.73	)%
Based on market price			12.58	%(g)			1.50	%			11.42	%(g)		1.30	%		5.35	%		25.53	%			(6.03	)%
Ratios to Average Net Assets(i)
Total expenses			1.34	%(j)			1.48	%			2.21	%(j)(k)		2.23	%		1.86	%		1.36	%			1.18	%
Total expenses after fees waived and/or reimbursed			1.33	%(j)			1.47	%			2.21	%(j)(k)		2.23	%		1.85	%		1.35	%			1.18	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.91	%(j)			0.91	%			0.92	%(j)		0.96	%		0.94	%		0.87	%			0.84	%
Net investment income			5.18	%(j)			5.65	%			6.25	%(j)		6.40	%		6.12	%		6.04	%			6.29	%
Supplemental Data
Net assets, end of period (000)		$	546,069			$	537,959			$	605,240		$	641,220		$	742,204		$	780,810			$	709,236
Borrowings outstanding, end of period (000)		$	238,000			$	229,000			$	262,000		$	278,000		$	338,000		$	318,000			$	190,000
Asset coverage, end of period per $1,000 of bank borrowings		$	3,294			$	3,349			$	3,310		$	3,308		$	3,196		$	3,455			$	4,733
Portfolio turnover rate			27	%			67	%			53	%		62	%		59	%		55	%			41	%

^(a)  Consolidated Financial Highlights through November 30, 2017.

^(b)  Per share operating performance amounts have been adjusted to reflect a one-for-three reverse stock split effective after the close of trading on November 15, 2016 for the shareholders of record on November 15, 2016.

^(c) Based on average shares outstanding.

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

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  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.

^(g)  Aggregate total return.

^(h)  Includes payment from an affiliate, which had no impact on the Fund’s total return.

⁽ⁱ⁾  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Period from 03/01/19 to 12/31/19			Year Ended February 28,							Year Ended       February 29, 2016(a)(b)
											2019		2018	(a)	2017	(a)
Investments in underlying funds		0.01	%		0.02	%		0.03	%		—	%	—	%	0.02	%		0.01	%

^(j)  Annualized.

^(k)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

See notes to financial statements.

112 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	FRA
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
												2019			2018	(a)		2017	(a)		2016	(a)
Net asset value, beginning of period		$	13.81		$	14.55		$	14.49		$	14.92		$	14.93		$	14.78		$	14.91
Net investment income(b)			0.33			0.69			0.25			0.84			0.79			0.76			0.76
Net realized and unrealized gain (loss)			0.20			(0.51	)		0.19			(0.40	)		(0.06	)		0.20			(0.14	)
Net increase from investment operations			0.53			0.18			0.44			0.44			0.73			0.96			0.62
Distributions(c)
From net investment income			(0.33	)(d)		(0.70	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)		(0.75	)
Return of capital			—			(0.22	)		—			—			—			—			—
Total distributions			(0.33	)		(0.92	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)		(0.75	)
Net asset value, end of period		$	14.01		$	13.81		$	14.55		$	14.49		$	14.92		$	14.93		$	14.78
Market price, end of period		$	13.25		$	12.11		$	13.44		$	12.46		$	13.80		$	14.10		$	13.70
Total Return(e)
Based on net asset value			4.06	%(f)		2.76	%		3.41	%(f)		3.94	%		5.28	%		6.93	%		5.00	%
Based on market price			12.23	%(f)		(2.45	)%		11.08	%(f)		(3.37	)%		3.11	%		8.95	%		12.14	%
Ratios to Average Net Assets(g)
Total expenses			1.54	%(h)		1.69	%		2.20	%(h)(i)		2.45	%		2.23	%		1.88	%		1.54	%
Total expenses after fees waived and/or reimbursed			1.53	%(h)		1.67	%		2.20	%(h)(i)		2.45	%		2.22	%		1.88	%		1.54	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			1.13	%(h)		1.13	%		1.19	%(h)		1.16	%		1.20	%		1.21	%		1.14	%
Net investment income			4.76	%(h)		5.15	%		5.26	%(h)		5.74	%		5.27	%		5.08	%		5.27	%
Supplemental Data
Net assets, end of period (000)		$	493,627		$	488,051		$	522,545		$	526,447		$	555,370		$	555,972		$	550,271
Borrowings outstanding, end of period (000)		$	201,000		$	208,000		$	214,000		$	204,000		$	233,000		$	237,000		$	225,000
Asset coverage, end of period per $1,000 of bank borrowings		$	3,456		$	3,346		$	3,442		$	3,582		$	3,385		$	3,346		$	3,446
Portfolio turnover rate			30	%		65	%		16	%		53	%		57	%		64	%		48	%

^(a)  Consolidated Financial Highlights through November 30, 2017.

^(b)  Based on average shares outstanding.

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(f)  Aggregate total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20		Period from 09/01/19 to 12/31/19		Year Ended August 31,
								2019		2018	(a)	2017	(a)	2016	(a)
Investments in underlying funds		0.02	%	0.03	%	0.04	%	0.03	%	0.01	%	—	%	—	%

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.23%.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 113

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BLW
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
												2019			2018			2017			2016
Net asset value, beginning of period		$	16.93		$	17.05		$	17.03		$	16.71		$	17.02		$	16.84		$	17.04
Net investment income(a)			0.50			0.98			0.31			0.94			0.95			1.01			1.32
Net realized and unrealized gain (loss)			0.20			0.08			0.18			0.33			(0.31	)		0.44			(0.22	)
Net increase from investment operations			0.70			1.06			0.49			1.27			0.64			1.45			1.10
Distributions(b)
From net investment income			(0.49	)(c)		(1.03	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)		(1.30	)
Return of capital			—			(0.15	)		—			—			—			—			—
Total distributions			(0.49	)		(1.18	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)		(1.30	)
Net asset value, end of period		$	17.14		$	16.93		$	17.05		$	17.03		$	16.71		$	17.02		$	16.84
Market price, end of period		$	17.02		$	15.92		$	16.39		$	15.44		$	15.06		$	15.99		$	15.74
Total Return(d)
Based on net asset value			4.23	%(e)		7.58	%		3.11	%(e)		8.77	%		4.42	%		9.62	%		7.78	%
Based on market price			10.07	%(e)		5.24	%		9.32	%(e)		9.41	%		0.18	%		10.18	%		17.59	%
Ratios to Average Net Assets(f)
Total expenses			1.20	%(g)		1.39	%		1.64	%(g)(h)		1.81	%		1.73	%		1.45	%		1.21	%
Total expenses after fees waived and/or reimbursed			1.20	%(g)		1.39	%		1.64	%(g)(h)		1.81	%		1.73	%		1.45	%		1.21	%
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.92	%(g)		0.90	%		0.89	%(g)		0.84	%		0.89	%		0.89	%		0.89	%
Net investment income			5.92	%(g)		6.07	%		5.32	%(g)		5.69	%		5.60	%		6.00	%		8.04	%
Supplemental Data
Net assets, end of period (000)		$	611,358		$	603,933		$	611,068		$	610,251		$	612,048		$	629,728		$	623,219
Borrowings outstanding, end of period (000)		$	314,602		$	275,105		$	213,399		$	202,539		$	234,622		$	252,280		$	263,445
Portfolio turnover rate(i)			23	%		65	%		14	%		50	%		50	%		55	%		54	%

^(a)  Based on average shares outstanding.

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

^(c)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(d)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
										2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.02	%		0.02	%		—	%		—	%		—	%

^(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:

	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
										2019			2018			2017			2016
Portfolio turnover rate (excluding MDRs)		23	%		58	%		14	%		50	%		50	%		55	%		54	%

See notes to financial statements.

114 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:

Fund Name	Herein Referred To As		Organized		Diversification Classification
BlackRock Debt Strategies Fund, Inc.		DSU		Maryland		Diversified
BlackRock Floating Rate Income Strategies Fund, Inc.		FRA		Maryland		Diversified
BlackRock Limited Duration Income Trust		BLW		Delaware		Diversified

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under

NOTES   TO   FINANCIAL   STATEMENTS 115

Notes to Financial Statements (unaudited) (continued)

such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. Subject to the Funds’ managed distribution plan, the Funds intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Fund’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• 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.

116 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. 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.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.
Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used, as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

NOTES   TO   FINANCIAL   STATEMENTS 117

Notes to Financial Statements (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2021, certain investments of BLW were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “Mortgage Assets”). The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities,

118 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (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 London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
DSU	LBM Acquisition LLC	$	62,896	$	62,267	$	62,411	$	144
	Metronet Systems Holdings LLC		63,014		62,856		62,966		110
	Precision Medicine Group LLC		138,898		138,898		138,377		(521	)
	Therma Intermediate LLC		120,176		120,176		120,176		—
FRA	LBM Acquisition LLC		71,046		70,336		70,499		163
	Metronet Systems Holdings LLC		71,581		71,402		71,527		125
	Precision Medicine Group LLC		157,601		157,601		157,010		(591	)
	Therma Intermediate LLC		135,924		135,924		135,924		—

NOTES   TO   FINANCIAL   STATEMENTS 119

Notes to Financial Statements (unaudited) (continued)

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BLW	LBM Acquisition LLC	$	28,891	$	28,602	$	28,668	$	66
	Metronet Systems Holdings LLC		26,571		26,504		26,551		47
	Precision Medicine Group LLC		65,627		65,627		65,381		(246	)
	Therma Intermediate LLC		54,771		54,771		54,771		—

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. A Fund 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, a Fund 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, a Fund assumes 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, a Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2021, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for BLW were $289,620,679 and 0.58%, respectively.

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 reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of BLW’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(a)		Cash Collateral Pledged/Received	(a)		Net Amount	(b)
Barclays Capital, Inc.	$	(99,031,202	)	$	99,031,202		$	—		$	—
BNP Paribas S.A.		(142,645,988	)		142,645,988			—			—
Credit Agricole Corporate And Inves		(22,623,534	)		22,623,534			—			—
Credit Suisse Securities (USA) LLC		(5,758,271	)		5,758,271			—			—
HSBC Securities (USA), Inc.		(15,162,337	)		15,122,236			—			(40,101	)
RBC Capital Markets LLC		(29,380,340	)		29,380,340			—			—
	$	(314,601,672	)	$	314,561,571		$	—		$	(40,101	)

^(a)  Net collateral, including accrued interest, with a value of $357,698,815 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

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.

120 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Options: The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

• Swaptions — The Funds may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Funds’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

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”).

NOTES   TO   FINANCIAL   STATEMENTS 121

Notes to Financial Statements (unaudited) (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of 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.

122 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to BLW, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BIL and, with respect to BLW, BRS for services they provide for that portion of each Fund for which BIL, and, with respect to BLW, BRS acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Distribution Fees: FRA had entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of the FRA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, as of June 30, 2021, the FRA is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus and the Distribution Agreement with FRA has been terminated. 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 FRA’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2021 amounted to $0 since no sales of FRA’s common shares were made prior to termination of the Distribution Agreement.

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, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
DSU	$	298
FRA		61
BLW		1,811

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, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, 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	$	26,573
FRA		38,320
BLW		3,615

Directors and Officers: Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

7. PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, including paydowns/payups and excluding short-term investments, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
DSU	$	—	$	—	$	239,932,655	$	218,787,502

NOTES   TO   FINANCIAL   STATEMENTS 123

Notes to Financial Statements (unaudited) (continued)

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
FRA	$	—	$	—	$	231,970,561	$	222,617,873
BLW		20,043,655		—		245,645,767		209,537,203

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 fiscal years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of December 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring
DSU	$	97,616,259
FRA		49,137,928
BLW		45,910,589

As of June 30, 2021, 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	$	834,742,942	$	14,704,643	$	(30,070,069	)	$	(15,365,426	)
FRA		737,644,042		8,617,564		(10,620,586	)		(2,003,022	)
BLW		915,829,069		40,573,548		(18,272,728	)		22,300,820

9. BANK BORROWINGS

DSU and FRA are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to DSU and FRA. As of period end, DSU and FRA have not received any notice to terminate. DSU and FRA have granted a security interest in substantially all of their assets to SSB.

The SSB Agreement allows for the following maximum commitment amounts:

Fund Name	Commitment Amounts
DSU	$	340,000,000
FRA		168,000,000

Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above 7-day, 30-day, 60-day or 90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.

In addition, DSU and FRA paid a commitment fee (based on the daily unused portion of the commitments). The fees associated with each of the agreements are included in the Statements of Operations as borrowing costs, if any. Advances to DSU and FRA as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings payable. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

DSU and FRA may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding short-term borrowings is less than 300%.

For the six months ended June 30, 2021, the average amount of bank borrowings and the daily weighted average interest rates for DSU and FRA for loans under the revolving credit agreements were as follows:

Fund Name	Average Amount Outstanding		Daily Weighted Average   Interest Rate
DSU	$	235,585,635		0.97%
FRA		207,342,541		0.95

124 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

10. PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

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 and 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.

NOTES   TO   FINANCIAL   STATEMENTS 125

Notes to Financial Statements (unaudited) (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s and BLW’s shares is $0.10, $0.10 and $0.001, respectively. Each Board is 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:

Fund Name	Six Months Ended 06/30/21		Year Ended 12/31/20
BLW		7,057		—

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2019 through November 30, 2020, 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, 2019, subject to certain conditions. From December 1, 2020 through November 30, 2021, 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, 2020, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:

	DSU				FRA				BLW
	Shares		Amounts		Shares		Amounts		Shares		Amounts
Six Months Ended June 30, 2021		—	$	—		102,939	$	1,250,043		—	$	—
Year Ended December 31, 2020		353,230		3,364,037		569,915		6,507,629		170,552		2,364,913

Discount Management Program: DSU’s three-year discount management program (the “Program”) ended in 2020. Under the Program, the Fund offered to repurchase its common shares based on three 3-month measurement periods when the Fund’s common shares traded at an average daily discount to NAV of more than 7.5% during a measurement period (the “discount trigger”). There was no guarantee that shareholders would be able to sell all of the shares that they desired to sell in any particular repurchase that was executed.

The discount trigger was met for all three measurement periods. For the first measurement period, the Fund conducted a tender offer for 10% of its outstanding shares of common stock. For the second and third measurement periods, the Fund conducted a tender offer for 5% of its outstanding shares of common stock.

The results of each tender offer were as follows:

Commencement Date of Tender Offer Period(a)	Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
March 16, 2018		April 17, 2018		26,225,806		45.0	%		5,879,192		10.0	%	$	12.4068	$	72,941,959
March 15, 2019		April 15, 2019		21,792,955		41.0			2,636,959		5.0			11.9854		31,605,008

126 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Commencement Date of Tender Offer Period(a)	Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
March 17, 2020		April 16, 2020		17,034,684		34.0	%		2,470,791		5.0	%		10.2018		25,206,516

^(a) Date the tender offer period began.

Tendered share amounts are shown as redemption of shares resulting from share repurchases (including transaction costs) in the Statements of Changes in Net Assets.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name	Declaration Date		Record Date		Payable/ Paid Date		Dividend Per Common Share
DSU
		07/01/21		07/15/21		07/30/21	$	0.060500
		08/02/21		08/16/21		08/31/21		0.060500
FRA
		07/01/21		07/15/21		07/30/21		0.066700
		08/02/21		08/16/21		08/31/21		0.066700
BLW
		07/01/21		07/15/21		07/30/21		0.098100
		08/02/21		08/16/21		08/31/21		0.098100

NOTES   TO   FINANCIAL   STATEMENTS 127

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Debt Strategies Fund, Inc. (“DSU”), BlackRock Floating Rate Income Strategies Fund, Inc. (“FRA”) and BlackRock Limited Duration Income Trust (“BLW” together with DSU and FRA, the “Funds” and each, a “Fund”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) or (the “Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and BLW. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members whom are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  (continued)

engage in open, candid discussions with the Board. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2020, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, with respect to DSU and FRA, a custom peer group of funds as defined by BlackRock (“Customized Peer Group”) and the performance of BLW as compared with its custom benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, DSU ranked in the third, second and third quartiles, respectively, against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for DSU, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed DSU’s underperformance relative to its Customized Peer Group during the applicable periods.

The Board noted that for the one-, three- and five-year periods reported, FRA ranked in the second, second and third quartiles, respectively, against its Customized Peer Group. The Board noted that BlackRock believes that the Customized Peer Group is an appropriate performance metric for FRA, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed FRA’s underperformance relative to its Customized Peer Group during the applicable period.

The Board noted that for each of the one-, three- and five-year periods reported, BLW outperformed its customized benchmark. The Board noted that BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BLW, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any

DISCLOSURE  OF  INVESTMENT  ADVISORY  AGREEMENTS  AND  SUB - ADVISORY  AGREEMENTS 129

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  (continued)

assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that DSU’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in first quartile, relative to the Expense Peers.

The Board noted that FRA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board noted that BLW’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  (continued)

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2022, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BRS and BLW for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

DISCLOSURE  OF  INVESTMENT  ADVISORY  AGREEMENTS  AND  SUB - ADVISORY  AGREEMENTS 131

Additional Information  

Fund Certification

The Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Fund does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Fund management will consider ESG characteristics as part of the investment process for actively managed Funds. These considerations will vary depending on a Fund’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Fund management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Fund. The ESG characteristics utilized in a Fund’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund’s exposure to certain companies or industries and a Fund may forego certain investment opportunities. While Fund management views ESG considerations as having the potential to contribute to a Fund’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Fund.

The distributions paid by a Fund for any particular month may be more or less than the amount of net investment income earned by a Fund during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Fund and is reported in each Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Fund’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Fund’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Fund’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Fund’s expense ratio and reducing the amount of assets the Fund has available for long term investment.

General Information

The Funds do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since December 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, 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.

132 2 0 2 1   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Additional Information  (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports 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, 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.

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.

ADDITIONAL  INFORMATION 133

Additional Information  (continued)

Fund and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited^(a)

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a) For BLW.

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Glossary of Terms Used in this Report

Currency Abbreviation

CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation

ABS	Asset-Backed Security
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DAC	Designated Activity Company
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
PCL	Public Company Limited
PIK	Payment-in-Kind
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipt

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 135

Want to know more?

blackrock.com    |    800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEFT-BK3-06/21-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – Exhibits attached hereto

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(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) 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

¹  The 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.

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Debt Strategies Fund, Inc.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Debt Strategies Fund, Inc.

Date: September 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Debt Strategies Fund, Inc.

Date: September 2, 2021

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

Date: September 2, 2021

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