UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811‑21349
Name of Fund: BlackRock Limited Duration Income Trust (BLW)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Limited Duration Income Trust, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882‑0052, Option 4
Date of fiscal year end: 12/31/2026
Date of reporting period: 06/30/2026
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
June 30, 2026
| 2026 Semi-Annual Report (Unaudited) |
| BlackRock Debt Strategies Fund, Inc. (DSU) |
| BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) |
| BlackRock Income Trust, Inc. (BKT) |
| BlackRock Limited Duration Income Trust (BLW) |
| BlackRock Multi-Sector Income Trust (BIT) |
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Supplemental Information (unaudited)
Section 19(a) Notices
BlackRock Debt Strategies Fund, Inc.’s (DSU), BlackRock Floating Rate Income Strategies Fund, Inc.’s (FRA), BlackRock Income Trust, Inc.’s (BKT), BlackRock Limited Duration Income Trust’s (BLW) and BlackRock Multi-Sector Income Trust’s (BIT) (collectively, the “Funds" or individually, a “Fund”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Each Fund will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2026
| |
|
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 |
|
$ 0.299858 |
$ — |
$ — |
$ 0.292522 |
$ 0.592380 |
51 % |
— % |
— % |
49 % |
100 % |
| FRA |
|
0.365686 |
— |
— |
0.377354 |
0.743040 |
49 |
— |
— |
51 |
100 |
| BKT |
|
0.234070 |
— |
— |
0.295130 |
0.529200 |
44 |
— |
— |
56 |
100 |
| BLW |
|
0.476197 |
— |
— |
0.203003 |
0.679200 |
70 |
— |
— |
30 |
100 |
| BIT |
|
0.424616 |
— |
— |
0.317584 |
0.742200 |
57 |
— |
— |
43 |
100 |
| (a) |
Each Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Fund is returned to the shareholder. A return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Fund’s net asset value per share. |
Section 19(a) notices for the Funds, as applicable, are available on the BlackRock website at blackrock.com.
Managed Distribution Plan
The Funds, each with the approval of its Board of Directors or Board of Trustees, as applicable (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Funds currently distribute the following fixed amounts per share on a monthly basis:
| Fund Name |
Amount Per Common Share |
| DSU |
$ 0.098730 |
| FRA |
0.123840 |
| BKT |
0.088200 |
| BLW |
0.113200 |
| BIT |
0.123700 |
The fixed amounts distributed per share are subject to change at the discretion of each Fund’s Board. Each Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Fund will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, a Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund’s total return performance is presented in its financial highlights table.
Each Fund’s Board may amend, suspend or terminate a Fund’s Plan at any time without prior notice to the Fund’s shareholders if it deems such actions to be in the best interests of the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Fund’s prospectus for a more complete description of a Fund’s risks.
2
2026 BlackRock Semi-Annual Report to Shareholders
The Benefits and Risks of Leveraging
The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Fund’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Fund’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Fund’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Fund’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.
Each Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
4
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
Investment Objective
BlackRock Debt Strategies Fund, Inc.’s (DSU) (the “Fund”) primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies’ debt instruments, including senior and subordinated corporate loans, both secured and unsecured, which are rated in the lower rating categories of the established rating services (BBB or lower by S&P Global Ratings ("S&P") or Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”)) or unrated debt instruments, which are in the judgment of the investment adviser of equivalent quality. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund’s secondary investment objective is to seek to provide capital appreciation.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
DSU |
| Initial Offering Date |
March 27, 1998 |
| Current Distribution Rate on Closing Market Price as of June 30, 2026 ($9.70)(a) |
12.21% |
| Current Monthly Distribution per Common Share(b) |
$0.098730 |
| Current Annualized Distribution per Common Share(b) |
$1.184760 |
| Leverage as of June 30, 2026(c) |
15% |
| (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
| |
06/30/26 |
12/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 9.70 |
$ 10.18 |
(4.72 )% |
$ 10.38 |
$ 9.35 |
| Net Asset Value |
9.61 |
10.14 |
(5.23 ) |
10.18 |
9.60 |
Performance
Returns for the period ended June 30, 2026 were as follows:
| |
|
Average Annual Total Returns | ||
| |
6-month |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
0.67 % |
4.47 % |
6.15 % |
6.76 % |
| Fund at Market Price(a)(b) |
1.21 |
3.35 |
6.84 |
8.12 |
| Reference Benchmark(c) |
1.64 |
5.14 |
5.12 |
5.68 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d) |
1.96 |
5.91 |
4.17 |
5.81 |
| Morningstar LSTA U.S. Leveraged Loan Index(e) |
1.31 |
4.36 |
6.01 |
5.50 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (50%) and the Morningstar LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
| (d) |
An unmanaged index comprised of issues that meet the following 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) |
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contribution to absolute performance, followed by high yield bonds. In terms of credit tiers, BB rated issues were the leading contributors, followed by those rated B. At the sector level, the largest contributions came from consumer cyclical issues.
Fund Summary 5
Fund Summary as of June 30, 2026(continued)
BlackRock Debt Strategies Fund, Inc. (DSU)
Holdings in the technology and aerospace & defense sectors detracted. An allocation to CCC rated debt weighed on performance, as well. A small weighting in equities also detracted, as did the Fund’s use of loan index products (a form of derivative).
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe recent portfolio activity.
The most notable change at the sector level occurred in technology, where the Fund moved from an overweight at the start of the period to a modest underweight at the end of June. Other sector positioning changes were largely muted. The Fund also increased its underweight in B rated securities while trimming its underweight in BBs.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
Bank loans remained the largest allocation in the portfolio, with high yield bonds also having a meaningful weighting. The Fund was overweight in securities rated BBB and B2, and it was underweight in BBs, B1s, B3s, and CCCs. The top sector overweights included property & casualty insurance, diversified manufacturing, and building materials. Midstream energy, cable & satellite, and technology were among the largest underweights.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
| PORTFOLIO COMPOSITION | |
| Investment Type |
Percent of Total Investments |
| Floating Rate Loan Interests |
70.5 % |
| Corporate Bonds |
19.5 |
| Investment Companies |
7.1 |
| Short-Term Securities |
1.1 |
| Other* |
1.8 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(a) |
Percent of Total Investments(b) |
| AA/Aa |
0.1 % |
| A |
1.0 |
| BBB/Baa |
8.7 |
| BB/Ba |
31.9 |
| B |
46.5 |
| CCC/Caa |
3.7 |
| C |
— (c) |
| N/R |
8.1 |
| (a) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
6
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
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, 2026 ($10.99)(a) |
13.52% |
| Current Monthly Distribution per Common Share(b) |
$0.123840 |
| Current Annualized Distribution per Common Share(b) |
$1.486080 |
| Leverage as of June 30, 2026(c) |
19% |
| (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
| |
06/30/26 |
12/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 10.99 |
$ 11.78 |
(6.71 )% |
$ 12.18 |
$ 10.54 |
| Net Asset Value |
11.38 |
12.10 |
(5.95 ) |
12.15 |
11.38 |
Performance
Returns for the period ended June 30, 2026 were as follows:
| |
|
Average Annual Total Returns | ||
| |
6-month |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
0.45 % |
3.63 % |
6.14 % |
6.00 % |
| Fund at Market Price(a)(b) |
(0.36 ) |
(5.10 ) |
6.58 |
6.68 |
| Morningstar LSTA U.S. Leveraged Loan Index(c) |
1.31 |
4.36 |
6.01 |
5.50 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contribution to absolute performance. In terms of credit tiers, BBB and B rated issues were the leading contributors, followed by BBs. At the sector level, the largest contributions came from consumer cyclical and chemical issues.
Holdings in CCC rated securities detracted, as did the Fund’s positions in the technology and aerospace/defense sectors.
Fund Summary 7
Fund Summary as of June 30, 2026(continued)
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe recent portfolio activity.
The Fund reduced its weightings in B1 and B3 rated issues, and it added to its overweight in BBs. The portfolio’s overall asset allocation was largely unchanged.
The Fund continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Fund was overweight in BBBs and BBs, and it was underweight in Bs and CCCs. The top sector overweights included building materials, property and casualty insurance, and diversified manufacturing. Technology, healthcare, and consumer cyclical services were among the largest underweights. The Fund had limited out-of-benchmark allocations to high yield bonds, investment-grade corporate bonds, and equities.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
| PORTFOLIO COMPOSITION | |
| Investment Type |
Percent of Total Investments |
| Floating Rate Loan Interests |
92.8 % |
| Investment Companies |
4.2 |
| Corporate Bonds |
1.4 |
| Other* |
1.6 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(a) |
Percent of Total Investments(b) |
| AA/Aa |
0.1 % |
| A |
0.9 |
| BBB/Baa |
11.2 |
| BB/Ba |
30.4 |
| B |
49.3 |
| CCC/Caa |
3.0 |
| C |
— (c) |
| N/R |
5.1 |
| (a) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes short-term securities. |
| (c) |
Rounds to less than 0.1%. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
8
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
BlackRock Income Trust, Inc. (BKT)
Investment Objective
BlackRock Income Trust, Inc.’s (BKT) (the “Fund”) investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Fund seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Fund invests at least 80% of its assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P Global Ratings ("S&P") or Aaa by Moody’s Investors Service, Inc ("Moody’s"). The Fund may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
BKT |
| Initial Offering Date |
July 22, 1988 |
| Current Distribution Rate on Closing Market Price as of June 30, 2026 ($10.72)(a) |
9.87% |
| Current Monthly Distribution per Common Share(b) |
$0.088200 |
| Current Annualized Distribution per Common Share(b) |
$1.058400 |
| Leverage as of June 30, 2026(c) |
26% |
| (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
| |
06/30/26 |
12/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 10.72 |
$ 11.04 |
(2.90 )% |
$ 11.19 |
$ 10.24 |
| Net Asset Value |
11.01 |
11.51 |
(4.34 ) |
11.59 |
10.90 |
Performance
Returns for the period ended June 30, 2026 were as follows:
| |
|
Average Annual Total Returns | ||
| |
6-month |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
0.43 % |
1.77 % |
(1.15 )% |
0.93 % |
| Fund at Market Price(a)(b) |
1.95 |
0.35 |
(2.79 ) |
1.21 |
| FTSE Mortgage Index(c) |
0.98 |
5.14 |
0.37 |
1.35 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
An unmanaged index that includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization. |
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.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
The Fund’s allocation to both passthrough agency mortgage-backed securities (“MBS”) and MBS derivatives contributed positively through income generation and the benefit of narrowing spreads relative to Treasuries. Within agency MBS derivatives, contributions came from fixed and floating rate collateralized loan obligations (“CMOs”) as well as interest-only (“IO”) and principal-only (“PO”) securities.
Tactical positioning with respect to portfolio duration and corresponding interest rate sensitivity detracted from performance. Specifically, the Fund had an above-benchmark duration to start the period that weighed on performance as the Treasury curve moved higher in the wake of the late-February launch of the U.S.-Iran conflict.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Fund Summary 9
Fund Summary as of June 30, 2026(continued)
BlackRock Income Trust, Inc. (BKT)
Describe recent portfolio activity.
The Fund’s allocation to well-structured agency CMOs, which serve as a source of high-quality income, was increased over the period. Additionally, the Fund’s exposure to agency MBS passthroughs and commercial mortgage-backed securities (“CMBS”) increased modestly.
The Fund held derivatives during the period as a part of its investment strategy and can sometimes have notional derivative exposure greater than 20%. Derivatives are used by the portfolio management team as a means to hedge and/or take outright views on interest rates and/or credit risk positions in the portfolio. Specifically, the portfolio used Treasury futures to express duration bias and curve bias. The Fund also tactically allocates to mortgage derivatives to gain market exposure to specific collateral stories when relative value opportunities present themselves.
Describe portfolio positioning at period end.
The Fund continued to hold a substantial allocation to agency MBS passthroughs, well-structured agency CMOs, and IO securities. The Fund maintained an allocation to CMBS, which was the only meaningful exposure held within non-agency securitized assets.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
| PORTFOLIO COMPOSITION | |
| Investment Type |
Percent of Total Investments |
| U.S. Government Sponsored Agency Securities |
91.2 % |
| Non-Agency Mortgage-Backed Securities |
6.6 |
| U.S. Treasury Obligations |
2.0 |
| Other* |
0.2 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(a) |
Percent of Total Investments(b) |
| AAA/Aaa(c) |
34.3 % |
| AA/Aa |
62.2 |
| CCC/Caa |
— (d) |
| N/R |
3.5 |
| (a) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes short-term securities, short investments and options, if any. |
| (c) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and/or U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
| (d) |
Rounds to less than 0.1%. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
10
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026
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
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, 2026 ($12.49)(a) |
10.88% |
| Current Monthly Distribution per Common Share(b) |
$0.113200 |
| Current Annualized Distribution per Common Share(b) |
$1.358400 |
| Leverage as of June 30, 2026(c) |
35% |
| (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
| |
06/30/26 |
12/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ |
$ |
(9.10 )% |
$ |
$ |
| Net Asset Value |
|
|
(4.68 ) |
|
|
Performance
Returns for the period ended June 30, 2026 were as follows:
| |
|
Average Annual Total Returns | ||
| |
6-month |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
0.42 % |
4.82 % |
4.05 % |
6.22 % |
| Fund at Market Price(a)(b) |
(4.24 ) |
(2.59 ) |
2.97 |
6.45 |
| Reference Benchmark(c) |
1.40 |
4.69 |
4.22 |
4.63 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d) |
1.96 |
5.91 |
4.17 |
5.81 |
| Morningstar LSTA Leveraged Loan Index(e) |
1.31 |
4.36 |
6.01 |
5.50 |
| BATS S Benchmark(f) |
0.91 |
3.79 |
2.39 |
2.46 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (33.33%), the Morningstar LSTA Leveraged Loan Index (33.33%), and the BATS S Benchmark (33.34%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
| (d) |
An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
| (e) |
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market. |
| (f) |
A composite index comprised of Bloomberg ABS 1-3 Year AAA Rated ex Home Equity Index, Bloomberg Corporate 1-5 year Index, Bloomberg CMBS Investment Grade 1-3.5 Yr. Index, Bloomberg MBS 15 Yr Index and Bloomberg Credit Ex-Corporate 1-5 Yr Index. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Past performance is not an indication of future results.
Fund Summary 11
Fund Summary as of June 30, 2026(continued)
BlackRock Limited Duration Income Trust (BLW)
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
The largest contributors to the Fund’s absolute performance over the period included allocations to credit-oriented sectors including high yield corporate bonds, capital securities, emerging market debt, collateralized loan obligations (“CLOs”) and non-agency residential mortgage-backed securities (“MBS”).
The Fund’s stance with respect to overall portfolio duration and positioning along the yield curve weighed on return. In addition, exposure to floating rate bank loans and the use of Treasury derivatives detracted from performance.
Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio. During the period, derivatives had a negative impact on the Fund’s performance. Private credit exposure was marginal over the period and did not have a material impact on performance.
Describe recent portfolio activity.
The Fund shifted duration (and corresponding interest rate sensitivity) tactically, extending duration during the first quarter as a hedge against potential credit spread widening. Duration was trimmed in the second quarter as stubborn inflation, resilient growth and firm labor market data pushed yields higher with markets pricing in U.S. Federal Reserve rate hikes.
Across spread sectors, high yield corporate bonds remained the largest allocation and this exposure was increased early in the period based on incremental income and sound credit fundamentals, before being reduced later in the period. The allocation to floating rate bank loans was essentially held steady. Exposure to investment grade corporate bonds was increased on sector weakness driven by the late-February launch of the U.S.-Iran conflict and subsequently pared back as risk assets recovered. Emerging markets exposure was increased based on attractive income and a supportive macroeconomic backdrop, while the U.S. Treasury allocation was reduced.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe portfolio positioning at period end.
At period end, the Fund maintained diversified exposure to non-government spread sectors including high yield and investment grade corporate bonds, bank loans, capital securities and CLOs. The Fund also held modest exposure to U.S. Treasuries.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
These views are not intended to be a forecast of future events and are no guarantee of future results.
12
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026(continued)
BlackRock Limited Duration Income Trust (BLW)
Overview of the Fund’s Total Investments
| PORTFOLIO COMPOSITION | |
| Investment Type |
Percent of Total Investments |
| Corporate Bonds |
43.1 % |
| Floating Rate Loan Interests |
37.7 |
| Preferred Securities |
5.3 |
| Asset-Backed Securities |
4.1 |
| Investment Companies |
3.4 |
| Non-Agency Mortgage-Backed Securities |
3.0 |
| U.S. Government Sponsored Agency Securities |
1.6 |
| Other* |
1.8 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(a) |
Percent of Total Investments(b) |
| AAA/Aaa(c) |
3.2 % |
| AA/Aa |
0.7 |
| A |
1.6 |
| BBB/Baa |
10.3 |
| BB/Ba |
33.8 |
| B |
38.1 |
| CCC/Caa |
4.7 |
| C |
— (d) |
| D |
— (d) |
| N/R |
7.6 |
| (a) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes short-term securities. |
| (c) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
| (d) |
Rounds to less than 0.1%. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Funds’ net assets. Please refer to the Schedule of Investments for details. |
Fund Summary 13
Fund Summary as of June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Investment Objective
BlackRock Multi-Sector Income Trust’s (BIT) (the “Fund”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Fund may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Fund’s investments in loans, the Fund may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.
No assurance can be given that the Fund’s investment objective will be achieved.
Fund Information
| Symbol on New York Stock Exchange |
BIT |
| Initial Offering Date |
February 27, 2013 |
| Current Distribution Rate on Closing Market Price as of June 30, 2026 ($12.52)(a) |
11.86% |
| Current Monthly Distribution per Common Share(b) |
$0.123700 |
| Current Annualized Distribution per Common Share(b) |
$1.484400 |
| Leverage as of June 30, 2026(c) |
37% |
| (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
| |
06/30/26 |
12/31/25 |
Change |
High |
Low |
| Closing Market Price |
$ 12.52 |
$ 13.06 |
(4.13 )% |
$ 13.40 |
$ 12.21 |
| Net Asset Value |
13.30 |
13.91 |
(4.39 ) |
13.98 |
13.26 |
Performance
Returns for the period ended June 30, 2026 were as follows:
| |
|
Average Annual Total Returns | ||
| |
6-month |
1 Year |
5 Years |
10 Years |
| Fund at NAV(a)(b) |
1.29 % |
3.28 % |
3.51 % |
6.69 % |
| Fund at Market Price(a)(b) |
1.56 |
(4.05 ) |
2.13 |
7.10 |
| Bloomberg U.S. Aggregate Bond Index(c) |
0.62 |
3.79 |
0.08 |
1.54 |
| (a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Fund’s use of leverage, if any. The performance tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. |
| (b) |
The Fund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| (c) |
A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Fund’s absolute performance based on NAV:
What factors influenced performance?
Positive contributions to the Fund’s performance over the period were highlighted by exposure to U.S. high yield corporate bonds. In addition, exposure to agency and non-agency residential mortgage-backed securities (“MBS”), emerging market debt and capital securities proved additive.
The Fund’s stance with respect to overall portfolio duration and positioning along the yield curve weighed most heavily on return, followed by the use of derivatives and the allocation to floating rate bank loans.
Derivatives are used by the portfolio management team to hedge and/or take outright views on interest rates, credit risk, and/or foreign exchange positions in the portfolio. During the period, derivatives had a negative impact on the Fund’s performance. Private credit exposure was marginal over the period and did not have a material impact on performance.
14
2026 BlackRock Semi-Annual Report to Shareholders
Fund Summary as of June 30, 2026(continued)
BlackRock Multi-Sector Income Trust (BIT)
Describe recent portfolio activity.
The Fund shifted duration (and corresponding interest rate sensitivity) tactically, extending duration during the first quarter as a hedge against potential credit spread widening, in part through the use of U.S. Treasury futures. Duration was trimmed in the second quarter as stubborn inflation, resilient growth and firm labor market data pushed yields higher with markets pricing in U.S. Federal Reserve rate hikes.
Within spread sectors, the Fund increased exposure to high yield corporates early in the period based on incremental yield and sound credit fundamentals, before pruning this exposure later in the period. Exposure to investment grade corporates was also increased in the first quarter as risk assets cheapened following the launch of the U.S.-Iran conflict. This allocation was then trimmed on strength in the second quarter in favor of AAA non-agency MBS with a more compelling risk adjusted yield profile. The Fund largely exited the allocation to bank loans in favor of fixed rate high yield corporates to lock in yield. Agency collateralized mortgage obligations were retained for their favorable income and interest rate risk profile, while select emerging market holdings were introduced based on attractive income and a supportive macroeconomic backdrop.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy. Based on current estimates, distributions pursuant to the managed distribution policy during the period resulted in a return of capital.
Describe portfolio positioning at period end.
At period end, the Fund maintained a diversified exposure across spread sectors, most notably high yield corporate bonds, followed by agency and non-agency MBS, investment grade corporate bonds and emerging market debt. Portfolio duration ended the period higher relative to its starting point.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Fund’s Total Investments
| PORTFOLIO COMPOSITION | |
| Investment Type |
Percent of Total Investments |
| Corporate Bonds |
60.6 % |
| U.S. Government Sponsored Agency Securities |
13.0 |
| Non-Agency Mortgage-Backed Securities |
10.8 |
| Asset-Backed Securities |
6.2 |
| Preferred Securities |
4.7 |
| Foreign Agency Obligations |
2.5 |
| U.S. Treasury Obligations |
1.1 |
| Other* |
1.1 |
| CREDIT QUALITY ALLOCATION | |
| Credit Rating(a) |
Percent of Total Investments(b) |
| AAA/Aaa(c) |
15.9 % |
| AA/Aa |
4.3 |
| A |
2.7 |
| BBB/Baa |
11.5 |
| BB/Ba |
32.8 |
| B |
20.1 |
| CCC/Caa |
5.3 |
| C |
0.1 |
| D |
— (d) |
| N/R |
7.3 |
| (a) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (b) |
Excludes short-term securities. |
| (c) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
| (d) |
Rounds to less than 0.1%. |
| * |
Includes one or more investment categories that individually represents less than 1.0% of the Fund’s total investments. Please refer to the Schedule of Investments for details. |
Fund Summary 15
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities | |||
| Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.35%), 7.02%, 07/15/37(a)(b) |
USD |
2,000 |
$ 1,985,468 |
| Golub Capital Partners CLO Ltd., Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 6.87%, 07/25/37(a)(b) |
|
1,500 |
1,500,589 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 7.02%, 07/25/37(a)(b) |
|
1,090 |
1,082,718 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3- mo. CME Term SOFR + 2.65%), 6.32%, 01/05/38(a)(b) |
|
1,000 |
1,003,720 |
| Total Asset-Backed Securities — 0.9% (Cost: $5,590,000) |
5,572,495 | ||
| |
|
Shares |
|
| Common Stocks | |||
| Financial Services(c) — 0.1% |
| ||
| Aimbridge Acquisition Co., Inc. |
|
6,043 |
231,672 |
| Labels Buyer LLC |
|
207 |
19,010 |
| |
|
|
250,682 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc.(c) |
|
1,661 |
1,383 |
| Hotels, Restaurants & Leisure — 0.0% |
| ||
| Fortrex Equity(c)(d) |
|
5,805 |
87,075 |
| Industrial Conglomerates(c) — 0.0% |
| ||
| Ameriforge Group, Inc.(d) |
|
1,664 |
— |
| SVP Singer |
|
15,566 |
101,179 |
| |
|
|
101,179 |
| IT Services — 0.0% |
| ||
| Travelport LLC(c)(d) |
|
230 |
157,357 |
| Machinery — 0.1% |
| ||
| United Site Services, Inc.(c)(d) |
|
24,463 |
244,630 |
| Semiconductors & Semiconductor Equipment — 0.0% |
| ||
| Maxeon Solar Technologies Ltd.(c) |
|
2 |
1 |
| Trading Companies & Distributors — 0.0% |
| ||
| TMK Hawk Midco Corp.(c) |
|
24,798 |
49,596 |
| Wireless Telecommunication Services — 0.0% |
| ||
| Altice France Lux 3(c) |
|
11,960 |
235,620 |
| Total Common Stocks — 0.2% (Cost: $2,355,598) |
1,127,523 | ||
| |
|
Par (000) |
|
| Corporate Bonds | |||
| Advertising Agencies — 0.5% | |||
| Clear Channel Outdoor Holdings, Inc.(b) |
|
|
|
| 7.75%, 04/15/28 |
USD |
188 |
188,303 |
| 7.50%, 06/01/29 |
|
303 |
303,156 |
| 7.88%, 04/01/30 |
|
505 |
526,047 |
| 7.13%, 02/15/31 |
|
243 |
251,625 |
| 7.50%, 03/15/33 |
|
513 |
540,148 |
| Security |
|
Par (000) |
Value |
| Advertising Agencies (continued) | |||
| CMG Media Corp., 8.88%, 06/18/29(b) |
USD |
63 |
$ 46,110 |
| Lamar Media Corp. |
|
|
|
| 4.00%, 02/15/30 |
|
15 |
14,338 |
| 5.38%, 11/01/33(b) |
|
41 |
40,183 |
| Neptune Bidco U.S., Inc.(b) |
|
|
|
| 9.29%, 04/15/29 |
|
152 |
155,013 |
| 10.38%, 05/15/31 |
|
98 |
101,569 |
| 9.50%, 02/15/33 |
|
136 |
137,504 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.(b) |
|
|
|
| 4.25%, 01/15/29 |
|
52 |
50,633 |
| 4.63%, 03/15/30 |
|
79 |
76,621 |
| 7.38%, 02/15/31 |
|
140 |
145,588 |
| 6.00%, 06/15/34 |
|
224 |
223,591 |
| Stagwell Global LLC, 5.63%, 08/15/29(b) |
|
32 |
30,865 |
| |
|
|
2,831,294 |
| Aerospace & Defense — 0.7% | |||
| AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) |
|
80 |
81,730 |
| ATI, Inc. |
|
|
|
| 5.88%, 12/01/27 |
|
93 |
93,046 |
| 4.88%, 10/01/29 |
|
32 |
31,649 |
| 7.25%, 08/15/30 |
|
103 |
106,942 |
| 5.13%, 10/01/31 |
|
88 |
87,102 |
| 5.88%, 06/15/33 |
|
28 |
28,389 |
| Bombardier, Inc.(b) |
|
|
|
| 8.75%, 11/15/30 |
|
44 |
46,510 |
| 7.25%, 07/01/31 |
|
55 |
57,548 |
| 6.75%, 06/15/33 |
|
295 |
305,364 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(b) |
|
644 |
644,431 |
| Goat Holdco LLC, 6.75%, 02/01/32(b) |
|
44 |
45,094 |
| Moog, Inc., 5.50%, 10/15/34(b) |
|
47 |
46,284 |
| TransDigm, Inc.(b) |
|
|
|
| 6.75%, 08/15/28 |
|
129 |
130,285 |
| 6.63%, 03/01/32 |
|
245 |
251,277 |
| 6.00%, 01/15/33 |
|
382 |
385,753 |
| 6.38%, 05/31/33 |
|
630 |
635,990 |
| 6.25%, 01/31/34 |
|
33 |
33,673 |
| 6.75%, 01/31/34 |
|
687 |
704,662 |
| 6.13%, 07/31/34 |
|
426 |
425,452 |
| |
|
|
4,141,181 |
| Air Freight & Logistics(b) — 0.0% | |||
| Rand Parent LLC, 8.50%, 02/15/30 |
|
57 |
59,043 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |
|
30 |
31,066 |
| |
|
|
90,109 |
| Automobile Components — 0.3% | |||
| American Axle & Manufacturing, Inc.(b) |
|
|
|
| 6.38%, 10/15/32 |
|
48 |
47,831 |
| 7.75%, 10/15/33 |
|
50 |
49,393 |
| Clarios Global LP/Clarios U.S. Finance Co.(b) |
|
|
|
| 6.75%, 05/15/28 |
|
85 |
86,245 |
| 6.75%, 02/15/30 |
|
68 |
70,069 |
| 4.75%, 06/15/31 |
EUR |
100 |
115,584 |
| 6.75%, 09/15/32 |
USD |
519 |
530,047 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL, 6.13%, 04/15/31(b) |
|
75 |
74,997 |
| Dana, Inc. |
|
|
|
| 4.25%, 09/01/30 |
|
11 |
10,963 |
| 4.50%, 02/15/32 |
|
18 |
17,956 |
16
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Automobile Components (continued) | |||
| Dorman Products, Inc., 6.25%, 06/15/34(b) |
USD |
15 |
$ 15,172 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b) |
|
90 |
94,499 |
| Goodyear Tire & Rubber Co. |
|
|
|
| 5.00%, 07/15/29 |
|
26 |
24,854 |
| 6.63%, 07/15/30 |
|
34 |
32,838 |
| 8.88%, 07/15/32 |
|
112 |
112,972 |
| Qnity Electronics, Inc.(b) |
|
|
|
| 5.75%, 08/15/32 |
|
158 |
158,842 |
| 6.25%, 08/15/33 |
|
53 |
53,924 |
| Tenneco, Inc., 8.00%, 11/17/28(b) |
|
226 |
227,413 |
| |
|
|
1,723,599 |
| Automobiles — 0.3% | |||
| Allison Transmission, Inc., 5.88%, 12/01/33(b) |
|
111 |
110,655 |
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 |
|
39 |
38,607 |
| Carvana Co.(b)(e) |
|
|
|
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |
|
170 |
175,925 |
| (9.00% PIK), 9.00%, 06/01/31 |
|
602 |
664,350 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) |
|
50 |
52,412 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30(b) |
|
34 |
34,426 |
| Ken Garff Automotive LLC, 4.88%, 09/15/28(b) |
|
25 |
24,756 |
| LCM Investments Holdings II LLC(b) |
|
|
|
| 4.88%, 05/01/29 |
|
72 |
70,101 |
| 8.25%, 08/01/31 |
|
48 |
50,013 |
| Lithia Motors, Inc., 5.50%, 10/01/30(b) |
|
55 |
54,321 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(b) |
|
142 |
139,589 |
| Nissan Motor Co. Ltd.(b) |
|
|
|
| 7.75%, 07/17/32 |
|
200 |
207,291 |
| 6.38%, 07/17/33 |
EUR |
100 |
116,637 |
| 8.13%, 07/17/35 |
USD |
200 |
211,794 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(b) |
|
73 |
72,708 |
| Venture Holdings Trust, 12.00%, 07/01/49(c)(d)(f) |
|
5,150 |
— |
| |
|
|
2,023,585 |
| Banks — 0.0% | |||
| Banco Espirito Santo SA(f) |
|
|
|
| 2.63%, 05/08/17(c)(g) |
EUR |
100 |
25,137 |
| 4.75%, 01/15/22(a)(c) |
|
200 |
50,274 |
| 4.00%, 01/21/22 |
|
100 |
25,137 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33(b) |
USD |
37 |
37,590 |
| |
|
|
138,138 |
| Biotechnology(b) — 0.1% | |||
| BioMarin Pharmaceutical, Inc., 5.50%, 02/15/34 |
|
200 |
196,489 |
| Genmab AS/Genmab Finance LLC, 7.25%, 12/15/33 |
|
200 |
208,520 |
| |
|
|
405,009 |
| Building Materials(b) — 0.4% | |||
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 |
|
70 |
73,140 |
| Builders FirstSource, Inc., 6.75%, 05/15/35 |
|
136 |
138,662 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|
|
|
| 6.63%, 12/15/30 |
|
287 |
293,410 |
| 6.75%, 07/15/31 |
|
296 |
306,374 |
| Jeld-Wen, Inc., 4.88%, 12/15/27 |
|
58 |
46,184 |
| New Enterprise Stone & Lime Co., Inc. |
|
|
|
| 5.25%, 07/15/28 |
|
26 |
25,896 |
| 9.75%, 07/15/28 |
|
59 |
59,103 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32 |
|
483 |
493,228 |
| Standard Building Solutions, Inc. |
|
|
|
| 6.50%, 08/15/32 |
|
219 |
220,324 |
| 6.25%, 08/01/33 |
|
262 |
260,177 |
| Security |
|
Par (000) |
Value |
| Building Materials (continued) | |||
| Standard Building Solutions, Inc. (continued) |
|
|
|
| 5.88%, 03/15/34 |
USD |
104 |
$ 100,217 |
| Standard Industries, Inc., 4.38%, 07/15/30 |
|
141 |
133,915 |
| Wilsonart LLC, 11.00%, 08/15/32 |
|
177 |
143,395 |
| |
|
|
2,294,025 |
| Building Products(b) — 0.3% | |||
| QXO Building Products, Inc. |
|
|
|
| 6.50%, 07/15/31 |
|
344 |
350,595 |
| 6.75%, 04/30/32 |
|
452 |
466,726 |
| 6.88%, 07/15/34 |
|
325 |
333,637 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |
|
917 |
929,738 |
| |
|
|
2,080,696 |
| Capital Markets — 0.3% | |||
| Apollo Debt Solutions BDC |
|
|
|
| 5.88%, 08/30/30 |
|
31 |
30,675 |
| 6.55%, 03/15/32 |
|
16 |
16,137 |
| Ares Strategic Income Fund, 5.80%, 09/09/30 |
|
60 |
59,108 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |
|
15 |
14,609 |
| Blackstone Secured Lending Fund, 5.90%, 05/21/31 |
|
65 |
64,031 |
| Blue Owl Capital Corp. |
|
|
|
| 6.20%, 07/15/30 |
|
37 |
36,868 |
| 6.30%, 08/15/31 |
|
34 |
33,794 |
| Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b) |
|
67 |
63,731 |
| First Eagle Holdings, Inc., 7.25%, 08/15/32(b) |
|
33 |
33,219 |
| Focus Financial Partners LLC, 6.75%, 09/15/31(b) |
|
238 |
239,480 |
| FS KKR Capital Corp., 2.63%, 01/15/27 |
|
22 |
21,594 |
| GS Finance Corp., 0.00%, 05/21/29(b)(h)(i) |
|
185 |
190,457 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|
|
|
| 5.25%, 05/15/27 |
|
170 |
168,020 |
| 9.75%, 01/15/29 |
|
42 |
41,191 |
| 4.38%, 02/01/29 |
|
31 |
26,477 |
| 10.00%, 11/15/29(b) |
|
138 |
136,098 |
| Jane Street Group/JSG Finance, Inc.(b) |
|
|
|
| 6.13%, 11/01/32 |
|
24 |
24,005 |
| 6.75%, 05/01/33 |
|
184 |
189,219 |
| Osaic Holdings, Inc.(b) |
|
|
|
| 6.75%, 08/01/32 |
|
120 |
120,205 |
| 8.00%, 08/01/33 |
|
195 |
195,720 |
| |
|
|
1,704,638 |
| Chemicals — 0.9% | |||
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(e) |
|
110 |
87,634 |
| Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2, 6.50%, 06/15/33(b) |
EUR |
195 |
224,448 |
| Celanese U.S. Holdings LLC |
|
|
|
| 7.00%, 02/15/31 |
USD |
10 |
10,293 |
| 6.75%, 04/15/33 |
|
47 |
47,878 |
| 7.38%, 02/15/34 |
|
108 |
111,579 |
| Chemours Co.(b) |
|
|
|
| 5.75%, 11/15/28 |
|
288 |
287,767 |
| 4.63%, 11/15/29 |
|
141 |
134,582 |
| 7.88%, 03/15/34 |
|
75 |
75,366 |
| Element Solutions, Inc., 3.88%, 09/01/28(b) |
|
590 |
575,683 |
| FMC Corp. |
|
|
|
| 3.45%, 10/01/29 |
|
144 |
133,337 |
| 8.00%, 06/01/31(b) |
|
212 |
220,647 |
| Herens Holdco SARL, 4.75%, 05/15/28(b) |
|
200 |
174,450 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) |
|
17 |
16,990 |
Schedule of Investments 17
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Chemicals (continued) | |||
| Ingevity Corp., 3.88%, 11/01/28(b) |
USD |
23 |
$ 22,282 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) |
|
23 |
23,291 |
| Minerals Technologies, Inc., 5.00%, 07/01/28(b) |
|
55 |
54,587 |
| Olympus Water U.S. Holding Corp.(b) |
|
|
|
| 6.25%, 10/01/29 |
|
200 |
197,175 |
| 7.25%, 06/15/31 |
|
600 |
607,545 |
| 7.25%, 02/15/33 |
|
684 |
676,454 |
| Perimeter Holdings LLC, 6.25%, 01/15/34(b) |
|
196 |
195,631 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) |
|
185 |
181,396 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33(b) |
|
166 |
164,968 |
| WR Grace Holdings LLC(b) |
|
|
|
| 5.63%, 08/15/29 |
|
1,369 |
1,286,711 |
| 7.38%, 03/01/31 |
|
128 |
128,532 |
| 6.63%, 08/15/32 |
|
190 |
184,277 |
| 7.00%, 08/01/33 |
|
112 |
109,061 |
| |
|
|
5,932,564 |
| Commercial Services & Supplies — 1.5% | |||
| ADT Security Corp.(b) |
|
|
|
| 4.88%, 07/15/32 |
|
55 |
51,977 |
| 5.88%, 10/15/33 |
|
172 |
168,967 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30(b) |
|
200 |
207,085 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31(b) |
|
1,191 |
1,245,052 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.(b) |
|
|
|
| 6.00%, 06/01/29 |
|
600 |
597,358 |
| 6.88%, 06/15/30 |
|
537 |
551,820 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b) |
|
400 |
393,642 |
| APi Group DE, Inc.(b) |
|
|
|
| 4.13%, 07/15/29 |
|
67 |
64,253 |
| 4.75%, 10/15/29 |
|
32 |
31,361 |
| 5.75%, 06/01/34 |
|
41 |
40,534 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29(b) |
|
200 |
200,925 |
| Brink’s Co.(b) |
|
|
|
| 6.50%, 06/15/29 |
|
39 |
39,781 |
| 6.75%, 06/15/32 |
|
159 |
162,479 |
| Clarivate Science Holdings Corp.(b) |
|
|
|
| 3.88%, 07/01/28 |
|
26 |
25,004 |
| 4.88%, 07/01/29 |
|
291 |
260,418 |
| CompoSecure Holdings LLC, 5.63%, 02/01/33(b) |
|
189 |
184,494 |
| Deluxe Corp., 8.13%, 09/15/29(b) |
|
31 |
32,093 |
| EquipmentShare.com, Inc., 07/01/34(b)(j) |
|
76 |
74,673 |
| FTAI Aviation Investors LLC(b) |
|
|
|
| 5.50%, 05/01/28 |
|
248 |
247,404 |
| 7.88%, 12/01/30 |
|
66 |
68,960 |
| 7.00%, 05/01/31 |
|
537 |
556,197 |
| 7.00%, 06/15/32 |
|
477 |
492,624 |
| 5.88%, 04/15/33 |
|
128 |
127,875 |
| Garda World Security Corp.(b) |
|
|
|
| 7.75%, 02/15/28 |
|
123 |
125,169 |
| 6.00%, 06/01/29 |
|
16 |
15,762 |
| 8.25%, 08/01/32 |
|
240 |
245,598 |
| 8.38%, 11/15/32 |
|
916 |
937,118 |
| Herc Holdings, Inc.(b) |
|
|
|
| 7.00%, 06/15/30 |
|
120 |
124,268 |
| 5.75%, 03/15/31 |
|
55 |
54,931 |
| 7.25%, 06/15/33 |
|
208 |
216,852 |
| 6.00%, 03/15/34 |
|
57 |
56,621 |
| Hertz Corp., 12.63%, 07/15/29(b) |
|
36 |
29,300 |
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| RR Donnelley & Sons Co.(b) |
|
|
|
| 9.50%, 08/01/29 |
USD |
308 |
$ 319,341 |
| (5.50% Cash or 5.50% PIK), 11.00%, 06/01/31(e) |
|
47 |
45,459 |
| Service Corp. International |
|
|
|
| 3.38%, 08/15/30 |
|
2 |
1,855 |
| 4.00%, 05/15/31 |
|
49 |
46,253 |
| 5.75%, 10/15/32 |
|
389 |
390,565 |
| Sotheby’s, 8.25%, 04/15/31(b) |
|
201 |
199,941 |
| Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) |
|
202 |
191,719 |
| United Rentals North America, Inc., 5.38%, 11/15/33(b) |
|
200 |
196,983 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32(b) |
|
177 |
183,077 |
| Williams Scotsman, Inc.(b) |
|
|
|
| 6.63%, 06/15/29 |
|
71 |
72,487 |
| 6.63%, 04/15/30 |
|
188 |
193,677 |
| 7.38%, 10/01/31 |
|
169 |
174,974 |
| |
|
|
9,646,926 |
| Communications Equipment — 0.0% | |||
| Viavi Solutions, Inc., 3.75%, 10/01/29(b) |
|
31 |
29,570 |
| Construction & Engineering(b) — 0.2% | |||
| AECOM, 6.00%, 08/01/33 |
|
204 |
204,291 |
| Arcosa, Inc. |
|
|
|
| 4.38%, 04/15/29 |
|
97 |
95,408 |
| 6.88%, 08/15/32 |
|
90 |
93,883 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30 |
|
586 |
477,531 |
| Dycom Industries, Inc., 4.50%, 04/15/29 |
|
37 |
36,187 |
| Global Infrastructure Solutions, Inc., 07/15/34(j) |
|
76 |
76,392 |
| Weekley Homes LLC/Weekley Finance Corp., 6.75%, 01/15/34 |
|
62 |
62,165 |
| |
|
|
1,045,857 |
| Consumer Finance — 0.4% | |||
| Block, Inc. |
|
|
|
| 5.63%, 08/15/30(b) |
|
108 |
108,270 |
| 6.50%, 05/15/32 |
|
192 |
196,016 |
| 6.00%, 08/15/33(b) |
|
270 |
271,864 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32(b) |
|
295 |
213,741 |
| Navient Corp. |
|
|
|
| 9.38%, 10/15/31 |
|
63 |
62,760 |
| 7.88%, 06/15/32 |
|
46 |
43,052 |
| OneMain Finance Corp. |
|
|
|
| 6.63%, 05/15/29 |
|
82 |
83,612 |
| 5.38%, 11/15/29 |
|
70 |
68,755 |
| 7.88%, 03/15/30 |
|
72 |
74,954 |
| 6.13%, 05/15/30 |
|
104 |
103,995 |
| 4.00%, 09/15/30 |
|
95 |
87,812 |
| 7.50%, 05/15/31 |
|
12 |
12,397 |
| 7.13%, 11/15/31 |
|
48 |
48,830 |
| 6.75%, 03/15/32 |
|
160 |
160,385 |
| 7.13%, 09/15/32 |
|
36 |
36,606 |
| 6.50%, 03/15/33 |
|
287 |
282,417 |
| 6.75%, 09/15/33 |
|
231 |
228,675 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(b) |
|
|
|
| 6.75%, 08/15/32 |
|
380 |
380,727 |
| 5.50%, 05/15/33 |
EUR |
100 |
111,852 |
| SLM Corp., (1-day SOFR Index + 2.71%), 6.50%, 05/15/32(a) |
USD |
47 |
46,946 |
| WEX, Inc., 6.50%, 03/15/33(b) |
|
176 |
175,242 |
| |
|
|
2,798,908 |
18
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Consumer Staples Distribution & Retail(b) — 0.2% | |||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|
|
|
| 5.50%, 03/31/31 |
USD |
60 |
$ 58,626 |
| 5.63%, 03/31/32 |
|
53 |
51,241 |
| 6.25%, 03/15/33 |
|
228 |
225,992 |
| 5.75%, 03/31/34 |
|
211 |
200,945 |
| Boots Group Finco LP, 5.38%, 08/31/32 |
EUR |
115 |
134,652 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. |
|
|
|
| 9.00%, 02/15/29 |
USD |
39 |
40,827 |
| 7.13%, 04/30/33 |
|
84 |
85,566 |
| Performance Food Group, Inc. |
|
|
|
| 4.25%, 08/01/29 |
|
41 |
39,797 |
| 6.13%, 09/15/32 |
|
152 |
153,859 |
| 5.63%, 03/01/34 |
|
220 |
215,929 |
| U.S. Foods, Inc., 7.25%, 01/15/32 |
|
40 |
41,509 |
| United Natural Foods, Inc., 6.75%, 10/15/28 |
|
50 |
50,006 |
| |
|
|
1,298,949 |
| Containers & Packaging — 0.6% | |||
| Ardagh Group SA |
|
|
|
| 9.50%, 12/01/30(b) |
|
173 |
185,234 |
| (4.50% Cash + 7.50% PIK), 11.00%, 12/01/30(e)(g) |
EUR |
104 |
112,673 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) |
|
|
|
| 4.00%, 09/01/29 |
USD |
485 |
461,025 |
| 6.25%, 01/30/31 |
|
200 |
202,238 |
| Ball Corp. |
|
|
|
| 4.25%, 07/01/32 |
EUR |
100 |
115,794 |
| 5.50%, 09/15/33 |
USD |
30 |
30,186 |
| Clydesdale Acquisition Holdings, Inc.(b) |
|
|
|
| 6.63%, 04/15/29 |
|
34 |
33,957 |
| 6.88%, 01/15/30 |
|
36 |
35,866 |
| 6.75%, 04/15/32 |
|
230 |
223,239 |
| Crown Americas LLC, 5.88%, 06/01/33 |
|
246 |
247,729 |
| Mauser Packaging Solutions Holding Co.(b) |
|
|
|
| 7.88%, 04/15/30 |
|
1,281 |
1,309,592 |
| 9.25%, 04/15/30 |
|
65 |
63,947 |
| Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%, 05/11/33(b)(e) |
|
187 |
163,703 |
| Silgan Holdings, Inc., 4.25%, 02/15/31(b) |
EUR |
100 |
113,469 |
| Sword Purchaser LLC, 8.25%, 04/15/33(b) |
USD |
103 |
106,581 |
| Trivium Packaging Finance BV, 8.25%, 07/15/30(b) |
|
180 |
190,191 |
| |
|
|
3,595,424 |
| Distributors(b) — 0.1% | |||
| Core & Main LP, 07/01/34(j) |
|
321 |
322,510 |
| Dealer Tire Financial LLC, 10/01/31(j) |
|
37 |
36,868 |
| Gates Corp., 6.88%, 07/01/29 |
|
74 |
75,685 |
| Resideo Funding, Inc. |
|
|
|
| 4.00%, 09/01/29 |
|
18 |
17,259 |
| 6.50%, 07/15/32 |
|
129 |
129,645 |
| |
|
|
581,967 |
| Diversified REITs(b) — 0.2% | |||
| Digital Realty Trust LP, 1.88%, 11/15/29(h) |
|
20 |
21,430 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 |
|
95 |
91,279 |
| Iron Mountain, Inc. |
|
|
|
| 5.63%, 07/15/32 |
|
113 |
111,692 |
| 6.25%, 01/15/33 |
|
28 |
28,293 |
| 4.75%, 01/15/34 |
EUR |
200 |
227,001 |
| 6.25%, 01/15/35 |
USD |
367 |
368,431 |
| Security |
|
Par (000) |
Value |
| Diversified REITs (continued) | |||
| Millrose Properties, Inc. |
|
|
|
| 6.38%, 08/01/30 |
USD |
254 |
$ 257,442 |
| 6.25%, 09/15/32 |
|
208 |
209,810 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30 |
|
23 |
22,467 |
| |
|
|
1,337,845 |
| Diversified Telecommunication Services — 1.9% | |||
| APLD ComputeCo 2 LLC, 6.75%, 03/15/31(b) |
|
248 |
248,891 |
| APLD ComputeCo 3 LLC, 7.00%, 06/15/31(b) |
|
319 |
318,346 |
| APLD ComputeCo LLC, 9.25%, 12/15/30(b) |
|
100 |
107,878 |
| Black Pearl Compute LLC, 6.13%, 02/15/31(b) |
|
35 |
35,448 |
| Cipher Compute LLC, 7.13%, 11/15/30(b) |
|
229 |
238,051 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) |
|
200 |
210,449 |
| Core Scientific Finance I LLC, 7.75%, 05/15/31(b) |
|
415 |
420,833 |
| EchoStar Corp. |
|
|
|
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(e) |
|
344 |
350,021 |
| 10.75%, 11/30/29 |
|
688 |
743,230 |
| Fibercop SpA(b) |
|
|
|
| 6.00%, 09/30/34 |
|
200 |
193,142 |
| 7.20%, 07/18/36 |
|
200 |
205,090 |
| Flash Compute LLC, 7.25%, 12/31/30(b) |
|
460 |
472,982 |
| Level 3 Financing, Inc.(b) |
|
|
|
| 6.88%, 06/30/33 |
|
844 |
867,205 |
| 7.00%, 03/31/34 |
|
613 |
632,088 |
| 8.50%, 01/15/36 |
|
781 |
838,793 |
| 7.50%, 02/15/37 |
|
271 |
278,149 |
| Meridian Arc Holdco LLC, 6.25%, 04/30/31(b) |
|
1,622 |
1,625,633 |
| PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(b) |
|
485 |
484,300 |
| Sable International Finance Ltd., 7.13%, 10/15/32(b) |
|
200 |
198,504 |
| SE Cosmos LLC, 8.88%, 05/01/31(b) |
|
469 |
482,166 |
| Stingray Compute LLC, 6.00%, 06/15/31(b) |
|
125 |
125,247 |
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(b) |
|
715 |
704,692 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |
|
141 |
161,910 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC(b) |
|
|
|
| 6.50%, 02/15/29 |
|
31 |
30,755 |
| Series Feb, 8.63%, 06/15/32 |
|
293 |
305,662 |
| Uniti Services LLC, 7.50%, 10/15/33(b) |
|
157 |
165,223 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) |
|
809 |
853,135 |
| Yondr JK 1 LLC, 6.88%, 06/30/31(b) |
|
104 |
104,261 |
| Zayo Group Holdings, Inc.(b)(e) |
|
|
|
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
|
309 |
308,672 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
|
231 |
227,756 |
| |
|
|
11,938,512 |
| Electric Utilities — 0.2% | |||
| Alpha Generation LLC, 6.75%, 10/15/32(b) |
|
69 |
70,270 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b) |
|
200 |
202,966 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) |
|
8 |
7,833 |
| Texas Competitive Electric Holdings Co. LLC, 5.03%, 11/10/21(c)(d)(f) |
|
2,375 |
— |
| TransAlta Corp., 5.88%, 02/01/34 |
|
18 |
17,732 |
| VoltaGrid LLC, 7.38%, 11/01/30(b) |
|
526 |
546,078 |
| XPLR Infrastructure Operating Partners LP(b) |
|
|
|
| 8.38%, 01/15/31 |
|
254 |
270,891 |
| 8.63%, 03/15/33 |
|
32 |
34,316 |
| 7.75%, 04/15/34 |
|
404 |
425,238 |
| |
|
|
1,575,324 |
Schedule of Investments 19
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Electronic Equipment, Instruments & Components(b) — 0.1% | |||
| Coherent Corp., 5.00%, 12/15/29 |
USD |
45 |
$ 44,307 |
| Sensata Technologies, Inc. |
|
|
|
| 4.38%, 02/15/30 |
|
243 |
236,347 |
| 3.75%, 02/15/31 |
|
145 |
135,582 |
| 6.63%, 07/15/32 |
|
200 |
205,704 |
| WESCO Distribution, Inc. |
|
|
|
| 5.25%, 04/15/31 |
|
73 |
72,251 |
| 5.50%, 04/15/34 |
|
68 |
67,268 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |
|
29 |
29,353 |
| |
|
|
790,812 |
| Energy Equipment & Services — 0.3% | |||
| Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, 09/01/32(b) |
|
333 |
339,622 |
| Archrock Services LP/Archrock Partners Finance Corp., 6.00%, 02/01/34(b) |
|
112 |
111,327 |
| Enerflex, Inc., 6.88%, 01/15/31(b) |
|
14 |
14,328 |
| Kodiak Gas Services LLC(b) |
|
|
|
| 5.88%, 04/01/31 |
|
170 |
170,436 |
| 6.50%, 10/01/33 |
|
173 |
175,362 |
| 6.75%, 10/01/35 |
|
126 |
129,259 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |
|
18 |
18,258 |
| Star Holding LLC, 8.75%, 08/01/31(b) |
|
127 |
127,294 |
| Tidewater, Inc., 9.13%, 07/15/30(b) |
|
65 |
69,553 |
| USA Compression Partners LP/USA Compression Finance Corp.(b) |
|
|
|
| 7.13%, 03/15/29 |
|
76 |
77,850 |
| 6.25%, 10/01/33 |
|
317 |
314,283 |
| Weatherford International Ltd., 6.75%, 10/15/33(b) |
|
214 |
218,343 |
| |
|
|
1,765,915 |
| Entertainment(b) — 0.2% | |||
| Boyne USA, Inc., 4.75%, 05/15/29 |
|
147 |
144,499 |
| Churchill Downs, Inc. |
|
|
|
| 4.75%, 01/15/28 |
|
47 |
46,543 |
| 5.75%, 04/01/30 |
|
171 |
170,838 |
| 6.75%, 05/01/31 |
|
188 |
191,289 |
| Cinemark USA, Inc., 7.00%, 08/01/32 |
|
19 |
19,601 |
| Live Nation Entertainment, Inc. |
|
|
|
| 4.75%, 10/15/27 |
|
38 |
37,917 |
| 3.75%, 01/15/28 |
|
35 |
34,325 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |
|
152 |
129,910 |
| Six Flags Entertainment Corp/Canada’s Wonderland Co/Millennium Operations LLC, 8.63%, 01/15/32 |
|
42 |
43,246 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30 |
|
54 |
51,503 |
| Vail Resorts, Inc. |
|
|
|
| 5.63%, 07/15/30 |
|
59 |
58,926 |
| 6.50%, 05/15/32 |
|
76 |
77,406 |
| |
|
|
1,006,003 |
| Environmental, Maintenance & Security Service(b) — 0.4% | |||
| Clean Harbors, Inc., 6.38%, 02/01/31 |
|
7 |
7,099 |
| GFL Environmental Holdings U.S., Inc. |
|
|
|
| 5.63%, 07/01/31 |
|
58 |
57,992 |
| 5.50%, 02/01/34 |
|
200 |
195,618 |
| GFL Environmental, Inc. |
|
|
|
| 4.00%, 08/01/28 |
|
8 |
7,811 |
| 4.75%, 06/15/29 |
|
91 |
89,553 |
| 4.38%, 08/15/29 |
|
65 |
63,183 |
| 6.75%, 01/15/31 |
|
77 |
79,216 |
| Security |
|
Par (000) |
Value |
| Environmental, Maintenance & Security Service (continued) | |||
| Madison IAQ LLC, 5.88%, 06/30/29 |
USD |
1,262 |
$ 1,262,651 |
| Reworld Holding Corp., 4.88%, 12/01/29 |
|
43 |
41,012 |
| Waste Pro USA, Inc., 7.00%, 02/01/33 |
|
695 |
711,187 |
| |
|
|
2,515,322 |
| Financial Services(b) — 0.6% | |||
| Azorra Finance Ltd. |
|
|
|
| 7.75%, 04/15/30 |
|
202 |
209,759 |
| 7.25%, 01/15/31 |
|
16 |
16,439 |
| 6.25%, 02/15/34 |
|
18 |
17,454 |
| CrossCountry Intermediate HoldCo LLC |
|
|
|
| 6.50%, 10/01/30 |
|
23 |
22,670 |
| 6.75%, 12/01/32 |
|
41 |
39,584 |
| Freedom Mortgage Holdings LLC |
|
|
|
| 6.88%, 05/01/31 |
|
22 |
21,350 |
| 9.13%, 05/15/31 |
|
57 |
58,932 |
| 8.38%, 04/01/32 |
|
73 |
74,255 |
| 7.88%, 04/01/33 |
|
10 |
9,752 |
| GGAM Finance Ltd. |
|
|
|
| 6.88%, 04/15/29 |
|
19 |
19,414 |
| 5.88%, 03/15/30 |
|
137 |
136,486 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 |
|
141 |
143,265 |
| Midcap Financial Issuer Trust, 5.63%, 01/15/30 |
|
200 |
192,782 |
| PennyMac Financial Services, Inc. |
|
|
|
| 7.88%, 12/15/29 |
|
52 |
54,076 |
| 7.13%, 11/15/30 |
|
172 |
174,302 |
| 6.88%, 05/15/32 |
|
197 |
192,791 |
| 6.75%, 02/15/34 |
|
17 |
16,319 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 |
|
341 |
352,256 |
| Rocket Cos., Inc. |
|
|
|
| 6.50%, 08/01/29 |
|
101 |
103,090 |
| 6.13%, 08/01/30 |
|
404 |
410,938 |
| 6.13%, 08/01/31 |
|
200 |
204,264 |
| 7.13%, 02/01/32 |
|
144 |
149,462 |
| 6.38%, 08/01/33 |
|
280 |
284,750 |
| 6.50%, 06/15/34 |
|
114 |
116,928 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, 10/15/33 |
|
9 |
8,100 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29 |
|
23 |
21,366 |
| UWM Holdings LLC |
|
|
|
| 6.63%, 02/01/30 |
|
208 |
193,811 |
| 6.25%, 03/15/31 |
|
311 |
277,170 |
| WS Escrow LLC, 7.75%, 06/01/33 |
|
30 |
30,805 |
| |
|
|
3,552,570 |
| Food Products(b) — 0.3% | |||
| Aramark Services, Inc., 5.00%, 02/01/28 |
|
41 |
40,918 |
| B&G Foods, Inc., 8.00%, 09/15/28 |
|
22 |
22,020 |
| Chobani LLC/Chobani Finance Corp., Inc. |
|
|
|
| 4.63%, 11/15/28 |
|
258 |
255,495 |
| 7.63%, 07/01/29 |
|
241 |
248,513 |
| 6.38%, 04/15/34 |
|
652 |
661,712 |
| Darling Global Finance BV, 4.50%, 07/15/32 |
EUR |
100 |
115,223 |
| Darling Ingredients, Inc., 6.00%, 06/15/30 |
USD |
151 |
151,990 |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/30 |
|
248 |
237,813 |
| Post Holdings, Inc. |
|
|
|
| 4.63%, 04/15/30 |
|
36 |
34,778 |
| 4.50%, 09/15/31 |
|
28 |
26,267 |
| 6.38%, 03/01/33 |
|
75 |
74,428 |
20
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Food Products (continued) | |||
| Post Holdings, Inc. (continued) |
|
|
|
| 6.25%, 10/15/34 |
USD |
132 |
$ 129,697 |
| 6.50%, 03/15/36 |
|
189 |
186,854 |
| |
|
|
2,185,708 |
| Ground Transportation(b) — 0.0% | |||
| Genesee & Wyoming, Inc., 6.25%, 04/15/32 |
|
86 |
87,232 |
| PODS LLC, 8.75%, 05/15/31 |
|
83 |
81,097 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 |
|
26 |
26,697 |
| |
|
|
195,026 |
| Health Care Equipment & Supplies(b) — 0.2% | |||
| Bausch & Lomb Corp., 8.38%, 10/01/28 |
|
533 |
547,658 |
| Insulet Corp., 6.50%, 04/01/33 |
|
126 |
127,772 |
| Medline Borrower LP, 5.25%, 10/01/29 |
|
262 |
260,399 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |
|
60 |
63,110 |
| |
|
|
998,939 |
| Health Care Providers & Services — 0.8% | |||
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b) |
|
100 |
102,942 |
| AHP Health Partners, Inc., 5.75%, 07/15/29(b) |
|
256 |
252,804 |
| Centene Corp., 2.45%, 07/15/28 |
|
36 |
34,210 |
| CHS/Community Health Systems, Inc.(b) |
|
|
|
| 5.25%, 05/15/30 |
|
263 |
248,175 |
| 4.75%, 02/15/31 |
|
117 |
107,636 |
| 10.88%, 01/15/32 |
|
85 |
91,540 |
| 9.75%, 01/15/34 |
|
699 |
729,813 |
| Concentra Health Services, Inc., 6.88%, 07/15/32(b) |
|
86 |
89,022 |
| DaVita, Inc.(b) |
|
|
|
| 6.88%, 09/01/32 |
|
8 |
8,251 |
| 6.75%, 07/15/33 |
|
12 |
12,382 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30(b) |
|
50 |
50,687 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) |
|
38 |
34,021 |
| HealthEquity, Inc., 4.50%, 10/01/29(b) |
|
496 |
481,890 |
| IQVIA, Inc., 6.25%, 06/01/32(b) |
|
157 |
159,618 |
| LifePoint Health, Inc.(b) |
|
|
|
| 10.00%, 06/01/32 |
|
218 |
217,632 |
| 7.00%, 05/01/34 |
|
316 |
302,874 |
| Molina Healthcare, Inc.(b) |
|
|
|
| 3.88%, 11/15/30 |
|
60 |
55,953 |
| 6.50%, 02/15/31 |
|
177 |
180,061 |
| 6.25%, 01/15/33 |
|
76 |
76,127 |
| Option Care Health, Inc., 4.38%, 10/31/29(b) |
|
79 |
75,903 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) |
|
28 |
29,251 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31(b) |
|
175 |
181,451 |
| Star Parent, Inc., 9.00%, 10/01/30(b) |
|
296 |
309,780 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32(b) |
|
667 |
675,231 |
| Tenet Healthcare Corp. |
|
|
|
| 6.75%, 05/15/31 |
|
380 |
389,274 |
| 5.50%, 11/15/32(b) |
|
38 |
37,785 |
| 6.00%, 11/15/33(b) |
|
101 |
101,883 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b) |
|
231 |
217,795 |
| |
|
|
5,253,991 |
| Health Care REITs(b) — 0.1% | |||
| Diversified Healthcare Trust, 7.25%, 10/15/30 |
|
43 |
44,258 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32 |
|
438 |
448,420 |
| |
|
|
492,678 |
| Hotel & Resort REITs — 0.3% | |||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) |
|
173 |
177,113 |
| Security |
|
Par (000) |
Value |
| Hotel & Resort REITs (continued) | |||
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) |
USD |
29 |
$ 29,494 |
| RHP Hotel Properties LP/RHP Finance Corp.(b) |
|
|
|
| 4.50%, 02/15/29 |
|
39 |
38,238 |
| 6.50%, 04/01/32 |
|
258 |
264,003 |
| 6.50%, 06/15/33 |
|
204 |
209,294 |
| 5.75%, 03/15/34 |
|
170 |
168,423 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29(b) |
|
74 |
70,485 |
| Service Properties Trust |
|
|
|
| 0.00%, 09/30/28(b)(i) |
|
83 |
76,959 |
| 8.63%, 11/15/31(b) |
|
645 |
679,475 |
| 8.88%, 06/15/32 |
|
101 |
103,986 |
| XHR LP, 6.63%, 05/15/30(b) |
|
28 |
28,646 |
| |
|
|
1,846,116 |
| Hotels, Restaurants & Leisure — 0.7% | |||
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) |
|
|
|
| 5.63%, 09/15/29 |
|
29 |
29,151 |
| 4.00%, 10/15/30 |
|
175 |
165,209 |
| Caesars Entertainment, Inc.(b) |
|
|
|
| 4.63%, 10/15/29 |
|
99 |
95,162 |
| 7.00%, 02/15/30 |
|
342 |
343,969 |
| 6.50%, 02/15/32 |
|
218 |
212,653 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b) |
|
|
|
| 4.63%, 01/15/29 |
|
279 |
271,298 |
| 6.75%, 01/15/30 |
|
586 |
574,691 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) |
|
58 |
58,028 |
| Hilton Domestic Operating Co., Inc.(b) |
|
|
|
| 5.50%, 09/15/31 |
|
207 |
207,529 |
| 5.88%, 03/15/33 |
|
178 |
179,628 |
| 5.50%, 03/31/34 |
|
90 |
89,228 |
| Light & Wonder International, Inc.(b) |
|
|
|
| 7.50%, 09/01/31 |
|
41 |
42,495 |
| 6.25%, 10/01/33 |
|
13 |
12,930 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) |
|
78 |
65,407 |
| Melco Resorts Finance Ltd.(b) |
|
|
|
| 5.38%, 12/04/29 |
|
200 |
194,779 |
| 7.63%, 04/17/32 |
|
200 |
205,006 |
| MGM Resorts International, 6.13%, 09/15/29 |
|
72 |
72,706 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b) |
|
40 |
38,938 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(b) |
|
70 |
72,912 |
| Pioneer Opco LLC, 7.00%, 05/15/33(b) |
|
75 |
76,320 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) |
|
|
|
| 5.63%, 09/01/29 |
|
34 |
23,649 |
| 5.88%, 09/01/31 |
|
49 |
31,850 |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(b) |
|
45 |
45,562 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(b) |
|
43 |
43,643 |
| Station Casinos LLC(b) |
|
|
|
| 4.50%, 02/15/28 |
|
69 |
68,209 |
| 4.63%, 12/01/31 |
|
52 |
49,375 |
| 6.63%, 03/15/32 |
|
33 |
33,514 |
| Voyager Parent LLC, 9.25%, 07/01/32(b) |
|
87 |
92,008 |
| Wyndham Hotels & Resorts, Inc.(b) |
|
|
|
| 4.38%, 08/15/28 |
|
44 |
43,341 |
| 5.63%, 03/01/33 |
|
39 |
38,491 |
Schedule of Investments 21
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Wynn Macau Ltd.(b) |
|
|
|
| 5.63%, 08/26/28 |
USD |
400 |
$ 396,680 |
| 5.13%, 12/15/29 |
|
200 |
195,209 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b) |
|
|
|
| 5.13%, 10/01/29 |
|
144 |
143,033 |
| 7.13%, 02/15/31 |
|
378 |
399,476 |
| 6.25%, 03/15/33 |
|
45 |
45,169 |
| |
|
|
4,657,248 |
| Household Durables — 0.3% | |||
| Ashton Woods USA LLC/Ashton Woods Finance Co.(b) |
|
|
|
| 4.63%, 08/01/29 |
|
32 |
30,814 |
| 4.63%, 04/01/30 |
|
46 |
43,642 |
| 6.88%, 08/01/33 |
|
92 |
91,187 |
| Beazer Homes USA, Inc., 8.00%, 01/15/32(b) |
|
41 |
41,110 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) |
|
|
|
| 5.00%, 06/15/29 |
|
228 |
217,108 |
| 4.88%, 02/15/30 |
|
56 |
52,113 |
| Century Communities, Inc., 6.63%, 09/15/33(b) |
|
83 |
83,810 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28(b) |
|
26 |
26,586 |
| Empire Communities Corp., 9.75%, 05/01/29(b) |
|
13 |
13,439 |
| Installed Building Products, Inc., 5.63%, 02/01/34(b) |
|
49 |
48,637 |
| K Hovnanian Enterprises, Inc.(b) |
|
|
|
| 8.00%, 04/01/31 |
|
158 |
163,003 |
| 8.38%, 10/01/33 |
|
103 |
105,830 |
| LGI Homes, Inc.(b) |
|
|
|
| 8.75%, 12/15/28 |
|
33 |
34,101 |
| 7.00%, 11/15/32 |
|
62 |
61,613 |
| Mattamy Group Corp.(b) |
|
|
|
| 4.63%, 03/01/30 |
|
72 |
69,098 |
| 6.00%, 12/15/33 |
|
70 |
67,193 |
| Meritage Homes Corp., 1.75%, 05/15/28(h) |
|
98 |
100,989 |
| Newell Brands, Inc. |
|
|
|
| 8.50%, 06/01/28(b) |
|
66 |
68,955 |
| 6.63%, 09/15/29 |
|
23 |
23,384 |
| 6.38%, 05/15/30 |
|
37 |
37,503 |
| 6.63%, 05/15/32 |
|
79 |
80,000 |
| Risewell Homes, Inc.(b) |
|
|
|
| 9.25%, 10/01/29 |
|
56 |
57,922 |
| 8.50%, 11/01/30 |
|
22 |
22,461 |
| Scotts Miracle-Gro Co. |
|
|
|
| 4.50%, 10/15/29 |
|
5 |
4,895 |
| 4.38%, 02/01/32 |
|
97 |
90,921 |
| Somnigroup International, Inc.(b) |
|
|
|
| 4.00%, 04/15/29 |
|
89 |
85,797 |
| 3.88%, 10/15/31 |
|
23 |
21,140 |
| STL Holding Co. LLC, 8.75%, 02/15/29(b) |
|
31 |
32,189 |
| SWF Holdings I Corp., 6.50%, 10/06/29(b) |
|
285 |
37,057 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32(b) |
|
39 |
40,137 |
| Whirlpool Corp.(b) |
|
|
|
| 7.50%, 07/01/31 |
|
134 |
135,601 |
| 7.88%, 07/01/34 |
|
154 |
154,632 |
| |
|
|
2,142,867 |
| Independent Power and Renewable Electricity Producers(b) — 0.7% | |||
| Clearway Energy Operating LLC |
|
|
|
| 4.75%, 03/15/28 |
|
8 |
7,926 |
| 3.75%, 01/15/32 |
|
168 |
152,890 |
| NRG Energy, Inc. |
|
|
|
| 5.75%, 07/15/29 |
|
131 |
131,030 |
| Security |
|
Par (000) |
Value |
| Independent Power and Renewable Electricity Producers (continued) | |||
| NRG Energy, Inc. (continued) |
|
|
|
| 6.00%, 02/01/33 |
USD |
186 |
$ 186,993 |
| 5.75%, 01/15/34 |
|
188 |
186,532 |
| 5.88%, 05/15/34 |
|
86 |
85,548 |
| 6.25%, 11/01/34 |
|
271 |
274,394 |
| 6.00%, 01/15/36 |
|
615 |
613,078 |
| 6.13%, 05/15/36 |
|
286 |
286,132 |
| Talen Energy Supply LLC(k) |
|
|
|
| (Acquired 04/30/26, Cost $ 924,246), 6.13%, 05/01/31 |
|
924 |
924,018 |
| (Acquired 04/30/26, Cost $ 1,342,000), 6.38%, 05/01/33 |
|
1,342 |
1,340,306 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(l) |
|
44 |
44,339 |
| |
|
|
4,233,186 |
| Industrial Conglomerates — 0.0% | |||
| Amsted Industries, Inc., 6.38%, 03/15/33(b) |
|
125 |
126,393 |
| Avient Corp., 6.25%, 11/01/31(b) |
|
37 |
37,493 |
| Enpro, Inc., 6.13%, 06/01/33(b) |
|
49 |
49,642 |
| NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(c)(d)(f) |
|
5,125 |
— |
| |
|
|
213,528 |
| Insurance(b) — 1.4% | |||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer |
|
|
|
| 4.25%, 10/15/27 |
|
275 |
271,686 |
| 6.75%, 04/15/28 |
|
37 |
37,296 |
| 5.88%, 11/01/29 |
|
373 |
364,553 |
| 7.00%, 01/15/31 |
|
415 |
421,747 |
| 6.50%, 10/01/31 |
|
18 |
17,951 |
| 7.38%, 10/01/32 |
|
519 |
515,137 |
| AmWINS Group, Inc. |
|
|
|
| 6.38%, 02/15/29 |
|
24 |
24,117 |
| 4.88%, 06/30/29 |
|
68 |
65,524 |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33 |
|
198 |
189,511 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 |
|
63 |
63,794 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31 |
|
600 |
606,760 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32 |
|
800 |
777,155 |
| Asurion LLC/Asurion Co-Issuer, Inc. |
|
|
|
| 8.00%, 12/31/32 |
|
394 |
396,977 |
| 8.38%, 02/01/34 |
|
309 |
286,035 |
| CRC Insurance Group LLC, 7.13%, 06/01/31 |
|
861 |
858,254 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC |
|
|
|
| 7.25%, 02/15/31 |
|
400 |
387,451 |
| 8.13%, 02/15/32 |
|
245 |
219,613 |
| HUB International Ltd. |
|
|
|
| 7.25%, 06/15/30 |
|
876 |
898,984 |
| 7.38%, 01/31/32 |
|
1,438 |
1,463,711 |
| Jones Deslauriers Insurance Management, Inc. |
|
|
|
| 8.50%, 03/15/30 |
|
136 |
138,715 |
| 6.88%, 10/01/33 |
|
179 |
166,007 |
| Ryan Specialty LLC, 5.88%, 08/01/32 |
|
226 |
222,352 |
| USI, Inc., 7.50%, 01/15/32 |
|
214 |
216,017 |
| |
|
|
8,609,347 |
| Interactive Media & Services(b) — 1.2% | |||
| Beignet Investor LLC, 6.58%, 05/30/49 |
|
6,570 |
6,685,763 |
22
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Interactive Media & Services (continued) | |||
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 5.00%, 05/01/28 |
USD |
189 |
$ 173,643 |
| Snap, Inc. |
|
|
|
| 6.88%, 03/01/33 |
|
191 |
186,174 |
| 6.88%, 03/15/34 |
|
232 |
224,606 |
| |
|
|
7,270,186 |
| Internet Software & Services(b) — 0.1% | |||
| Getty Images, Inc., 10.50%, 11/15/30 |
|
38 |
31,681 |
| Match Group Holdings II LLC |
|
|
|
| 4.13%, 08/01/30 |
|
137 |
128,938 |
| 3.63%, 10/01/31 |
|
51 |
45,887 |
| 6.13%, 09/15/33 |
|
141 |
139,334 |
| Uber Technologies, Inc., 4.50%, 08/15/29 |
|
330 |
327,589 |
| Wayfair LLC, 7.13%, 05/31/34 |
|
47 |
48,324 |
| |
|
|
721,753 |
| IT Services — 0.3% | |||
| Amentum Holdings, Inc., 7.25%, 08/01/32(b) |
|
21 |
21,629 |
| CACI International, Inc., 6.38%, 06/15/33(b) |
|
173 |
175,460 |
| CDK Steerco Coop(d) |
|
|
|
| 7.25%, 06/15/29 |
|
170 |
108,800 |
| 8.00%, 06/15/29 |
|
197 |
126,080 |
| CoreWeave, Inc.(b) |
|
|
|
| 9.25%, 06/01/30 |
|
169 |
170,098 |
| 9.00%, 02/01/31 |
|
14 |
13,835 |
| 9.75%, 10/01/31 |
|
347 |
346,235 |
| Fair Isaac Corp., 6.00%, 05/15/33(b) |
|
265 |
260,953 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) |
|
311 |
316,172 |
| KBR, Inc., 4.75%, 09/30/28(b) |
|
75 |
74,039 |
| McAfee Corp., 7.38%, 02/15/30(b) |
|
99 |
84,124 |
| Science Applications International Corp., 5.88%, 11/01/33(b) |
|
193 |
190,083 |
| |
|
|
1,887,508 |
| Leisure Products(b) — 0.4% | |||
| A&K Travel Group Holdings Ltd., 7.50%, 05/15/33 |
|
200 |
201,902 |
| Acushnet Co., 5.63%, 12/01/33 |
|
39 |
38,794 |
| Carnival Corp. Ltd. |
|
|
|
| 5.88%, 06/15/31 |
|
66 |
67,189 |
| 5.75%, 08/01/32 |
|
58 |
58,566 |
| 6.13%, 02/15/33 |
|
408 |
412,955 |
| Carnival U.K. Ltd., 4.13%, 07/15/31 |
EUR |
125 |
143,648 |
| Gaia Purchaser, Inc., 07/15/33(j) |
USD |
208 |
210,385 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30 |
|
160 |
165,431 |
| NCL Corp. Ltd. |
|
|
|
| 5.88%, 01/15/31 |
|
14 |
13,588 |
| 6.75%, 02/01/32 |
|
13 |
12,971 |
| 6.25%, 09/15/33 |
|
236 |
229,195 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29 |
|
291 |
307,137 |
| Viking Cruises Ltd. |
|
|
|
| 9.13%, 07/15/31 |
|
177 |
185,458 |
| 5.88%, 10/15/33 |
|
209 |
209,326 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 |
|
27 |
26,998 |
| |
|
|
2,283,543 |
| Machinery — 0.3% | |||
| ATS Corp., 4.13%, 12/15/28(b) |
|
35 |
34,131 |
| Chart Industries, Inc., 7.50%, 01/01/30(b) |
|
182 |
187,903 |
| Columbus McKinnon Corp., 7.13%, 02/01/33(b) |
|
76 |
76,162 |
| Esab Corp.(b) |
|
|
|
| 6.25%, 04/15/29 |
|
66 |
66,965 |
| 5.63%, 04/01/31 |
|
138 |
138,150 |
| Security |
|
Par (000) |
Value |
| Machinery (continued) | |||
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) |
USD |
35 |
$ 25,725 |
| Lsf12 Helix Parent LLC, 7.13%, 02/01/33(b) |
|
143 |
138,455 |
| Manitowoc Co., Inc., 9.25%, 10/01/31(b) |
|
32 |
34,398 |
| Solaris Energy Infrastructure LLC, 6.38%, 05/15/31(b) |
|
29 |
29,323 |
| Terex Corp., 6.25%, 10/15/32(b) |
|
133 |
134,696 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27(g) |
EUR |
38 |
43,335 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) |
USD |
200 |
200,030 |
| Vertiv Group Corp., 4.13%, 11/15/28(b) |
|
781 |
773,290 |
| |
|
|
1,882,563 |
| Media — 1.0% | |||
| Adelphia Communications Corp., 10.50%, 12/31/49(c)(d)(f) |
|
400 |
— |
| Block Communications, Inc., 10.25%, 03/01/31(b) |
|
30 |
27,438 |
| Cable One, Inc., 1.13%, 03/15/28(h) |
|
111 |
72,150 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |
|
|
|
| 5.38%, 06/01/29(b) |
|
376 |
367,828 |
| 6.38%, 09/01/29(b) |
|
14 |
13,986 |
| 4.75%, 03/01/30(b) |
|
290 |
274,964 |
| 4.25%, 02/01/31(b) |
|
250 |
225,146 |
| 4.75%, 02/01/32(b) |
|
139 |
123,984 |
| 4.50%, 05/01/32 |
|
9 |
7,944 |
| 7.00%, 02/01/33(b) |
|
119 |
116,702 |
| 4.50%, 06/01/33(b) |
|
2 |
1,735 |
| 4.25%, 01/15/34(b) |
|
137 |
115,975 |
| 7.38%, 02/01/36(b) |
|
359 |
352,066 |
| CSC Holdings LLC(b) |
|
|
|
| 5.50%, 04/15/27 |
|
200 |
134,002 |
| 5.38%, 02/01/28 |
|
200 |
125,370 |
| 11.25%, 05/15/28 |
|
400 |
257,979 |
| Directv Financing LLC, 8.88%, 02/01/30(b) |
|
154 |
156,732 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.(b) |
|
|
|
| 5.88%, 08/15/27 |
|
15 |
14,978 |
| 10.00%, 02/15/31 |
|
300 |
311,311 |
| 9.25%, 06/01/32 |
|
311 |
315,990 |
| Discovery Communications LLC |
|
|
|
| 3.95%, 03/20/28 |
|
104 |
102,310 |
| 4.13%, 05/15/29 |
|
33 |
32,670 |
| Discovery Global Holdings, Inc. |
|
|
|
| 4.05%, 03/15/29 |
|
141 |
139,600 |
| 4.28%, 03/15/32 |
|
352 |
315,867 |
| 5.05%, 03/15/42 |
|
304 |
222,701 |
| DISH DBS Corp.(b) |
|
|
|
| 5.25%, 12/01/26 |
|
254 |
251,299 |
| 5.75%, 12/01/28 |
|
215 |
208,281 |
| DISH Network Corp., 11.75%, 11/15/27(b) |
|
593 |
609,338 |
| Gray Media, Inc.(b) |
|
|
|
| 9.63%, 07/15/32 |
|
190 |
183,379 |
| 7.25%, 08/15/33 |
|
254 |
250,102 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) |
|
180 |
102,578 |
| Midcontinent Communications, 8.00%, 08/15/32(b) |
|
77 |
67,504 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33(b) |
|
169 |
173,591 |
| Sirius XM Radio LLC(b) |
|
|
|
| 5.00%, 08/01/27 |
|
20 |
19,973 |
| 4.00%, 07/15/28 |
|
62 |
60,375 |
| Univision Communications, Inc.(b) |
|
|
|
| 8.50%, 07/31/31 |
|
306 |
307,324 |
| 9.38%, 08/01/32 |
|
50 |
50,802 |
Schedule of Investments 23
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Media (continued) | |||
| Univision Communications, Inc.(b) (continued) |
|
|
|
| 8.88%, 04/15/33 |
USD |
195 |
$ 191,963 |
| Versant Media Group, Inc., 7.25%, 01/30/31(b) |
|
43 |
44,486 |
| |
|
|
6,350,423 |
| Metals & Mining — 0.8% | |||
| Arsenal AIC Parent LLC(b) |
|
|
|
| 8.00%, 10/01/30 |
|
46 |
47,941 |
| 11.50%, 10/01/31 |
|
561 |
601,206 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) |
|
296 |
296,377 |
| Carpenter Technology Corp., 5.63%, 03/01/34(b) |
|
104 |
103,921 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29(b) |
|
165 |
166,449 |
| Coeur Mining, Inc., 6.88%, 04/01/32(b) |
|
221 |
226,525 |
| Commercial Metals Co.(b) |
|
|
|
| 5.75%, 11/15/33 |
|
120 |
119,291 |
| 6.00%, 12/15/35 |
|
63 |
62,837 |
| Constellium SE(b) |
|
|
|
| 3.75%, 04/15/29 |
|
500 |
480,827 |
| 6.38%, 08/15/32 |
|
250 |
254,778 |
| ERO Copper Corp., 6.50%, 02/15/30(b) |
|
252 |
251,725 |
| First Quantum Minerals Ltd., 6.38%, 02/15/36(b) |
|
200 |
196,088 |
| Hybar LLC, 7.38%, 07/01/34(b) |
|
147 |
147,713 |
| Kaiser Aluminum Corp.(b) |
|
|
|
| 4.50%, 06/01/31 |
|
468 |
448,020 |
| 5.88%, 03/01/34 |
|
346 |
342,404 |
| Mineral Resources Ltd.(b) |
|
|
|
| 6.00%, 05/01/32 |
|
47 |
46,494 |
| 6.25%, 05/01/34 |
|
47 |
46,215 |
| Novelis Corp.(b) |
|
|
|
| 4.75%, 01/30/30 |
|
195 |
188,156 |
| 6.88%, 01/30/30 |
|
123 |
126,097 |
| 3.88%, 08/15/31 |
|
81 |
73,779 |
| 6.38%, 08/15/33 |
|
362 |
364,608 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(g) |
EUR |
100 |
112,420 |
| Skeena Resources Ltd., 8.50%, 04/01/31(b) |
USD |
16 |
16,807 |
| Vallourec SACA, 7.50%, 04/15/32(b) |
|
200 |
209,030 |
| |
|
|
4,929,708 |
| Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1% | |||
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |
|
124 |
122,652 |
| Starwood Property Trust, Inc. |
|
|
|
| 7.25%, 04/01/29 |
|
8 |
8,260 |
| 08/15/29(j) |
|
61 |
61,182 |
| 6.00%, 04/15/30 |
|
21 |
21,076 |
| 6.50%, 07/01/30 |
|
3 |
3,064 |
| 6.50%, 10/15/30 |
|
164 |
167,786 |
| 6.13%, 06/01/31 |
|
57 |
57,301 |
| |
|
|
441,321 |
| Multi-Utilities(b) — 0.0% | |||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
|
|
|
| 9.50%, 06/01/30 |
|
38 |
40,775 |
| 6.88%, 06/01/31 |
|
77 |
77,960 |
| |
|
|
118,735 |
| Oil, Gas & Consumable Fuels — 1.6% | |||
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) |
|
93 |
96,721 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29(b) |
|
66 |
65,792 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) |
|
|
|
| 9.00%, 11/01/27 |
|
38 |
42,180 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) (continued) |
|
|
|
| 5.88%, 06/30/29 |
USD |
89 |
$ 88,738 |
| 6.63%, 07/15/33 |
|
34 |
34,386 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) |
|
|
|
| 7.00%, 07/15/29 |
|
119 |
121,982 |
| 7.25%, 07/15/32 |
|
45 |
46,555 |
| Buckeye Partners LP(b) |
|
|
|
| 6.88%, 07/01/29 |
|
4 |
4,083 |
| 6.75%, 02/01/30 |
|
23 |
23,755 |
| California Resources Corp.(b) |
|
|
|
| 7.00%, 01/15/34 |
|
57 |
56,369 |
| 7.25%, 01/15/35 |
|
84 |
83,327 |
| Caturus Energy LLC(b) |
|
|
|
| 8.50%, 02/15/30 |
|
323 |
336,572 |
| 7.13%, 05/15/31 |
|
247 |
244,377 |
| Chord Energy Corp., 6.75%, 03/15/33(b) |
|
30 |
30,444 |
| CITGO Petroleum Corp., 8.38%, 01/15/29(b) |
|
130 |
133,745 |
| CNX Midstream Partners LP, 4.75%, 04/15/30(b) |
|
32 |
30,503 |
| CNX Resources Corp.(b) |
|
|
|
| 7.25%, 03/01/32 |
|
29 |
29,877 |
| 5.88%, 03/01/34 |
|
94 |
91,475 |
| Comstock Resources, Inc.(b) |
|
|
|
| 6.75%, 03/01/29 |
|
378 |
372,029 |
| 5.88%, 01/15/30 |
|
2 |
1,886 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) |
|
250 |
245,389 |
| Crescent Energy Finance LLC(b) |
|
|
|
| 7.75%, 07/31/29 |
|
27 |
27,067 |
| 9.75%, 10/15/30 |
|
28 |
29,680 |
| 7.63%, 04/01/32 |
|
115 |
115,927 |
| 7.88%, 04/15/32 |
|
50 |
50,627 |
| 7.38%, 01/15/33 |
|
82 |
81,507 |
| 8.38%, 01/15/34 |
|
43 |
44,290 |
| CVR Energy, Inc.(b) |
|
|
|
| 7.50%, 02/15/31 |
|
47 |
46,776 |
| 7.88%, 02/15/34 |
|
30 |
29,680 |
| DBR Land Holdings LLC, 6.25%, 12/01/30(b) |
|
64 |
65,000 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.(b) |
|
|
|
| 7.38%, 06/30/33 |
|
92 |
93,726 |
| 6.88%, 06/01/34 |
|
46 |
45,783 |
| Energy Transfer LP, Series H, (5-year CMT + 5.69%), 6.50%(a)(l) |
|
129 |
129,067 |
| Genesis Energy LP/Genesis Energy Finance Corp. |
|
|
|
| 8.00%, 05/15/33 |
|
18 |
18,723 |
| 6.75%, 03/15/34(b) |
|
199 |
197,464 |
| Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(b) |
|
39 |
39,462 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) |
|
45 |
45,896 |
| Harvest Midstream I LP(b) |
|
|
|
| 7.50%, 05/15/32 |
|
25 |
25,894 |
| 6.75%, 05/15/34 |
|
232 |
235,307 |
| Hess Midstream Operations LP(b) |
|
|
|
| 6.50%, 06/01/29 |
|
48 |
48,981 |
| 4.25%, 02/15/30 |
|
34 |
32,797 |
| Hilcorp Energy I LP/Hilcorp Finance Co.(b) |
|
|
|
| 6.25%, 11/01/28 |
|
3 |
3,008 |
| 5.75%, 02/01/29 |
|
54 |
53,790 |
| 6.00%, 04/15/30 |
|
5 |
4,912 |
| 6.25%, 04/15/32 |
|
5 |
4,840 |
| 8.38%, 11/01/33 |
|
135 |
140,571 |
24
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Hilcorp Energy I LP/Hilcorp Finance Co.(b) (continued) |
|
|
|
| 6.88%, 05/15/34 |
USD |
34 |
$ 33,081 |
| 7.25%, 02/15/35 |
|
19 |
18,708 |
| Howard Midstream Energy Partners LLC(b) |
|
|
|
| 7.38%, 07/15/32 |
|
27 |
27,964 |
| 6.63%, 01/15/34 |
|
168 |
169,436 |
| Infinity Natural Resources LLC, 7.63%, 04/01/31(b) |
|
76 |
75,485 |
| ITT Holdings LLC, 6.50%, 08/01/29(b) |
|
220 |
217,422 |
| Kinetik Holdings LP, 5.88%, 06/15/30(b) |
|
6 |
6,035 |
| Kraken Oil & Gas Partners LLC, 7.13%, 05/15/31(b) |
|
30 |
29,333 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) |
|
82 |
83,489 |
| Matador Resources Co.(b) |
|
|
|
| 6.50%, 04/15/32 |
|
146 |
146,797 |
| 6.00%, 04/15/34 |
|
95 |
92,616 |
| Nabors Industries, Inc., 7.63%, 11/15/32(b) |
|
62 |
63,431 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.(b) |
|
|
|
| 8.13%, 02/15/29 |
|
70 |
72,455 |
| 8.38%, 02/15/32 |
|
163 |
169,686 |
| Noble Finance II LLC(b) |
|
|
|
| 8.00%, 04/15/30 |
|
13 |
13,470 |
| 6.25%, 06/15/34 |
|
64 |
62,724 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33(b) |
|
107 |
106,320 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32(b) |
|
42 |
42,533 |
| Par Petroleum LLC, 7.38%, 06/01/34(b) |
|
106 |
107,260 |
| PBF Holding Co. LLC/PBF Finance Corp.(b) |
|
|
|
| 7.88%, 09/15/30 |
|
34 |
34,647 |
| 7.25%, 06/01/34 |
|
32 |
31,680 |
| Permian Resources Operating LLC(b) |
|
|
|
| 7.00%, 01/15/32 |
|
57 |
58,955 |
| 6.25%, 02/01/33 |
|
301 |
307,389 |
| Prairie Acquiror LP, 9.00%, 08/01/29(b) |
|
50 |
51,936 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) |
|
14 |
13,817 |
| SM Energy Co.(b) |
|
|
|
| 8.75%, 07/01/31 |
|
48 |
50,138 |
| 6.63%, 04/15/34 |
|
245 |
241,159 |
| Sunoco LP(b) |
|
|
|
| 5.63%, 03/15/31 |
|
40 |
39,708 |
| 6.63%, 08/15/32 |
|
45 |
45,768 |
| 6.25%, 07/01/33 |
|
48 |
48,430 |
| 5.88%, 03/15/34 |
|
69 |
68,054 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) |
|
|
|
| 5.50%, 01/15/28 |
|
35 |
34,926 |
| 7.38%, 02/15/29 |
|
149 |
152,839 |
| 6.00%, 09/01/31 |
|
32 |
31,659 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) |
|
135 |
132,851 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30(b) |
|
15 |
15,283 |
| Transocean International Ltd.(b) |
|
|
|
| 8.25%, 05/15/29 |
|
15 |
15,489 |
| 8.75%, 02/15/30 |
|
33 |
34,187 |
| 8.50%, 05/15/31 |
|
91 |
94,476 |
| 7.88%, 10/15/32 |
|
140 |
146,152 |
| Valaris Ltd., 8.38%, 04/30/30(b) |
|
59 |
61,270 |
| Venture Global LNG, Inc.(b) |
|
|
|
| 9.50%, 02/01/29 |
|
323 |
347,661 |
| 6.38%, 12/15/34 |
|
508 |
499,243 |
| 6.63%, 06/15/36 |
|
400 |
394,271 |
| Venture Global Plaquemines LNG LLC(b) |
|
|
|
| 6.13%, 12/15/30 |
|
228 |
233,280 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Venture Global Plaquemines LNG LLC(b) (continued) |
|
|
|
| 7.50%, 05/01/33 |
USD |
62 |
$ 68,046 |
| 6.50%, 01/15/34 |
|
271 |
282,377 |
| 7.75%, 05/01/35 |
|
141 |
158,128 |
| 6.75%, 01/15/36 |
|
470 |
498,339 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) |
|
191 |
195,883 |
| |
|
|
9,717,246 |
| Passenger Airlines — 0.1% | |||
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(b) |
|
157 |
142,197 |
| OneSky Flight LLC, 8.88%, 12/15/29(b) |
|
59 |
62,391 |
| United Airlines Holdings, Inc., 5.38%, 03/01/31 |
|
112 |
111,195 |
| WestJet Airlines Ltd., 8.00%, 02/14/31(b) |
|
82 |
82,311 |
| |
|
|
398,094 |
| Personal Care Products — 0.1% | |||
| Opal Bidco SAS, 6.50%, 03/31/32(b) |
|
200 |
204,040 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |
|
190 |
181,470 |
| |
|
|
385,510 |
| Pharmaceuticals — 0.6% | |||
| 1261229 B.C. Ltd., 10.00%, 04/15/32(b) |
|
3,165 |
3,205,626 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(b) |
|
56 |
58,128 |
| Bausch Health Cos., Inc.(b) |
|
|
|
| 4.88%, 06/01/28 |
|
48 |
44,383 |
| 11.00%, 09/30/28 |
|
277 |
282,075 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 |
|
130 |
129,480 |
| |
|
|
3,719,692 |
| Real Estate Management & Development — 0.1% | |||
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., Series AI, 7.00%, 04/15/30 |
|
80 |
80,628 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(b) |
|
42 |
45,153 |
| CoreLogic, Inc., 4.50%, 05/01/28(b) |
|
580 |
566,554 |
| Five Point Operating Co. LP, 8.00%, 10/01/30(b) |
|
27 |
27,640 |
| Howard Hughes Corp.(b) |
|
|
|
| 4.38%, 02/01/31 |
|
35 |
33,100 |
| 5.88%, 03/01/32 |
|
53 |
52,547 |
| 6.13%, 03/01/34 |
|
53 |
52,366 |
| |
|
|
857,988 |
| Retail REITs — 0.0% | |||
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) |
|
97 |
95,900 |
| Semiconductors & Semiconductor Equipment — 0.0% | |||
| Amkor Technology, Inc., 5.88%, 10/01/33(b) |
|
25 |
25,087 |
| Microchip Technology, Inc., 0.00%, 02/15/30(b)(h)(i) |
|
55 |
63,306 |
| ON Semiconductor Corp.(h) |
|
|
|
| 0.50%, 03/01/29 |
|
61 |
73,505 |
| 0.00%, 05/01/31(b)(i) |
|
24 |
23,856 |
| |
|
|
185,754 |
| Software(b) — 0.6% | |||
| AthenaHealth Group, Inc., 6.50%, 02/15/30 |
|
823 |
789,112 |
| Capstone Borrower, Inc., 8.00%, 06/15/30 |
|
112 |
106,404 |
| Cloud Software Group, Inc. |
|
|
|
| 6.50%, 03/31/29 |
|
483 |
468,646 |
| 9.00%, 09/30/29 |
|
1,270 |
1,232,703 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29 |
|
183 |
176,897 |
| OAK-Eagle Acquireco, Inc. |
|
|
|
| 7.25%, 07/01/33 |
|
498 |
520,963 |
Schedule of Investments 25
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Software (continued) | |||
| OAK-Eagle Acquireco, Inc. (continued) |
|
|
|
| 8.75%, 07/01/34 |
USD |
408 |
$ 433,019 |
| Playtika Holding Corp., 4.25%, 03/15/29 |
|
21 |
18,795 |
| UKG, Inc., 6.88%, 02/01/31 |
|
221 |
214,697 |
| |
|
|
3,961,236 |
| Specialty Retail(b) — 0.1% | |||
| Advance Auto Parts, Inc., 7.00%, 08/01/30 |
|
53 |
54,343 |
| Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, 01/15/31 |
|
63 |
66,395 |
| Michaels Cos., Inc., 8.50%, 03/15/33 |
|
177 |
175,317 |
| Staples, Inc., 10.75%, 09/01/29 |
|
45 |
42,928 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |
|
29 |
27,492 |
| |
|
|
366,475 |
| Technology Hardware, Storage & Peripherals(b) — 0.1% | |||
| Seagate Data Storage Technology Pte. Ltd. |
|
|
|
| 8.25%, 12/15/29 |
|
54 |
56,466 |
| 5.88%, 07/15/30 |
|
172 |
175,055 |
| 8.50%, 07/15/31 |
|
76 |
79,418 |
| 5.75%, 12/01/34 |
|
29 |
29,420 |
| |
|
|
340,359 |
| Textiles, Apparel & Luxury Goods(b) — 0.1% | |||
| Beach Acquisition Bidco LLC |
|
|
|
| 5.25%, 07/15/32 |
EUR |
200 |
232,655 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33(e) |
USD |
252 |
286,063 |
| Crocs, Inc. |
|
|
|
| 4.25%, 03/15/29 |
|
57 |
55,304 |
| 4.13%, 08/15/31 |
|
13 |
12,147 |
| |
|
|
586,169 |
| Transportation Infrastructure(b) — 0.0% | |||
| GB AIT Buyer, Inc., 8.75%, 04/30/34 |
|
55 |
55,146 |
| RXO, Inc., 6.38%, 05/15/31 |
|
29 |
29,403 |
| |
|
|
84,549 |
| Wireless Telecommunication Services — 0.4% | |||
| Altice France SA(b) |
|
|
|
| 6.88%, 10/15/30 |
|
20 |
19,825 |
| 6.50%, 10/15/31 |
|
29 |
28,289 |
| 6.50%, 04/15/32 |
|
574 |
554,769 |
| 6.88%, 07/15/32 |
|
279 |
270,339 |
| Digicel International Finance Ltd. U.S. LLC, 8.63%, 08/01/32(b) |
|
435 |
448,322 |
| Iliad Holding SAS(b) |
|
|
|
| 7.00%, 10/15/28 |
|
200 |
200,858 |
| 8.50%, 04/15/31 |
|
250 |
264,859 |
| T-Mobile USA, Inc. |
|
|
|
| 3.38%, 04/15/29 |
|
67 |
64,773 |
| 3.50%, 04/15/31 |
|
26 |
24,535 |
| Vmed O2 U.K. Financing I PLC(b) |
|
|
|
| 4.25%, 01/31/31 |
|
200 |
164,471 |
| 4.75%, 07/15/31 |
|
200 |
164,331 |
| |
|
|
2,205,371 |
| Total Corporate Bonds — 23.5% (Cost: $155,784,037) |
146,463,459 | ||
| Security |
|
Par (000) |
Value |
| Fixed Rate Loan Interests | |||
| Distributors — 0.0% | |||
| TMK Hawk Parent Corp., 2024 Term Loan, 11.00%, 12/15/31(d) |
USD |
70 |
$ — |
| IT Services — 0.1% | |||
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
|
962 |
911,569 |
| Software — 0.2% | |||
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
|
1,037 |
967,203 |
| Total Fixed Rate Loan Interests — 0.3% (Cost: $2,069,507) |
1,878,772 | ||
| Floating Rate Loan Interests(a) | |||
| Advertising Agencies — 0.1% | |||
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 09/24/32 |
|
738 |
736,708 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.99%, 02/15/29 |
|
246 |
209,565 |
| |
|
|
946,273 |
| Aerospace & Defense — 3.0% | |||
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6- mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.60%, 06/23/30 |
|
848 |
850,244 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/31/30 |
|
1,426 |
1,424,573 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.79%, 08/03/29 |
|
828 |
829,926 |
| Cubic Corp. |
|
|
|
| 2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.76%), 8.68%, 05/25/29 |
|
3,127 |
213,669 |
| 2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29 |
|
451 |
30,813 |
| Dynasty Acquisition Co., Inc. |
|
|
|
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
2,285 |
2,289,365 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
868 |
869,767 |
| Kaman Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32 |
|
395 |
394,068 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.51%, 02/01/28 |
|
1,620 |
1,457,558 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.23%, 12/01/32 |
|
644 |
645,357 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 11/05/28 |
|
411 |
412,056 |
| TransDigm, Inc. |
|
|
|
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/28/31 |
|
4,081 |
4,081,929 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/19/32 |
|
830 |
830,397 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 03/22/30 |
|
97 |
97,260 |
26
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Aerospace & Defense (continued) | |||
| TransDigm, Inc. (continued) |
|
|
|
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 08/19/32 |
USD |
2,983 |
$ 2,982,820 |
| 2026 Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/13/33 |
|
1,107 |
1,106,823 |
| |
|
|
18,516,625 |
| Automobile Components — 1.8% | |||
| Allison Transmission, Inc., 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 01/02/33 |
|
1,027 |
1,024,508 |
| Clarios Global LP |
|
|
|
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.14%, 05/06/30 |
|
3,045 |
3,045,115 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/28/32 |
|
1,453 |
1,452,700 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
1,718 |
1,700,684 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.41%, 01/30/32 |
|
86 |
85,873 |
| Gates Corp. |
|
|
|
| 2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 11/16/29 |
|
302 |
301,725 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/04/31 |
|
1,742 |
1,738,803 |
| RealTruck Group, Inc. |
|
|
|
| 2026 FLSO Tranche A Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31 |
|
192 |
118,295 |
| 2026 FLSO Tranche B Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 9.90%, 01/31/31 |
|
494 |
306,471 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28 |
|
1,361 |
1,354,195 |
| |
|
|
11,128,369 |
| Beverages — 0.4% | |||
| Naked Juice LLC |
|
|
|
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.23%, 01/24/29 |
|
1,510 |
1,529,546 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.08%, 01/24/29 |
|
500 |
331,604 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.83%, 01/24/30 |
|
576 |
174,098 |
| Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.63%, 07/09/32 |
|
489 |
488,130 |
| |
|
|
2,523,378 |
| Security |
|
Par (000) |
Value |
| Biotechnology — 0.6% | |||
| BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.43%, 04/27/33 |
USD |
838 |
$ 837,581 |
| Parexel International Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/12/31 |
|
3,132 |
3,132,460 |
| |
|
|
3,970,041 |
| Broadline Retail — 0.5% | |||
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 08/30/32 |
|
1,151 |
1,154,093 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30 |
|
1,741 |
1,749,828 |
| |
|
|
2,903,921 |
| Building Materials — 0.2% | |||
| CP Iris HoldCo I, Inc. |
|
|
|
| 2025 Delayed Draw Term Loan, 0.00%, 10/27/32 |
|
3 |
2,710 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/27/32 |
|
1,613 |
1,530,242 |
| |
|
|
1,532,952 |
| Building Products — 3.4% | |||
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 05/13/29 |
|
86 |
86,542 |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 09/08/32 |
|
2,925 |
2,923,883 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30 |
|
1,166 |
1,021,708 |
| EMRLD Borrower LP |
|
|
|
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 08/04/31 |
|
1,779 |
1,776,720 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 05/31/30 |
|
2,792 |
2,788,651 |
| Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.87%, 02/02/33(d) |
|
637 |
635,331 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31 |
|
1,456 |
1,221,665 |
| Knife River Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32 |
|
259 |
259,513 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29 |
|
427 |
369,606 |
| Quikrete Holdings, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR + 2.25%), 5.89%, 03/19/29 |
|
1,002 |
1,001,877 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/10/32 |
|
1,411 |
1,408,959 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/30/32 |
|
970 |
967,694 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/28 |
|
438 |
438,288 |
Schedule of Investments 27
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Building Products (continued) | |||
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 10/19/29 |
USD |
3,643 |
$ 3,634,605 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31 |
|
2,750 |
2,478,781 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.76%, 10/04/28 |
|
98 |
98,250 |
| |
|
|
21,112,073 |
| Capital Markets — 4.1% | |||
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 11/01/30 |
|
602 |
603,259 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.63%, 02/15/31 |
|
2,439 |
2,355,051 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/09/30 |
|
846 |
843,925 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 11/25/32 |
|
1,212 |
1,182,173 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 12/20/29 |
|
845 |
844,921 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 11/25/31 |
|
1,433 |
1,388,876 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32 |
|
1,725 |
1,721,201 |
| Citadel Securities Global Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/10/33 |
|
2,732 |
2,725,408 |
| Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.26%, 09/01/28 |
|
205 |
193,123 |
| Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/15/31 |
|
3,252 |
3,169,179 |
| GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 09/05/31 |
|
465 |
463,060 |
| Hudson River Trading LLC, 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 03/18/30 |
|
2,872 |
2,849,598 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 12/15/31 |
|
4,520 |
4,474,758 |
| Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 02/26/32(d) |
|
188 |
187,765 |
| Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33 |
|
738 |
736,465 |
| Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 07/30/32 |
|
1,833 |
1,806,296 |
| |
|
|
25,545,058 |
| Security |
|
Par (000) |
Value |
| Chemicals — 3.7% | |||
| BASF Coatings Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.24%, 06/29/33 |
USD |
1,566 |
$ 1,570,306 |
| Chemours Co., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/15/32 |
|
2,328 |
2,320,308 |
| Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30 |
|
1,743 |
1,742,477 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.41%, 10/04/29 |
|
1,517 |
1,509,577 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/12/31 |
|
1,139 |
1,137,555 |
| Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/18/30 |
|
1,820 |
1,819,821 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32 |
|
811 |
807,716 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30 |
|
257 |
257,232 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 10/07/31 |
|
261 |
218,204 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28 |
|
1,206 |
1,139,820 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/31(d) |
|
811 |
811,305 |
| Olympus Water U.S. Holding Corp. |
|
|
|
| 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 06/20/31 |
|
2,258 |
2,253,134 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 11/03/32 |
|
1,547 |
1,544,539 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31 |
|
1,459 |
956,609 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.65%, 10/09/31 |
|
501 |
501,882 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 10/29/32 |
|
841 |
844,154 |
| SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(m) |
|
458 |
457,428 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.66%, 08/02/30 |
|
1,780 |
1,769,075 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/19/32 |
|
1,536 |
1,529,788 |
| |
|
|
23,190,930 |
| Commercial Services & Supplies — 4.1% | |||
| Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 10/24/30 |
|
799 |
788,718 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 08/20/32 |
|
4,371 |
4,370,656 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. SOFR + 2.90%), 6.41%, 11/17/31 |
|
603 |
603,429 |
28
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/22/30 |
USD |
919 |
$ 918,804 |
| Asplundh Tree Expert, LLC, 2026 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/30/33 |
|
2,630 |
2,625,099 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 04/01/32 |
|
1,412 |
1,369,063 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32 |
|
545 |
546,623 |
| Garda World Security Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.51%, 02/01/29 |
|
960 |
957,360 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 06/02/31 |
|
1,720 |
1,633,943 |
| Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 11/02/31 |
|
1,342 |
1,335,068 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 03/11/32 |
|
2,193 |
2,187,206 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 12/31/32 |
|
436 |
436,473 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 1.00%), 4.74%, 03/10/31 |
|
98 |
92,191 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 0.00%, 03/26/31 |
|
2,083 |
2,080,733 |
| Prime Security Services Borrower LLC |
|
|
|
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 10/13/30 |
|
336 |
333,152 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32 |
|
1,608 |
1,581,941 |
| Reworld Holding Corp. |
|
|
|
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
|
165 |
165,054 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
|
1,017 |
1,015,716 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 11/30/28 |
|
775 |
774,866 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/31 |
|
1,819 |
1,816,110 |
| |
|
|
25,632,205 |
| Communications Equipment — 0.0% | |||
| Radiate Holdco LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
32 |
31,734 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
32 |
31,734 |
| |
|
|
63,468 |
| Construction & Engineering — 1.1% | |||
| Azuria Water Solutions, Inc. |
|
|
|
| 2026 Delayed Draw Term Loan, 0.00%, 04/25/33 |
|
19 |
18,758 |
| Security |
|
Par (000) |
Value |
| Construction & Engineering (continued) | |||
| Azuria Water Solutions, Inc. (continued) |
|
|
|
| 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 04/25/33 |
USD |
1,529 |
$ 1,523,331 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/01/30 |
|
2,053 |
1,601,100 |
| Construction Partners, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/03/31 |
|
1,311 |
1,309,014 |
| Dycom Investments, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/27/33 |
|
720 |
720,223 |
| Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.64%, 12/16/31 |
|
1,933 |
1,927,745 |
| |
|
|
7,100,171 |
| Consumer Discretionary — 0.1% | |||
| Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 07/06/29 |
|
662 |
664,269 |
| Consumer Staples Distribution & Retail — 0.8% | |||
| BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.14%, 12/29/32 |
|
2,426 |
2,393,582 |
| EG America LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31 |
|
2,172 |
2,177,430 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/03/31 |
|
615 |
617,486 |
| |
|
|
5,188,498 |
| Containers & Packaging — 2.7% | |||
| Charter Next Generation, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.11%, 11/29/30 |
|
2,862 |
2,861,568 |
| Clydesdale Acquisition Holdings, Inc. |
|
|
|
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 04/01/32 |
|
1,892 |
1,816,022 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.18%), 6.82%, 04/13/29 |
|
190 |
186,415 |
| Colossus Acquireco LLC, 2026 Term Loan B, (3-mo. SOFR + 1.75%), 5.37%, 01/31/33 |
|
3,270 |
3,246,963 |
| Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/26/33 |
|
1,320 |
1,320,102 |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.12%, 04/15/30 |
|
1,445 |
1,423,325 |
| Multi-Color Corp., 2026 USD PIK Takeback Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.38%), 6.11%, 05/11/33 |
|
844 |
721,083 |
| Potters Industries LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/23/32 |
|
804 |
804,990 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 02/01/29 |
|
1,460 |
1,463,657 |
| Proampac PG Borrower LLC, 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 03/07/33 |
|
1,044 |
1,024,893 |
Schedule of Investments 29
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Containers & Packaging (continued) | |||
| Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/04/32 |
USD |
244 |
$ 244,434 |
| Ring Container Technologies Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 09/15/32 |
|
1,113 |
1,113,980 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, 09/15/28 |
|
859 |
821,701 |
| |
|
|
17,049,133 |
| Distributors — 1.2% | |||
| American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 01/31/31 |
|
1,422 |
1,422,268 |
| Core & Main LP |
|
|
|
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 07/27/28 |
|
2,955 |
2,953,360 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 02/09/31 |
|
690 |
690,194 |
| QXO Building Products, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/01/33 |
|
2,200 |
2,193,884 |
| |
|
|
7,259,706 |
| Diversified Consumer Services — 0.2% | |||
| Bright Horizons Family Solutions LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 08/23/32 |
|
1,139 |
1,138,715 |
| Diversified REITs — 0.1% | |||
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/20/30 |
|
434 |
433,554 |
| Diversified Telecommunication Services — 1.2% | |||
| Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/29/32 |
|
3,332 |
3,330,967 |
| Sunrise Financing Partnership, Term Loan AAA, (6-mo. CME Term SOFR at 0.00% Floor + 2.47%), 6.10%, 02/15/32 |
|
502 |
494,741 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 6.99%, 01/31/29 |
|
712 |
680,700 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11% and 0.50% PIK), 7.26%, 03/11/30(e) |
|
2,668 |
2,666,389 |
| |
|
|
7,172,797 |
| Electric Utilities — 0.9% | |||
| Alpha Generation LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31 |
|
953 |
943,472 |
| NRG Energy, Inc. |
|
|
|
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/16/31 |
|
2,791 |
2,787,056 |
| 2026 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33 |
|
364 |
363,359 |
| Pathfinder Power LLC, Term Loan B, 06/22/33(m) |
|
888 |
885,780 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/15/31 |
|
673 |
668,978 |
| |
|
|
5,648,645 |
| Security |
|
Par (000) |
Value |
| Electronic Equipment, Instruments & Components — 0.7% | |||
| Belden, Inc., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/01/33(d) |
USD |
1,297 |
$ 1,297,000 |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(d) |
|
825 |
823,097 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29 |
|
783 |
780,962 |
| CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32 |
|
539 |
538,990 |
| Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(d) |
|
1,032 |
1,033,290 |
| |
|
|
4,473,339 |
| Energy Equipment & Services — 0.1% | |||
| Deep Blue Operating I LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.90%, 10/01/32 |
|
491 |
491,693 |
| Entertainment — 3.4% | |||
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 10/01/31 |
|
2,381 |
2,379,012 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/30/31 |
|
2,568 |
2,565,388 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/04/32 |
|
1,920 |
1,915,586 |
| Electronic Arts, Inc., USD Term Loan B, 03/24/33(m) |
|
3,810 |
3,818,191 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32 |
|
3,089 |
3,087,256 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/21/32 |
|
1,598 |
1,595,973 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 11/12/29 |
|
1,760 |
1,495,954 |
| TKO Worldwide Holdings LLC, 2026 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 11/21/31 |
|
4,046 |
4,030,348 |
| |
|
|
20,887,708 |
| Environmental, Maintenance & Security Service — 0.2% | |||
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 10/17/30 |
|
618 |
617,934 |
| Reworld Holding Corp., 2025 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 01/15/31 |
|
364 |
363,479 |
| |
|
|
981,413 |
| Financial Services — 3.2% | |||
| ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 12/21/28 |
|
1,837 |
1,836,710 |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.63%, 05/21/31 |
|
1,973 |
1,973,663 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.15%, 02/27/32 |
|
1,991 |
1,880,434 |
| APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/16/33 |
|
3,197 |
3,189,882 |
30
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Financial Services (continued) | |||
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/19/31 |
USD |
3,671 |
$ 3,654,585 |
| Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 09/13/32 |
|
875 |
875,122 |
| ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30 |
|
479 |
477,852 |
| LBM Acquisition LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.50%, 06/06/31 |
|
806 |
673,352 |
| NEXUS Buyer LLC |
|
|
|
| 2025 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31 |
|
1,045 |
1,009,343 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 07/31/31 |
|
150 |
144,308 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 10/08/32 |
|
1,155 |
1,154,851 |
| Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 05/30/31 |
|
2,161 |
2,160,748 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/16/31 |
|
107 |
106,967 |
| WEX, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/31/28 |
|
320 |
319,428 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32 |
|
420 |
417,916 |
| |
|
|
19,875,161 |
| Food Products — 1.3% | |||
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32 |
|
4,133 |
4,139,141 |
| Froneri U.S., Inc. |
|
|
|
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.88%, 09/30/31 |
|
2,048 |
2,031,929 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.13%, 09/30/32 |
|
562 |
557,954 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.23%, 03/29/30 |
|
136 |
136,230 |
| Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 02/11/33 |
|
984 |
985,899 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/29/32 |
|
386 |
385,882 |
| Wellness Pet LLC, 2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.74%, 12/31/29 |
|
128 |
23,524 |
| |
|
|
8,260,559 |
| Gas Utilities — 0.5% | |||
| BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 12/06/30 |
|
429 |
428,254 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 04/01/32 |
|
487 |
487,793 |
| Security |
|
Par (000) |
Value |
| Gas Utilities (continued) | |||
| NGL Energy Partners LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.13%, 03/11/33 |
USD |
673 |
$ 675,359 |
| Traverse Midstream Partners LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.04%, 04/21/33 |
|
407 |
406,491 |
| Venture Global Calcasieu Pass LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 04/11/33 |
|
1,140 |
1,142,064 |
| |
|
|
3,139,961 |
| Ground Transportation — 0.8% | |||
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 04/10/31 |
|
3,459 |
3,442,652 |
| Hertz Corp. |
|
|
|
| 2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
1,002 |
705,941 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
199 |
140,045 |
| PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.13%, 05/14/31 |
|
746 |
724,694 |
| |
|
|
5,013,332 |
| Health Care Equipment & Supplies — 1.5% | |||
| Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 01/15/31 |
|
2,693 |
2,696,937 |
| Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.99%, 04/07/33 |
|
5,364 |
5,244,436 |
| McKesson Medical-Surgical Top Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/32 |
|
750 |
749,378 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 08/20/32 |
|
809 |
794,514 |
| |
|
|
9,485,265 |
| Health Care Providers & Services — 2.7% | |||
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 09/20/32 |
|
198 |
198,386 |
| CCRR Parent, Inc., 2026 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.91%, 05/27/32 |
|
233 |
162,687 |
| Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.14%, 06/30/31 |
|
649 |
647,838 |
| CHG Healthcare Services, Inc., 2026 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.66%, 09/29/31 |
|
867 |
867,292 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.91%, 11/08/32 |
|
1,311 |
1,311,866 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 07/26/31 |
|
607 |
606,976 |
| DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/09/31 |
|
647 |
646,051 |
| Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 02/06/33 |
|
1,244 |
1,244,091 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, 0.00%, 11/30/28(c)(f) |
|
48 |
7,794 |
Schedule of Investments 31
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Health Care Providers & Services (continued) | |||
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
USD |
477 |
$ 476,832 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 05/19/31 |
|
1,967 |
1,935,318 |
| Medical Solutions Holdings, Inc. |
|
|
|
| 2026 Class A-1 First Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.17%, 11/01/30 |
|
84 |
61,147 |
| 2026 Class A-2 First Out Term Loan, 11/01/30(m) |
|
194 |
140,292 |
| 2026 Exchange FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.30%, 11/01/30 |
|
359 |
73,506 |
| 2026 Exchange FLTO Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 10.80%, 11/03/31 |
|
347 |
41,651 |
| Medline Borrower LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.50%), 5.14%, 05/30/33 |
|
3,176 |
3,154,616 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/22/32 |
|
1,521 |
1,521,949 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 11/19/31 |
|
504 |
497,311 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.73%, 09/27/30 |
|
1,235 |
1,236,237 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/19/30 |
|
1,304 |
1,303,965 |
| Team Health Holdings, Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 06/30/28 |
|
469 |
469,272 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 08/01/31 |
|
237 |
236,709 |
| |
|
|
16,841,786 |
| Health Care Technology — 1.2% | |||
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/29 |
|
1,833 |
1,828,294 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 6.37%, 05/01/31 |
|
1,985 |
1,812,797 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.83%, 10/01/27 |
|
593 |
583,870 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 11/03/31 |
|
706 |
702,251 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 7.93%, 06/02/28 |
|
1,978 |
1,710,834 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/22/29(d) |
|
621 |
618,279 |
| |
|
|
7,256,325 |
| Hotels, Restaurants & Leisure — 5.6% | |||
| Aimbridge Acquisition Co., Inc. |
|
|
|
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.61%), 11.25%, 03/11/30 |
|
192 |
184,778 |
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Aimbridge Acquisition Co., Inc. (continued) |
|
|
|
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.61%), 9.25%, 03/11/30 |
USD |
203 |
$ 196,987 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/31/30 |
|
917 |
914,908 |
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/20/30 |
|
1,753 |
1,749,226 |
| Caesars Entertainment, Inc. |
|
|
|
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/31 |
|
3,015 |
2,889,299 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/30 |
|
1,508 |
1,455,134 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.11%, 12/02/31 |
|
857 |
858,377 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 01/27/29 |
|
3,024 |
3,019,596 |
| Flutter Financing BV |
|
|
|
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 11/30/30 |
|
3,428 |
3,392,845 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 06/04/32 |
|
1,025 |
1,019,774 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/32 |
|
2,769 |
2,782,622 |
| Gaia Purchaser, Inc., Term Loan B, 06/25/33(d)(m) |
|
725 |
724,094 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.43%, 11/01/29 |
|
751 |
738,307 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/31/32 |
|
327 |
325,973 |
| Herschend Entertainment Co. LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/27/32 |
|
911 |
912,169 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30 |
|
696 |
696,988 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30 |
|
1,445 |
1,444,915 |
| Light & Wonder International, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 04/16/29 |
|
973 |
972,915 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30 |
|
649 |
616,319 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 05/30/33 |
|
1,018 |
1,015,159 |
| Pioneer Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33 |
|
1,343 |
1,347,083 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 04/04/29 |
|
929 |
915,063 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 12/04/31 |
|
886 |
878,920 |
32
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/01/31 |
USD |
297 |
$ 293,831 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 03/14/31 |
|
1,860 |
1,858,437 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
954 |
934,920 |
| Voyager Parent LLC, Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 07/01/32 |
|
1,030 |
1,029,929 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 08/03/28 |
|
841 |
839,047 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/24/30 |
|
1,125 |
1,125,441 |
| |
|
|
35,133,056 |
| Household Durables — 0.7% | |||
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 01/20/32 |
|
1,963 |
1,958,751 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, (Prime + 1.50%), 8.25%, 09/26/31 |
|
452 |
452,243 |
| Somnigroup International, Inc., Term Loan B, (1-mo. SOFR + 2.25%), 5.87%, 10/24/31 |
|
375 |
375,822 |
| Springs Windows Fashions LLC, 2024 FLFO Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
|
204 |
202,008 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
|
153 |
151,506 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.44%, 10/01/32 |
|
1,424 |
1,405,357 |
| |
|
|
4,545,687 |
| Household Products — 0.2% | |||
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
994 |
982,822 |
| Independent Power and Renewable Electricity Producers — 0.7% | |||
| Calpine Construction Finance Co. LP, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 07/31/30 |
|
2,187 |
2,184,362 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), 5.67%, 12/15/27 |
|
1,046 |
1,041,551 |
| Talen Energy Supply LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/32 |
|
1,366 |
1,353,889 |
| |
|
|
4,579,802 |
| Industrial Conglomerates — 1.6% | |||
| ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/33 |
|
872 |
869,602 |
| Security |
|
Par (000) |
Value |
| Industrial Conglomerates (continued) | |||
| Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 09/12/32 |
USD |
638 |
$ 640,306 |
| Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 03/27/31 |
|
479 |
480,725 |
| FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 03/04/33 |
|
187 |
188,087 |
| Heritage Environmental Services, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 04/01/33(d) |
|
410 |
411,538 |
| LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.62%, 12/02/31 |
|
598 |
599,197 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32 |
|
871 |
871,927 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 08/13/32 |
|
1,008 |
1,007,956 |
| Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 02/28/33 |
|
2,128 |
2,122,893 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 11.49%, 12/31/29 |
|
224 |
193,693 |
| Sword Purchaser LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 04/11/33 |
|
2,570 |
2,502,949 |
| |
|
|
9,888,873 |
| Insurance — 4.8% | |||
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/19/31 |
|
5,715 |
5,633,506 |
| AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.73%, 01/30/32 |
|
2,557 |
2,498,120 |
| Amynta Agency Borrower, Inc., 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/29/31 |
|
2,415 |
2,379,133 |
| Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
1,678 |
1,658,063 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/20/30 |
|
3,770 |
3,764,256 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.48%, 04/18/30 |
|
250 |
235,188 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/31 |
|
2,298 |
2,152,547 |
| Jones DesLauriers Insurance Management Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/02/33 |
|
2,197 |
2,099,167 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
213 |
205,858 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 09/15/31 |
|
1,296 |
1,292,613 |
Schedule of Investments 33
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Insurance (continued) | |||
| Truist Insurance Holdings LLC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 05/06/31 |
USD |
2,786 |
$ 2,716,567 |
| USI, Inc. |
|
|
|
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 09/29/30 |
|
1,748 |
1,738,603 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 11/21/29 |
|
3,585 |
3,570,474 |
| |
|
|
29,944,095 |
| Interactive Media & Services — 0.1% | |||
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 01/31/31 |
|
583 |
535,545 |
| IT Services — 3.8% | |||
| Asurion LLC |
|
|
|
| 2021 Second Lien Term Loan B4, (3-mo. CME Term SOFR + 5.25%), 9.18%, 01/20/29 |
|
374 |
369,212 |
| 2023 Term Loan B11, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.01%, 08/19/28 |
|
131 |
131,115 |
| 2024 Term Loan B12, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
479 |
472,804 |
| 2026 Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.41%, 02/23/33 |
|
740 |
698,375 |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/15/29 |
|
885 |
597,591 |
| Central Parent Inc., 2026 CoOp Steerco Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 07/06/29 |
|
2,380 |
1,537,872 |
| CoreWeave Financing DDTL V LLC, Delayed Draw Term Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31 |
|
524 |
533,868 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.39%, 05/30/31 |
|
2,595 |
2,475,142 |
| Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.13%, 03/03/33 |
|
769 |
770,922 |
| Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29 |
|
2,293 |
2,263,174 |
| Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/09/29 |
|
1,230 |
1,201,754 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.48%, 10/07/32 |
|
2,715 |
1,926,420 |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 01/31/31 |
|
638 |
636,612 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 03/01/29 |
|
1,597 |
1,413,223 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31 |
|
602 |
555,308 |
| Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32 |
|
548 |
532,930 |
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 07/16/31 |
|
1,038 |
1,008,614 |
| Security |
|
Par (000) |
Value |
| IT Services (continued) | |||
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/31/28 |
USD |
2,485 |
$ 2,395,239 |
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 07/31/31 |
|
3,008 |
2,968,439 |
| Shift4 Payments LLC, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/03/32 |
|
1,084 |
1,079,094 |
| |
|
|
23,567,708 |
| Leisure Products — 0.3% | |||
| Bombardier Recreational Products, Inc., 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/22/31 |
|
552 |
551,124 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
|
1,180 |
1,174,494 |
| |
|
|
1,725,618 |
| Machinery — 3.5% | |||
| AI Aqua Merger Sub, Inc. |
|
|
|
| 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 07/31/28 |
|
1,945 |
1,942,264 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.15%, 07/02/33 |
|
3,207 |
3,203,408 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.18%, 03/15/30 |
|
472 |
471,341 |
| Columbus McKinnon Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 02/03/33 |
|
1,341 |
1,337,123 |
| CompoSecure Holdings LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 01/14/33 |
|
2,038 |
2,024,468 |
| ESCO Technologies, Inc., Term Loan B, 06/11/33(d)(m) |
|
572 |
570,570 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/21/28 |
|
1,747 |
1,746,993 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 07/03/31 |
|
285 |
286,350 |
| GrafTech Global Enterprises, Inc. |
|
|
|
| 2024 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29 |
|
14 |
13,841 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.67%, 12/21/29 |
|
25 |
24,222 |
| Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(m) |
|
401 |
400,724 |
| Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29 |
|
788 |
786,573 |
| LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 02/10/33 |
|
1,515 |
1,485,117 |
| Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32 |
|
710 |
708,154 |
| PECF USS Intermediate Holding III Corp., 2026 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 7.50%), 11.18%, 03/03/33 |
|
104 |
99,203 |
34
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Machinery (continued) | |||
| Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 06/01/33 |
USD |
610 |
$ 612,672 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.38%, 04/30/30 |
|
3,192 |
3,203,769 |
| WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 01/27/31 |
|
2,625 |
2,622,011 |
| |
|
|
21,538,803 |
| Media — 2.0% | |||
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.55%, 05/31/31 |
|
1,546 |
1,575,499 |
| Charter Communications Operating LLC |
|
|
|
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 12/07/30 |
|
406 |
400,663 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.94%, 12/15/31 |
|
362 |
356,037 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.76%, 08/23/28 |
|
643 |
642,856 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
|
2,114 |
1,479,591 |
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 06/03/33 |
|
1,655 |
1,655,389 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/30/30 |
|
935 |
934,537 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31 |
|
1,435 |
1,348,369 |
| Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/18/33 |
|
722 |
713,166 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 10.26%, 09/25/29(e) |
|
2,810 |
2,525,152 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.74%, 04/28/28 |
|
560 |
555,240 |
| |
|
|
12,186,499 |
| Metals & Mining — 0.2% | |||
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.43%, 02/26/32 |
|
1,343 |
1,335,245 |
| Multi-Utilities — 0.4% | |||
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32 |
|
2,706 |
2,704,551 |
| Oil, Gas & Consumable Fuels — 0.9% | |||
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 6.69%, 09/29/32 |
|
469 |
469,817 |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/22/32 |
|
476 |
477,547 |
| Freeport LNG Investments LLLP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 02/11/33 |
|
1,681 |
1,682,496 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30 |
USD |
683 |
$ 682,926 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 09/22/32 |
|
482 |
481,759 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32 |
|
312 |
312,861 |
| TransMontaigne Partners LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 03/16/30 |
|
514 |
514,045 |
| Whitewater Matterhorn Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR + 1.75%), 5.50%, 06/16/32 |
|
1,082 |
1,073,678 |
| |
|
|
5,695,129 |
| Passenger Airlines — 1.4% | |||
| AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.93%, 04/20/28 |
|
1,355 |
1,352,897 |
| Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 03/21/31 |
|
1,448 |
1,442,212 |
| American Airlines, Inc. |
|
|
|
| 2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 06/04/29 |
|
1,250 |
1,226,938 |
| 2026 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 05/29/33 |
|
1,090 |
1,075,470 |
| AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.65%, 05/12/33 |
|
796 |
792,522 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.43%, 08/27/29 |
|
1,404 |
1,245,876 |
| United Airlines, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 02/22/31 |
|
1,352 |
1,347,773 |
| |
|
|
8,483,688 |
| Pharmaceuticals — 1.2% | |||
| Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 08/01/32 |
|
2,010 |
2,016,243 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 10/31/32 |
|
362 |
361,554 |
| Endo Finance Holdings LP, 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 04/23/31 |
|
534 |
534,297 |
| Grifols International Services USA, Inc., 2026 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.19%, 04/14/33 |
|
1,533 |
1,536,224 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 05/05/28 |
|
1,572 |
1,575,196 |
| Opal US LLC, 2026 USD Term Loan B, 04/28/32(m) |
|
480 |
479,357 |
Schedule of Investments 35
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Pharmaceuticals (continued) | |||
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/20/29 |
USD |
890 |
$ 886,225 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
|
119 |
118,803 |
| |
|
|
7,507,899 |
| Professional Services — 1.6% | |||
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 08/12/32 |
|
903 |
897,120 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.26%, 06/02/28 |
|
1,612 |
1,591,958 |
| Corpay Technologies Operating Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/05/32 |
|
1,598 |
1,592,913 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(e) |
|
444 |
405,572 |
| Trans Union LLC |
|
|
|
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/24/31 |
|
1,859 |
1,853,307 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/24/31 |
|
971 |
968,698 |
| Zelis Payments Buyer, Inc. |
|
|
|
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 11/26/31 |
|
1,706 |
1,663,199 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 09/28/29 |
|
967 |
942,836 |
| |
|
|
9,915,603 |
| Real Estate Management & Development — 0.1% | |||
| Cushman & Wakefield U.S. Borrower LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 06/13/33(d) |
|
684 |
682,443 |
| Semiconductors & Semiconductor Equipment — 0.4% | |||
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29 |
|
380 |
381,001 |
| Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32 |
|
2,295 |
2,297,829 |
| |
|
|
2,678,830 |
| Software — 5.7% | |||
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 02/24/31 |
|
2,382 |
2,337,329 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 03/26/32 |
|
1,115 |
1,065,498 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 07/30/31 |
|
3,223 |
2,893,808 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/17/30 |
|
638 |
609,252 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 01/23/32 |
|
619 |
609,522 |
| Cloud Software Group, Inc. |
|
|
|
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/21/31 |
|
2,692 |
2,352,325 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 08/13/32 |
|
3,036 |
2,617,289 |
| Security |
|
Par (000) |
Value |
| Software (continued) | |||
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28 |
USD |
642 |
$ 495,300 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31 |
|
1,609 |
1,533,556 |
| CoreLogic, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.26%, 06/04/29 |
|
488 |
479,460 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.25%), 6.93%, 10/09/31 |
|
746 |
678,988 |
| Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33 |
|
2,385 |
2,167,035 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 7.98%, 06/26/31 |
|
622 |
591,285 |
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/09/29 |
|
2,082 |
2,004,550 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/32 |
|
1,994 |
1,906,578 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.91%, 03/22/32 |
|
3,123 |
2,402,838 |
| MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31 |
|
523 |
451,714 |
| Mitchell International, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 8.89%, 06/17/32 |
|
405 |
369,198 |
| MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.36%, 02/04/33 |
|
1,178 |
1,180,029 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/28/30 |
|
884 |
736,717 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.00%), 6.99%, 04/24/28 |
|
1,629 |
1,520,291 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/09/31 |
|
1,929 |
1,924,689 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 02/10/31 |
|
2,692 |
2,530,231 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31 |
|
1,908 |
1,828,967 |
| |
|
|
35,286,449 |
| Specialty Retail — 1.4% | |||
| Belron Finance 2019 LLC, 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.66%, 10/16/31 |
|
3,114 |
3,109,369 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 04/23/31 |
|
1,190 |
1,184,750 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.67%, 05/04/28 |
|
2,230 |
2,224,953 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/14/32 |
|
334 |
334,092 |
| Project Aurora US Finco, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 12/06/32 |
|
239 |
239,595 |
36
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Specialty Retail (continued) | |||
| Pye-Barker Fire & Safety LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
USD |
26 |
$ 25,941 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
|
1,105 |
1,106,281 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.99%, 10/20/28 |
|
278 |
273,298 |
| |
|
|
8,498,279 |
| Technology Hardware, Storage & Peripherals — 0.4% | |||
| Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.75%, 09/15/32 |
|
2,909 |
2,671,897 |
| Textiles, Apparel & Luxury Goods — 0.1% | |||
| ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/13/32 |
|
626 |
625,492 |
| Tobacco — 0.0% | |||
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32 |
|
60 |
60,829 |
| Trading Companies & Distributors — 0.4% | |||
| Core & Main LP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(d) |
|
1,405 |
1,401,488 |
| Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 06/02/32 |
|
275 |
275,615 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 07/02/29 |
|
1,285 |
632,701 |
| |
|
|
2,309,804 |
| Transportation Infrastructure — 1.2% | |||
| AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 04/29/33 |
|
807 |
806,806 |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31 |
|
2,818 |
2,818,850 |
| Brown Group Holding LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 07/01/31 |
|
1,216 |
1,218,272 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26 |
|
713 |
707,413 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30 |
|
1,431 |
1,425,876 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 11.64%, 08/20/29 |
|
900 |
354,225 |
| |
|
|
7,331,442 |
| Security |
|
Par (000) |
Value |
| Wireless Telecommunication Services — 0.5% | |||
| Digicel International Finance Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.23%, 08/06/32 |
USD |
594 |
$ 596,892 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/25/31 |
|
1,339 |
1,339,512 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/06/32(d) |
|
1,282 |
1,288,968 |
| |
|
|
3,225,372 |
| Total Floating Rate Loan Interests — 85.0% (Cost: $542,363,830) |
529,068,783 | ||
| |
|
Shares |
|
| Investment Companies | |||
| Capital Markets — 0.4% |
| ||
| Janus Henderson AAA CLO ETF |
|
50,000 |
2,524,500 |
| Equity Funds — 5.5% |
| ||
| H-Food Holdings LLC(c) |
|
8,393 |
144,779 |
| Invesco Senior Loan ETF |
|
1,141,200 |
23,246,244 |
| State Street Blackstone Senior Loan ETF |
|
265,000 |
10,676,850 |
| |
|
|
34,067,873 |
| Fixed Income Funds(n) — 2.6% |
| ||
| iShares 0-5 Year Investment Grade Corporate Bond ETF |
|
40,000 |
2,014,800 |
| iShares Broad USD High Yield Corporate Bond ETF |
|
395,000 |
14,622,900 |
| |
|
|
16,637,700 |
| Total Investment Companies — 8.5% (Cost: $54,221,714) |
53,230,073 | ||
| |
|
Par (000) |
|
| Preferred Securities | |||
| Capital Trusts — 0.8%(a) | |||
| Banks — 0.0% |
| ||
| Citigroup, Inc., Series GG, 6.88%, 12/31/99 |
USD |
60 |
61,447 |
| Capital Markets — 0.0% |
| ||
| Apollo Global Management, Inc., 6.00%, 12/15/54 |
|
84 |
81,488 |
| Electric Utilities — 0.1% |
| ||
| AES Corp., 7.60%, 01/15/55 |
|
71 |
72,695 |
| Dominion Energy, Inc. |
|
|
|
| 6.15%, 12/15/56 |
|
55 |
55,167 |
| 6.25%, 12/15/56 |
|
30 |
30,127 |
| NextEra Energy Capital Holdings, Inc. |
|
|
|
| Series AA, 6.00%, 10/01/56 |
|
122 |
121,940 |
Schedule of Investments 37
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Electric Utilities (continued) |
| ||
| NextEra Energy Capital Holdings, Inc. (continued) |
|
|
|
| Series BB, 6.20%, 10/01/56 |
USD |
183 |
$ 182,823 |
| PG&E Corp., 6.85%, 09/15/56 |
|
122 |
121,567 |
| |
|
|
584,319 |
| Financial Services — 0.4% |
| ||
| Bank of America Corp.(l) |
|
|
|
| Series OO, 6.63% |
|
259 |
267,023 |
| Series U, 6.25% |
|
62 |
62,745 |
| Barclays PLC(l) |
|
|
|
| 4.38% |
|
200 |
194,156 |
| 9.63% |
|
200 |
221,776 |
| Brookfield Finance, Inc., 6.30%, 01/15/55 |
|
125 |
121,243 |
| Citigroup, Inc.(l) |
|
|
|
| Series CC, 7.13% |
|
117 |
119,701 |
| Series DD, 7.00% |
|
45 |
46,940 |
| Series EE, 6.75% |
|
100 |
101,396 |
| Series FF, 6.95% |
|
40 |
40,921 |
| Series HH, 6.63% |
|
90 |
91,692 |
| Goldman Sachs Group, Inc.(l) |
|
|
|
| Series Y, 6.13% |
|
102 |
102,237 |
| Series Z, 6.85% |
|
85 |
87,397 |
| UBS Group AG(b)(l) |
|
|
|
| 7.00% |
|
200 |
200,805 |
| 7.75% |
|
200 |
210,759 |
| 9.25% |
|
200 |
231,030 |
| |
|
|
2,099,821 |
| Independent Power and Renewable Electricity Producers(b)(l) — 0.1% |
| ||
| NRG Energy, Inc., 10.25% |
|
125 |
134,879 |
| Vistra Corp., 7.00% |
|
301 |
303,385 |
| |
|
|
438,264 |
| Insurance — 0.0% |
| ||
| Corebridge Financial, Inc., 6.38%, 09/15/54 |
|
59 |
58,572 |
| Multi-Utilities — 0.0% |
| ||
| AltaGas Ltd., 7.20%, 10/15/54(b) |
|
52 |
54,517 |
| Oil, Gas & Consumable Fuels — 0.2% |
| ||
| Enbridge, Inc. |
|
|
|
| 7.20%, 06/27/54 |
|
40 |
42,513 |
| 7.38%, 03/15/55 |
|
26 |
27,345 |
| Energy Transfer LP |
|
|
|
| 8.00%, 05/15/54 |
|
127 |
134,818 |
| 7.13%, 10/01/54 |
|
75 |
77,155 |
| Series G, 7.13%(l) |
|
62 |
63,973 |
| Sunoco LP, 7.88%(b)(l) |
|
504 |
524,128 |
| Venture Global LNG, Inc., 9.00%(b)(l) |
|
610 |
595,552 |
| |
|
|
1,465,484 |
| |
4,843,912 | ||
| |
|
Shares |
|
| Preferred Stocks — 0.1%(c) | |||
| Financial Services — 0.1% |
| ||
| Labels Buyer LLC, 12.00% |
|
357 |
292,740 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc., 07/21/30(d) |
|
382 |
76,336 |
| Health Care Providers & Services — 0.0% |
| ||
| Ingenovis Health, Inc., 12/31/79 |
|
23,129 |
87,670 |
| Security |
|
Shares |
Value |
| IT Services — 0.0% |
| ||
| Veritas Newco |
|
|
|
| Series G, 12/31/49 |
|
1,882 |
$ 37,645 |
| Series G-1, 12/31/49 |
|
1,301 |
25,370 |
| |
|
|
63,015 |
| |
519,761 | ||
| Total Preferred Securities — 0.9% (Cost: $5,376,819) |
5,363,673 | ||
| Warrants | |||
| Energy Equipment & Services — 0.0% |
| ||
| Turbo Cayman Ltd., (Strike Price GBP 0.01)(c)(d) |
|
1 |
— |
| Financial Services(c) — 0.0% |
| ||
| Labels Buyer LLC |
|
314 |
785 |
| Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) |
|
2,435 |
— |
| |
|
|
785 |
| Total Warrants — 0.0% (Cost: $ — ) |
785 | ||
| Total Long-Term Investments — 119.3% (Cost: $767,761,505) |
742,705,563 | ||
| Short-Term Securities | |||
| Money Market Funds — 1.3% |
| ||
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(n)(o) |
|
8,117,500 |
8,117,500 |
| Total Short-Term Securities — 1.3% (Cost: $8,117,500) |
8,117,500 | ||
| Total Investments — 120.6% (Cost: $775,879,005) |
750,823,063 | ||
| Liabilities in Excess of Other Assets — (20.6)% |
(128,350,019 ) | ||
| Net Assets — 100.0% |
$ 622,473,044 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Non-income producing security. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
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) |
Issuer filed for bankruptcy and/or is in default. |
| (g) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (h) |
Convertible security. |
| (i) |
Zero-coupon bond. |
| (j) |
When-issued security. |
| (k) |
Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,264,324, representing 0.4% of its net assets as of period end, and an original cost of $2,266,246. |
| (l) |
Perpetual security with no stated maturity date. |
| (m) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (n) |
Affiliate of the Fund. |
| (o) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
38
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 12/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/26 |
Shares Held at 06/30/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 1,327,027 |
$ 6,790,473 (a) |
$ — |
$ — |
$ — |
$ 8,117,500 |
8,117,500 |
$ 71,328 |
$ — |
| iShares 0-5 Year Investment Grade Corporate Bond ETF |
— |
2,014,600 |
— |
— |
200 |
2,014,800 |
40,000 |
22,142 |
— |
| iShares Broad USD High Yield Corporate Bond ETF |
10,657,575 |
4,030,438 |
— |
— |
(65,113 ) |
14,622,900 |
395,000 |
372,670 |
— |
| |
|
|
|
$ — |
$ (64,913 ) |
$ 24,755,200 |
|
$ 466,140 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
| Short Contracts |
|
|
|
|
| 10-Year U.S. Ultra Long Treasury Note |
35 |
09/21/26 |
$ 3,930 |
$ (48,589 ) |
| U.S. Long Bond |
18 |
09/21/26 |
2,035 |
(48,353 ) |
| |
|
|
|
$ (96,942 ) |
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
| USD |
2,095,278 |
EUR |
1,798,000 |
BNP Paribas SA |
09/16/26 |
$ 34,385 |
| USD |
206,388 |
EUR |
177,000 |
Wells Fargo Bank N.A. |
09/16/26 |
3,509 |
| |
|
|
|
|
|
$ 37,894 |
Centrally Cleared Credit Default Swaps — Sell Protection
| Reference Obligation/Index |
Financing Rate Received by the Fund |
Payment Frequency |
Termination Date |
Credit Rating |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| CDX.NA.HY.44.V3 |
5.00 % |
Quarterly |
06/20/30 |
CCC+ |
USD |
490 |
$ 41,642 |
$ 21,614 |
$ 20,028 |
OTC Total Return Swaps
| Paid by the Fund |
Received by the Fund |
|
|
|
|
|
|
|
| ||
| Rate/Reference |
Frequency |
Rate/Reference |
Frequency |
Counterparty |
Effective Date |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| 1-day SOFR, 3.68% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
At Termination |
Morgan Stanley & Co. International PLC |
N/A |
09/20/26 |
USD |
8,000 |
$ 155,927 |
$ (72,138 ) |
$ 228,065 |
Schedule of Investments 39
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
| Centrally Cleared Swaps(a) |
$ 21,614 |
$ — |
$ 20,028 |
$ — |
| OTC Swaps |
— |
(72,138 ) |
228,065 |
— |
| (a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
| Assets — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 37,894 |
$ — |
$ — |
$ 37,894 |
| Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) |
— |
20,028 |
— |
— |
— |
— |
20,028 |
| Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
— |
— |
— |
228,065 |
— |
228,065 |
| |
$ — |
$ 20,028 |
$ — |
$ 37,894 |
$ 228,065 |
$ — |
$ 285,987 |
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 96,942 |
$ — |
$ 96,942 |
| Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
— |
— |
— |
72,138 |
— |
72,138 |
| |
$ — |
$ — |
$ — |
$ — |
$ 169,080 |
$ — |
$ 169,080 |
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended June 30, 2026, 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 |
$ — |
$ — |
$ — |
$ — |
$ 272,419 |
$ — |
$ 272,419 |
| Forward foreign currency exchange contracts |
— |
— |
— |
53,045 |
— |
— |
53,045 |
| Swaps |
— |
977 |
— |
— |
33,367 |
— |
34,344 |
| |
$ — |
$ 977 |
$ — |
$ 53,045 |
$ 305,786 |
$ — |
$ 359,808 |
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (148,421 ) |
$ — |
$ (148,421 ) |
| Forward foreign currency exchange contracts |
— |
— |
— |
34,152 |
— |
— |
34,152 |
| Swaps |
— |
4,141 |
— |
— |
(267,755 ) |
— |
(263,614 ) |
| |
$ — |
$ 4,141 |
$ — |
$ 34,152 |
$ (416,176 ) |
$ — |
$ (377,883 ) |
40
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
|
| Average notional value of contracts — short |
$6,103,891 |
| Forward foreign currency exchange contracts: |
|
| Average amounts purchased — in USD |
2,277,303 |
| Credit default swaps: |
|
| Average notional value — sell protection |
492,500 |
| Total return swaps: |
|
| Average notional value |
13,000,000 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| |
Assets |
Liabilities |
| Derivative Financial Instruments |
|
|
| Futures contracts |
$ 39,922 |
$ — |
| Forward foreign currency exchange contracts |
37,894 |
— |
| Swaps — centrally cleared |
— |
260 |
| Swaps — OTC(a) |
228,065 |
72,138 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities |
305,881 |
72,398 |
| Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(39,922 ) |
(260 ) |
| Total derivative assets and liabilities subject to an MNA |
$ 265,959 |
$ 72,138 |
| (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(b) |
Cash Collateral Received(b) |
Net Amount of Derivative Assets(c)(d) |
| BNP Paribas SA |
$ 34,385 |
$ — |
$ — |
$ — |
$ 34,385 |
| Morgan Stanley & Co. International PLC |
228,065 |
(72,138 ) |
— |
— |
155,927 |
| Wells Fargo Bank N.A. |
3,509 |
— |
— |
— |
3,509 |
| |
$ 265,959 |
$ (72,138 ) |
$ — |
$ — |
$ 193,821 |
| Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged(b) |
Cash Collateral Pledged(b) |
Net Amount of Derivative Liabilities(c)(e) |
| Morgan Stanley & Co. International PLC |
$ 72,138 |
$ (72,138 ) |
$ — |
$ — |
$ — |
| (a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| (b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| (c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| (d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Schedule of Investments 41
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets |
|
|
|
|
| Investments |
|
|
|
|
| Long-Term Investments |
|
|
|
|
| Asset-Backed Securities |
$ — |
$ 5,572,495 |
$ — |
$ 5,572,495 |
| Common Stocks |
|
|
|
|
| Financial Services |
— |
250,682 |
— |
250,682 |
| Ground Transportation |
— |
1,383 |
— |
1,383 |
| Hotels, Restaurants & Leisure |
— |
— |
87,075 |
87,075 |
| Industrial Conglomerates |
— |
101,179 |
— |
101,179 |
| IT Services |
— |
— |
157,357 |
157,357 |
| Machinery |
— |
— |
244,630 |
244,630 |
| Semiconductors & Semiconductor Equipment |
1 |
— |
— |
1 |
| Trading Companies & Distributors |
— |
49,596 |
— |
49,596 |
| Wireless Telecommunication Services |
— |
235,620 |
— |
235,620 |
| Corporate Bonds |
— |
146,228,579 |
234,880 |
146,463,459 |
| Fixed Rate Loan Interests |
— |
1,878,772 |
— |
1,878,772 |
| Floating Rate Loan Interests |
— |
518,583,615 |
10,485,168 |
529,068,783 |
| Investment Companies |
|
|
|
|
| Capital Markets |
2,524,500 |
— |
— |
2,524,500 |
| Equity Funds |
33,923,094 |
144,779 |
— |
34,067,873 |
| Fixed Income Funds |
16,637,700 |
— |
— |
16,637,700 |
| Preferred Securities |
|
|
|
|
| Capital Trusts |
— |
4,843,912 |
— |
4,843,912 |
| Preferred Stocks |
— |
443,425 |
76,336 |
519,761 |
| Warrants |
— |
785 |
— |
785 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
8,117,500 |
— |
— |
8,117,500 |
| Unfunded Floating Rate Loan Interests(a) |
— |
28,699 |
— |
28,699 |
| Liabilities |
|
|
|
|
| Unfunded Floating Rate Loan Interests(a) |
— |
(3,366 ) |
(26,515 ) |
(29,881 ) |
| |
$61,202,795 |
$678,360,155 |
$11,258,931 |
$750,821,881 |
| Derivative Financial Instruments(b) |
|
|
|
|
| Assets |
|
|
|
|
| Credit Contracts |
$ — |
$ 20,028 |
$ — |
$ 20,028 |
| Foreign Currency Exchange Contracts |
— |
37,894 |
— |
37,894 |
| Interest Rate Contracts |
— |
228,065 |
— |
228,065 |
| Liabilities |
|
|
|
|
| Interest Rate Contracts |
(96,942 ) |
— |
— |
(96,942 ) |
| |
$(96,942 ) |
$285,987 |
$— |
$189,045 |
| (a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| (b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $110,000,000 are categorized as Level 2 within the fair value hierarchy.
42
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Debt Strategies Fund, Inc. (DSU)
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| |
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Other Interests |
Preferred Stocks |
Unfunded Floating Rate Loan Interests |
| Assets/Liabilities |
|
|
|
|
|
|
|
| Opening balance, as of December 31, 2025 |
$ 1,695,564 |
$ 2 |
$ — |
$ 15,400,997 |
$ — (a) |
$ 74,156 |
$ 321 |
| Transfers into Level 3(b) |
— |
— |
— |
— |
— |
66,794 |
13,300 |
| Transfers out of Level 3(c) |
(580,022 ) |
— |
— |
(5,901,930 ) |
— |
(74,156 ) |
(321 ) |
| Accrued discounts/premiums |
— |
1,149 |
— |
1,494 |
— |
— |
— |
| Net realized gain (loss) |
226,014 |
— |
— |
(74,674 ) |
— |
— |
— |
| Net change in unrealized appreciation (depreciation)(d)(e) |
(763,062 ) |
(98,634 ) |
(3,725 ) |
32,534 |
— |
9,542 |
(39,815 ) |
| Purchases |
232,882 |
332,363 |
3,725 |
7,085,925 |
— |
— |
— |
| Sales |
(322,314 ) |
— |
— |
(6,059,178 ) |
— |
— |
— |
| Closing balance, as of June 30, 2026 |
$ 489,062 |
$ 234,880 |
$ — |
$ 10,485,168 |
$ — |
$ 76,336 |
$ (26,515 ) |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ (575,166 ) |
$ (98,634 ) |
$ (3,725 ) |
$ 979 |
$ — |
$ 9,542 |
$ (39,816 ) |
| |
Warrants |
Total |
| Assets |
|
|
| Opening balance, as of December 31, 2025 |
$ — (a) |
$ 17,171,040 |
| Transfers into Level 3(b) |
— |
80,094 |
| Transfers out of Level 3(c) |
— |
(6,556,429 ) |
| Accrued discounts/premiums |
— |
2,643 |
| Net realized gain (loss) |
— |
151,340 |
| Net change in unrealized appreciation (depreciation)(d)(e) |
— |
(863,160 ) |
| Purchases |
— |
7,654,895 |
| Sales |
— |
(6,381,492 ) |
| Closing balance, as of June 30, 2026 |
$ — (a) |
$ 11,258,931 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ — (a) |
$ (706,820 ) |
| (a) |
Rounds to less than $1. |
| (b) |
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, 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 fair value hierarchy. |
| (c) |
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, 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 fair value 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, 2026 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 43
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities | |||
| Golub Capital Partners CLO Ltd., Series 2024-74A, Class D1, (3-mo. CME Term SOFR + 3.20%), 6.87%, 07/25/37(a)(b) |
$ |
1,000 |
$ 1,000,393 |
| Madison Park Funding LXIX Ltd., Series 2024-69A, Class D1, (3-mo. CME Term SOFR + 3.35%), 7.02%, 07/25/37(a)(b) |
|
1,000 |
993,319 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3- mo. CME Term SOFR + 2.65%), 6.32%, 01/05/38(a)(b) |
|
1,000 |
1,003,720 |
| Total Asset-Backed Securities — 0.8% (Cost: $3,000,000) |
2,997,432 | ||
| |
|
Shares |
|
| Common Stocks | |||
| Financial Services(c) — 0.1% |
| ||
| Aimbridge Acquisition Co., Inc. |
|
5,330 |
204,312 |
| Labels Buyer LLC |
|
164 |
15,060 |
| |
|
|
219,372 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc.(c) |
|
1,472 |
1,226 |
| Hotels, Restaurants & Leisure — 0.0% |
| ||
| Fortrex Equity(c)(d) |
|
6,425 |
96,375 |
| Industrial Conglomerates — 0.0% |
| ||
| SVP Singer(c) |
|
17,689 |
114,978 |
| IT Services — 0.0% |
| ||
| Travelport LLC(c)(d) |
|
269 |
184,039 |
| Machinery — 0.1% |
| ||
| United Site Services, Inc.(c)(d)(e) |
|
28,659 |
286,590 |
| Semiconductors & Semiconductor Equipment — 0.0% |
| ||
| Maxeon Solar Technologies Ltd.(c) |
|
2 |
1 |
| Trading Companies & Distributors — 0.0% |
| ||
| TMK Hawk Midco Corp.(c) |
|
23,534 |
47,069 |
| Transportation Infrastructure — 0.0% |
| ||
| Incora Top Holdco LLC(c)(d) |
|
14,432 |
100,302 |
| Wireless Telecommunication Services — 0.1% |
| ||
| Altice France Lux 3(c) |
|
10,219 |
201,322 |
| Total Common Stocks — 0.3% (Cost: $3,290,184) |
1,251,274 | ||
| |
|
Par (000) |
|
| Corporate Bonds | |||
| Chemicals(b) — 0.1% | |||
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 |
$ |
11 |
10,994 |
| WR Grace Holdings LLC, 5.63%, 08/15/29 |
|
388 |
364,678 |
| |
|
|
375,672 |
| Construction & Engineering — 0.1% | |||
| Brand Industrial Services, Inc., 10.38%, 08/01/30(b) |
|
249 |
202,910 |
| Security |
|
Par (000) |
Value |
| Diversified Telecommunication Services(b)(f) — 0.1% | |||
| Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(e) |
$ |
430 |
$ 189,396 |
| Zayo Group Holdings, Inc. |
|
|
|
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
|
25 |
25,211 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
|
207 |
203,906 |
| |
|
|
418,513 |
| Electric Utilities — 0.0% | |||
| Texas Competitive Electric Holdings Co. LLC, 5.03%, 11/10/21(c)(d)(e) |
|
1,710 |
— |
| Hotels, Restaurants & Leisure — 0.1% | |||
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30(b) |
|
441 |
432,489 |
| Interactive Media & Services — 1.0% | |||
| Beignet Investor LLC, 6.58%, 05/30/49(b) |
|
3,969 |
4,048,986 |
| IT Services — 0.0% | |||
| CDK Steerco Coop, 8.00%, 06/15/29(d) |
|
191 |
122,240 |
| Pharmaceuticals — 0.3% | |||
| 1261229 B.C. Ltd., 10.00%, 04/15/32(b) |
|
1,265 |
1,281,238 |
| Transportation Infrastructure — 0.0% | |||
| Incora Top Holdco LLC, 6.00%, 01/31/33(d) |
|
322 |
89,617 |
| Total Corporate Bonds — 1.7% (Cost: $7,349,481) |
6,971,665 | ||
| Fixed Rate Loan Interests | |||
| Distributors — 0.0% | |||
| TMK Hawk Parent Corp., 2024 Term Loan, 11.00%, 12/15/31(d) |
|
66 |
— |
| IT Services — 0.2% | |||
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
|
839 |
795,186 |
| Software — 0.2% | |||
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
|
961 |
896,132 |
| Total Fixed Rate Loan Interests — 0.4% (Cost: $1,866,479) |
1,691,318 | ||
| Floating Rate Loan Interests(a) | |||
| Advertising Agencies — 0.2% | |||
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 09/24/32 |
|
651 |
649,861 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.99%, 02/15/29 |
|
240 |
204,515 |
| |
|
|
854,376 |
| Aerospace & Defense — 4.5% | |||
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6- mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.60%, 06/23/30 |
|
796 |
797,564 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/31/30 |
|
1,287 |
1,285,361 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.79%, 08/03/29 |
|
817 |
819,564 |
44
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Aerospace & Defense (continued) | |||
| Cubic Corp. |
|
|
|
| 2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.76%), 8.24%, 05/25/29 |
$ |
3,198 |
$ 218,537 |
| 2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29 |
|
470 |
32,130 |
| Dynasty Acquisition Co., Inc. |
|
|
|
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
2,214 |
2,218,235 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
845 |
846,950 |
| Kaman Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32 |
|
383 |
382,591 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.51%, 02/01/28 |
|
1,555 |
1,399,049 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.23%, 12/01/32 |
|
608 |
609,269 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 11/05/28 |
|
469 |
469,919 |
| TransDigm, Inc. |
|
|
|
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/28/31 |
|
4,355 |
4,355,753 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/19/32 |
|
891 |
891,469 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 03/22/30 |
|
116 |
115,926 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 08/19/32 |
|
2,715 |
2,714,813 |
| 2026 Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/13/33 |
|
952 |
951,848 |
| |
|
|
18,108,978 |
| Automobile Components — 2.5% | |||
| Allison Transmission, Inc., 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 01/02/33 |
|
900 |
898,063 |
| Clarios Global LP |
|
|
|
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.14%, 05/06/30 |
|
2,682 |
2,681,929 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/28/32 |
|
1,425 |
1,424,840 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
1,482 |
1,467,301 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.41%, 01/30/32 |
|
85 |
85,031 |
| Gates Corp. |
|
|
|
| 2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 11/16/29 |
|
258 |
257,208 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/04/31 |
|
1,676 |
1,672,625 |
| RealTruck Group, Inc. |
|
|
|
| 2026 FLSO Tranche A Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31 |
|
149 |
91,811 |
| Security |
|
Par (000) |
Value |
| Automobile Components (continued) | |||
| RealTruck Group, Inc. (continued) |
|
|
|
| 2026 FLSO Tranche B Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 9.90%, 01/31/31 |
$ |
418 |
$ 259,740 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28 |
|
1,178 |
1,172,110 |
| |
|
|
10,010,658 |
| Beverages — 0.5% | |||
| Naked Juice LLC |
|
|
|
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.23%, 01/24/29 |
|
1,276 |
1,292,323 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.08%, 01/24/29 |
|
439 |
291,375 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.83%, 01/24/30 |
|
553 |
167,045 |
| Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.63%, 07/09/32 |
|
421 |
420,341 |
| |
|
|
2,171,084 |
| Biotechnology — 0.9% | |||
| BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.43%, 04/27/33 |
|
722 |
721,639 |
| Parexel International Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/12/31 |
|
3,049 |
3,049,357 |
| |
|
|
3,770,996 |
| Broadline Retail — 0.7% | |||
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 08/30/32 |
|
1,081 |
1,084,269 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30 |
|
1,597 |
1,605,319 |
| |
|
|
2,689,588 |
| Building Materials — 0.3% | |||
| CP Iris HoldCo I, Inc. |
|
|
|
| 2025 Delayed Draw Term Loan, 0.00%, 10/27/32 |
|
4 |
3,659 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/27/32 |
|
1,376 |
1,305,211 |
| |
|
|
1,308,870 |
| Building Products — 4.9% | |||
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 05/13/29 |
|
99 |
99,277 |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 09/08/32 |
|
3,267 |
3,266,336 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30 |
|
1,018 |
891,929 |
| EMRLD Borrower LP |
|
|
|
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 08/04/31 |
|
1,658 |
1,655,172 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 05/31/30 |
|
2,918 |
2,913,836 |
| Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.87%, 02/02/33(d) |
|
548 |
547,090 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31 |
|
1,247 |
1,046,837 |
Schedule of Investments 45
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Building Products (continued) | |||
| Knife River Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32 |
$ |
219 |
$ 219,588 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29 |
|
381 |
329,518 |
| Quikrete Holdings, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR + 2.25%), 5.89%, 03/19/29 |
|
971 |
971,340 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/10/32 |
|
1,130 |
1,128,367 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/30/32 |
|
827 |
824,770 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/28 |
|
499 |
499,004 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 10/19/29 |
|
3,235 |
3,227,815 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31 |
|
2,360 |
2,127,216 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.76%, 10/04/28 |
|
111 |
111,409 |
| |
|
|
19,859,504 |
| Capital Markets — 5.5% | |||
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 11/01/30 |
|
531 |
532,813 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.63%, 02/15/31 |
|
2,032 |
1,962,217 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/09/30 |
|
730 |
727,833 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 11/25/32 |
|
1,032 |
1,007,036 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 12/20/29 |
|
983 |
982,859 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 11/25/31 |
|
1,229 |
1,190,627 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32 |
|
1,462 |
1,458,718 |
| Citadel Securities Global Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/10/33 |
|
2,334 |
2,327,972 |
| Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.26%, 09/01/28 |
|
176 |
165,534 |
| Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/15/31 |
|
2,776 |
2,705,530 |
| GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 09/05/31 |
|
433 |
430,547 |
| Hudson River Trading LLC, 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 03/18/30 |
|
2,474 |
2,454,660 |
| Security |
|
Par (000) |
Value |
| Capital Markets (continued) | |||
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 12/15/31 |
$ |
3,891 |
$ 3,853,001 |
| Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 02/26/32(d) |
|
159 |
158,801 |
| Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33 |
|
638 |
636,673 |
| Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 07/30/32 |
|
1,716 |
1,691,251 |
| |
|
|
22,286,072 |
| Chemicals — 5.2% | |||
| BASF Coatings Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.24%, 06/29/33 |
|
1,342 |
1,345,690 |
| Chemours Co., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/15/32 |
|
2,050 |
2,043,986 |
| Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30 |
|
1,540 |
1,539,494 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.41%, 10/04/29 |
|
1,286 |
1,279,797 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/12/31 |
|
978 |
976,721 |
| Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/18/30 |
|
1,955 |
1,954,686 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32 |
|
707 |
704,105 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30 |
|
284 |
284,412 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 10/07/31 |
|
221 |
184,667 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28 |
|
1,059 |
1,001,210 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/31(d) |
|
712 |
711,986 |
| Olympus Water U.S. Holding Corp. |
|
|
|
| 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 06/20/31 |
|
1,989 |
1,984,266 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 11/03/32 |
|
1,437 |
1,434,997 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31 |
|
1,626 |
1,066,205 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.65%, 10/09/31 |
|
531 |
531,638 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 10/29/32 |
|
744 |
746,790 |
| SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(g) |
|
393 |
392,509 |
46
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Chemicals (continued) | |||
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.66%, 08/02/30 |
$ |
1,566 |
$ 1,556,498 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/19/32 |
|
1,342 |
1,335,997 |
| |
|
|
21,075,654 |
| Commercial Services & Supplies — 5.9% | |||
| Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 10/24/30 |
|
843 |
832,344 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 08/20/32 |
|
4,115 |
4,114,727 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. SOFR + 2.90%), 6.41%, 11/17/31 |
|
555 |
555,862 |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/22/30 |
|
1,065 |
1,064,378 |
| Asplundh Tree Expert, LLC, 2026 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/30/33 |
|
2,719 |
2,713,931 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 04/01/32 |
|
1,209 |
1,172,778 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32 |
|
476 |
476,799 |
| Garda World Security Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.51%, 02/01/29 |
|
820 |
817,745 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 06/02/31 |
|
1,552 |
1,474,208 |
| Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 11/02/31 |
|
1,158 |
1,152,572 |
| LABL, Inc., 2026 USD Interim New Money DIP Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 10.43%, 12/02/26 |
|
24 |
24,529 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 03/11/32 |
|
2,092 |
2,086,758 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 12/31/32 |
|
367 |
366,714 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 1.00%), 4.74%, 03/10/31 |
|
82 |
77,829 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 03/26/31 |
|
1,782 |
1,779,836 |
| Prime Security Services Borrower LLC |
|
|
|
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 10/13/30 |
|
282 |
280,037 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32 |
|
1,373 |
1,350,435 |
| Reworld Holding Corp. |
|
|
|
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
|
144 |
143,453 |
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| Reworld Holding Corp. (continued) |
|
|
|
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
$ |
884 |
$ 882,787 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 11/30/28 |
|
887 |
886,433 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/31 |
|
1,621 |
1,618,405 |
| |
|
|
23,872,560 |
| Communications Equipment — 0.0% | |||
| Radiate Holdco LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
31 |
30,908 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
31 |
30,909 |
| |
|
|
61,817 |
| Construction & Engineering — 1.5% | |||
| Azuria Water Solutions, Inc. |
|
|
|
| 2026 Delayed Draw Term Loan, 0.00%, 04/25/33 |
|
15 |
15,007 |
| 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 04/25/33 |
|
1,192 |
1,187,946 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/01/30 |
|
1,751 |
1,365,509 |
| Construction Partners, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/03/31 |
|
1,112 |
1,110,438 |
| Dycom Investments, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/27/33 |
|
625 |
625,194 |
| Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.64%, 12/16/31 |
|
1,650 |
1,644,614 |
| |
|
|
5,948,708 |
| Consumer Discretionary — 0.2% | |||
| Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 07/06/29 |
|
616 |
618,109 |
| Consumer Staples Distribution & Retail — 1.1% | |||
| BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.14%, 12/29/32 |
|
2,116 |
2,087,495 |
| EG America LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31 |
|
1,865 |
1,869,663 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/03/31 |
|
616 |
619,465 |
| |
|
|
4,576,623 |
| Containers & Packaging — 3.8% | |||
| Charter Next Generation, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.11%, 11/29/30 |
|
2,442 |
2,441,725 |
| Clydesdale Acquisition Holdings, Inc. |
|
|
|
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 04/01/32 |
|
1,628 |
1,562,959 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.18%), 6.82%, 04/13/29 |
|
175 |
171,698 |
Schedule of Investments 47
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Containers & Packaging (continued) | |||
| Colossus Acquireco LLC, 2026 Term Loan B, (3-mo. SOFR + 1.75%), 5.37%, 01/31/33 |
$ |
2,824 |
$ 2,803,540 |
| Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/26/33 |
|
1,148 |
1,148,478 |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.12%, 04/15/30 |
|
1,235 |
1,216,475 |
| Multi-Color Corp., 2026 USD PIK Takeback Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.38%), 6.11%, 05/11/33 |
|
805 |
688,272 |
| Potters Industries LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/23/32 |
|
595 |
595,253 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 02/01/29 |
|
1,075 |
1,077,836 |
| Proampac PG Borrower LLC, 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 03/07/33 |
|
901 |
884,592 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/04/32 |
|
1,088 |
1,090,261 |
| Ring Container Technologies Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 09/15/32 |
|
969 |
969,743 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, 09/15/28 |
|
739 |
706,905 |
| |
|
|
15,357,737 |
| Distributors — 1.9% | |||
| American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 01/31/31 |
|
1,585 |
1,584,973 |
| Core & Main LP |
|
|
|
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 07/27/28 |
|
3,403 |
3,401,033 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 02/09/31 |
|
773 |
773,291 |
| QXO Building Products, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/01/33 |
|
1,880 |
1,874,774 |
| |
|
|
7,634,071 |
| Diversified Consumer Services — 0.3% | |||
| Bright Horizons Family Solutions LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 08/23/32 |
|
1,016 |
1,014,845 |
| Diversified REITs — 0.1% | |||
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/20/30 |
|
479 |
479,100 |
| Diversified Telecommunication Services — 1.7% | |||
| Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/29/32 |
|
3,115 |
3,114,035 |
| Security |
|
Par (000) |
Value |
| Diversified Telecommunication Services (continued) | |||
| Sunrise Financing Partnership, Term Loan AAA, (6-mo. CME Term SOFR at 0.00% Floor + 2.47%), 6.10%, 02/15/32 |
$ |
433 |
$ 426,739 |
| Virgin Media Bristol LLC, 2023 USD Term Loan Y, (6-mo. CME Term SOFR at 0.00% Floor + 3.18%), 6.97%, 03/31/31 |
|
988 |
873,058 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11% and 0.50% PIK), 7.26%, 03/11/30(f) |
|
2,340 |
2,338,899 |
| |
|
|
6,752,731 |
| Electric Utilities — 1.3% | |||
| Alpha Generation LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31 |
|
814 |
805,150 |
| NRG Energy, Inc. |
|
|
|
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/16/31 |
|
2,833 |
2,828,954 |
| 2026 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33 |
|
316 |
315,575 |
| Pathfinder Power LLC, Term Loan B, 06/22/33(g) |
|
756 |
754,110 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/15/31 |
|
659 |
655,118 |
| |
|
|
5,358,907 |
| Electronic Equipment, Instruments & Components — 0.9% | |||
| Belden, Inc., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/01/33(d) |
|
1,106 |
1,106,000 |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(d) |
|
435 |
434,032 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29 |
|
851 |
848,640 |
| CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32 |
|
454 |
454,148 |
| Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(d) |
|
794 |
794,993 |
| |
|
|
3,637,813 |
| Energy Equipment & Services — 0.1% | |||
| Deep Blue Operating I LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.90%, 10/01/32 |
|
431 |
431,730 |
| Entertainment — 4.5% | |||
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 10/01/31 |
|
2,035 |
2,033,852 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/30/31 |
|
2,501 |
2,498,731 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/04/32 |
|
1,672 |
1,667,825 |
| Electronic Arts, Inc., USD Term Loan B, 03/24/33(g) |
|
3,280 |
3,287,052 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32 |
|
2,731 |
2,729,641 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/21/32 |
|
1,410 |
1,408,153 |
48
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Entertainment (continued) | |||
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 11/12/29 |
$ |
1,510 |
$ 1,283,020 |
| TKO Worldwide Holdings LLC, 2026 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 11/21/31 |
|
3,340 |
3,327,196 |
| |
|
|
18,235,470 |
| Environmental, Maintenance & Security Service — 0.2% | |||
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 10/17/30 |
|
673 |
672,504 |
| Reworld Holding Corp., 2025 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 01/15/31 |
|
320 |
319,663 |
| |
|
|
992,167 |
| Financial Services — 4.3% | |||
| ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 12/21/28 |
|
1,578 |
1,578,285 |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.63%, 05/21/31 |
|
1,690 |
1,691,221 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.15%, 02/27/32 |
|
1,714 |
1,618,403 |
| APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/16/33 |
|
2,713 |
2,706,811 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/19/31 |
|
3,162 |
3,147,547 |
| Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 09/13/32 |
|
834 |
834,210 |
| ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30 |
|
409 |
408,166 |
| LBM Acquisition LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.50%, 06/06/31 |
|
696 |
581,909 |
| NEXUS Buyer LLC |
|
|
|
| 2025 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31 |
|
902 |
870,655 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 07/31/31 |
|
130 |
125,067 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 10/08/32 |
|
997 |
996,283 |
| Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 05/30/31 |
|
2,069 |
2,068,501 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/16/31 |
|
100 |
100,034 |
| WEX, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/31/28 |
|
310 |
309,599 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32 |
|
400 |
398,250 |
| |
|
|
17,434,941 |
| Security |
|
Par (000) |
Value |
| Food Products — 1.8% | |||
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32 |
$ |
3,571 |
$ 3,576,162 |
| Froneri U.S., Inc. |
|
|
|
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.88%, 09/30/31 |
|
1,756 |
1,742,591 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.13%, 09/30/32 |
|
513 |
509,370 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.23%, 03/29/30 |
|
149 |
149,703 |
| Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 02/11/33 |
|
851 |
852,642 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/29/32 |
|
328 |
327,553 |
| Wellness Pet LLC, 2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.74%, 12/31/29 |
|
145 |
26,591 |
| |
|
|
7,184,612 |
| Gas Utilities — 0.7% | |||
| BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 12/06/30 |
|
369 |
368,031 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 04/01/32 |
|
459 |
459,842 |
| NGL Energy Partners LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.13%, 03/11/33 |
|
575 |
577,307 |
| Traverse Midstream Partners LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.04%, 04/21/33 |
|
353 |
352,559 |
| Venture Global Calcasieu Pass LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 04/11/33 |
|
983 |
984,779 |
| |
|
|
2,742,518 |
| Ground Transportation — 1.1% | |||
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 04/10/31 |
|
3,165 |
3,149,601 |
| Hertz Corp. |
|
|
|
| 2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
960 |
676,538 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
190 |
134,212 |
| PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.13%, 05/14/31 |
|
636 |
617,836 |
| |
|
|
4,578,187 |
| Health Care Equipment & Supplies — 2.1% | |||
| Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 01/15/31 |
|
2,621 |
2,624,187 |
| Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.99%, 04/07/33 |
|
4,656 |
4,552,218 |
Schedule of Investments 49
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Health Care Equipment & Supplies (continued) | |||
| McKesson Medical-Surgical Top Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/32 |
$ |
639 |
$ 638,469 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 08/20/32 |
|
690 |
678,280 |
| |
|
|
8,493,154 |
| Health Care Providers & Services — 3.8% | |||
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 09/20/32 |
|
175 |
175,763 |
| CCRR Parent, Inc., 2026 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 8.91%, 05/27/32 |
|
258 |
179,956 |
| Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.14%, 06/30/31 |
|
549 |
548,017 |
| CHG Healthcare Services, Inc., 2026 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.66%, 09/29/31 |
|
987 |
987,379 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.91%, 11/08/32 |
|
1,240 |
1,240,130 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 07/26/31 |
|
571 |
571,325 |
| DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/09/31 |
|
553 |
551,483 |
| Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 02/06/33 |
|
1,071 |
1,071,318 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, 0.00%, 11/30/28(c)(e) |
|
55 |
8,918 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
|
544 |
544,074 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 05/19/31 |
|
1,678 |
1,650,994 |
| Medical Solutions Holdings, Inc. |
|
|
|
| 2026 Class A-1 First Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.17%, 11/01/30 |
|
139 |
100,864 |
| 2026 Class A-2 First Out Term Loan, 11/01/30(g) |
|
319 |
231,417 |
| 2026 Exchange FLSO Term Loan, 11/01/30(g) |
|
512 |
105,013 |
| 2026 Exchange FLTO Term Loan, 11/03/31(g) |
|
440 |
52,807 |
| Medline Borrower LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.50%), 5.14%, 05/30/33 |
|
2,744 |
2,725,501 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/22/32 |
|
1,355 |
1,355,909 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 11/19/31 |
|
521 |
513,856 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.73%, 09/27/30 |
|
1,069 |
1,069,889 |
| Security |
|
Par (000) |
Value |
| Health Care Providers & Services (continued) | |||
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/19/30 |
$ |
1,266 |
$ 1,266,083 |
| Team Health Holdings, Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 06/30/28 |
|
440 |
439,571 |
| |
|
|
15,390,267 |
| Health Care Technology — 1.6% | |||
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/29 |
|
1,571 |
1,566,753 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 6.37%, 05/01/31 |
|
1,859 |
1,697,552 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.83%, 10/01/27 |
|
522 |
513,501 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 11/03/31 |
|
653 |
650,119 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 7.93%, 06/02/28 |
|
1,708 |
1,477,508 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/22/29(d) |
|
549 |
547,344 |
| |
|
|
6,452,777 |
| Hotels, Restaurants & Leisure — 8.4% | |||
| Aimbridge Acquisition Co., Inc. |
|
|
|
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.61%), 11.25%, 03/11/30 |
|
192 |
185,085 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.61%), 9.25%, 03/11/30 |
|
204 |
197,314 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/31/30 |
|
995 |
993,395 |
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/20/30 |
|
1,659 |
1,655,332 |
| Caesars Entertainment, Inc. |
|
|
|
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/31 |
|
2,809 |
2,692,579 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/30 |
|
1,365 |
1,316,679 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.11%, 12/02/31 |
|
743 |
743,888 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 01/27/29 |
|
2,599 |
2,594,863 |
| Flutter Financing BV |
|
|
|
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 11/30/30 |
|
3,469 |
3,433,492 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 06/04/32 |
|
870 |
864,935 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/32 |
|
3,091 |
3,106,338 |
| Gaia Purchaser, Inc., Term Loan B, 06/25/33(d)(g) |
|
617 |
616,229 |
50
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.43%, 11/01/29 |
$ |
767 |
$ 754,907 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/31/32 |
|
303 |
302,194 |
| Herschend Entertainment Co. LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/27/32 |
|
869 |
869,467 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30 |
|
767 |
768,089 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30 |
|
1,275 |
1,274,716 |
| Light & Wonder International, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 04/16/29 |
|
1,108 |
1,107,771 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30 |
|
569 |
541,004 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 05/30/33 |
|
865 |
862,720 |
| Pioneer Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33 |
|
1,146 |
1,149,484 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 04/04/29 |
|
823 |
810,254 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 12/04/31 |
|
754 |
747,364 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/01/31 |
|
330 |
326,802 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 03/14/31 |
|
1,928 |
1,926,223 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
850 |
833,000 |
| Voyager Parent LLC, Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 07/01/32 |
|
995 |
995,201 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 08/03/28 |
|
713 |
712,278 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/24/30 |
|
1,333 |
1,332,896 |
| |
|
|
33,714,499 |
| Household Durables — 1.0% | |||
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 01/20/32 |
|
1,795 |
1,790,937 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, (Prime + 1.50%), 8.25%, 09/26/31 |
|
424 |
424,512 |
| Somnigroup International, Inc., Term Loan B, (1-mo. SOFR + 2.25%), 5.87%, 10/24/31 |
|
390 |
391,256 |
| Security |
|
Par (000) |
Value |
| Household Durables (continued) | |||
| Springs Windows Fashions LLC, 2024 FLFO Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
$ |
107 |
$ 105,570 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
|
80 |
79,177 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.44%, 10/01/32 |
|
1,258 |
1,241,005 |
| |
|
|
4,032,457 |
| Household Products — 0.2% | |||
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
863 |
852,960 |
| Independent Power and Renewable Electricity Producers — 1.0% | |||
| Calpine Construction Finance Co. LP, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 07/31/30 |
|
1,968 |
1,965,062 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), 5.67%, 12/15/27 |
|
903 |
899,817 |
| Talen Energy Supply LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/32 |
|
1,195 |
1,184,147 |
| |
|
|
4,049,026 |
| Industrial Conglomerates — 2.2% | |||
| ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/33 |
|
745 |
742,951 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 09/12/32 |
|
588 |
590,360 |
| Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 03/27/31 |
|
414 |
415,627 |
| FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 03/04/33 |
|
161 |
161,075 |
| Heritage Environmental Services, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 04/01/33(d) |
|
355 |
356,331 |
| LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.62%, 12/02/31 |
|
524 |
525,299 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32 |
|
771 |
771,892 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 08/13/32 |
|
925 |
924,622 |
| Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 02/28/33 |
|
1,829 |
1,824,610 |
Schedule of Investments 51
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Industrial Conglomerates (continued) | |||
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 11.49%, 12/31/29 |
$ |
254 |
$ 220,105 |
| Sword Purchaser LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 04/11/33 |
|
2,210 |
2,152,341 |
| |
|
|
8,685,213 |
| Insurance — 6.7% | |||
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/19/31 |
|
5,429 |
5,351,441 |
| AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.73%, 01/30/32 |
|
2,494 |
2,436,533 |
| Amynta Agency Borrower, Inc., 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/29/31 |
|
2,107 |
2,076,258 |
| Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
1,567 |
1,548,577 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/20/30 |
|
3,221 |
3,215,954 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.48%, 04/18/30 |
|
210 |
197,558 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/31 |
|
1,974 |
1,848,925 |
| Jones DesLauriers Insurance Management Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/02/33 |
|
2,075 |
1,982,042 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
197 |
190,538 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 09/15/31 |
|
1,108 |
1,104,706 |
| Truist Insurance Holdings LLC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 05/06/31 |
|
2,378 |
2,318,893 |
| USI, Inc. |
|
|
|
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 09/29/30 |
|
1,700 |
1,691,236 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 11/21/29 |
|
3,055 |
3,042,948 |
| |
|
|
27,005,609 |
| Interactive Media & Services — 0.1% | |||
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 01/31/31 |
|
502 |
460,552 |
| IT Services — 5.1% | |||
| Asurion LLC |
|
|
|
| 2021 Second Lien Term Loan B4, (3-mo. CME Term SOFR + 5.25%), 9.18%, 01/20/29 |
|
418 |
412,990 |
| 2023 Term Loan B11, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.01%, 08/19/28 |
|
115 |
114,386 |
| 2024 Term Loan B12, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
401 |
396,162 |
| 2026 Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.41%, 02/23/33 |
|
630 |
594,563 |
| Security |
|
Par (000) |
Value |
| IT Services (continued) | |||
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/15/29 |
$ |
758 |
$ 512,154 |
| Central Parent Inc., 2026 CoOp Steerco Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 07/06/29 |
|
2,034 |
1,314,234 |
| CoreWeave Financing DDTL V LLC, Delayed Draw Term Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31 |
|
447 |
456,359 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.39%, 05/30/31 |
|
2,188 |
2,086,606 |
| Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.12%, 03/03/33 |
|
661 |
662,652 |
| Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29 |
|
1,979 |
1,952,953 |
| Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/09/29 |
|
1,148 |
1,121,910 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.48%, 10/07/32 |
|
2,329 |
1,652,083 |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 01/31/31 |
|
549 |
547,088 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 03/01/29 |
|
1,368 |
1,210,333 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31 |
|
666 |
614,278 |
| Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32 |
|
482 |
468,745 |
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 07/16/31 |
|
898 |
873,362 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/31/28 |
|
2,123 |
2,045,618 |
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 07/31/31 |
|
2,588 |
2,554,039 |
| Shift4 Payments LLC, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/03/32 |
|
938 |
934,120 |
| |
|
|
20,524,635 |
| Leisure Products — 0.4% | |||
| Bombardier Recreational Products, Inc., 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/22/31 |
|
480 |
478,764 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
|
1,149 |
1,143,471 |
| |
|
|
1,622,235 |
| Machinery — 4.7% | |||
| AI Aqua Merger Sub, Inc. |
|
|
|
| 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 07/31/28 |
|
1,727 |
1,724,175 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.15%, 07/02/33 |
|
2,738 |
2,734,933 |
52
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Machinery (continued) | |||
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.18%, 03/15/30 |
$ |
488 |
$ 487,319 |
| Columbus McKinnon Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 02/03/33 |
|
1,155 |
1,151,875 |
| CompoSecure Holdings LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 01/14/33 |
|
1,778 |
1,766,194 |
| ESCO Technologies, Inc., Term Loan B, 06/11/33(d)(g) |
|
484 |
482,790 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/21/28 |
|
1,985 |
1,984,854 |
| Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(g) |
|
344 |
344,548 |
| Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29 |
|
766 |
765,415 |
| LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 02/10/33 |
|
1,305 |
1,279,485 |
| Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32 |
|
610 |
608,414 |
| PECF USS Intermediate Holding III Corp., 2026 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 7.50%), 11.18%, 03/03/33 |
|
122 |
116,218 |
| Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 06/01/33 |
|
526 |
528,304 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.38%, 04/30/30 |
|
2,820 |
2,830,283 |
| WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 01/27/31 |
|
2,254 |
2,251,284 |
| |
|
|
19,056,091 |
| Media — 2.8% | |||
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.55%, 05/31/31 |
|
1,709 |
1,741,395 |
| Charter Communications Operating LLC |
|
|
|
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 12/07/30 |
|
452 |
446,255 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.94%, 12/15/31 |
|
312 |
306,589 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.76%, 08/23/28 |
|
717 |
716,026 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
|
1,803 |
1,261,771 |
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 06/03/33 |
|
1,424 |
1,423,949 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/30/30 |
|
1,043 |
1,043,151 |
| Security |
|
Par (000) |
Value |
| Media (continued) | |||
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31 |
$ |
1,258 |
$ 1,182,054 |
| Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/18/33 |
|
621 |
614,115 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 10.26%, 09/25/29(f) |
|
2,351 |
2,112,766 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.74%, 04/28/28 |
|
420 |
416,430 |
| |
|
|
11,264,501 |
| Metals & Mining — 0.3% | |||
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.43%, 02/26/32 |
|
1,190 |
1,183,321 |
| Multi-Utilities — 0.6% | |||
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32 |
|
2,324 |
2,322,974 |
| Oil, Gas & Consumable Fuels — 1.3% | |||
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 6.69%, 09/29/32 |
|
405 |
405,977 |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/22/32 |
|
450 |
450,733 |
| Freeport LNG Investments LLLP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 02/11/33 |
|
1,455 |
1,456,295 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30 |
|
665 |
664,176 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 09/22/32 |
|
414 |
413,793 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32 |
|
290 |
291,871 |
| TransMontaigne Partners LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 03/16/30 |
|
442 |
442,096 |
| Whitewater Matterhorn Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR + 1.75%), 5.50%, 06/16/32 |
|
935 |
927,879 |
| |
|
|
5,052,820 |
| Passenger Airlines — 1.9% | |||
| AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.93%, 04/20/28 |
|
1,234 |
1,231,986 |
| Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 03/21/31 |
|
1,405 |
1,399,533 |
| American Airlines, Inc. |
|
|
|
| 2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 06/04/29 |
|
1,211 |
1,189,451 |
| 2026 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 05/29/33 |
|
940 |
927,470 |
Schedule of Investments 53
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Passenger Airlines (continued) | |||
| AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.65%, 05/12/33 |
$ |
687 |
$ 683,998 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.43%, 08/27/29 |
|
1,213 |
1,076,386 |
| United Airlines, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 02/22/31 |
|
1,170 |
1,165,447 |
| |
|
|
7,674,271 |
| Pharmaceuticals — 1.7% | |||
| Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 08/01/32 |
|
1,731 |
1,736,150 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 10/31/32 |
|
415 |
415,286 |
| Endo Finance Holdings LP, 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 04/23/31 |
|
470 |
469,989 |
| Grifols International Services USA, Inc., 2026 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.19%, 04/14/33 |
|
1,322 |
1,324,331 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 05/05/28 |
|
1,730 |
1,733,549 |
| Opal US LLC, 2026 USD Term Loan B, 04/28/32(g) |
|
410 |
409,451 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/20/29 |
|
651 |
648,191 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
|
135 |
135,557 |
| |
|
|
6,872,504 |
| Professional Services — 2.3% | |||
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 08/12/32 |
|
779 |
773,609 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.26%, 06/02/28 |
|
1,550 |
1,530,410 |
| Corpay Technologies Operating Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/05/32 |
|
1,387 |
1,383,004 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(f) |
|
475 |
433,594 |
| Trans Union LLC |
|
|
|
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/24/31 |
|
1,790 |
1,784,721 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/24/31 |
|
850 |
847,335 |
| Zelis Payments Buyer, Inc. |
|
|
|
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 11/26/31 |
|
1,646 |
1,604,622 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 09/28/29 |
|
867 |
846,036 |
| |
|
|
9,203,331 |
| Security |
|
Par (000) |
Value |
| Real Estate Management & Development — 0.2% | |||
| Cushman & Wakefield U.S. Borrower LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 06/13/33(d) |
$ |
717 |
$ 715,208 |
| Semiconductors & Semiconductor Equipment — 0.6% | |||
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29 |
|
328 |
329,420 |
| Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32 |
|
2,025 |
2,026,910 |
| |
|
|
2,356,330 |
| Software — 7.7% | |||
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 02/24/31 |
|
2,037 |
1,998,864 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 03/26/32 |
|
963 |
920,063 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 07/30/31 |
|
2,776 |
2,492,502 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/17/30 |
|
558 |
532,640 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 01/23/32 |
|
528 |
519,785 |
| Cloud Software Group, Inc. |
|
|
|
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/21/31 |
|
2,834 |
2,476,464 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 08/13/32 |
|
2,586 |
2,229,609 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28 |
|
582 |
449,113 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31 |
|
1,401 |
1,335,620 |
| CoreLogic, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.61%), 10.26%, 06/04/29 |
|
441 |
432,791 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.25%), 6.93%, 10/09/31 |
|
639 |
581,206 |
| Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33 |
|
2,055 |
1,867,194 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 7.98%, 06/26/31 |
|
548 |
520,884 |
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/09/29 |
|
1,773 |
1,707,285 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/32 |
|
1,712 |
1,636,821 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.91%, 03/22/32 |
|
2,667 |
2,052,011 |
| MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31 |
|
572 |
494,337 |
| Mitchell International, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 8.89%, 06/17/32 |
|
391 |
356,736 |
| MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.36%, 02/04/33 |
|
1,018 |
1,019,844 |
54
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Software (continued) | |||
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/28/30 |
$ |
772 |
$ 643,172 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.00%), 6.99%, 04/24/28 |
|
1,425 |
1,329,958 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/09/31 |
|
1,654 |
1,650,527 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 02/10/31 |
|
2,348 |
2,206,941 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31 |
|
1,630 |
1,562,576 |
| |
|
|
31,016,943 |
| Specialty Retail — 1.9% | |||
| Belron Finance 2019 LLC, 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.66%, 10/16/31 |
|
2,935 |
2,931,215 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 04/23/31 |
|
1,026 |
1,021,224 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.67%, 05/04/28 |
|
1,912 |
1,907,321 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/14/32 |
|
293 |
293,204 |
| Project Aurora US Finco, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 12/06/32 |
|
209 |
209,646 |
| Pye-Barker Fire & Safety LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
|
23 |
22,611 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
|
963 |
964,294 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.99%, 10/20/28 |
|
271 |
266,016 |
| |
|
|
7,615,531 |
| Technology Hardware, Storage & Peripherals — 0.6% | |||
| Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.75%, 09/15/32 |
|
2,515 |
2,310,460 |
| Textiles, Apparel & Luxury Goods — 0.1% | |||
| ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/13/32 |
|
572 |
571,209 |
| Tobacco — 0.0% | |||
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32 |
|
53 |
52,851 |
| Trading Companies & Distributors — 0.5% | |||
| Core & Main LP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(d) |
|
1,201 |
1,197,998 |
| Security |
|
Par (000) |
Value |
| Trading Companies & Distributors (continued) | |||
| Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 06/02/32 |
$ |
267 |
$ 266,660 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 07/02/29 |
|
1,086 |
535,053 |
| |
|
|
1,999,711 |
| Transportation Infrastructure — 1.4% | |||
| AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 04/29/33 |
|
696 |
695,833 |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31 |
|
2,735 |
2,736,192 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26 |
|
816 |
809,790 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30 |
|
1,222 |
1,217,246 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 11.64%, 08/20/29 |
|
836 |
329,080 |
| |
|
|
5,788,141 |
| Wireless Telecommunication Services — 0.8% | |||
| Digicel International Finance Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.23%, 08/06/32 |
|
448 |
450,485 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/25/31 |
|
1,497 |
1,497,878 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/06/32(d) |
|
1,122 |
1,126,972 |
| |
|
|
3,075,335 |
| Total Floating Rate Loan Interests — 118.6% (Cost: $490,578,235) |
478,463,342 | ||
| |
|
Shares |
|
| Investment Companies | |||
| Capital Markets — 0.5% |
| ||
| Janus Henderson AAA CLO ETF |
|
40,000 |
2,019,600 |
| Equity Funds — 4.4% |
| ||
| H-Food Holdings LLC(c) |
|
9,223 |
159,097 |
| Invesco Senior Loan ETF |
|
584,300 |
11,902,190 |
| State Street Blackstone Senior Loan ETF |
|
140,000 |
5,640,600 |
| |
|
|
17,701,887 |
| Fixed Income Funds — 0.5% |
| ||
| iShares 0-5 Year Investment Grade Corporate Bond ETF(h) |
|
40,000 |
2,014,800 |
| Total Investment Companies — 5.4% (Cost: $22,262,007) |
21,736,287 | ||
Schedule of Investments 55
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)
| Security |
|
Shares |
Value |
| Preferred Securities | |||
| Preferred Stocks — 0.1%(c) | |||
| Financial Services — 0.1% |
| ||
| Labels Buyer LLC, 12.00% |
|
282 |
$ 231,240 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc., 07/21/30(d) |
|
338 |
67,656 |
| Health Care Providers & Services — 0.0% |
| ||
| Ingenovis Health, Inc., 12/31/79 |
|
25,584 |
96,976 |
| IT Services — 0.0% |
| ||
| Veritas Newco |
|
|
|
| Series G, 12/31/49 |
|
1,814 |
36,268 |
| Series G-1, 12/31/49 |
|
1,252 |
24,418 |
| |
|
|
60,686 |
| |
456,558 | ||
| Total Preferred Securities — 0.1% (Cost: $558,303) |
456,558 | ||
| Warrants | |||
| Financial Services(c) — 0.0% |
| ||
| Labels Buyer LLC |
|
245 |
612 |
| Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) |
|
1,895 |
— |
| |
|
|
612 |
| Total Warrants — 0.0% (Cost: $ — ) |
612 | ||
| Total Long-Term Investments — 127.3% (Cost: $528,904,689) |
513,568,488 | ||
| Security |
|
Shares |
Value |
| Short-Term Securities | |||
| Money Market Funds — 0.5% |
| ||
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(h)(i) |
|
2,046,587 |
$ 2,046,587 |
| Total Short-Term Securities — 0.5% (Cost: $2,046,587) |
2,046,587 | ||
| Total Investments — 127.8% (Cost: $530,951,276) |
515,615,075 | ||
| Liabilities in Excess of Other Assets — (27.8)% |
(112,196,990 ) | ||
| Net Assets — 100.0% |
$ 403,418,085 | ||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Non-income producing security. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
Issuer filed for bankruptcy and/or is in default. |
| (f) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (g) |
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. |
| (h) |
Affiliate of the Fund. |
| (i) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 12/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/26 |
Shares Held at 06/30/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ — |
$ 2,046,587 (a) |
$ — |
$ — |
$ — |
$ 2,046,587 |
2,046,587 |
$ 10,659 |
$ — |
| iShares 0-5 Year High Yield Corporate Bond ETF(b) |
214,350 |
— |
(213,500 ) |
9,119 |
(9,969 ) |
— |
— |
1,246 |
— |
| iShares 0-5 Year Investment Grade Corporate Bond ETF |
— |
2,014,600 |
— |
— |
200 |
2,014,800 |
40,000 |
22,142 |
— |
| |
|
|
|
$ 9,119 |
$ (9,769 ) |
$ 4,061,387 |
|
$ 34,047 |
$ — |
| (a) |
Represents net amount purchased (sold). |
| (b) |
As of period end, the entity is no longer held. |
56
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
| Short Contracts |
|
|
|
|
| 10-Year U.S. Ultra Long Treasury Note |
10 |
09/21/26 |
$ 1,123 |
$ (13,882 ) |
| U.S. Long Bond |
6 |
09/21/26 |
678 |
(16,118 ) |
| |
|
|
|
$ (30,000 ) |
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
| USD |
200,558 |
EUR |
172,000 |
Wells Fargo Bank N.A. |
09/16/26 |
$ 3,410 |
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 |
$ — |
$ — |
$ — |
$ 3,410 |
$ — |
$ — |
$ 3,410 |
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 30,000 |
$ — |
$ 30,000 |
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended June 30, 2026, 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 |
$ — |
$ — |
$ — |
$ — |
$ 66,563 |
$ — |
$ 66,563 |
| Forward foreign currency exchange contracts |
— |
— |
— |
5,373 |
— |
— |
5,373 |
| |
$ — |
$ — |
$ — |
$ 5,373 |
$ 66,563 |
$ — |
$ 71,936 |
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (43,528 ) |
$ — |
$ (43,528 ) |
| Forward foreign currency exchange contracts |
— |
— |
— |
3,410 |
— |
— |
3,410 |
| |
$ — |
$ — |
$ — |
$ 3,410 |
$ (43,528 ) |
$ — |
$ (40,118 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
|
| Average notional value of contracts — short |
$1,865,469 |
| Forward foreign currency exchange contracts: |
|
| Average amounts purchased — in USD |
199,488 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments 57
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| |
Assets |
Liabilities |
| Derivative Financial Instruments |
|
|
| Futures contracts |
$ 12,344 |
$ — |
| Forward foreign currency exchange contracts |
3,410 |
— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities |
15,754 |
— |
| Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(12,344 ) |
— |
| Total derivative assets and liabilities subject to an MNA |
$ 3,410 |
$ — |
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(a) |
Cash Collateral Received(a) |
Net Amount of Derivative Assets(b) |
| Wells Fargo Bank N.A. |
$ 3,410 |
$ — |
$ — |
$ — |
$ 3,410 |
| (a) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| (b) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets |
|
|
|
|
| Investments |
|
|
|
|
| Long-Term Investments |
|
|
|
|
| Asset-Backed Securities |
$ — |
$ 2,997,432 |
$ — |
$ 2,997,432 |
| Common Stocks |
|
|
|
|
| Financial Services |
— |
219,372 |
— |
219,372 |
| Ground Transportation |
— |
1,226 |
— |
1,226 |
| Hotels, Restaurants & Leisure |
— |
— |
96,375 |
96,375 |
| Industrial Conglomerates |
— |
114,978 |
— |
114,978 |
| IT Services |
— |
— |
184,039 |
184,039 |
| Machinery |
— |
— |
286,590 |
286,590 |
| Semiconductors & Semiconductor Equipment |
1 |
— |
— |
1 |
| Trading Companies & Distributors |
— |
47,069 |
— |
47,069 |
| Transportation Infrastructure |
— |
— |
100,302 |
100,302 |
| Wireless Telecommunication Services |
— |
201,322 |
— |
201,322 |
| Corporate Bonds |
— |
6,759,808 |
211,857 |
6,971,665 |
| Fixed Rate Loan Interests |
— |
1,691,318 |
— |
1,691,318 |
| Floating Rate Loan Interests |
— |
469,667,568 |
8,795,774 |
478,463,342 |
| Investment Companies |
|
|
|
|
| Capital Markets |
2,019,600 |
— |
— |
2,019,600 |
| Equity Funds |
17,542,790 |
159,097 |
— |
17,701,887 |
| Fixed Income Funds |
2,014,800 |
— |
— |
2,014,800 |
| Preferred Securities |
|
|
|
|
| Preferred Stocks |
— |
388,902 |
67,656 |
456,558 |
| Warrants |
— |
612 |
— |
612 |
58
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
Fair Value Hierarchy as of Period End (continued)
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
$ 2,046,587 |
$ — |
$ — |
$ 2,046,587 |
| Unfunded Floating Rate Loan Interests(a) |
— |
24,542 |
— |
24,542 |
| Liabilities |
|
|
|
|
| Unfunded Floating Rate Loan Interests(a) |
— |
(2,819 ) |
(21,856 ) |
(24,675 ) |
| |
$23,623,778 |
$482,270,427 |
$9,720,737 |
$515,614,942 |
| Derivative Financial Instruments(b) |
|
|
|
|
| Assets |
|
|
|
|
| Foreign Currency Exchange Contracts |
$ — |
$ 3,410 |
$ — |
$ 3,410 |
| Liabilities |
|
|
|
|
| Interest Rate Contracts |
(30,000 ) |
— |
— |
(30,000 ) |
| |
$(30,000 ) |
$3,410 |
$— |
$(26,590 ) |
| (a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| (b) |
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $94,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| |
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Other Interests |
Preferred Stocks |
Unfunded Floating Rate Loan Interests |
| Assets/Liabilities |
|
|
|
|
|
|
|
| Opening balance, as of December 31, 2025 |
$ 1,807,223 |
$ 69,012 |
$ — |
$ 13,788,015 |
$ — (a) |
$ 71,415 |
$ 272 |
| Transfers into Level 3(b) |
— |
— |
— |
— |
— |
59,199 |
5,481 |
| Transfers out of Level 3(c) |
(523,178 ) |
— |
— |
(5,235,784 ) |
— |
(71,415 ) |
(272 ) |
| Accrued discounts/premiums |
— |
760 |
— |
2,022 |
— |
— |
— |
| Net realized gain (loss) |
249,324 |
— |
— |
(82,858 ) |
— |
— |
— |
| Net change in unrealized appreciation (depreciation)(d)(e) |
(860,706 ) |
(109,161 ) |
(3,535 ) |
35,959 |
— |
8,457 |
(27,337 ) |
| Purchases |
1,122,607 |
251,246 |
3,535 |
6,130,356 |
— |
— |
— |
| Sales |
(1,127,964 ) |
— |
— |
(5,841,936 ) |
— |
— |
— |
| Closing balance, as of June 30, 2026 |
$ 667,306 |
$ 211,857 |
$ — |
$ 8,795,774 |
$ — |
$ 67,656 |
$ (21,856 ) |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ (1,411,898 ) |
$ (109,161 ) |
$ (3,535 ) |
$ 2,666 |
$ — |
$ 8,457 |
$ (27,337 ) |
| |
Total |
| Assets |
|
| Opening balance, as of December 31, 2025 |
$ 15,735,937 |
| Transfers into Level 3(b) |
64,680 |
| Transfers out of Level 3(c) |
(5,830,649 ) |
| Accrued discounts/premiums |
2,782 |
| Net realized gain (loss) |
166,466 |
| Net change in unrealized appreciation (depreciation)(d)(e) |
(956,323 ) |
| Purchases |
7,507,744 |
| Sales |
(6,969,900 ) |
| Closing balance, as of June 30, 2026 |
$ 9,720,737 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ (1,540,808 ) |
| (a) |
Rounds to less than $1. |
| (b) |
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, 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 fair value hierarchy. |
| (c) |
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, 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 fair value 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, 2026 is generally due to investments no longer held or categorized as Level 3 at period end. |
Schedule of Investments 59
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
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.
60
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities | |||
| Sterling COOFS Trust(a)(b) |
|
|
|
| Series 2004-1, Class A, 2.36%, 04/15/29 |
$ |
436 |
$ — |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |
|
55 |
— |
| Total Asset-Backed Securities — 0.0% (Cost: $33,624) |
— | ||
| Non-Agency Mortgage-Backed Securities | |||
| Collateralized Mortgage Obligations(b) — 0.6% | |||
| Bravo Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49(c) |
|
22 |
21,182 |
| Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(c) |
|
27 |
26,420 |
| COLT Mortgage Loan Trust, Series 2022-2, Class A1, 3.99%, 02/25/67 |
|
88 |
83,755 |
| CSMC, Series 2022-ATH1, Class A1A, 3.87%, 01/25/67(c) |
|
70 |
68,119 |
| Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, 01/25/67(c) |
|
174 |
153,451 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(c) |
|
147 |
121,382 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52(c) |
|
72 |
59,528 |
| GS Mortgage-Backed Securities Trust, Series 2021- PJ2, Class A2, 2.50%, 11/25/51(c) |
|
71 |
58,367 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |
|
60 |
60,296 |
| JP Morgan Mortgage Trust(c) |
|
|
|
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |
|
79 |
76,831 |
| Series 2022-INV3, Class A3B, 3.00%, 09/25/52 |
|
72 |
61,630 |
| Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(c) |
|
77 |
65,872 |
| MFA Trust, Series 2020-NQM1, Class A1, 2.48%, 03/25/65(c) |
|
20 |
19,363 |
| OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52(c) |
|
73 |
63,195 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(c) |
|
113 |
112,912 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(c) |
|
108 |
107,884 |
| RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(c) |
|
73 |
62,386 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(c) |
|
111 |
110,636 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(c) |
|
200 |
179,038 |
| TRK Trust, Series 2021-INV2, Class A1, 1.97%, 11/25/56(c) |
|
86 |
77,144 |
| Verus Securitization Trust |
|
|
|
| Series 2022-1, Class A1, 3.72%, 01/25/67 |
|
62 |
58,059 |
| Series 2022-3, Class A1, 5.13%, 02/25/67 |
|
246 |
233,637 |
| Series 2024-6, Class A1, 5.80%, 07/25/69 |
|
82 |
82,409 |
| |
|
|
1,963,496 |
| Commercial Mortgage-Backed Securities — 9.2% | |||
| 1301 Trust, Series 2025-1301, Class A, 5.23%, 08/11/42(b)(c) |
|
210 |
209,747 |
| 1345T, Series 2025-AOA, Class A, (1 mo. Term SOFR + 1.60%), 5.23%, 06/15/42(b)(c) |
|
450 |
450,280 |
| 425 Trust(b)(c)(d) |
|
|
|
| Series 2026-LEX, Class A, 07/15/43 |
|
329 |
329,000 |
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| 425 Trust(b)(c)(d) (continued) |
|
|
|
| Series 2026-LEX, Class B, 07/15/43 |
$ |
385 |
$ 385,000 |
| ARES Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2026-AZURE, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 03/15/38 |
|
680 |
679,999 |
| Series 2026-AZURE, Class B, (1 mo. Term SOFR + 1.60%), 5.23%, 03/15/38 |
|
140 |
140,000 |
| ARES Trust, Series 2025-IND3, Class A, (1 mo. Term SOFR + 1.50%), 5.13%, 04/15/42(b)(c) |
|
212 |
212,394 |
| BAMLL Trust, Series 2024-BHP, Class A, (1 mo. Term SOFR + 2.35%), 5.98%, 08/15/39(b)(c) |
|
135 |
135,504 |
| BAY Mortgage Trust, Series 2025-LIVN, Class A, (1 mo. Term SOFR + 1.80%), 5.43%, 05/15/35(b)(c) |
|
481 |
481,150 |
| BBCMS Mortgage Trust, Series 2018-TALL, Class A, (1 mo. Term SOFR + 0.92%), 4.55%, 03/15/37(b)(c) |
|
290 |
274,050 |
| Benchmark Mortgage Trust, Series 2025-V18, Class B, 5.94%, 10/15/58 |
|
200 |
201,101 |
| BFLD Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2025-660F, Class A, (1 mo. Term SOFR + 1.50%), 5.13%, 11/15/42 |
|
335 |
335,733 |
| Series 2025-660F, Class B, (1 mo. Term SOFR + 1.80%), 5.43%, 11/15/42 |
|
130 |
130,487 |
| BFLD Trust(b)(c) |
|
|
|
| Series 2025-EWEST, Class A, (1 mo. Term SOFR + 1.55%), 5.18%, 06/15/42 |
|
345 |
345,000 |
| Series 2025-FPM, Class A, 5.18%, 10/10/40 |
|
263 |
262,203 |
| BLP Commercial Mortgage Trust, Series 2023-IND, Class A, (1 mo. Term SOFR + 1.69%), 5.32%, 03/15/40(b)(c) |
|
447 |
447,943 |
| BMO Mortgage Trust, Series 2024-C8, Class A5, 5.60%, 03/15/57(c) |
|
145 |
149,702 |
| BPR Commercial Mortgage Trust, Series 2025-STAR, Class B, 5.56%, 11/05/42(b)(c) |
|
160 |
157,740 |
| BPR Mortgage Trust, Series 2025-ALDR, Class A, 5.67%, 06/05/42(b) |
|
190 |
193,043 |
| BRCK Trust, Series 2025-830B, Class A, 4.96%, 12/10/42(b)(c) |
|
805 |
796,723 |
| BSTN Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2025-1C, Class A, 5.55%, 06/15/44 |
|
155 |
157,117 |
| Series 2025-HUB, Class A, 5.06%, 04/13/41 |
|
145 |
143,698 |
| BX Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2024-GPA3, Class A, (1 mo. Term SOFR + 1.29%), 4.92%, 12/15/39 |
|
175 |
174,842 |
| Series 2024-XL4, Class A, (1 mo. Term SOFR + 1.44%), 5.07%, 02/15/39 |
|
253 |
253,452 |
| Series 2025-BCAT, Class A, (1 mo. Term SOFR + 1.38%), 5.01%, 08/15/42 |
|
390 |
390,827 |
| Series 2025-JDI, Class A, (1 mo. Term SOFR + 1.40%), 5.03%, 11/15/42 |
|
511 |
512,561 |
| Series 2026-LP3, Class A, (1 mo. Term SOFR + 1.38%), 5.01%, 04/15/43 |
|
292 |
293,143 |
| Series 2026-VLT9, Class A, (1 mo. Term SOFR + 1.70%), 5.33%, 03/15/45 |
|
553 |
552,654 |
| BX Trust(b)(c) |
|
|
|
| Series 2024-BIO, Class A, (1 mo. Term SOFR + 1.64%), 5.27%, 02/15/41 |
|
145 |
145,091 |
| Series 2024-VLT4, Class A, (1 mo. Term SOFR + 1.49%), 5.12%, 06/15/41 |
|
101 |
100,810 |
| Series 2025-LIFE, Class A, 6.08%, 06/13/47 |
|
330 |
328,176 |
| Series 2025-LUNR, Class A, (1 mo. Term SOFR + 1.50%), 5.13%, 06/15/40 |
|
447 |
448,339 |
Schedule of Investments 61
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| BX Trust(b)(c) (continued) |
|
|
|
| Series 2025-OMG, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 10/15/42 |
$ |
209 |
$ 209,131 |
| Series 2025-TAIL, Class A, (1 mo. Term SOFR + 1.40%), 5.03%, 06/15/35 |
|
362 |
362,916 |
| Series 2025-VLT6, Class A, (1 mo. Term SOFR + 1.44%), 5.07%, 03/15/42 |
|
615 |
614,231 |
| Series 2025-VOLT, Class A, (1 mo. Term SOFR + 1.70%), 5.33%, 12/15/44 |
|
760 |
760,712 |
| Series 2026-CLS, Class A, (1 mo. Term SOFR + 1.40%), 5.03%, 05/15/43 |
|
188 |
188,176 |
| Series 2026-PNDA, Class A, (1 mo. Term SOFR + 1.30%), 4.93%, 05/15/43 |
|
390 |
390,853 |
| CEDR Commercial Mortgage Trust 2022-SNAI, Series 2022-SNAI, Class A, (1 mo. Term SOFR + 0.99%), 4.61%, 02/15/39(b)(c) |
|
575 |
571,538 |
| CHI Commercial Mortgage Trust, Series 2025-110W, Class A, 5.10%, 12/13/40(b)(c) |
|
935 |
928,526 |
| CIP Commercial Mortgage Trust, Series 2025-SBAY, Class A, (1 mo. Term SOFR + 1.40%), 5.03%, 10/15/37(b)(c) |
|
283 |
283,708 |
| Citigroup Commercial Mortgage Trust, Series 2023- SMRT, Class A, 6.01%, 06/12/40(b)(c) |
|
340 |
344,925 |
| Commercial Mortgage Trust, Series 2024-WCL1, Class A, (1 mo. Term SOFR + 1.84%), 5.47%, 06/15/41(b)(c) |
|
410 |
409,872 |
| CRB Commercial Mortgage Trust, Series 2025-CRE1, Class A, 3.90%, 09/15/58(b)(c) |
|
1,909 |
1,882,480 |
| CSAIL Commercial Mortgage Trust, Series 2018-C14, Class XA, 0.67%, 11/15/51(c) |
|
1,867 |
17,367 |
| CSRO Trust, Series 2023-BRND, Class A, 7.12%, 07/10/40(b) |
|
177 |
181,270 |
| CSTL Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2025-GATE2, Class A, 4.71%, 11/10/42 |
|
290 |
284,518 |
| Series 2026-GATE3, Class A, 4.85%, 02/10/43 |
|
482 |
477,943 |
| CVLR Trust, Series 2026-R3LX, Class A, (1 mo. Term SOFR + 1.55%), 5.15%, 06/15/43(b)(c) |
|
228 |
228,000 |
| DBC Mortgage Trust, Series 2025-DBC, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 11/15/42(b)(c) |
|
565 |
565,530 |
| DK Trust, Series 2025-LXP, Class A, (1 mo. Term SOFR + 1.59%), 5.23%, 08/15/37(b)(c) |
|
73 |
73,228 |
| Extended Stay America Trust(b)(c) |
|
|
|
| Series 2025-ESH, Class A, (1 mo. Term SOFR + 1.30%), 4.93%, 10/15/42 |
|
183 |
183,396 |
| Series 2026-ESH2, Class A, (1 mo. Term SOFR + 1.20%), 4.83%, 02/15/43 |
|
323 |
323,642 |
| GSAT Trust, Series 2025-BMF, Class A, (1 mo. Term SOFR + 1.50%), 5.13%, 07/15/40(b)(c) |
|
645 |
645,154 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, 01/13/40(b)(c) |
|
460 |
467,263 |
| ILPT Commercial Mortgage Trust, Series 2025-LPF2, Class A, 5.47%, 07/13/42(b)(c) |
|
553 |
555,743 |
| INTOWN STAY Mortgage Trust, Series 2025-STAY, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 03/15/42(b)(c) |
|
510 |
510,000 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2025-BHR5, Class A, (1 mo. Term SOFR + 1.69%), 5.32%, 03/15/40(b)(c) |
|
90 |
90,091 |
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| LEX Trust, Series 2026-450, Class B, (1 mo. Term SOFR + 1.70%), 5.33%, 03/15/43(b)(c) |
$ |
405 |
$ 406,266 |
| LQR Trust, Series 2025-CALI, Class A, (1 mo. Term SOFR + 1.60%), 5.23%, 01/15/43(b)(c) |
|
669 |
668,164 |
| Manhattan West Mortgage Trust, Series 2026-2MW, Class A, 5.50%, 06/10/48(b)(c) |
|
565 |
569,027 |
| MIRA Trust, Series 2023, Class A, 6.75%, 06/10/38(b) |
|
569 |
580,357 |
| MLTI Trust(b)(c) |
|
|
|
| Series 2026-MLTI, Class A10, (1 mo. Term SOFR + 1.40%), 5.02%, 06/15/39 |
|
380 |
380,000 |
| Series 2026-SF75, Class B, (1 mo. Term SOFR + 1.70%), 5.33%, 03/15/36 |
|
279 |
279,174 |
| National Commercial Mortgage Trust, Series 2026-IND, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 06/15/43(b)(c) |
|
525 |
525,327 |
| NCMF Trust, Series 2025-MFS, Class A, 5.05%, 06/10/33(b)(c) |
|
493 |
488,874 |
| NJ WBRK, Series 2025-WBRK, Class A, 5.87%, 03/05/35(b)(c) |
|
320 |
326,639 |
| NRTH Commercial Mortgage Trust, Series 2025-PARK, Class A, (1 mo. Term SOFR + 1.39%), 5.02%, 10/15/40(b)(c) |
|
580 |
581,450 |
| NYC Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2025-28L, Class A, 4.82%, 11/05/38 |
|
156 |
154,733 |
| Series 2025-3BP, Class A, (1 mo. Term SOFR + 1.21%), 4.84%, 02/15/42 |
|
510 |
509,841 |
| Series 2026-1PARK, Class A, (1 mo. Term SOFR + 1.25%), 4.88%, 02/15/43 |
|
275 |
274,828 |
| NYCT Trust, Series 2025-77C, Class A, 4.95%, 01/10/36(b)(c) |
|
1,455 |
1,440,571 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class A, 5.34%, 08/10/42(b)(c) |
|
89 |
89,885 |
| PLYM Commercial Mortgage Trust, Series 2026-IND, Class A, (1 mo. Term SOFR + 1.25%), 4.88%, 03/15/43(b)(c) |
|
935 |
935,582 |
| PRM Trust, Series 2025-PRM6, Class A, 4.63%, 07/05/33(b)(c) |
|
394 |
389,672 |
| SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term SOFR + 2.44%), 6.07%, 04/15/42(b)(c) |
|
476 |
476,419 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1 mo. Term SOFR + 1.39%), 5.02%, 05/15/39(b)(c) |
|
111 |
111,139 |
| SHRN Trust, Series 2025-MF18, Class A, (1 mo. Term SOFR + 1.20%), 4.83%, 10/15/40(b)(c) |
|
500 |
499,688 |
| SLG Commercial Mortgage Trust(b)(c) |
|
|
|
| Series 2026-PAT, Class A, 4.93%, 02/15/39 |
|
202 |
199,567 |
| Series 2026-PAT, Class B, 5.21%, 02/15/39 |
|
175 |
172,910 |
| UNIV Trust, Series 2025-APTS, Class A, (1 mo. Term SOFR + 1.65%), 5.28%, 11/15/42(b)(c) |
|
640 |
638,179 |
| Wells Fargo Commercial Mortgage Trust(c) |
|
|
|
| Series 2018-AUS, Class A, 4.19%, 08/17/36(b) |
|
583 |
569,369 |
| Series 2018-C44, Class XA, 0.86%, 05/15/51 |
|
4,281 |
44,023 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.53%, 07/15/40(b)(c) |
|
231 |
233,378 |
| |
|
|
32,912,784 |
62
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Interest Only Collateralized Mortgage Obligations — 0.0% | |||
| CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37 |
$ |
96 |
$ 20,896 |
| IndyMac INDX Mortgage Loan Trust, Series 2006- AR33, Class 4AX, 0.17%, 01/25/37(a) |
|
16,035 |
2 |
| |
|
|
20,898 |
| Principal Only Collateralized Mortgage Obligations(e) — 0.0% | |||
| Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 2.58%, 02/25/36 |
|
72 |
44,899 |
| Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9, Class CP, 5.00%, 11/25/35 |
|
44 |
24,957 |
| |
|
|
69,856 |
| Total Non-Agency Mortgage-Backed Securities — 9.8% (Cost: $35,079,146) |
34,967,034 | ||
| U.S. Government Sponsored Agency Securities | |||
| Agency Obligations — 3.4% |
| ||
| Federal Farm Credit Banks Funding Corp. |
|
|
|
| 2.75%, 02/22/30 |
|
400 |
380,721 |
| 1.84%, 01/25/36 |
|
500 |
384,269 |
| Federal Home Loan Banks, 1.61%, 01/27/33 |
|
300 |
250,531 |
| Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30(f) |
|
13,000 |
11,038,745 |
| |
|
|
12,054,266 |
| Collateralized Mortgage Obligations — 52.3% |
| ||
| Fannie Mae REMICS |
|
|
|
| Series 2004-31, Class ZG, 7.50%, 05/25/34 |
|
1,071 |
1,136,851 |
| Series 2005-73, Class DS, (30-day Avg SOFR + 17.25%), 7.82%, 08/25/35(c) |
|
14 |
14,169 |
| Series 2010-134, Class DB, 4.50%, 12/25/40 |
|
3,997 |
3,928,512 |
| Series 2010-136, Class CY, 4.00%, 12/25/40 |
|
2,016 |
1,954,679 |
| Series 2010-47, Class JB, 5.00%, 05/25/30 |
|
689 |
691,575 |
| Series 2011-117, Class CP, 4.00%, 11/25/41 |
|
13,858 |
13,284,713 |
| Series 2011-8, Class ZA, 4.00%, 02/25/41 |
|
2,746 |
2,649,253 |
| Series 2011-99, Class CB, 4.50%, 10/25/41 |
|
19,543 |
19,177,233 |
| Series 2012-104, Class QD, 4.00%, 09/25/42 |
|
1,639 |
1,508,442 |
| Series 2017-90, Class WB, 3.00%, 11/25/47 |
|
433 |
352,552 |
| Series 2018-32, Class PS, (30-day Avg SOFR + 7.10%), 2.87%, 05/25/48(c) |
|
3,181 |
2,659,502 |
| Series 2018-50, Class EB, 4.00%, 07/25/48 |
|
1,761 |
1,702,225 |
| Series 2020-57, Class LI, 2.00%, 08/25/50 |
|
5,500 |
4,159,991 |
| Series 2020-79, Class JA, 1.50%, 11/25/50 |
|
154 |
141,770 |
| Series 2022-10, Class PZ, 3.50%, 02/25/52 |
|
1,532 |
1,220,860 |
| Series 2022-25, Class KL, 4.00%, 05/25/52 |
|
1,000 |
916,625 |
| Series 2022-31, Class BZ, 4.00%, 10/25/51 |
|
777 |
668,041 |
| Series 2025-106, Class PL, 5.00%, 12/25/55 |
|
2,443 |
2,346,987 |
| Series 2025-2, Class FG, (30-day Avg SOFR + 1.45%), 5.08%, 02/25/55(c) |
|
166 |
166,291 |
| Series 2025-35, Class FJ, (30-day Avg SOFR + 1.60%), 5.23%, 05/25/55(c) |
|
205 |
208,467 |
| Series 2025-74, Class AT, 5.00%, 09/25/55 |
|
10,346 |
10,262,344 |
| Series 5178, Class CY, 2.00%, 01/25/42 |
|
4,663 |
3,295,137 |
| Series 5231, Class ZA, 4.00%, 06/25/52 |
|
5,291 |
4,401,625 |
| Series 5499, Class FW, (30-day Avg SOFR + 1.40%), 5.03%, 02/25/55(c) |
|
4,180 |
4,223,641 |
| Freddie Mac REMICS |
|
|
|
| Series 2218, Class Z, 8.50%, 03/15/30 |
|
61 |
63,416 |
| Series 2731, Class ZA, 4.50%, 01/15/34 |
|
859 |
849,775 |
| Series 2927, Class BZ, 5.50%, 02/15/35 |
|
607 |
617,730 |
| Series 3762, Class LN, 4.00%, 11/15/40 |
|
1,932 |
1,837,044 |
| Security |
|
Par (000) |
Value |
| Collateralized Mortgage Obligations (continued) |
| ||
| Freddie Mac REMICS (continued) |
|
|
|
| Series 3856, Class PB, 5.00%, 05/15/41 |
$ |
4,584 |
$ 4,603,001 |
| Series 3963, Class JB, 4.50%, 11/15/41 |
|
351 |
344,814 |
| Series 4016, Class BX, 4.00%, 09/15/41 |
|
11,594 |
11,242,822 |
| Series 4269, Class PM, 4.00%, 08/15/41 |
|
8,884 |
8,400,281 |
| Series 4299, Class JY, 4.00%, 01/15/44 |
|
1,000 |
943,345 |
| Series 4398, Class ZX, 4.00%, 09/15/54 |
|
398 |
363,995 |
| Series 4615, Class LB, 4.50%, 09/15/41 |
|
5,671 |
5,547,055 |
| Series 4748, Class BM, 3.50%, 11/15/47 |
|
3,351 |
2,912,626 |
| Series 4774, Class L, 4.50%, 03/15/48 |
|
3,854 |
3,763,890 |
| Series 4830, Class AV, 4.00%, 10/15/33 |
|
1,069 |
1,022,208 |
| Series 4921, Class NL, 3.00%, 10/25/49 |
|
504 |
337,314 |
| Series 5230, Class DL, 3.50%, 09/25/44 |
|
400 |
345,238 |
| Series 5249, Class LB, 4.00%, 08/25/52 |
|
6,295 |
5,953,246 |
| Series 5468, Class FM, (30-day Avg SOFR + 1.20%), 4.83%, 11/25/54(c) |
|
543 |
545,980 |
| Series 5468, Class MF, (30-day Avg SOFR + 1.30%), 4.93%, 11/25/54(c) |
|
420 |
423,710 |
| Series 5471, Class FM, (30-day Avg SOFR + 1.40%), 5.03%, 11/25/54(c) |
|
576 |
581,924 |
| Series 5491, Class FA, (30-day Avg SOFR + 1.30%), 4.93%, 01/25/55(c) |
|
817 |
823,713 |
| Series 5518, Class FC, (30-day Avg SOFR + 1.32%), 4.95%, 03/25/55(c) |
|
943 |
950,647 |
| Freddie Mac Seasoned Credit Risk Transfer Trust |
|
|
|
| Series 2018-2, Class MA, 3.50%, 11/25/57 |
|
332 |
321,489 |
| Series 2019-1, Class MA, 3.50%, 07/25/58 |
|
649 |
622,518 |
| Series 2019-2, Class MA, 3.50%, 08/26/58 |
|
267 |
254,578 |
| Freddie Mac Structured Pass-Through Certificates, Series T-11, Class A9, 0.13%, 01/25/28(c) |
|
7 |
6,617 |
| Ginnie Mae |
|
|
|
| Series 2011-88, Class PY, 4.00%, 06/20/41 |
|
5,742 |
5,571,557 |
| Series 2012-16, Class HJ, 4.00%, 09/20/40 |
|
3,817 |
3,677,778 |
| Series 2015-96, Class ZM, 4.00%, 07/20/45 |
|
9,599 |
9,052,433 |
| Series 2018-91, Class ZL, 4.00%, 07/20/48 |
|
7,051 |
6,118,622 |
| Series 2022-176, Class JZ, 4.50%, 10/20/52 |
|
4,845 |
4,361,975 |
| Series 2022-45, Class ZA, 4.50%, 06/20/50 |
|
3,635 |
3,250,952 |
| Series 2022-63, Class ZM, 3.50%, 10/20/50 |
|
4,817 |
3,916,347 |
| Series 2023-131, Class PZ, 5.50%, 09/20/53 |
|
10,251 |
10,327,992 |
| Series 2026-25, Class DY, 4.50%, 02/20/56 |
|
2,404 |
2,157,821 |
| Series 2026-63, Class LK, 4.50%, 04/20/56 |
|
3,981 |
3,549,910 |
| |
|
|
186,735,848 |
| Commercial Mortgage-Backed Securities(c) — 0.3% |
| ||
| Freddie Mac Multifamily Structured Pass Through Certificates |
|
|
|
| Series K094, Class X1, 1.01%, 06/25/29 |
|
1,348 |
30,454 |
| Series K104, Class X1, 1.22%, 01/25/30 |
|
1,284 |
42,947 |
| Series K105, Class X1, 1.63%, 01/25/30 |
|
1,761 |
80,104 |
| Series K107, Class X1, 1.70%, 01/25/30 |
|
1,186 |
57,098 |
| Series K109, Class X1, 1.68%, 04/25/30 |
|
908 |
45,039 |
| Series K110, Class X1, 1.75%, 04/25/30 |
|
363 |
18,326 |
| Series K113, Class X1, 1.47%, 06/25/30 |
|
1,555 |
69,035 |
| Series K115, Class X1, 1.41%, 06/25/30 |
|
1,906 |
83,389 |
| Series K120, Class X1, 1.12%, 10/25/30 |
|
3,769 |
133,641 |
| Series K122, Class X1, 0.95%, 11/25/30 |
|
1,620 |
51,056 |
| Ginnie Mae |
|
|
|
| Series 2013-63, Class IO, 0.71%, 09/16/51 |
|
2,086 |
47,164 |
| Series 2014-169, Class IO, 0.58%, 10/16/56 |
|
11,195 |
236,486 |
| |
|
|
894,739 |
Schedule of Investments 63
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Interest Only Collateralized Mortgage Obligations — 14.6% |
| ||
| Fannie Mae REMIC Trust, Series 1999-W4, Class IO, 6.50%, 12/25/28 |
$ |
8 |
$ 222 |
| Fannie Mae REMICS |
|
|
|
| Series 2006-36, Class PS, (30-day Avg SOFR + 6.49%), 2.86%, 05/25/36(c) |
|
1,395 |
122,580 |
| Series 2011-134, Class ST, (30-day Avg SOFR + 5.89%), 2.26%, 12/25/41(c) |
|
8,642 |
776,980 |
| Series 2012-47, Class NI, 4.50%, 04/25/42 |
|
120 |
14,373 |
| Series 2013-10, Class PI, 3.00%, 02/25/43 |
|
2,835 |
327,857 |
| Series 2013-45, Class EI, 4.00%, 04/25/43 |
|
1,037 |
80,681 |
| Series 2015-66, Class AS, (30-day Avg SOFR + 6.14%), 2.51%, 09/25/45(c) |
|
5,313 |
262,380 |
| Series 2020-12, Class JI, 4.50%, 03/25/50 |
|
5,373 |
1,256,102 |
| Series 2021-13, Class AI, 4.00%, 01/25/49 |
|
15,245 |
2,695,186 |
| Series 2021-23, Class CI, 3.50%, 07/25/46 |
|
13,671 |
2,400,761 |
| Series 2021-26, Class AI, 3.50%, 05/25/50 |
|
20,093 |
3,609,392 |
| Series 2021-67, Class IG, 3.00%, 10/25/51 |
|
5,245 |
843,457 |
| Series 5119, Class IC, 4.00%, 06/25/51 |
|
15,283 |
3,059,395 |
| Freddie Mac REMICS |
|
|
|
| Series 3923, Class SD, (30-day Avg SOFR + 5.89%), 2.29%, 09/15/41(c) |
|
11,175 |
960,505 |
| Series 3954, Class SL, (30-day Avg SOFR + 5.89%), 2.29%, 11/15/41(c) |
|
6,249 |
511,953 |
| Series 4026, Class IO, 4.50%, 04/15/32 |
|
278 |
15,079 |
| Series 4706, Class IG, 4.00%, 07/15/47 |
|
9,769 |
1,815,784 |
| Series 5013, Class JI, 4.00%, 09/25/50 |
|
14,413 |
2,921,242 |
| Series 5083, Class IN, 4.50%, 07/25/32 |
|
5,934 |
385,387 |
| Series 5116B, Class CI, 3.00%, 06/25/51 |
|
14,713 |
1,902,756 |
| Series 5138, Class IP, 3.00%, 04/25/51 |
|
14,299 |
2,395,209 |
| Series 5236, Class JI, 4.00%, 02/25/52 |
|
22,951 |
2,440,311 |
| Ginnie Mae |
|
|
|
| Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 2.72%, 12/16/39(c) |
|
323 |
28,303 |
| Series 2011-52, Class MJ, (1 mo. Term SOFR + 6.54%), 2.90%, 04/20/41(c) |
|
1,401 |
90,903 |
| Series 2012-97, Class JS, (1 mo. Term SOFR + 6.14%), 2.50%, 08/16/42(c) |
|
1,289 |
32,170 |
| Series 2020-146, Class IO, 3.50%, 10/20/50 |
|
4,709 |
869,696 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 |
|
23,699 |
3,481,307 |
| Series 2021-193, Class IA, 3.00%, 11/20/51 |
|
11,582 |
1,946,932 |
| Series 2021-87, Class NI, 3.00%, 05/20/51 |
|
6,277 |
1,028,714 |
| Series 2022-10, Class IT, 3.50%, 01/20/52 |
|
10,238 |
1,530,947 |
| Series 2022-159, Class AI, 4.00%, 11/20/50 |
|
7,965 |
1,413,034 |
| series 2022-60H, Class IH, 2.50%, 02/20/51 |
|
18,347 |
2,570,747 |
| Series 2025-203, Class PI, 5.50%, 11/20/55 |
|
14,749 |
3,252,253 |
| Series 2025-214, Class DI, 5.50%, 12/20/55 |
|
3,490 |
738,990 |
| Series 2026-34, Class MI, 5.50%, 02/20/56 |
|
16,720 |
3,602,568 |
| Series 2026-7, Class PI, 5.50%, 01/20/56 |
|
11,835 |
2,637,236 |
| Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.00%, 05/15/29(c) |
|
2,168 |
2 |
| |
|
|
52,021,394 |
| Mortgage-Backed Securities — 62.8% |
| ||
| Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/56 - 01/01/57(g) |
|
24,362 |
22,828,734 |
| Freddie Mac Mortgage-Backed Securities |
|
|
|
| 5.50%, 01/01/39(g) |
|
2,682 |
2,723,314 |
| 4.00%, 05/01/39(g) |
|
112 |
108,253 |
| 3.50%, 01/01/46 |
|
595 |
554,795 |
| Ginnie Mae Mortgage-Backed Securities |
|
|
|
| 8.00%, 12/15/26 - 06/15/27 |
|
— (h) |
590 |
| Security |
|
Par (000) |
Value |
| Mortgage-Backed Securities (continued) |
| ||
| Ginnie Mae Mortgage-Backed Securities (continued) |
|
|
|
| 5.00%, 11/15/35 - 10/20/39 |
$ |
698 |
$ 709,718 |
| 6.50%, 12/20/54 - 06/20/56 |
|
5,570 |
5,828,706 |
| 6.00%, 04/20/55 - 06/20/56 |
|
14,376 |
14,869,716 |
| 7.00%, 06/20/55 |
|
603 |
630,451 |
| 5.50%, 07/20/55 - 06/20/56 |
|
6,563 |
6,662,809 |
| Uniform Mortgage-Backed Securities |
|
|
|
| 1.50%, 06/01/31 |
|
346 |
326,041 |
| 5.50%, 02/01/33 - 04/01/55(g)(i) |
|
42,527 |
42,892,927 |
| 5.00%, 06/01/33 - 07/13/56(g)(j) |
|
28,346 |
28,178,410 |
| 4.00%, 09/01/33 - 07/13/56(g)(j) |
|
35,107 |
33,165,505 |
| 3.50%, 02/01/35 - 08/13/56(g)(j) |
|
4,948 |
4,510,739 |
| 6.00%, 02/01/36 - 01/01/55(g) |
|
19,790 |
20,323,718 |
| 6.50%, 10/01/38 - 10/01/53 |
|
1,249 |
1,307,919 |
| 4.50%, 04/01/39 - 07/01/52(g) |
|
8,522 |
8,309,514 |
| 2.50%, 07/16/41(j) |
|
180 |
168,265 |
| 3.00%, 03/01/43 - 07/13/56(j) |
|
34,463 |
30,084,961 |
| |
|
|
224,185,085 |
| Principal Only Collateralized Mortgage Obligations(e) — 1.1% |
| ||
| Fannie Mae Interest Strip |
|
|
|
| Series 337, Class 1, 4.98%, 07/25/33 |
|
1,035 |
906,456 |
| Series 397, Class 1, 4.68%, 09/25/39 |
|
1,514 |
1,192,059 |
| Fannie Mae REMIC Trust, Series 1999-W4, Class PO, 7.00%, 02/25/29 |
|
3 |
3,099 |
| Fannie Mae REMICS |
|
|
|
| Series 2002-13B, Class PR, 4.00%, 03/25/32 |
|
6 |
6,124 |
| Series 2011-90, Class AO, 4.41%, 09/25/41 |
|
2,585 |
1,996,944 |
| |
|
|
4,104,682 |
| Total U.S. Government Sponsored Agency Securities — 134.5% (Cost: $504,227,691) |
479,996,014 | ||
| U.S. Treasury Obligations | |||
| U.S. Treasury Bonds(g) |
|
|
|
| 2.25%, 05/15/41 |
|
840 |
612,347 |
| 2.88%, 05/15/52 |
|
1,525 |
1,054,931 |
| U.S. Treasury Notes |
|
|
|
| 4.25%, 11/30/26 - 06/30/31 |
|
2,790 |
2,794,347 |
| 4.38%, 11/30/28 |
|
700 |
703,227 |
| 4.00%, 01/31/29 - 02/15/34 |
|
820 |
814,226 |
| 4.63%, 04/30/29(g) |
|
2,700 |
2,732,273 |
| 1.13%, 02/15/31 |
|
330 |
287,964 |
| 4.13%, 10/31/26 - 03/31/29 |
|
1,300 |
1,299,951 |
| Total U.S. Treasury Obligations — 2.9% (Cost: $10,348,813) |
10,299,266 | ||
| Total Long-Term Investments — 147.2% (Cost: $549,689,274) |
525,262,314 | ||
64
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
(Percentages shown are based on Net Assets)
| Security |
|
Shares |
Value |
| Short-Term Securities | |||
| Money Market Funds — 0.4% |
| ||
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(k)(l) |
|
1,251,920 |
$ 1,251,920 |
| Total Short-Term Securities — 0.4% (Cost: $1,251,920) |
1,251,920 | ||
| Total Investments Before TBA Sale Commitments — 147.6% (Cost: $550,941,194) |
526,514,234 | ||
| |
|
Par (000) |
|
| TBA Sale Commitments(j) | |||
| Mortgage-Backed Securities — (0.2)% |
| ||
| Uniform Mortgage-Backed Securities |
|
|
|
| 3.50%, 07/13/56 |
$ |
(600 ) |
(544,312 ) |
| 4.50%, 07/13/56 |
|
(28 ) |
(26,821 ) |
| Total TBA Sale Commitments — (0.2)% (Proceeds: $(573,283)) |
(571,133 ) | ||
| Total Investments, Net of TBA Sale Commitments — 147.4% (Cost: $550,367,911) |
525,943,101 | ||
| Liabilities in Excess of Other Assets — (47.4)% |
(169,179,755 ) | ||
| Net Assets — 100.0% |
$ 356,763,346 | ||
| (a) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) |
When-issued security. |
| (e) |
Rates are discount rates or a range of discount rates as of period end. |
| (f) |
Zero-coupon bond. |
| (g) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (h) |
Rounds to less than 1,000. |
| (i) |
All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. |
| (j) |
Represents or includes a TBA transaction. |
| (k) |
Affiliate of the Fund. |
| (l) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 12/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/26 |
Shares Held at 06/30/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 948,102 |
$ 303,818 (a) |
$ — |
$ — |
$ — |
$ 1,251,920 |
1,251,920 |
$ 62,500 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Reverse Repurchase Agreements
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
| Wells Fargo Securities, LLC |
3.74 % |
06/10/26 |
07/13/26 |
$ 329,948 |
$ 330,634 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
203,253 |
205,698 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,563,211 |
4,572,692 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,438,493 |
4,447,715 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
9,414,452 |
9,434,013 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,191,405 |
4,200,114 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
15,248,572 |
15,280,255 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
40,738 |
40,823 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
Schedule of Investments 65
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
Reverse Repurchase Agreements (continued)
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
| Wells Fargo Securities, LLC |
3.74 % |
06/10/26 |
07/13/26 |
$ 5,385,214 |
$ 5,396,404 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
12,900,894 |
12,927,699 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
10,202,128 |
10,223,326 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
6,786,327 |
6,800,428 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
104,614 |
104,832 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
59,586 |
59,710 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,302,819 |
4,311,759 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,818,045 |
4,828,056 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
9,945,949 |
9,966,614 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
15,013 |
15,044 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
12,191,828 |
12,217,160 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
2,906,029 |
2,908,159 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
3,392,104 |
3,394,590 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
2,707,016 |
2,709,001 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
2,048,253 |
2,049,754 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
3,308,323 |
3,310,748 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
726,187 |
726,719 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.77 |
06/24/26 |
07/07/26 |
2,199,793 |
2,201,405 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| HSBC Securities (USA), Inc. |
3.73 |
06/30/26 |
07/01/26 |
2,725,716 |
2,725,999 |
U.S. Treasury Obligations |
Up to 30 Days |
| HSBC Securities (USA), Inc. |
3.73 |
06/30/26 |
07/01/26 |
1,075,125 |
1,075,236 |
U.S. Treasury Obligations |
Up to 30 Days |
| HSBC Securities (USA), Inc. |
3.73 |
06/30/26 |
07/01/26 |
1,451,813 |
1,451,963 |
U.S. Treasury Obligations |
Up to 30 Days |
| U.S. Bancorp Investments, Inc. |
3.84 |
06/30/26 |
07/01/26 |
618,450 |
618,516 |
U.S. Treasury Obligations |
Up to 30 Days |
| |
|
|
|
$ 128,301,298 |
$ 128,535,066 |
|
|
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
| Long Contracts |
|
|
|
|
| 10-Year U.S. Treasury Note |
232 |
09/21/26 |
$ 25,462 |
$ 102,439 |
| 5-Year U.S. Treasury Note |
74 |
09/30/26 |
7,916 |
2,335 |
| |
|
|
|
104,774 |
| Short Contracts |
|
|
|
|
| 10-Year U.S. Ultra Long Treasury Note |
150 |
09/21/26 |
16,842 |
(88,185 ) |
66
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
Futures Contracts (continued)
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
| Short Contracts (continued) |
|
|
|
|
| U.S. Long Bond |
146 |
09/21/26 |
$ 16,507 |
$ (269,558 ) |
| 2-Year U.S. Treasury Note |
43 |
09/30/26 |
8,862 |
2,373 |
| |
|
|
|
(355,370 ) |
| |
|
|
|
$ (250,596 ) |
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) |
$ — |
$ — |
$ — |
$ — |
$ 107,147 |
$ — |
$ 107,147 |
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 357,743 |
$ — |
$ 357,743 |
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended June 30, 2026, 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 |
$ — |
$ — |
$ — |
$ — |
$ (21,773 ) |
$ — |
$ (21,773 ) |
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (260,958 ) |
$ — |
$ (260,958 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
|
| Average notional value of contracts — long |
$34,433,579 |
| Average notional value of contracts — short |
39,122,567 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets |
|
|
|
|
| Investments |
|
|
|
|
| Long-Term Investments |
|
|
|
|
| Asset-Backed Securities |
$ — |
$ — |
$ — |
$ — |
Schedule of Investments 67
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Income Trust, Inc. (BKT)
Fair Value Hierarchy as of Period End (continued)
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Non-Agency Mortgage-Backed Securities |
$ — |
$ 34,967,032 |
$ 2 |
$ 34,967,034 |
| U.S. Government Sponsored Agency Securities |
— |
479,996,014 |
— |
479,996,014 |
| U.S. Treasury Obligations |
— |
10,299,266 |
— |
10,299,266 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
1,251,920 |
— |
— |
1,251,920 |
| Liabilities |
|
|
|
|
| Investments |
|
|
|
|
| TBA Sale Commitments |
— |
(571,133 ) |
— |
(571,133 ) |
| |
$1,251,920 |
$524,691,179 |
$2 |
$525,943,101 |
| Derivative Financial Instruments(a) |
|
|
|
|
| Assets |
|
|
|
|
| Interest Rate Contracts |
$ 107,147 |
$ — |
$ — |
$ 107,147 |
| Liabilities |
|
|
|
|
| Interest Rate Contracts |
(357,743 ) |
— |
— |
(357,743 ) |
| |
$(250,596 ) |
$— |
$— |
$(250,596 ) |
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $128,535,066 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
68
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities | |||
| AB Issuer LLC, Series 2026-1A, Class A2, 6.41%, 04/30/56(a) |
USD |
54 |
$ 54,260 |
| Apidos CLO XVIII-R(a)(b) |
|
|
|
| Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 4.99%, 01/22/38(c) |
|
2,255 |
2,258,715 |
| Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.36%, 01/22/38 |
|
1,353 |
1,356,763 |
| Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 4.06%, 06/25/36(b) |
|
3,429 |
2,269,022 |
| Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 5.38%, 01/20/38(a)(b) |
|
750 |
752,023 |
| Carlyle U.S. CLO Ltd., Series 2026-2A, Class D, (3-mo. CME Term SOFR + 3.15%), 6.81%, 04/20/39(a)(b) |
|
650 |
655,050 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 4.70%, 04/20/32(a)(b)(c) |
|
1,190 |
1,190,100 |
| Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.37%, 10/15/37(a)(b) |
|
500 |
500,468 |
| CIFC Funding Ltd.(a)(b) |
|
|
|
| Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.00%, 01/18/38 |
|
1,804 |
1,806,400 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.38%, 01/18/38 |
|
2,255 |
2,262,789 |
| Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 6.73%, 10/20/37 |
|
500 |
500,369 |
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR + 5.35%), 9.01%, 01/22/38 |
|
500 |
495,634 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 |
|
283 |
162,373 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(a) |
|
272 |
272,736 |
| Creeksource Dunes Creek CLO Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.41%), 5.08%, 01/15/38(a)(b) |
|
500 |
500,891 |
| CWABS Asset-Backed Certificates Trust, Series 2006- 26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.04%, 06/25/37(b) |
|
386 |
360,336 |
| Dryden CLO Ltd.(a)(b) |
|
|
|
| Series 2018-61A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.04%, 01/17/32 |
|
610 |
610,434 |
| Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 6.59%, 04/18/31 |
|
250 |
249,945 |
| Firstlight Issuer LLC, Series 2026-1A, Class A2, 06/20/56(a)(d) |
|
71 |
71,302 |
| GoodLeap Home Improvement Solutions Trust, Series 2025-1A, Class B, 6.27%, 02/20/49(a) |
|
219 |
221,247 |
| GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(a) |
|
77 |
77,428 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, 09/20/65(a) |
|
271 |
272,501 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 5.62%, 04/15/37(a)(b) |
|
875 |
876,150 |
| Mariner Finance Issuance Trust, Series 2024-AA, Class E, 9.02%, 09/22/36(a) |
|
497 |
506,086 |
| Mtp Abs Funding LLC, Series 2026-1A, Class B, 5.88%, 04/25/56(a) |
|
115 |
115,191 |
| Nelnet Student Loan Trust, Series 2025-BA, Class D, 6.04%, 05/17/55(a) |
|
320 |
312,537 |
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities (continued) | |||
| OCP CLO Ltd., Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.00%, 01/21/38(a)(b)(c) |
USD |
1,000 |
$ 1,001,505 |
| OHS Issuer LLC, Series 2026-1, Class A2, 5.98%, 02/25/61(a) |
|
284 |
276,677 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.32%, 01/15/38(a)(b) |
|
1,520 |
1,525,435 |
| Perimeter Master Note Business Trust, Series 2026-1A, Class A, 6.01%, 01/15/32(a) |
|
155 |
154,981 |
| Pikes Peak CLO, Series 2020-6A, Class DRR, (3-mo. CME Term SOFR + 2.50%), 6.15%, 05/18/34(a)(b) |
|
250 |
248,674 |
| QTS Issuer ABS II LLC(a) |
|
|
|
| Series 2026-5A, Class A2, 6.18%, 03/06/56 |
|
104 |
105,121 |
| Series 2026-6A, Class A21, 07/05/56(d) |
|
47 |
46,999 |
| Series 2026-6A, Class A22, 07/05/56(d) |
|
31 |
31,000 |
| Series 2026-6A, Class A23, 07/05/56(d) |
|
52 |
52,000 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.32%, 01/25/38(a)(b) |
|
1,600 |
1,604,329 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.22%, 04/15/38(a)(b) |
|
300 |
299,960 |
| Regatta XXIV Funding Ltd., Series 2021-5A, Class D1R, (3-mo. CME Term SOFR + 2.80%), 6.48%, 01/20/38(a)(b) |
|
250 |
247,965 |
| Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(a)(e) |
|
980 |
970,200 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.07%, 01/15/38(a)(b)(c) |
|
2,977 |
2,981,933 |
| RR Ltd., Series 2022-24A, Class A1A2, (3-mo. CME Term SOFR + 1.31%), 4.98%, 01/15/37(a)(b) |
|
250 |
250,313 |
| Scooter S Coffee Issuer LLC, Series 2026-1A, Class A2, 6.38%, 05/20/56(a) |
|
116 |
116,380 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35(a) |
|
138 |
139,732 |
| Sterling COOFS Trust(a)(e) |
|
|
|
| Series 2004-1, Class A, 2.36%, 04/15/29 |
|
607 |
— |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |
|
149 |
— |
| Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(a) |
|
291 |
291,756 |
| Symphony CLO Ltd., Series 2023-40A, Class AR, (3-mo. CME Term SOFR + 1.31%), 4.98%, 01/05/38(a)(b) |
|
500 |
500,622 |
| Trimaran CAVU Ltd., Series 2021-1A, Class D1R, (3-mo. CME Term SOFR + 3.40%), 7.07%, 07/23/37(a)(b) |
|
250 |
249,816 |
| Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(f) |
GBP |
18 |
25,214 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, Class A, 5.50%, 08/16/32(a) |
USD |
169 |
168,587 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, 01/25/47(a) |
|
334 |
330,834 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A2, 6.84%, 05/25/54(a) |
|
575 |
579,574 |
| Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 5.59%, 10/17/32(a)(b) |
|
500 |
500,731 |
| Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3- mo. CME Term SOFR + 2.90%), 6.57%, 10/24/37(a)(b) |
|
500 |
501,087 |
Schedule of Investments 69
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities (continued) | |||
| Whitebox CLO III Ltd., Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 6.52%, 10/15/35(a)(b) |
USD |
250 |
$ 249,991 |
| Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55(a) |
|
870 |
818,980 |
| Total Asset-Backed Securities — 6.4% (Cost: $33,335,799) |
32,981,146 | ||
| |
|
Shares |
|
| Common Stocks | |||
| Capital Markets — 0.0% |
| ||
| Wom New Holdco(e)(g) |
|
549 |
8,235 |
| Financial Services(g) — 0.0% |
| ||
| Aimbridge Acquisition Co., Inc. |
|
2,750 |
105,393 |
| Labels Buyer LLC |
|
210 |
19,285 |
| |
|
|
124,678 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc.(g) |
|
464 |
386 |
| Hotels, Restaurants & Leisure — 0.0% |
| ||
| Fortrex Equity(e)(g) |
|
3,500 |
52,500 |
| Household Products — 0.0% |
| ||
| Berkline Benchcraft Equity LLC(e)(g) |
|
3,155 |
— |
| Industrial Conglomerates(g) — 0.0% |
| ||
| Ameriforge Group, Inc.(e) |
|
801 |
— |
| SVP Singer |
|
4,245 |
27,593 |
| |
|
|
27,593 |
| IT Services — 0.0% |
| ||
| Travelport LLC(e)(g) |
|
91 |
62,259 |
| Machinery — 0.1% |
| ||
| United Site Services, Inc.(e)(g)(h) |
|
18,926 |
189,260 |
| Real Estate Management & Development — 0.0% |
| ||
| ADLER Group SA(e)(g) |
|
33,168 |
— |
| Trading Companies & Distributors — 0.0% |
| ||
| TMK Hawk Midco Corp.(g) |
|
10,062 |
20,124 |
| Transportation Infrastructure — 0.0% |
| ||
| Incora Top Holdco LLC(e)(g) |
|
9,432 |
65,552 |
| Wireless Telecommunication Services — 0.1% |
| ||
| Altice France Lux 3(g) |
|
15,143 |
298,328 |
| Total Common Stocks — 0.2% (Cost: $1,818,125) |
848,915 | ||
| |
|
Par (000) |
|
| Corporate Bonds | |||
| Advertising Agencies — 1.2% | |||
| Clear Channel Outdoor Holdings, Inc.(a) |
|
|
|
| 7.75%, 04/15/28 |
USD |
470 |
470,757 |
| 7.50%, 06/01/29(c) |
|
797 |
797,410 |
| 7.88%, 04/01/30(c) |
|
636 |
662,507 |
| 7.13%, 02/15/31(c) |
|
789 |
817,006 |
| 7.50%, 03/15/33(c) |
|
965 |
1,016,068 |
| CMG Media Corp., 8.88%, 06/18/29(a) |
|
230 |
168,340 |
| Security |
|
Par (000) |
Value |
| Advertising Agencies (continued) | |||
| Lamar Media Corp., 4.00%, 02/15/30 |
USD |
40 |
$ 38,235 |
| Neptune Bidco U.S., Inc.(a) |
|
|
|
| 9.29%, 04/15/29(c) |
|
414 |
422,207 |
| 10.38%, 05/15/31 |
|
263 |
272,577 |
| 9.50%, 02/15/33(c) |
|
360 |
363,980 |
| Omnicom Group, Inc., 5.40%, 10/01/48(c) |
|
200 |
179,584 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.(a) |
|
|
|
| 4.25%, 01/15/29(c) |
|
150 |
146,057 |
| 4.63%, 03/15/30 |
|
38 |
36,856 |
| 7.38%, 02/15/31(c) |
|
254 |
264,138 |
| 6.00%, 06/15/34(c) |
|
575 |
573,950 |
| |
|
|
6,229,672 |
| Aerospace & Defense — 2.3% | |||
| AAR Escrow Issuer LLC, 6.75%, 03/15/29(a) |
|
303 |
309,552 |
| ATI, Inc. |
|
|
|
| 5.88%, 12/01/27(c) |
|
127 |
127,062 |
| 7.25%, 08/15/30(c) |
|
535 |
555,476 |
| 5.13%, 10/01/31(c) |
|
215 |
212,807 |
| 5.88%, 06/15/33 |
|
76 |
77,056 |
| Bombardier, Inc.(a) |
|
|
|
| 8.75%, 11/15/30(c) |
|
251 |
265,321 |
| 7.25%, 07/01/31 |
|
34 |
35,575 |
| 7.00%, 06/01/32(c) |
|
254 |
263,122 |
| 6.75%, 06/15/33 |
|
238 |
246,361 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32(a)(c) |
|
952 |
952,637 |
| Goat Holdco LLC, 6.75%, 02/01/32(a)(c) |
|
234 |
239,820 |
| Northrop Grumman Corp., 3.85%, 04/15/45(c) |
|
200 |
158,505 |
| TransDigm, Inc.(a) |
|
|
|
| 6.75%, 08/15/28(c) |
|
1,152 |
1,163,473 |
| 6.38%, 03/01/29(c) |
|
977 |
991,930 |
| 6.63%, 03/01/32(c) |
|
1,025 |
1,051,261 |
| 6.00%, 01/15/33(c) |
|
811 |
818,967 |
| 6.38%, 05/31/33(c) |
|
1,904 |
1,922,103 |
| 6.25%, 01/31/34 |
|
120 |
122,447 |
| 6.75%, 01/31/34(c) |
|
1,154 |
1,183,668 |
| 6.13%, 07/31/34(c) |
|
1,130 |
1,128,547 |
| |
|
|
11,825,690 |
| Air Freight & Logistics(a) — 0.1% | |||
| Rand Parent LLC, 8.50%, 02/15/30 |
|
234 |
242,388 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |
|
114 |
118,051 |
| |
|
|
360,439 |
| Automobile Components — 1.0% | |||
| American Axle & Manufacturing, Inc.(a) |
|
|
|
| 6.38%, 10/15/32 |
|
151 |
150,469 |
| 7.75%, 10/15/33 |
|
158 |
156,083 |
| Clarios Global LP/Clarios U.S. Finance Co.(a) |
|
|
|
| 6.75%, 05/15/28(c) |
|
839 |
851,283 |
| 6.75%, 02/15/30(c) |
|
359 |
369,925 |
| 4.75%, 06/15/31 |
EUR |
295 |
340,973 |
| 6.75%, 09/15/32(c) |
USD |
684 |
698,559 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL, 6.13%, 04/15/31(a) |
|
199 |
198,991 |
| Dorman Products, Inc., 6.25%, 06/15/34(a) |
|
37 |
37,425 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(a)(c) |
|
112 |
117,599 |
| Goodyear Tire & Rubber Co. |
|
|
|
| 6.63%, 07/15/30 |
|
119 |
114,932 |
| 8.88%, 07/15/32 |
|
287 |
289,491 |
70
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Automobile Components (continued) | |||
| IHO Verwaltungs GmbH(i) |
|
|
|
| (7.00% Cash or 7.75% PIK), 7.00%, 11/15/31(f) |
EUR |
100 |
$ 122,086 |
| (7.38% Cash or 8.13% PIK), 7.38%, 05/15/33(a) |
USD |
200 |
207,928 |
| Mahle GmbH, 6.50%, 05/02/31(f) |
EUR |
100 |
119,084 |
| Qnity Electronics, Inc.(a) |
|
|
|
| 5.75%, 08/15/32 |
USD |
71 |
71,378 |
| 6.25%, 08/15/33 |
|
175 |
178,051 |
| Schaeffler AG(f) |
|
|
|
| 4.25%, 04/01/28 |
EUR |
100 |
115,292 |
| 4.75%, 08/14/29 |
|
100 |
116,734 |
| Tenneco, Inc., 8.00%, 11/17/28(a)(c) |
USD |
453 |
455,833 |
| ZF Europe Finance BV(f) |
|
|
|
| 7.00%, 06/12/30 |
EUR |
100 |
121,477 |
| 5.50%, 02/17/32 |
|
100 |
113,040 |
| |
|
|
4,946,633 |
| Automobiles — 1.0% | |||
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 |
USD |
146 |
144,527 |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(f) |
GBP |
100 |
105,572 |
| Carvana Co.(a)(i) |
|
|
|
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30(c) |
USD |
693 |
716,072 |
| (9.00% PIK), 9.00%, 06/01/31 |
|
1,480 |
1,633,992 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32(a) |
|
200 |
209,647 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, 08/15/29(a) |
|
200 |
207,001 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31(a)(c) |
|
266 |
277,154 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(a)(c) |
|
446 |
438,427 |
| Nissan Motor Co. Ltd. |
|
|
|
| 5.25%, 07/17/29(f) |
EUR |
100 |
115,862 |
| 7.75%, 07/17/32(a) |
USD |
204 |
211,437 |
| 6.38%, 07/17/33(a) |
EUR |
145 |
169,123 |
| 8.13%, 07/17/35(a)(c) |
USD |
607 |
642,795 |
| RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37(b)(f) |
EUR |
100 |
115,073 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31(a) |
USD |
232 |
231,072 |
| |
|
|
5,217,754 |
| Banks — 0.1% | |||
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(b)(f) |
EUR |
100 |
116,995 |
| Banco Espirito Santo SA |
|
|
|
| 4.75%, 01/15/22(b)(g)(h) |
|
100 |
25,137 |
| 4.00%, 01/21/22 |
|
100 |
25,137 |
| National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(b)(f) |
|
100 |
121,382 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33(a) |
USD |
143 |
145,278 |
| |
|
|
433,929 |
| Biotechnology(a) — 0.2% | |||
| BioMarin Pharmaceutical, Inc., 5.50%, 02/15/34(c) |
|
340 |
334,032 |
| Genmab AS/Genmab Finance LLC |
|
|
|
| 6.25%, 12/15/32 |
|
200 |
203,815 |
| 7.25%, 12/15/33(c) |
|
435 |
453,530 |
| |
|
|
991,377 |
| Building Materials — 1.0% | |||
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33(a) |
|
222 |
231,959 |
| Builders FirstSource, Inc., 6.75%, 05/15/35(a) |
|
147 |
149,877 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|
|
|
| 6.38%, 12/15/30(f) |
EUR |
100 |
118,065 |
| 6.63%, 12/15/30(a)(c) |
USD |
1,537 |
1,571,327 |
| 6.75%, 07/15/31(a) |
|
175 |
181,134 |
| Security |
|
Par (000) |
Value |
| Building Materials (continued) | |||
| Jeld-Wen, Inc., 4.88%, 12/15/27(a)(c) |
USD |
257 |
$ 204,641 |
| New Enterprise Stone & Lime Co., Inc.(a) |
|
|
|
| 5.25%, 07/15/28 |
|
81 |
80,677 |
| 9.75%, 07/15/28 |
|
300 |
300,524 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32(a)(c) |
|
1,019 |
1,040,579 |
| Standard Building Solutions, Inc.(a) |
|
|
|
| 6.50%, 08/15/32(c) |
|
494 |
496,986 |
| 6.25%, 08/01/33(c) |
|
424 |
421,050 |
| 5.88%, 03/15/34 |
|
73 |
70,344 |
| Standard Industries, Inc.(a) |
|
|
|
| 4.75%, 01/15/28 |
|
2 |
1,986 |
| 4.38%, 07/15/30(c) |
|
313 |
297,272 |
| Wilsonart LLC, 11.00%, 08/15/32(a) |
|
305 |
247,092 |
| |
|
|
5,413,513 |
| Building Products(a)(c) — 0.9% | |||
| QXO Building Products, Inc. |
|
|
|
| 6.50%, 07/15/31 |
|
693 |
706,285 |
| 6.75%, 04/30/32 |
|
893 |
922,093 |
| 6.88%, 07/15/34 |
|
837 |
859,244 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |
|
2,062 |
2,090,643 |
| |
|
|
4,578,265 |
| Capital Markets — 0.8% | |||
| Apollo Debt Solutions BDC |
|
|
|
| 5.88%, 08/30/30(c) |
|
98 |
96,971 |
| 6.55%, 03/15/32 |
|
68 |
68,582 |
| Ares Strategic Income Fund, 5.80%, 09/09/30(c) |
|
220 |
216,730 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |
|
70 |
68,173 |
| Blackstone Secured Lending Fund, 5.90%, 05/21/31 |
|
170 |
167,465 |
| Blue Owl Capital Corp. |
|
|
|
| 6.20%, 07/15/30(c) |
|
139 |
138,505 |
| 6.30%, 08/15/31 |
|
87 |
86,472 |
| Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(a) |
|
14 |
13,607 |
| First Eagle Holdings, Inc., 7.25%, 08/15/32(a) |
|
88 |
88,585 |
| Focus Financial Partners LLC, 6.75%, 09/15/31(a)(c) |
|
197 |
198,225 |
| FS KKR Capital Corp., 2.63%, 01/15/27 |
|
58 |
56,930 |
| Gaci First Investment Co., 5.25%, 05/14/33(f) |
|
200 |
199,600 |
| GS Finance Corp., 0.00%, 05/21/29(a)(j)(k) |
|
302 |
310,909 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|
|
|
| 5.25%, 05/15/27(c) |
|
611 |
603,884 |
| 9.75%, 01/15/29 |
|
170 |
166,724 |
| 4.38%, 02/01/29(c) |
|
124 |
105,907 |
| 10.00%, 11/15/29(a) |
|
193 |
190,340 |
| Jane Street Group/JSG Finance, Inc.(a) |
|
|
|
| 6.13%, 11/01/32 |
|
78 |
78,016 |
| 6.75%, 05/01/33 |
|
54 |
55,532 |
| Osaic Holdings, Inc.(a)(c) |
|
|
|
| 6.75%, 08/01/32 |
|
338 |
338,578 |
| 8.00%, 08/01/33 |
|
471 |
472,739 |
| Turkiye Varlik Fonu Yonetimi AS, 8.25%, 02/14/29(f) |
|
200 |
208,664 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32(a)(i)(j) |
|
184 |
162,523 |
| |
|
|
4,093,661 |
| Chemicals — 2.2% | |||
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(a)(i) |
|
347 |
276,798 |
| Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2(a) |
|
|
|
| 6.50%, 06/15/33 |
EUR |
510 |
587,019 |
Schedule of Investments 71
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Chemicals (continued) | |||
| Bond U.S. Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2(a) (continued) |
|
|
|
| 7.13%, 06/15/33 |
USD |
216 |
$ 218,101 |
| Celanese U.S. Holdings LLC |
|
|
|
| 7.00%, 02/15/31 |
|
26 |
26,761 |
| 6.75%, 04/15/33(c) |
|
181 |
184,380 |
| 7.38%, 02/15/34 |
|
213 |
220,058 |
| Chemours Co.(a) |
|
|
|
| 5.75%, 11/15/28(c) |
|
574 |
573,536 |
| 4.63%, 11/15/29(c) |
|
372 |
355,066 |
| 7.88%, 03/15/34 |
|
200 |
200,975 |
| Element Solutions, Inc., 3.88%, 09/01/28(a)(c) |
|
1,146 |
1,118,192 |
| FMC Corp.(c) |
|
|
|
| 3.45%, 10/01/29 |
|
384 |
355,566 |
| 8.00%, 06/01/31(a) |
|
544 |
566,189 |
| Herens Holdco SARL, 4.75%, 05/15/28(a) |
|
212 |
184,917 |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(a) |
|
6 |
5,996 |
| Ingevity Corp., 3.88%, 11/01/28(a) |
|
84 |
81,378 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30(f) |
EUR |
100 |
115,841 |
| Kronos International, Inc., 9.50%, 03/15/29(f) |
|
100 |
112,173 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32(a)(c) |
USD |
75 |
75,949 |
| OCP SA, 5.13%, 06/23/51(f) |
|
200 |
161,250 |
| Olympus Water U.S. Holding Corp.(a)(c) |
|
|
|
| 7.25%, 06/15/31 |
|
396 |
400,980 |
| 6.75%, 08/01/32 |
|
790 |
771,892 |
| 7.25%, 02/15/33 |
|
1,731 |
1,711,903 |
| Perimeter Holdings LLC, 6.25%, 01/15/34(a)(c) |
|
527 |
526,007 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29(a) |
|
156 |
152,961 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33(a)(c) |
|
147 |
146,086 |
| WR Grace Holdings LLC(a)(c) |
|
|
|
| 5.63%, 08/15/29 |
|
1,191 |
1,119,411 |
| 7.38%, 03/01/31 |
|
235 |
235,977 |
| 6.63%, 08/15/32 |
|
404 |
391,831 |
| 7.00%, 08/01/33 |
|
485 |
472,272 |
| |
|
|
11,349,465 |
| Commercial Services & Supplies — 3.9% | |||
| ADT Security Corp.(a) |
|
|
|
| 4.88%, 07/15/32 |
|
107 |
101,119 |
| 5.88%, 10/15/33(c) |
|
247 |
242,645 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30(a)(c) |
|
476 |
492,862 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31(a)(c) |
|
2,362 |
2,469,197 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)(c) |
|
|
|
| 6.00%, 06/01/29 |
|
1,659 |
1,651,695 |
| 6.88%, 06/15/30 |
|
895 |
919,699 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(a)(c) |
|
1,337 |
1,315,401 |
| APi Group DE, Inc.(a) |
|
|
|
| 4.13%, 07/15/29 |
|
132 |
126,588 |
| 4.75%, 10/15/29 |
|
100 |
98,003 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.65%, 05/01/30(b)(f) |
EUR |
100 |
115,278 |
| BCP V Modular Services Finance II PLC, 6.50%, 07/10/31(f) |
|
100 |
98,834 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29(a)(c) |
USD |
590 |
592,730 |
| Boels Topholding BV, 5.75%, 05/15/30(f) |
EUR |
100 |
117,404 |
| Brink’s Co.(a) |
|
|
|
| 6.50%, 06/15/29 |
USD |
157 |
160,142 |
| 6.75%, 06/15/32 |
|
68 |
69,488 |
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| Clarivate Science Holdings Corp., 4.88%, 07/01/29(a)(c) |
USD |
883 |
$ 790,203 |
| CompoSecure Holdings LLC, 5.63%, 02/01/33(a)(c) |
|
269 |
262,586 |
| Deluxe Corp., 8.13%, 09/15/29(a) |
|
132 |
136,654 |
| EquipmentShare.com, Inc., 07/01/34(a)(d) |
|
193 |
189,630 |
| FTAI Aviation Investors LLC(a)(c) |
|
|
|
| 5.50%, 05/01/28 |
|
534 |
532,717 |
| 7.88%, 12/01/30 |
|
571 |
596,612 |
| 7.00%, 05/01/31 |
|
838 |
867,957 |
| 7.00%, 06/15/32 |
|
427 |
440,986 |
| 5.88%, 04/15/33 |
|
367 |
366,641 |
| Garda World Security Corp.(a) |
|
|
|
| 7.75%, 02/15/28(c) |
|
532 |
541,383 |
| 6.00%, 06/01/29 |
|
65 |
64,034 |
| 8.25%, 08/01/32(c) |
|
643 |
657,998 |
| 8.38%, 11/15/32(c) |
|
1,400 |
1,432,276 |
| Herc Holdings, Inc.(a) |
|
|
|
| 6.63%, 06/15/29(c) |
|
36 |
36,755 |
| 7.00%, 06/15/30(c) |
|
388 |
401,800 |
| 7.25%, 06/15/33 |
|
232 |
241,873 |
| 6.00%, 03/15/34 |
|
152 |
150,990 |
| Hertz Corp., 12.63%, 07/15/29(a) |
|
152 |
123,711 |
| Loxam SAS, 6.38%, 05/31/29(f) |
EUR |
90 |
105,852 |
| RR Donnelley & Sons Co.(a) |
|
|
|
| 9.50%, 08/01/29(c) |
USD |
716 |
742,364 |
| (5.50% Cash or 5.50% PIK), 11.00%, 06/01/31(i) |
|
125 |
120,903 |
| Service Corp. International |
|
|
|
| 5.13%, 06/01/29 |
|
32 |
31,747 |
| 3.38%, 08/15/30(c) |
|
273 |
253,239 |
| 4.00%, 05/15/31(c) |
|
249 |
235,042 |
| 5.75%, 10/15/32(c) |
|
350 |
351,408 |
| Sotheby’s, 8.25%, 04/15/31(a) |
|
244 |
242,715 |
| Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(a)(c) |
|
247 |
234,429 |
| United Rentals North America, Inc., 5.38%, 11/15/33(a)(c) |
|
332 |
326,991 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32(a)(c) |
|
487 |
503,719 |
| Williams Scotsman, Inc.(a) |
|
|
|
| 6.63%, 06/15/29 |
|
32 |
32,670 |
| 6.63%, 04/15/30 |
|
213 |
219,432 |
| 7.38%, 10/01/31(c) |
|
378 |
391,363 |
| |
|
|
20,197,765 |
| Construction & Engineering — 0.4% | |||
| AECOM, 6.00%, 08/01/33(a)(c) |
|
320 |
320,457 |
| Arcosa, Inc., 6.88%, 08/15/32(a) |
|
21 |
21,906 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30(a) |
|
1,494 |
1,217,459 |
| Global Infrastructure Solutions, Inc., 07/15/34(a)(d) |
|
194 |
195,000 |
| Heathrow Finance PLC, 4.13%, 09/01/29(f)(l) |
GBP |
100 |
124,569 |
| IHS Holding Ltd., 6.25%, 11/29/28(a) |
USD |
200 |
199,188 |
| Weekley Homes LLC/Weekley Finance Corp., 6.75%, 01/15/34(a) |
|
167 |
167,444 |
| |
|
|
2,246,023 |
| Consumer Finance — 1.3% | |||
| Block, Inc.(c) |
|
|
|
| 5.63%, 08/15/30(a) |
|
135 |
135,338 |
| 6.50%, 05/15/32 |
|
917 |
936,180 |
| 6.00%, 08/15/33(a) |
|
355 |
357,451 |
| ION Platform Finance SARL(f) |
|
|
|
| 7.88%, 05/01/29 |
EUR |
100 |
102,847 |
| 6.50%, 09/30/30 |
|
100 |
91,717 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32(a)(c) |
USD |
530 |
384,009 |
| Kaspi.KZ JSC, 5.90%, 04/28/31(a) |
|
200 |
199,780 |
| Navient Corp. |
|
|
|
| 9.38%, 10/15/31 |
|
159 |
158,395 |
72
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Consumer Finance (continued) | |||
| Navient Corp. (continued) |
|
|
|
| 7.88%, 06/15/32(c) |
USD |
133 |
$ 124,477 |
| OneMain Finance Corp. |
|
|
|
| 6.63%, 05/15/29 |
|
119 |
121,340 |
| 5.38%, 11/15/29(c) |
|
189 |
185,639 |
| 7.88%, 03/15/30(c) |
|
370 |
385,179 |
| 6.13%, 05/15/30(c) |
|
327 |
326,983 |
| 4.00%, 09/15/30 |
|
179 |
165,457 |
| 7.50%, 05/15/31 |
|
46 |
47,523 |
| 7.13%, 11/15/31 |
|
97 |
98,677 |
| 6.75%, 03/15/32(c) |
|
330 |
330,794 |
| 7.13%, 09/15/32 |
|
133 |
135,239 |
| 6.50%, 03/15/33(c) |
|
357 |
351,299 |
| 6.75%, 09/15/33(c) |
|
519 |
513,777 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |
|
|
|
| 6.75%, 08/15/32(a)(c) |
|
520 |
520,994 |
| 5.50%, 05/15/33(a) |
EUR |
270 |
302,001 |
| 5.50%, 05/15/33(f) |
|
100 |
111,852 |
| SLM Corp., (1-day SOFR Index + 2.71%), 6.50%, 05/15/32(b) |
USD |
125 |
124,855 |
| WEX, Inc., 6.50%, 03/15/33(a)(c) |
|
339 |
337,539 |
| Worldline SA, 0.00%, 07/30/26(f)(j)(k) |
EUR |
3 |
2,809 |
| |
|
|
6,552,151 |
| Consumer Staples Distribution & Retail — 0.6% | |||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)(c) |
|
|
|
| 6.25%, 03/15/33 |
USD |
139 |
137,775 |
| 5.75%, 03/31/34 |
|
360 |
342,844 |
| B&M European Value Retail PLC, 6.50%, 11/27/31(f) |
GBP |
100 |
130,696 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30(f) |
|
100 |
124,606 |
| Boots Group Finco LP(a) |
|
|
|
| 5.38%, 08/31/32 |
EUR |
360 |
421,518 |
| 7.38%, 08/31/32 |
GBP |
160 |
219,139 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.(a) |
|
|
|
| 9.00%, 02/15/29 |
USD |
163 |
170,637 |
| 7.13%, 04/30/33 |
|
221 |
225,121 |
| Lion/Polaris Lux Midco SARL, (3-mo. EURIBOR + 3.63%), 5.94%, 07/01/29(b)(f) |
EUR |
100 |
114,912 |
| Performance Food Group, Inc.(a)(c) |
|
|
|
| 4.25%, 08/01/29 |
USD |
171 |
165,984 |
| 6.13%, 09/15/32 |
|
277 |
280,388 |
| 5.63%, 03/01/34 |
|
379 |
371,987 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(a) |
|
129 |
124,625 |
| U.S. Foods, Inc., 7.25%, 01/15/32(a)(c) |
|
184 |
190,940 |
| United Natural Foods, Inc., 6.75%, 10/15/28(a) |
|
195 |
195,025 |
| |
|
|
3,216,197 |
| Containers & Packaging — 2.1% | |||
| ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(g)(h)(i) |
|
— |
— |
| Ardagh Group SA |
|
|
|
| 9.50%, 12/01/30(a) |
|
908 |
970,700 |
| (4.50% Cash + 7.50% PIK), 11.00%, 12/01/30(f)(i) |
EUR |
208 |
225,346 |
| (5.00% Cash + 6.00% PIK), 11.00%, 12/01/30(a)(c)(i) |
USD |
200 |
191,000 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a) |
|
|
|
| 3.25%, 09/01/28 |
|
200 |
191,514 |
| 4.00%, 09/01/29(c) |
|
1,600 |
1,520,908 |
| 6.25%, 01/30/31(c) |
|
315 |
318,525 |
| Security |
|
Par (000) |
Value |
| Containers & Packaging (continued) | |||
| Ball Corp., 4.25%, 07/01/32 |
EUR |
145 |
$ 167,901 |
| Clydesdale Acquisition Holdings, Inc.(a)(c) |
|
|
|
| 6.63%, 04/15/29 |
USD |
256 |
255,679 |
| 6.88%, 01/15/30 |
|
231 |
230,140 |
| 6.75%, 04/15/32 |
|
360 |
349,418 |
| Crown Americas LLC, 5.88%, 06/01/33(c) |
|
266 |
267,870 |
| Fedrigoni SpA, 6.13%, 06/15/31(f) |
EUR |
100 |
115,919 |
| LD Celulose International GmbH, 7.95%, 01/26/32(a) |
USD |
200 |
209,020 |
| Mauser Packaging Solutions Holding Co.(a) |
|
|
|
| 7.88%, 04/15/30(c) |
|
3,672 |
3,753,959 |
| 9.25%, 04/15/30 |
|
249 |
244,967 |
| Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%, 05/11/33(a)(i) |
|
573 |
502,502 |
| OI European Group BV, 5.25%, 06/01/29(f) |
EUR |
100 |
116,277 |
| Silgan Holdings, Inc., 4.25%, 02/15/31(a) |
|
305 |
346,081 |
| Sword Purchaser LLC, 8.25%, 04/15/33(a)(c) |
USD |
270 |
279,388 |
| Trivium Packaging Finance BV |
|
|
|
| 6.63%, 07/15/30(f) |
EUR |
100 |
119,814 |
| 6.63%, 07/15/30(a) |
|
100 |
119,814 |
| 12.25%, 01/15/31(a) |
USD |
200 |
221,068 |
| |
|
|
10,717,810 |
| Distributors(a) — 0.3% | |||
| Core & Main LP, 07/01/34(d) |
|
821 |
824,861 |
| Dealer Tire Financial LLC, 10/01/31(d) |
|
93 |
92,668 |
| Gates Corp., 6.88%, 07/01/29 |
|
196 |
200,464 |
| Resideo Funding, Inc. |
|
|
|
| 4.00%, 09/01/29 |
|
59 |
56,573 |
| 6.50%, 07/15/32 |
|
230 |
231,150 |
| |
|
|
1,405,716 |
| Diversified REITs — 0.6% | |||
| Digital Realty Trust LP, 1.88%, 11/15/29(a)(j) |
|
85 |
91,077 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(a) |
|
143 |
137,399 |
| Iron Mountain, Inc. |
|
|
|
| 5.25%, 07/15/30(a) |
|
23 |
22,656 |
| 5.63%, 07/15/32(a) |
|
19 |
18,780 |
| 6.25%, 01/15/33(a) |
|
12 |
12,126 |
| 4.75%, 01/15/34(a) |
EUR |
500 |
567,504 |
| 4.75%, 01/15/34(f) |
|
100 |
113,501 |
| 6.25%, 01/15/35(a) |
USD |
939 |
942,660 |
| Millrose Properties, Inc.(a)(c) |
|
|
|
| 6.38%, 08/01/30 |
|
528 |
535,154 |
| 6.25%, 09/15/32 |
|
342 |
344,976 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(a) |
|
123 |
120,149 |
| |
|
|
2,905,982 |
| Diversified Telecommunication Services — 6.0% | |||
| APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a)(c) |
|
664 |
666,386 |
| APLD ComputeCo 3 LLC, 7.00%, 06/15/31(a) |
|
819 |
817,321 |
| APLD ComputeCo LLC, 9.25%, 12/15/30(a)(c) |
|
319 |
344,132 |
| AT&T, Inc., 4.30%, 02/15/30(c) |
|
450 |
444,073 |
| Cipher Compute LLC, 7.13%, 11/15/30(a)(c) |
|
406 |
422,046 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(a)(c) |
|
214 |
225,180 |
| Core Scientific Finance I LLC, 7.75%, 05/15/31(a)(c) |
|
902 |
914,678 |
| EchoStar Corp.(c) |
|
|
|
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(i) |
|
961 |
976,584 |
| 10.75%, 11/30/29 |
|
2,270 |
2,452,750 |
| eircom Finance DAC, 5.00%, 04/30/31(f) |
EUR |
100 |
115,619 |
| Eutelsat SA, 1.50%, 10/13/28(f) |
|
100 |
110,008 |
Schedule of Investments 73
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Diversified Telecommunication Services (continued) | |||
| Fibercop SpA |
|
|
|
| 4.75%, 06/30/30(f) |
EUR |
100 |
$ 116,418 |
| 5.13%, 06/30/32(f) |
|
100 |
117,392 |
| 6.00%, 09/30/34(a)(c) |
USD |
242 |
233,702 |
| 7.20%, 07/18/36(a)(c) |
|
200 |
205,090 |
| Flash Compute LLC, 7.25%, 12/31/30(a)(c) |
|
961 |
988,122 |
| Level 3 Financing, Inc.(a)(c) |
|
|
|
| 6.88%, 06/30/33 |
|
1,917 |
1,969,298 |
| 7.00%, 03/31/34 |
|
1,784 |
1,839,550 |
| 8.50%, 01/15/36 |
|
1,871 |
2,009,143 |
| 7.50%, 02/15/37 |
|
720 |
738,993 |
| Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(a)(g)(h)(i) |
|
257 |
113,214 |
| Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)(c) |
|
4,323 |
4,332,684 |
| PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(a)(c) |
|
1,291 |
1,289,137 |
| Sable International Finance Ltd., 7.13%, 10/15/32(a)(c) |
|
493 |
489,312 |
| SE Cosmos LLC, 8.88%, 05/01/31(a) |
|
1,251 |
1,286,118 |
| SoftBank Group Corp., 6.38%, 04/22/30(f) |
EUR |
100 |
117,095 |
| Stingray Compute LLC, 6.00%, 06/15/31(a) |
USD |
319 |
319,629 |
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(a)(c) |
|
1,735 |
1,709,987 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |
|
372 |
427,166 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC(a) |
|
|
|
| 6.50%, 02/15/29 |
|
85 |
84,329 |
| Series Feb, 8.63%, 06/15/32(c) |
|
778 |
811,622 |
| Uniti Services LLC, 7.50%, 10/15/33(a)(c) |
|
390 |
410,427 |
| Verizon Communications, Inc., 3.70%, 03/22/61(c) |
|
400 |
267,480 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(a)(c) |
|
1,050 |
1,107,283 |
| Yondr JK 1 LLC, 6.88%, 06/30/31(a) |
|
266 |
266,668 |
| Zayo Group Holdings, Inc.(a)(i) |
|
|
|
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30(c) |
|
1,782 |
1,780,286 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
|
563 |
556,244 |
| |
|
|
31,075,166 |
| Electric Utilities — 0.9% | |||
| Alpha Generation LLC, 6.75%, 10/15/32(a)(c) |
|
299 |
304,503 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(a) |
|
225 |
225,556 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30(a)(c) |
|
400 |
405,932 |
| Minejesa Capital BV, 5.63%, 08/10/37(a) |
|
200 |
190,500 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29(f) |
|
119 |
117,362 |
| MVM Energetika Zrt, 7.50%, 06/09/28(f) |
|
200 |
208,288 |
| Public Power Corp. SA, 4.63%, 10/31/31(f) |
EUR |
100 |
115,870 |
| Renew Treasury Ifsc Pvt Ltd., 6.50%, 02/02/31(a) |
USD |
200 |
198,282 |
| Texas Competitive Electric Holdings Co. LLC, 5.03%, 11/10/21(e)(g)(h) |
|
780 |
— |
| TransAlta Corp., 5.88%, 02/01/34 |
|
54 |
53,195 |
| VoltaGrid LLC, 7.38%, 11/01/30(a)(c) |
|
1,281 |
1,329,897 |
| XPLR Infrastructure Operating Partners LP(a) |
|
|
|
| 8.38%, 01/15/31(c) |
|
547 |
583,375 |
| 8.63%, 03/15/33 |
|
135 |
144,769 |
| 7.75%, 04/15/34(c) |
|
686 |
722,063 |
| |
|
|
4,599,592 |
| Electronic Equipment, Instruments & Components(a) — 0.1% | |||
| Coherent Corp., 5.00%, 12/15/29(c) |
|
94 |
92,552 |
| Sensata Technologies, Inc. |
|
|
|
| 4.38%, 02/15/30(c) |
|
181 |
176,045 |
| 3.75%, 02/15/31 |
|
54 |
50,492 |
| Security |
|
Par (000) |
Value |
| Electronic Equipment, Instruments & Components (continued) | |||
| Sensata Technologies, Inc. (continued) |
|
|
|
| 6.63%, 07/15/32(c) |
USD |
227 |
$ 233,474 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |
|
117 |
118,425 |
| |
|
|
670,988 |
| Energy Equipment & Services — 0.7% | |||
| Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, 09/01/32(a) |
|
501 |
510,963 |
| Archrock Services LP/Archrock Partners Finance Corp., 6.00%, 02/01/34(a)(c) |
|
296 |
294,223 |
| Enerflex, Inc., 6.88%, 01/15/31(a) |
|
38 |
38,891 |
| Kodiak Gas Services LLC(a)(c) |
|
|
|
| 5.88%, 04/01/31 |
|
243 |
243,623 |
| 6.50%, 10/01/33 |
|
318 |
322,342 |
| 6.75%, 10/01/35 |
|
298 |
305,708 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |
|
71 |
72,016 |
| OEG Finance PLC, 7.25%, 09/27/29(f) |
EUR |
100 |
118,314 |
| Star Holding LLC, 8.75%, 08/01/31(a)(c) |
USD |
256 |
256,592 |
| Tidewater, Inc., 9.13%, 07/15/30(a) |
|
206 |
220,428 |
| USA Compression Partners LP/USA Compression Finance Corp.(a)(c) |
|
|
|
| 7.13%, 03/15/29 |
|
291 |
298,083 |
| 6.25%, 10/01/33 |
|
557 |
552,226 |
| Weatherford International Ltd., 6.75%, 10/15/33(a)(c) |
|
556 |
567,284 |
| |
|
|
3,800,693 |
| Entertainment — 0.5% | |||
| Churchill Downs, Inc.(a) |
|
|
|
| 4.75%, 01/15/28 |
|
137 |
135,667 |
| 5.75%, 04/01/30 |
|
511 |
510,516 |
| 6.75%, 05/01/31(c) |
|
392 |
398,857 |
| Cinemark USA, Inc., 7.00%, 08/01/32(a) |
|
75 |
77,374 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27(a)(c) |
|
157 |
156,656 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(a)(c) |
|
400 |
337,518 |
| Pinewood Finco PLC, 6.00%, 03/27/30(f) |
GBP |
100 |
132,663 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(a)(c) |
USD |
190 |
162,387 |
| Six Flags Entertainment Corp/Canada’s Wonderland Co/Millennium Operations LLC, 8.63%, 01/15/32(a) |
|
110 |
113,264 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30(a) |
|
232 |
221,270 |
| Vail Resorts, Inc., 6.50%, 05/15/32(a)(c) |
|
329 |
335,085 |
| |
|
|
2,581,257 |
| Environmental, Maintenance & Security Service — 0.7% | |||
| Biffa Group Holdings Ltd., 5.25%, 06/15/31(f) |
EUR |
100 |
114,550 |
| GFL Environmental Holdings U.S., Inc.(a) |
|
|
|
| 5.63%, 07/01/31 |
USD |
149 |
148,981 |
| 5.50%, 02/01/34(c) |
|
252 |
246,478 |
| GFL Environmental, Inc.(a)(c) |
|
|
|
| 4.00%, 08/01/28 |
|
121 |
118,139 |
| 4.38%, 08/15/29 |
|
405 |
393,682 |
| 6.75%, 01/15/31 |
|
254 |
261,310 |
| Luna 15 SARL(i) |
|
|
|
| (10.50% PIK), 10.50%, 07/01/32(a) |
EUR |
200 |
242,942 |
| (10.50% PIK), 10.50%, 07/01/32(f) |
|
100 |
121,471 |
| Madison IAQ LLC(a) |
|
|
|
| 4.13%, 06/30/28 |
USD |
240 |
236,103 |
| 5.88%, 06/30/29(c) |
|
554 |
554,286 |
| Paprec Holding SA, 4.13%, 07/15/30(f) |
EUR |
100 |
113,953 |
| Reworld Holding Corp., 4.88%, 12/01/29(a) |
USD |
142 |
135,436 |
| Waste Pro USA, Inc., 7.00%, 02/01/33(a)(c) |
|
941 |
962,917 |
| |
|
|
3,650,248 |
74
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Financial Services — 1.9% | |||
| Azorra Finance Ltd.(a) |
|
|
|
| 7.75%, 04/15/30 |
USD |
174 |
$ 180,684 |
| 7.25%, 01/15/31 |
|
44 |
45,207 |
| 6.25%, 02/15/34 |
|
45 |
43,634 |
| CrossCountry Intermediate HoldCo LLC(a) |
|
|
|
| 6.50%, 10/01/30 |
|
77 |
75,894 |
| 6.75%, 12/01/32 |
|
100 |
96,547 |
| Freedom Mortgage Holdings LLC(a) |
|
|
|
| 6.88%, 05/01/31 |
|
27 |
26,202 |
| 9.13%, 05/15/31 |
|
170 |
175,763 |
| 8.38%, 04/01/32 |
|
33 |
33,567 |
| 7.88%, 04/01/33 |
|
30 |
29,257 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(f) |
EUR |
46 |
52,696 |
| GGAM Finance Ltd., 6.88%, 04/15/29(a) |
USD |
90 |
91,962 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(a) |
|
359 |
364,766 |
| Intrum Investments And Financing AB, 8.00%, 09/11/27(f) |
EUR |
100 |
114,327 |
| JPMorgan Chase & Co., (1-day SOFR + 1.13%), 5.00%, 07/22/30(b)(c) |
USD |
1,000 |
1,006,771 |
| Midcap Financial Issuer Trust(a)(c) |
|
|
|
| 6.50%, 05/01/28 |
|
200 |
199,686 |
| 5.63%, 01/15/30 |
|
400 |
385,564 |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, 04/18/30(b)(c) |
|
1,000 |
1,021,510 |
| PennyMac Financial Services, Inc.(a) |
|
|
|
| 7.88%, 12/15/29(c) |
|
258 |
268,299 |
| 7.13%, 11/15/30(c) |
|
148 |
149,980 |
| 6.88%, 05/15/32 |
|
277 |
271,082 |
| 6.75%, 02/15/34 |
|
138 |
132,469 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(a)(c) |
|
587 |
606,377 |
| PRA Group Europe Holding II SARL, 6.25%, 09/30/32(f) |
EUR |
100 |
112,455 |
| Rocket Cos., Inc.(a) |
|
|
|
| 6.50%, 08/01/29(c) |
USD |
232 |
236,801 |
| 6.13%, 08/01/30(c) |
|
349 |
354,993 |
| 6.13%, 08/01/31(c) |
|
512 |
522,917 |
| 7.13%, 02/01/32(c) |
|
580 |
602,000 |
| 6.38%, 08/01/33(c) |
|
906 |
921,370 |
| 6.50%, 06/15/34 |
|
292 |
299,498 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, 10/15/33(a) |
|
28 |
25,201 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(i) |
EUR |
100 |
16,153 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29(a) |
USD |
83 |
77,103 |
| UWM Holdings LLC(a)(c) |
|
|
|
| 6.63%, 02/01/30 |
|
441 |
410,917 |
| 6.25%, 03/15/31 |
|
681 |
606,923 |
| WS Escrow LLC, 7.75%, 06/01/33(a) |
|
78 |
80,092 |
| |
|
|
9,638,667 |
| Food Products — 1.0% | |||
| Aramark Services, Inc., 5.00%, 02/01/28(a) |
|
194 |
193,611 |
| B&G Foods, Inc., 8.00%, 09/15/28(a) |
|
89 |
89,081 |
| Chobani LLC/Chobani Finance Corp., Inc.(a)(c) |
|
|
|
| 4.63%, 11/15/28 |
|
251 |
248,563 |
| 7.63%, 07/01/29 |
|
1,323 |
1,364,246 |
| 6.38%, 04/15/34 |
|
1,548 |
1,571,058 |
| Darling Global Finance BV |
|
|
|
| 4.50%, 07/15/32(a) |
EUR |
180 |
207,402 |
| 4.50%, 07/15/32(f) |
|
100 |
115,223 |
| Darling Ingredients, Inc., 6.00%, 06/15/30(a) |
USD |
43 |
43,282 |
| Elior Group SA, 5.63%, 03/15/30(f) |
EUR |
100 |
112,278 |
| Security |
|
Par (000) |
Value |
| Food Products (continued) | |||
| Froneri Lux FinCo SARL, 4.75%, 08/01/32(f) |
EUR |
100 |
$ 111,511 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 6.15%, 12/15/29(b)(f) |
|
100 |
114,847 |
| Lamb Weston Holdings, Inc.(a) |
|
|
|
| 4.88%, 05/15/28 |
USD |
51 |
50,663 |
| 4.13%, 01/31/30(c) |
|
106 |
101,646 |
| Post Holdings, Inc.(a) |
|
|
|
| 4.63%, 04/15/30(c) |
|
118 |
113,995 |
| 4.50%, 09/15/31 |
|
32 |
30,020 |
| 6.25%, 02/15/32 |
|
102 |
103,536 |
| 6.38%, 03/01/33 |
|
71 |
70,458 |
| 6.25%, 10/15/34(c) |
|
143 |
140,505 |
| 6.50%, 03/15/36(c) |
|
470 |
464,662 |
| |
|
|
5,246,587 |
| Ground Transportation — 0.4% | |||
| Genesee & Wyoming, Inc., 6.25%, 04/15/32(a) |
|
290 |
294,156 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(c) |
|
1,093 |
1,114,745 |
| PODS LLC, 8.75%, 05/15/31(a) |
|
220 |
214,956 |
| Union Pacific Corp., 3.20%, 05/20/41(c) |
|
200 |
155,853 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(a) |
|
216 |
221,787 |
| |
|
|
2,001,497 |
| Health Care Equipment & Supplies(a) — 0.6% | |||
| Avantor Funding, Inc. |
|
|
|
| 4.63%, 07/15/28(c) |
|
211 |
208,785 |
| 3.88%, 11/01/29 |
|
209 |
199,529 |
| Bausch & Lomb Corp., 8.38%, 10/01/28(c) |
|
1,333 |
1,369,657 |
| Insulet Corp., 6.50%, 04/01/33 |
|
192 |
194,701 |
| Medline Borrower LP, 5.25%, 10/01/29(c) |
|
769 |
764,301 |
| Neogen Food Safety Corp., 8.63%, 07/20/30 |
|
184 |
193,537 |
| |
|
|
2,930,510 |
| Health Care Providers & Services — 1.8% | |||
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33(a)(c) |
|
123 |
126,619 |
| AHP Health Partners, Inc., 5.75%, 07/15/29(a)(c) |
|
139 |
137,265 |
| CHS/Community Health Systems, Inc.(a) |
|
|
|
| 5.25%, 05/15/30(c) |
|
631 |
595,431 |
| 4.75%, 02/15/31(c) |
|
368 |
338,546 |
| 10.88%, 01/15/32 |
|
206 |
221,850 |
| 9.75%, 01/15/34(c) |
|
1,476 |
1,541,064 |
| Concentra Health Services, Inc., 6.88%, 07/15/32(a)(c) |
|
340 |
351,946 |
| DaVita, Inc.(a) |
|
|
|
| 6.88%, 09/01/32 |
|
93 |
95,913 |
| 6.75%, 07/15/33 |
|
57 |
58,815 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31(f) |
EUR |
100 |
120,482 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30(a) |
USD |
153 |
155,103 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31(a) |
|
154 |
137,874 |
| HCA, Inc., 5.50%, 06/15/47(c) |
|
280 |
260,887 |
| HealthEquity, Inc., 4.50%, 10/01/29(a)(c) |
|
409 |
397,365 |
| IQVIA, Inc., 6.25%, 06/01/32(a)(c) |
|
556 |
565,273 |
| LifePoint Health, Inc.(a)(c) |
|
|
|
| 10.00%, 06/01/32 |
|
282 |
281,524 |
| 7.00%, 05/01/34 |
|
706 |
676,674 |
| Molina Healthcare, Inc.(a) |
|
|
|
| 6.50%, 02/15/31(c) |
|
324 |
329,604 |
| 6.25%, 01/15/33 |
|
41 |
41,069 |
| Option Care Health, Inc., 4.38%, 10/31/29(a) |
|
39 |
37,471 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29(a) |
|
118 |
123,273 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31(a) |
|
196 |
203,225 |
| Star Parent, Inc., 9.00%, 10/01/30(a)(c) |
|
744 |
778,635 |
Schedule of Investments 75
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Health Care Providers & Services (continued) | |||
| Surgery Center Holdings, Inc., 7.25%, 04/15/32(a)(c) |
USD |
878 |
$ 888,835 |
| Tenet Healthcare Corp. |
|
|
|
| 6.13%, 06/15/30(c) |
|
250 |
251,832 |
| 6.75%, 05/15/31(c) |
|
451 |
462,007 |
| 6.00%, 11/15/33(a) |
|
69 |
69,603 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(a)(c) |
|
284 |
267,765 |
| |
|
|
9,515,950 |
| Health Care REITs — 0.3% | |||
| Diversified Healthcare Trust, 7.25%, 10/15/30(a) |
|
133 |
136,893 |
| MPT Operating Partnership LP/MPT Finance Corp. |
|
|
|
| 7.00%, 02/15/32(a) |
EUR |
260 |
298,619 |
| 7.00%, 02/15/32(f) |
|
100 |
114,854 |
| 8.50%, 02/15/32(a)(c) |
USD |
819 |
838,484 |
| |
|
|
1,388,850 |
| Hotel & Resort REITs — 0.7% | |||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(a)(c) |
|
224 |
229,325 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(a) |
|
123 |
125,097 |
| RHP Hotel Properties LP/RHP Finance Corp.(a) |
|
|
|
| 4.50%, 02/15/29(c) |
|
96 |
94,124 |
| 6.50%, 04/01/32(c) |
|
342 |
349,958 |
| 6.50%, 06/15/33 |
|
225 |
230,839 |
| 5.75%, 03/15/34(c) |
|
250 |
247,681 |
| Service Properties Trust |
|
|
|
| 0.00%, 09/30/28(a)(k) |
|
261 |
242,002 |
| 8.63%, 11/15/31(a)(c) |
|
1,418 |
1,493,792 |
| 8.88%, 06/15/32(c) |
|
213 |
219,296 |
| XHR LP, 6.63%, 05/15/30(a) |
|
121 |
123,793 |
| |
|
|
3,355,907 |
| Hotels, Restaurants & Leisure — 1.7% | |||
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(a) |
|
|
|
| 3.88%, 01/15/28 |
|
108 |
105,970 |
| 4.38%, 01/15/28(c) |
|
134 |
132,478 |
| 4.00%, 10/15/30(c) |
|
351 |
331,361 |
| Caesars Entertainment, Inc.(a) |
|
|
|
| 4.63%, 10/15/29 |
|
62 |
59,596 |
| 7.00%, 02/15/30(c) |
|
1,335 |
1,342,684 |
| 6.50%, 02/15/32(c) |
|
547 |
533,583 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(a)(c) |
|
|
|
| 4.63%, 01/15/29 |
|
436 |
423,964 |
| 6.75%, 01/15/30 |
|
136 |
133,375 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(a)(c) |
|
310 |
310,151 |
| Hilton Domestic Operating Co., Inc.(a) |
|
|
|
| 5.50%, 09/15/31(c) |
|
570 |
571,458 |
| 5.50%, 03/31/34 |
|
36 |
35,691 |
| Light & Wonder International, Inc.(a) |
|
|
|
| 7.25%, 11/15/29 |
|
51 |
51,922 |
| 7.50%, 09/01/31(c) |
|
87 |
90,173 |
| 6.25%, 10/01/33 |
|
77 |
76,583 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29(a) |
|
267 |
223,892 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32(a)(c) |
|
461 |
472,539 |
| MGM China Holdings Ltd., 6.25%, 05/15/33(a) |
|
203 |
199,153 |
| MGM Resorts International, 6.13%, 09/15/29(c) |
|
260 |
262,550 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30(a) |
|
250 |
260,400 |
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Pioneer Opco LLC, 7.00%, 05/15/33(a) |
USD |
200 |
$ 203,521 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(a) |
|
|
|
| 5.63%, 09/01/29 |
|
116 |
80,684 |
| 5.88%, 09/01/31 |
|
166 |
107,900 |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(a) |
|
140 |
141,749 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(a) |
|
166 |
168,484 |
| Station Casinos LLC, 6.63%, 03/15/32(a) |
|
99 |
100,542 |
| Voyager Parent LLC, 9.25%, 07/01/32(a)(c) |
|
288 |
304,577 |
| Wynn Macau Ltd.(a) |
|
|
|
| 5.63%, 08/26/28(c) |
|
800 |
793,360 |
| 5.13%, 12/15/29(c) |
|
410 |
400,178 |
| 6.75%, 02/15/34 |
|
200 |
198,770 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(a) |
|
|
|
| 5.13%, 10/01/29(c) |
|
307 |
304,940 |
| 7.13%, 02/15/31(c) |
|
403 |
425,897 |
| 6.25%, 03/15/33 |
|
190 |
190,712 |
| |
|
|
9,038,837 |
| Household Durables — 0.9% | |||
| Ashton Woods USA LLC/Ashton Woods Finance Co.(a) |
|
|
|
| 4.63%, 08/01/29 |
|
100 |
96,293 |
| 4.63%, 04/01/30 |
|
145 |
137,568 |
| 6.88%, 08/01/33 |
|
138 |
136,781 |
| Beazer Homes USA, Inc., 8.00%, 01/15/32(a) |
|
105 |
105,282 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(a) |
|
|
|
| 5.00%, 06/15/29 |
|
2 |
1,904 |
| 4.88%, 02/15/30(c) |
|
476 |
442,964 |
| Century Communities, Inc., 6.63%, 09/15/33(a)(c) |
|
173 |
174,688 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28(a) |
|
115 |
117,590 |
| Empire Communities Corp., 9.75%, 05/01/29(a) |
|
51 |
52,723 |
| K Hovnanian Enterprises, Inc.(a)(c) |
|
|
|
| 8.00%, 04/01/31 |
|
331 |
341,480 |
| 8.38%, 10/01/33 |
|
305 |
313,381 |
| LGI Homes, Inc.(a) |
|
|
|
| 8.75%, 12/15/28 |
|
89 |
91,970 |
| 7.00%, 11/15/32 |
|
161 |
159,995 |
| Mattamy Group Corp., 6.00%, 12/15/33(a) |
|
68 |
65,274 |
| Meritage Homes Corp., 1.75%, 05/15/28(c)(j) |
|
390 |
401,895 |
| Newell Brands, Inc. |
|
|
|
| 8.50%, 06/01/28(a) |
|
215 |
224,625 |
| 6.63%, 09/15/29 |
|
58 |
58,969 |
| 6.38%, 05/15/30 |
|
105 |
106,428 |
| 6.63%, 05/15/32 |
|
213 |
215,695 |
| Risewell Homes, Inc.(a) |
|
|
|
| 9.25%, 10/01/29(c) |
|
224 |
231,689 |
| 8.50%, 11/01/30 |
|
57 |
58,194 |
| Somnigroup International, Inc.(a) |
|
|
|
| 4.00%, 04/15/29 |
|
204 |
196,658 |
| 3.88%, 10/15/31 |
|
48 |
44,117 |
| STL Holding Co. LLC, 8.75%, 02/15/29(a) |
|
120 |
124,602 |
| SWF Holdings I Corp., 6.50%, 10/06/29(a) |
|
210 |
27,248 |
| Whirlpool Corp.(a) |
|
|
|
| 7.50%, 07/01/31 |
|
345 |
349,122 |
| 7.88%, 07/01/34(c) |
|
395 |
396,620 |
| |
|
|
4,673,755 |
76
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Household Products — 0.0% | |||
| Berkline Benchcraft LLC, (4.50% PIK), 4.50%, 06/01/22(b)(e)(g)(h)(i) |
USD |
200 |
$ — |
| Independent Power and Renewable Electricity Producers(a) — 1.8% | |||
| Clearway Energy Operating LLC(c) |
|
|
|
| 4.75%, 03/15/28 |
|
279 |
276,437 |
| 3.75%, 01/15/32 |
|
114 |
103,747 |
| NRG Energy, Inc. |
|
|
|
| 5.75%, 07/15/29 |
|
3 |
3,001 |
| 6.00%, 02/01/33(c) |
|
808 |
812,315 |
| 5.75%, 01/15/34(c) |
|
278 |
275,829 |
| 5.88%, 05/15/34 |
|
21 |
20,889 |
| 6.25%, 11/01/34(c) |
|
105 |
106,315 |
| 6.00%, 01/15/36(c) |
|
1,294 |
1,289,955 |
| 6.13%, 05/15/36(c) |
|
762 |
762,353 |
| Talen Energy Supply LLC(c)(m) |
|
|
|
| (Acquired 04/30/26, Cost $ 2,112,000), 6.13%, 05/01/31 |
|
2,112 |
2,112,040 |
| (Acquired 04/30/26, Cost $ 3,571,000), 6.38%, 05/01/33 |
|
3,571 |
3,566,493 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%(b)(n) |
|
181 |
182,393 |
| |
|
|
9,511,767 |
| Industrial Conglomerates — 0.1% | |||
| Avient Corp., 6.25%, 11/01/31(a) |
|
158 |
160,105 |
| Enpro, Inc., 6.13%, 06/01/33(a) |
|
161 |
163,109 |
| Maxam Prill SARL, 6.00%, 07/15/30(f) |
EUR |
100 |
116,617 |
| |
|
|
439,831 |
| Insurance — 3.9% | |||
| Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(a) |
|
|
|
| 4.25%, 10/15/27(c) |
USD |
421 |
415,927 |
| 6.75%, 04/15/28(c) |
|
282 |
284,252 |
| 5.88%, 11/01/29(c) |
|
593 |
579,570 |
| 7.00%, 01/15/31(c) |
|
1,048 |
1,065,038 |
| 6.50%, 10/01/31 |
|
40 |
39,890 |
| 7.38%, 10/01/32(c) |
|
501 |
497,271 |
| AmWINS Group, Inc., 6.38%, 02/15/29(a) |
|
100 |
100,489 |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33(a)(c) |
|
337 |
322,552 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(a) |
|
263 |
266,314 |
| Ardonagh Finco Ltd. |
|
|
|
| 6.88%, 02/15/31(f) |
EUR |
330 |
379,502 |
| 7.75%, 02/15/31(a)(c) |
USD |
1,395 |
1,410,717 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32(a)(c) |
|
1,487 |
1,444,538 |
| Asurion LLC/Asurion Co-Issuer, Inc.(a)(c) |
|
|
|
| 8.00%, 12/31/32 |
|
924 |
930,982 |
| 8.38%, 02/01/34 |
|
822 |
760,908 |
| CRC Insurance Group LLC, 7.13%, 06/01/31(a)(c) |
|
1,905 |
1,898,925 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC(a)(c) |
|
|
|
| 7.25%, 02/15/31 |
|
1,000 |
968,629 |
| 8.13%, 02/15/32 |
|
348 |
311,940 |
| HUB International Ltd.(a)(c) |
|
|
|
| 7.25%, 06/15/30 |
|
2,764 |
2,836,519 |
| 7.38%, 01/31/32 |
|
4,149 |
4,223,184 |
| Jones Deslauriers Insurance Management, Inc.(a) |
|
|
|
| 8.50%, 03/15/30(c) |
|
747 |
761,915 |
| Security |
|
Par (000) |
Value |
| Insurance (continued) | |||
| Jones Deslauriers Insurance Management, Inc.(a) (continued) |
|
|
|
| 6.88%, 10/01/33 |
USD |
307 |
$ 284,716 |
| Ryan Specialty LLC, 4.38%, 02/01/30(a) |
|
33 |
31,800 |
| USI, Inc., 7.50%, 01/15/32(a)(c) |
|
508 |
512,787 |
| |
|
|
20,328,365 |
| Interactive Media & Services — 1.3% | |||
| Beignet Investor LLC, 6.58%, 05/30/49(a)(c) |
|
5,386 |
5,485,637 |
| iliad SA(f) |
|
|
|
| 5.63%, 02/15/30 |
EUR |
100 |
120,939 |
| 4.25%, 01/09/32 |
|
100 |
114,993 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL(a) |
|
|
|
| 4.63%, 05/01/28 |
USD |
122 |
111,022 |
| 5.00%, 05/01/28(c) |
|
373 |
342,693 |
| 8.75%, 05/01/29 |
|
157 |
140,105 |
| Prosus NV, 4.03%, 08/03/50(f) |
|
200 |
141,000 |
| Snap, Inc.(a) |
|
|
|
| 6.88%, 03/01/33(c) |
|
347 |
338,232 |
| 6.88%, 03/15/34 |
|
177 |
171,359 |
| |
|
|
6,965,980 |
| Internet Software & Services(a) — 0.2% | |||
| Getty Images, Inc., 10.50%, 11/15/30 |
|
118 |
98,376 |
| Match Group Holdings II LLC |
|
|
|
| 4.63%, 06/01/28 |
|
157 |
154,856 |
| 4.13%, 08/01/30 |
|
198 |
186,349 |
| 3.63%, 10/01/31(c) |
|
164 |
147,558 |
| 6.13%, 09/15/33 |
|
260 |
256,928 |
| Rakuten Group, Inc., 9.75%, 04/15/29(c) |
|
200 |
217,362 |
| Wayfair LLC, 7.13%, 05/31/34 |
|
119 |
122,352 |
| |
|
|
1,183,781 |
| IT Services — 0.7% | |||
| Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30(f) |
EUR |
100 |
111,449 |
| Amentum Holdings, Inc., 7.25%, 08/01/32(a) |
USD |
87 |
89,608 |
| Atos Group, 9.73%, 12/18/26(f)(l) |
EUR |
36 |
47,532 |
| CACI International, Inc., 6.38%, 06/15/33(a)(c) |
USD |
298 |
302,238 |
| CDK Steerco Coop(e) |
|
|
|
| 7.25%, 06/15/29 |
|
500 |
320,000 |
| 8.00%, 06/15/29 |
|
157 |
100,480 |
| CoreWeave, Inc.(a) |
|
|
|
| 9.25%, 06/01/30(c) |
|
495 |
498,215 |
| 9.00%, 02/01/31 |
|
39 |
38,540 |
| 9.75%, 10/01/31(c) |
|
917 |
914,977 |
| Fair Isaac Corp.(a) |
|
|
|
| 4.00%, 06/15/28 |
|
354 |
346,298 |
| 6.00%, 05/15/33(c) |
|
348 |
342,685 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31(a)(c) |
|
374 |
380,220 |
| McAfee Corp., 7.38%, 02/15/30(a)(c) |
|
305 |
259,171 |
| |
|
|
3,751,413 |
| Leisure Products — 0.9% | |||
| A&K Travel Group Holdings Ltd., 7.50%, 05/15/33(a) |
|
365 |
368,471 |
| Carnival Corp. Ltd.(a) |
|
|
|
| 5.88%, 06/15/31 |
|
21 |
21,378 |
| 5.75%, 08/01/32(c) |
|
214 |
216,090 |
| 6.13%, 02/15/33(c) |
|
805 |
814,777 |
| Carnival U.K. Ltd., 4.13%, 07/15/31(a) |
EUR |
195 |
224,091 |
Schedule of Investments 77
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Leisure Products (continued) | |||
| Deuce Finco PLC, 7.00%, 11/20/31(f) |
GBP |
100 |
$ 135,621 |
| Gaia Purchaser, Inc., 07/15/33(a)(d) |
USD |
532 |
538,101 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30(a)(c) |
|
321 |
331,896 |
| NCL Corp. Ltd.(a)(c) |
|
|
|
| 6.75%, 02/01/32 |
|
92 |
91,793 |
| 6.25%, 09/15/33 |
|
266 |
258,331 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29(a)(c) |
|
816 |
861,251 |
| TUI AG, 5.88%, 03/15/29(f) |
EUR |
100 |
117,269 |
| Viking Cruises Ltd.(a)(c) |
|
|
|
| 9.13%, 07/15/31 |
USD |
549 |
575,234 |
| 5.88%, 10/15/33 |
|
161 |
161,251 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(a) |
|
162 |
161,987 |
| |
|
|
4,877,541 |
| Machinery — 0.6% | |||
| ATS Corp., 4.13%, 12/15/28(a) |
|
108 |
105,318 |
| Chart Industries, Inc.(a) |
|
|
|
| 7.50%, 01/01/30(c) |
|
436 |
450,141 |
| 9.50%, 01/01/31 |
|
79 |
82,719 |
| Columbus McKinnon Corp., 7.13%, 02/01/33(a) |
|
200 |
200,426 |
| Esab Corp.(a) |
|
|
|
| 6.25%, 04/15/29 |
|
266 |
269,889 |
| 5.63%, 04/01/31(c) |
|
168 |
168,182 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(a)(c) |
|
145 |
106,575 |
| IMA Industria Macchine Automatiche SpA, (3-mo. EURIBOR + 3.75%), 5.95%, 04/15/29(b)(f) |
EUR |
100 |
115,573 |
| King U.S. Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.45%, 12/01/32(b)(f) |
|
100 |
115,406 |
| Lsf12 Helix Parent LLC, 7.13%, 02/01/33(a)(c) |
USD |
379 |
366,953 |
| Manitowoc Co., Inc., 9.25%, 10/01/31(a) |
|
137 |
147,267 |
| Solaris Energy Infrastructure LLC, 6.38%, 05/15/31(a) |
|
77 |
77,859 |
| Terex Corp., 6.25%, 10/15/32(a)(c) |
|
172 |
174,194 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27(f) |
EUR |
59 |
67,385 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(a) |
USD |
292 |
292,044 |
| Vertiv Group Corp., 4.13%, 11/15/28(a) |
|
312 |
308,920 |
| |
|
|
3,048,851 |
| Media — 3.6% | |||
| Block Communications, Inc., 10.25%, 03/01/31(a) |
|
80 |
73,169 |
| Cable One, Inc., 1.13%, 03/15/28(j) |
|
777 |
505,050 |
| CCO Holdings LLC/CCO Holdings Capital Corp.(a) |
|
|
|
| 5.38%, 06/01/29 |
|
57 |
55,761 |
| 6.38%, 09/01/29(c) |
|
1,282 |
1,280,707 |
| 4.75%, 03/01/30(c) |
|
179 |
169,719 |
| 4.25%, 02/01/31(c) |
|
861 |
775,401 |
| 4.75%, 02/01/32(c) |
|
312 |
278,295 |
| 7.00%, 02/01/33(c) |
|
314 |
307,935 |
| 4.25%, 01/15/34(c) |
|
551 |
466,438 |
| 7.38%, 02/01/36(c) |
|
925 |
907,133 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, 05/01/47(c) |
|
425 |
343,992 |
| CSC Holdings LLC(a) |
|
|
|
| 5.50%, 04/15/27 |
|
400 |
268,004 |
| 5.38%, 02/01/28 |
|
600 |
376,110 |
| 11.25%, 05/15/28 |
|
368 |
237,341 |
| 11.75%, 01/31/29 |
|
200 |
123,025 |
| Directv Financing LLC, 8.88%, 02/01/30(a)(c) |
|
484 |
492,588 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.(a)(c) |
|
|
|
| 5.88%, 08/15/27 |
|
56 |
55,919 |
| 10.00%, 02/15/31 |
|
1,089 |
1,130,061 |
| Security |
|
Par (000) |
Value |
| Media (continued) | |||
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.(a)(c) (continued) |
|
|
|
| 9.25%, 06/01/32 |
USD |
616 |
$ 625,884 |
| Discovery Communications LLC |
|
|
|
| 3.95%, 03/20/28 |
|
275 |
270,531 |
| 4.13%, 05/15/29 |
|
86 |
85,140 |
| Discovery Global Holdings, Inc. |
|
|
|
| 4.05%, 03/15/29 |
|
362 |
358,405 |
| 4.28%, 03/15/32(c) |
|
965 |
865,943 |
| 5.05%, 03/15/42(c) |
|
954 |
698,872 |
| DISH DBS Corp.(a) |
|
|
|
| 5.25%, 12/01/26 |
|
1,212 |
1,199,110 |
| 5.75%, 12/01/28 |
|
934 |
904,812 |
| DISH Network Corp., 11.75%, 11/15/27(a) |
|
1,301 |
1,336,845 |
| Gray Media, Inc.(a)(c) |
|
|
|
| 9.63%, 07/15/32 |
|
572 |
552,066 |
| 7.25%, 08/15/33 |
|
545 |
536,636 |
| Grupo Televisa SAB, 6.63%, 01/15/40 |
|
50 |
43,889 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a) |
|
560 |
319,131 |
| Midcontinent Communications, 8.00%, 08/15/32(a) |
|
160 |
140,267 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33(a)(c) |
|
655 |
672,794 |
| Sirius XM Radio LLC(a)(c) |
|
|
|
| 5.00%, 08/01/27 |
|
397 |
396,469 |
| 4.00%, 07/15/28 |
|
120 |
116,854 |
| Sunrise FinCo I BV |
|
|
|
| 4.88%, 07/15/31(a)(c) |
|
249 |
235,482 |
| 4.63%, 05/15/32(f) |
EUR |
100 |
114,362 |
| Univision Communications, Inc.(a) |
|
|
|
| 8.50%, 07/31/31(c) |
USD |
666 |
668,882 |
| 9.38%, 08/01/32 |
|
172 |
174,759 |
| 8.88%, 04/15/33(c) |
|
518 |
509,932 |
| Versant Media Group, Inc., 7.25%, 01/30/31(a) |
|
112 |
115,871 |
| VZ Secured Financing BV, 5.25%, 01/15/33(f) |
EUR |
100 |
108,855 |
| |
|
|
18,898,439 |
| Metals & Mining — 2.0% | |||
| Arsenal AIC Parent LLC(a) |
|
|
|
| 8.00%, 10/01/30 |
USD |
186 |
193,849 |
| 11.50%, 10/01/31(c) |
|
939 |
1,006,297 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(a)(c) |
|
806 |
807,026 |
| Carpenter Technology Corp., 5.63%, 03/01/34(a) |
|
73 |
72,945 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29(a)(c) |
|
437 |
440,839 |
| Coeur Mining, Inc., 6.88%, 04/01/32(a)(c) |
|
268 |
274,700 |
| Commercial Metals Co.(a)(c) |
|
|
|
| 5.75%, 11/15/33 |
|
115 |
114,321 |
| 6.00%, 12/15/35 |
|
176 |
175,544 |
| Constellium SE(a)(c) |
|
|
|
| 5.63%, 06/15/28 |
|
500 |
499,940 |
| 3.75%, 04/15/29 |
|
485 |
466,402 |
| 6.38%, 08/15/32 |
|
317 |
323,058 |
| ERO Copper Corp., 6.50%, 02/15/30(a) |
|
70 |
69,924 |
| First Quantum Minerals Ltd.(a) |
|
|
|
| 8.00%, 03/01/33 |
|
200 |
208,892 |
| 7.25%, 02/15/34 |
|
200 |
204,878 |
| 6.38%, 02/15/36(c) |
|
524 |
513,751 |
| Freeport Indonesia PT, 4.76%, 04/14/27(c)(f) |
|
200 |
199,928 |
| Glencore Funding LLC, 6.14%, 04/01/55(a)(c) |
|
200 |
205,649 |
| Hybar LLC, 7.38%, 07/01/34(a) |
|
377 |
378,830 |
78
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Metals & Mining (continued) | |||
| Kaiser Aluminum Corp.(a)(c) |
|
|
|
| 4.50%, 06/01/31 |
USD |
770 |
$ 737,127 |
| 5.88%, 03/01/34 |
|
212 |
209,796 |
| Marcobre SAC, 5.75%, 01/22/36(a) |
|
200 |
197,150 |
| Mineral Resources Ltd.(a) |
|
|
|
| 6.00%, 05/01/32 |
|
124 |
122,665 |
| 6.25%, 05/01/34 |
|
124 |
121,929 |
| Novelis Corp.(a)(c) |
|
|
|
| 4.75%, 01/30/30 |
|
424 |
409,118 |
| 6.88%, 01/30/30 |
|
348 |
356,762 |
| 3.88%, 08/15/31 |
|
448 |
408,062 |
| 6.38%, 08/15/33 |
|
678 |
682,884 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(f) |
EUR |
200 |
224,841 |
| Samarco Mineracao SA(i) |
|
|
|
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(f) |
USD |
94 |
94,933 |
| (9.00% PIK), 9.50%, 06/30/31(a) |
|
6 |
5,687 |
| Skeena Resources Ltd., 8.50%, 04/01/31(a) |
|
43 |
45,168 |
| Vale Overseas Ltd., (5-year CMT + 2.43%), 6.00%, 02/25/56(a)(b) |
|
200 |
199,498 |
| Vallourec SACA, 7.50%, 04/15/32(a)(c) |
|
517 |
540,343 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32(a) |
|
71 |
73,194 |
| |
|
|
10,585,930 |
| Mortgage Real Estate Investment Trusts (REITs)(a) — 0.2% | |||
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |
|
284 |
280,912 |
| Starwood Property Trust, Inc. |
|
|
|
| 7.25%, 04/01/29 |
|
47 |
48,526 |
| 08/15/29(d) |
|
156 |
156,466 |
| 6.00%, 04/15/30 |
|
90 |
90,328 |
| 6.50%, 07/01/30 |
|
62 |
63,316 |
| 6.50%, 10/15/30 |
|
191 |
195,409 |
| 6.13%, 06/01/31 |
|
148 |
148,782 |
| |
|
|
983,739 |
| Multi-Utilities(a) — 0.1% | |||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
|
|
|
| 9.50%, 06/01/30 |
|
123 |
131,982 |
| 6.88%, 06/01/31 |
|
205 |
207,557 |
| |
|
|
339,539 |
| Oil, Gas & Consumable Fuels — 7.2% | |||
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(a)(c) |
|
393 |
408,722 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32(a) |
|
230 |
234,916 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a) |
|
|
|
| 9.00%, 11/01/27 |
|
165 |
183,150 |
| 6.63%, 07/15/33(c) |
|
105 |
106,192 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.(a) |
|
|
|
| 7.00%, 07/15/29(c) |
|
224 |
229,613 |
| 7.25%, 07/15/32 |
|
180 |
186,220 |
| Borr IHC Ltd./Borr Finance LLC(a) |
|
|
|
| 8.75%, 01/15/32 |
|
200 |
195,250 |
| 9.00%, 01/15/34 |
|
200 |
192,894 |
| Breakwater Energy Holdings SARL, 9.25%, 11/15/30(a) |
|
250 |
263,770 |
| Buckeye Partners LP |
|
|
|
| 6.88%, 07/01/29(a) |
|
20 |
20,417 |
| 6.75%, 02/01/30(a) |
|
87 |
89,854 |
| 5.60%, 10/15/44 |
|
67 |
59,780 |
| California Resources Corp.(a) |
|
|
|
| 7.00%, 01/15/34 |
|
151 |
149,328 |
| 7.25%, 01/15/35 |
|
209 |
207,325 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Caturus Energy LLC(a)(c) |
|
|
|
| 8.50%, 02/15/30 |
USD |
623 |
$ 649,178 |
| 7.13%, 05/15/31 |
|
657 |
650,023 |
| Chord Energy Corp., 6.75%, 03/15/33(a) |
|
110 |
111,629 |
| CITGO Petroleum Corp., 8.38%, 01/15/29(a) |
|
778 |
800,413 |
| CNX Resources Corp.(a) |
|
|
|
| 7.25%, 03/01/32 |
|
114 |
117,448 |
| 5.88%, 03/01/34 |
|
43 |
41,845 |
| Comstock Resources, Inc.(a) |
|
|
|
| 6.75%, 03/01/29(c) |
|
362 |
356,456 |
| 6.75%, 03/01/29 |
|
137 |
134,501 |
| 5.88%, 01/15/30(c) |
|
360 |
339,540 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a)(c) |
|
1,617 |
1,587,174 |
| Crescent Energy Finance LLC(a) |
|
|
|
| 7.75%, 07/31/29 |
|
115 |
115,286 |
| 9.75%, 10/15/30(c) |
|
138 |
146,280 |
| 7.63%, 04/01/32 |
|
251 |
253,024 |
| 7.88%, 04/15/32(c) |
|
327 |
331,099 |
| 7.38%, 01/15/33(c) |
|
206 |
204,763 |
| 8.38%, 01/15/34 |
|
165 |
169,950 |
| CVR Energy, Inc.(a) |
|
|
|
| 7.50%, 02/15/31 |
|
126 |
125,400 |
| 7.88%, 02/15/34 |
|
84 |
83,103 |
| DBR Land Holdings LLC, 6.25%, 12/01/30(a) |
|
173 |
175,702 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.(a) |
|
|
|
| 7.38%, 06/30/33 |
|
291 |
296,458 |
| 6.88%, 06/01/34 |
|
121 |
120,430 |
| Ecopetrol SA, 8.88%, 01/13/33 |
|
48 |
52,560 |
| Enbridge, Inc., Series 2020-A, (5-year CMT + 5.31%), 5.75%, 07/15/80(b)(c) |
|
2,000 |
2,011,892 |
| Energy Transfer LP(c) |
|
|
|
| 3.90%, 07/15/26 |
|
235 |
234,952 |
| Series H, (5-year CMT + 5.69%), 6.50%(b)(n) |
|
4,409 |
4,411,275 |
| EQT Corp., 4.50%, 01/15/29 |
|
8 |
7,943 |
| Genesis Energy LP/Genesis Energy Finance Corp. |
|
|
|
| 8.00%, 05/15/33 |
|
51 |
53,048 |
| 6.75%, 03/15/34(a)(c) |
|
529 |
524,916 |
| Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33(a) |
|
125 |
126,482 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29(a) |
|
189 |
192,763 |
| Harvest Midstream I LP(a)(c) |
|
|
|
| 7.50%, 05/15/32 |
|
112 |
116,006 |
| 6.75%, 05/15/34 |
|
616 |
624,781 |
| Hess Midstream Operations LP, 6.50%, 06/01/29(a) |
|
222 |
226,537 |
| Hilcorp Energy I LP/Hilcorp Finance Co.(a) |
|
|
|
| 6.25%, 11/01/28 |
|
145 |
145,379 |
| 5.75%, 02/01/29 |
|
155 |
154,398 |
| 6.00%, 04/15/30 |
|
21 |
20,632 |
| 6.25%, 04/15/32 |
|
16 |
15,488 |
| 8.38%, 11/01/33(c) |
|
301 |
313,422 |
| 6.88%, 05/15/34 |
|
211 |
205,297 |
| 7.25%, 02/15/35 |
|
83 |
81,723 |
| Howard Midstream Energy Partners LLC(a)(c) |
|
|
|
| 7.38%, 07/15/32 |
|
111 |
114,964 |
| 6.63%, 01/15/34 |
|
305 |
307,607 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43 |
|
1,217 |
1,063,603 |
| Infinity Natural Resources LLC, 7.63%, 04/01/31(a) |
|
200 |
198,645 |
| ITT Holdings LLC, 6.50%, 08/01/29(a)(c) |
|
615 |
607,792 |
| Kinetik Holdings LP, 6.63%, 12/15/28(a) |
|
58 |
58,959 |
| Kraken Oil & Gas Partners LLC, 7.13%, 05/15/31(a) |
|
79 |
77,243 |
Schedule of Investments 79
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(a) |
USD |
148 |
$ 150,688 |
| Matador Resources Co.(a) |
|
|
|
| 6.50%, 04/15/32(c) |
|
303 |
304,654 |
| 6.00%, 04/15/34 |
|
253 |
246,652 |
| Murphy Oil Corp., 5.88%, 12/01/42 |
|
29 |
25,832 |
| Nabors Industries, Inc., 7.63%, 11/15/32(a) |
|
168 |
171,878 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.(a)(c) |
|
|
|
| 8.13%, 02/15/29 |
|
233 |
241,172 |
| 8.38%, 02/15/32 |
|
687 |
715,179 |
| Noble Finance II LLC(a) |
|
|
|
| 8.00%, 04/15/30(c) |
|
48 |
49,736 |
| 6.25%, 06/15/34 |
|
163 |
159,750 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33(a)(c) |
|
358 |
355,723 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32(a) |
|
172 |
174,183 |
| Par Petroleum LLC, 7.38%, 06/01/34(a) |
|
282 |
285,353 |
| Parex Resources, Inc., 8.50%, 05/11/31(a) |
|
200 |
203,200 |
| PBF Holding Co. LLC/PBF Finance Corp.(a) |
|
|
|
| 7.88%, 09/15/30 |
|
160 |
163,045 |
| 7.25%, 06/01/34 |
|
81 |
80,191 |
| Permian Resources Operating LLC(a) |
|
|
|
| 5.88%, 07/01/29(c) |
|
205 |
204,972 |
| 7.00%, 01/15/32(c) |
|
221 |
228,580 |
| 6.25%, 02/01/33 |
|
184 |
187,906 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |
|
69 |
68,677 |
| Petroleos Mexicanos |
|
|
|
| 8.75%, 06/02/29 |
|
130 |
138,711 |
| 5.95%, 01/28/31 |
|
158 |
156,278 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36(a) |
|
50 |
52,040 |
| Prairie Acquiror LP, 9.00%, 08/01/29(a) |
|
192 |
199,433 |
| PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(a) |
|
200 |
196,000 |
| Raizen Fuels Finance SA, 6.45%, 02/25/37(a)(g)(h) |
|
200 |
110,000 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29(a) |
|
51 |
50,332 |
| Seadrill Finance Ltd., 6.75%, 07/15/34(a) |
|
200 |
193,064 |
| SM Energy Co.(a)(c) |
|
|
|
| 8.75%, 07/01/31 |
|
179 |
186,972 |
| 6.63%, 04/15/34 |
|
647 |
636,857 |
| Sunoco LP(a) |
|
|
|
| 6.63%, 08/15/32 |
|
201 |
204,430 |
| 6.25%, 07/01/33 |
|
208 |
209,864 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a) |
|
|
|
| 5.50%, 01/15/28 |
|
148 |
147,686 |
| 7.38%, 02/15/29(c) |
|
501 |
513,908 |
| 6.00%, 09/01/31 |
|
100 |
98,935 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(a)(c) |
|
347 |
341,476 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30(a) |
|
56 |
57,057 |
| Transocean International Ltd.(a) |
|
|
|
| 8.25%, 05/15/29(c) |
|
46 |
47,499 |
| 8.75%, 02/15/30(c) |
|
34 |
35,641 |
| 8.50%, 05/15/31(c) |
|
313 |
324,954 |
| 7.88%, 10/15/32 |
|
183 |
191,041 |
| Valaris Ltd., 8.38%, 04/30/30(a)(c) |
|
237 |
246,119 |
| Venture Global LNG, Inc.(a)(c) |
|
|
|
| 9.50%, 02/01/29 |
|
1,306 |
1,405,714 |
| 6.38%, 12/15/34 |
|
1,337 |
1,313,953 |
| 6.63%, 06/15/36 |
|
1,026 |
1,011,306 |
| Venture Global Plaquemines LNG LLC(a)(c) |
|
|
|
| 6.13%, 12/15/30 |
|
611 |
625,150 |
| 7.50%, 05/01/33 |
|
290 |
318,279 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Venture Global Plaquemines LNG LLC(a)(c) (continued) |
|
|
|
| 6.50%, 01/15/34 |
USD |
864 |
$ 900,272 |
| 7.75%, 05/01/35 |
|
499 |
559,615 |
| 6.75%, 01/15/36 |
|
1,059 |
1,122,853 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33(a) |
|
32 |
34,138 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(a)(c) |
|
392 |
402,021 |
| |
|
|
37,334,409 |
| Passenger Airlines — 0.2% | |||
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(a)(c) |
|
445 |
403,042 |
| OneSky Flight LLC, 8.88%, 12/15/29(a) |
|
250 |
264,369 |
| United Airlines Holdings, Inc., 5.38%, 03/01/31(c) |
|
91 |
90,346 |
| WestJet Airlines Ltd., 8.00%, 02/14/31(a) |
|
210 |
210,796 |
| |
|
|
968,553 |
| Personal Care Products — 0.1% | |||
| Opal Bidco SAS |
|
|
|
| 5.50%, 03/31/32(f) |
EUR |
100 |
117,799 |
| 6.50%, 03/31/32(a) |
USD |
317 |
323,404 |
| Perrigo Finance Unlimited Co. |
|
|
|
| 5.15%, 06/15/30 |
|
200 |
192,317 |
| 6.13%, 09/30/32 |
|
95 |
90,735 |
| |
|
|
724,255 |
| Pharmaceuticals — 1.4% | |||
| 1261229 B.C. Ltd., 10.00%, 04/15/32(a)(c) |
|
4,600 |
4,659,046 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(a) |
|
175 |
181,651 |
| Bausch Health Cos., Inc.(a) |
|
|
|
| 4.88%, 06/01/28 |
|
140 |
129,450 |
| 11.00%, 09/30/28 |
|
809 |
823,821 |
| CVS Health Corp., 3.75%, 04/01/30(c) |
|
500 |
483,456 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32(f) |
EUR |
100 |
114,929 |
| Grifols SA, 7.13%, 05/01/30(f) |
|
100 |
118,835 |
| Gruenenthal GmbH, 4.63%, 11/15/31(f) |
|
100 |
114,853 |
| Nidda Healthcare Holding GmbH(f) |
|
|
|
| 7.00%, 02/21/30 |
|
100 |
117,854 |
| (3-mo. EURIBOR + 3.25%), 5.53%, 10/15/32(b) |
|
100 |
114,555 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28(a)(c) |
USD |
400 |
395,024 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 6.17%, 12/31/29(b)(f) |
EUR |
43 |
48,836 |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26(c) |
USD |
96 |
95,616 |
| |
|
|
7,397,926 |
| Real Estate Management & Development — 0.6% | |||
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, 12/31/28(i) |
EUR |
49 |
63,294 |
| Alexandrite Lake Lux Holdings SARL, 6.75%, 07/30/30(f) |
|
100 |
114,075 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |
|
|
|
| 7.00%, 04/15/30(a) |
USD |
39 |
39,219 |
| Series AI, 7.00%, 04/15/30(c) |
|
271 |
273,328 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30(a) |
|
133 |
142,983 |
| CoreLogic, Inc., 4.50%, 05/01/28(a) |
|
1,485 |
1,450,574 |
| Fantasia Holdings Group Co. Ltd.(f)(g)(h) |
|
|
|
| 11.75%, 04/17/22 |
|
400 |
4,400 |
| 11.88%, 06/01/23 |
|
200 |
2,250 |
| 9.25%, 07/28/23 |
|
200 |
2,250 |
| 9.88%, 10/19/23 |
|
200 |
1,800 |
| Five Point Operating Co. LP, 8.00%, 10/01/30(a) |
|
84 |
85,991 |
80
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Real Estate Management & Development (continued) | |||
| Howard Hughes Corp.(a) |
|
|
|
| 4.13%, 02/01/29 |
USD |
149 |
$ 143,959 |
| 4.38%, 02/01/31 |
|
54 |
51,069 |
| 6.13%, 03/01/34 |
|
141 |
139,314 |
| New Immo Holding SA(f) |
|
|
|
| 3.25%, 07/23/27 |
EUR |
100 |
113,890 |
| 5.50%, 04/23/31 |
|
100 |
114,653 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30(f) |
USD |
200 |
193,400 |
| Vivion Investments SARL, 5.63%, 06/08/30(f) |
EUR |
100 |
110,488 |
| |
|
|
3,046,937 |
| Retail REITs — 0.1% | |||
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(a)(c) |
USD |
327 |
323,291 |
| Semiconductors & Semiconductor Equipment — 0.2% | |||
| Broadcom, Inc., 3.50%, 02/15/41(c) |
|
350 |
279,651 |
| Microchip Technology, Inc., 0.00%, 02/15/30(a)(j)(k) |
|
147 |
169,200 |
| ON Semiconductor Corp.(j) |
|
|
|
| 0.50%, 03/01/29 |
|
258 |
310,890 |
| 0.00%, 05/01/31(a)(k) |
|
65 |
64,610 |
| QUALCOMM, Inc., 4.30%, 05/20/47(c) |
|
300 |
244,324 |
| |
|
|
1,068,675 |
| Software — 2.0% | |||
| AthenaHealth Group, Inc., 6.50%, 02/15/30(a)(c) |
|
1,676 |
1,606,989 |
| Capstone Borrower, Inc., 8.00%, 06/15/30(a)(c) |
|
302 |
286,910 |
| Cloud Software Group, Inc.(a)(c) |
|
|
|
| 6.50%, 03/31/29 |
|
1,694 |
1,643,656 |
| 9.00%, 09/30/29 |
|
2,035 |
1,975,236 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29(a)(c) |
|
183 |
176,897 |
| IPD 3 BV, 5.50%, 06/15/31(f) |
EUR |
100 |
111,363 |
| OAK-Eagle Acquireco, Inc. |
|
|
|
| 6.25%, 07/01/33(f) |
|
100 |
119,638 |
| 7.25%, 07/01/33(a)(c) |
USD |
1,139 |
1,191,521 |
| 8.75%, 07/01/34(a)(c) |
|
1,084 |
1,150,473 |
| Oracle Corp.(c) |
|
|
|
| 3.60%, 04/01/50 |
|
200 |
121,622 |
| 6.70%, 02/04/56 |
|
1,000 |
941,211 |
| 6.13%, 08/03/65 |
|
250 |
210,069 |
| UKG, Inc., 6.88%, 02/01/31(a)(c) |
|
594 |
577,059 |
| |
|
|
10,112,644 |
| Specialty Retail — 0.2% | |||
| Advance Auto Parts, Inc., 7.00%, 08/01/30(a) |
|
168 |
172,257 |
| Afflelou SAS, 6.00%, 07/25/29(f) |
EUR |
100 |
118,036 |
| Ferrellgas LP/Ferrellgas Finance Corp., 9.25%, 01/15/31(a) |
USD |
170 |
179,162 |
| Kiko SpA, (3-mo. EURIBOR + 3.25%), 5.45%, 01/15/32(b)(f) |
EUR |
100 |
115,256 |
| Michaels Cos., Inc., 8.50%, 03/15/33(a)(c) |
USD |
472 |
467,514 |
| Staples, Inc., 10.75%, 09/01/29(a) |
|
185 |
176,480 |
| |
|
|
1,228,705 |
| Technology Hardware, Storage & Peripherals(a) — 0.2% | |||
| Seagate Data Storage Technology Pte. Ltd. |
|
|
|
| 8.25%, 12/15/29(c) |
|
449 |
469,500 |
| 5.88%, 07/15/30 |
|
151 |
153,682 |
| 8.50%, 07/15/31(c) |
|
557 |
582,053 |
| |
|
|
1,205,235 |
| Textiles, Apparel & Luxury Goods — 0.3% | |||
| Beach Acquisition Bidco LLC(a) |
|
|
|
| 5.25%, 07/15/32 |
EUR |
435 |
506,024 |
| Security |
|
Par (000) |
Value |
| Textiles, Apparel & Luxury Goods (continued) | |||
| Beach Acquisition Bidco LLC(a) (continued) |
|
|
|
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33(c)(i) |
USD |
800 |
$ 908,462 |
| Crocs, Inc., 4.25%, 03/15/29(a) |
|
25 |
24,256 |
| Levi Strauss & Co.(a) |
|
|
|
| 4.00%, 08/15/30 |
EUR |
120 |
137,766 |
| 3.50%, 03/01/31 |
USD |
16 |
14,821 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 5.95%, 07/01/29(b)(f) |
EUR |
100 |
115,668 |
| |
|
|
1,706,997 |
| Tobacco — 0.1% | |||
| BAT Capital Corp., 7.08%, 08/02/43(c) |
USD |
250 |
278,467 |
| Transportation Infrastructure — 0.1% | |||
| Edge Finco PLC, 8.13%, 08/15/31(f) |
GBP |
100 |
138,576 |
| GB AIT Buyer, Inc., 8.75%, 04/30/34(a) |
USD |
146 |
146,388 |
| Incora Top Holdco LLC, 6.00%, 01/31/33(e) |
|
210 |
58,565 |
| RXO, Inc., 6.38%, 05/15/31(a) |
|
78 |
79,083 |
| |
|
|
422,612 |
| Wireless Telecommunication Services — 1.2% | |||
| Altice France SA |
|
|
|
| 6.88%, 10/15/30(a) |
|
492 |
477,049 |
| 6.50%, 10/15/31(a) |
|
243 |
235,446 |
| 6.50%, 04/15/32(a)(c) |
|
1,267 |
1,224,701 |
| 5.63%, 07/15/32(f) |
EUR |
11 |
12,248 |
| 6.88%, 07/15/32(a) |
USD |
503 |
487,340 |
| Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30(f) |
|
200 |
189,750 |
| Digicel International Finance Ltd. U.S. LLC, 8.63%, 08/01/32(a)(c) |
|
945 |
973,941 |
| Iliad Holding SAS |
|
|
|
| 7.00%, 10/15/28(a) |
|
343 |
344,472 |
| 5.38%, 04/15/30(f) |
EUR |
100 |
117,182 |
| 8.50%, 04/15/31(a)(c) |
USD |
479 |
507,469 |
| 7.00%, 04/15/32(a)(c) |
|
211 |
215,042 |
| TDC Brands A/S, 8.00%, 04/30/31(f) |
EUR |
100 |
115,808 |
| Telecom Argentina SA, 9.25%, 05/28/33(a) |
USD |
64 |
68,769 |
| Vmed O2 U.K. Financing I PLC |
|
|
|
| 4.00%, 01/31/29(f) |
GBP |
100 |
125,125 |
| 4.25%, 01/31/31(a)(c) |
USD |
600 |
493,412 |
| 4.75%, 07/15/31(a) |
|
200 |
164,331 |
| 6.75%, 01/15/33(a) |
|
254 |
215,053 |
| WOM Mobile SA, (5.50% Cash and 6.25% PIK), 11.00%, 04/01/31(a)(i) |
|
13 |
13,515 |
| Zegona Finance PLC, 6.75%, 07/15/29(f) |
EUR |
90 |
106,468 |
| |
|
|
6,087,121 |
| Total Corporate Bonds — 67.5% (Cost: $348,867,563) |
349,671,549 | ||
| Fixed Rate Loan Interests | |||
| Distributors — 0.0% | |||
| TMK Hawk Parent Corp., 2024 Term Loan, 11.00%, 12/15/31(e) |
USD |
28 |
— |
| IT Services — 0.1% | |||
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
|
619 |
585,912 |
Schedule of Investments 81
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Software — 0.1% | |||
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
USD |
575 |
$ 536,188 |
| Total Fixed Rate Loan Interests — 0.2% (Cost: $1,221,694) |
1,122,100 | ||
| Floating Rate Loan Interests(b) | |||
| Advertising Agencies — 0.1% | |||
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 09/24/32 |
|
401 |
400,298 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.99%, 02/15/29 |
|
147 |
125,402 |
| |
|
|
525,700 |
| Aerospace & Defense — 2.3% | |||
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (6- mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.60%, 06/23/30 |
|
539 |
540,292 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/31/30 |
|
808 |
807,284 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.79%, 08/03/29 |
|
485 |
486,695 |
| Cubic Corp. |
|
|
|
| 2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.76%), 8.17%, 05/25/29 |
|
1,941 |
132,623 |
| 2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 3.51%), 6.92%, 05/25/29 |
|
271 |
18,543 |
| Dynasty Acquisition Co., Inc. |
|
|
|
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
1,276 |
1,278,140 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/31/31 |
|
486 |
486,386 |
| Kaman Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 02/26/32 |
|
230 |
229,554 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.51%, 02/01/28 |
|
955 |
859,634 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.23%, 12/01/32 |
|
369 |
369,869 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 11/05/28 |
|
207 |
207,255 |
| TransDigm, Inc. |
|
|
|
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/28/31 |
|
2,689 |
2,689,592 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/19/32 |
|
485 |
484,644 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 03/22/30 |
|
841 |
840,789 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 08/19/32 |
|
1,670 |
1,670,578 |
| 2026 Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 02/13/33 |
|
603 |
602,904 |
| |
|
|
11,704,782 |
| Security |
|
Par (000) |
Value |
| Automobile Components — 1.2% | |||
| Allison Transmission, Inc., 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 01/02/33 |
USD |
506 |
$ 504,787 |
| Clarios Global LP |
|
|
|
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.14%, 05/06/30 |
|
1,904 |
1,904,029 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/28/32 |
|
871 |
870,625 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
682 |
675,778 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.41%, 01/30/32 |
|
45 |
44,620 |
| Gates Corp. |
|
|
|
| 2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 11/16/29 |
|
173 |
173,121 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/04/31 |
|
1,269 |
1,266,628 |
| RealTruck Group, Inc. |
|
|
|
| 2026 FLSO Tranche A Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.65%, 01/31/31 |
|
106 |
65,327 |
| 2026 FLSO Tranche B Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 6.00%), 9.90%, 01/31/31 |
|
241 |
149,589 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.74%, 11/17/28 |
|
829 |
824,855 |
| |
|
|
6,479,359 |
| Beverages — 0.3% | |||
| Naked Juice LLC |
|
|
|
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.23%, 01/24/29 |
|
862 |
873,722 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.08%, 01/24/29 |
|
237 |
156,965 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.83%, 01/24/30 |
|
333 |
100,702 |
| Sazerac Co., Inc., Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.63%, 07/09/32 |
|
249 |
247,983 |
| |
|
|
1,379,372 |
| Biotechnology — 0.5% | |||
| BioMarin Pharmaceutical, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.43%, 04/27/33 |
|
583 |
582,708 |
| Parexel International Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/12/31 |
|
1,791 |
1,791,322 |
| |
|
|
2,374,030 |
| Broadline Retail — 0.3% | |||
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 08/30/32 |
|
656 |
657,344 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 8.39%, 03/15/30 |
|
972 |
977,447 |
| |
|
|
1,634,791 |
82
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Building Materials — 0.2% | |||
| CP Iris HoldCo I, Inc. |
|
|
|
| 2025 Delayed Draw Term Loan, 0.00%, 10/27/32 |
USD |
5 |
$ 4,878 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/27/32 |
|
979 |
928,293 |
| |
|
|
933,171 |
| Building Products — 2.4% | |||
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 05/13/29 |
|
46 |
45,919 |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 09/08/32 |
|
2,020 |
2,019,096 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.89%, 07/08/30 |
|
563 |
493,029 |
| EMRLD Borrower LP |
|
|
|
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 08/04/31 |
|
906 |
904,983 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 05/31/30 |
|
1,472 |
1,469,632 |
| Gibraltar Industries, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.87%, 02/02/33(e) |
|
363 |
362,169 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 06/17/31 |
|
794 |
666,356 |
| Knife River Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 03/08/32 |
|
120 |
119,776 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.64%, 03/08/29 |
|
192 |
166,053 |
| Quikrete Holdings, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR + 2.25%), 5.89%, 03/19/29 |
|
690 |
690,202 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/10/32 |
|
376 |
375,767 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 04/14/31 |
|
781 |
780,121 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/30/32 |
|
535 |
533,688 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/28 |
|
208 |
207,723 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 10/19/29 |
|
2,133 |
2,128,297 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 08/05/31 |
|
1,245 |
1,122,580 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.76%, 10/04/28 |
|
389 |
391,167 |
| |
|
|
12,476,558 |
| Capital Markets — 2.8% | |||
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 11/01/30 |
|
318 |
318,497 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.63%, 02/15/31 |
|
1,236 |
1,193,217 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/09/30 |
|
329 |
327,728 |
| Security |
|
Par (000) |
Value |
| Capital Markets (continued) | |||
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 11/25/32 |
USD |
693 |
$ 676,222 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 12/20/29 |
|
567 |
567,196 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 11/25/31 |
|
822 |
796,693 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/01/32 |
|
919 |
916,540 |
| Citadel Securities Global Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/10/33 |
|
1,641 |
1,637,289 |
| Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.26%, 09/01/28 |
|
108 |
101,159 |
| Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/15/31 |
|
1,941 |
1,891,893 |
| GTCR Everest Borrower LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 09/05/31 |
|
256 |
255,175 |
| Hudson River Trading LLC, 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 03/18/30 |
|
1,569 |
1,557,240 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 12/15/31 |
|
2,566 |
2,540,486 |
| Jump Financial LLC, 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 02/26/32(e) |
|
109 |
108,864 |
| Jupiter Borrower, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/30/33 |
|
412 |
411,143 |
| Osaic Holdings, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 07/30/32 |
|
1,109 |
1,093,414 |
| |
|
|
14,392,756 |
| Chemicals — 2.6% | |||
| Advancion Holdings LLC, 2020 USD Term Loan, (3-mo. CME Term SOFR + 4.10%), 7.77%, 11/24/27(e) |
|
323 |
295,708 |
| BASF Coatings Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.24%, 06/29/33 |
|
964 |
966,651 |
| Chemours Co., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/15/32 |
|
1,271 |
1,266,748 |
| Derby Buyer LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.36%, 11/01/30 |
|
925 |
924,355 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.41%, 10/04/29 |
|
915 |
910,577 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 06/12/31 |
|
626 |
624,780 |
| Element Solutions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/18/30 |
|
1,050 |
1,049,427 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/29/32 |
|
422 |
420,749 |
Schedule of Investments 83
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Chemicals (continued) | |||
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 02/15/30 |
USD |
309 |
$ 309,498 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 10/07/31 |
|
125 |
104,699 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.76%, 07/03/28 |
|
686 |
648,455 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/31(e) |
|
423 |
423,029 |
| Olympus Water U.S. Holding Corp. |
|
|
|
| 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 06/20/31 |
|
1,388 |
1,384,861 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 11/03/32 |
|
834 |
832,517 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31 |
|
856 |
561,366 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.65%, 10/09/31 |
|
274 |
274,746 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 10/29/32 |
|
467 |
468,751 |
| SP Motion Holdco Ltd., USD Term Loan B, 06/24/33(o) |
|
290 |
289,637 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.66%, 08/02/30 |
|
804 |
798,738 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/19/32 |
|
894 |
890,665 |
| |
|
|
13,445,957 |
| Commercial Services & Supplies — 3.1% | |||
| Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 10/24/30 |
|
446 |
440,287 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 08/20/32 |
|
2,743 |
2,742,607 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. SOFR + 2.90%), 6.41%, 11/17/31 |
|
357 |
357,424 |
| Aramark Services, Inc. |
|
|
|
| 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 04/06/28 |
|
383 |
383,984 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/22/30 |
|
1,002 |
1,001,518 |
| Asplundh Tree Expert, LLC, 2026 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/30/33 |
|
1,396 |
1,393,352 |
| Citrin Cooperman Advisors LLC |
|
|
|
| 2025 Add on Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 04/01/32(e) |
|
138 |
132,490 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 04/01/32 |
|
780 |
756,710 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.50%), 5.14%, 10/08/32 |
|
389 |
390,018 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 06/02/31 |
|
1,191 |
1,131,101 |
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| Innio Holding, Inc., 2026 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 11/02/31 |
USD |
736 |
$ 732,577 |
| LABL, Inc., 2026 USD Interim New Money DIP Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 10.43%, 12/02/26 |
|
32 |
32,119 |
| MX Holdings U.S., Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 03/17/32 |
|
255 |
254,842 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 03/11/32 |
|
1,360 |
1,356,048 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 12/31/32 |
|
325 |
325,105 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 1.00%), 4.74%, 03/10/31 |
|
73 |
68,865 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 0.00%, 03/26/31 |
|
1,230 |
1,228,825 |
| Prime Security Services Borrower LLC |
|
|
|
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 10/13/30 |
|
185 |
183,395 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/07/32 |
|
920 |
905,221 |
| Reworld Holding Corp. |
|
|
|
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
|
80 |
79,758 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 01/15/31 |
|
491 |
490,816 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 11/30/28 |
|
378 |
377,568 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/31 |
|
1,046 |
1,044,248 |
| |
|
|
15,808,878 |
| Communications Equipment — 0.0% | |||
| Radiate Holdco LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
19 |
19,224 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 06/26/29 |
|
19 |
19,224 |
| |
|
|
38,448 |
| Construction & Engineering — 0.8% | |||
| Azuria Water Solutions, Inc. |
|
|
|
| 2026 Delayed Draw Term Loan, 0.00%, 04/25/33 |
|
17 |
17,351 |
| 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 04/25/33 |
|
901 |
897,454 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/01/30 |
|
1,225 |
955,062 |
| Construction Partners, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/03/31 |
|
743 |
742,090 |
84
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Construction & Engineering (continued) | |||
| Dycom Investments, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/27/33 |
USD |
390 |
$ 390,121 |
| Legence Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.64%, 12/16/31 |
|
1,220 |
1,216,595 |
| |
|
|
4,218,673 |
| Consumer Discretionary — 0.1% | |||
| Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 07/06/29 |
|
432 |
433,432 |
| Consumer Staples Distribution & Retail — 0.6% | |||
| BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.14%, 12/29/32 |
|
1,233 |
1,216,475 |
| EG America LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 02/10/31 |
|
1,198 |
1,200,995 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/03/31 |
|
640 |
643,215 |
| |
|
|
3,060,685 |
| Containers & Packaging — 1.8% | |||
| Charter Next Generation, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.11%, 11/29/30 |
|
1,452 |
1,451,779 |
| Clydesdale Acquisition Holdings, Inc. |
|
|
|
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 04/01/32 |
|
1,103 |
1,058,785 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.18%), 6.82%, 04/13/29 |
|
105 |
103,019 |
| Colossus Acquireco LLC, 2026 Term Loan B, (3-mo. SOFR + 1.75%), 5.37%, 01/31/33 |
|
1,821 |
1,808,561 |
| Graham Packaging Co., Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/26/33 |
|
791 |
791,263 |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.12%, 04/15/30 |
|
865 |
852,025 |
| Multi-Color Corp., 2026 USD PIK Takeback Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.38%), 6.11%, 05/11/33 |
|
480 |
409,891 |
| Potters Industries LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/23/32 |
|
477 |
477,401 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 02/01/29 |
|
420 |
421,320 |
| Proampac PG Borrower LLC, 2026 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 03/07/33 |
|
744 |
729,811 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/04/32 |
|
195 |
195,274 |
| Security |
|
Par (000) |
Value |
| Containers & Packaging (continued) | |||
| Ring Container Technologies Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 09/15/32 |
USD |
596 |
$ 596,714 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, 09/15/28 |
|
464 |
444,098 |
| |
|
|
9,339,941 |
| Distributors — 0.8% | |||
| American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 01/31/31 |
|
837 |
836,781 |
| Core & Main LP |
|
|
|
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 07/27/28 |
|
1,502 |
1,501,600 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.66%, 02/09/31 |
|
372 |
371,493 |
| QXO Building Products, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/01/33 |
|
1,230 |
1,226,580 |
| |
|
|
3,936,454 |
| Diversified Consumer Services — 0.1% | |||
| Bright Horizons Family Solutions LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 08/23/32 |
|
532 |
531,768 |
| Diversified REITs — 0.0% | |||
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/20/30 |
|
244 |
243,874 |
| Diversified Telecommunication Services — 0.8% | |||
| Level 3 Financing, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/29/32 |
|
1,890 |
1,889,414 |
| Sunrise Financing Partnership, Term Loan AAA, (6-mo. CME Term SOFR at 0.00% Floor + 2.47%), 6.10%, 02/15/32 |
|
369 |
363,664 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 6.99%, 01/31/29 |
|
607 |
580,317 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11% and 0.50% PIK), 7.26%, 03/11/30(i) |
|
1,271 |
1,270,507 |
| |
|
|
4,103,902 |
| Electric Utilities — 0.7% | |||
| Alpha Generation LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/30/31 |
|
639 |
632,373 |
| NRG Energy, Inc. |
|
|
|
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/16/31 |
|
1,840 |
1,836,946 |
| 2026 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 04/28/33 |
|
172 |
172,222 |
| Pathfinder Power LLC, Term Loan B, 06/22/33(o) |
|
479 |
477,802 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 12/15/31 |
|
363 |
360,858 |
| |
|
|
3,480,201 |
| Electronic Equipment, Instruments & Components — 0.4% | |||
| Belden, Inc., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/01/33(e) |
|
693 |
693,000 |
Schedule of Investments 85
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Electronic Equipment, Instruments & Components (continued) | |||
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 06/20/31(e) |
USD |
225 |
$ 224,837 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 07/02/29 |
|
455 |
453,490 |
| CoorsTek, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 10/28/32 |
|
285 |
285,465 |
| Sanmina Corp., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 10/27/32(e) |
|
526 |
526,347 |
| |
|
|
2,183,139 |
| Energy Equipment & Services — 0.0% | |||
| Deep Blue Operating I LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.90%, 10/01/32 |
|
249 |
249,844 |
| Entertainment — 2.2% | |||
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 10/01/31 |
|
1,267 |
1,266,180 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/30/31 |
|
1,345 |
1,343,679 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 03/04/32 |
|
1,056 |
1,053,779 |
| Electronic Arts, Inc., USD Term Loan B, 03/24/33(o) |
|
2,190 |
2,194,708 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/24/32 |
|
1,784 |
1,782,690 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/21/32 |
|
894 |
893,387 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 11/12/29 |
|
991 |
841,869 |
| TKO Worldwide Holdings LLC, 2026 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 11/21/31 |
|
2,281 |
2,272,435 |
| |
|
|
11,648,727 |
| Environmental, Maintenance & Security Service — 0.1% | |||
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 10/17/30 |
|
364 |
363,672 |
| Reworld Holding Corp., 2025 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.90%, 01/15/31 |
|
209 |
209,125 |
| |
|
|
572,797 |
| Financial Services — 2.2% | |||
| ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 12/21/28 |
|
1,089 |
1,089,096 |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.63%, 05/21/31 |
|
1,372 |
1,372,383 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.15%, 02/27/32 |
|
1,107 |
1,045,504 |
| APi Group DE, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/16/33 |
|
1,791 |
1,787,200 |
| Security |
|
Par (000) |
Value |
| Financial Services (continued) | |||
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/19/31 |
USD |
2,082 |
$ 2,072,715 |
| Gryphon Acquire NewCo LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 09/13/32 |
|
543 |
542,835 |
| ITT Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.98%), 5.71%, 10/11/30 |
|
180 |
179,195 |
| LBM Acquisition LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.50%, 06/06/31 |
|
428 |
357,458 |
| NEXUS Buyer LLC |
|
|
|
| 2025 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 07/31/31 |
|
545 |
525,860 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 07/31/31 |
|
80 |
76,964 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 10/08/32 |
|
520 |
519,583 |
| Sotera Health Holdings LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 05/30/31 |
|
1,201 |
1,201,520 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 10/16/31 |
|
80 |
80,225 |
| WEX, Inc. |
|
|
|
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/31/28 |
|
167 |
167,085 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 03/05/32 |
|
306 |
304,833 |
| |
|
|
11,322,456 |
| Food Products — 1.0% | |||
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 10/28/32 |
|
2,146 |
2,149,284 |
| Froneri U.S., Inc. |
|
|
|
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.88%, 09/30/31 |
|
1,822 |
1,808,166 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.13%, 09/30/32 |
|
515 |
510,829 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.23%, 03/29/30 |
|
70 |
70,361 |
| Treehouse Foods, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.89%, 02/11/33 |
|
568 |
569,096 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/29/32 |
|
180 |
179,487 |
| Wellness Pet LLC, 2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 7.74%, 12/31/29 |
|
60 |
11,020 |
| |
|
|
5,298,243 |
| Gas Utilities — 0.3% | |||
| BIP PipeCo Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 12/06/30 |
|
242 |
240,893 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 04/01/32 |
|
295 |
295,741 |
86
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Gas Utilities (continued) | |||
| NGL Energy Partners LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.13%, 03/11/33 |
USD |
375 |
$ 376,200 |
| Traverse Midstream Partners LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.04%, 04/21/33 |
|
208 |
207,740 |
| Venture Global Calcasieu Pass LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 04/11/33 |
|
570 |
571,032 |
| |
|
|
1,691,606 |
| Ground Transportation — 0.6% | |||
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 04/10/31 |
|
2,365 |
2,354,129 |
| Hertz Corp. |
|
|
|
| 2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
594 |
418,331 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), 7.43%, 06/30/28 |
|
118 |
82,989 |
| PODS LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.13%, 05/14/31 |
|
422 |
409,948 |
| |
|
|
3,265,397 |
| Health Care Equipment & Supplies — 1.0% | |||
| Bausch & Lomb Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.39%, 01/15/31 |
|
1,497 |
1,498,601 |
| Hopper Merger Sub, Inc., 2026 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.99%, 04/07/33 |
|
3,153 |
3,082,719 |
| McKesson Medical-Surgical Top Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/32 |
|
413 |
412,657 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 08/20/32 |
|
458 |
450,275 |
| |
|
|
5,444,252 |
| Health Care Providers & Services — 1.9% | |||
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 09/20/32 |
|
99 |
99,193 |
| Charlotte Buyer, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.14%, 06/30/31 |
|
370 |
369,338 |
| CHG Healthcare Services, Inc., 2026 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.66%, 09/29/31 |
|
448 |
447,942 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.91%, 11/08/32 |
|
677 |
677,513 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 07/26/31 |
|
341 |
341,450 |
| DaVita, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/09/31 |
|
547 |
546,025 |
| Examworks Bidco, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 02/06/33 |
|
719 |
719,538 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, 0.00%, 11/30/28(g)(h) |
|
17 |
2,700 |
| Security |
|
Par (000) |
Value |
| Health Care Providers & Services (continued) | |||
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
USD |
248 |
$ 247,649 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 05/19/31 |
|
1,173 |
1,153,770 |
| Medical Solutions Holdings, Inc. |
|
|
|
| 2026 Class A-1 First Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.17%, 11/01/30 |
|
61 |
43,985 |
| 2026 Class A-2 First Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 9.05%, 11/01/30 |
|
139 |
100,917 |
| 2026 Exchange FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.30%, 11/01/30 |
|
218 |
44,638 |
| 2026 Exchange FLTO Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 10.80%, 11/03/31 |
|
182 |
21,897 |
| Medline Borrower LP, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.50%), 5.14%, 05/30/33 |
|
1,820 |
1,808,313 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/22/32 |
|
869 |
869,411 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 11/19/31 |
|
296 |
291,963 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.73%, 09/27/30 |
|
728 |
728,353 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/19/30 |
|
851 |
851,122 |
| Team Health Holdings, Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.66%, 06/30/28 |
|
248 |
247,506 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 08/01/31 |
|
449 |
448,394 |
| |
|
|
10,061,617 |
| Health Care Technology — 0.8% | |||
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/29 |
|
1,076 |
1,073,174 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 6.37%, 05/01/31 |
|
1,207 |
1,102,512 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.83%, 10/01/27 |
|
322 |
317,080 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.41%, 11/03/31 |
|
427 |
424,896 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 7.93%, 06/02/28 |
|
962 |
832,029 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 10/22/29(e) |
|
347 |
345,276 |
| |
|
|
4,094,967 |
Schedule of Investments 87
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure — 4.1% | |||
| Aimbridge Acquisition Co., Inc. |
|
|
|
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.61%), 11.25%, 03/11/30 |
USD |
111 |
$ 106,710 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.61%), 9.25%, 03/11/30 |
|
117 |
113,761 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/31/30 |
|
651 |
649,385 |
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 09/20/30 |
|
1,103 |
1,100,377 |
| Caesars Entertainment, Inc. |
|
|
|
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/31 |
|
1,878 |
1,800,225 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 02/06/30 |
|
975 |
941,031 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.11%, 12/02/31 |
|
468 |
468,391 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.89%, 01/27/29 |
|
1,659 |
1,656,545 |
| Flutter Financing BV |
|
|
|
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 11/30/30 |
|
1,680 |
1,663,000 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 06/04/32 |
|
529 |
526,443 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/22/32 |
|
1,287 |
1,293,697 |
| Gaia Purchaser, Inc., Term Loan B, 06/25/33(e)(o) |
|
434 |
433,457 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.43%, 11/01/29 |
|
461 |
453,233 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 07/31/32 |
|
187 |
186,270 |
| Herschend Entertainment Co. LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 05/27/32 |
|
532 |
532,406 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 5.40%, 11/08/30 |
|
1,350 |
1,352,280 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 12/16/30 |
|
818 |
818,139 |
| Light & Wonder International, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 04/16/29 |
|
653 |
652,523 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.98%, 08/01/30 |
|
382 |
362,480 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 05/30/33 |
|
531 |
529,192 |
| Pioneer Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 05/16/33 |
|
778 |
780,365 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 04/04/29 |
|
539 |
530,931 |
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 12/04/31 |
USD |
546 |
$ 541,338 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/01/31 |
|
209 |
207,230 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 03/14/31 |
|
1,381 |
1,380,199 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
546 |
535,080 |
| Voyager Parent LLC, Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.98%, 07/01/32 |
|
634 |
634,032 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 08/03/28 |
|
421 |
420,063 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 05/24/30 |
|
673 |
673,051 |
| |
|
|
21,341,834 |
| Household Durables — 0.5% | |||
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 01/20/32 |
|
1,184 |
1,181,991 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, (Prime + 1.50%), 8.25%, 09/26/31 |
|
264 |
264,246 |
| Somnigroup International, Inc., Term Loan B, (1-mo. SOFR + 2.25%), 5.87%, 10/24/31 |
|
283 |
283,349 |
| Springs Windows Fashions LLC, 2024 FLFO Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
|
171 |
169,680 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.50%), 8.14%, 12/19/29 |
|
129 |
127,260 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.44%, 10/01/32 |
|
743 |
733,187 |
| |
|
|
2,759,713 |
| Household Products — 0.1% | |||
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 12/30/32 |
|
588 |
581,430 |
| Independent Power and Renewable Electricity Producers — 0.5% | |||
| Calpine Construction Finance Co. LP, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 07/31/30 |
|
1,202 |
1,200,246 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), 5.67%, 12/15/27 |
|
501 |
499,339 |
| Talen Energy Supply LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 11/26/32 |
|
901 |
893,141 |
| |
|
|
2,592,726 |
| Industrial Conglomerates — 1.1% | |||
| ACI Rover Parent LLC, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/09/33 |
|
552 |
550,482 |
88
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Industrial Conglomerates (continued) | |||
| Beach Acquisition Bidco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 09/12/32 |
USD |
352 |
$ 353,617 |
| FCG Acquisitions, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 03/04/33 |
|
108 |
108,050 |
| Heritage Environmental Services, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 04/01/33(e) |
|
231 |
231,866 |
| LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.62%, 12/02/31 |
|
356 |
356,106 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.18%, 10/01/32 |
|
479 |
479,898 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 08/13/32 |
|
557 |
556,559 |
| Resilience Parent LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 02/28/33 |
|
1,367 |
1,363,719 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 11.49%, 12/31/29 |
|
61 |
52,825 |
| Sword Purchaser LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 04/11/33 |
|
1,480 |
1,441,387 |
| |
|
|
5,494,509 |
| Insurance — 3.3% | |||
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/19/31 |
|
3,232 |
3,186,025 |
| AmWINS Group, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.00%), 5.73%, 01/30/32 |
|
1,767 |
1,726,359 |
| Amynta Agency Borrower, Inc., 2026 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 12/29/31 |
|
1,279 |
1,259,828 |
| Asurion LLC, 2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
1,235 |
1,220,822 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/20/30 |
|
1,992 |
1,988,484 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.48%, 04/18/30 |
|
190 |
178,742 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.39%, 02/15/31 |
|
1,459 |
1,366,673 |
| Jones DesLauriers Insurance Management Inc., 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/02/33 |
|
1,191 |
1,137,816 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 07/02/31 |
|
250 |
241,576 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 09/15/31 |
|
725 |
722,602 |
| Security |
|
Par (000) |
Value |
| Insurance (continued) | |||
| Truist Insurance Holdings LLC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 05/06/31 |
USD |
1,565 |
$ 1,526,888 |
| USI, Inc. |
|
|
|
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 09/29/30 |
|
1,016 |
1,010,461 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 11/21/29 |
|
1,448 |
1,442,436 |
| |
|
|
17,008,712 |
| Interactive Media & Services — 0.1% | |||
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 01/31/31 |
|
343 |
314,665 |
| IT Services — 2.4% | |||
| Asurion LLC |
|
|
|
| 2021 Second Lien Term Loan B4, (3-mo. CME Term SOFR + 5.25%), 9.18%, 01/20/29 |
|
211 |
208,432 |
| 2023 Term Loan B11, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.01%, 08/19/28 |
|
64 |
63,903 |
| 2024 Term Loan B12, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 09/19/30 |
|
218 |
215,105 |
| 2026 Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.41%, 02/23/33 |
|
320 |
302,000 |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.16%, 08/15/29 |
|
543 |
367,027 |
| Central Parent Inc., 2026 CoOp Steerco Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 07/06/29 |
|
1,266 |
818,228 |
| CoreWeave Financing DDTL V LLC, Delayed Draw Term Loan, (1-mo. SOFR + 4.50%), 8.12%, 11/17/31 |
|
291 |
296,996 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.39%, 05/30/31 |
|
1,466 |
1,397,885 |
| Galileo Parent, Inc., 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.13%, 03/03/33 |
|
424 |
425,060 |
| Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 09/12/29 |
|
1,280 |
1,263,168 |
| Go Daddy Operating Co. LLC, 2024 Term Loan B8, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/09/29 |
|
648 |
633,106 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.48%, 10/07/32 |
|
1,389 |
985,819 |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 01/31/31 |
|
363 |
361,775 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 03/01/29 |
|
838 |
741,693 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 07/01/31 |
|
284 |
262,037 |
| Ping Identity Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.38%, 11/15/32 |
|
296 |
287,860 |
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 07/16/31 |
|
550 |
534,286 |
Schedule of Investments 89
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| IT Services (continued) | |||
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.73%, 08/31/28 |
USD |
1,309 |
$ 1,261,422 |
| Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 07/31/31 |
|
1,641 |
1,619,172 |
| Shift4 Payments LLC, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 07/03/32 |
|
631 |
628,515 |
| |
|
|
12,673,489 |
| Leisure Products — 0.2% | |||
| Bombardier Recreational Products, Inc., 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 01/22/31 |
|
302 |
301,334 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
|
693 |
689,615 |
| |
|
|
990,949 |
| Machinery — 2.4% | |||
| AI Aqua Merger Sub, Inc. |
|
|
|
| 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 07/31/28 |
|
1,234 |
1,232,356 |
| 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.15%, 07/02/33 |
|
1,919 |
1,916,851 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.18%, 03/15/30 |
|
239 |
238,228 |
| Columbus McKinnon Corp., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.23%, 02/03/33 |
|
796 |
793,670 |
| CompoSecure Holdings LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 01/14/33 |
|
1,190 |
1,182,098 |
| ESCO Technologies, Inc., Term Loan B, 06/11/33(e)(o) |
|
316 |
315,210 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/21/28 |
|
896 |
895,900 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 07/03/31 |
|
152 |
153,049 |
| GrafTech Global Enterprises, Inc. |
|
|
|
| 2024 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29 |
|
60 |
57,343 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.67%, 12/21/29 |
|
105 |
100,350 |
| Hayward Industries, Inc., 2026 Term Loan B, 06/23/33(o) |
|
202 |
202,234 |
| Indicor LLC, 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 11/22/29 |
|
411 |
411,138 |
| LSF12 Helix Parent LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.14%, 02/10/33 |
|
924 |
905,502 |
| Madison IAQ LLC, 2026 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/06/32 |
|
365 |
364,051 |
| PECF USS Intermediate Holding III Corp., 2026 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 7.50%), 11.18%, 03/03/33 |
|
81 |
76,937 |
| Security |
|
Par (000) |
Value |
| Machinery (continued) | |||
| Tega MC Australia Holdings Pty. Ltd., Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 06/01/33 |
USD |
351 |
$ 352,537 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.38%, 04/30/30 |
|
1,827 |
1,833,665 |
| WEC U.S. Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.62%, 01/27/31 |
|
1,520 |
1,517,917 |
| |
|
|
12,549,036 |
| Media — 1.3% | |||
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.55%, 05/31/31 |
|
882 |
898,250 |
| Charter Communications Operating LLC |
|
|
|
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 12/07/30 |
|
209 |
206,477 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.94%, 12/15/31 |
|
183 |
179,731 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.76%, 08/23/28 |
|
347 |
347,101 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
|
1,175 |
822,490 |
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 06/03/33 |
|
975 |
974,797 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.64%, 08/30/30 |
|
374 |
374,009 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.14%, 10/17/31 |
|
850 |
798,685 |
| Nexstar Broadcasting, Inc., 2026 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.39%, 03/18/33 |
|
421 |
416,013 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 10.26%, 09/25/29(i) |
|
1,750 |
1,572,799 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.74%, 04/28/28 |
|
180 |
178,470 |
| |
|
|
6,768,822 |
| Metals & Mining — 0.1% | |||
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.43%, 02/26/32 |
|
708 |
703,960 |
| Multi-Utilities — 0.3% | |||
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.16%, 03/03/32 |
|
1,592 |
1,591,668 |
| Oil, Gas & Consumable Fuels — 0.6% | |||
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 6.69%, 09/29/32 |
|
253 |
253,362 |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/22/32 |
|
236 |
236,294 |
90
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Freeport LNG Investments LLLP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 02/11/33 |
USD |
954 |
$ 954,849 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 02/11/30 |
|
437 |
437,191 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.68%, 09/22/32 |
|
148 |
147,926 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.37%, 04/07/32 |
|
172 |
172,923 |
| TransMontaigne Partners LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 03/16/30 |
|
295 |
295,063 |
| Whitewater Matterhorn Holdings LLC, 2026 Term Loan B, (3-mo. CME Term SOFR + 1.75%), 5.50%, 06/16/32 |
|
595 |
589,869 |
| |
|
|
3,087,477 |
| Passenger Airlines — 1.0% | |||
| AAdvantage Loyalty IP Ltd., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.93%, 04/20/28 |
|
944 |
942,562 |
| Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.41%, 03/21/31 |
|
819 |
815,409 |
| American Airlines, Inc. |
|
|
|
| 2023 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 06/04/29 |
|
337 |
331,001 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.94%, 02/15/28 |
|
643 |
636,542 |
| 2026 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 05/29/33 |
|
598 |
590,029 |
| AS Mileage Plan IP Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.65%, 05/12/33 |
|
458 |
455,999 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.43%, 08/27/29 |
|
771 |
684,001 |
| United Airlines, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 02/22/31 |
|
721 |
718,738 |
| |
|
|
5,174,281 |
| Pharmaceuticals — 0.8% | |||
| Amneal Pharmaceuticals LLC, 2026 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.64%, 08/01/32 |
|
1,179 |
1,182,914 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.37%, 10/31/32 |
|
310 |
309,127 |
| Endo Finance Holdings LP, 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.39%, 04/23/31 |
|
362 |
361,953 |
| Grifols International Services USA, Inc., 2026 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.19%, 04/14/33 |
|
696 |
697,648 |
| Security |
|
Par (000) |
Value |
| Pharmaceuticals (continued) | |||
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 05/05/28 |
USD |
1,069 |
$ 1,071,458 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 04/20/29 |
|
327 |
325,829 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.73%, 07/03/28 |
|
62 |
61,702 |
| |
|
|
4,010,631 |
| Professional Services — 1.2% | |||
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 08/12/32 |
|
498 |
494,438 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.26%, 06/02/28 |
|
1,045 |
1,032,151 |
| Corpay Technologies Operating Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 11/05/32 |
|
950 |
947,048 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 0.50% and 3.25% PIK), 8.91%, 07/31/30(i) |
|
340 |
310,336 |
| Trans Union LLC |
|
|
|
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.39%, 06/24/31 |
|
1,004 |
1,001,322 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.39%, 06/24/31 |
|
530 |
528,366 |
| Zelis Payments Buyer, Inc. |
|
|
|
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.89%, 11/26/31 |
|
1,176 |
1,146,570 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.39%, 09/28/29 |
|
634 |
617,751 |
| |
|
|
6,077,982 |
| Real Estate Management & Development — 0.1% | |||
| Cushman & Wakefield U.S. Borrower LLC, 2026 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.89%, 06/13/33(e) |
|
371 |
369,649 |
| Semiconductors & Semiconductor Equipment — 0.3% | |||
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 07/06/29 |
|
207 |
207,768 |
| Qnity Electronics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/01/32 |
|
1,350 |
1,351,606 |
| |
|
|
1,559,374 |
| Software — 3.7% | |||
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 02/24/31 |
|
1,396 |
1,370,068 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 03/26/32 |
|
651 |
622,410 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 07/30/31 |
|
1,826 |
1,639,724 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 06/17/30 |
|
224 |
214,194 |
Schedule of Investments 91
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Software (continued) | |||
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.64%, 01/23/32 |
USD |
363 |
$ 357,455 |
| Cloud Software Group, Inc. |
|
|
|
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 03/21/31 |
|
1,538 |
1,343,993 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.98%, 08/13/32 |
|
1,502 |
1,294,674 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.49%, 10/08/28 |
|
262 |
201,662 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.38%, 12/09/31 |
|
712 |
678,756 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.25%), 6.93%, 10/09/31 |
|
482 |
438,111 |
| Dayforce, Inc., 2026 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/04/33 |
|
1,370 |
1,244,796 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 7.98%, 06/26/31 |
|
337 |
320,433 |
| Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 10/09/29 |
|
1,010 |
973,013 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 01/30/32 |
|
1,355 |
1,294,883 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.91%, 03/22/32 |
|
1,788 |
1,375,964 |
| MH Sub I LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.89%, 12/31/31 |
|
319 |
275,198 |
| Mitchell International, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 8.89%, 06/17/32 |
|
163 |
148,769 |
| MKS Instruments, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.36%, 02/04/33 |
|
680 |
681,676 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/28/30 |
|
528 |
439,471 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.00%), 6.99%, 04/24/28 |
|
1,062 |
991,678 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.64%, 05/09/31 |
|
903 |
900,987 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 02/10/31 |
|
1,508 |
1,416,782 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.91%, 04/12/31 |
|
1,123 |
1,076,995 |
| |
|
|
19,301,692 |
| Specialty Retail — 1.0% | |||
| Belron Finance 2019 LLC, 2026 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.66%, 10/16/31 |
|
1,897 |
1,893,725 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 04/23/31 |
|
508 |
505,778 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.67%, 05/04/28 |
|
1,229 |
1,225,683 |
| Security |
|
Par (000) |
Value |
| Specialty Retail (continued) | |||
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 10/14/32 |
USD |
193 |
$ 192,477 |
| Project Aurora US Finco, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.48%, 12/06/32 |
|
132 |
132,776 |
| Pye-Barker Fire & Safety LLC |
|
|
|
| 2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
|
14 |
14,339 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 12/16/32 |
|
611 |
611,503 |
| Restoration Hardware, Inc. |
|
|
|
| 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.99%, 10/20/28 |
|
139 |
136,919 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.26%, 10/20/28 |
|
303 |
294,699 |
| |
|
|
5,007,899 |
| Technology Hardware, Storage & Peripherals — 0.3% | |||
| Finastra USA, Inc., 2025 USD Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.75%, 09/15/32 |
|
1,687 |
1,549,447 |
| Textiles, Apparel & Luxury Goods — 0.1% | |||
| ABG Intermediate Holdings 2 LLC, 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.89%, 02/13/32 |
|
350 |
349,655 |
| Tobacco — 0.0% | |||
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.66%, 02/19/32 |
|
34 |
33,905 |
| Trading Companies & Distributors — 0.3% | |||
| Core & Main LP, 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 07/01/33(e) |
|
835 |
832,913 |
| Herc Holdings, Inc., 2026 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.38%, 06/02/32 |
|
155 |
155,220 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.64%, 07/02/29 |
|
745 |
366,687 |
| |
|
|
1,354,820 |
| Transportation Infrastructure — 0.8% | |||
| AIT Worldwide Logistics, Inc., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.91%, 04/29/33 |
|
474 |
473,886 |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 09/23/31 |
|
1,716 |
1,716,494 |
| Brown Group Holding LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.14%, 07/01/31 |
|
705 |
706,101 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.25%), 9.99%, 12/15/26 |
|
607 |
602,714 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.73%, 03/18/30 |
|
754 |
751,165 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 11.64%, 08/20/29 |
|
260 |
102,304 |
| |
|
|
4,352,664 |
92
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Wireless Telecommunication Services — 0.4% | |||
| Digicel International Finance Ltd., 2026 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.23%, 08/06/32 |
USD |
307 |
$ 308,409 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.40%, 01/25/31 |
|
1,012 |
1,012,541 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.64%, 10/06/32(e) |
|
705 |
708,982 |
| |
|
|
2,029,932 |
| Total Floating Rate Loan Interests — 59.0% (Cost: $313,302,040) |
306,006,698 | ||
| Foreign Agency Obligations | |||
| Argentina — 0.0% |
| ||
| Argentine Republic Government International Bonds(l) |
|
|
|
| 1.75%, 07/09/27 |
|
79 |
69,794 |
| 4.75%, 07/09/27 |
|
85 |
68,117 |
| |
|
|
137,911 |
| Barbados — 0.0% |
| ||
| Barbados Government International Bonds, 8.00%, 06/26/35(a) |
|
132 |
141,240 |
| Benin — 0.1% |
| ||
| Benin Government International Bonds, 7.96%, 02/13/38(a) |
|
200 |
212,165 |
| Brazil — 0.0% |
| ||
| Brazilian Government International Bonds, 6.63%, 03/15/35 |
|
200 |
205,680 |
| Bulgaria — 0.0% |
| ||
| Bulgaria Government International Bonds, Series 13Y, 5.00%, 03/05/37(f) |
|
78 |
76,123 |
| Chile — 0.0% |
| ||
| Chile Government International Bonds, 4.34%, 03/07/42(c) |
|
200 |
176,950 |
| Colombia — 0.1% |
| ||
| Colombia Government International Bonds, 7.75%, 11/07/36 |
|
200 |
218,200 |
| Dominican Republic — 0.1% |
| ||
| Dominican Republic International Bonds(a) |
|
|
|
| 4.50%, 01/30/30 |
|
200 |
193,350 |
| 7.05%, 02/03/31 |
|
150 |
158,190 |
| |
|
|
351,540 |
| Ecuador — 0.0% |
| ||
| Ecuador Government International Bonds, 9.25%, 01/29/39(a) |
|
200 |
204,900 |
| Egypt — 0.1% |
| ||
| Egypt Government International Bonds |
|
|
|
| 5.63%, 04/16/30(f) |
EUR |
100 |
113,850 |
| 7.50%, 02/16/61(a) |
USD |
200 |
172,216 |
| |
|
|
286,066 |
| Guatemala — 0.1% |
| ||
| Guatemala Government Bonds, 7.05%, 10/04/32(a)(c) |
|
200 |
215,700 |
| Security |
|
Par (000) |
Value |
| Hungary — 0.0% |
| ||
| Hungary Government International Bonds, 5.50%, 03/26/36(a)(c) |
USD |
200 |
$ 201,190 |
| Indonesia — 0.0% |
| ||
| Indonesia Government International Bonds, 4.50%, 05/29/33 |
EUR |
100 |
115,511 |
| Ivory Coast — 0.1% |
| ||
| Ivory Coast Government International Bonds |
|
|
|
| 5.88%, 10/17/31(f) |
|
100 |
117,707 |
| 8.08%, 04/01/36(a) |
USD |
200 |
219,588 |
| |
|
|
337,295 |
| Jordan — 0.0% |
| ||
| Jordan Government International Bonds, 5.85%, 07/07/30(f) |
|
200 |
202,470 |
| Kenya — 0.1% |
| ||
| Republic of Kenya Government International Bonds, 9.75%, 02/16/31(a) |
|
200 |
217,500 |
| Latvia — 0.0% |
| ||
| Latvia Government International Bonds, 5.13%, 07/30/34(a)(c) |
|
200 |
202,124 |
| Mexico — 0.1% |
| ||
| Eagle Funding Luxco SARL, 5.50%, 08/17/30(a)(c) |
|
250 |
250,378 |
| Mexico Government International Bonds |
|
|
|
| 5.38%, 03/22/33(c) |
|
200 |
196,024 |
| 5.13%, 03/19/38 |
EUR |
162 |
184,234 |
| |
|
|
630,636 |
| Morocco — 0.0% |
| ||
| Morocco Government International Bonds, 2.38%, 12/15/27(a) |
USD |
200 |
193,100 |
| Nigeria — 0.1% |
| ||
| Nigeria Government International Bonds, 10.38%, 12/09/34(a) |
|
200 |
237,600 |
| Panama — 0.1% |
| ||
| Panama Government International Bonds, 6.40%, 02/14/35 |
|
200 |
211,330 |
| Peru — 0.0% |
| ||
| Peruvian Government International Bonds |
|
|
|
| 2.78%, 01/23/31 |
|
95 |
87,447 |
| 1.86%, 12/01/32 |
|
62 |
51,383 |
| 6.20%, 06/30/55 |
|
41 |
42,321 |
| |
|
|
181,151 |
| Romania — 0.1% |
| ||
| Romanian Government International Bonds |
|
|
|
| 5.25%, 11/25/27(a) |
|
62 |
62,078 |
| 2.12%, 07/16/31(f) |
EUR |
156 |
158,617 |
| 4.63%, 03/04/33(a) |
|
87 |
96,377 |
| 6.25%, 09/10/34(a) |
|
125 |
150,796 |
| 6.75%, 07/11/39(a) |
|
30 |
36,292 |
| 6.50%, 10/07/45(a) |
|
78 |
89,945 |
| |
|
|
594,105 |
| Serbia — 0.0% |
| ||
| Serbia International Bonds, 6.00%, 06/12/34(a) |
USD |
200 |
205,066 |
Schedule of Investments 93
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| South Africa — 0.1% |
| ||
| Republic of South Africa Government International Bonds |
|
|
|
| 7.10%, 11/19/36(a) |
USD |
200 |
$ 215,136 |
| Series 30Y, 5.00%, 10/12/46 |
|
230 |
179,688 |
| |
|
|
394,824 |
| Suriname — 0.1% |
| ||
| Suriname Government International Bonds, 8.50%, 11/06/35(a) |
|
200 |
218,102 |
| Trinidad And Tobago — 0.0% |
| ||
| Trinidad & Tobago Government International Bonds, 6.50%, 01/28/36(a) |
|
200 |
205,560 |
| Turkey — 0.0% |
| ||
| Turkiye Government International Bonds, Series 7Y, 7.13%, 02/12/32 |
|
200 |
205,050 |
| Ukraine — 0.0% |
| ||
| Ukraine Government International Bonds(f)(l) |
|
|
|
| 3.00%, 02/01/27 |
|
23 |
13,712 |
| 6.00%, 02/01/27 |
|
37 |
29,466 |
| |
|
|
43,178 |
| Uzbekistan — 0.0% |
| ||
| Republic of Uzbekistan International Bonds, 5.38%, 05/29/27(a) |
EUR |
100 |
115,753 |
| Total Foreign Agency Obligations — 1.3% (Cost: $6,908,992) |
6,938,020 | ||
| |
|
Shares |
|
| Investment Companies | |||
| Equity Funds — 5.3% |
| ||
| H-Food Holdings LLC(g) |
|
4,335 |
74,779 |
| Invesco Senior Loan ETF |
|
725,000 |
14,768,250 |
| State Street Blackstone Senior Loan ETF |
|
315,000 |
12,691,350 |
| |
|
|
27,534,379 |
| Total Investment Companies — 5.3% (Cost: $27,912,183) |
27,534,379 | ||
| |
|
Par (000) |
|
| Non-Agency Mortgage-Backed Securities | |||
| Collateralized Mortgage Obligations — 2.4% | |||
| Alternative Loan Trust |
|
|
|
| Series 2005-54CB, Class 3A4, 5.50%, 11/25/35 |
USD |
906 |
458,411 |
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |
|
1,734 |
622,212 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |
|
528 |
251,907 |
| Angel Oak Mortgage Trust, Series 2026-3, Class A1, 06/25/71(a)(b)(d) |
|
905 |
904,985 |
| BRAVO Residential Funding Trust, Series 2026-NQM6, Class A1, 5.52%, 05/25/66(a)(b) |
|
905 |
904,993 |
| CHL Mortgage Pass-Through Trust |
|
|
|
| Series 2005-17, Class 1A6, 5.50%, 09/25/35 |
|
58 |
56,562 |
| Series 2006-17, Class A2, 6.00%, 12/25/36 |
|
611 |
263,400 |
| Series 2007-HY5, Class 3A1, 4.92%, 09/25/37(b) |
|
133 |
124,615 |
| COLT Mortgage Loan Trust(a) |
|
|
|
| Series 2024-7, Class A1, 5.54%, 12/26/69 |
|
994 |
994,412 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69(c) |
|
947 |
949,257 |
| Security |
|
Par (000) |
Value |
| Collateralized Mortgage Obligations (continued) | |||
| Deephaven Residential Mortgage Trust, Series 2025- INV1, Class A1, 5.09%, 11/25/60(a)(b)(c) |
USD |
854 |
$ 847,557 |
| Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, 06/25/66(a)(b) |
|
150 |
127,038 |
| GCAT Trust(a)(b) |
|
|
|
| Series 2022-NQM3, Class A1, 5.35%, 04/25/67(c) |
|
1,152 |
1,149,002 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |
|
685 |
684,074 |
| GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 4.50%, 10/25/35(b) |
|
283 |
131,882 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69(a) |
|
385 |
385,385 |
| JP Morgan Mortgage Trust, Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) |
|
269 |
260,868 |
| OBX Trust(a) |
|
|
|
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |
|
515 |
514,530 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64(b) |
|
772 |
774,152 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) |
|
591 |
588,927 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(a) |
|
442 |
435,982 |
| Verus Securitization Trust, Series 2022-3, Class A1, 5.13%, 02/25/67(a)(c) |
|
1,013 |
963,752 |
| |
|
|
12,393,903 |
| Commercial Mortgage-Backed Securities(a) — 2.2% | |||
| 425 Trust(b)(d) |
|
|
|
| Series 2026-LEX, Class E, 07/15/43 |
|
145 |
145,000 |
| Series 2026-LEX, Class F, 07/15/43 |
|
100 |
100,000 |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 6.32%, 11/15/41(b) |
|
630 |
630,591 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A, (1 mo. Term SOFR + 1.85%), 5.48%, 08/15/42(b) |
|
381 |
382,475 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 6.22%, 03/15/41(b) |
|
304 |
304,787 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.23%, 11/05/39(b) |
|
200 |
204,237 |
| BX Commercial Mortgage Trust(b) |
|
|
|
| Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 5.57%, 02/15/39 |
|
452 |
452,570 |
| Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 5.82%, 02/15/39 |
|
75 |
75,056 |
| BX Trust(b) |
|
|
|
| Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 6.27%, 02/15/41 |
|
240 |
238,500 |
| Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 5.57%, 04/15/41 |
|
560 |
560,700 |
| Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39(b) |
|
250 |
226,610 |
| CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 6.67%, 08/15/41(b) |
|
660 |
656,331 |
| Cross 2026-NQM8 Mortgage Trust, 07/25/71(b)(d) |
|
780 |
779,905 |
| DBC Mortgage Trust, Series 2025-DBC, Class C, (1 mo. Term SOFR + 2.05%), 5.68%, 11/15/42(b) |
|
1,240 |
1,243,875 |
| DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/40(b) |
|
220 |
217,767 |
| DK Trust(b) |
|
|
|
| Series 2025-LXP, Class B, (1 mo. Term SOFR + 1.84%), 5.48%, 08/15/37 |
|
274 |
274,428 |
94
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| DK Trust(b) (continued) |
|
|
|
| Series 2025-LXP, Class C, (1 mo. Term SOFR + 2.24%), 5.88%, 08/15/37 |
USD |
293 |
$ 293,549 |
| GS Mortgage Securities Corp. Trust(b) |
|
|
|
| Series 2025-800D, Class A, (1 mo. Term SOFR + 2.65%), 6.29%, 11/25/41 |
|
454 |
452,589 |
| Series 2025-800D, Class B, (1 mo. Term SOFR + 3.45%), 7.09%, 11/25/41 |
|
900 |
897,468 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39 |
|
790 |
789,984 |
| MIC Trust, Series 2023-MIC, Class B, 9.86%, 12/05/38(b) |
|
234 |
247,616 |
| National Commercial Mortgage Trust, Series 2026-IND, Class C, (1 mo. Term SOFR + 1.75%), 5.38%, 06/15/43(b) |
|
420 |
420,655 |
| SLG Office Trust(b) |
|
|
|
| Series 2026-OMA, Class E, 7.19%, 04/15/41 |
|
115 |
114,977 |
| Series 2026-OMA, Class F, 8.19%, 04/15/41 |
|
235 |
235,404 |
| VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(b) |
|
572 |
570,078 |
| VRTX Trust, Series 2025-HQ, Class B, 5.67%, 08/05/42(b) |
|
895 |
881,578 |
| Wells Fargo Commercial Mortgage Trust, Series 2024- BPRC, Class D, 7.08%, 07/15/43 |
|
250 |
247,586 |
| |
|
|
11,644,316 |
| Total Non-Agency Mortgage-Backed Securities — 4.6% (Cost: $25,204,983) |
24,038,219 | ||
| Preferred Securities | |||
| Capital Trusts — 7.9%(b) | |||
| Banks(c)(n) — 0.5% |
| ||
| ING Groep NV, 3.88% |
|
1,750 |
1,718,943 |
| Nordea Bank Abp, 3.75%(a) |
|
560 |
525,924 |
| PNC Financial Services Group, Inc., Series W, 6.25% |
|
500 |
511,123 |
| |
|
|
2,755,990 |
| Capital Markets — 0.0% |
| ||
| State Street Corp., 4.93%, 06/01/77(c) |
|
194 |
174,579 |
| Electric Utilities — 1.6% |
| ||
| AES Andes SA, 8.15%, 06/10/55(a) |
|
200 |
208,500 |
| Electricite de France SA, 3.00%(f)(n) |
EUR |
200 |
226,235 |
| NextEra Energy Capital Holdings, Inc. |
|
|
|
| 5.65%, 05/01/79(c) |
USD |
3,750 |
3,741,211 |
| Series CC, 6.63%, 10/01/66 |
|
2,030 |
2,061,256 |
| PG&E Corp., 7.38%, 03/15/55(c) |
|
2,078 |
2,117,445 |
| |
|
|
8,354,647 |
| Financial Services — 4.9% |
| ||
| Bank of America Corp., Series OO, 6.63%(c)(n) |
|
4,260 |
4,391,971 |
| Barclays PLC(n) |
|
|
|
| 4.38%(c) |
|
2,455 |
2,383,261 |
| 8.00%(c) |
|
2,200 |
2,310,660 |
| 9.63% |
|
805 |
892,650 |
| BNP Paribas SA, 7.38%(a)(c)(n) |
|
2,500 |
2,604,535 |
| Citigroup, Inc., Series FF, 6.95%(c)(n) |
|
2,500 |
2,557,563 |
| Security |
|
Par (000) |
Value |
| Financial Services (continued) |
| ||
| JPMorgan Chase & Co.(c) |
|
|
|
| Series II, 6.47%(n) |
USD |
4,000 |
$ 4,010,972 |
| Series U, 4.88%, 01/15/87 |
|
325 |
298,344 |
| NatWest Group PLC, 8.13%(c)(n) |
|
735 |
813,494 |
| UBS Group AG, 9.25%(a)(c)(n) |
|
4,400 |
5,066,908 |
| |
|
|
25,330,358 |
| Independent Power and Renewable Electricity Producers(a)(n) — 0.1% |
| ||
| NRG Energy, Inc., 10.25%(c) |
|
424 |
457,510 |
| Vistra Corp., 7.00% |
|
209 |
210,656 |
| |
|
|
668,166 |
| Oil, Gas & Consumable Fuels — 0.1% |
| ||
| Energy Transfer LP, 8.00%, 05/15/54(c) |
|
469 |
497,869 |
| Pharmaceuticals(c) — 0.7% |
| ||
| CVS Health Corp. |
|
|
|
| 6.75%, 12/10/54 |
|
635 |
661,569 |
| 7.00%, 03/10/55 |
|
2,605 |
2,704,516 |
| |
|
|
3,366,085 |
| |
41,147,694 | ||
| |
|
Shares |
|
| Preferred Stocks — 0.4%(g) | |||
| Capital Markets — 0.3% |
| ||
| Morgan Stanley, Series F, 6.88%(n) |
|
55,000 |
1,380,500 |
| Financial Services — 0.1% |
| ||
| Labels Buyer LLC, 12.00% |
|
363 |
297,660 |
| Ground Transportation — 0.0% |
| ||
| Sirva BGRS Holdings, Inc., 07/21/30(e) |
|
107 |
21,326 |
| IT Services — 0.0% |
| ||
| Veritas Newco |
|
|
|
| Series G, 12/31/49 |
|
2,283 |
45,660 |
| Series G-1, 12/31/49 |
|
1,576 |
30,732 |
| |
|
|
76,392 |
| |
1,775,878 | ||
| Total Preferred Securities — 8.3% (Cost: $42,112,310) |
42,923,572 | ||
| |
|
Par (000) |
|
| U.S. Government Sponsored Agency Securities | |||
| Mortgage-Backed Securities(c) — 2.6% |
| ||
| Freddie Mac Mortgage-Backed Securities, 4.00%, 05/01/39 |
USD |
703 |
680,766 |
| Uniform Mortgage-Backed Securities |
|
|
|
| 3.50%, 09/01/42 - 10/01/42 |
|
7,387 |
6,913,543 |
Schedule of Investments 95
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Mortgage-Backed Securities (continued) |
| ||
| Uniform Mortgage-Backed Securities (continued) |
|
|
|
| 4.50%, 06/01/44 |
USD |
1,349 |
$ 1,322,350 |
| 5.00%, 11/01/44 - 07/13/56(p) |
|
4,531 |
4,500,388 |
| |
|
|
13,417,047 |
| Total U.S. Government Sponsored Agency Securities — 2.6% (Cost: $13,294,618) |
13,417,047 | ||
| |
|
Shares |
|
| Warrants | |||
| Financial Services(g) — 0.0% |
| ||
| Labels Buyer LLC |
|
320 |
800 |
| Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) |
|
1,315 |
— |
| |
|
|
800 |
| Total Warrants — 0.0% (Cost: $ — ) |
800 | ||
| Total Long-Term Investments — 155.4% (Cost: $813,978,307) |
805,482,445 | ||
| Short-Term Securities | |||
| Money Market Funds — 1.2% |
| ||
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(q)(r) |
|
6,173,706 |
6,173,706 |
| Total Short-Term Securities — 1.2% (Cost: $6,173,706) |
6,173,706 | ||
| Total Investments — 156.6% (Cost: $820,152,013) |
811,656,151 | ||
| Liabilities in Excess of Other Assets — (56.6)% |
(293,511,340 ) | ||
| Net Assets — 100.0% |
$ 518,144,811 | ||
| (a) |
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. |
| (b) |
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. |
| (c) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (d) |
When-issued security. |
| (e) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (f) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (g) |
Non-income producing security. |
| (h) |
Issuer filed for bankruptcy and/or is in default. |
| (i) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (j) |
Convertible security. |
| (k) |
Zero-coupon bond. |
| (l) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (m) |
Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $5,678,533, representing 1.1% of its net assets as of period end, and an original cost of $5,683,000. |
| (n) |
Perpetual security with no stated maturity date. |
| (o) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (p) |
Represents or includes a TBA transaction. |
| (q) |
Affiliate of the Fund. |
| (r) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 12/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/26 |
Shares Held at 06/30/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 4,079,242 |
$ 2,094,464 (a) |
$ — |
$ — |
$ — |
$ 6,173,706 |
6,173,706 |
$ 58,877 |
$ — |
| (a) |
Represents net amount purchased (sold). |
96
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
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) |
| Credit Agricole Corporate and Investment Bank |
3.77 %(b) |
12/09/24 |
Open |
$ 342,656 |
$ 365,882 |
Corporate Bonds |
Open/Demand |
| Credit Agricole Corporate and Investment Bank |
3.84 (b) |
12/17/24 |
Open |
243,815 |
260,349 |
Corporate Bonds |
Open/Demand |
| Credit Agricole Corporate and Investment Bank |
3.86 (b) |
12/17/24 |
Open |
623,290 |
672,932 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
07/18/25 |
Open |
690,046 |
717,447 |
Corporate Bonds |
Open/Demand |
| Goldman Sachs & Co. LLC |
3.80 |
01/21/26 |
Open |
353,194 |
359,196 |
Capital Trusts |
Open/Demand |
| Goldman Sachs & Co. LLC |
3.80 (b) |
01/21/26 |
Open |
349,719 |
355,662 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
01/30/26 |
Open |
246,943 |
250,874 |
Foreign Agency Obligations |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
01/30/26 |
Open |
377,500 |
383,509 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
02/24/26 |
Open |
193,000 |
195,567 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
02/24/26 |
Open |
197,021 |
199,642 |
Foreign Agency Obligations |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
02/24/26 |
Open |
196,600 |
199,215 |
Foreign Agency Obligations |
Open/Demand |
| Morgan Stanley & Co. LLC |
3.50 (b) |
04/08/26 |
Open |
856,360 |
863,354 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/08/26 |
Open |
1,066,389 |
1,076,043 |
Corporate Bonds |
Open/Demand |
| Morgan Stanley & Co. LLC |
2.85 (b) |
04/14/26 |
Open |
136,210 |
137,051 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/15/26 |
Open |
1,237,766 |
1,247,985 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/15/26 |
Open |
307,900 |
310,442 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/15/26 |
Open |
392,297 |
395,545 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
287,874 |
290,263 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
319,000 |
321,647 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
301,210 |
303,710 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
300,915 |
303,412 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
295,343 |
297,794 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
292,975 |
295,407 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
301,339 |
303,840 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/15/26 |
Open |
301,658 |
304,161 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
04/23/26 |
Open |
101,194 |
101,950 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/24/26 |
Open |
1,087,645 |
1,095,575 |
Corporate Bonds |
Open/Demand |
| Citigroup Global Markets, Inc. |
3.73 (b) |
04/27/26 |
Open |
1,069,167 |
1,076,368 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
04/27/26 |
Open |
288,844 |
290,831 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
04/27/26 |
Open |
225,600 |
227,152 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
509,655 |
513,207 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
563,809 |
567,738 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
750,536 |
755,767 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
1,005,176 |
1,012,182 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
529,515 |
533,205 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
925,194 |
931,642 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
609,600 |
613,849 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
1,368,990 |
1,378,531 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
772,282 |
777,665 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
1,031,201 |
1,038,388 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
621,217 |
625,547 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
366,871 |
369,428 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
326,685 |
328,962 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
737,490 |
742,630 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
843,712 |
849,593 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
443,775 |
446,876 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 |
04/27/26 |
Open |
447,527 |
450,655 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
452,209 |
455,369 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
1,261,811 |
1,270,628 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
1,847,612 |
1,860,523 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
711,247 |
716,217 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
413,511 |
416,401 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
483,522 |
486,901 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
426,525 |
429,505 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
440,974 |
444,055 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
317,284 |
319,501 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
306,228 |
308,367 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 |
04/27/26 |
Open |
533,250 |
536,976 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
741,210 |
746,389 |
Corporate Bonds |
Open/Demand |
Schedule of Investments 97
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| U.S. Bancorp Investments, Inc. |
3.87 %(b) |
04/27/26 |
Open |
$ 736,182 |
$ 741,327 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
394,275 |
397,030 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
417,690 |
420,609 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
460,245 |
463,461 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
750,075 |
755,316 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
04/27/26 |
Open |
558,301 |
562,223 |
Corporate Bonds |
Open/Demand |
| HSBC Bank PLC |
3.90 (b) |
04/29/26 |
Open |
690,562 |
695,276 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
04/29/26 |
Open |
315,692 |
317,847 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 |
04/29/26 |
Open |
1,484,351 |
1,494,378 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/29/26 |
Open |
506,850 |
510,274 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.92 (b) |
04/29/26 |
Open |
297,403 |
299,443 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
05/05/26 |
Open |
221,517 |
222,885 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/05/26 |
Open |
210,560 |
211,860 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/05/26 |
Open |
209,440 |
210,733 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/05/26 |
Open |
1,152,217 |
1,159,332 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/05/26 |
Open |
213,080 |
214,396 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
05/07/26 |
Open |
220,798 |
222,103 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
05/08/26 |
Open |
1,775,605 |
1,785,992 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/12/26 |
Open |
97,960 |
98,491 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 |
05/12/26 |
Open |
380,881 |
382,944 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
05/13/26 |
Open |
1,518,247 |
1,526,224 |
Corporate Bonds |
Open/Demand |
| J.P. Morgan Securities LLC |
3.70 (b) |
05/14/26 |
Open |
239,475 |
240,656 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
05/14/26 |
Open |
1,032,537 |
1,037,865 |
Corporate Bonds |
Open/Demand |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
911,137 |
914,266 |
Asset-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
2,715,323 |
2,724,646 |
Asset-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
781,298 |
783,980 |
Non-Agency Mortgage-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
1,082,287 |
1,086,003 |
Asset-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
871,332 |
874,323 |
Non-Agency Mortgage-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.12 |
05/28/26 |
07/02/26 |
2,055,885 |
2,062,944 |
Asset-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.17 |
05/28/26 |
07/02/26 |
1,037,323 |
1,040,927 |
Non-Agency Mortgage-Backed Securities |
Up to 30 Days |
| BofA Securities, Inc. |
4.17 |
05/28/26 |
07/02/26 |
886,572 |
889,653 |
Non-Agency Mortgage-Backed Securities |
Up to 30 Days |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
05/29/26 |
Open |
542,117 |
544,035 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
05/29/26 |
Open |
811,212 |
814,097 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
06/01/26 |
Open |
3,218,364 |
3,228,823 |
Corporate Bonds |
Open/Demand |
| BNP Paribas SA |
3.90 (b) |
06/01/26 |
Open |
5,534 |
5,552 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.79 (b) |
06/04/26 |
Open |
93,590 |
93,856 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.79 (b) |
06/04/26 |
Open |
209,275 |
209,870 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.88 (b) |
06/04/26 |
Open |
345,530 |
346,535 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
1,162,000 |
1,165,399 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
396,817 |
397,978 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
410,625 |
411,826 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
207,188 |
207,794 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
399,822 |
400,992 |
Capital Trusts |
Open/Demand |
| RBC Capital Markets, LLC |
3.90 (b) |
06/04/26 |
Open |
262,318 |
263,085 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/05/26 |
Open |
251,550 |
252,253 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.65 (b) |
06/08/26 |
Open |
1,446,784 |
1,450,158 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.67 (b) |
06/08/26 |
Open |
141,105 |
141,436 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.67 (b) |
06/08/26 |
Open |
116,450 |
116,723 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.70 (b) |
06/08/26 |
Open |
252,525 |
253,122 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.72 (b) |
06/08/26 |
Open |
270,323 |
270,965 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.72 (b) |
06/08/26 |
Open |
118,490 |
118,772 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/08/26 |
Open |
251,143 |
251,741 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/08/26 |
Open |
131,198 |
131,510 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/08/26 |
Open |
389,473 |
390,401 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/08/26 |
Open |
93,730 |
93,953 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.75 (b) |
06/08/26 |
Open |
163,147 |
163,538 |
Foreign Agency Obligations |
Open/Demand |
| Nomura Securities International, Inc. |
3.80 (b) |
06/08/26 |
Open |
186,788 |
187,242 |
Foreign Agency Obligations |
Open/Demand |
| Nomura Securities International, Inc. |
3.85 (b) |
06/08/26 |
Open |
377,540 |
378,469 |
Corporate Bonds |
Open/Demand |
98
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| Nomura Securities International, Inc. |
3.85 %(b) |
06/08/26 |
Open |
$ 207,414 |
$ 207,924 |
Foreign Agency Obligations |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
242,560 |
243,164 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
310,929 |
311,704 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
889,490 |
891,706 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
309,260 |
310,031 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
759,520 |
761,412 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
278,996 |
279,691 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
316,339 |
317,127 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
34,822 |
34,908 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
265,399 |
266,060 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
1,708,180 |
1,712,436 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
662,096 |
663,746 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/08/26 |
Open |
184,146 |
184,605 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/08/26 |
Open |
183,210 |
183,655 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/08/26 |
Open |
290,513 |
291,218 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/08/26 |
Open |
304,838 |
305,578 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
160,674 |
161,069 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
106,540 |
106,802 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
467,665 |
468,815 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
169,864 |
170,282 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 |
06/08/26 |
Open |
268,494 |
269,163 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,579,060 |
1,582,994 |
Capital Trusts |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
165,158 |
165,569 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
212,520 |
213,050 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
529,312 |
530,631 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
110,110 |
110,384 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
197,263 |
197,754 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
532,475 |
533,802 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
295,438 |
296,174 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
849,466 |
851,583 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
474,825 |
476,017 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
169,288 |
169,710 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
609,797 |
611,317 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
703,470 |
705,223 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
459,097 |
460,241 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
426,759 |
427,822 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
295,733 |
296,469 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
471,738 |
472,914 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
205,173 |
205,684 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,094,400 |
1,097,127 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
228,409 |
228,978 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
897,479 |
899,715 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
34,919 |
35,006 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
502,994 |
504,248 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
391,747 |
392,724 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
285,199 |
285,909 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
714,319 |
716,112 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
548,708 |
550,075 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
408,647 |
409,666 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
247,015 |
247,630 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
428,775 |
429,844 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,607,373 |
1,611,378 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,481,284 |
1,484,975 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
647,235 |
648,848 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
185,440 |
185,902 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
329,680 |
330,501 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
256,500 |
257,139 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
248,177 |
248,795 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
613,293 |
614,821 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
261,073 |
261,723 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
358,437 |
359,331 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
468,065 |
469,231 |
Corporate Bonds |
Open/Demand |
Schedule of Investments 99
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| TD Securities (USA) LLC |
3.93 %(b) |
06/08/26 |
Open |
$ 571,936 |
$ 573,361 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
317,720 |
318,512 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
576,730 |
578,167 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
313,225 |
314,005 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
253,724 |
254,356 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,343,547 |
1,346,895 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
137,085 |
137,427 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,453,185 |
1,456,806 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
878,030 |
880,217 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
337,582 |
338,423 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
314,423 |
315,206 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
854,145 |
856,273 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
299,205 |
299,951 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
3,561,840 |
3,570,715 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
307,628 |
308,395 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
85,267 |
85,480 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
252,894 |
253,524 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
319,342 |
320,138 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
614,434 |
615,965 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
503,924 |
505,179 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
801,740 |
803,738 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
245,666 |
246,278 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
226,180 |
226,744 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
2,687,990 |
2,694,739 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
212,960 |
213,491 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
153,900 |
154,283 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
787,611 |
789,574 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
245,760 |
246,372 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
988,537 |
991,001 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
203,130 |
203,636 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
369,706 |
370,627 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
551,737 |
553,112 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
198,602 |
199,096 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
318,150 |
318,943 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
207,100 |
207,616 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
923,320 |
925,621 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
372,240 |
373,168 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
331,075 |
331,900 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,948,320 |
1,953,175 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
469,254 |
470,423 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
284,258 |
284,966 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 |
06/08/26 |
Open |
47,652 |
47,771 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
216,218 |
216,756 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
121,773 |
122,076 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
364,250 |
365,158 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
632,700 |
634,276 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
197,760 |
198,253 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
551,642 |
553,016 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
108,641 |
108,912 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
495,276 |
496,510 |
Corporate Bonds |
Open/Demand |
| HSBC Bank PLC |
3.90 (b) |
06/09/26 |
Open |
760,646 |
762,459 |
Corporate Bonds |
Open/Demand |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,888,661 |
4,898,818 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
1,278,189 |
1,280,845 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
657,884 |
659,251 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
1,801,472 |
1,805,215 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Wells Fargo Securities, LLC |
3.74 |
06/10/26 |
07/13/26 |
2,074,931 |
2,079,242 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
100
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| Wells Fargo Securities, LLC |
3.74 % |
06/10/26 |
07/13/26 |
$ 374,716 |
$ 375,495 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/10/26 |
Open |
280,865 |
281,501 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/10/26 |
Open |
221,850 |
222,355 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 |
06/11/26 |
Open |
42,818 |
42,910 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
372,937 |
373,741 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
340,819 |
341,553 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
340,650 |
341,384 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
361,620 |
362,399 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
373,350 |
374,155 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
418,310 |
419,212 |
Corporate Bonds |
Open/Demand |
| Goldman Sachs & Co. LLC |
3.60 (b) |
06/11/26 |
Open |
347,084 |
347,778 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.60 (b) |
06/11/26 |
Open |
771,884 |
773,428 |
Corporate Bonds |
Open/Demand |
| Morgan Stanley & Co. LLC |
(0.75 ) |
06/12/26 |
07/09/26 |
89,356 |
89,392 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
0.25 |
06/12/26 |
07/09/26 |
140,954 |
140,972 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
3.00 |
06/12/26 |
07/09/26 |
237,519 |
237,895 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
3.25 |
06/12/26 |
07/09/26 |
96,555 |
96,721 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
3.65 |
06/12/26 |
07/09/26 |
258,911 |
259,410 |
Corporate Bonds |
Up to 30 Days |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/12/26 |
Open |
313,650 |
314,289 |
Corporate Bonds |
Open/Demand |
| Barclays Capital, Inc. |
3.74 (b) |
06/12/26 |
Open |
1,197,772 |
1,200,136 |
Corporate Bonds |
Open/Demand |
| Barclays Capital, Inc. |
3.85 (b) |
06/12/26 |
Open |
320,407 |
321,059 |
Corporate Bonds |
Open/Demand |
| Barclays Capital, Inc. |
3.85 (b) |
06/12/26 |
Open |
311,013 |
311,644 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.83 (b) |
06/12/26 |
Open |
77,438 |
77,594 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/16/26 |
Open |
3,939,334 |
3,945,293 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/16/26 |
Open |
1,937,735 |
1,940,666 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/16/26 |
Open |
2,481,262 |
2,485,016 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
284,760 |
285,191 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
633,229 |
634,187 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
768,994 |
770,157 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
3,630,000 |
3,635,491 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
516,781 |
517,563 |
Corporate Bonds |
Open/Demand |
| J.P. Morgan Securities LLC |
3.55 |
06/22/26 |
07/31/26 |
479,687 |
480,113 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.65 |
06/22/26 |
07/31/26 |
469,706 |
470,135 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.70 |
06/22/26 |
07/31/26 |
878,006 |
878,818 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
552,475 |
552,993 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
181,344 |
181,514 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
1,130,855 |
1,131,915 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
540,600 |
541,114 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.82 |
06/22/26 |
07/31/26 |
373,302 |
373,659 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.83 |
06/22/26 |
07/31/26 |
177,353 |
177,522 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.90 |
06/22/26 |
07/31/26 |
1,537,500 |
1,538,999 |
Corporate Bonds |
Up to 30 Days |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
06/22/26 |
Open |
978,750 |
979,682 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
06/22/26 |
Open |
973,750 |
974,678 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
06/22/26 |
Open |
199,330 |
199,520 |
Corporate Bonds |
Open/Demand |
| Barclays Bank PLC |
3.74 (b) |
06/22/26 |
Open |
457,500 |
457,928 |
Corporate Bonds |
Open/Demand |
| Credit Agricole Corporate and Investment Bank |
3.75 (b) |
06/22/26 |
Open |
246,000 |
246,231 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
06/22/26 |
Open |
269,500 |
269,754 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.82 (b) |
06/22/26 |
Open |
147,500 |
147,641 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/23/26 |
Open |
613,370 |
613,898 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
0.00 (b) |
06/23/26 |
Open |
97,043 |
97,127 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/24/26 |
Open |
386,370 |
386,660 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/24/26 |
Open |
302,000 |
302,231 |
Corporate Bonds |
Open/Demand |
| BNP Paribas SA |
3.60 |
06/25/26 |
07/07/26 |
954,289 |
954,861 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.60 |
06/25/26 |
07/07/26 |
33,120 |
33,140 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.64 |
06/25/26 |
07/07/26 |
567,675 |
568,019 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.65 |
06/25/26 |
07/07/26 |
233,920 |
234,062 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.70 |
06/25/26 |
07/07/26 |
484,057 |
484,356 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.71 |
06/25/26 |
07/07/26 |
134,063 |
134,145 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
115,094 |
115,165 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
454,410 |
454,693 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
208,845 |
208,975 |
Corporate Bonds |
Up to 30 Days |
Schedule of Investments 101
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 SA |
3.74 % |
06/25/26 |
07/07/26 |
$ 312,503 |
$ 312,697 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
101,333 |
101,396 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
151,800 |
151,895 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/25/26 |
07/07/26 |
1,016,470 |
1,017,104 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.75 |
06/25/26 |
07/07/26 |
429,750 |
430,019 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.75 |
06/25/26 |
07/07/26 |
3,775,000 |
3,777,359 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.78 |
06/25/26 |
07/07/26 |
475,625 |
475,925 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.79 |
06/25/26 |
07/07/26 |
191,627 |
191,748 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.79 |
06/25/26 |
07/07/26 |
149,150 |
149,244 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.81 |
06/25/26 |
07/07/26 |
116,500 |
116,574 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.82 |
06/25/26 |
07/07/26 |
4,126,875 |
4,129,502 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.83 |
06/25/26 |
07/07/26 |
273,573 |
273,747 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.83 |
06/25/26 |
07/07/26 |
798,969 |
799,479 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.85 |
06/25/26 |
07/07/26 |
414,745 |
415,011 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.85 |
06/25/26 |
07/07/26 |
814,320 |
814,843 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
986,430 |
987,068 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
847,189 |
847,737 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
1,806,563 |
1,807,732 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
449,862 |
450,153 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
778,300 |
778,803 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
501,095 |
501,419 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
1,116,942 |
1,117,665 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
170,696 |
170,806 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
489,440 |
489,757 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 (b) |
06/25/26 |
07/07/26 |
1,709,360 |
1,710,468 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
497,752 |
498,075 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
210,031 |
210,167 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
334,467 |
334,685 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
459,025 |
459,324 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
1,159,847 |
1,160,601 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
357,500 |
357,732 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
239,395 |
239,551 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
173,190 |
173,303 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
890,055 |
890,634 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
612,711 |
613,109 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
158,790 |
158,893 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
645,697 |
646,117 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
316,665 |
316,871 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
374,196 |
374,439 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
354,535 |
354,765 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
201,810 |
201,941 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
578,160 |
578,536 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
354,510 |
354,740 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.95 |
06/25/26 |
07/07/26 |
1,850,740 |
1,851,958 |
Capital Trusts |
Up to 30 Days |
| BNP Paribas SA |
3.95 |
06/25/26 |
07/07/26 |
185,074 |
185,196 |
Capital Trusts |
Up to 30 Days |
| BofA Securities, Inc. |
2.50 |
06/25/26 |
09/14/26 |
453,326 |
453,515 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.40 |
06/25/26 |
09/14/26 |
77,644 |
77,688 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.40 |
06/25/26 |
09/14/26 |
865,555 |
866,045 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.45 |
06/25/26 |
09/14/26 |
98,741 |
98,798 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
507,210 |
507,514 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
50,955 |
50,985 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
187,200 |
187,312 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
201,240 |
201,361 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
69,274 |
69,315 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
104,945 |
105,008 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
230,978 |
231,116 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
518,269 |
518,584 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
349,416 |
349,632 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
132,225 |
132,307 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
72,144 |
72,188 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.75 |
06/25/26 |
09/14/26 |
88,529 |
88,585 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.75 |
06/25/26 |
09/14/26 |
285,643 |
285,821 |
Corporate Bonds |
31 - 90 Days |
102
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| BofA Securities, Inc. |
3.80 % |
06/25/26 |
09/14/26 |
$ 249,900 |
$ 250,058 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.80 |
06/25/26 |
09/14/26 |
379,275 |
379,515 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
1,238,145 |
1,238,939 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
29,925 |
29,944 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
614,789 |
615,183 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
200,919 |
201,048 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.90 |
06/25/26 |
09/14/26 |
42,770 |
42,798 |
Corporate Bonds |
31 - 90 Days |
| Nomura Securities International, Inc. |
0.00 (b) |
06/25/26 |
Open |
466,556 |
466,860 |
Corporate Bonds |
Open/Demand |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
234,000 |
234,122 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
204,688 |
204,794 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
269,728 |
269,868 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
157,383 |
157,464 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.75 |
06/26/26 |
07/24/26 |
148,000 |
148,077 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.80 |
06/26/26 |
07/24/26 |
480,043 |
480,297 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.80 |
06/26/26 |
07/24/26 |
2,826,562 |
2,828,054 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.85 |
06/26/26 |
07/24/26 |
2,256,775 |
2,257,982 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
4,137,640 |
4,139,881 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
618,084 |
618,418 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
1,985,275 |
1,986,350 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.50 |
06/26/26 |
07/24/26 |
105,569 |
105,620 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
902,500 |
902,969 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
3,740 |
3,742 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
2,152,372 |
2,153,491 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
839,520 |
839,956 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
563,976 |
564,269 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
5,264,815 |
5,267,550 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
832,755 |
833,188 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
133,961 |
134,031 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
1,039,084 |
1,039,624 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
746,790 |
747,178 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.80 |
06/26/26 |
07/24/26 |
297,745 |
297,902 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.80 |
06/26/26 |
07/24/26 |
340,200 |
340,380 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
262,330 |
262,470 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
286,371 |
286,524 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
439,652 |
439,888 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
703,235 |
703,611 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
740,037 |
740,438 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
1,334,092 |
1,334,814 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
1,169,707 |
1,170,341 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
868,575 |
869,045 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
243,210 |
243,342 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
184,756 |
184,856 |
Capital Trusts |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
1,244,312 |
1,244,986 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
456,657 |
456,905 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
719,055 |
719,444 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
458,880 |
459,129 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
532,334 |
532,622 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
390,080 |
390,291 |
Capital Trusts |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
644,400 |
644,749 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
548,240 |
548,537 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
398,074 |
398,289 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
344,144 |
344,330 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
40,223 |
40,245 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
277,169 |
277,319 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
213,818 |
213,933 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
399,417 |
399,633 |
Corporate Bonds |
Up to 30 Days |
| BofA Securities, Inc. |
3.70 |
06/26/26 |
09/14/26 |
448,010 |
448,240 |
Corporate Bonds |
31 - 90 Days |
| BNP Paribas SA |
3.79 |
06/29/26 |
07/07/26 |
198,338 |
198,379 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.83 |
06/29/26 |
07/07/26 |
241,764 |
241,815 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.85 |
06/29/26 |
07/07/26 |
199,144 |
199,186 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.85 |
06/29/26 |
07/07/26 |
483,270 |
483,373 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/29/26 |
07/07/26 |
327,187 |
327,258 |
Corporate Bonds |
Up to 30 Days |
Schedule of Investments 103
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 SA |
3.88 % |
06/29/26 |
07/07/26 |
$ 221,250 |
$ 221,298 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/29/26 |
07/07/26 |
524,947 |
525,061 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/29/26 |
07/24/26 |
80,421 |
80,438 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/29/26 |
07/24/26 |
123,874 |
123,901 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/29/26 |
07/24/26 |
279,295 |
279,356 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/29/26 |
07/31/26 |
173,152 |
173,188 |
Corporate Bonds |
Up to 30 Days |
| BofA Securities, Inc. |
3.65 |
06/29/26 |
09/14/26 |
160,096 |
160,129 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/29/26 |
09/14/26 |
313,230 |
313,294 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/29/26 |
09/14/26 |
398,450 |
398,532 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.75 |
06/29/26 |
09/14/26 |
231,785 |
231,833 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/29/26 |
09/14/26 |
403,837 |
403,924 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/29/26 |
09/14/26 |
227,316 |
227,365 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/29/26 |
09/14/26 |
314,698 |
314,765 |
Corporate Bonds |
31 - 90 Days |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/29/26 |
Open |
912,274 |
912,469 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/29/26 |
Open |
310,590 |
310,657 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/29/26 |
Open |
242,393 |
242,444 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/29/26 |
Open |
328,819 |
328,889 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/29/26 |
Open |
258,193 |
258,248 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/29/26 |
Open |
224,153 |
224,201 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/29/26 |
Open |
340,626 |
340,699 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/29/26 |
Open |
227,430 |
227,479 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/29/26 |
Open |
309,600 |
309,667 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/29/26 |
Open |
103,788 |
103,810 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/29/26 |
Open |
158,620 |
158,654 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/29/26 |
Open |
153,300 |
153,333 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/29/26 |
Open |
417,382 |
417,473 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/29/26 |
Open |
1,572,344 |
1,572,684 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
06/29/26 |
Open |
362,476 |
362,555 |
Corporate Bonds |
Open/Demand |
| Barclays Capital, Inc. |
3.85 (b) |
06/29/26 |
Open |
488,775 |
488,880 |
Corporate Bonds |
Open/Demand |
| Credit Agricole Corporate and Investment Bank |
3.80 (b) |
06/29/26 |
Open |
166,520 |
166,555 |
Corporate Bonds |
Open/Demand |
| Goldman Sachs & Co. LLC |
3.80 (b) |
06/29/26 |
Open |
76,920 |
76,936 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.72 (b) |
06/29/26 |
Open |
90,960 |
90,979 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/29/26 |
Open |
555,937 |
556,053 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.73 (b) |
06/29/26 |
Open |
98,050 |
98,070 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/29/26 |
Open |
326,812 |
326,883 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/29/26 |
Open |
551,656 |
551,775 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
129,096 |
129,124 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
230,293 |
230,343 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
85,305 |
85,324 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
127,069 |
127,096 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
227,205 |
227,255 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
150,082 |
150,115 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
136,159 |
136,188 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/29/26 |
Open |
196,100 |
196,143 |
Corporate Bonds |
Open/Demand |
| BNP Paribas SA |
3.74 |
06/30/26 |
07/07/26 |
1,455,667 |
1,455,819 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.74 |
06/30/26 |
07/07/26 |
964,781 |
964,881 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/30/26 |
07/24/26 |
584,215 |
584,278 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.95 |
06/30/26 |
07/24/26 |
761,683 |
761,767 |
Corporate Bonds |
Up to 30 Days |
| BofA Securities, Inc. |
3.65 |
06/30/26 |
09/14/26 |
352,639 |
352,674 |
Corporate Bonds |
31 - 90 Days |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/30/26 |
Open |
955,312 |
955,415 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/30/26 |
Open |
471,641 |
471,692 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/30/26 |
Open |
393,680 |
393,723 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.90 (b) |
06/30/26 |
Open |
217,253 |
217,276 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/30/26 |
Open |
100,406 |
100,417 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/30/26 |
Open |
4,003,785 |
4,004,222 |
Corporate Bonds |
Open/Demand |
104
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) |
| TD Securities (USA) LLC |
3.93 %(b) |
06/30/26 |
Open |
$ 1,747,837 |
$ 1,748,028 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/30/26 |
Open |
1,042,860 |
1,042,974 |
Corporate Bonds |
Open/Demand |
| |
|
|
|
$ 280,453,972 |
$ 281,234,674 |
|
|
| (a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
| (b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
| Long Contracts |
|
|
|
|
| 10-Year U.S. Ultra Long Treasury Note |
19 |
09/21/26 |
$ 2,133 |
$ 10,225 |
| 2-Year U.S. Treasury Note |
1,644 |
09/30/26 |
338,805 |
(84,972 ) |
| 5-Year U.S. Treasury Note |
55 |
09/30/26 |
5,883 |
1,843 |
| |
|
|
|
(72,904 ) |
| Short Contracts |
|
|
|
|
| 10-Year U.S. Treasury Note |
273 |
09/21/26 |
29,962 |
(203,742 ) |
| 10-Year U.S. Ultra Long Treasury Note |
30 |
09/21/26 |
3,368 |
(41,648 ) |
| U.S. Long Bond |
87 |
09/21/26 |
9,836 |
(153,223 ) |
| Ultra U.S. Treasury Bond |
27 |
09/21/26 |
3,121 |
(48,310 ) |
| |
|
|
|
(446,923 ) |
| |
|
|
|
$ (519,827 ) |
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
| USD |
121,455 |
EUR |
102,573 |
BNP Paribas SA |
07/16/26 |
$ 4,188 |
| USD |
124,563 |
EUR |
105,200 |
BNP Paribas SA |
07/16/26 |
4,294 |
| USD |
125,388 |
EUR |
105,897 |
BNP Paribas SA |
07/16/26 |
4,322 |
| USD |
191,094 |
EUR |
161,384 |
BNP Paribas SA |
07/16/26 |
6,592 |
| USD |
368,776 |
EUR |
311,453 |
BNP Paribas SA |
07/16/26 |
12,709 |
| USD |
116,105 |
EUR |
99,659 |
Goldman Sachs International |
07/16/26 |
2,170 |
| USD |
173,851 |
EUR |
147,094 |
Wells Fargo Bank N.A. |
07/16/26 |
5,686 |
| USD |
103,733 |
EUR |
89,000 |
HSBC Bank PLC |
09/16/26 |
1,719 |
| USD |
14,862,877 |
EUR |
12,752,000 |
HSBC Bank PLC |
09/16/26 |
246,356 |
| USD |
1,284,094 |
GBP |
957,000 |
State Street Bank and Trust Co. |
09/16/26 |
14,688 |
| |
|
|
|
|
|
302,724 |
| EUR |
1,378 |
USD |
1,632 |
Wells Fargo Bank N.A. |
07/16/26 |
(56 ) |
| EUR |
2,078 |
USD |
2,459 |
Wells Fargo Bank N.A. |
07/16/26 |
(83 ) |
| |
|
|
|
|
|
(139 ) |
| |
$ 302,585 | |||||
Centrally Cleared Credit Default Swaps — Sell Protection
| Reference Obligation/Index |
Financing Rate Received by the Fund |
Payment Frequency |
Termination Date |
Credit Rating |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| CDX.NA.HY.46.V2 |
5.00 % |
Quarterly |
06/20/31 |
B |
USD |
5,792 |
$ 475,414 |
$ 466,472 |
$ 8,942 |
Schedule of Investments 105
Schedule of Investments (unaudited)(continued)
June 30, 2026
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) | |
| CMA CGM SA |
5.00 % |
Quarterly |
Morgan Stanley & Co. International PLC |
06/20/27 |
BB+ |
EUR |
30 |
$ 1,622 |
$ 1,381 |
$ 241 |
| Adler Real Estate AG |
5.00 |
Quarterly |
Bank of America N.A. |
12/20/27 |
N/R |
EUR |
7 |
352 |
(376 ) |
728 |
| Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
N/R |
EUR |
4 |
211 |
(202 ) |
413 |
| Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
N/R |
EUR |
12 |
595 |
(568 ) |
1,163 |
| Adler Real Estate AG |
5.00 |
Quarterly |
Citibank N.A. |
12/20/27 |
N/R |
EUR |
4 |
172 |
(168 ) |
340 |
| Adler Real Estate AG |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
N/R |
EUR |
8 |
361 |
(406 ) |
767 |
| Adler Real Estate AG |
5.00 |
Quarterly |
Morgan Stanley & Co. International PLC |
12/20/27 |
N/R |
EUR |
5 |
262 |
(277 ) |
539 |
| Altice France SA |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
CCC+ |
EUR |
11 |
577 |
391 |
186 |
| Altice France SA |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
CCC+ |
EUR |
20 |
1,049 |
824 |
225 |
| Altice France SA |
5.00 |
Quarterly |
Morgan Stanley & Co. International PLC |
12/20/27 |
CCC+ |
EUR |
7 |
368 |
230 |
138 |
| Worldline SA |
5.00 |
Quarterly |
BNP Paribas SA |
06/20/28 |
BB |
EUR |
4 |
(155 ) |
(231 ) |
76 |
| Virgin Media Finance PLC |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/28 |
B- |
EUR |
13 |
107 |
978 |
(871 ) |
| iTraxx.XO.42.V3 20-35% |
5.00 |
Quarterly |
BNP Paribas SA |
12/20/29 |
CC+ |
EUR |
33 |
5,151 |
4,228 |
923 |
| Zegona Finance PLC |
5.00 |
Quarterly |
Deutsche Bank AG |
06/20/30 |
BB |
EUR |
7 |
1,089 |
791 |
298 |
| Faurecia SE |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/30 |
BB- |
EUR |
20 |
2,511 |
1,754 |
757 |
| |
|
|
|
|
|
|
|
$ 14,272 |
$ 8,349 |
$ 5,923 |
| (a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| (b) |
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Total Return Swaps
| Paid by the Fund |
Received by the Fund |
|
|
|
|
|
|
|
| ||
| Rate/Reference |
Frequency |
Rate/Reference |
Frequency |
Counterparty |
Effective Date |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| 1-day SOFR, 3.68% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
At Termination |
Morgan Stanley & Co. International PLC |
N/A |
09/20/26 |
USD |
3,000 |
$ 58,473 |
$ (27,051 ) |
$ 85,524 |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
| Centrally Cleared Swaps(a) |
$ 466,472 |
$ — |
$ 8,942 |
$ — |
| OTC Swaps |
10,577 |
(29,279 ) |
92,318 |
(871 ) |
| (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) |
$ — |
$ — |
$ — |
$ — |
$ 12,068 |
$ — |
$ 12,068 |
| Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
— |
— |
— |
302,724 |
— |
— |
302,724 |
106
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 appreciation on centrally cleared swaps(a) |
$ — |
$ 8,942 |
$ — |
$ — |
$ — |
$ — |
$ 8,942 |
| Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
17,371 |
— |
— |
85,524 |
— |
102,895 |
| |
$ — |
$ 26,313 |
$ — |
$ 302,724 |
$ 97,592 |
$ — |
$ 426,629 |
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 531,895 |
$ — |
$ 531,895 |
| Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
— |
— |
— |
139 |
— |
— |
139 |
| Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
3,099 |
— |
— |
27,051 |
— |
30,150 |
| |
$ — |
$ 3,099 |
$ — |
$ 139 |
$ 558,946 |
$ — |
$ 562,184 |
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended June 30, 2026, 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 |
$ — |
$ — |
$ — |
$ — |
$ (3,391,963 ) |
$ — |
$ (3,391,963 ) |
| Forward foreign currency exchange contracts |
— |
— |
— |
311,239 |
— |
— |
311,239 |
| Swaps |
— |
7,953 |
— |
— |
122,595 |
— |
130,548 |
| |
$ — |
$ 7,953 |
$ — |
$ 311,239 |
$ (3,269,368 ) |
$ — |
$ (2,950,176 ) |
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (772,177 ) |
$ — |
$ (772,177 ) |
| Forward foreign currency exchange contracts |
— |
— |
— |
282,706 |
— |
— |
282,706 |
| Swaps |
— |
49,361 |
— |
— |
(188,219 ) |
— |
(138,858 ) |
| |
$ — |
$ 49,361 |
$ — |
$ 282,706 |
$ (960,396 ) |
$ — |
$ (628,329 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
|
| Average notional value of contracts — long |
$375,634,954 |
| Average notional value of contracts — short |
47,351,672 |
| Forward foreign currency exchange contracts: |
|
| Average amounts purchased — in USD |
17,421,625 |
| Average amounts sold — in USD |
2,853 |
| Credit default swaps: |
|
| Average notional value — buy protection |
4,090,000 |
| Average notional value — sell protection |
6,008,971 |
| Total return swaps: |
|
| Average notional value |
10,750,000 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments 107
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 |
$ 267,375 |
$ 256,003 |
| Forward foreign currency exchange contracts |
302,724 |
139 |
| Swaps — centrally cleared |
— |
2,495 |
| Swaps — OTC(a) |
102,895 |
30,150 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities |
672,994 |
288,787 |
| Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(267,375 ) |
(258,498 ) |
| Total derivative assets and liabilities subject to an MNA |
$ 405,619 |
$ 30,289 |
| (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(b) |
Cash Collateral Received(b) |
Net Amount of Derivative Assets(c)(d) |
| Bank of America N.A. |
$ 728 |
$ (376 ) |
$ — |
$ — |
$ 352 |
| Barclays Bank PLC |
1,576 |
(770 ) |
— |
— |
806 |
| BNP Paribas SA |
37,332 |
(231 ) |
— |
— |
37,101 |
| Citibank N.A. |
340 |
(168 ) |
— |
— |
172 |
| Deutsche Bank AG |
1,089 |
— |
— |
— |
1,089 |
| Goldman Sachs International |
2,170 |
— |
— |
— |
2,170 |
| HSBC Bank PLC |
248,075 |
— |
— |
— |
248,075 |
| JPMorgan Chase Bank N.A. |
5,882 |
(1,277 ) |
— |
— |
4,605 |
| Morgan Stanley & Co. International PLC |
88,053 |
(27,328 ) |
— |
— |
60,725 |
| State Street Bank and Trust Co. |
14,688 |
— |
— |
— |
14,688 |
| Wells Fargo Bank N.A. |
5,686 |
(139 ) |
— |
— |
5,547 |
| |
$ 405,619 |
$ (30,289 ) |
$ — |
$ — |
$ 375,330 |
| Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged(b) |
Cash Collateral Pledged(b) |
Net Amount of Derivative Liabilities(c)(e) |
| Bank of America N.A. |
$ 376 |
$ (376 ) |
$ — |
$ — |
$ — |
| Barclays Bank PLC |
770 |
(770 ) |
— |
— |
— |
| BNP Paribas SA |
231 |
(231 ) |
— |
— |
— |
| Citibank N.A. |
168 |
(168 ) |
— |
— |
— |
| JPMorgan Chase Bank N.A. |
1,277 |
(1,277 ) |
— |
— |
— |
| Morgan Stanley & Co. International PLC |
27,328 |
(27,328 ) |
— |
— |
— |
| Wells Fargo Bank N.A. |
139 |
(139 ) |
— |
— |
— |
| |
$ 30,289 |
$ (30,289 ) |
$ — |
$ — |
$ — |
| (a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| (b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| (c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| (d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
108
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
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 at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets |
|
|
|
|
| Investments |
|
|
|
|
| Long-Term Investments |
|
|
|
|
| Asset-Backed Securities |
$ — |
$ 32,010,946 |
$ 970,200 |
$ 32,981,146 |
| Common Stocks |
— |
471,109 |
377,806 |
848,915 |
| Corporate Bonds |
|
|
|
|
| Advertising Agencies |
— |
6,229,672 |
— |
6,229,672 |
| Aerospace & Defense |
— |
11,825,690 |
— |
11,825,690 |
| Air Freight & Logistics |
— |
360,439 |
— |
360,439 |
| Automobile Components |
— |
4,946,633 |
— |
4,946,633 |
| Automobiles |
— |
5,217,754 |
— |
5,217,754 |
| Banks |
— |
433,929 |
— |
433,929 |
| Biotechnology |
— |
991,377 |
— |
991,377 |
| Building Materials |
— |
5,413,513 |
— |
5,413,513 |
| Building Products |
— |
4,578,265 |
— |
4,578,265 |
| Capital Markets |
— |
4,093,661 |
— |
4,093,661 |
| Chemicals |
— |
11,349,465 |
— |
11,349,465 |
| Commercial Services & Supplies |
— |
20,197,765 |
— |
20,197,765 |
| Construction & Engineering |
— |
2,246,023 |
— |
2,246,023 |
| Consumer Finance |
2,809 |
6,549,342 |
— |
6,552,151 |
| Consumer Staples Distribution & Retail |
— |
3,216,197 |
— |
3,216,197 |
| Containers & Packaging |
— |
10,717,810 |
— |
10,717,810 |
| Distributors |
— |
1,405,716 |
— |
1,405,716 |
| Diversified REITs |
— |
2,905,982 |
— |
2,905,982 |
| Diversified Telecommunication Services |
— |
31,075,166 |
— |
31,075,166 |
| Electric Utilities |
— |
4,599,592 |
— |
4,599,592 |
| Electronic Equipment, Instruments & Components |
— |
670,988 |
— |
670,988 |
| Energy Equipment & Services |
— |
3,800,693 |
— |
3,800,693 |
| Entertainment |
— |
2,581,257 |
— |
2,581,257 |
| Environmental, Maintenance & Security Service |
— |
3,650,248 |
— |
3,650,248 |
| Financial Services |
— |
9,638,667 |
— |
9,638,667 |
| Food Products |
— |
5,246,587 |
— |
5,246,587 |
| Ground Transportation |
— |
2,001,497 |
— |
2,001,497 |
| Health Care Equipment & Supplies |
— |
2,930,510 |
— |
2,930,510 |
| Health Care Providers & Services |
— |
9,515,950 |
— |
9,515,950 |
| Health Care REITs |
— |
1,388,850 |
— |
1,388,850 |
| Hotel & Resort REITs |
— |
3,355,907 |
— |
3,355,907 |
| Hotels, Restaurants & Leisure |
— |
9,038,837 |
— |
9,038,837 |
| Household Durables |
— |
4,673,755 |
— |
4,673,755 |
| Household Products |
— |
— |
— |
— |
| Independent Power and Renewable Electricity Producers |
— |
9,511,767 |
— |
9,511,767 |
| Industrial Conglomerates |
— |
439,831 |
— |
439,831 |
| Insurance |
— |
20,328,365 |
— |
20,328,365 |
| Interactive Media & Services |
— |
6,965,980 |
— |
6,965,980 |
| Internet Software & Services |
— |
1,183,781 |
— |
1,183,781 |
| IT Services |
— |
3,330,933 |
420,480 |
3,751,413 |
| Leisure Products |
— |
4,877,541 |
— |
4,877,541 |
| Machinery |
— |
3,048,851 |
— |
3,048,851 |
| Media |
— |
18,898,439 |
— |
18,898,439 |
| Metals & Mining |
— |
10,585,930 |
— |
10,585,930 |
| Mortgage Real Estate Investment Trusts (REITs) |
— |
983,739 |
— |
983,739 |
| Multi-Utilities |
— |
339,539 |
— |
339,539 |
| Oil, Gas & Consumable Fuels |
— |
37,334,409 |
— |
37,334,409 |
| Passenger Airlines |
— |
968,553 |
— |
968,553 |
| Personal Care Products |
— |
724,255 |
— |
724,255 |
| Pharmaceuticals |
— |
7,397,926 |
— |
7,397,926 |
| Real Estate Management & Development |
— |
3,046,937 |
— |
3,046,937 |
Schedule of Investments 109
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
Fair Value Hierarchy as of Period End (continued)
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Corporate Bonds (continued) |
|
|
|
|
| Retail REITs |
$ — |
$ 323,291 |
$ — |
$ 323,291 |
| Semiconductors & Semiconductor Equipment |
— |
1,068,675 |
— |
1,068,675 |
| Software |
— |
10,112,644 |
— |
10,112,644 |
| Specialty Retail |
— |
1,228,705 |
— |
1,228,705 |
| Technology Hardware, Storage & Peripherals |
— |
1,205,235 |
— |
1,205,235 |
| Textiles, Apparel & Luxury Goods |
— |
1,706,997 |
— |
1,706,997 |
| Tobacco |
— |
278,467 |
— |
278,467 |
| Transportation Infrastructure |
— |
364,047 |
58,565 |
422,612 |
| Wireless Telecommunication Services |
— |
6,087,121 |
— |
6,087,121 |
| Fixed Rate Loan Interests |
— |
1,122,100 |
— |
1,122,100 |
| Floating Rate Loan Interests |
— |
300,002,901 |
6,003,797 |
306,006,698 |
| Foreign Agency Obligations |
— |
6,938,020 |
— |
6,938,020 |
| Investment Companies |
|
|
|
|
| Equity Funds |
27,459,600 |
74,779 |
— |
27,534,379 |
| Non-Agency Mortgage-Backed Securities |
— |
24,038,219 |
— |
24,038,219 |
| Preferred Securities |
|
|
|
|
| Capital Trusts |
— |
41,147,694 |
— |
41,147,694 |
| Preferred Stocks |
|
|
|
|
| Capital Markets |
1,380,500 |
— |
— |
1,380,500 |
| Financial Services |
— |
297,660 |
— |
297,660 |
| Ground Transportation |
— |
— |
21,326 |
21,326 |
| IT Services |
— |
76,392 |
— |
76,392 |
| U.S. Government Sponsored Agency Securities |
— |
13,417,047 |
— |
13,417,047 |
| Warrants |
— |
800 |
— |
800 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
6,173,706 |
— |
— |
6,173,706 |
| Unfunded Floating Rate Loan Interests(a) |
— |
15,964 |
— |
15,964 |
| Liabilities |
|
|
|
|
| Unfunded Floating Rate Loan Interests(a) |
— |
(1,696 ) |
(9,271 ) |
(10,967 ) |
| |
$35,016,615 |
$768,801,630 |
$7,842,903 |
$811,661,148 |
| Derivative Financial Instruments(b) |
|
|
|
|
| Assets |
|
|
|
|
| Credit Contracts |
$ — |
$ 15,736 |
$ — |
$ 15,736 |
| Foreign Currency Exchange Contracts |
— |
302,724 |
— |
302,724 |
| Interest Rate Contracts |
12,068 |
85,524 |
— |
97,592 |
| Liabilities |
|
|
|
|
| Credit Contracts |
— |
(871 ) |
— |
(871 ) |
| Foreign Currency Exchange Contracts |
— |
(139 ) |
— |
(139 ) |
| Interest Rate Contracts |
(531,895 ) |
— |
— |
(531,895 ) |
| |
$(519,827 ) |
$402,974 |
$— |
$(116,853 ) |
| (a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| (b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $281,234,674 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| |
Asset-Backed Securities |
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Other Interests |
Preferred Stocks |
| Assets |
|
|
|
|
|
|
|
| Opening balance, as of December 31, 2025 |
$ 957,950 |
$ 880,865 |
$ 1,138,592 |
$ — |
$ 8,377,670 |
$ — (a) |
$ 89,899 |
| Transfers into Level 3(b) |
— |
— |
— |
— |
296,042 |
— |
18,660 |
| Transfers out of Level 3(c) |
— |
(255,333 ) |
(1,093,493 ) |
— |
(3,410,889 ) |
— |
(89,899 ) |
| Accrued discounts/premiums |
(5,826 ) |
— |
3,230 |
— |
1,315 |
— |
— |
| Net realized gain (loss) |
— |
201,750 |
— |
— |
(50,786 ) |
— |
— |
110
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Limited Duration Income Trust (BLW)
| |
Asset-Backed Securities |
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Other Interests |
Preferred Stocks |
| Net change in unrealized appreciation (depreciation)(d)(e) |
$ 18,076 |
$ (404,435 ) |
$ (182,091 ) |
$ (1,511 ) |
$ 16,368 |
$ — |
$ 2,666 |
| Purchases |
— |
716,068 |
612,807 |
1,511 |
4,030,110 |
— |
— |
| Sales |
— |
(761,109 ) |
— |
— |
(3,256,034 ) |
— |
— |
| Closing balance, as of June 30, 2026 |
$ 970,200 |
$ 377,806 |
$ 479,045 |
$ — |
$ 6,003,796 |
$ — (a) |
$ 21,326 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ 18,076 |
$ (708,877 ) |
$ (182,091 ) |
$ (1,511 ) |
$ (1,143 ) |
$ — (a) |
$ 2,666 |
| |
Unfunded Floating Rate Loan Interests |
Total |
| Assets/Liabilities |
|
|
| Opening balance, as of December 31, 2025 |
$ 171 |
$ 11,445,147 |
| Transfers into Level 3(b) |
3,478 |
318,180 |
| Transfers out of Level 3(c) |
(171 ) |
(4,849,785 ) |
| Accrued discounts/premiums |
— |
(1,281 ) |
| Net realized gain (loss) |
— |
150,964 |
| Net change in unrealized appreciation (depreciation)(d)(e) |
(12,748 ) |
(563,675 ) |
| Purchases |
— |
5,360,496 |
| Sales |
— |
(4,017,143 ) |
| Closing balance, as of June 30, 2026 |
$ (9,270 ) |
$ 7,842,903 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026(e) |
$ (12,748 ) |
$ (885,628 ) |
| (a) |
Rounds to less than $1. |
| (b) |
As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of June 30, 2026, 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 fair value hierarchy. |
| (c) |
As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of June 30, 2026, 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, 2026 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 111
Schedule of Investments (unaudited)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities | |||
| AB Issuer LLC, Series 2026-1A, Class A2, 6.41%, 04/30/56(a) |
USD |
75 |
$ 75,361 |
| AGL Core CLO Ltd., Series 2019-2A, Class A1R, (3- mo. CME Term SOFR + 1.46%), 5.14%, 07/20/37(a)(b) |
|
1,626 |
1,629,540 |
| Apidos CLO XVIII-R(a)(b) |
|
|
|
| Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 4.99%, 01/22/38 |
|
1,450 |
1,452,389 |
| Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.36%, 01/22/38 |
|
870 |
872,420 |
| Argent Securities Trust, Series 2006-W5, Class A1, (1 mo. Term SOFR + 0.41%), 4.06%, 06/25/36(b) |
|
3,429 |
2,269,022 |
| Atrium XV, Series 15A, Class D1R, (3-mo. CME Term SOFR + 3.30%), 6.98%, 07/16/37(a)(b) |
|
550 |
542,133 |
| Ballyrock CLO Ltd.(a)(b) |
|
|
|
| Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 5.38%, 01/20/38 |
|
250 |
250,674 |
| Series 2025-30A, Class C1, (3-mo. CME Term SOFR + 2.85%), 6.52%, 10/25/38 |
|
1,000 |
1,003,908 |
| Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. Term SOFR + 0.39%), 4.04%, 11/25/36(b) |
|
318 |
315,626 |
| BlueMountain CLO Ltd., Series 2018-3A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 4.86%, 10/25/30(a)(b) |
|
146 |
145,576 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 4.75%, 07/18/34(a)(b) |
|
2,500 |
2,500,273 |
| Carlyle U.S. CLO Ltd., Series 2026-2A, Class D, (3- mo. CME Term SOFR + 3.15%), 6.81%, 04/20/39(a)(b) |
|
600 |
604,662 |
| Carrington Mortgage Loan Trust(b) |
|
|
|
| Series 2006-FRE2, Class A2, (1 mo. Term SOFR + 0.23%), 3.88%, 10/25/36 |
|
2,345 |
1,993,661 |
| Series 2006-FRE2, Class A5, (1 mo. Term SOFR + 0.19%), 3.84%, 03/25/35 |
|
4,831 |
4,107,031 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 4.70%, 04/20/32(a)(b) |
|
744 |
743,812 |
| C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. Term SOFR + 0.43%), 4.08%, 10/25/36(b) |
|
3,319 |
2,256,986 |
| CIFC Funding Ltd.(a)(b) |
|
|
|
| Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.00%, 01/18/38 |
|
1,160 |
1,161,543 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.38%, 01/18/38 |
|
1,450 |
1,455,009 |
| Series 2022-7A, Class ER, (3-mo. CME Term SOFR + 5.35%), 9.01%, 01/22/38 |
|
500 |
495,634 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 |
|
283 |
162,373 |
| Compass Datacenters Issuer II LLC, Series 2025-2A, Class A1, 4.93%, 11/25/50(a) |
|
363 |
355,186 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(a) |
|
171 |
171,463 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, Class B, 5.77%, 12/20/55(a) |
|
750 |
748,789 |
| CWABS Asset-Backed Certificates Trust, Series 2006- 26, Class 1A, (1 mo. Term SOFR + 0.39%), 4.04%, 06/25/37(b) |
|
386 |
360,336 |
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities (continued) | |||
| CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 3.88%, 01/15/37(b) |
USD |
234 |
$ 227,249 |
| DB Master Finance LLC, Series 2025-1A, Class A2I, 4.89%, 08/20/55(a) |
|
506 |
500,591 |
| Dryden CLO Ltd., Series 2018-61A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.04%, 01/17/32(a)(b) |
|
595 |
595,424 |
| Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.03%, 01/15/31(a)(b) |
|
15 |
14,836 |
| FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39(a) |
|
3,800 |
3,755,504 |
| Firstlight Issuer LLC, Series 2026-1A, Class A2, 06/20/56(a)(c) |
|
238 |
239,013 |
| Fremont Home Loan Trust(b) |
|
|
|
| Series 2006-A, Class 2A3, (1 mo. Term SOFR + 0.43%), 4.08%, 05/25/36 |
|
3,644 |
2,384,241 |
| Series 2006-D, Class 2A3, (1 mo. Term SOFR + 0.41%), 4.06%, 11/25/36 |
|
5,667 |
1,948,957 |
| GoodLeap Home Improvement Solutions Trust(a) |
|
|
|
| Series 2025-1A, Class B, 6.27%, 02/20/49 |
|
162 |
163,135 |
| Series 2025-3A, Class A, 5.00%, 10/20/49 |
|
106 |
104,605 |
| GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(a) |
|
77 |
77,428 |
| Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. Term SOFR + 0.45%), 4.10%, 04/25/37(b) |
|
2,786 |
1,957,982 |
| Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1 mo. Term SOFR + 0.43%), 4.08%, 08/25/36(b) |
|
4,508 |
1,782,605 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, 09/20/65(a) |
|
183 |
184,148 |
| Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.18%, 04/18/37(a)(b) |
|
1,450 |
1,453,502 |
| Madison Park Funding XXX Ltd., Series 2018-30A, Class BR, (3-mo. CME Term SOFR + 1.75%), 5.43%, 07/16/37(a)(b) |
|
300 |
300,090 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 5.62%, 04/15/37(a)(b) |
|
875 |
876,150 |
| Mariner Finance Issuance Trust, Series 2024-AA, Class E, 9.02%, 09/22/36(a) |
|
470 |
478,593 |
| Mastr Asset Backed Securities Trust, Series 2006-HE2, Class A3, (1 mo. Term SOFR + 0.41%), 4.06%, 06/25/36(b) |
|
6,395 |
2,040,760 |
| Mtp Abs Funding LLC, Series 2026-1A, Class B, 5.88%, 04/25/56(a) |
|
325 |
325,539 |
| Navient Education Loan Trust, Series 2025-A, Class B, 5.32%, 07/15/55(a) |
|
571 |
572,047 |
| Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, 12/15/59(a) |
|
87 |
86,240 |
| Nelnet Student Loan Trust, Series 2025-BA, Class D, 6.04%, 05/17/55(a) |
|
192 |
187,522 |
| Neuberger Berman Loan Advisers CLO Ltd., Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.18%, 01/20/37(a)(b) |
|
250 |
249,825 |
| OCP CLO Ltd.(a)(b) |
|
|
|
| Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.01%, 11/26/37 |
|
590 |
591,000 |
112
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities (continued) | |||
| OCP CLO Ltd.(a)(b) (continued) |
|
|
|
| Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.00%, 01/21/38 |
USD |
1,000 |
$ 1,001,505 |
| Octagon Ltd., Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 4.94%, 03/20/38(a)(b) |
|
1,000 |
1,001,631 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.32%, 01/15/38(a)(b) |
|
810 |
812,896 |
| Park Blue CLO Ltd.(a)(b) |
|
|
|
| Series 2023-15A, Class AR, (3-mo. CME Term SOFR + 1.22%), 4.90%, 10/20/38 |
|
1,000 |
1,000,589 |
| Series 2025-9A, Class C, (3-mo. CME Term SOFR + 2.00%), 5.68%, 10/20/38 |
|
500 |
501,730 |
| Perimeter Master Note Business Trust, Series 2026- 1A, Class A, 6.01%, 01/15/32(a) |
|
535 |
534,934 |
| Pikes Peak CLO, Series 2020-6A, Class DRR, (3-mo. CME Term SOFR + 2.50%), 6.15%, 05/18/34(a)(b) |
|
250 |
248,674 |
| Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/06/55(a) |
|
227 |
225,818 |
| QTS Issuer ABS II LLC(a) |
|
|
|
| Series 2026-1A, Class A2, 5.36%, 01/05/56 |
|
148 |
146,170 |
| Series 2026-1A, Class B, 6.73%, 01/05/56 |
|
229 |
229,226 |
| Series 2026-5A, Class A2, 6.18%, 03/06/56 |
|
133 |
134,434 |
| Series 2026-6A, Class A21, 07/05/56(c) |
|
157 |
156,998 |
| Series 2026-6A, Class A22, 07/05/56(c) |
|
103 |
102,998 |
| Series 2026-6A, Class A23, 07/05/56(c) |
|
173 |
172,999 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.32%, 01/25/38(a)(b) |
|
1,700 |
1,704,600 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.22%, 04/15/38(a)(b) |
|
850 |
849,886 |
| Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(a)(d) |
|
1,110 |
1,098,900 |
| Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 |
|
3,388 |
1,259,240 |
| Republic Finance Issuance Trust, Series 2025-A, Class A, 4.59%, 11/20/34(a) |
|
1,015 |
1,005,600 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.07%, 01/15/38(a)(b) |
|
1,914 |
1,917,429 |
| RR Ltd., Series 2022-24A, Class A2R2, (3-mo. CME Term SOFR + 1.70%), 5.37%, 01/15/37(a)(b) |
|
1,000 |
1,002,769 |
| Sagard-Halseypoint CLO Ltd., Series 2025-10A, Class A1, (3-mo. CME Term SOFR + 1.35%), 5.03%, 10/20/38(a)(b) |
|
1,000 |
1,002,007 |
| Scooter S Coffee Issuer LLC, Series 2026-1A, Class A2, 6.38%, 05/20/56(a) |
|
368 |
369,207 |
| Service Experts Issuer LLC, Series 2024-1A, Class A, 6.39%, 11/20/35(a) |
|
138 |
139,732 |
| SMB Private Education Loan Trust, Series 2021-A, Class B, 2.31%, 01/15/53(a) |
|
51 |
49,195 |
| Sofi Consumer Loan Program Trust(a) |
|
|
|
| Series 2026-B, Class A, 4.40%, 02/25/36 |
|
133 |
132,941 |
| Series 2026-B, Class B, 4.90%, 02/25/36 |
|
166 |
165,249 |
| Series 2026-B, Class C, 5.20%, 02/25/36 |
|
166 |
165,740 |
| Series 2026-B, Class D, 5.56%, 02/25/36 |
|
166 |
164,783 |
| SoFi Personal Loan Trust(a) |
|
|
|
| Series 2023-1A, Class A, 6.00%, 11/12/30 |
|
51 |
50,903 |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |
|
10 |
219,287 |
| Series 2024-1A, Class A, 6.06%, 02/12/31 |
|
71 |
70,509 |
| Security |
|
Par (000) |
Value |
| Asset-Backed Securities (continued) | |||
| Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(a) |
USD |
291 |
$ 291,756 |
| Trestles CLO Ltd., Series 2017-1A, Class D1RR, (3- mo. CME Term SOFR + 3.15%), 6.82%, 07/25/37(a)(b) |
|
250 |
250,817 |
| U.S. Bank NA, Series 2026-RVM1, Class B1, 4.96%, 12/25/46(a) |
|
816 |
805,581 |
| Upgrade Master Pass-Thru Trust(a) |
|
|
|
| Series 2025-ST4, Class A, 5.50%, 08/16/32 |
|
121 |
120,761 |
| Series 2025-ST7, Class A, 4.55%, 11/15/32 |
|
208 |
208,053 |
| Series 2025-ST7, Class B, 4.98%, 11/15/32 |
|
185 |
184,557 |
| Series 2025-ST8, Class D, 5.91%, 12/15/33 |
|
150 |
149,007 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, 01/25/47(a) |
|
228 |
225,953 |
| VB-S1 Issuer LLC, Series 2026-1A, Class F, 6.84%, 03/15/56(a) |
|
977 |
982,255 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A2, 6.84%, 05/25/54(a) |
|
735 |
740,847 |
| WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE3, Class 2A3, (1 mo. Term SOFR + 0.35%), 4.00%, 05/25/37(b) |
|
4,714 |
4,260,171 |
| Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.04%, 01/20/38(a)(b) |
|
250 |
250,437 |
| Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 5.54%, 01/20/35(a)(b) |
|
275 |
275,474 |
| Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55(a) |
|
725 |
682,483 |
| Total Asset-Backed Securities — 9.7% (Cost: $80,646,180) |
73,837,124 | ||
| |
|
Shares |
|
| Common Stocks | |||
| Capital Markets — 0.0% |
| ||
| Wom New Holdco(d)(e) |
|
485 |
7,275 |
| Financial Services — 0.0% |
| ||
| Labels Buyer LLC(e) |
|
156 |
14,326 |
| Health Care Providers & Services — 0.0% |
| ||
| Quorum Restructuring Equity(d)(e) |
|
3,969 |
— |
| Machinery — 0.0% |
| ||
| United Site Services, Inc.(d)(e) |
|
5,689 |
56,890 |
| Real Estate Management & Development — 0.0% |
| ||
| ADLER Group SA(d)(e) |
|
33,367 |
— |
| Total Common Stocks — 0.0% (Cost: $67,844) |
78,491 | ||
| |
|
Par (000) |
|
| Corporate Bonds | |||
| Advertising Agencies — 1.5% | |||
| Clear Channel Outdoor Holdings, Inc.(a) |
|
|
|
| 7.75%, 04/15/28 |
USD |
156 |
156,251 |
| 7.88%, 04/01/30(f) |
|
1,088 |
1,133,345 |
Schedule of Investments 113
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Advertising Agencies (continued) | |||
| Clear Channel Outdoor Holdings, Inc.(a) (continued) |
|
|
|
| 7.13%, 02/15/31 |
USD |
1,130 |
$ 1,170,109 |
| 7.50%, 03/15/33(f) |
|
2,571 |
2,707,057 |
| Lamar Media Corp. |
|
|
|
| 3.75%, 02/15/28 |
|
466 |
457,252 |
| 4.88%, 01/15/29 |
|
579 |
574,307 |
| 4.00%, 02/15/30 |
|
53 |
50,662 |
| Neptune Bidco U.S., Inc.(a) |
|
|
|
| 10.38%, 05/15/31 |
|
1,029 |
1,066,471 |
| 9.50%, 02/15/33(f) |
|
2,766 |
2,796,584 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.(a) |
|
|
|
| 4.25%, 01/15/29 |
|
326 |
317,431 |
| 7.38%, 02/15/31 |
|
367 |
381,649 |
| Stagwell Global LLC, 5.63%, 08/15/29(a) |
|
629 |
606,683 |
| |
|
|
11,417,801 |
| Aerospace & Defense — 2.0% | |||
| ATI, Inc. |
|
|
|
| 4.88%, 10/01/29 |
|
707 |
699,251 |
| 7.25%, 08/15/30 |
|
544 |
564,821 |
| 5.13%, 10/01/31 |
|
350 |
346,429 |
| Bombardier, Inc.(a) |
|
|
|
| 8.75%, 11/15/30 |
|
529 |
559,182 |
| 7.25%, 07/01/31 |
|
100 |
104,632 |
| 7.00%, 06/01/32 |
|
192 |
198,896 |
| 6.75%, 06/15/33 |
|
859 |
889,178 |
| Lockheed Martin Corp., 5.70%, 11/15/54(f) |
|
451 |
453,437 |
| Moog, Inc., 5.50%, 10/15/34(a) |
|
685 |
674,569 |
| Northrop Grumman Corp., 4.75%, 06/01/43(f) |
|
680 |
619,712 |
| RTX Corp., 4.35%, 04/15/47(f) |
|
700 |
584,587 |
| TransDigm, Inc. |
|
|
|
| 6.75%, 08/15/28(a)(f) |
|
2,958 |
2,987,459 |
| 4.63%, 01/15/29 |
|
249 |
245,036 |
| 4.88%, 05/01/29 |
|
37 |
36,457 |
| 6.88%, 12/15/30(a) |
|
1,096 |
1,126,359 |
| 7.13%, 12/01/31(a) |
|
585 |
605,745 |
| 6.63%, 03/01/32(a) |
|
1,591 |
1,631,763 |
| 6.38%, 05/31/33(a)(f) |
|
2,236 |
2,257,260 |
| 6.75%, 01/31/34(a) |
|
191 |
195,910 |
| 6.13%, 07/31/34(a) |
|
247 |
246,682 |
| |
|
|
15,027,365 |
| Automobile Components — 2.1% | |||
| Adient Global Holdings Ltd.(a) |
|
|
|
| 7.00%, 04/15/28 |
|
859 |
872,944 |
| 7.50%, 02/15/33 |
|
324 |
334,229 |
| American Axle & Manufacturing, Inc.(a) |
|
|
|
| 6.38%, 10/15/32 |
|
102 |
101,641 |
| 7.75%, 10/15/33(f) |
|
1,557 |
1,538,109 |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |
|
280 |
249,461 |
| Clarios Global LP/Clarios U.S. Finance Co.(a) |
|
|
|
| 6.75%, 05/15/28 |
|
395 |
400,783 |
| 6.75%, 02/15/30 |
|
488 |
502,850 |
| 6.75%, 09/15/32 |
|
352 |
359,492 |
| Cooper-Standard Automotive, Inc., 9.25%, 03/01/31(a) |
|
1,563 |
1,575,270 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL(a) |
|
|
|
| 6.13%, 04/15/31 |
|
934 |
933,959 |
| 6.38%, 04/15/34 |
|
340 |
339,320 |
| Forvia SE, 6.75%, 09/15/33(a) |
|
832 |
831,612 |
| Goodyear Tire & Rubber Co. |
|
|
|
| 5.25%, 04/30/31 |
|
755 |
681,313 |
| 5.25%, 07/15/31 |
|
1,492 |
1,327,989 |
| Security |
|
Par (000) |
Value |
| Automobile Components (continued) | |||
| Goodyear Tire & Rubber Co. (continued) |
|
|
|
| 5.63%, 04/30/33 |
USD |
727 |
$ 633,383 |
| Qnity Electronics, Inc.(a) |
|
|
|
| 5.75%, 08/15/32 |
|
97 |
97,517 |
| 6.25%, 08/15/33 |
|
485 |
493,456 |
| Tenneco, Inc., 8.00%, 11/17/28(a) |
|
1,414 |
1,422,843 |
| ZF North America Capital, Inc.(a) |
|
|
|
| 6.75%, 04/23/30(f) |
|
1,958 |
1,941,603 |
| 7.50%, 03/24/31 |
|
871 |
876,874 |
| 6.88%, 04/23/32 |
|
272 |
267,595 |
| |
|
|
15,782,243 |
| Automobiles — 2.4% | |||
| Allison Transmission, Inc.(a) |
|
|
|
| 4.75%, 10/01/27 |
|
204 |
203,491 |
| 5.88%, 06/01/29 |
|
109 |
109,833 |
| 3.75%, 01/30/31 |
|
304 |
284,298 |
| Asbury Automotive Group, Inc. |
|
|
|
| 4.50%, 03/01/28 |
|
122 |
120,769 |
| 4.63%, 11/15/29(a) |
|
416 |
405,075 |
| 4.75%, 03/01/30 |
|
155 |
150,696 |
| 5.00%, 02/15/32(a) |
|
408 |
390,244 |
| Carvana Co.(a)(g) |
|
|
|
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |
|
545 |
563,714 |
| (9.00% PIK), 9.00%, 06/01/31 |
|
2,521 |
2,781,703 |
| General Motors Co., 6.25%, 10/02/43(f) |
|
1,300 |
1,307,170 |
| Group 1 Automotive, Inc., 4.00%, 08/15/28(a) |
|
702 |
683,525 |
| Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27(a) |
|
1,004 |
995,100 |
| LCM Investments Holdings II LLC(a) |
|
|
|
| 4.88%, 05/01/29 |
|
435 |
423,527 |
| 8.25%, 08/01/31 |
|
987 |
1,028,388 |
| Lithia Motors, Inc.(a) |
|
|
|
| 4.63%, 12/15/27 |
|
524 |
521,502 |
| 3.88%, 06/01/29 |
|
293 |
280,647 |
| 5.50%, 10/01/30 |
|
460 |
454,322 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30(a)(f) |
|
1,802 |
1,771,403 |
| Nissan Motor Co. Ltd.(a) |
|
|
|
| 7.50%, 07/17/30(f) |
|
2,800 |
2,885,888 |
| 7.75%, 07/17/32 |
|
929 |
962,867 |
| 8.13%, 07/17/35 |
|
1,289 |
1,365,013 |
| Sonic Automotive, Inc., 4.63%, 11/15/29(a) |
|
230 |
225,115 |
| |
|
|
17,914,290 |
| Banks — 0.0% | |||
| Banco Nacional de Mexico SA, (5-year CMT + 2.68%), 6.70%, 08/07/36(a)(b) |
|
227 |
224,049 |
| Beverages — 0.1% | |||
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.38%, 04/30/29(a) |
|
408 |
398,258 |
| Biotechnology — 0.2% | |||
| Amgen, Inc., 4.95%, 10/01/41 |
|
250 |
232,897 |
| Genmab AS/Genmab Finance LLC(a) |
|
|
|
| 6.25%, 12/15/32 |
|
219 |
223,177 |
| 7.25%, 12/15/33 |
|
1,203 |
1,254,246 |
| |
|
|
1,710,320 |
| Building Materials(a) — 1.5% | |||
| Builders FirstSource, Inc. |
|
|
|
| 5.00%, 03/01/30 |
|
893 |
875,409 |
| 6.38%, 03/01/34(f) |
|
1,034 |
1,045,276 |
| 6.75%, 05/15/35 |
|
388 |
395,594 |
114
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Building Materials (continued) | |||
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|
|
|
| 6.63%, 12/15/30(f) |
USD |
1,376 |
$ 1,406,732 |
| 6.75%, 07/15/31 |
|
215 |
222,535 |
| Quikrete Holdings, Inc. |
|
|
|
| 6.38%, 03/01/32 |
|
1,844 |
1,883,050 |
| 6.75%, 03/01/33 |
|
1,331 |
1,356,792 |
| Smyrna Ready Mix Concrete LLC |
|
|
|
| 6.00%, 11/01/28 |
|
292 |
292,601 |
| 8.88%, 11/15/31 |
|
700 |
738,119 |
| Standard Building Solutions, Inc. |
|
|
|
| 6.50%, 08/15/32 |
|
776 |
780,690 |
| 6.25%, 08/01/33(f) |
|
1,509 |
1,498,502 |
| Standard Industries, Inc. |
|
|
|
| 4.75%, 01/15/28 |
|
527 |
523,271 |
| 4.38%, 07/15/30 |
|
661 |
627,785 |
| |
|
|
11,646,356 |
| Building Products(a) — 0.3% | |||
| QXO Building Products, Inc. |
|
|
|
| 6.50%, 07/15/31 |
|
608 |
619,656 |
| 6.75%, 04/30/32 |
|
1,259 |
1,300,017 |
| |
|
|
1,919,673 |
| Capital Markets — 1.5% | |||
| Apollo Debt Solutions BDC |
|
|
|
| 5.88%, 08/30/30 |
|
220 |
217,691 |
| 6.70%, 07/29/31 |
|
110 |
112,129 |
| 6.55%, 03/15/32 |
|
180 |
181,542 |
| Ares Strategic Income Fund, 5.80%, 09/09/30 |
|
300 |
295,541 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |
|
348 |
346,760 |
| Focus Financial Partners LLC, 6.75%, 09/15/31(a) |
|
860 |
865,347 |
| FS KKR Capital Corp. |
|
|
|
| 2.63%, 01/15/27 |
|
203 |
199,254 |
| 7.88%, 01/15/29 |
|
246 |
252,611 |
| 6.88%, 08/15/29 |
|
932 |
933,798 |
| 6.13%, 01/15/30 |
|
877 |
854,640 |
| 6.13%, 01/15/31(f) |
|
574 |
551,826 |
| Gaci First Investment Co., 5.25%, 05/14/33(h) |
|
666 |
664,668 |
| Jane Street Group/JSG Finance, Inc.(a) |
|
|
|
| 4.50%, 11/15/29 |
|
668 |
651,092 |
| 7.13%, 04/30/31(f) |
|
2,334 |
2,413,253 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33(a) |
|
200 |
191,218 |
| Osaic Holdings, Inc., 6.75%, 08/01/32(a) |
|
1,210 |
1,212,069 |
| Raymond James Financial, Inc., 4.95%, 07/15/46(f) |
|
400 |
357,316 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32(a) |
|
720 |
740,428 |
| StoneX Group, Inc., 7.88%, 03/01/31(a) |
|
291 |
305,543 |
| Turkiye Varlik Fonu Yonetimi AS, 8.25%, 02/14/29(h) |
|
200 |
208,664 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32(a)(g)(i) |
|
162 |
143,605 |
| |
|
|
11,698,995 |
| Chemicals — 3.0% | |||
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(a)(g) |
|
445 |
354,816 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(a) |
|
517 |
537,043 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(a) |
|
378 |
376,881 |
| Celanese U.S. Holdings LLC |
|
|
|
| 7.35%, 11/15/28(f) |
|
3,484 |
3,628,412 |
| 7.00%, 02/15/31 |
|
338 |
347,888 |
| 7.38%, 07/15/32(f) |
|
573 |
602,662 |
| 7.38%, 02/15/34 |
|
349 |
360,564 |
| Security |
|
Par (000) |
Value |
| Chemicals (continued) | |||
| Chemours Co.(a) |
|
|
|
| 5.75%, 11/15/28 |
USD |
1,164 |
$ 1,163,059 |
| 7.88%, 03/15/34 |
|
667 |
670,252 |
| Equate Petrochemical Co. KSCC, 4.25%, 11/03/26(h) |
|
200 |
199,148 |
| FMC Corp., 6.38%, 05/18/53 |
|
2,043 |
1,606,073 |
| Huntsman International LLC |
|
|
|
| 4.50%, 05/01/29 |
|
352 |
343,771 |
| 2.95%, 06/15/31 |
|
999 |
897,938 |
| INEOS Finance PLC, 7.50%, 04/15/29(a) |
|
1,801 |
1,750,996 |
| Methanex Corp., 5.13%, 10/15/27 |
|
1,393 |
1,391,617 |
| NOVA Chemicals Corp.(a) |
|
|
|
| 5.25%, 06/01/27 |
|
924 |
924,717 |
| 7.00%, 12/01/31 |
|
515 |
541,163 |
| OCP SA |
|
|
|
| 5.13%, 06/23/51(h) |
|
200 |
161,250 |
| 7.50%, 05/02/54(a) |
|
400 |
433,580 |
| Olin Corp. |
|
|
|
| 5.63%, 08/01/29 |
|
184 |
182,645 |
| 5.00%, 02/01/30 |
|
702 |
680,536 |
| 6.63%, 04/01/33(a) |
|
14 |
13,824 |
| Olympus Water U.S. Holding Corp.(a) |
|
|
|
| 7.25%, 06/15/31 |
|
905 |
916,381 |
| 6.75%, 08/01/32 |
|
1,093 |
1,067,947 |
| 7.25%, 02/15/33(f) |
|
1,328 |
1,313,349 |
| Orbia Advance Corp. SAB de CV, 6.75%, 09/19/42(a) |
|
209 |
184,547 |
| Sasol Financing USA LLC, 8.75%, 04/10/33(a) |
|
223 |
230,944 |
| Sherwin-Williams Co., 3.80%, 08/15/49 |
|
310 |
233,734 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29(a) |
|
717 |
703,032 |
| WR Grace Holdings LLC(a) |
|
|
|
| 7.38%, 03/01/31 |
|
40 |
40,166 |
| 6.63%, 08/15/32 |
|
210 |
203,674 |
| 7.00%, 08/01/33 |
|
1,117 |
1,087,687 |
| |
|
|
23,150,296 |
| Commercial Services & Supplies — 4.3% | |||
| ADT Security Corp.(a) |
|
|
|
| 4.13%, 08/01/29 |
|
526 |
504,323 |
| 5.88%, 10/15/33(f) |
|
900 |
884,131 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30(a) |
|
200 |
207,085 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)(f) |
|
|
|
| 6.00%, 06/01/29 |
|
1,105 |
1,100,134 |
| 6.88%, 06/15/30 |
|
1,708 |
1,755,136 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(a) |
|
1,347 |
1,323,724 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.(a) |
|
|
|
| 8.00%, 02/15/31 |
|
1,288 |
1,300,674 |
| 8.38%, 06/15/32 |
|
801 |
806,298 |
| BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(h) |
EUR |
134 |
144,705 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29(a) |
USD |
799 |
802,697 |
| Bidvest Group UK PLC, 6.20%, 09/17/32(a) |
|
200 |
201,000 |
| Brink’s Co.(a) |
|
|
|
| 6.50%, 06/15/29(f) |
|
964 |
983,295 |
| 6.75%, 06/15/32 |
|
67 |
68,466 |
| Clarivate Science Holdings Corp., 3.88%, 07/01/28(a) |
|
633 |
608,749 |
| Deluxe Corp., 8.13%, 09/15/29(a) |
|
286 |
296,084 |
| EquipmentShare.com, Inc.(a) |
|
|
|
| 9.00%, 05/15/28 |
|
564 |
575,344 |
| 8.63%, 05/15/32 |
|
1,205 |
1,253,483 |
| 8.00%, 03/15/33 |
|
144 |
147,418 |
Schedule of Investments 115
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Services & Supplies (continued) | |||
| EquipmentShare.com, Inc.(a) (continued) |
|
|
|
| 07/01/34(c) |
USD |
547 |
$ 537,449 |
| FTAI Aviation Investors LLC(a) |
|
|
|
| 5.50%, 05/01/28 |
|
552 |
550,674 |
| 7.88%, 12/01/30 |
|
1,159 |
1,210,987 |
| 7.00%, 05/01/31(f) |
|
2,015 |
2,087,032 |
| Garda World Security Corp.(a) |
|
|
|
| 7.75%, 02/15/28 |
|
474 |
482,360 |
| 8.25%, 08/01/32 |
|
380 |
388,864 |
| 8.38%, 11/15/32(f) |
|
1,993 |
2,038,947 |
| GEO Group, Inc., 8.63%, 04/15/29 |
|
950 |
989,685 |
| Herc Holdings, Inc.(a) |
|
|
|
| 7.00%, 06/15/30(f) |
|
1,893 |
1,960,329 |
| 7.25%, 06/15/33 |
|
674 |
702,683 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27(a) |
|
634 |
621,068 |
| Service Corp. International |
|
|
|
| 4.63%, 12/15/27 |
|
640 |
636,712 |
| 5.13%, 06/01/29 |
|
530 |
525,809 |
| 3.38%, 08/15/30 |
|
154 |
142,853 |
| 5.75%, 10/15/32 |
|
379 |
380,525 |
| United Rentals North America, Inc. |
|
|
|
| 4.88%, 01/15/28(f) |
|
3,200 |
3,189,485 |
| 4.00%, 07/15/30 |
|
452 |
432,081 |
| 6.13%, 03/15/34(a) |
|
111 |
113,795 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32(a) |
|
1,145 |
1,184,309 |
| Williams Scotsman, Inc.(a) |
|
|
|
| 6.63%, 06/15/29 |
|
147 |
150,078 |
| 6.63%, 04/15/30 |
|
999 |
1,029,167 |
| |
|
|
32,317,638 |
| Construction & Engineering — 0.1% | |||
| Arcosa, Inc., 4.38%, 04/15/29(a) |
|
114 |
112,129 |
| IHS Holding Ltd., 6.25%, 11/29/28(a) |
|
200 |
199,188 |
| TAV Havalimanlari Holding A/S, 8.50%, 12/07/28(h) |
|
400 |
412,125 |
| |
|
|
723,442 |
| Consumer Finance — 1.0% | |||
| Block, Inc. |
|
|
|
| 5.63%, 08/15/30(a) |
|
982 |
984,456 |
| 6.50%, 05/15/32(f) |
|
1,042 |
1,063,794 |
| 6.00%, 08/15/33(a) |
|
598 |
602,129 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32(a)(f) |
|
4,030 |
2,919,917 |
| Kaspi.KZ JSC, 5.90%, 04/28/31(a) |
|
402 |
401,557 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(a)(f) |
|
556 |
557,063 |
| Synchrony Financial, 7.25%, 02/02/33 |
|
735 |
766,173 |
| |
|
|
7,295,089 |
| Consumer Staples Distribution & Retail — 1.2% | |||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) |
|
|
|
| 6.50%, 02/15/28 |
|
779 |
785,335 |
| 3.50%, 03/15/29 |
|
628 |
596,593 |
| 4.88%, 02/15/30(f) |
|
1,571 |
1,520,026 |
| 5.50%, 03/31/31 |
|
66 |
64,488 |
| 5.63%, 03/31/32(f) |
|
683 |
660,329 |
| 5.75%, 03/31/34 |
|
384 |
365,701 |
| Cencosud SA(a) |
|
|
|
| 5.95%, 05/28/31 |
|
213 |
220,178 |
| 5.75%, 04/15/36 |
|
200 |
200,150 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.(a) |
|
|
|
| 9.00%, 02/15/29 |
|
464 |
485,739 |
| Security |
|
Par (000) |
Value |
| Consumer Staples Distribution & Retail (continued) | |||
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.(a) (continued) |
|
|
|
| 7.13%, 04/30/33 |
USD |
100 |
$ 101,865 |
| Performance Food Group, Inc.(a) |
|
|
|
| 4.25%, 08/01/29 |
|
928 |
900,778 |
| 6.13%, 09/15/32 |
|
286 |
289,498 |
| Pilgrim’s Pride Corp. |
|
|
|
| 3.50%, 03/01/32 |
|
120 |
109,395 |
| 6.25%, 07/01/33 |
|
453 |
472,956 |
| 6.88%, 05/15/34 |
|
393 |
424,630 |
| U.S. Foods, Inc.(a) |
|
|
|
| 6.88%, 09/15/28 |
|
186 |
190,058 |
| 4.75%, 02/15/29(f) |
|
1,567 |
1,546,692 |
| |
|
|
8,934,411 |
| Containers & Packaging — 2.6% | |||
| Ardagh Group SA(a) |
|
|
|
| 9.50%, 12/01/30 |
|
392 |
419,006 |
| (5.00% Cash + 6.00% PIK), 11.00%, 12/01/30(g) |
|
1,457 |
1,391,722 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(a)(f) |
|
1,360 |
1,292,772 |
| Ball Corp. |
|
|
|
| 6.00%, 06/15/29 |
|
869 |
882,989 |
| 2.88%, 08/15/30 |
|
486 |
443,470 |
| 5.50%, 09/15/33 |
|
234 |
235,447 |
| Clydesdale Acquisition Holdings, Inc.(a) |
|
|
|
| 6.63%, 04/15/29 |
|
375 |
374,530 |
| 8.75%, 04/15/30(f) |
|
2,970 |
2,929,632 |
| Crown Americas LLC, 5.25%, 04/01/30 |
|
368 |
369,002 |
| Graphic Packaging International LLC(a) |
|
|
|
| 3.50%, 03/15/28 |
|
632 |
613,034 |
| 3.75%, 02/01/30 |
|
28 |
26,315 |
| LD Celulose International GmbH, 7.95%, 01/26/32(a) |
|
200 |
209,020 |
| Magnera Corp.(a) |
|
|
|
| 4.75%, 11/15/29 |
|
135 |
126,023 |
| 7.25%, 11/15/31(f) |
|
1,527 |
1,490,734 |
| Mauser Packaging Solutions Holding Co., 9.25%, 04/15/30(a)(f) |
|
3,760 |
3,699,096 |
| Multi-Color Corp., (7.50% Cash or 1.00% PIK), 8.50%, 05/11/33(a)(g) |
|
775 |
679,886 |
| OI European Group BV, 4.75%, 02/15/30(a) |
|
336 |
319,168 |
| Owens-Brockway Glass Container, Inc.(a) |
|
|
|
| 7.25%, 05/15/31 |
|
262 |
258,919 |
| 9.50%, 06/01/33 |
|
1,090 |
1,116,563 |
| Sword Purchaser LLC, 10.50%, 04/15/34(a)(f) |
|
1,902 |
1,989,878 |
| Trivium Packaging Finance BV(a) |
|
|
|
| 8.25%, 07/15/30 |
|
180 |
190,191 |
| 12.25%, 01/15/31 |
|
400 |
442,135 |
| |
|
|
19,499,532 |
| Distributors(a) — 0.1% | |||
| American Builders & Contractors Supply Co., Inc. |
|
|
|
| 4.00%, 01/15/28 |
|
178 |
174,932 |
| 3.88%, 11/15/29 |
|
270 |
257,329 |
| RB Global Holdings, Inc. |
|
|
|
| 6.75%, 03/15/28 |
|
387 |
392,178 |
| 7.75%, 03/15/31 |
|
237 |
245,716 |
| |
|
|
1,070,155 |
| Diversified REITs — 1.0% | |||
| American Tower Corp., 2.30%, 09/15/31(f) |
|
1,000 |
882,271 |
| Digital Realty Trust LP, 1.88%, 11/15/29(a)(i) |
|
109 |
116,794 |
| Iron Mountain, Inc.(a) |
|
|
|
| 4.88%, 09/15/27 |
|
124 |
123,778 |
116
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Diversified REITs (continued) | |||
| Iron Mountain, Inc.(a) (continued) |
|
|
|
| 5.25%, 03/15/28(f) |
USD |
3,100 |
$ 3,095,929 |
| 4.88%, 09/15/29 |
|
156 |
153,080 |
| 5.25%, 07/15/30 |
|
1,360 |
1,339,677 |
| Millrose Properties, Inc.(a) |
|
|
|
| 6.38%, 08/01/30 |
|
628 |
636,509 |
| 6.25%, 09/15/32 |
|
628 |
633,465 |
| SBA Communications Corp., 3.13%, 02/01/29(f) |
|
649 |
620,982 |
| |
|
|
7,602,485 |
| Diversified Telecommunication Services — 4.5% | |||
| APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a) |
|
1,279 |
1,283,595 |
| APLD ComputeCo 3 LLC, 7.00%, 06/15/31(a) |
|
387 |
386,207 |
| APLD ComputeCo LLC, 9.25%, 12/15/30(a) |
|
1,362 |
1,469,304 |
| AT&T, Inc., 4.35%, 06/15/45(f) |
|
1,800 |
1,445,698 |
| Black Pearl Compute LLC, 6.13%, 02/15/31(a)(f) |
|
894 |
905,457 |
| Cipher Compute LLC, 7.13%, 11/15/30(a)(f) |
|
591 |
614,358 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(a)(f) |
|
764 |
803,914 |
| Core Scientific Finance I LLC, 7.75%, 05/15/31(a) |
|
1,196 |
1,212,811 |
| Corning, Inc., 4.38%, 11/15/57(f) |
|
915 |
732,606 |
| EchoStar Corp.(f) |
|
|
|
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(g) |
|
2,955 |
3,003,959 |
| 10.75%, 11/30/29 |
|
1,279 |
1,382,345 |
| ELK Grove Village Property LLC, 7.50%, 06/15/31(a) |
|
946 |
952,392 |
| Fibercop SpA(a) |
|
|
|
| 6.00%, 09/30/34 |
|
793 |
765,810 |
| 7.20%, 07/18/36(f) |
|
558 |
572,201 |
| Level 3 Financing, Inc.(a) |
|
|
|
| 6.88%, 06/30/33(f) |
|
2,094 |
2,151,547 |
| 7.00%, 03/31/34 |
|
200 |
206,228 |
| 8.50%, 01/15/36(f) |
|
1,373 |
1,474,519 |
| 7.50%, 02/15/37 |
|
826 |
847,789 |
| Liquid Telecommunications Financing PLC, 10.75%, 04/14/31(a) |
|
200 |
206,646 |
| Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)(f) |
|
2,040 |
2,044,570 |
| PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(a) |
|
358 |
357,483 |
| Sable International Finance Ltd., 7.13%, 10/15/32(a) |
|
600 |
595,512 |
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(a)(f) |
|
2,312 |
2,278,669 |
| Telecommunications Co. Telekom Srbija AD Belgrade, 7.25%, 05/18/31(a) |
|
489 |
487,778 |
| Turk Telekomunikasyon A/S, 6.95%, 10/07/32(a) |
|
200 |
198,684 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 04/15/28(a) |
|
487 |
485,434 |
| Uniti Services LLC, 7.50%, 10/15/33(a) |
|
335 |
352,546 |
| Verizon Communications, Inc.(f) |
|
|
|
| 5.75%, 11/30/45 |
|
1,590 |
1,545,514 |
| 3.00%, 11/20/60 |
|
1,250 |
714,157 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(a)(f) |
|
3,337 |
3,519,050 |
| WULF Compute LLC, 7.75%, 10/15/30(a)(f) |
|
912 |
957,917 |
| Zayo Group Holdings, Inc., (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30(a)(f)(g) |
|
430 |
428,712 |
| |
|
|
34,383,412 |
| Electric Utilities — 2.5% | |||
| AES Andes SA, 6.30%, 03/15/29(a) |
|
200 |
204,176 |
| AES Panama Generation Holdings SRL, 4.38%, 05/31/30(h) |
|
206 |
195,130 |
| Alpha Generation LLC(a) |
|
|
|
| 6.75%, 10/15/32(f) |
|
607 |
618,171 |
| 6.25%, 01/15/34 |
|
237 |
233,204 |
| Security |
|
Par (000) |
Value |
| Electric Utilities (continued) | |||
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(a) |
USD |
430 |
$ 431,062 |
| Duke Energy Corp., 4.80%, 12/15/45(f) |
|
1,500 |
1,312,368 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50(f) |
|
3,410 |
2,321,213 |
| Instituto Costarricense de Electricidad, 6.38%, 05/15/43(a) |
|
200 |
199,298 |
| Minejesa Capital BV, 5.63%, 08/10/37(a) |
|
200 |
190,500 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29(h) |
|
119 |
117,362 |
| MVM Energetika Zrt, 7.50%, 06/09/28(h) |
|
200 |
208,288 |
| Pacific Gas and Electric Co.(f) |
|
|
|
| 4.95%, 07/01/50 |
|
910 |
759,761 |
| 6.75%, 01/15/53 |
|
1,050 |
1,102,427 |
| PG&E Corp. |
|
|
|
| 5.00%, 07/01/28 |
|
453 |
450,504 |
| 5.25%, 07/01/30(f) |
|
1,802 |
1,774,504 |
| Renew Treasury Ifsc Pvt Ltd., 6.50%, 02/02/31(a) |
|
200 |
198,282 |
| Talen Energy Supply LLC, 6.25%, 02/01/34(a) |
|
669 |
664,934 |
| Virginia Electric and Power Co., 6.35%, 11/30/37(f) |
|
750 |
809,588 |
| Vistra Operations Co. LLC(a) |
|
|
|
| 5.00%, 07/31/27 |
|
1,016 |
1,015,284 |
| 7.75%, 10/15/31 |
|
480 |
502,214 |
| 6.88%, 04/15/32 |
|
591 |
612,095 |
| 5.35%, 01/31/36(f) |
|
2,000 |
1,959,998 |
| VoltaGrid LLC, 7.38%, 11/01/30(a)(f) |
|
1,274 |
1,322,630 |
| XPLR Infrastructure Operating Partners LP(a)(f) |
|
|
|
| 8.38%, 01/15/31 |
|
1,128 |
1,203,012 |
| 8.63%, 03/15/33 |
|
876 |
939,390 |
| |
|
|
19,345,395 |
| Electronic Equipment, Instruments & Components(a) — 0.8% | |||
| Energizer Holdings, Inc., 6.00%, 09/15/33 |
|
1,006 |
967,929 |
| Ingram Micro, Inc., 4.75%, 05/15/29 |
|
950 |
933,003 |
| Sensata Technologies, Inc., 4.38%, 02/15/30 |
|
1,069 |
1,039,734 |
| WESCO Distribution, Inc. |
|
|
|
| 6.38%, 03/15/29 |
|
461 |
469,224 |
| 5.25%, 04/15/31 |
|
725 |
717,560 |
| 6.63%, 03/15/32 |
|
1,183 |
1,219,035 |
| 6.38%, 03/15/33 |
|
353 |
362,177 |
| |
|
|
5,708,662 |
| Energy Equipment & Services(a) — 0.4% | |||
| Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, 09/01/32 |
|
285 |
290,668 |
| Kodiak Gas Services LLC |
|
|
|
| 5.88%, 04/01/31 |
|
449 |
450,151 |
| 6.50%, 10/01/33 |
|
447 |
453,103 |
| Oceanica Lux, 11.25%, 05/08/31 |
|
432 |
436,445 |
| USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29 |
|
348 |
356,470 |
| WBI Operating LLC |
|
|
|
| 6.25%, 10/15/30 |
|
988 |
993,493 |
| 6.50%, 10/15/33 |
|
251 |
252,574 |
| |
|
|
3,232,904 |
| Entertainment(a) — 1.2% | |||
| Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, 01/15/33 |
|
372 |
364,645 |
| Churchill Downs, Inc. |
|
|
|
| 4.75%, 01/15/28 |
|
374 |
370,362 |
| 5.75%, 04/01/30 |
|
1,003 |
1,002,051 |
| 6.75%, 05/01/31 |
|
676 |
687,825 |
| Cinemark USA, Inc., 7.00%, 08/01/32 |
|
343 |
353,858 |
| Live Nation Entertainment, Inc. |
|
|
|
| 6.50%, 05/15/27 |
|
255 |
254,969 |
Schedule of Investments 117
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Entertainment (continued) | |||
| Live Nation Entertainment, Inc. (continued) |
|
|
|
| 4.75%, 10/15/27(f) |
USD |
218 |
$ 217,522 |
| Penn Entertainment, Inc., 6.75%, 04/01/31 |
|
1,044 |
1,049,433 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |
|
1,873 |
1,600,796 |
| Six Flags Entertainment Corp/Canada’s Wonderland Co/Millennium Operations LLC, 8.63%, 01/15/32(f) |
|
2,882 |
2,967,527 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30 |
|
23 |
21,936 |
| Vail Resorts, Inc., 5.63%, 07/15/30 |
|
399 |
398,502 |
| |
|
|
9,289,426 |
| Environmental, Maintenance & Security Service(a) — 0.5% | |||
| Clean Harbors, Inc., 6.38%, 02/01/31 |
|
234 |
237,305 |
| GFL Environmental, Inc. |
|
|
|
| 4.00%, 08/01/28 |
|
443 |
432,527 |
| 4.75%, 06/15/29 |
|
202 |
198,787 |
| 4.38%, 08/15/29 |
|
519 |
504,496 |
| 6.75%, 01/15/31 |
|
617 |
634,756 |
| Madison IAQ LLC, 4.13%, 06/30/28 |
|
220 |
216,428 |
| Reworld Holding Corp., 4.88%, 12/01/29 |
|
468 |
446,365 |
| Waste Pro USA, Inc., 7.00%, 02/01/33(f) |
|
243 |
248,660 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 |
|
580 |
594,537 |
| |
|
|
3,513,861 |
| Financial Services — 5.1% | |||
| Ally Financial, Inc. |
|
|
|
| 6.70%, 02/14/33 |
|
62 |
63,819 |
| (5-year CMT + 2.45%), 6.65%, 01/17/40(b)(f) |
|
685 |
677,602 |
| Azorra Finance Ltd.(a) |
|
|
|
| 7.75%, 04/15/30 |
|
760 |
789,194 |
| 6.25%, 02/15/34 |
|
574 |
556,579 |
| Citigroup, Inc., (1-day SOFR + 1.49%), 5.17%, 09/11/36(b)(f) |
|
2,000 |
1,988,855 |
| Credit Acceptance Corp., 9.25%, 12/15/28(a) |
|
874 |
910,164 |
| CrossCountry Intermediate HoldCo LLC(a) |
|
|
|
| 6.50%, 10/01/30 |
|
620 |
611,092 |
| 6.75%, 12/01/32 |
|
948 |
915,269 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(b)(f) |
|
815 |
839,484 |
| Freedom Mortgage Holdings LLC(a) |
|
|
|
| 6.88%, 05/01/31 |
|
937 |
909,323 |
| 9.13%, 05/15/31(f) |
|
1,028 |
1,062,849 |
| 8.38%, 04/01/32 |
|
136 |
138,338 |
| 7.88%, 04/01/33 |
|
1,659 |
1,617,890 |
| GGAM Finance Ltd.(a) |
|
|
|
| 8.00%, 06/15/28 |
|
441 |
456,286 |
| 6.88%, 04/15/29 |
|
341 |
348,435 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(a) |
|
469 |
476,532 |
| Goldman Sachs Group, Inc., (1-day SOFR + 1.19%), 5.07%, 01/21/37(b)(f) |
|
2,000 |
1,952,702 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.(a) |
|
|
|
| 5.00%, 08/15/28 |
|
357 |
344,707 |
| 6.63%, 10/15/31 |
|
467 |
459,701 |
| JPMorgan Chase & Co.(b)(f) |
|
|
|
| (1-day SOFR + 1.13%), 5.00%, 07/22/30 |
|
3,000 |
3,020,313 |
| (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 |
|
2,250 |
2,212,760 |
| Morgan Stanley, (1-day SOFR + 1.26%), 5.66%, 04/18/30(b)(f) |
|
3,000 |
3,064,529 |
| PennyMac Financial Services, Inc.(a) |
|
|
|
| 4.25%, 02/15/29 |
|
133 |
126,982 |
| 7.88%, 12/15/29(f) |
|
717 |
745,622 |
| 7.13%, 11/15/30 |
|
184 |
186,462 |
| Security |
|
Par (000) |
Value |
| Financial Services (continued) | |||
| PennyMac Financial Services, Inc.(a) (continued) |
|
|
|
| 5.75%, 09/15/31 |
USD |
948 |
$ 899,258 |
| 6.88%, 05/15/32 |
|
799 |
781,931 |
| 6.88%, 02/15/33 |
|
100 |
97,498 |
| 6.75%, 02/15/34 |
|
934 |
896,563 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(a) |
|
990 |
1,022,680 |
| Rocket Cos., Inc.(a) |
|
|
|
| 6.50%, 08/01/29 |
|
294 |
300,084 |
| 6.13%, 08/01/30 |
|
935 |
951,056 |
| 7.13%, 02/01/32(f) |
|
1,749 |
1,815,341 |
| 6.38%, 08/01/33 |
|
637 |
647,806 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a) |
|
|
|
| 3.63%, 03/01/29 |
|
100 |
96,190 |
| 3.88%, 03/01/31 |
|
447 |
418,285 |
| Stena International SA, 7.63%, 02/15/31(a) |
|
613 |
633,623 |
| UBS AG, 5.00%, 07/09/27(f) |
|
900 |
906,795 |
| United Wholesale Mortgage LLC(a) |
|
|
|
| 5.75%, 06/15/27 |
|
778 |
770,431 |
| 5.50%, 04/15/29 |
|
1,524 |
1,415,724 |
| UWM Holdings LLC(a) |
|
|
|
| 6.63%, 02/01/30 |
|
1,113 |
1,037,077 |
| 6.25%, 03/15/31(f) |
|
1,439 |
1,282,470 |
| |
|
|
38,448,301 |
| Food Products — 1.4% | |||
| Aramark Services, Inc., 5.00%, 02/01/28(a) |
|
994 |
992,008 |
| Chobani LLC/Chobani Finance Corp., Inc.(a) |
|
|
|
| 4.63%, 11/15/28 |
|
100 |
99,029 |
| 7.63%, 07/01/29 |
|
1,127 |
1,162,135 |
| Darling Ingredients, Inc.(a) |
|
|
|
| 5.25%, 04/15/27 |
|
703 |
702,468 |
| 6.00%, 06/15/30(f) |
|
294 |
295,927 |
| Fiesta Purchaser, Inc., 9.63%, 09/15/32(a) |
|
1,673 |
1,638,790 |
| J&F Luxembourg Finance SARL |
|
|
|
| 8.50%, 12/01/32(a) |
|
200 |
199,750 |
| 8.50%, 12/01/32(h) |
|
200 |
199,750 |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/30(a) |
|
927 |
888,921 |
| MHP Lux SA, 10.50%, 07/28/29(a) |
|
400 |
416,000 |
| Minerva Luxembourg SA, 7.50%, 04/22/36(a) |
|
400 |
381,500 |
| Post Holdings, Inc.(a) |
|
|
|
| 4.63%, 04/15/30 |
|
636 |
614,414 |
| 4.50%, 09/15/31 |
|
727 |
682,009 |
| 6.25%, 02/15/32 |
|
479 |
486,214 |
| 6.38%, 03/01/33 |
|
417 |
413,818 |
| 6.25%, 10/15/34 |
|
1,455 |
1,429,616 |
| 6.50%, 03/15/36 |
|
271 |
267,923 |
| |
|
|
10,870,272 |
| Ground Transportation — 0.2% | |||
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(f) |
|
1,457 |
1,486,326 |
| Union Pacific Corp., 3.20%, 05/20/41 |
|
275 |
214,298 |
| XPO, Inc., 7.13%, 06/01/31(a) |
|
116 |
119,953 |
| |
|
|
1,820,577 |
| Health Care Equipment & Supplies(a) — 0.7% | |||
| Avantor Funding, Inc. |
|
|
|
| 4.63%, 07/15/28(f) |
|
1,046 |
1,035,020 |
| 3.88%, 11/01/29 |
|
153 |
146,067 |
| Bausch & Lomb Corp., 8.38%, 10/01/28(f) |
|
1,952 |
2,005,680 |
| Medline Borrower LP, 5.25%, 10/01/29 |
|
1,170 |
1,162,850 |
118
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Health Care Equipment & Supplies (continued) | |||
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 |
USD |
543 |
$ 554,184 |
| Teleflex, Inc., 5.88%, 01/15/32 |
|
324 |
326,448 |
| |
|
|
5,230,249 |
| Health Care Providers & Services — 3.7% | |||
| Acadia Healthcare Co., Inc., 5.50%, 07/01/28(a) |
|
173 |
172,204 |
| Centene Corp., 3.00%, 10/15/30 |
|
117 |
105,890 |
| Charles River Laboratories International, Inc.(a) |
|
|
|
| 4.25%, 05/01/28 |
|
551 |
540,655 |
| 4.00%, 03/15/31 |
|
900 |
844,251 |
| CHS/Community Health Systems, Inc.(a) |
|
|
|
| 6.00%, 01/15/29 |
|
546 |
540,540 |
| 5.25%, 05/15/30(f) |
|
1,435 |
1,354,109 |
| 10.88%, 01/15/32 |
|
582 |
626,780 |
| 9.75%, 01/15/34(f) |
|
2,511 |
2,621,687 |
| Concentra Health Services, Inc., 6.88%, 07/15/32(a) |
|
551 |
570,360 |
| DaVita, Inc.(a) |
|
|
|
| 4.63%, 06/01/30(f) |
|
2,857 |
2,767,739 |
| 6.88%, 09/01/32 |
|
725 |
747,709 |
| Encompass Health Corp. |
|
|
|
| 4.63%, 04/01/31 |
|
370 |
357,241 |
| 5.88%, 06/01/34(a) |
|
160 |
159,668 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31(h) |
EUR |
100 |
120,482 |
| Global Medical Response, Inc., 7.38%, 10/01/32(a) |
USD |
1,152 |
1,193,766 |
| HCA, Inc., 5.70%, 11/15/55(f) |
|
1,200 |
1,143,338 |
| IQVIA, Inc.(a) |
|
|
|
| 5.00%, 05/15/27(f) |
|
1,327 |
1,326,274 |
| 6.25%, 06/01/32 |
|
91 |
92,518 |
| LifePoint Health, Inc.(a) |
|
|
|
| 9.88%, 08/15/30 |
|
293 |
308,722 |
| 8.38%, 02/15/32 |
|
2,186 |
2,275,302 |
| 7.00%, 05/01/34 |
|
714 |
684,342 |
| Molina Healthcare, Inc.(a) |
|
|
|
| 4.38%, 06/15/28 |
|
572 |
562,013 |
| 3.88%, 11/15/30 |
|
631 |
588,438 |
| 6.50%, 02/15/31 |
|
597 |
607,325 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47(f) |
|
686 |
559,798 |
| Tenet Healthcare Corp. |
|
|
|
| 4.63%, 06/15/28 |
|
1,713 |
1,698,459 |
| 4.25%, 06/01/29 |
|
536 |
520,930 |
| 4.38%, 01/15/30(f) |
|
1,843 |
1,786,077 |
| 6.13%, 06/15/30 |
|
1,192 |
1,200,735 |
| 6.75%, 05/15/31 |
|
1,004 |
1,028,504 |
| UnitedHealth Group, Inc., 3.95%, 10/15/42(f) |
|
750 |
619,204 |
| |
|
|
27,725,060 |
| Hotel & Resort REITs — 0.7% | |||
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28(a) |
|
814 |
813,589 |
| RHP Hotel Properties LP/RHP Finance Corp.(a) |
|
|
|
| 6.50%, 04/01/32 |
|
633 |
647,729 |
| 5.75%, 03/15/34 |
|
627 |
621,183 |
| Service Properties Trust |
|
|
|
| 0.00%, 09/30/28(a)(j) |
|
765 |
709,317 |
| 4.95%, 10/01/29 |
|
925 |
871,387 |
| 4.38%, 02/15/30 |
|
1,116 |
1,007,147 |
| 8.63%, 11/15/31(a)(f) |
|
132 |
139,056 |
| 8.88%, 06/15/32 |
|
179 |
184,291 |
| |
|
|
4,993,699 |
| Hotels, Restaurants & Leisure — 4.4% | |||
| Bigsky Co. Ltd., Class A2, (5.75% PIK), 10/20/35(c)(d)(g) |
|
676 |
676,000 |
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Boyd Gaming Corp., 4.75%, 12/01/27 |
USD |
708 |
$ 705,606 |
| Brightstar Lottery PLC, 5.25%, 01/15/29(a) |
|
673 |
670,738 |
| Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(a) |
|
|
|
| 3.88%, 01/15/28 |
|
1,647 |
1,616,044 |
| 4.38%, 01/15/28 |
|
2,091 |
2,067,252 |
| 5.63%, 09/15/29 |
|
169 |
169,882 |
| Caesars Entertainment, Inc.(a) |
|
|
|
| 4.63%, 10/15/29 |
|
100 |
96,123 |
| 7.00%, 02/15/30(f) |
|
1,631 |
1,640,388 |
| 6.50%, 02/15/32 |
|
800 |
780,377 |
| 6.00%, 10/15/32(f) |
|
1,452 |
1,315,744 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30(a)(f) |
|
1,812 |
1,777,031 |
| Fortune Star BVI Ltd., 5.88%, 11/20/30(h) |
EUR |
225 |
251,667 |
| Hilton Domestic Operating Co., Inc. |
|
|
|
| 5.88%, 04/01/29(a) |
USD |
681 |
688,587 |
| 3.75%, 05/01/29(a) |
|
132 |
127,303 |
| 4.88%, 01/15/30(f) |
|
934 |
930,917 |
| 4.00%, 05/01/31(a) |
|
840 |
793,888 |
| 5.50%, 09/15/31(a) |
|
162 |
162,414 |
| 6.13%, 04/01/32(a) |
|
422 |
427,636 |
| 5.50%, 03/31/34(a) |
|
127 |
125,911 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.(a) |
|
|
|
| 5.00%, 06/01/29 |
|
389 |
379,677 |
| 4.88%, 07/01/31 |
|
317 |
297,961 |
| 6.63%, 01/15/32 |
|
539 |
547,010 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
|
909 |
908,757 |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a) |
|
154 |
153,572 |
| Light & Wonder International, Inc.(a) |
|
|
|
| 7.25%, 11/15/29 |
|
457 |
465,261 |
| 7.50%, 09/01/31(f) |
|
305 |
316,123 |
| 6.25%, 10/01/33 |
|
63 |
62,659 |
| Marriott Ownership Resorts, Inc., 6.50%, 10/01/33(a) |
|
389 |
386,590 |
| Melco Resorts Finance Ltd.(a) |
|
|
|
| 7.63%, 04/17/32 |
|
200 |
205,006 |
| 6.50%, 09/24/33 |
|
400 |
393,104 |
| MGM Resorts International |
|
|
|
| 5.50%, 04/15/27 |
|
1,272 |
1,273,978 |
| 4.75%, 10/15/28 |
|
231 |
229,363 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.(a) |
|
|
|
| 4.63%, 04/16/29 |
|
1,400 |
1,255,130 |
| 8.45%, 07/27/30 |
|
500 |
492,500 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33(a) |
|
126 |
127,885 |
| Station Casinos LLC(a) |
|
|
|
| 4.50%, 02/15/28 |
|
320 |
316,330 |
| 6.63%, 03/15/32 |
|
726 |
737,307 |
| Travel & Leisure Co.(a) |
|
|
|
| 4.50%, 12/01/29 |
|
686 |
663,754 |
| 6.13%, 09/01/33 |
|
511 |
505,717 |
| Voyager Parent LLC, 9.25%, 07/01/32(a)(f) |
|
1,718 |
1,816,885 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(a) |
|
100 |
98,502 |
| Wynn Macau Ltd. |
|
|
|
| 5.63%, 08/26/28(a)(f) |
|
2,043 |
2,026,043 |
| 5.63%, 08/26/28(h) |
|
200 |
198,340 |
| 5.13%, 12/15/29(a) |
|
475 |
463,621 |
| 6.75%, 02/15/34(a) |
|
600 |
596,310 |
Schedule of Investments 119
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Hotels, Restaurants & Leisure (continued) | |||
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(a) |
|
|
|
| 5.13%, 10/01/29(f) |
USD |
958 |
$ 951,570 |
| 7.13%, 02/15/31(f) |
|
255 |
269,488 |
| 6.25%, 03/15/33 |
|
196 |
196,734 |
| Yum! Brands, Inc. |
|
|
|
| 4.75%, 01/15/30(a) |
|
1,305 |
1,283,604 |
| 5.38%, 04/01/32 |
|
775 |
770,888 |
| |
|
|
33,413,177 |
| Household Durables — 1.8% | |||
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/33(a) |
|
905 |
897,003 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(a) |
|
|
|
| 5.00%, 06/15/29 |
|
238 |
226,630 |
| 4.88%, 02/15/30 |
|
1,308 |
1,217,221 |
| Central Garden & Pet Co., 4.13%, 10/15/30 |
|
155 |
147,806 |
| Century Communities, Inc.(a) |
|
|
|
| 3.88%, 08/15/29 |
|
403 |
385,124 |
| 6.63%, 09/15/33(f) |
|
532 |
537,192 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28(a) |
|
151 |
154,401 |
| K Hovnanian Enterprises, Inc., 8.00%, 04/01/31(a) |
|
967 |
997,617 |
| LGI Homes, Inc., 8.75%, 12/15/28(a) |
|
372 |
384,412 |
| Mattamy Group Corp.(a) |
|
|
|
| 4.63%, 03/01/30 |
|
253 |
242,801 |
| 6.00%, 12/15/33 |
|
735 |
705,530 |
| Meritage Homes Corp., 1.75%, 05/15/28(i) |
|
521 |
536,890 |
| Newell Brands, Inc. |
|
|
|
| 8.50%, 06/01/28(a) |
|
524 |
547,458 |
| 6.63%, 09/15/29 |
|
379 |
385,329 |
| 6.38%, 05/15/30 |
|
354 |
358,813 |
| 6.63%, 05/15/32 |
|
855 |
865,818 |
| Risewell Homes, Inc., 8.50%, 11/01/30(a) |
|
685 |
699,344 |
| Scotts Miracle-Gro Co. |
|
|
|
| 4.50%, 10/15/29 |
|
108 |
105,740 |
| 4.00%, 04/01/31 |
|
132 |
123,722 |
| Somnigroup International, Inc., 4.00%, 04/15/29(a) |
|
1,113 |
1,072,945 |
| Taylor Morrison Communities, Inc.(a) |
|
|
|
| 5.75%, 01/15/28 |
|
495 |
500,413 |
| 5.13%, 08/01/30 |
|
372 |
372,448 |
| Whirlpool Corp. |
|
|
|
| 6.13%, 06/15/30 |
|
1,170 |
1,079,258 |
| 7.50%, 07/01/31(a) |
|
162 |
163,936 |
| 6.50%, 06/15/33 |
|
908 |
787,122 |
| |
|
|
13,494,973 |
| Independent Power and Renewable Electricity Producers(a) — 1.4% | |||
| Clearway Energy Operating LLC |
|
|
|
| 4.75%, 03/15/28 |
|
828 |
820,394 |
| 3.75%, 02/15/31 |
|
98 |
90,897 |
| 5.75%, 01/15/34 |
|
437 |
428,484 |
| NRG Energy, Inc. |
|
|
|
| 5.25%, 06/15/29 |
|
1,039 |
1,036,309 |
| 5.75%, 07/15/29(f) |
|
1,951 |
1,951,445 |
| 5.75%, 01/15/34 |
|
590 |
585,393 |
| 5.88%, 05/15/34 |
|
247 |
245,701 |
| 6.25%, 11/01/34 |
|
790 |
799,893 |
| 5.41%, 10/15/35(f) |
|
1,000 |
982,875 |
| 6.00%, 01/15/36(f) |
|
937 |
934,071 |
| Security |
|
Par (000) |
Value |
| Independent Power and Renewable Electricity Producers (continued) | |||
| Talen Energy Supply LLC(k) |
|
|
|
| (Acquired 06/25/26, Cost $ 1,355,135), 6.13%, 05/01/31 |
USD |
1,354 |
$ 1,354,026 |
| (Acquired 06/25/26, Cost $ 1,131,448), 6.38%, 05/01/33 |
|
1,133 |
1,131,570 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%(b)(l) |
|
240 |
241,847 |
| |
|
|
10,602,905 |
| Industrial Conglomerates(a) — 0.1% | |||
| Avient Corp., 7.13%, 08/01/30 |
|
511 |
520,406 |
| Axon Enterprise, Inc., 6.13%, 03/15/30 |
|
327 |
333,527 |
| |
|
|
853,933 |
| Insurance(a) — 2.8% | |||
| Acrisure LLC/Acrisure Finance, Inc. |
|
|
|
| 4.25%, 02/15/29 |
|
721 |
657,923 |
| 7.50%, 11/06/30 |
|
1,348 |
1,278,491 |
| 6.75%, 07/01/32 |
|
1,343 |
1,207,110 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(f) |
|
|
|
| 4.25%, 10/15/27 |
|
2,111 |
2,085,561 |
| 5.88%, 11/01/29 |
|
945 |
923,598 |
| 7.38%, 10/01/32 |
|
1,475 |
1,464,022 |
| AmWINS Group, Inc. |
|
|
|
| 6.38%, 02/15/29 |
|
206 |
207,008 |
| 4.88%, 06/30/29 |
|
1,111 |
1,070,542 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31(f) |
|
2,814 |
2,845,705 |
| CRC Insurance Group LLC, 7.13%, 06/01/31(f) |
|
2,032 |
2,025,521 |
| Global Atlantic Fin Co., (5-year CMT + 3.55%), 7.25%, 03/01/56(b)(f) |
|
1,002 |
982,009 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC(f) |
|
|
|
| 7.25%, 02/15/31 |
|
1,895 |
1,835,551 |
| 8.13%, 02/15/32 |
|
1,159 |
1,038,903 |
| HUB International Ltd., 7.25%, 06/15/30(f) |
|
1,423 |
1,460,335 |
| Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/30 |
|
903 |
921,029 |
| Ryan Specialty LLC, 4.38%, 02/01/30 |
|
686 |
661,046 |
| Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(f) |
|
700 |
559,970 |
| |
|
|
21,224,324 |
| Interactive Media & Services — 1.1% | |||
| Alphabet, Inc., 5.35%, 11/15/45(f) |
|
1,570 |
1,523,148 |
| Arches Buyer, Inc., 4.25%, 06/01/28(a) |
|
210 |
205,795 |
| Beignet Investor LLC, 6.58%, 05/30/49(a)(f) |
|
2,517 |
2,567,724 |
| Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, 07/01/32(a) |
|
1,734 |
1,560,164 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL(a) |
|
|
|
| 5.00%, 05/01/28 |
|
568 |
521,849 |
| 8.75%, 05/01/29 |
|
217 |
193,648 |
| 9.00%, 08/01/29 |
|
218 |
193,971 |
| Prosus NV, 4.03%, 08/03/50(h) |
|
304 |
214,320 |
| Snap, Inc.(a) |
|
|
|
| 6.88%, 03/01/33 |
|
598 |
582,890 |
| 6.88%, 03/15/34 |
|
991 |
959,415 |
| |
|
|
8,522,924 |
| Internet Software & Services — 1.2% | |||
| Amazon.com, Inc., 3.95%, 04/13/52(f) |
|
2,980 |
2,262,494 |
| Gen Digital, Inc.(a) |
|
|
|
| 6.75%, 09/30/27 |
|
151 |
151,455 |
| 7.13%, 09/30/30 |
|
308 |
313,482 |
120
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Internet Software & Services (continued) | |||
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a) |
USD |
649 |
$ 648,328 |
| Match Group Holdings II LLC(a) |
|
|
|
| 5.00%, 12/15/27 |
|
276 |
275,036 |
| 4.63%, 06/01/28 |
|
283 |
279,136 |
| 4.13%, 08/01/30 |
|
416 |
391,521 |
| 3.63%, 10/01/31 |
|
212 |
190,745 |
| 6.13%, 09/15/33 |
|
230 |
227,282 |
| Rakuten Group, Inc.(a) |
|
|
|
| 11.25%, 02/15/27 |
|
2,054 |
2,122,054 |
| 9.75%, 04/15/29 |
|
361 |
392,338 |
| Wayfair LLC(a) |
|
|
|
| 7.25%, 10/31/29 |
|
377 |
389,087 |
| 7.75%, 09/15/30 |
|
543 |
570,824 |
| 6.75%, 11/15/32 |
|
784 |
805,087 |
| |
|
|
9,018,869 |
| IT Services(a) — 1.1% | |||
| Amentum Holdings, Inc., 7.25%, 08/01/32 |
|
616 |
634,464 |
| CACI International, Inc., 6.38%, 06/15/33 |
|
640 |
649,101 |
| CoreWeave, Inc. |
|
|
|
| 9.25%, 06/01/30(f) |
|
1,291 |
1,299,386 |
| 9.00%, 02/01/31 |
|
562 |
555,376 |
| 9.75%, 10/01/31(f) |
|
2,879 |
2,872,649 |
| Fair Isaac Corp. |
|
|
|
| 6.00%, 05/15/33 |
|
864 |
850,805 |
| 6.25%, 09/15/34 |
|
498 |
490,519 |
| Rocket Software, Inc., 9.00%, 11/28/28 |
|
1,271 |
1,263,408 |
| |
|
|
8,615,708 |
| Leisure Products(a) — 0.6% | |||
| Carnival Corp. Ltd., 5.75%, 08/01/32 |
|
189 |
190,846 |
| Gaia Purchaser, Inc., 07/15/33(c) |
|
542 |
548,215 |
| NCL Corp. Ltd. |
|
|
|
| 7.75%, 02/15/29 |
|
624 |
651,137 |
| 5.88%, 01/15/31 |
|
677 |
657,064 |
| 6.75%, 02/01/32 |
|
86 |
85,807 |
| 6.25%, 09/15/33(f) |
|
1,323 |
1,284,854 |
| NCL Finance Ltd., 6.13%, 03/15/28 |
|
55 |
55,419 |
| Viking Cruises Ltd., 9.13%, 07/15/31 |
|
516 |
540,657 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(f) |
|
851 |
850,933 |
| |
|
|
4,864,932 |
| Machinery(a) — 0.4% | |||
| Chart Industries, Inc., 7.50%, 01/01/30 |
|
587 |
606,039 |
| Esab Corp. |
|
|
|
| 6.25%, 04/15/29 |
|
223 |
226,260 |
| 5.63%, 04/01/31 |
|
571 |
571,620 |
| Solaris Energy Infrastructure LLC, 6.38%, 05/15/31 |
|
294 |
297,280 |
| Terex Corp., 5.00%, 05/15/29(f) |
|
681 |
674,664 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(f) |
|
566 |
566,085 |
| |
|
|
2,941,948 |
| Media — 8.3% | |||
| CCO Holdings LLC/CCO Holdings Capital Corp.(a) |
|
|
|
| 5.13%, 05/01/27(f) |
|
2,874 |
2,868,164 |
| 5.38%, 06/01/29 |
|
818 |
800,222 |
| 4.75%, 03/01/30 |
|
401 |
380,209 |
| 4.25%, 02/01/31(f) |
|
2,954 |
2,660,320 |
| 7.38%, 03/01/31 |
|
966 |
968,326 |
| 7.00%, 02/01/33(f) |
|
3,277 |
3,213,708 |
| 4.50%, 06/01/33(f) |
|
507 |
439,863 |
| 4.25%, 01/15/34(f) |
|
1,600 |
1,354,447 |
| Security |
|
Par (000) |
Value |
| Media (continued) | |||
| CCO Holdings LLC/CCO Holdings Capital Corp.(a) (continued) |
|
|
|
| 7.38%, 02/01/36 |
USD |
1,144 |
$ 1,121,903 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, 05/01/47(f) |
|
3,000 |
2,428,181 |
| CSC Holdings LLC(a) |
|
|
|
| 5.50%, 04/15/27 |
|
606 |
406,026 |
| 5.38%, 02/01/28 |
|
800 |
501,480 |
| 11.25%, 05/15/28 |
|
1,317 |
849,396 |
| 11.75%, 01/31/29 |
|
883 |
543,153 |
| Directv Financing LLC(a) |
|
|
|
| 8.88%, 02/01/30(f) |
|
688 |
700,207 |
| 8.88%, 02/01/30 |
|
237 |
240,915 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.(a) |
|
|
|
| 5.88%, 08/15/27(f) |
|
99 |
98,856 |
| 10.00%, 02/15/31(f) |
|
3,327 |
3,452,445 |
| 9.25%, 06/01/32 |
|
424 |
430,804 |
| Discovery Communications LLC |
|
|
|
| 3.95%, 03/20/28 |
|
408 |
401,370 |
| 5.00%, 09/20/37 |
|
2,100 |
1,648,500 |
| Discovery Global Holdings, Inc. |
|
|
|
| 4.28%, 03/15/32 |
|
387 |
347,274 |
| 5.05%, 03/15/42(f) |
|
1,585 |
1,161,123 |
| DISH DBS Corp.(a) |
|
|
|
| 5.25%, 12/01/26 |
|
1,555 |
1,538,463 |
| 5.75%, 12/01/28 |
|
1,201 |
1,163,469 |
| DISH Network Corp., 11.75%, 11/15/27(a) |
|
2,070 |
2,127,033 |
| Gray Media, Inc., 9.63%, 07/15/32(a)(f) |
|
3,335 |
3,218,775 |
| Grupo Televisa SAB, 6.63%, 01/15/40 |
|
407 |
357,257 |
| iHeartCommunications, Inc., 7.75%, 08/15/30(a)(f) |
|
2,400 |
2,238,720 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a) |
|
580 |
330,529 |
| McGraw-Hill Education, Inc.(a) |
|
|
|
| 5.75%, 08/01/28 |
|
867 |
863,380 |
| 7.38%, 09/01/31 |
|
1,031 |
1,047,811 |
| Nexstar Media, Inc.(a) |
|
|
|
| 4.75%, 11/01/28 |
|
514 |
503,526 |
| 6.50%, 09/15/33 |
|
911 |
910,747 |
| 7.25%, 04/15/34(f) |
|
2,392 |
2,385,971 |
| Paramount Global |
|
|
|
| 4.20%, 06/01/29 |
|
224 |
214,897 |
| 4.95%, 01/15/31(f) |
|
1,244 |
1,156,347 |
| 4.20%, 05/19/32(f) |
|
1,081 |
937,995 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33(a)(f) |
|
930 |
955,264 |
| Sirius XM Radio LLC(a) |
|
|
|
| 5.00%, 08/01/27(f) |
|
3,306 |
3,301,582 |
| 5.50%, 07/01/29 |
|
32 |
31,927 |
| 4.13%, 07/01/30 |
|
808 |
760,513 |
| 3.88%, 09/01/31 |
|
516 |
468,687 |
| 5.88%, 04/15/32 |
|
100 |
98,829 |
| Sunrise FinCo I BV, 4.88%, 07/15/31(a)(f) |
|
826 |
781,157 |
| Univision Communications, Inc.(a) |
|
|
|
| 8.50%, 07/31/31 |
|
209 |
209,904 |
| 9.38%, 08/01/32 |
|
1,495 |
1,518,978 |
| 8.88%, 04/15/33(f) |
|
2,839 |
2,794,779 |
| Versant Media Group, Inc., 7.25%, 01/30/31(a) |
|
565 |
584,529 |
| Virgin Media O2 Vendor Financing Notes VI DAC, 8.50%, 03/15/33(a)(f) |
|
3,334 |
2,678,944 |
Schedule of Investments 121
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Media (continued) | |||
| VZ Secured Financing BV, 7.50%, 01/15/33(a)(f) |
USD |
2,732 |
$ 2,614,021 |
| Ziggo BV, 4.88%, 01/15/30(a) |
|
322 |
302,200 |
| |
|
|
63,113,126 |
| Metals & Mining — 2.9% | |||
| Alcoa Nederland Holding BV, 7.13%, 03/15/31(a) |
|
730 |
757,560 |
| Alumina Pty. Ltd.(a) |
|
|
|
| 6.13%, 03/15/30 |
|
250 |
253,536 |
| 6.38%, 09/15/32 |
|
488 |
496,973 |
| AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |
|
400 |
379,080 |
| Arsenal AIC Parent LLC(a) |
|
|
|
| 8.00%, 10/01/30 |
|
419 |
436,682 |
| 11.50%, 10/01/31 |
|
1,970 |
2,111,188 |
| Cleveland-Cliffs, Inc.(a) |
|
|
|
| 6.88%, 11/01/29 |
|
563 |
567,946 |
| 7.00%, 03/15/32 |
|
437 |
433,546 |
| 7.63%, 01/15/34(f) |
|
2,594 |
2,590,421 |
| Commercial Metals Co.(a) |
|
|
|
| 5.75%, 11/15/33 |
|
268 |
266,417 |
| 6.00%, 12/15/35 |
|
185 |
184,521 |
| Constellium SE(a) |
|
|
|
| 3.75%, 04/15/29(f) |
|
1,492 |
1,434,787 |
| 6.38%, 08/15/32 |
|
422 |
430,065 |
| Corp. Nacional del Cobre de Chile |
|
|
|
| 6.44%, 01/26/36(h) |
|
200 |
212,730 |
| 5.53%, 01/30/37(a) |
|
405 |
399,958 |
| CSN Resources SA, 4.63%, 06/10/31(h) |
|
200 |
123,000 |
| ERO Copper Corp., 6.50%, 02/15/30(a) |
|
716 |
715,220 |
| First Quantum Minerals Ltd., 6.38%, 02/15/36(a) |
|
441 |
432,374 |
| Fortescue Treasury Pty. Ltd.(a) |
|
|
|
| 4.50%, 09/15/27 |
|
100 |
99,233 |
| 5.88%, 04/15/30 |
|
1,038 |
1,051,023 |
| 4.38%, 04/01/31 |
|
87 |
82,772 |
| Freeport Indonesia PT, 4.76%, 04/14/27(h) |
|
200 |
199,928 |
| Glencore Funding LLC, 6.14%, 04/01/55(a)(f) |
|
600 |
616,948 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31(a) |
|
498 |
476,739 |
| Marcobre SAC, 5.75%, 01/22/36(a) |
|
200 |
197,150 |
| Mineral Resources Ltd.(a) |
|
|
|
| 9.25%, 10/01/28 |
|
524 |
541,005 |
| 7.00%, 04/01/31 |
|
200 |
207,021 |
| 6.00%, 05/01/32 |
|
604 |
597,498 |
| 6.25%, 05/01/34 |
|
20 |
19,666 |
| Navoi Mining & Metallurgical Co., 6.70%, 10/17/28(a) |
|
200 |
205,312 |
| Nexa Resources SA, 6.75%, 04/09/34(a) |
|
200 |
210,238 |
| Novelis Corp.(a) |
|
|
|
| 4.75%, 01/30/30(f) |
|
873 |
842,358 |
| 6.88%, 01/30/30 |
|
904 |
926,762 |
| 6.38%, 08/15/33 |
|
337 |
339,428 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42(f) |
|
400 |
341,588 |
| Samarco Mineracao SA(g) |
|
|
|
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(h) |
|
564 |
566,381 |
| (9.00% PIK), 9.50%, 06/30/31(a) |
|
15 |
15,361 |
| Sibanye-Stillwater U.K. Financing PLC, 6.25%, 11/15/31(a) |
|
200 |
197,250 |
| Skeena Resources Ltd., 8.50%, 04/01/31(a) |
|
841 |
883,402 |
| Vale Overseas Ltd. |
|
|
|
| 6.40%, 06/28/54 |
|
111 |
113,109 |
| (5-year CMT + 2.43%), 6.00%, 02/25/56(a)(b) |
|
200 |
199,498 |
| Vedanta Resources Finance II PLC(a) |
|
|
|
| 11.25%, 12/03/31 |
|
200 |
222,852 |
| Security |
|
Par (000) |
Value |
| Metals & Mining (continued) | |||
| Vedanta Resources Finance II PLC(a) (continued) |
|
|
|
| 9.85%, 04/24/33 |
USD |
200 |
$ 217,764 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32(a) |
|
338 |
348,444 |
| |
|
|
21,944,734 |
| Mortgage Real Estate Investment Trusts (REITs)(a) — 0.3% | |||
| Starwood Property Trust, Inc. |
|
|
|
| 5.25%, 10/15/28 |
|
100 |
99,544 |
| 7.25%, 04/01/29 |
|
133 |
137,319 |
| 6.00%, 04/15/30 |
|
690 |
692,513 |
| 6.50%, 07/01/30 |
|
929 |
948,713 |
| 6.50%, 10/15/30 |
|
351 |
359,103 |
| 5.75%, 01/15/31 |
|
134 |
133,159 |
| |
|
|
2,370,351 |
| Multi-Utilities(a) — 0.1% | |||
| AmeriGas Partners LP/AmeriGas Finance Corp. |
|
|
|
| 9.50%, 06/01/30 |
|
754 |
809,061 |
| 6.88%, 06/01/31 |
|
128 |
129,596 |
| |
|
|
938,657 |
| Oil, Gas & Consumable Fuels — 11.4% | |||
| Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(a) |
|
789 |
820,565 |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29(a)(f) |
|
1,691 |
1,685,673 |
| Apache Corp., 5.25%, 02/01/42(f) |
|
800 |
684,878 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a) |
|
|
|
| 9.00%, 11/01/27 |
|
214 |
237,540 |
| 5.88%, 06/30/29 |
|
314 |
313,074 |
| 6.63%, 10/15/32 |
|
475 |
480,934 |
| 6.63%, 07/15/33(f) |
|
332 |
335,768 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.(a) |
|
|
|
| 7.00%, 07/15/29 |
|
296 |
303,417 |
| 7.25%, 07/15/32 |
|
238 |
246,224 |
| Breakwater Energy Holdings SARL, 9.25%, 11/15/30(a) |
|
844 |
890,487 |
| Buckeye Partners LP |
|
|
|
| 4.13%, 12/01/27(f) |
|
851 |
840,006 |
| 5.85%, 11/15/43 |
|
416 |
381,449 |
| 5.60%, 10/15/44 |
|
117 |
104,392 |
| California Resources Corp., 7.00%, 01/15/34(a) |
|
1,331 |
1,316,262 |
| Caturus Energy LLC, 8.50%, 02/15/30(a) |
|
1,225 |
1,276,473 |
| Cheniere Energy Partners LP, 5.55%, 10/30/35(f) |
|
2,000 |
2,031,597 |
| Chord Energy Corp., 6.00%, 10/01/30(a)(f) |
|
893 |
896,772 |
| CNX Resources Corp.(a) |
|
|
|
| 7.38%, 01/15/31(f) |
|
519 |
531,536 |
| 7.25%, 03/01/32(f) |
|
290 |
298,772 |
| 5.88%, 03/01/34 |
|
724 |
704,552 |
| Comstock Resources, Inc.(a) |
|
|
|
| 6.75%, 03/01/29 |
|
1,305 |
1,281,199 |
| 6.75%, 03/01/29(f) |
|
395 |
388,950 |
| 5.88%, 01/15/30 |
|
1,100 |
1,037,484 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(a) |
|
1,265 |
1,241,667 |
| Crescent Energy Finance LLC(a) |
|
|
|
| 7.75%, 07/31/29 |
|
140 |
140,349 |
| 9.75%, 10/15/30 |
|
148 |
156,880 |
| 7.63%, 04/01/32 |
|
922 |
929,434 |
| 7.38%, 01/15/33 |
|
349 |
346,903 |
| 8.38%, 01/15/34 |
|
1,241 |
1,278,230 |
122
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| CVR Energy, Inc.(a) |
|
|
|
| 7.50%, 02/15/31 |
USD |
206 |
$ 205,020 |
| 7.88%, 02/15/34 |
|
1,144 |
1,131,778 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.(a) |
|
|
|
| 8.63%, 03/15/29 |
|
627 |
651,675 |
| 7.38%, 06/30/33 |
|
497 |
506,321 |
| 6.88%, 06/01/34 |
|
573 |
570,298 |
| Ecopetrol SA, 8.88%, 01/13/33 |
|
200 |
219,000 |
| Empresa Nacional del Petroleo, 5.95%, 07/30/34(a) |
|
200 |
204,115 |
| Enbridge, Inc.(b)(f) |
|
|
|
| (3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 |
|
1,865 |
1,875,575 |
| Series 2020-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 |
|
3,000 |
3,017,838 |
| Energy Transfer LP |
|
|
|
| 6.13%, 12/15/45(f) |
|
500 |
496,840 |
| 5.30%, 04/15/47 |
|
350 |
314,135 |
| Series H, (5-year CMT + 5.69%), 6.50%(b)(f)(l) |
|
4,000 |
4,002,064 |
| EQT Corp., 4.50%, 01/15/29 |
|
13 |
12,907 |
| Genesis Energy LP/Genesis Energy Finance Corp. |
|
|
|
| 8.25%, 01/15/29 |
|
1,132 |
1,168,914 |
| 7.88%, 05/15/32 |
|
487 |
502,136 |
| 8.00%, 05/15/33 |
|
317 |
329,733 |
| 6.75%, 03/15/34(a) |
|
377 |
374,090 |
| Global Partners LP/GLP Finance Corp.(a) |
|
|
|
| 8.25%, 01/15/32 |
|
262 |
274,403 |
| 7.13%, 07/01/33 |
|
361 |
365,279 |
| Gran Tierra Energy, Inc. |
|
|
|
| 9.50%, 10/15/29(a) |
|
200 |
183,002 |
| 9.75%, 04/15/31(h) |
|
200 |
175,100 |
| Harvest Midstream I LP(a) |
|
|
|
| 7.50%, 05/15/32(f) |
|
456 |
472,310 |
| 6.75%, 05/15/34 |
|
674 |
683,607 |
| Hess Corp., 4.30%, 04/01/27 |
|
750 |
749,713 |
| Hess Midstream Operations LP(a) |
|
|
|
| 5.88%, 03/01/28 |
|
100 |
100,706 |
| 5.50%, 10/15/30 |
|
610 |
607,687 |
| Hilcorp Energy I LP/Hilcorp Finance Co.(a) |
|
|
|
| 5.75%, 02/01/29 |
|
388 |
386,493 |
| 6.00%, 02/01/31 |
|
650 |
629,617 |
| 6.25%, 04/15/32 |
|
1,178 |
1,140,329 |
| 8.38%, 11/01/33 |
|
1,097 |
1,142,272 |
| Howard Midstream Energy Partners LLC(a) |
|
|
|
| 7.38%, 07/15/32 |
|
603 |
624,535 |
| 6.63%, 01/15/34(f) |
|
249 |
251,129 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43 |
|
1,380 |
1,205,416 |
| Infinity Natural Resources LLC, 7.63%, 04/01/31(a) |
|
688 |
683,340 |
| ITT Holdings LLC, 6.50%, 08/01/29(a)(f) |
|
1,461 |
1,443,878 |
| Kinetik Holdings LP(a) |
|
|
|
| 6.63%, 12/15/28 |
|
1,082 |
1,099,883 |
| 5.88%, 06/15/30 |
|
191 |
192,110 |
| Matador Resources Co.(a) |
|
|
|
| 6.50%, 04/15/32 |
|
605 |
608,303 |
| 6.25%, 04/15/33 |
|
418 |
416,478 |
| MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(h) |
|
351 |
330,909 |
| Medco Cypress Tree Pte. Ltd., 8.63%, 05/19/30(a) |
|
250 |
260,750 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29(a) |
|
250 |
257,562 |
| Murphy Oil Corp., 6.50%, 02/15/34 |
|
203 |
201,104 |
| Murphy Oil USA, Inc., 4.75%, 09/15/29 |
|
407 |
400,579 |
| Security |
|
Par (000) |
Value |
| Oil, Gas & Consumable Fuels (continued) | |||
| Noble Finance II LLC, 8.00%, 04/15/30(a) |
USD |
628 |
$ 650,707 |
| Northern Oil & Gas, Inc.(a) |
|
|
|
| 8.75%, 06/15/31 |
|
362 |
372,860 |
| 7.88%, 10/15/33 |
|
909 |
903,219 |
| NuStar Logistics LP, 5.63%, 04/28/27 |
|
337 |
337,909 |
| Parex Resources, Inc., 8.50%, 05/11/31(a) |
|
271 |
275,336 |
| Permian Resources Operating LLC(a)(f) |
|
|
|
| 5.88%, 07/01/29 |
|
528 |
527,927 |
| 7.00%, 01/15/32 |
|
1,327 |
1,372,517 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |
|
243 |
241,861 |
| Petroleos Mexicanos |
|
|
|
| 8.75%, 06/02/29 |
|
582 |
622,275 |
| 5.95%, 01/28/31 |
|
540 |
534,114 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36(a) |
|
268 |
278,934 |
| PRIO Luxembourg Holding SARL, 6.75%, 10/15/30(a) |
|
200 |
196,000 |
| Raizen Fuels Finance SA, 6.45%, 02/25/37(a)(e)(m) |
|
200 |
110,000 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29(a) |
|
606 |
598,063 |
| SM Energy Co.(a) |
|
|
|
| 6.75%, 08/01/29 |
|
1,154 |
1,175,025 |
| 6.63%, 04/15/34 |
|
1,396 |
1,374,115 |
| Sunoco LP(a) |
|
|
|
| 7.00%, 05/01/29 |
|
242 |
248,645 |
| 4.50%, 10/01/29 |
|
100 |
97,119 |
| 4.63%, 05/01/30(f) |
|
1,220 |
1,178,369 |
| 5.63%, 03/15/31 |
|
677 |
672,062 |
| 7.25%, 05/01/32 |
|
535 |
554,962 |
| 6.63%, 08/15/32 |
|
41 |
41,700 |
| Sunoco LP/Sunoco Finance Corp. |
|
|
|
| 7.00%, 09/15/28(a) |
|
106 |
108,114 |
| 4.50%, 05/15/29(f) |
|
2,400 |
2,346,676 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a) |
|
|
|
| 5.50%, 01/15/28 |
|
442 |
441,063 |
| 7.38%, 02/15/29 |
|
759 |
778,556 |
| 6.00%, 09/01/31 |
|
366 |
362,103 |
| 6.75%, 03/15/34 |
|
435 |
438,851 |
| TPAO Varlik Kiralama ASA, 6.30%, 03/04/31(h) |
|
200 |
194,358 |
| Transocean International Ltd., 7.88%, 10/15/32(a) |
|
1,535 |
1,602,448 |
| Trident Energy Finance PLC, 12.50%, 11/30/29(h) |
|
200 |
210,190 |
| Valaris Ltd., 8.38%, 04/30/30(a) |
|
1,011 |
1,049,901 |
| Venture Global Calcasieu Pass LLC(a) |
|
|
|
| 3.88%, 08/15/29(f) |
|
1,698 |
1,619,811 |
| 6.25%, 01/15/30 |
|
586 |
600,172 |
| 4.13%, 08/15/31 |
|
284 |
266,635 |
| Venture Global LNG, Inc.(a) |
|
|
|
| 9.50%, 02/01/29(f) |
|
1,960 |
2,109,648 |
| 7.00%, 01/15/30 |
|
731 |
745,557 |
| 9.88%, 02/01/32(f) |
|
3,562 |
3,802,638 |
| Venture Global Plaquemines LNG LLC(a) |
|
|
|
| 6.13%, 12/15/30(f) |
|
2,189 |
2,239,693 |
| 7.50%, 05/01/33(f) |
|
1,749 |
1,919,550 |
| 6.50%, 06/15/34 |
|
102 |
106,261 |
| 7.75%, 05/01/35 |
|
1,273 |
1,427,634 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33(a) |
|
134 |
142,951 |
| |
|
|
86,526,929 |
| Passenger Airlines — 0.7% | |||
| ABRA Global Finance, (6.00% Cash + 8.00% PIK), 14.00%, 10/22/29(a)(g) |
|
239 |
234,045 |
| American Airlines, Inc., 7.25%, 02/15/28(a) |
|
499 |
505,068 |
Schedule of Investments 123
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Passenger Airlines (continued) | |||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(a) |
USD |
643 |
$ 644,249 |
| Avianca Midco 2 PLC |
|
|
|
| 9.00%, 12/01/28(h) |
|
142 |
145,482 |
| 9.50%, 01/28/31(a) |
|
200 |
196,675 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31(a)(f) |
|
2,340 |
2,119,368 |
| United Airlines Holdings, Inc., 4.88%, 03/01/29 |
|
1,139 |
1,125,658 |
| |
|
|
4,970,545 |
| Personal Care Products — 0.4% | |||
| Edgewell Personal Care Co.(a) |
|
|
|
| 5.50%, 06/01/28 |
|
662 |
661,050 |
| 4.13%, 04/01/29 |
|
125 |
120,844 |
| Opal Bidco SAS, 6.50%, 03/31/32(a) |
|
431 |
439,707 |
| Perrigo Finance Unlimited Co. |
|
|
|
| 5.15%, 06/15/30 |
|
667 |
641,378 |
| 6.13%, 09/30/32 |
|
671 |
640,876 |
| Prestige Brands, Inc.(a) |
|
|
|
| 5.13%, 01/15/28 |
|
360 |
359,717 |
| 3.75%, 04/01/31 |
|
322 |
295,498 |
| |
|
|
3,159,070 |
| Pharmaceuticals — 2.0% | |||
| 1261229 B.C. Ltd., 10.00%, 04/15/32(a) |
|
8,335 |
8,441,988 |
| AdaptHealth LLC(a) |
|
|
|
| 4.63%, 08/01/29 |
|
322 |
310,685 |
| 5.13%, 03/01/30 |
|
900 |
873,216 |
| Endo Finance Holdings LP, 8.50%, 04/15/31(a) |
|
263 |
276,468 |
| HLF Financing SARL LLC/Herbalife International, Inc.(a) |
|
|
|
| 4.88%, 06/01/29 |
|
1,468 |
1,374,358 |
| 7.75%, 05/01/33(f) |
|
694 |
703,400 |
| Jazz Securities DAC, 4.38%, 01/15/29(a) |
|
1,168 |
1,144,139 |
| Teva Pharmaceutical Finance Netherlands III BV |
|
|
|
| 3.15%, 10/01/26(f) |
|
823 |
819,708 |
| 4.75%, 05/09/27 |
|
771 |
770,518 |
| 6.75%, 03/01/28 |
|
400 |
409,380 |
| Viatris, Inc., 2.30%, 06/22/27 |
|
392 |
382,791 |
| |
|
|
15,506,651 |
| Real Estate Management & Development — 0.3% | |||
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28(h) |
|
400 |
397,372 |
| CoreLogic, Inc., 4.50%, 05/01/28(a) |
|
415 |
405,379 |
| Fantasia Holdings Group Co. Ltd.(e)(h)(m) |
|
|
|
| 11.75%, 04/17/22 |
|
430 |
4,730 |
| 12.25%, 10/18/22 |
|
200 |
2,200 |
| 11.88%, 06/01/23 |
|
200 |
2,250 |
| 9.25%, 07/28/23 |
|
400 |
4,500 |
| Howard Hughes Corp.(a) |
|
|
|
| 4.13%, 02/01/29 |
|
156 |
150,722 |
| 4.38%, 02/01/31 |
|
300 |
283,716 |
| 5.88%, 03/01/32 |
|
508 |
503,658 |
| 6.13%, 03/01/34 |
|
334 |
330,006 |
| Sobha Sukuk I Holding Ltd., 7.13%, 09/11/30(h) |
|
200 |
193,400 |
| |
|
|
2,277,933 |
| Semiconductors & Semiconductor Equipment — 0.7% | |||
| Broadcom, Inc.(f) |
|
|
|
| 4.15%, 04/15/32(a) |
|
1,000 |
962,442 |
| 3.50%, 02/15/41 |
|
800 |
639,201 |
| Entegris, Inc., 4.75%, 04/15/29(a)(f) |
|
541 |
534,621 |
| Kioxia Holdings Corp., 6.25%, 07/24/30(a) |
|
959 |
989,276 |
| Security |
|
Par (000) |
Value |
| Semiconductors & Semiconductor Equipment (continued) | |||
| Micron Technology, Inc., 6.05%, 11/01/35(f) |
USD |
1,000 |
$ 1,062,163 |
| QUALCOMM, Inc.(f) |
|
|
|
| 5.40%, 05/20/33 |
|
400 |
414,191 |
| 4.30%, 05/20/47 |
|
700 |
570,089 |
| |
|
|
5,171,983 |
| Software — 2.8% | |||
| Capstone Borrower, Inc., 8.00%, 06/15/30(a) |
|
1,381 |
1,311,994 |
| Cloud Software Group, Inc.(a) |
|
|
|
| 6.50%, 03/31/29(f) |
|
985 |
955,727 |
| 9.00%, 09/30/29(f) |
|
2,754 |
2,673,120 |
| 8.25%, 06/30/32(f) |
|
3,065 |
2,872,657 |
| 6.63%, 08/15/33 |
|
101 |
87,566 |
| Microsoft Corp., 2.92%, 03/17/52(f) |
|
2,350 |
1,491,819 |
| OAK-Eagle Acquireco, Inc., 8.75%, 07/01/34(a)(f) |
|
2,316 |
2,458,022 |
| Open Text Corp., 3.88%, 12/01/29(a) |
|
1,646 |
1,513,406 |
| Open Text Holdings, Inc.(a) |
|
|
|
| 4.13%, 02/15/30 |
|
125 |
114,506 |
| 4.13%, 12/01/31 |
|
907 |
796,243 |
| Oracle Corp.(f) |
|
|
|
| 5.70%, 02/04/36 |
|
945 |
915,190 |
| 6.70%, 02/04/56 |
|
2,500 |
2,353,027 |
| 6.13%, 08/03/65 |
|
600 |
504,166 |
| ROBLOX Corp., 3.88%, 05/01/30(a) |
|
605 |
571,739 |
| SS&C Technologies, Inc., 6.50%, 06/01/32(a) |
|
723 |
729,168 |
| UKG, Inc., 6.88%, 02/01/31(a)(f) |
|
1,676 |
1,628,199 |
| |
|
|
20,976,549 |
| Specialty Retail — 1.6% | |||
| Advance Auto Parts, Inc.(a) |
|
|
|
| 7.00%, 08/01/30 |
|
1,152 |
1,181,188 |
| 7.38%, 08/01/33 |
|
671 |
695,471 |
| Bath & Body Works, Inc., 6.63%, 10/01/30(a)(f) |
|
1,263 |
1,288,369 |
| FirstCash, Inc.(a) |
|
|
|
| 4.63%, 09/01/28 |
|
1,078 |
1,059,764 |
| 5.63%, 01/01/30 |
|
392 |
389,687 |
| 6.88%, 03/01/32 |
|
100 |
102,759 |
| Gap, Inc.(a) |
|
|
|
| 3.63%, 10/01/29 |
|
809 |
762,257 |
| 3.88%, 10/01/31 |
|
171 |
155,814 |
| Kohl’s Corp., 5.13%, 05/01/31 |
|
1,271 |
1,136,226 |
| Michaels Cos., Inc., 8.50%, 03/15/33(a)(f) |
|
1,503 |
1,488,713 |
| Nordstrom, Inc., 4.38%, 04/01/30 |
|
429 |
412,896 |
| PetSmart LLC/PetSmart Finance Corp.(a) |
|
|
|
| 7.50%, 09/15/32 |
|
250 |
250,055 |
| 10.00%, 09/15/33(f) |
|
2,500 |
2,503,980 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(a) |
|
588 |
557,419 |
| |
|
|
11,984,598 |
| Technology Hardware, Storage & Peripherals — 0.5% | |||
| Apple, Inc., 2.65%, 02/08/51(f) |
|
2,500 |
1,516,340 |
| NCR Atleos Corp., 9.50%, 04/01/29(a) |
|
589 |
628,043 |
| NCR Voyix Corp., 5.13%, 04/15/29(a) |
|
915 |
892,607 |
| Seagate Data Storage Technology Pte. Ltd.(a) |
|
|
|
| 8.25%, 12/15/29 |
|
341 |
356,569 |
| 8.50%, 07/15/31 |
|
615 |
642,662 |
| |
|
|
4,036,221 |
124
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Textiles, Apparel & Luxury Goods — 0.1% | |||
| Beach Acquisition Bidco LLC, (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33(a)(f)(g) |
USD |
825 |
$ 936,595 |
| VF Corp., 2.95%, 04/23/30 |
|
234 |
213,340 |
| |
|
|
1,149,935 |
| Tobacco(f) — 0.3% | |||
| Altria Group, Inc., 3.40%, 02/04/41 |
|
750 |
573,737 |
| BAT Capital Corp. |
|
|
|
| 7.08%, 08/02/43 |
|
500 |
556,933 |
| 4.54%, 08/15/47 |
|
715 |
589,423 |
| Philip Morris International, Inc., 3.88%, 08/21/42 |
|
900 |
734,067 |
| |
|
|
2,454,160 |
| Wireless Telecommunication Services — 1.4% | |||
| Colombia Telecomunicaciones SA ESP, 4.95%, 07/17/30(h) |
|
200 |
189,750 |
| Digicel International Finance Ltd. U.S. LLC, 8.63%, 08/01/32(a)(f) |
|
2,467 |
2,542,552 |
| Iliad Holding SAS(a) |
|
|
|
| 7.00%, 10/15/28 |
|
1,325 |
1,330,684 |
| 8.50%, 04/15/31 |
|
1,129 |
1,196,102 |
| Rogers Communications, Inc.(b) |
|
|
|
| (5-year CMT + 2.62%), 7.13%, 04/15/55 |
|
453 |
465,416 |
| (5-year CMT + 2.65%), 7.00%, 04/15/55 |
|
921 |
942,463 |
| Telecom Argentina SA, 9.25%, 05/28/33(a) |
|
266 |
283,987 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32(a) |
|
200 |
206,972 |
| VF Ukraine PAT via VFU Funding PLC, 9.63%, 02/11/27(h) |
|
154 |
153,796 |
| Vmed O2 U.K. Financing I PLC(a) |
|
|
|
| 4.25%, 01/31/31 |
|
1,332 |
1,095,374 |
| 4.75%, 07/15/31 |
|
200 |
164,331 |
| 6.75%, 01/15/33(f) |
|
1,858 |
1,573,106 |
| WOM Mobile SA, (5.50% Cash and 6.25% PIK), 11.00%, 04/01/31(a)(g) |
|
11 |
11,941 |
| Zegona Finance PLC, 6.75%, 07/15/29(h) |
EUR |
90 |
106,468 |
| |
|
|
10,262,942 |
| Total Corporate Bonds — 95.3% (Cost: $725,043,767) |
723,292,293 | ||
| Floating Rate Loan Interests(b) | |||
| Aerospace & Defense — 0.0% | |||
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, 06/23/30(n) |
USD |
— (o) |
124 |
| Cubic Corp. |
|
|
|
| 2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.76%), 8.17%, 05/25/29 |
|
4 |
244 |
| 2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 3.51%), 7.18%, 05/25/29 |
|
2 |
162 |
| |
|
|
530 |
| Chemicals — 0.0% | |||
| Advancion Holdings LLC, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.85%), 11.52%, 11/24/28(d) |
|
118 |
88,350 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.53%, 04/08/31 |
|
66 |
43,045 |
| |
|
|
131,395 |
| Security |
|
Par (000) |
Value |
| Health Care Providers & Services — 0.1% | |||
| Quorum Health Corp., 2020 Term Loan, 0.00%, 01/28/28(d)(e)(m) |
USD |
357 |
$ 260,553 |
| Machinery — 0.0% | |||
| GrafTech Global Enterprises, Inc. |
|
|
|
| 2024 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.64%, 12/21/29 |
|
70 |
67,229 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.67%, 12/21/29 |
|
123 |
117,652 |
| PECF USS Intermediate Holding III Corp., 2026 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 7.50%), 11.18%, 03/03/33 |
|
25 |
23,354 |
| |
|
|
208,235 |
| Media — 0.2% | |||
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
|
530 |
370,880 |
| Discovery Global Holdings, Inc., 2026 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.14%, 06/03/33 |
|
1,263 |
1,263,117 |
| |
|
|
1,633,997 |
| Total Floating Rate Loan Interests — 0.3% (Cost: $2,478,565) |
2,234,710 | ||
| Foreign Agency Obligations | |||
| Angola — 0.0% |
| ||
| Angolan Government International Bonds, 9.88%, 03/31/37(a) |
|
200 |
206,125 |
| Argentina — 0.1% |
| ||
| Argentine Republic Government International Bonds(p) |
|
|
|
| 1.75%, 07/09/27 |
|
321 |
284,584 |
| 4.75%, 07/09/27 |
|
347 |
277,748 |
| |
|
|
562,332 |
| Bahrain — 0.0% |
| ||
| Bahrain Government International Bonds, 5.45%, 09/16/32(h) |
|
200 |
185,750 |
| Barbados — 0.1% |
| ||
| Barbados Government International Bonds, 8.00%, 06/26/35(a) |
|
466 |
498,620 |
| Benin — 0.1% |
| ||
| Benin Government International Bonds, 7.96%, 02/13/38(a) |
|
600 |
636,495 |
| Brazil — 0.1% |
| ||
| Brazil Government International Bonds, 5.50%, 04/23/36 |
EUR |
250 |
288,114 |
| Brazilian Government International Bonds |
|
|
|
| 6.63%, 03/15/35 |
|
306 |
314,690 |
| 6.25%, 05/22/36 |
|
200 |
198,280 |
| |
|
|
801,084 |
| Bulgaria — 0.0% |
| ||
| Bulgaria Government International Bonds, Series 13Y, 5.00%, 03/05/37(h) |
|
328 |
320,108 |
| Cayman Islands — 0.1% |
| ||
| Kyrgyz Republic International Bonds, 7.75%, 06/03/30(a) |
|
400 |
405,000 |
Schedule of Investments 125
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Chile — 0.1% |
| ||
| Chile Government International Bonds |
|
|
|
| 3.75%, 01/14/32 |
EUR |
250 |
$ 289,223 |
| 4.34%, 03/07/42(f) |
USD |
400 |
353,900 |
| |
|
|
643,123 |
| Colombia — 0.1% |
| ||
| Colombia Government International Bonds |
|
|
|
| 6.13%, 01/21/31(f) |
|
200 |
202,306 |
| 7.75%, 11/07/36 |
|
200 |
218,200 |
| 6.50%, 11/26/38 |
EUR |
241 |
289,631 |
| |
|
|
710,137 |
| Costa Rica — 0.0% |
| ||
| Costa Rica Government International Bonds, 6.55%, 04/03/34(h) |
USD |
200 |
213,210 |
| Dominican Republic — 0.2% |
| ||
| Dominican Republic International Bonds(a) |
|
|
|
| 4.50%, 01/30/30 |
|
682 |
659,323 |
| 7.05%, 02/03/31 |
|
450 |
474,570 |
| 6.95%, 03/15/37 |
|
300 |
318,467 |
| |
|
|
1,452,360 |
| Ecuador — 0.0% |
| ||
| Ecuador Government International Bonds, 9.25%, 01/29/39(a) |
|
349 |
357,550 |
| Egypt — 0.2% |
| ||
| Egypt Government International Bonds |
|
|
|
| 5.63%, 04/16/30(h) |
EUR |
247 |
281,209 |
| 9.45%, 02/04/33(a) |
USD |
400 |
443,550 |
| 8.50%, 01/31/47(a) |
|
200 |
195,766 |
| 7.50%, 02/16/61(a) |
|
400 |
344,432 |
| |
|
|
1,264,957 |
| Guatemala — 0.1% |
| ||
| Guatemala Government Bonds(a) |
|
|
|
| 7.05%, 10/04/32 |
|
400 |
431,400 |
| 6.60%, 06/13/36 |
|
400 |
425,600 |
| 6.25%, 08/15/36 |
|
200 |
208,738 |
| |
|
|
1,065,738 |
| Hungary — 0.2% |
| ||
| Hungary Government International Bonds |
|
|
|
| 5.25%, 06/16/29(a) |
|
400 |
404,750 |
| 6.00%, 09/26/35(h) |
|
200 |
208,308 |
| 5.50%, 03/26/36(a) |
|
200 |
201,190 |
| 6.75%, 09/23/55(a) |
|
400 |
436,568 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(h) |
EUR |
507 |
615,429 |
| |
|
|
1,866,245 |
| Indonesia — 0.1% |
| ||
| Indonesia Government International Bonds |
|
|
|
| 3.88%, 01/15/33 |
|
238 |
267,903 |
| 4.50%, 05/29/33 |
|
413 |
477,061 |
| |
|
|
744,964 |
| Ivory Coast — 0.2% |
| ||
| Ivory Coast Government International Bonds |
|
|
|
| 6.38%, 03/03/28(h) |
USD |
133 |
134,822 |
| 5.88%, 10/17/31(h) |
EUR |
446 |
524,974 |
| Security |
|
Par (000) |
Value |
| Ivory Coast (continued) |
| ||
| Ivory Coast Government International Bonds (continued) |
|
|
|
| 8.08%, 04/01/36(a) |
USD |
400 |
$ 439,176 |
| 8.25%, 01/30/37(a) |
|
200 |
221,350 |
| |
|
|
1,320,322 |
| Jordan — 0.1% |
| ||
| Jordan Government International Bonds |
|
|
|
| 7.50%, 01/13/29(a) |
|
200 |
208,900 |
| 5.85%, 07/07/30(h) |
|
400 |
404,940 |
| |
|
|
613,840 |
| Kenya — 0.1% |
| ||
| Republic of Kenya Government International Bonds, 9.75%, 02/16/31(a) |
|
400 |
435,000 |
| Latvia — 0.1% |
| ||
| Latvia Government International Bonds, 5.13%, 07/30/34(a)(f) |
|
600 |
606,372 |
| Mexico — 0.3% |
| ||
| Eagle Funding Luxco SARL, 5.50%, 08/17/30(a)(f) |
|
500 |
500,757 |
| Mexico Government International Bonds |
|
|
|
| 5.38%, 03/22/33 |
|
400 |
392,048 |
| 5.63%, 09/22/35(f) |
|
524 |
509,302 |
| 6.13%, 02/09/38 |
|
200 |
196,090 |
| 5.13%, 03/19/38 |
EUR |
324 |
368,467 |
| |
|
|
1,966,664 |
| Montenegro — 0.0% |
| ||
| Montenegro Government International Bonds, 2.88%, 12/16/27(h) |
|
142 |
159,532 |
| Morocco — 0.1% |
| ||
| Morocco Government International Bonds |
|
|
|
| 2.38%, 12/15/27(h) |
USD |
200 |
193,100 |
| 5.95%, 03/08/28(a) |
|
200 |
203,318 |
| 4.75%, 04/02/35(a) |
EUR |
431 |
500,468 |
| |
|
|
896,886 |
| Nigeria — 0.1% |
| ||
| Nigeria Government International Bonds(a) |
|
|
|
| 10.38%, 12/09/34 |
USD |
400 |
475,200 |
| 9.13%, 01/13/46 |
|
400 |
443,400 |
| |
|
|
918,600 |
| Panama — 0.1% |
| ||
| Panama Government International Bonds, 6.40%, 02/14/35 |
|
400 |
422,660 |
| Paraguay — 0.0% |
| ||
| Paraguay Government International Bonds(h) |
|
|
|
| 2.74%, 01/29/33 |
|
200 |
177,426 |
| 5.60%, 03/13/48 |
|
200 |
190,075 |
| |
|
|
367,501 |
| Peru — 0.2% |
| ||
| Corp. Financiera de Desarrollo SA, 5.50%, 05/06/30(a) |
|
200 |
203,128 |
| Peruvian Government International Bonds |
|
|
|
| 2.78%, 01/23/31(f) |
|
536 |
493,388 |
| 1.86%, 12/01/32(f) |
|
350 |
290,062 |
| 6.20%, 06/30/55 |
|
256 |
264,246 |
| |
|
|
1,250,824 |
126
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Poland — 0.1% |
| ||
| Republic of Poland Government International Bonds |
|
|
|
| Series 10Y, 4.88%, 10/04/33(f) |
USD |
138 |
$ 137,559 |
| Series 30Y, 5.50%, 04/04/53 |
|
362 |
342,296 |
| |
|
|
479,855 |
| Republic of North Macedonia — 0.0% |
| ||
| North Macedonia Government International Bonds, 6.96%, 03/13/27(h) |
EUR |
234 |
271,550 |
| Romania — 0.3% |
| ||
| Romanian Government International Bonds |
|
|
|
| 5.25%, 11/25/27(a) |
USD |
130 |
130,162 |
| 2.12%, 07/16/31(h) |
EUR |
633 |
643,620 |
| 4.63%, 03/04/33(a) |
|
358 |
396,587 |
| 6.25%, 09/10/34(a) |
|
512 |
617,661 |
| 6.75%, 07/11/39(a) |
|
230 |
278,237 |
| 6.50%, 10/07/45(a) |
|
319 |
367,854 |
| |
|
|
2,434,121 |
| Saudi Arabia — 0.0% |
| ||
| Saudi Government International Bonds, 5.00%, 01/18/53(a) |
USD |
438 |
377,495 |
| Serbia — 0.1% |
| ||
| Serbia International Bonds |
|
|
|
| 4.25%, 05/06/31(a) |
EUR |
200 |
228,808 |
| 6.50%, 09/26/33(h) |
USD |
400 |
422,636 |
| 6.00%, 06/12/34(a) |
|
200 |
205,066 |
| |
|
|
856,510 |
| South Africa — 0.2% |
| ||
| Republic of South Africa Government International Bonds |
|
|
|
| 7.10%, 11/19/36(a) |
|
200 |
215,136 |
| 7.95%, 11/19/54(a) |
|
400 |
431,000 |
| 7.25%, 12/11/55(a) |
|
200 |
199,400 |
| Series 30Y, 5.00%, 10/12/46 |
|
200 |
156,250 |
| Series 30Y, 5.75%, 09/30/49 |
|
603 |
510,666 |
| |
|
|
1,512,452 |
| Suriname — 0.0% |
| ||
| Suriname Government International Bonds, 8.50%, 11/06/35(a) |
|
200 |
218,102 |
| Trinidad And Tobago — 0.1% |
| ||
| Trinidad & Tobago Government International Bonds, 6.50%, 01/28/36(a) |
|
392 |
402,898 |
| Turkey — 0.1% |
| ||
| Turkiye Government International Bonds |
|
|
|
| 6.30%, 03/14/33 |
|
200 |
195,450 |
| Series 7Y, 7.13%, 02/12/32 |
|
600 |
615,150 |
| |
|
|
810,600 |
| Ukraine — 0.0% |
| ||
| Ukraine Government International Bonds(h)(p) |
|
|
|
| 3.00%, 02/01/27 |
|
47 |
28,348 |
| 6.00%, 02/01/27 |
|
89 |
70,284 |
| |
|
|
98,632 |
| United Arab Emirates — 0.1% |
| ||
| Emirate of Dubai Government International Bonds, 3.90%, 09/09/50(h) |
|
459 |
328,070 |
| Republic of Armenia International Bonds, 6.75%, 03/12/35(a) |
|
200 |
209,404 |
| |
|
|
537,474 |
| Security |
|
Par (000) |
Value |
| Uruguay — 0.1% |
| ||
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |
USD |
445 |
$ 412,730 |
| Uzbekistan — 0.1% |
| ||
| Republic of Uzbekistan International Bonds(a) |
|
|
|
| 5.38%, 05/29/27 |
EUR |
206 |
238,452 |
| 7.85%, 10/12/28 |
USD |
400 |
423,072 |
| |
|
|
661,524 |
| Total Foreign Agency Obligations — 4.0% (Cost: $29,947,222) |
29,965,942 | ||
| Municipal Bonds | |||
| Arizona — 0.1% |
| ||
| Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29(a) |
|
700 |
730,915 |
| California — 0.1% |
| ||
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.71%, 06/01/41 |
|
1,000 |
772,994 |
| Illinois — 0.1% |
| ||
| State of Illinois, GO, 5.10%, 06/01/33 |
|
638 |
644,441 |
| Massachusetts — 0.1% |
| ||
| Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |
|
670 |
699,670 |
| New York — 0.1% |
| ||
| New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |
|
1,000 |
1,008,000 |
| Texas — 0.1% |
| ||
| Port of Beaumont Navigation District, Refunding ARB, Series B, 10.00%, 07/01/26(a) |
|
850 |
850,000 |
| Total Municipal Bonds — 0.6% (Cost: $4,641,491) |
4,706,020 | ||
| Non-Agency Mortgage-Backed Securities | |||
| Collateralized Mortgage Obligations — 12.8% | |||
| A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69(a) |
|
1,142 |
1,144,377 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64(a) |
|
334 |
334,354 |
| Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b) |
|
1 |
267 |
| Alternative Loan Trust |
|
|
|
| Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + 0.56%), 4.21%, 05/25/35(b) |
|
854 |
761,083 |
| Series 2006-40T1, Class 2A5, (1 mo. Term SOFR + 0.51%), 4.16%, 12/25/36(b) |
|
2,259 |
458,905 |
| Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |
|
1,303 |
481,489 |
| Series 2006-J7, Class 2A1, (1-mo. SOFR US + 1.61%), 2.69%, 11/20/46(b) |
|
2,244 |
2,135,478 |
| Series 2006-J8, Class A5, 6.00%, 02/25/37 |
|
1,734 |
622,212 |
| Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 4.59%, 11/25/46(b) |
|
3,243 |
2,973,195 |
| Series 2006-OA16, Class A2, (1 mo. Term SOFR + 0.49%), 4.14%, 10/25/46(b) |
|
2,090 |
1,990,948 |
| Series 2006-OA18, Class A1, (1 mo. Term SOFR + 0.35%), 4.00%, 12/25/46(b) |
|
1,151 |
1,054,356 |
| Series 2006-OA6, Class 1A1A, (1 mo. Term SOFR + 0.53%), 4.18%, 07/25/46(b) |
|
2,412 |
2,277,500 |
Schedule of Investments 127
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Collateralized Mortgage Obligations (continued) | |||
| Alternative Loan Trust (continued) |
|
|
|
| Series 2006-OA8, Class 1A1, (1 mo. Term SOFR + 0.49%), 4.14%, 07/25/46(b) |
USD |
904 |
$ 835,865 |
| Series 2007-12T1, Class A22, 5.75%, 06/25/37 |
|
3,206 |
1,351,263 |
| Series 2007-12T1, Class A5, 6.00%, 06/25/37 |
|
1,555 |
684,213 |
| Series 2007-19, Class 1A1, 6.00%, 08/25/37 |
|
528 |
251,907 |
| Series 2007-22, Class 2A16, 6.50%, 09/25/37 |
|
6,836 |
2,520,125 |
| Series 2007-23CB, Class A1, 6.00%, 09/25/37 |
|
3,726 |
1,637,086 |
| Series 2007-4CB, Class 1A3, (1 mo. Term SOFR + 0.46%), 4.11%, 04/25/37(b) |
|
1,217 |
914,907 |
| Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 4.58%, 03/25/47(b) |
|
1,184 |
1,082,647 |
| Angel Oak Mortgage Trust(a) |
|
|
|
| Series 2024-10, Class A1, 5.35%, 10/25/69 |
|
1,223 |
1,221,311 |
| Series 2025-11, Class A1, 4.98%, 10/25/70(b) |
|
553 |
547,479 |
| Series 2025-7, Class A1, 5.51%, 06/25/70 |
|
1,275 |
1,275,137 |
| Series 2026-3, Class A1, 06/25/71(b)(c) |
|
3,015 |
3,014,948 |
| Bravo Residential Funding Trust(a) |
|
|
|
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49(b) |
|
289 |
273,734 |
| Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |
|
284 |
282,718 |
| Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |
|
711 |
709,503 |
| BRAVO Residential Funding Trust, Series 2026-NQM6, Class A1, 5.52%, 05/25/66(a) |
|
3,015 |
3,014,976 |
| Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) |
|
288 |
287,176 |
| CHL Mortgage Pass-Through Trust |
|
|
|
| Series 2006-OA5, Class 3A1, (1 mo. Term SOFR + 0.51%), 4.16%, 04/25/46(b) |
|
3,049 |
2,818,795 |
| Series 2007-J2, Class 2A1, (1 mo. Term SOFR + 0.76%), 4.41%, 07/25/37(b) |
|
2,594 |
614,903 |
| Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |
|
1,433 |
448,318 |
| CIM Trust(a) |
|
|
|
| Series 2023-I1, Class A1, 6.03%, 04/25/58 |
|
731 |
729,285 |
| Series 2023-I2, Class A1, 6.64%, 12/25/67 |
|
712 |
709,838 |
| Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.57%, 11/25/36(b) |
|
216 |
221,315 |
| COLT Mortgage Loan Trust(a) |
|
|
|
| Series 2023-2, Class A1, 6.60%, 07/25/68 |
|
595 |
592,752 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |
|
854 |
852,911 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |
|
994 |
994,412 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |
|
947 |
949,257 |
| Series 2025-6, Class A1, 5.53%, 08/25/70 |
|
1,529 |
1,529,683 |
| CSMC(a)(b) |
|
|
|
| Series 2011-4R, Class 1A2, (1 mo. Term SOFR + 1.61%), 5.26%, 09/27/37 |
|
600 |
514,358 |
| Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |
|
1,500 |
1,158,844 |
| CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) |
|
2,077 |
2,070,359 |
| Deephaven Residential Mortgage Trust(a)(b) |
|
|
|
| Series 2025-INV1, Class A1, 5.09%, 11/25/60 |
|
1,179 |
1,170,410 |
| Series 2025-INV1, Class M1, 5.73%, 11/25/60 |
|
1,500 |
1,487,019 |
| Ellington Financial Mortgage Trust(a)(b) |
|
|
|
| Series 2020-1, Class M1, 5.24%, 05/25/65 |
|
500 |
492,787 |
| Series 2021-2, Class A1, 0.93%, 06/25/66 |
|
145 |
123,302 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(a)(b) |
|
1,800 |
1,486,931 |
| GCAT Trust(a)(b) |
|
|
|
| Series 2022-NQM3, Class A1, 5.35%, 04/25/67 |
|
777 |
774,486 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |
|
685 |
684,074 |
| Series 2025-NQM6, Class A1, 4.94%, 10/25/70 |
|
385 |
380,856 |
| GS Mortgage-Backed Securities Trust(a) |
|
|
|
| Series 2025-DSC2, Class M1, 5.79%, 01/25/66(b) |
|
1,500 |
1,478,506 |
| Security |
|
Par (000) |
Value |
| Collateralized Mortgage Obligations (continued) | |||
| GS Mortgage-Backed Securities Trust(a) (continued) |
|
|
|
| Series 2025-NQM5, Class A1, 5.01%, 07/25/65 |
USD |
300 |
$ 297,770 |
| Series 2025-NQM5, Class M1, 5.75%, 07/25/65(b) |
|
1,500 |
1,476,616 |
| Homes Trust(a) |
|
|
|
| Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |
|
385 |
385,385 |
| Series 2025-NQM3, Class A1, 5.63%, 02/25/70(b) |
|
1,006 |
1,008,252 |
| Series 2025-NQM5, Class M1, 5.80%, 09/25/70(b) |
|
731 |
724,158 |
| JP Morgan Mortgage Trust(a)(b) |
|
|
|
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |
|
368 |
357,353 |
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |
|
241 |
234,157 |
| Series 2024-INV1, Class A3, 5.50%, 04/25/55 |
|
1,165 |
1,164,385 |
| Series 2025-NQM4, Class A1, 4.95%, 03/25/66 |
|
2,113 |
2,085,142 |
| Series 2025-VIS3, Class A1, 5.06%, 02/25/66 |
|
1,879 |
1,861,415 |
| MFA Trust(a) |
|
|
|
| Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b) |
|
2,000 |
1,775,693 |
| Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |
|
929 |
927,917 |
| Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 4.04%, 05/26/37(a) |
|
2,223 |
2,927,767 |
| Morgan Stanley Residential Mortgage Loan Trust(a)(b) |
|
|
|
| Series 2024-NQM5, Class A1, 5.65%, 10/25/69 |
|
973 |
973,887 |
| Series 2025-SPL1, Class A1, 4.25%, 02/25/65 |
|
3,746 |
3,623,357 |
| New Residential Mortgage Loan Trust(a)(b) |
|
|
|
| Series 2025-NQM5, Class A1, 5.11%, 08/25/65 |
|
3,226 |
3,200,236 |
| Series 2025-NQM5, Class M1, 6.09%, 08/25/65 |
|
1,500 |
1,481,619 |
| Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(b) |
|
6,324 |
1,091,403 |
| OBX Trust(a) |
|
|
|
| Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |
|
723 |
720,554 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |
|
708 |
707,477 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64(b) |
|
772 |
774,152 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(a)(b) |
|
1,449 |
1,449,034 |
| PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58(a) |
|
600 |
598,515 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(a)(b) |
|
1,130 |
1,124,384 |
| Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55(a)(b) |
|
370 |
369,340 |
| Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. Term SOFR + 0.71%), 4.36%, 08/25/36(b) |
|
6,254 |
1,105,415 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) |
|
591 |
588,927 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(a) |
|
519 |
511,927 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) |
|
1,750 |
1,566,587 |
| Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) |
|
1,057 |
944,220 |
| Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, 06/25/57(a)(b) |
|
9 |
8,901 |
| Verus Securitization Trust(a) |
|
|
|
| Series 2022-3, Class A1, 5.13%, 02/25/67 |
|
344 |
327,092 |
| Series 2024-8, Class A1, 5.36%, 10/25/69(b) |
|
1,162 |
1,161,153 |
| Series 2024-R1, Class A1, 5.22%, 09/25/69(b) |
|
1,288 |
1,285,009 |
| Series 2025-11, Class M1, 5.66%, 11/25/70(b) |
|
900 |
888,211 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(a) |
|
1,044 |
1,042,571 |
| |
|
|
97,192,541 |
128
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities — 4.1% | |||
| Bank5, Series 2025-5YR17, Class B, 5.99%, 11/15/58(b) |
USD |
409 |
$ 417,666 |
| Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 4.17%, 07/25/37(a)(b) |
|
835 |
785,004 |
| BBCMS Mortgage Trust, Series 2025-C35, Class C, 6.32%, 07/15/58(b) |
|
643 |
637,627 |
| BFLD Commercial Mortgage Trust(a)(b) |
|
|
|
| Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 6.32%, 11/15/41 |
|
630 |
630,591 |
| Series 2025-5MW, Class D, 6.58%, 10/10/42 |
|
968 |
980,159 |
| Series 2025-660F, Class D, (1 mo. Term SOFR + 2.75%), 6.38%, 11/15/42 |
|
226 |
226,986 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A, (1 mo. Term SOFR + 1.85%), 5.48%, 08/15/42(a)(b) |
|
435 |
436,684 |
| BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1 mo. Term SOFR + 2.59%), 6.22%, 03/15/41(a)(b) |
|
304 |
304,787 |
| BMO Mortgage Trust, Series 2025-C13, Class A5, 5.35%, 10/15/58 |
|
1,972 |
2,005,361 |
| BPR Commercial Mortgage Trust(a)(b) |
|
|
|
| Series 2024-PARK, Class D, 7.23%, 11/05/39 |
|
200 |
204,237 |
| Series 2025-STAR, Class B, 5.56%, 11/05/42 |
|
420 |
414,068 |
| BRCK Trust(a)(b) |
|
|
|
| Series 2025-830B, Class E, 7.51%, 12/10/42 |
|
135 |
134,147 |
| Series 2025-830B, Class F, 8.40%, 12/10/42 |
|
120 |
119,175 |
| BSTN Commercial Mortgage Trust, Series 2025-HUB, Class A, 5.06%, 04/13/41(a)(b) |
|
265 |
262,621 |
| BX Commercial Mortgage Trust, Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 5.57%, 02/15/39(a)(b) |
|
452 |
452,570 |
| BX Trust(a)(b) |
|
|
|
| Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 6.27%, 02/15/41 |
|
240 |
238,500 |
| Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 5.57%, 04/15/41 |
|
560 |
560,700 |
| Series 2025-OMG, Class A, (1 mo. Term SOFR + 1.35%), 4.98%, 10/15/42 |
|
418 |
418,261 |
| Series 2026-CIP, Class E, (1 mo. Term SOFR + 3.10%), 6.73%, 05/15/38 |
|
125 |
125,937 |
| Century Plaza Towers, Series 2019-CPT, Class C, 3.10%, 11/13/39(a)(b) |
|
250 |
226,610 |
| CIP Commercial Mortgage Trust(a)(b) |
|
|
|
| Series 2025-SBAY, Class A, (1 mo. Term SOFR + 1.40%), 5.03%, 10/15/37 |
|
658 |
659,645 |
| Series 2025-SBAY, Class E, (1 mo. Term SOFR + 3.75%), 7.38%, 10/15/37 |
|
375 |
376,038 |
| CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 6.67%, 08/15/41(a)(b) |
|
660 |
656,331 |
| Cross 2026-NQM8 Mortgage Trust, 07/25/71(a)(c) |
|
2,609 |
2,608,692 |
| CSMC, Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 5.74%, 11/15/38(a)(b) |
|
270 |
266,561 |
| CSTL Commercial Mortgage Trust(a)(b) |
|
|
|
| Series 2026-GATE3, Class D, 5.70%, 02/10/43 |
|
127 |
126,508 |
| Series 2026-GATE3, Class E, 6.55%, 02/10/43 |
|
350 |
350,311 |
| DBC Mortgage Trust, Series 2025-DBC, Class C, (1 mo. Term SOFR + 2.05%), 5.68%, 11/15/42(a)(b) |
|
1,628 |
1,633,087 |
| DC Trust, Series 2024-HLTN, Class C, 7.29%, 04/13/40(a)(b) |
|
220 |
217,766 |
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| DK Trust(a)(b) |
|
|
|
| Series 2025-LXP, Class B, (1 mo. Term SOFR + 1.84%), 5.48%, 08/15/37 |
USD |
188 |
$ 188,294 |
| Series 2025-LXP, Class C, (1 mo. Term SOFR + 2.24%), 5.88%, 08/15/37 |
|
202 |
202,379 |
| Extended Stay America Trust, Series 2025-ESH, Class B, (1 mo. Term SOFR + 1.60%), 5.23%, 10/15/42(a)(b) |
|
1,685 |
1,690,750 |
| FS ORL(a)(b) |
|
|
|
| Series 2026-ORL, Class B, (1 mo. Term SOFR + 1.55%), 5.18%, 02/15/41 |
|
501 |
501,626 |
| Series 2026-ORL, Class E, (1 mo. Term SOFR + 3.25%), 6.88%, 02/15/41 |
|
225 |
225,276 |
| GS Mortgage Securities Corp. Trust(a)(b) |
|
|
|
| Series 2025-800D, Class A, (1 mo. Term SOFR + 2.65%), 6.29%, 11/25/41 |
|
483 |
481,498 |
| Series 2025-800D, Class B, (1 mo. Term SOFR + 3.45%), 7.09%, 11/25/41 |
|
500 |
498,594 |
| LEX Trust(a)(b) |
|
|
|
| Series 2026-450, Class B, (1 mo. Term SOFR + 1.70%), 5.33%, 03/15/43 |
|
900 |
902,812 |
| Series 2026-450, Class E, (1 mo. Term SOFR + 3.70%), 7.33%, 03/15/43 |
|
105 |
104,021 |
| LQR Trust, Series 2025-CALI, Class E, (1 mo. Term SOFR + 3.95%), 7.58%, 01/15/43(a)(b) |
|
437 |
436,996 |
| MAIN Trust(a)(b) |
|
|
|
| Series 2026-OLAS, Class E, (1 mo. Term SOFR + 4.25%), 7.88%, 01/15/41 |
|
195 |
194,998 |
| Series 2026-OLAS, Class F, (1 mo. Term SOFR + 5.25%), 8.88%, 01/15/41 |
|
235 |
234,997 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, 8.73%, 06/12/39(a) |
|
790 |
789,984 |
| MF1 Trust, Series 2021-W10, Class A, (1 mo. Term SOFR + 1.07%), 4.70%, 12/15/34(a)(b) |
|
520 |
517,478 |
| MIC Trust, Series 2023-MIC, Class B, 9.86%, 12/05/38(a)(b) |
|
233 |
246,558 |
| MLTI Trust, Series 2026-SF75, Class E, (1 mo. Term SOFR + 3.25%), 6.88%, 03/15/36(a)(b) |
|
150 |
150,281 |
| National Commercial Mortgage Trust, Series 2026- IND, Class C, (1 mo. Term SOFR + 1.75%), 5.38%, 06/15/43(a)(b) |
|
560 |
560,874 |
| NCMF Trust, Series 2025-MFS, Class E, 7.78%, 06/10/33(a)(b) |
|
445 |
445,076 |
| NRTH Commercial Mortgage Trust, Series 2025- PARK, Class B, (1 mo. Term SOFR + 1.64%), 5.27%, 10/15/40(a)(b) |
|
234 |
234,585 |
| NYC Commercial Mortgage Trust, Series 2025-11X, Class A, (1 mo. Term SOFR + 1.74%), 5.37%, 10/15/40(a)(b) |
|
490 |
491,684 |
| PRM8 Trust, Series 2026-PRM8, Class E, 6.53%, 05/10/41(a)(b) |
|
135 |
132,724 |
| SLG Office Trust(a)(b) |
|
|
|
| Series 2026-OMA, Class E, 7.19%, 04/15/41 |
|
145 |
144,971 |
| Series 2026-OMA, Class F, 8.19%, 04/15/41 |
|
230 |
230,396 |
| VEGAS, Series 2024-GCS, Class D, 6.42%, 07/10/36(a)(b) |
|
572 |
570,078 |
| Velocity Commercial Capital Loan Trust, Series 2026-1, Class A, 5.10%, 02/25/56(a)(b) |
|
386 |
380,562 |
| VRTX Trust, Series 2025-HQ, Class B, 5.67%, 08/05/42(a)(b) |
|
620 |
610,702 |
| VTR Commercial Mortgage Trust, Series 2025-STEM, Class D, 6.71%, 10/13/39(a)(b) |
|
381 |
372,598 |
Schedule of Investments 129
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Commercial Mortgage-Backed Securities (continued) | |||
| Wells Fargo Commercial Mortgage Trust |
|
|
|
| Series 2016-LC25, Class A4, 3.64%, 12/15/59 |
USD |
1,600 |
$ 1,593,926 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43(a) |
|
250 |
247,586 |
| Series 2025-C65, Class A5, 5.29%, 10/15/58 |
|
1,315 |
1,332,528 |
| |
|
|
31,191,462 |
| Total Non-Agency Mortgage-Backed Securities — 16.9% (Cost: $144,440,950) |
128,384,003 | ||
| Preferred Securities | |||
| Capital Trusts — 7.0%(b) | |||
| Banks — 1.1% |
| ||
| Banco Mercantil del Norte SA, 8.00%(a)(l) |
|
269 |
269,403 |
| Bank of Montreal, 7.70%, 05/26/84(f) |
|
3,000 |
3,138,153 |
| Nordea Bank Abp, 3.75%(a)(l) |
|
560 |
525,924 |
| PNC Financial Services Group, Inc., Series W, 6.25%(f)(l) |
|
4,000 |
4,088,984 |
| |
|
|
8,022,464 |
| Building Materials — 0.0% |
| ||
| Cemex SAB de C.V., 7.20%(a)(l) |
|
200 |
208,240 |
| Capital Markets(f) — 0.5% |
| ||
| Bank of New York Mellon Corp., Series I, 3.75%(l) |
|
2,845 |
2,825,088 |
| State Street Corp., 4.93%, 06/01/77 |
|
624 |
561,534 |
| |
|
|
3,386,622 |
| Electric Utilities — 1.2% |
| ||
| AES Andes SA, 8.15%, 06/10/55(a) |
|
200 |
208,500 |
| NextEra Energy Capital Holdings, Inc.(f) |
|
|
|
| 5.65%, 05/01/79 |
|
4,500 |
4,489,454 |
| Series CC, 6.63%, 10/01/66 |
|
3,085 |
3,132,500 |
| PG&E Corp., 7.38%, 03/15/55 |
|
1,424 |
1,451,030 |
| |
|
|
9,281,484 |
| Financial Services — 3.7% |
| ||
| Bank of America Corp., Series OO, 6.63%(f)(l) |
|
3,635 |
3,747,609 |
| Barclays PLC, 4.38%(l) |
|
2,250 |
2,184,252 |
| BNP Paribas SA, 7.75%(a)(f)(l) |
|
3,000 |
3,142,599 |
| Citigroup, Inc., Series BB, 7.20%(f)(l) |
|
2,500 |
2,572,337 |
| Credit Agricole SA, 6.70%(a)(l) |
|
3,000 |
3,007,599 |
| Goldman Sachs Group, Inc., Series W, 7.50%(f)(l) |
|
2,500 |
2,624,235 |
| HSBC Holdings PLC(l) |
|
|
|
| 4.70% |
|
465 |
436,070 |
| 6.00%(f) |
|
230 |
230,920 |
| JPMorgan Chase & Co. |
|
|
|
| Series II, 6.47%(f)(l) |
|
4,000 |
4,010,972 |
| Series U, 4.88%, 01/15/87 |
|
358 |
328,638 |
| NatWest Group PLC, 8.13%(f)(l) |
|
595 |
658,542 |
| UBS Group AG, 9.25%(a)(f)(l) |
|
4,700 |
5,429,214 |
| |
|
|
28,372,987 |
| Hotels, Restaurants & Leisure — 0.0% |
| ||
| Gohl Capital Holdings Ltd., 7.63%(h)(l) |
|
284 |
274,415 |
| Multi-Utilities — 0.1% |
| ||
| Promigas SA ESP/Gases del Pacifico SAC, 7.75%, 06/24/56(a) |
|
535 |
544,162 |
| Security |
|
Par (000) |
Value |
| Pharmaceuticals — 0.4% |
| ||
| CVS Health Corp. |
|
|
|
| 6.75%, 12/10/54 |
USD |
635 |
$ 661,569 |
| 7.00%, 03/10/55(f) |
|
2,605 |
2,704,516 |
| |
|
|
3,366,085 |
| |
53,456,459 | ||
| |
|
Shares |
|
| Preferred Stocks — 0.4%(e) | |||
| Capital Markets — 0.4% |
| ||
| Morgan Stanley, Series F, 6.88%(l) |
|
100,000 |
2,510,000 |
| Financial Services — 0.0% |
| ||
| Labels Buyer LLC, 12.00% |
|
270 |
221,400 |
| IT Services — 0.0% |
| ||
| Veritas Newco |
|
|
|
| Series G, 12/31/49 |
|
842 |
16,840 |
| Series G-1, 12/31/49 |
|
582 |
11,349 |
| |
|
|
28,189 |
| |
2,759,589 | ||
| Total Preferred Securities — 7.4% (Cost: $55,671,280) |
56,216,048 | ||
| |
|
Par (000) |
|
| U.S. Government Sponsored Agency Securities | |||
| Collateralized Mortgage Obligations — 1.6% |
| ||
| Fannie Mae REMICS |
|
|
|
| Series 2025-2, Class FG, (30-day Avg SOFR + 1.45%), 5.08%, 02/25/55(b) |
USD |
120 |
120,872 |
| Series 2025-35, Class FJ, (30-day Avg SOFR + 1.60%), 5.23%, 05/25/55(b) |
|
148 |
151,326 |
| Series 2025-74, Class AT, 5.00%, 09/25/55 |
|
3,155 |
3,129,054 |
| Series 5209, Class EQ, 3.00%, 04/25/52 |
|
1,340 |
1,013,211 |
| Freddie Mac REMICS, Series 5471, Class FM, (30-day Avg SOFR + 1.40%), 5.03%, 11/25/54(b) |
|
418 |
421,955 |
| Ginnie Mae |
|
|
|
| Series 2017-136, Class GB, 3.00%, 03/20/47 |
|
407 |
387,109 |
| Series 2022-45, Class ZA, 4.50%, 06/20/50 |
|
7,759 |
6,938,157 |
| |
|
|
12,161,684 |
| Interest Only Collateralized Mortgage Obligations — 0.5% |
| ||
| Fannie Mae REMICS, Series 5112, Class KI, 3.50%, 06/25/51 |
|
4,295 |
784,340 |
| Ginnie Mae |
|
|
|
| Series 2019-151, Class IA, 3.50%, 12/20/49 |
|
8,125 |
1,471,355 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 |
|
5,381 |
790,480 |
| Series 2021-175, Class IE, 4.00%, 09/20/47 |
|
3,910 |
831,938 |
| |
|
|
3,878,113 |
| Mortgage-Backed Securities(f) — 18.4% |
| ||
| Freddie Mac Mortgage-Backed Securities |
|
|
|
| 2.50%, 09/01/32 |
|
1,569 |
1,496,008 |
| 4.00%, 05/01/39 |
|
2,537 |
2,457,454 |
| Ginnie Mae Mortgage-Backed Securities |
|
|
|
| 5.50%, 07/20/55 |
|
258 |
263,182 |
130
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
(Percentages shown are based on Net Assets)
| Security |
|
Par (000) |
Value |
| Mortgage-Backed Securities (continued) |
| ||
| Ginnie Mae Mortgage-Backed Securities (continued) |
|
|
|
| 6.00%, 07/20/55 - 11/20/55 |
USD |
704 |
$ 726,228 |
| 6.50%, 11/20/55 |
|
181 |
189,397 |
| Uniform Mortgage-Backed Securities |
|
|
|
| 2.00%, 08/01/31 - 09/01/35 |
|
6,194 |
5,695,078 |
| 2.50%, 12/01/31 |
|
436 |
417,776 |
| 1.50%, 01/01/36 - 06/01/36 |
|
5,281 |
4,727,959 |
| 3.50%, 09/01/42 - 06/01/49 |
|
14,702 |
13,673,221 |
| 4.50%, 06/01/44 - 05/01/53 |
|
9,025 |
8,787,496 |
| 5.00%, 11/01/44 - 06/01/56 |
|
21,946 |
21,757,987 |
| 4.00%, 05/01/52 |
|
22,723 |
21,559,427 |
| 6.50%, 01/01/54 |
|
3,231 |
3,384,189 |
| 5.50%, 08/01/54 - 07/13/56(q) |
|
54,116 |
54,543,005 |
| |
|
|
139,678,407 |
| Total U.S. Government Sponsored Agency Securities — 20.5% (Cost: $155,568,651) |
155,718,204 | ||
| U.S. Treasury Obligations | |||
| U.S. Treasury Bonds |
|
|
|
| 3.25%, 05/15/42 |
|
4,000 |
3,293,438 |
| 5.00%, 05/15/46(f) |
|
5,200 |
5,239,000 |
| 2.38%, 05/15/51 |
|
1,800 |
1,125,703 |
| U.S. Treasury Notes |
|
|
|
| 4.25%, 05/31/33 |
|
1,000 |
996,250 |
| 4.38%, 05/15/36 |
|
2,700 |
2,685,656 |
| Total U.S. Treasury Obligations — 1.8% (Cost: $13,339,888) |
13,340,047 | ||
| |
|
Shares |
|
| Warrants | |||
| Financial Services — 0.0% |
| ||
| Labels Buyer LLC(e) |
|
236 |
590 |
| Total Warrants — 0.0% (Cost: $ — ) |
590 | ||
| Total Long-Term Investments — 156.5% (Cost: $1,211,845,838) |
1,187,773,472 | ||
| Security |
|
Shares |
Value |
| Short-Term Securities | |||
| Money Market Funds — 0.8% |
| ||
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(r)(s) |
|
5,881,765 |
$ 5,881,765 |
| Total Short-Term Securities — 0.8% (Cost: $5,881,765) |
5,881,765 | ||
| Total Investments — 157.3% (Cost: $1,217,727,603) |
1,193,655,237 | ||
| Liabilities in Excess of Other Assets — (57.3)% |
(434,912,899 ) | ||
| Net Assets — 100.0% |
$ 758,742,338 | ||
| (a) |
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. |
| (b) |
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. |
| (c) |
When-issued security. |
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) |
Non-income producing security. |
| (f) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (g) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (h) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (i) |
Convertible security. |
| (j) |
Zero-coupon bond. |
| (k) |
Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,485,596, representing 0.3% of its net assets as of period end, and an original cost of $2,486,583. |
| (l) |
Perpetual security with no stated maturity date. |
| (m) |
Issuer filed for bankruptcy and/or is in default. |
| (n) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (o) |
Rounds to less than 1,000. |
| (p) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (q) |
Represents or includes a TBA transaction. |
| (r) |
Affiliate of the Fund. |
| (s) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer |
Value at 12/31/25 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/26 |
Shares Held at 06/30/26 |
Income |
Capital Gain Distributions from Underlying Funds |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 5,027,827 |
$ 853,938 (a) |
$ — |
$ — |
$ — |
$ 5,881,765 |
5,881,765 |
$ 119,227 |
$ — |
| (a) |
Represents net amount purchased (sold). |
Schedule of Investments 131
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
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) |
| HSBC Securities (USA), Inc. |
3.77 %(b) |
10/08/25 |
Open |
$ 601,776 |
$ 618,979 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
10/08/25 |
Open |
577,500 |
594,009 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
10/08/25 |
Open |
588,875 |
605,709 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
10/08/25 |
Open |
357,000 |
367,205 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
10/08/25 |
Open |
545,985 |
561,593 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
12/18/25 |
Open |
716,625 |
731,259 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
12/18/25 |
Open |
789,375 |
805,495 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
12/18/25 |
Open |
563,500 |
575,007 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
12/18/25 |
Open |
596,250 |
608,426 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
12/18/25 |
Open |
3,003,750 |
3,005,637 |
Corporate Bonds |
Open/Demand |
| Banco Santander SA |
3.75 (b) |
01/29/26 |
Open |
307,253 |
307,253 |
Foreign Agency Obligations |
Open/Demand |
| Barclays Bank PLC |
3.74 (b) |
01/29/26 |
Open |
675,000 |
675,000 |
Corporate Bonds |
Open/Demand |
| Banco Santander SA |
3.85 (b) |
03/02/26 |
Open |
180,428 |
182,762 |
Foreign Agency Obligations |
Open/Demand |
| Goldman Sachs & Co. LLC |
3.60 (b) |
04/08/26 |
Open |
140,044 |
141,220 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
510,180 |
514,680 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
1,056,250 |
1,065,566 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
554,750 |
559,643 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
481,622 |
485,870 |
Foreign Agency Obligations |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
627,309 |
632,841 |
Capital Trusts |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.78 (b) |
04/08/26 |
Open |
516,360 |
520,914 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/08/26 |
Open |
2,083,867 |
2,102,733 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/08/26 |
Open |
1,846,185 |
1,862,899 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/08/26 |
Open |
2,393,750 |
2,415,421 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
04/08/26 |
Open |
2,321,875 |
2,342,896 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/17/26 |
Open |
478,843 |
482,704 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/17/26 |
Open |
1,302,702 |
1,313,206 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.80 (b) |
04/27/26 |
Open |
3,910,000 |
3,936,827 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.80 (b) |
04/27/26 |
Open |
3,635,000 |
3,659,940 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.80 (b) |
04/27/26 |
Open |
2,677,856 |
2,696,229 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
04/27/26 |
Open |
876,015 |
882,041 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
04/27/26 |
Open |
2,126,250 |
2,140,877 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.81 (b) |
04/27/26 |
Open |
2,932,500 |
2,952,673 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
970,925 |
977,692 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
2,464,946 |
2,482,126 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
3,715,000 |
3,740,891 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
04/27/26 |
Open |
2,767,500 |
2,786,788 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
2,455,680 |
2,472,839 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
516,350 |
519,855 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/27/26 |
Open |
2,287,500 |
2,303,484 |
Corporate Bonds |
Open/Demand |
| Morgan Stanley & Co. LLC |
3.80 (b) |
04/29/26 |
Open |
841,995 |
847,594 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
04/29/26 |
Open |
888,023 |
894,037 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
05/06/26 |
Open |
2,474,931 |
2,489,791 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
05/06/26 |
Open |
2,586,600 |
2,602,212 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
05/14/26 |
Open |
831,600 |
835,891 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
05/14/26 |
Open |
3,375,125 |
3,392,586 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
05/15/26 |
Open |
1,060,510 |
1,065,910 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
05/29/26 |
Open |
947,864 |
951,218 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.79 (b) |
06/04/26 |
Open |
612,000 |
613,740 |
Corporate Bonds |
Open/Demand |
| Nomura Securities International, Inc. |
3.57 (b) |
06/08/26 |
Open |
138,536 |
138,852 |
Foreign Agency Obligations |
Open/Demand |
| Nomura Securities International, Inc. |
3.60 (b) |
06/08/26 |
Open |
168,467 |
168,855 |
Foreign Agency Obligations |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/08/26 |
Open |
141,923 |
142,267 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/08/26 |
Open |
890,663 |
892,825 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.82 (b) |
06/08/26 |
Open |
587,350 |
588,783 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.83 (b) |
06/08/26 |
Open |
891,480 |
893,661 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
139,834 |
140,178 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
564,405 |
565,793 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
664,780 |
666,415 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
381,716 |
382,655 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/08/26 |
Open |
222,720 |
223,268 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,425,682 |
1,429,235 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,591,654 |
1,595,620 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
518,035 |
519,326 |
Corporate Bonds |
Open/Demand |
132
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements(a) |
| TD Securities (USA) LLC |
3.93 %(b) |
06/08/26 |
Open |
$ 1,666,850 |
$ 1,671,003 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
528,878 |
530,196 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,889,550 |
1,894,258 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,781,794 |
1,786,233 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,652,490 |
1,656,607 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
774,578 |
776,507 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,410,915 |
1,414,431 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
2,008,545 |
2,013,550 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
531,259 |
532,582 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
2,666,867 |
2,673,512 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,441,640 |
1,445,232 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
2,735,208 |
2,742,023 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/08/26 |
Open |
1,656,000 |
1,660,126 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/09/26 |
Open |
757,328 |
759,133 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/09/26 |
Open |
2,428,195 |
2,434,027 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/09/26 |
Open |
1,800,303 |
1,804,626 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/09/26 |
Open |
1,887,220 |
1,891,672 |
Corporate Bonds |
Open/Demand |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
158,941 |
159,271 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
95,961 |
96,160 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
20,811,838 |
20,855,080 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
5,812,074 |
5,824,150 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
3,629,326 |
3,636,867 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
404,860 |
405,701 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
1,352,663 |
1,355,474 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
393,193 |
394,010 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,307,248 |
4,316,197 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
1,449,451 |
1,452,463 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
3,864,910 |
3,872,941 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
7,261,404 |
7,276,491 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
2,374,852 |
2,379,786 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
22,313,106 |
22,359,468 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
139,985 |
140,276 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
7,490,161 |
7,505,724 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
5,262,834 |
5,273,769 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
6,996,236 |
7,010,773 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
8,548,407 |
8,566,168 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
7,291,877 |
7,307,028 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,638,666 |
4,648,305 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
184,801 |
185,185 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
Schedule of Investments 133
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements(a) |
| RBC Capital Markets, LLC |
3.74 % |
06/10/26 |
07/13/26 |
$ 3,289,375 |
$ 3,296,210 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,614,053 |
4,623,640 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
270,020 |
270,581 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
4,250,104 |
4,258,935 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
2,141,750 |
2,146,200 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
170,533 |
170,888 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.74 |
06/10/26 |
07/13/26 |
876,608 |
878,429 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
| Citigroup Global Markets, Inc. |
(0.50 )(b) |
06/10/26 |
Open |
678,170 |
678,368 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.85 (b) |
06/11/26 |
Open |
1,009,871 |
1,012,031 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/11/26 |
Open |
1,357,186 |
1,360,097 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/11/26 |
Open |
958,640 |
960,696 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/11/26 |
Open |
1,298,600 |
1,301,385 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/11/26 |
Open |
1,102,620 |
1,104,985 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/11/26 |
Open |
227,205 |
227,693 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/11/26 |
Open |
636,525 |
637,894 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.87 (b) |
06/11/26 |
Open |
2,083,690 |
2,088,170 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
2,353,125 |
2,358,197 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
1,252,032 |
1,254,731 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
2,561,310 |
2,566,831 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/11/26 |
Open |
1,889,062 |
1,893,134 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
06/11/26 |
Open |
3,548,642 |
3,556,331 |
Corporate Bonds |
Open/Demand |
| Morgan Stanley & Co. LLC |
3.65 |
06/12/26 |
07/09/26 |
363,545 |
364,245 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
3.75 |
06/12/26 |
07/09/26 |
739,375 |
740,838 |
Corporate Bonds |
Up to 30 Days |
| Morgan Stanley & Co. LLC |
3.75 |
06/12/26 |
07/09/26 |
934,830 |
936,680 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 (b) |
06/12/26 |
Open |
2,447,782 |
2,452,614 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
06/17/26 |
Open |
701,119 |
702,147 |
Corporate Bonds |
Open/Demand |
| HSBC Securities (USA), Inc. |
3.77 (b) |
06/17/26 |
Open |
1,076,250 |
1,077,828 |
Corporate Bonds |
Open/Demand |
| Morgan Stanley & Co. LLC |
3.50 (b) |
06/17/26 |
Open |
1,573,000 |
1,575,141 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
1,637,966 |
1,640,444 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/17/26 |
Open |
1,599,797 |
1,602,218 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 |
06/17/26 |
Open |
1,369,900 |
1,371,972 |
Corporate Bonds |
Open/Demand |
| J.P. Morgan Securities LLC |
3.65 |
06/22/26 |
07/31/26 |
1,115,839 |
1,116,857 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.70 |
06/22/26 |
07/31/26 |
396,611 |
396,978 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.70 |
06/22/26 |
07/31/26 |
2,351,025 |
2,353,200 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
2,175,400 |
2,177,439 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
470,000 |
470,441 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
2,237,812 |
2,239,910 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.75 |
06/22/26 |
07/31/26 |
1,370,325 |
1,371,610 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
1,383,060 |
1,384,374 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
1,397,250 |
1,398,577 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
1,422,750 |
1,424,102 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
1,575,334 |
1,576,830 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.80 |
06/22/26 |
07/31/26 |
1,928,125 |
1,929,957 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.83 |
06/22/26 |
07/31/26 |
984,668 |
985,610 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.83 |
06/22/26 |
07/31/26 |
1,705,088 |
1,706,721 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.83 |
06/22/26 |
07/31/26 |
2,064,462 |
2,066,439 |
Capital Trusts |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.87 |
06/22/26 |
07/31/26 |
2,089,171 |
2,091,192 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.64 |
06/25/26 |
07/07/26 |
896,535 |
897,079 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.78 |
06/25/26 |
07/07/26 |
1,068,000 |
1,068,673 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.79 |
06/25/26 |
07/07/26 |
1,955,000 |
1,956,235 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.79 |
06/25/26 |
07/07/26 |
922,500 |
923,083 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.79 |
06/25/26 |
07/07/26 |
1,867,500 |
1,868,680 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.83 |
06/25/26 |
07/07/26 |
1,231,875 |
1,232,661 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.85 |
06/25/26 |
07/07/26 |
587,466 |
587,843 |
Foreign Agency Obligations |
Up to 30 Days |
| BNP Paribas SA |
3.87 |
06/25/26 |
07/07/26 |
1,263,947 |
1,264,763 |
Corporate Bonds |
Up to 30 Days |
134
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements(a) |
| BNP Paribas SA |
3.87 % |
06/25/26 |
07/07/26 |
$ 2,382,100 |
$ 2,383,636 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
2,032,625 |
2,033,939 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
921,063 |
921,658 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
1,842,094 |
1,843,285 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.88 |
06/25/26 |
07/07/26 |
832,370 |
832,908 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
1,174,395 |
1,175,156 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
2,356,362 |
2,357,890 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
844,245 |
844,792 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
2,822,316 |
2,824,146 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/25/26 |
07/07/26 |
2,297,790 |
2,299,280 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
2,758,335 |
2,760,128 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
639,855 |
640,271 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
2,872,000 |
2,873,867 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
452,619 |
452,913 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
632,790 |
633,201 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
815,775 |
816,305 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
1,842,236 |
1,843,434 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/25/26 |
07/07/26 |
698,700 |
699,154 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.95 |
06/25/26 |
07/07/26 |
2,316,974 |
2,318,500 |
Corporate Bonds |
Up to 30 Days |
| BofA Securities, Inc. |
2.75 |
06/25/26 |
09/14/26 |
973,175 |
973,621 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.40 |
06/25/26 |
09/14/26 |
339,184 |
339,376 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.45 |
06/25/26 |
09/14/26 |
1,119,156 |
1,119,800 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.45 |
06/25/26 |
09/14/26 |
164,318 |
164,412 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
207,480 |
207,604 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
840,360 |
840,864 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
59,719 |
59,755 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
192,003 |
192,118 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
1,266,064 |
1,266,823 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
805,695 |
806,178 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
689,838 |
690,251 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
09/14/26 |
339,900 |
340,104 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.60 |
06/25/26 |
Open |
320,219 |
320,219 |
Corporate Bonds |
31-90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
703,421 |
703,849 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
626,453 |
626,834 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
70,204 |
70,246 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
1,080,984 |
1,081,641 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
539,963 |
540,291 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.65 |
06/25/26 |
09/14/26 |
1,459,937 |
1,460,826 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
732,594 |
733,046 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
103,435 |
103,499 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
31,395 |
31,414 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
475,404 |
475,697 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
763,823 |
764,294 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/25/26 |
09/14/26 |
475,160 |
475,453 |
Foreign Agency Obligations |
31 - 90 Days |
| BofA Securities, Inc. |
3.75 |
06/25/26 |
09/14/26 |
723,290 |
723,742 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.77 |
06/25/26 |
Open |
3,003,750 |
3,065,089 |
Capital Trusts |
31 - 90 Days |
| BofA Securities, Inc. |
3.77 |
06/25/26 |
09/14/26 |
4,297,500 |
4,300,200 |
Capital Trusts |
31 - 90 Days |
| BofA Securities, Inc. |
3.78 |
06/25/26 |
09/14/26 |
1,925,000 |
1,926,213 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.79 |
06/25/26 |
09/14/26 |
1,905,000 |
1,906,203 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.79 |
06/25/26 |
09/14/26 |
1,011,500 |
1,012,139 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
1,272,375 |
1,273,191 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.85 |
06/25/26 |
09/14/26 |
794,690 |
795,200 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.90 |
06/25/26 |
09/14/26 |
59,573 |
59,611 |
Corporate Bonds |
31 - 90 Days |
| BNP Paribas SA |
3.80 |
06/26/26 |
07/07/26 |
116,325 |
116,386 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/26/26 |
07/07/26 |
699,118 |
699,496 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.89 |
06/26/26 |
07/07/26 |
724,723 |
725,114 |
Corporate Bonds |
Up to 30 Days |
| BNP Paribas SA |
3.90 |
06/26/26 |
07/07/26 |
547,215 |
547,511 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.55 |
06/26/26 |
07/24/26 |
253,313 |
253,437 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.65 |
06/26/26 |
07/24/26 |
129,539 |
129,605 |
Foreign Agency Obligations |
Up to 30 Days |
| Barclays Bank PLC |
3.69 |
06/26/26 |
07/24/26 |
427,323 |
427,542 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.70 |
06/26/26 |
07/24/26 |
213,525 |
213,635 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
524,790 |
525,063 |
Corporate Bonds |
Up to 30 Days |
Schedule of Investments 135
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Reverse Repurchase Agreements (continued)
| Counterparty |
Interest Rate |
Trade Date |
Maturity Date(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements(a) |
| Barclays Bank PLC |
3.74 % |
06/26/26 |
07/24/26 |
$ 3,780,000 |
$ 3,781,964 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
652,000 |
652,339 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
818,750 |
819,175 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
4,096,990 |
4,099,118 |
Capital Trusts |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
557,200 |
557,489 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
1,345,500 |
1,346,199 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
1,472,737 |
1,473,503 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
1,448,325 |
1,449,077 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
1,799,725 |
1,800,660 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
466,875 |
467,118 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
393,000 |
393,204 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
915,000 |
915,475 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.74 |
06/26/26 |
07/24/26 |
526,875 |
527,149 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.85 |
06/26/26 |
07/24/26 |
1,702,290 |
1,703,200 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.85 |
06/26/26 |
07/24/26 |
1,872,000 |
1,873,001 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.85 |
06/26/26 |
07/24/26 |
3,075,901 |
3,077,546 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
1,378,004 |
1,378,751 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
593,381 |
593,703 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
268,613 |
268,758 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
482,670 |
482,931 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
868,805 |
869,276 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
1,857,100 |
1,858,106 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
854,205 |
854,668 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
1,111,628 |
1,112,230 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
739,306 |
739,707 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
1,732,400 |
1,733,338 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/26/26 |
07/24/26 |
2,421,000 |
2,422,311 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.74 |
06/26/26 |
07/24/26 |
2,281,250 |
2,282,435 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
1,741,384 |
1,742,315 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.85 |
06/26/26 |
07/24/26 |
1,594,889 |
1,595,742 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
2,510,032 |
2,511,391 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
1,699,809 |
1,700,729 |
Corporate Bonds |
Up to 30 Days |
| Barclays Capital, Inc. |
3.90 |
06/26/26 |
07/24/26 |
2,060,110 |
2,061,226 |
Corporate Bonds |
Up to 30 Days |
| J.P. Morgan Securities LLC |
3.86 |
06/26/26 |
07/31/26 |
1,770,000 |
1,770,949 |
Corporate Bonds |
Up to 30 Days |
| BofA Securities, Inc. |
3.65 |
06/26/26 |
09/14/26 |
644,929 |
645,256 |
Corporate Bonds |
31 - 90 Days |
| BofA Securities, Inc. |
3.70 |
06/26/26 |
09/14/26 |
1,018,850 |
1,019,374 |
Corporate Bonds |
31 - 90 Days |
| Barclays Capital, Inc. |
3.90 (b) |
06/26/26 |
Open |
1,934,251 |
1,935,299 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.80 (b) |
06/26/26 |
Open |
364,388 |
364,580 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/26/26 |
Open |
1,201,429 |
1,202,085 |
Corporate Bonds |
Open/Demand |
| TD Securities (USA) LLC |
3.93 (b) |
06/26/26 |
Open |
1,397,790 |
1,398,553 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.86 (b) |
06/26/26 |
Open |
1,992,076 |
1,993,144 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.88 (b) |
06/26/26 |
Open |
2,828,750 |
2,830,274 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/26/26 |
Open |
1,479,382 |
1,480,182 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/26/26 |
Open |
1,202,000 |
1,202,649 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.89 (b) |
06/26/26 |
Open |
2,815,062 |
2,816,583 |
Capital Trusts |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
06/26/26 |
Open |
1,895,400 |
1,896,427 |
Corporate Bonds |
Open/Demand |
| U.S. Bancorp Investments, Inc. |
3.90 (b) |
06/26/26 |
Open |
876,348 |
876,823 |
Corporate Bonds |
Open/Demand |
| Barclays Bank PLC |
3.90 |
06/30/26 |
07/24/26 |
2,967,135 |
2,967,456 |
Corporate Bonds |
Up to 30 Days |
| Barclays Bank PLC |
3.90 |
06/30/26 |
07/24/26 |
1,581,255 |
1,581,426 |
Corporate Bonds |
Up to 30 Days |
| RBC Capital Markets, LLC |
3.79 (b) |
06/30/26 |
Open |
331,976 |
332,011 |
Corporate Bonds |
Open/Demand |
| |
|
|
|
$ 441,933,163 |
$ 443,076,673 |
|
|
| (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. |
136
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
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 |
|
|
|
|
| 2-Year U.S. Treasury Note |
2,380 |
09/30/26 |
$ 490,485 |
$ (236,474 ) |
| 5-Year U.S. Treasury Note |
19 |
09/30/26 |
2,032 |
(3,168 ) |
| |
|
|
|
(239,642 ) |
| Short Contracts |
|
|
|
|
| 10-Year U.S. Treasury Note |
1,035 |
09/21/26 |
113,591 |
(740,572 ) |
| 10-Year U.S. Ultra Long Treasury Note |
419 |
09/21/26 |
47,046 |
(240,817 ) |
| U.S. Long Bond |
551 |
09/21/26 |
62,297 |
(1,049,338 ) |
| Ultra U.S. Treasury Bond |
184 |
09/21/26 |
21,269 |
(329,223 ) |
| |
|
|
|
(2,359,950 ) |
| |
|
|
|
$ (2,599,592 ) |
Forward Foreign Currency Exchange Contracts
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
| USD |
148,001 |
EUR |
125,000 |
BNP Paribas SA |
07/16/26 |
$ 5,095 |
| USD |
159,840 |
EUR |
134,993 |
BNP Paribas SA |
07/16/26 |
5,510 |
| USD |
167,614 |
EUR |
141,558 |
BNP Paribas SA |
07/16/26 |
5,778 |
| USD |
170,709 |
EUR |
144,179 |
BNP Paribas SA |
07/16/26 |
5,877 |
| USD |
171,494 |
EUR |
144,833 |
BNP Paribas SA |
07/16/26 |
5,914 |
| USD |
182,542 |
EUR |
154,162 |
BNP Paribas SA |
07/16/26 |
6,297 |
| USD |
242,536 |
EUR |
204,834 |
BNP Paribas SA |
07/16/26 |
8,360 |
| USD |
251,268 |
EUR |
212,212 |
BNP Paribas SA |
07/16/26 |
8,657 |
| USD |
251,311 |
EUR |
212,250 |
BNP Paribas SA |
07/16/26 |
8,656 |
| USD |
267,121 |
EUR |
225,595 |
BNP Paribas SA |
07/16/26 |
9,210 |
| USD |
293,162 |
EUR |
247,584 |
BNP Paribas SA |
07/16/26 |
10,112 |
| USD |
343,727 |
EUR |
290,295 |
BNP Paribas SA |
07/16/26 |
11,848 |
| USD |
364,797 |
EUR |
308,084 |
BNP Paribas SA |
07/16/26 |
12,580 |
| USD |
1,717,268 |
EUR |
1,450,357 |
BNP Paribas SA |
07/16/26 |
59,152 |
| USD |
175,795 |
EUR |
148,573 |
Credit Agricole Corporate and Investment Bank |
07/16/26 |
5,939 |
| USD |
232,849 |
EUR |
198,706 |
Deutsche Bank AG |
07/16/26 |
5,679 |
| USD |
363,410 |
EUR |
311,933 |
Goldman Sachs International |
07/16/26 |
6,794 |
| USD |
116,990 |
EUR |
98,991 |
State Street Bank and Trust Co. |
07/16/26 |
3,819 |
| USD |
118,178 |
EUR |
101,508 |
State Street Bank and Trust Co. |
07/16/26 |
2,129 |
| USD |
118,253 |
EUR |
101,573 |
State Street Bank and Trust Co. |
07/16/26 |
2,130 |
| USD |
118,324 |
EUR |
100,119 |
State Street Bank and Trust Co. |
07/16/26 |
3,863 |
| USD |
118,604 |
EUR |
100,357 |
State Street Bank and Trust Co. |
07/16/26 |
3,872 |
| USD |
120,500 |
EUR |
103,503 |
State Street Bank and Trust Co. |
07/16/26 |
2,171 |
| USD |
124,114 |
EUR |
106,607 |
State Street Bank and Trust Co. |
07/16/26 |
2,236 |
| USD |
124,178 |
EUR |
106,662 |
State Street Bank and Trust Co. |
07/16/26 |
2,237 |
| USD |
129,813 |
EUR |
111,502 |
State Street Bank and Trust Co. |
07/16/26 |
2,338 |
| USD |
169,775 |
EUR |
143,654 |
State Street Bank and Trust Co. |
07/16/26 |
5,543 |
| USD |
176,796 |
EUR |
149,595 |
State Street Bank and Trust Co. |
07/16/26 |
5,772 |
| USD |
303,912 |
EUR |
257,153 |
State Street Bank and Trust Co. |
07/16/26 |
9,922 |
| USD |
348,782 |
EUR |
299,585 |
State Street Bank and Trust Co. |
07/16/26 |
6,283 |
| USD |
395,987 |
EUR |
335,063 |
State Street Bank and Trust Co. |
07/16/26 |
12,928 |
| USD |
595,845 |
EUR |
511,000 |
Wells Fargo Bank N.A. |
09/16/26 |
10,130 |
| USD |
28,186 |
GBP |
21,000 |
UBS AG |
09/16/26 |
330 |
| |
|
|
|
|
|
257,161 |
| EUR |
297 |
USD |
352 |
HSBC Bank PLC |
07/16/26 |
(12 ) |
Schedule of Investments 137
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Forward Foreign Currency Exchange Contracts (continued)
| Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
| EUR |
4,072 |
USD |
4,822 |
HSBC Bank PLC |
07/16/26 |
$ (166 ) |
| USD |
263,555 |
EUR |
231,000 |
JPMorgan Chase Bank N.A. |
09/16/26 |
(1,221 ) |
| |
|
|
|
|
|
(1,399 ) |
| |
$ 255,762 | |||||
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.46.V2 |
5.00 % |
Quarterly |
06/20/31 |
USD |
8,478 |
$ (695,825 ) |
$ (684,004 ) |
$ (11,821 ) |
Centrally Cleared Credit Default Swaps — Sell Protection
| Reference Obligation/Index |
Financing Rate Received by the Fund |
Payment Frequency |
Termination Date |
Credit Rating(a) |
Notional Amount (000)(b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| CDX.NA.IG.46.V1 |
1.00 % |
Quarterly |
06/20/31 |
BBB+ |
USD |
10 |
$ 223 |
$ 222 |
$ 1 |
| (a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| (b) |
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Credit Default Swaps — Buy Protection
| Reference Obligations/Index |
Financing Rate Paid by the Fund |
Payment Frequency |
Counterparty |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
| CMBX.NA.7 |
3.00 % |
Monthly |
Deutsche Bank AG |
01/17/47 |
USD |
8,083 |
$ 839,672 |
$ 481,862 |
$ 357,810 |
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) | |
| CMBX.NA.7 |
3.00 % |
Monthly |
Barclays Bank PLC |
01/17/47 |
D |
USD |
3,233 |
$ (335,869 ) |
$ (134,921 ) |
$ (200,948 ) |
| CMBX.NA.7 |
3.00 |
Monthly |
Barclays Bank PLC |
01/17/47 |
D |
USD |
1,617 |
(167,935 ) |
(67,383 ) |
(100,552 ) |
| CMBX.NA.7 |
3.00 |
Monthly |
Barclays Bank PLC |
01/17/47 |
D |
USD |
3,233 |
(335,869 ) |
(66,666 ) |
(269,203 ) |
| |
|
|
|
|
|
|
|
$ (839,673 ) |
$ (268,970 ) |
$ (570,703 ) |
| (a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| (b) |
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
| Centrally Cleared Swaps(a) |
$ 222 |
$ (684,004 ) |
$ 1 |
$ (11,821 ) |
| OTC Swaps |
481,862 |
(268,970 ) |
357,810 |
(570,703 ) |
| (a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
138
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
| Assets — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 257,161 |
$ — |
$ — |
$ 257,161 |
| Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps(a) |
— |
1 |
— |
— |
— |
— |
1 |
| Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
839,672 |
— |
— |
— |
— |
839,672 |
| |
$ — |
$ 839,673 |
$ — |
$ 257,161 |
$ — |
$ — |
$ 1,096,834 |
| Liabilities — Derivative Financial Instruments |
|
|
|
|
|
|
|
| Futures contracts Unrealized depreciation on futures contracts(a) |
$ — |
$ — |
$ — |
$ — |
$ 2,599,592 |
$ — |
$ 2,599,592 |
| Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
— |
— |
— |
1,399 |
— |
— |
1,399 |
| Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps(a) |
— |
11,821 |
— |
— |
— |
— |
11,821 |
| Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
839,673 |
— |
— |
— |
— |
839,673 |
| |
$ — |
$ 851,494 |
$ — |
$ 1,399 |
$ 2,599,592 |
$ — |
$ 3,452,485 |
| (a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended June 30, 2026, the effect of derivative financial instruments in the Statement of Operations was as follows:
| |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
| Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 65,896 |
$ — |
$ 65,896 |
| Forward foreign currency exchange contracts |
— |
— |
— |
47,598 |
— |
— |
47,598 |
| Swaps |
— |
15,838 |
— |
— |
— |
— |
15,838 |
| |
$ — |
$ 15,838 |
$ — |
$ 47,598 |
$ 65,896 |
$ — |
$ 129,332 |
| Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
| Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (3,649,833 ) |
$ — |
$ (3,649,833 ) |
| Forward foreign currency exchange contracts |
— |
— |
— |
270,623 |
— |
— |
270,623 |
| Swaps |
— |
79,123 |
— |
— |
— |
— |
79,123 |
| |
$ — |
$ 79,123 |
$ — |
$ 270,623 |
$ (3,649,833 ) |
$ — |
$ (3,300,087 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| Futures contracts: |
|
| Average notional value of contracts — long |
$560,714,469 |
| Average notional value of contracts — short |
236,280,375 |
| Forward foreign currency exchange contracts: |
|
| Average amounts purchased — in USD |
17,399,756 |
| Average amounts sold — in USD |
4,973 |
| Credit default swaps: |
|
| Average notional value — buy protection |
15,961,102 |
| Average notional value — sell protection |
13,563,169 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments 139
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| |
Assets |
Liabilities |
| Derivative Financial Instruments |
|
|
| Futures contracts |
$ 1,539,203 |
$ 395,545 |
| Forward foreign currency exchange contracts |
257,161 |
1,399 |
| Swaps — centrally cleared |
5,359 |
— |
| Swaps — OTC(a) |
839,672 |
839,673 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities |
2,641,395 |
1,236,617 |
| Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(1,544,562 ) |
(395,545 ) |
| Total derivative assets and liabilities subject to an MNA |
$ 1,096,833 |
$ 841,072 |
| (a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities. |
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset |
Non-Cash Collateral Received(a) |
Cash Collateral Received(a) |
Net Amount of Derivative Assets(b)(c) |
| BNP Paribas SA |
$ 163,046 |
$ — |
$ — |
$ — |
$ 163,046 |
| Credit Agricole Corporate and Investment Bank |
5,939 |
— |
— |
— |
5,939 |
| Deutsche Bank AG |
845,351 |
— |
— |
(845,351 ) |
— |
| Goldman Sachs International |
6,794 |
— |
— |
— |
6,794 |
| State Street Bank and Trust Co. |
65,243 |
— |
— |
— |
65,243 |
| UBS AG |
330 |
— |
— |
— |
330 |
| Wells Fargo Bank N.A. |
10,130 |
— |
— |
— |
10,130 |
| |
$ 1,096,833 |
$ — |
$ — |
$ (845,351 ) |
$ 251,482 |
| Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset |
Non-Cash Collateral Pledged(a) |
Cash Collateral Pledged(a) |
Net Amount of Derivative Liabilities(b)(d) |
| Barclays Bank PLC |
$ 839,673 |
$ — |
$ — |
$ (750,000 ) |
$ 89,673 |
| HSBC Bank PLC |
178 |
— |
— |
— |
178 |
| JPMorgan Chase Bank N.A. |
1,221 |
— |
— |
— |
1,221 |
| |
$ 841,072 |
$ — |
$ — |
$ (750,000 ) |
$ 91,072 |
| (a) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| (b) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| (c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
| (d) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Assets |
|
|
|
|
| Investments |
|
|
|
|
| Long-Term Investments |
|
|
|
|
| Asset-Backed Securities |
$ — |
$ 72,738,224 |
$ 1,098,900 |
$ 73,837,124 |
| Common Stocks |
— |
14,326 |
64,165 |
78,491 |
140
2026 BlackRock Semi-Annual Report to Shareholders
Schedule of Investments (unaudited)(continued)
June 30, 2026
BlackRock Multi-Sector Income Trust (BIT)
Fair Value Hierarchy as of Period End (continued)
| |
Level 1 |
Level 2 |
Level 3 |
Total |
| Corporate Bonds |
$ — |
$ 722,616,293 |
$ 676,000 |
$ 723,292,293 |
| Floating Rate Loan Interests |
— |
1,885,807 |
348,903 |
2,234,710 |
| Foreign Agency Obligations |
— |
29,965,942 |
— |
29,965,942 |
| Municipal Bonds |
— |
4,706,020 |
— |
4,706,020 |
| Non-Agency Mortgage-Backed Securities |
— |
128,384,003 |
— |
128,384,003 |
| Preferred Securities |
|
|
|
|
| Capital Trusts |
— |
53,456,459 |
— |
53,456,459 |
| Preferred Stocks |
|
|
|
|
| Capital Markets |
2,510,000 |
— |
— |
2,510,000 |
| Financial Services |
— |
221,400 |
— |
221,400 |
| IT Services |
— |
28,189 |
— |
28,189 |
| U.S. Government Sponsored Agency Securities |
— |
155,718,204 |
— |
155,718,204 |
| U.S. Treasury Obligations |
— |
13,340,047 |
— |
13,340,047 |
| Warrants |
— |
590 |
— |
590 |
| Short-Term Securities |
|
|
|
|
| Money Market Funds |
5,881,765 |
— |
— |
5,881,765 |
| |
$8,391,765 |
$1,183,075,504 |
$2,187,968 |
$1,193,655,237 |
| Derivative Financial Instruments(a) |
|
|
|
|
| Assets |
|
|
|
|
| Credit Contracts |
$ — |
$ 357,811 |
$ — |
$ 357,811 |
| Foreign Currency Exchange Contracts |
— |
257,161 |
— |
257,161 |
| Liabilities |
|
|
|
|
| Credit Contracts |
— |
(582,524 ) |
— |
(582,524 ) |
| Foreign Currency Exchange Contracts |
— |
(1,399 ) |
— |
(1,399 ) |
| Interest Rate Contracts |
(2,599,592 ) |
— |
— |
(2,599,592 ) |
| |
$(2,599,592 ) |
$31,049 |
$— |
$(2,568,543 ) |
| (a) |
Derivative financial instruments are futures contracts, forward foreign currency exchange contracts and options written. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $443,076,673 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments 141
Statements of Assets and Liabilities (unaudited) June 30, 2026
| |
DSU |
FRA |
BKT |
BLW |
| ASSETS |
|
|
|
|
| Investments, at value — unaffiliated(a) |
$ 726,067,863 |
$ 511,553,688 |
$ 525,262,314 |
$ 805,482,445 |
| Investments, at value — affiliated(b) |
24,755,200 |
4,061,387 |
1,251,920 |
6,173,706 |
| Cash |
1,593,151 |
— |
— |
— |
| Cash pledged: |
|
|
|
|
| Collateral — reverse repurchase agreements |
— |
— |
— |
34,183 |
| Futures contracts |
159,000 |
49,000 |
824,000 |
2,054,470 |
| Centrally cleared swaps |
33,000 |
— |
— |
448,000 |
| Foreign currency, at value(c) |
18,203 |
1,053 |
— |
635,633 |
| Receivables: |
|
|
|
|
| Investments sold |
6,817,615 |
6,358,023 |
— |
4,217,477 |
| Reverse repurchase agreements |
— |
— |
— |
1,249,183 |
| TBA sale commitments |
— |
— |
573,283 |
— |
| Capital shares sold |
441,193 |
— |
— |
— |
| Dividends — unaffiliated |
10,018 |
8,014 |
— |
23,895 |
| Dividends — affiliated |
18,865 |
1,593 |
11,054 |
9,780 |
| Interest — unaffiliated |
6,012,696 |
3,205,668 |
3,678,228 |
9,154,050 |
| Principal paydowns |
— |
— |
— |
13,562 |
| Variation margin on futures contracts |
39,922 |
12,344 |
144,216 |
267,375 |
| Swap premiums paid |
— |
— |
— |
10,577 |
| Unrealized appreciation on: |
|
|
|
|
| Forward foreign currency exchange contracts |
37,894 |
3,410 |
— |
302,724 |
| OTC swaps |
228,065 |
— |
— |
92,318 |
| Unfunded floating rate loan interests |
28,699 |
24,542 |
— |
15,964 |
| Deferred offering costs |
203,312 |
214,807 |
280,695 |
136,382 |
| Prepaid expenses |
46,989 |
22,004 |
31,925 |
30,307 |
| Total assets |
766,511,685 |
525,515,533 |
532,057,635 |
830,352,031 |
| LIABILITIES |
|
|
|
|
| Bank overdraft |
— |
113,612 |
78,120 |
175,336 |
| Cash received as collateral for reverse repurchase agreements |
— |
— |
— |
294,183 |
| TBA sale commitments, at value(d) |
— |
— |
571,133 |
— |
| Reverse repurchase agreements, at value |
— |
— |
128,535,066 |
281,234,674 |
| Payables: |
|
|
|
|
| Investments purchased |
32,747,891 |
26,948,344 |
44,340,720 |
27,386,090 |
| Reverse repurchase agreements |
— |
— |
— |
1,726,281 |
| Accounting services fees |
27,326 |
23,272 |
17,244 |
30,626 |
| Administration fees |
— |
— |
44,062 |
— |
| Bank borrowings |
110,000,000 |
94,000,000 |
— |
— |
| Custodian fees |
7,965 |
5,868 |
6,143 |
14,239 |
| Income dividend distributions |
— |
147,994 |
154,707 |
148,486 |
| Interest expense and fees |
452,807 |
403,420 |
8,554 |
— |
| Investment advisory fees |
321,693 |
306,574 |
190,694 |
418,848 |
| Offering costs |
— |
35,466 |
— |
26,282 |
| Directors’ and Officer’s fees |
272,383 |
5,608 |
144,923 |
366,827 |
| Principal payups |
— |
— |
993,948 |
— |
| Professional fees |
69,708 |
58,018 |
28,459 |
57,544 |
| Reorganization costs |
— |
— |
161,540 |
— |
| Transfer agent fees |
36,589 |
24,597 |
18,976 |
28,050 |
| Variation margin on futures contracts |
— |
— |
— |
256,003 |
| Variation margin on centrally cleared swaps |
260 |
— |
— |
2,495 |
| Swap premiums received |
72,138 |
— |
— |
29,279 |
142
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Assets and Liabilities (unaudited) (continued) June 30, 2026
| |
DSU |
FRA |
BKT |
BLW |
| Unrealized depreciation on: |
|
|
|
|
| Forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 139 |
| OTC swaps |
— |
— |
— |
871 |
| Unfunded floating rate loan interests |
29,881 |
24,675 |
— |
10,967 |
| Total liabilities |
144,038,641 |
122,097,448 |
175,294,289 |
312,207,220 |
| Commitments and contingent liabilities |
|
|
|
|
| NET ASSETS |
$ 622,473,044 |
$ 403,418,085 |
$ 356,763,346 |
$ 518,144,811 |
| NET ASSETS CONSIST OF |
|
|
|
|
| Paid-in capital(e)(f)(g) |
$ 803,398,292 |
$ 507,365,893 |
$ 551,794,856 |
$ 643,907,716 |
| Accumulated loss |
(180,925,248) |
(103,947,808) |
(195,031,510) |
(125,762,905) |
| NET ASSETS |
$ 622,473,044 |
$ 403,418,085 |
$ 356,763,346 |
$ 518,144,811 |
| Net asset value |
$ 9.61 |
$ 11.38 |
$ 11.01 |
$ 13.25 |
| (a) Investments, at cost—unaffiliated |
$751,134,656 |
$526,890,089 |
$549,689,274 |
$813,978,307 |
| (b) Investments, at cost—affiliated |
$24,744,349 |
$4,061,187 |
$1,251,920 |
$6,173,706 |
| (c) Foreign currency, at cost |
$17,856 |
$1,061 |
$— |
$667,159 |
| (d) Proceeds from TBA sale commitments |
$— |
$— |
$573,283 |
$— |
| (e) Shares outstanding |
64,782,943 |
35,434,758 |
32,388,952 |
|
| (f) Shares authorized |
400 million |
200 million |
200 million |
Unlimited |
| (g) Par value |
$0.10 |
$0.10 |
$0.010 |
$0.001 |
See notes to financial statements.
Financial Statements 143
Statements of Assets and Liabilities (unaudited) (continued) June 30, 2026
| |
BIT |
| ASSETS |
|
| Investments, at value — unaffiliated(a) |
$ 1,187,773,472 |
| Investments, at value — affiliated(b) |
5,881,765 |
| Cash pledged: |
|
| Collateral — reverse repurchase agreements |
533,000 |
| Collateral — OTC derivatives |
750,000 |
| Futures contracts |
6,395,400 |
| Centrally cleared swaps |
450,000 |
| Foreign currency, at value(c) |
927,386 |
| Receivables: |
|
| Investments sold |
3,439,926 |
| Reverse repurchase agreements |
1,936,062 |
| Dividends — unaffiliated |
43,446 |
| Dividends — affiliated |
22,512 |
| Interest — unaffiliated |
16,525,726 |
| Variation margin on futures contracts |
1,539,203 |
| Variation margin on centrally cleared swaps |
5,359 |
| Swap premiums paid |
481,862 |
| Unrealized appreciation on: |
|
| Forward foreign currency exchange contracts |
257,161 |
| OTC swaps |
357,810 |
| Deferred offering costs |
337,014 |
| Prepaid expenses |
52,359 |
| Total assets |
1,227,709,463 |
| LIABILITIES |
|
| Bank overdraft |
4,060,276 |
| Cash received: |
|
| Collateral — reverse repurchase agreements |
793,000 |
| Collateral — OTC derivatives |
1,270,000 |
| Reverse repurchase agreements, at value |
443,076,673 |
| Payables: |
|
| Investments purchased |
16,998,870 |
| Accounting services fees |
32,997 |
| Custodian fees |
15,331 |
| Income dividend distributions |
202,208 |
| Investment advisory fees |
856,933 |
| Directors’ and Officer’s fees |
149,594 |
| Principal payups |
122,449 |
| Professional fees |
120,110 |
| Transfer agent fees |
32,067 |
| Variation margin on futures contracts |
395,545 |
| Swap premiums received |
268,970 |
144
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Assets and Liabilities (unaudited) (continued) June 30, 2026
| |
BIT |
| Unrealized depreciation on: |
|
| Forward foreign currency exchange contracts |
$ 1,399 |
| OTC swaps |
570,703 |
| Total liabilities |
468,967,125 |
| Commitments and contingent liabilities |
|
| NET ASSETS |
$ 758,742,338 |
| NET ASSETS CONSIST OF |
|
| Paid-in capital(d)(e)(f) |
$ 845,510,979 |
| Accumulated loss |
(86,768,641) |
| NET ASSETS |
$ 758,742,338 |
| Net asset value |
$ 13.30 |
| (a) Investments, at cost—unaffiliated |
$1,211,845,838 |
| (b) Investments, at cost—affiliated |
$5,881,765 |
| (c) Foreign currency, at cost |
$951,097 |
| (d) Shares outstanding |
57,062,709 |
| (e) Shares authorized |
Unlimited |
| (f) Par value |
$0.001 |
See notes to financial statements.
Financial Statements 145
Statements of Operations (unaudited) Six Months Ended June 30, 2026
| |
DSU |
FRA |
BKT |
BLW |
| INVESTMENT INCOME |
|
|
|
|
| Dividends — unaffiliated |
$966,469 |
$457,578 |
$— |
$607,860 |
| Dividends — affiliated |
466,140 |
34,047 |
62,500 |
58,877 |
| Interest — unaffiliated |
22,941,369 |
16,691,520 |
10,881,146 |
26,727,186 |
| Payment-in-kind interest — unaffiliated |
313,731 |
322,755 |
— |
311,489 |
| Other income — unaffiliated |
214,202 |
173,121 |
— |
128,510 |
| Total investment income |
24,901,911 |
17,679,021 |
10,943,646 |
27,833,922 |
| EXPENSES |
|
|
|
|
| Investment advisory |
1,985,193 |
1,909,909 |
1,178,925 |
2,337,810 |
| Offering |
204,490 |
— |
— |
— |
| Professional |
69,329 |
63,611 |
29,864 |
65,282 |
| Accounting services |
55,587 |
43,662 |
38,873 |
59,298 |
| Transfer agent |
32,276 |
19,021 |
34,870 |
27,867 |
| Directors and Officer |
24,665 |
11,764 |
15,016 |
28,096 |
| Custodian |
20,797 |
13,823 |
16,068 |
28,632 |
| Registration |
10,780 |
6,487 |
5,246 |
9,394 |
| Printing and postage |
8,286 |
10,475 |
8,831 |
20,854 |
| Administration |
— |
— |
272,060 |
— |
| Miscellaneous |
29,259 |
16,674 |
27,612 |
30,543 |
| Total expenses excluding interest expense |
2,440,662 |
2,095,426 |
1,627,365 |
2,607,776 |
| Interest expense and fees — unaffiliated |
2,437,645 |
2,326,235 |
2,090,464 |
5,787,335 |
| Total expenses |
4,878,307 |
4,421,661 |
3,717,829 |
8,395,111 |
| Less fees waived and/or reimbursed by the Manager |
(39,568 ) |
(4,590 ) |
(1,371 ) |
(1,250 ) |
| Total expenses after fees waived and/or reimbursed |
4,838,739 |
4,417,071 |
3,716,458 |
8,393,861 |
| Net investment income |
20,063,172 |
13,261,950 |
7,227,188 |
19,440,061 |
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
| Net realized gain (loss) from: |
|
|
|
|
| Investments — unaffiliated |
(3,634,191 ) |
(4,301,301 ) |
(749,880 ) |
(2,221,055 ) |
| Investments — affiliated |
— |
9,119 |
— |
— |
| Borrowed bonds |
— |
— |
137,473 |
— |
| Forward foreign currency exchange contracts |
53,045 |
5,373 |
— |
311,239 |
| Foreign currency transactions |
2,277 |
5,754 |
— |
26,522 |
| Futures contracts |
272,419 |
66,563 |
(21,773 ) |
(3,391,963 ) |
| Swaps |
34,344 |
— |
— |
130,548 |
| |
(3,272,106 ) |
(4,214,492 ) |
(634,180 ) |
(5,144,709 ) |
| Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
| Investments — unaffiliated |
(12,165,604 ) |
(7,828,191 ) |
(5,172,382 ) |
(12,462,497 ) |
| Investments — affiliated |
(64,913 ) |
(9,769 ) |
— |
— |
| Borrowed bonds |
— |
— |
(137,690 ) |
— |
| Forward foreign currency exchange contracts |
34,152 |
3,410 |
— |
282,706 |
| Foreign currency translations |
(1,247 ) |
(5,021 ) |
— |
(24,689 ) |
| Futures contracts |
(148,421 ) |
(43,528 ) |
(260,958 ) |
(772,177 ) |
| Swaps |
(263,614 ) |
— |
— |
(138,858 ) |
| Unfunded floating rate loan interests |
(13,000 ) |
(4,989 ) |
— |
2,192 |
| |
(12,622,647 ) |
(7,888,088 ) |
(5,571,030 ) |
(13,113,323 ) |
| Net realized and unrealized loss |
(15,894,753 ) |
(12,102,580 ) |
(6,205,210 ) |
(18,258,032 ) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$4,168,419 |
$1,159,370 |
$1,021,978 |
$1,182,029 |
See notes to financial statements.
146
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Operations (unaudited) (continued) Six Months Ended June 30, 2026
| |
BIT |
| INVESTMENT INCOME |
|
| Dividends — unaffiliated |
$86,415 |
| Dividends — affiliated |
119,227 |
| Interest — unaffiliated |
37,487,420 |
| Payment-in-kind interest — unaffiliated |
323,064 |
| Foreign taxes withheld |
(1,828 ) |
| Total investment income |
38,014,298 |
| EXPENSES |
|
| Investment advisory |
4,720,441 |
| Accounting services |
73,659 |
| Professional |
72,150 |
| Custodian |
33,597 |
| Transfer agent |
32,425 |
| Directors and Officer |
27,617 |
| Registration |
13,663 |
| Printing and postage |
7,652 |
| Miscellaneous |
37,834 |
| Total expenses excluding interest expense |
5,019,038 |
| Interest expense — unaffiliated |
7,370,542 |
| Total expenses |
12,389,580 |
| Less fees waived and/or reimbursed by the Manager |
(2,588 ) |
| Total expenses after fees waived and/or reimbursed |
12,386,992 |
| Net investment income |
25,627,306 |
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
| Net realized gain from: |
|
| Investments — unaffiliated |
800,528 |
| Forward foreign currency exchange contracts |
47,598 |
| Foreign currency transactions |
151,669 |
| Futures contracts |
65,896 |
| Swaps |
15,838 |
| |
1,081,529 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated |
(16,116,336 ) |
| Forward foreign currency exchange contracts |
270,623 |
| Foreign currency translations |
(17,415 ) |
| Futures contracts |
(3,649,833 ) |
| Swaps |
79,123 |
| Unfunded floating rate loan interests |
(3,206 ) |
| |
(19,437,044 ) |
| Net realized and unrealized loss |
(18,355,515 ) |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$7,271,791 |
See notes to financial statements.
Financial Statements 147
Statements of Changes in Net Assets
| |
DSU |
FRA | ||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| OPERATIONS |
|
|
|
|
| Net investment income |
$20,063,172 |
$42,408,682 |
$13,261,950 |
$32,242,547 |
| Net realized loss |
(3,272,106 ) |
(6,348,199 ) |
(4,214,492 ) |
(7,217,622 ) |
| Net change in unrealized appreciation (depreciation) |
(12,622,647 ) |
2,644,959 |
(7,888,088 ) |
(615,745 ) |
| Net increase in net assets resulting from operations |
4,168,419 |
38,705,442 |
1,159,370 |
24,409,180 |
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
|
|
| From net investment income |
(37,619,115 )(b) |
(42,394,719 ) |
(26,329,443 )(b) |
(32,180,588 ) |
| Return of capital |
— |
(25,068,150 ) |
— |
(20,388,439 ) |
| Decrease in net assets resulting from distributions to shareholders |
(37,619,115 ) |
(67,462,869 ) |
(26,329,443 ) |
(52,569,027 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
|
|
| Net proceeds from the issuance of shares |
24,224,190 |
106,993,712 |
— |
— |
| Reinvestment of distributions |
898,763 |
1,902,719 |
— |
1,628,631 |
| Net increase in net assets derived from capital share transactions |
25,122,953 |
108,896,431 |
— |
1,628,631 |
| NET ASSETS |
|
|
|
|
| Total increase (decrease) in net assets |
(8,327,743 ) |
80,139,004 |
(25,170,073 ) |
(26,531,216 ) |
| Beginning of period |
630,800,787 |
550,661,783 |
428,588,158 |
455,119,374 |
| End of period |
$622,473,044 |
$630,800,787 |
$403,418,085 |
$428,588,158 |
| (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.
148
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Changes in Net Assets (continued)
| |
BKT |
BLW | ||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
| INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
| OPERATIONS |
|
|
|
|
| Net investment income |
$7,227,188 |
$6,355,829 |
$19,440,061 |
$40,653,898 |
| Net realized loss |
(634,180 ) |
(2,326,803 ) |
(5,144,709 ) |
(3,137,414 ) |
| Net change in unrealized appreciation (depreciation) |
(5,571,030 ) |
20,772,435 |
(13,113,323 ) |
9,367,549 |
| Net increase in net assets resulting from operations |
1,021,978 |
24,801,461 |
1,182,029 |
46,884,033 |
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
|
|
| From net investment income |
(17,140,233 )(b) |
(10,481,755 ) |
(26,552,776 )(b) |
(40,835,982 ) |
| Return of capital |
— |
(15,867,369 ) |
— |
(11,285,802 ) |
| Decrease in net assets resulting from distributions to shareholders |
(17,140,233 ) |
(26,349,124 ) |
(26,552,776 ) |
(52,121,784 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
|
|
| Net proceeds from the issuance of shares |
— |
— |
— |
32,187,100 |
| Net proceeds from the issuance of shares due to reorganization |
— |
35,673,791 |
— |
— |
| Proceeds from rights offering (Note 11) |
— |
87,126,281 |
— |
— |
| Reinvestment of distributions |
— |
— |
199,736 |
2,075,736 |
| Redemption of shares due to reorganization |
— |
(341 ) |
— |
— |
| Net increase in net assets derived from capital share transactions |
— |
122,799,731 |
199,736 |
34,262,836 |
| NET ASSETS |
|
|
|
|
| Total increase (decrease) in net assets |
(16,118,255 ) |
121,252,068 |
(25,171,011 ) |
29,025,085 |
| Beginning of period |
372,881,601 |
251,629,533 |
543,315,822 |
514,290,737 |
| End of period |
$356,763,346 |
$372,881,601 |
$518,144,811 |
$543,315,822 |
| (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 149
Statements of Changes in Net Assets (continued)
| |
BIT | |
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
| INCREASE (DECREASE) IN NET ASSETS |
|
|
| OPERATIONS |
|
|
| Net investment income |
$25,627,306 |
$43,364,368 |
| Net realized gain (loss) |
1,081,529 |
(2,057,040 ) |
| Net change in unrealized appreciation (depreciation) |
(19,437,044 ) |
13,927,361 |
| Net increase in net assets resulting from operations |
7,271,791 |
55,234,689 |
| DISTRIBUTIONS TO SHAREHOLDERS(a) |
|
|
| From net investment income |
(42,351,943 )(b) |
(42,280,987 ) |
| Return of capital |
— |
(25,400,669 ) |
| Decrease in net assets resulting from distributions to shareholders |
(42,351,943 ) |
(67,681,656 ) |
| CAPITAL SHARE TRANSACTIONS |
|
|
| Net proceeds from the issuance of shares |
— |
41,322,413 |
| Proceeds from rights offering (Note 11) |
— |
185,596,458 |
| Reinvestment of distributions |
— |
1,494,688 |
| Net increase in net assets derived from capital share transactions |
— |
228,413,559 |
| NET ASSETS |
|
|
| Total increase (decrease) in net assets |
(35,080,152 ) |
215,966,592 |
| Beginning of period |
793,822,490 |
577,855,898 |
| End of period |
$758,742,338 |
$793,822,490 |
| (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.
150
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Cash Flows (unaudited) Six Months Ended June 30, 2026
| |
DSU |
FRA |
BKT |
BLW |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
|
|
|
| Net increase in net assets resulting from operations |
$4,168,419 |
$1,159,370 |
$1,021,978 |
$1,182,029 |
| 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 |
150,844,492 |
127,169,401 |
490,361,815 |
233,964,977 |
| Purchases of long-term investments |
(147,962,031 ) |
(88,473,551 ) |
(526,922,564 ) |
(211,784,156 ) |
| Net proceeds from sales (purchases) of short-term securities |
(7,079,246 ) |
(2,297,226 ) |
409,149 |
(2,094,464 ) |
| Amortization of premium and accretion of discount on investments and other fees |
(566,124 ) |
(369,605 ) |
4,068,700 |
(967,560 ) |
| Paid-in-kind income |
(313,731 ) |
(322,755 ) |
— |
(311,489 ) |
| Payments for borrowed bonds |
— |
— |
(704,874 ) |
— |
| Net realized loss on investments and borrowed bonds |
3,643,308 |
4,297,694 |
630,152 |
2,236,764 |
| Net unrealized (appreciation) depreciation on investments, swaps, borrowed bonds, forward foreign currency exchange contracts, foreign currency translations and unfunded floating rate loan interests |
12,478,367 |
7,844,560 |
5,310,072 |
12,383,612 |
| (Increase) Decrease in Assets |
|
|
|
|
| Receivables |
|
|
|
|
| Dividends — affiliated |
(18,577 ) |
(390 ) |
(5,696 ) |
(5,983 ) |
| Dividends — unaffiliated |
(10,018 ) |
(8,014 ) |
— |
263 |
| Interest — unaffiliated |
398,923 |
274,322 |
(898,247 ) |
535,321 |
| Variation margin on futures contracts |
(27,391 ) |
(6,000 ) |
(97,935 ) |
(176,609 ) |
| Variation margin on centrally cleared swaps |
— |
— |
— |
1,291 |
| Swap premiums paid |
— |
— |
— |
(1,305 ) |
| Prepaid expenses |
(46,866 ) |
(21,912 ) |
(31,866 ) |
(24,653 ) |
| Deferred offering costs. |
(86,574 ) |
— |
(23,940 ) |
— |
| Increase (Decrease) in Liabilities |
|
|
|
|
| Cash received |
|
|
|
|
| Payables |
|
|
|
|
| Accounting services fees |
(7,854 ) |
(7,939 ) |
(4,580 ) |
(10,192 ) |
| Administration fees |
— |
— |
(3,643 ) |
— |
| Custodian fees |
(4,675 ) |
(3,191 ) |
(1,993 ) |
(7,584 ) |
| Interest expense and fees |
(51,485 ) |
(115,183 ) |
59,917 |
(1,558,518 ) |
| Investment advisory fees |
(20,541 ) |
(43,106 ) |
(15,919 ) |
28,439 |
| Directors’ and Officer’s fees |
(26,895 ) |
5,381 |
(7,940 ) |
(20,849 ) |
| Other accrued expenses |
(1,183 ) |
(1,094 ) |
— |
(2,347 ) |
| Professional fees |
(27,977 ) |
(39,962 ) |
(15,700 ) |
(33,947 ) |
| Reorganization costs |
— |
— |
(595 ) |
— |
| Transfer agent fees |
10,682 |
5,975 |
11,421 |
11,672 |
| Variation margin on futures contracts |
— |
— |
(40,931 ) |
100,746 |
| Variation margin on centrally cleared swaps |
90 |
— |
— |
2,495 |
| Swap premiums received |
(118,963 ) |
— |
— |
(90,870 ) |
| Net cash provided by (used for) operating activities |
15,174,150 |
49,046,775 |
(26,903,219 ) |
33,357,083 |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
|
|
|
| Cash dividends paid to shareholders |
(36,720,352 ) |
(26,332,321 ) |
(17,082,847 ) |
(26,400,932 ) |
| Payments for offering costs |
— |
(53,580 ) |
— |
(31,098 ) |
| Payments for bank borrowings |
(96,000,000 ) |
(91,000,000 ) |
— |
— |
| Proceeds from bank borrowings |
93,000,000 |
68,000,000 |
— |
— |
| Increase (decrease) in bank overdraft |
— |
113,612 |
(17,333 ) |
175,336 |
| Proceeds from issuance of capital shares |
23,835,714 |
— |
— |
— |
| Net borrowing of reverse repurchase agreements |
— |
— |
43,789,399 |
(8,602,558 ) |
| Net cash provided by (used for) for financing activities |
(15,884,638 ) |
(49,272,289 ) |
26,689,219 |
(34,859,252 ) |
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
|
|
|
|
| Cash impact from foreign exchange fluctuations |
(270 ) |
(5,021 ) |
— |
(16,064 ) |
Financial Statements 151
Statements of Cash Flows (unaudited) (continued) Six Months Ended June 30, 2026
| |
DSU |
FRA |
BKT |
BLW |
| CASH AND FOREIGN CURRENCY |
|
|
|
|
| Net decrease in restricted and unrestricted cash and foreign currency |
$(710,758 ) |
$(230,535 ) |
$(214,000 ) |
$(1,518,233 ) |
| Restricted and unrestricted cash and foreign currency at beginning of period |
2,514,112 |
280,588 |
1,038,000 |
4,690,519 |
| Restricted and unrestricted cash and foreign currency at end of period |
$1,803,354 |
$50,053 |
$824,000 |
$3,172,286 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
| Cash paid during the period for interest expense |
$2,489,130 |
$2,441,418 |
$2,030,547 |
$7,345,853 |
| NON-CASH FINANCING ACTIVITIES |
|
|
|
|
| Reinvestment of distributions |
$898,763 |
$— |
$— |
$199,736 |
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
|
|
|
|
| Cash |
$1,593,151 |
$— |
$— |
$— |
| Cash pledged |
|
|
|
|
| Collateral — reverse repurchase agreements |
— |
— |
— |
34,183 |
| Futures contracts |
159,000 |
49,000 |
824,000 |
2,054,470 |
| Centrally cleared swaps |
33,000 |
— |
— |
448,000 |
| Foreign currency at value |
18,203 |
1,053 |
— |
635,633 |
| |
$1,803,354 |
$50,053 |
$824,000 |
$3,172,286 |
See notes to financial statements.
152
2026 BlackRock Semi-Annual Report to Shareholders
Statements of Cash Flows (unaudited) (continued) Six Months Ended June 30, 2026
| |
BIT |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
|
| Net increase in net assets resulting from operations |
$7,271,791 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |
|
| Proceeds from sales of long-term investments and principal paydowns/payups |
673,197,046 |
| Purchases of long-term investments |
(747,085,368 ) |
| Net purchases of short-term securities |
(7,584,994 ) |
| Amortization of premium and accretion of discount on investments and other fees |
(2,195,218 ) |
| Paid-in-kind income |
(323,064 ) |
| Net realized gain on investments |
(800,528 ) |
| Net unrealized (appreciation) depreciation on investments, swaps, forward foreign currency exchange contracts, foreign currency translations and unfunded floating rate loan interests |
15,813,135 |
| (Increase) Decrease in Assets |
|
| Receivables |
|
| Dividends — affiliated |
(18,650 ) |
| Dividends — unaffiliated |
469 |
| Interest — unaffiliated |
(2,028,458 ) |
| Variation margin on futures contracts |
(823,543 ) |
| Variation margin on centrally cleared swaps |
(3,726 ) |
| Swap premiums paid |
142,165 |
| Prepaid expenses |
(48,911 ) |
| Deferred offering costs. |
(177,522 ) |
| Increase (Decrease) in Liabilities |
|
| Cash received |
|
| Collateral — reverse repurchase agreements |
412,000 |
| Payables |
|
| Accounting services fees |
(9,278 ) |
| Custodian fees |
(4,293 ) |
| Interest expense |
(95,203 ) |
| Investment advisory fees |
94,090 |
| Directors’ and Officer’s fees |
(12,017 ) |
| Professional fees |
(17,959 ) |
| Transfer agent fees |
12,746 |
| Variation margin on futures contracts |
333,763 |
| Swap premiums received |
(74,729 ) |
| Net cash used for operating activities |
(64,026,256 ) |
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
|
| Cash dividends paid to shareholders |
(42,375,056 ) |
| Increase in bank overdraft |
4,060,276 |
| Net borrowing of reverse repurchase agreements |
104,814,526 |
| Net cash provided by financing activities |
66,499,746 |
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
|
| Cash impact from foreign exchange fluctuations |
(9,353 ) |
| CASH AND FOREIGN CURRENCY |
|
| Net increase in restricted and unrestricted cash and foreign currency |
2,464,137 |
| Restricted and unrestricted cash and foreign currency at beginning of period |
6,591,649 |
| Restricted and unrestricted cash and foreign currency at end of period |
$9,055,786 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
| Cash paid during the period for interest expense |
$7,465,745 |
Financial Statements 153
Statements of Cash Flows (unaudited) (continued) Six Months Ended June 30, 2026
| |
BIT |
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
|
| Cash pledged |
|
| Collateral — reverse repurchase agreements |
$533,000 |
| Collateral — OTC derivatives |
750,000 |
| Futures contracts |
6,395,400 |
| Centrally cleared swaps |
450,000 |
| Foreign currency at value |
927,386 |
| |
$9,055,786 |
See notes to financial statements.
154
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights (For a share outstanding throughout each period)
| |
DSU | |||||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
| | ||||||
| Net asset value, beginning of period |
$10.14 |
$10.63 |
$10.89 |
$10.44 |
$11.56 |
$11.55 |
| Net investment income(a) |
0.32 |
0.74 |
0.94 |
0.99 |
0.72 |
0.61 |
| Net realized and unrealized gain (loss) |
(0.26 ) |
(0.05 ) |
(0.02 ) |
0.51 |
(1.14 ) |
0.13 |
| Net increase (decrease) from investment operations |
0.06 |
0.69 |
0.92 |
1.50 |
(0.42 ) |
0.74 |
| Distributions(b) |
|
|
|
|
|
|
| From net investment income |
(0.59 )(c) |
(0.74 ) |
(0.95 ) |
(0.99 ) |
(0.68 ) |
(0.62 ) |
| Return of capital |
— |
(0.44 ) |
(0.23 ) |
(0.06 ) |
(0.02 ) |
(0.11 ) |
| Total distributions |
(0.59 ) |
(1.18 ) |
(1.18 ) |
(1.05 ) |
(0.70 ) |
(0.73 ) |
| Net asset value, end of period |
$9.61 |
$10.14 |
$10.63 |
$10.89 |
$10.44 |
$11.56 |
| Market price, end of period |
$9.70 |
$10.18 |
$10.76 |
$10.79 |
$9.20 |
$11.70 |
| Total Return(d) |
|
|
|
|
|
|
| Based on net asset value |
0.67 %(e) |
6.93 % |
8.93 % |
15.74 % |
(2.97 )% |
6.67 % |
| Based on market price |
1.21 %(e) |
6.06 % |
11.28 % |
30.14 % |
(15.51 )% |
19.33 % |
| Ratios to Average Net Assets(f) |
|
|
|
|
|
|
| Total expenses |
1.54 %(g)(h)(i) |
1.69 % |
2.32 % |
2.47 % |
1.90 % |
1.34 % |
| Total expenses after fees waived and/or reimbursed |
1.53 %(g)(h)(i) |
1.69 % |
2.31 % |
2.47 % |
1.90 % |
1.34 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs |
0.71 %(g) |
0.73 % |
0.79 % |
0.79 % |
0.84 % |
0.92 % |
| Net investment income |
6.48 %(g) |
7.22 % |
8.72 % |
9.25 % |
6.65 % |
5.21 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets, end of period (000) |
$622,473 |
$630,801 |
$550,662 |
$507,398 |
$486,565 |
$538,681 |
| Borrowings outstanding, end of period (000) |
$110,000 |
$113,000 |
$102,000 |
$149,000 |
$164,000 |
$248,000 |
| Asset coverage, end of period per $1,000 of bank borrowings(j) |
$6,659 |
$6,582 |
$6,399 |
$4,405 |
$3,967 |
$3,172 |
| Portfolio turnover rate |
21 % |
38 % |
43 % |
30 % |
18 % |
47 % |
| (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) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.51% and 1.50%, respectively. |
| (i) |
Offering costs is not annualized in the calculation of the expense ratios. If the expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.58% and 1.56%, respectively. |
| (j) |
Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
Financial Highlights 155
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
FRA | |||||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
| | ||||||
| Net asset value, beginning of period |
$12.10 |
$12.89 |
$13.26 |
$12.81 |
$13.85 |
$13.81 |
| Net investment income(a) |
0.37 |
0.91 |
1.16 |
1.24 |
0.84 |
0.67 |
| Net realized and unrealized gain (loss) |
(0.35 ) |
(0.21 ) |
(0.04 ) |
0.53 |
(1.11 ) |
0.17 |
| Net increase (decrease) from investment operations |
0.02 |
0.70 |
1.12 |
1.77 |
(0.27 ) |
0.84 |
| Distributions(b) |
|
|
|
|
|
|
| From net investment income |
(0.74 )(c) |
(0.91 ) |
(1.17 ) |
(1.25 ) |
(0.77 ) |
(0.67 ) |
| Return of capital |
— |
(0.58 ) |
(0.32 ) |
(0.07 ) |
— |
(0.13 ) |
| Total distributions |
(0.74 ) |
(1.49 ) |
(1.49 ) |
(1.32 ) |
(0.77 ) |
(0.80 ) |
| Net asset value, end of period |
$11.38 |
$12.10 |
$12.89 |
$13.26 |
$12.81 |
$13.85 |
| Market price, end of period |
$10.99 |
$11.78 |
$13.75 |
$12.66 |
$11.26 |
$13.43 |
| Total Return(d) |
|
|
|
|
|
|
| Based on net asset value |
0.45 %(e) |
5.76 % |
8.88 % |
15.35 % |
(1.34 )% |
6.48 % |
| Based on market price |
(0.36 )%(e) |
(3.48 )% |
21.65 % |
25.29 % |
(10.57 )% |
17.74 % |
| Ratios to Average Net Assets(f) |
|
|
|
|
|
|
| Total expenses |
2.15 %(g) |
2.61 % |
2.95 % |
2.88 % |
2.17 % |
1.55 % |
| Total expenses after fees waived and/or reimbursed |
2.15 %(g) |
2.61 % |
2.95 % |
2.87 % |
2.17 % |
1.54 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
1.02 %(g) |
1.04 % |
1.07 % |
1.04 % |
1.15 % |
1.14 % |
| Net investment income |
6.45 %(g) |
7.33 % |
8.84 % |
9.45 % |
6.36 % |
4.76 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets, end of period (000) |
$403,418 |
$428,588 |
$455,119 |
$467,336 |
$451,188 |
$487,833 |
| Borrowings outstanding, end of period (000) |
$94,000 |
$117,000 |
$143,000 |
$144,000 |
$147,000 |
$223,000 |
| Asset coverage, end of period per $1,000 of bank borrowings(h) |
$5,292 |
$4,663 |
$4,183 |
$4,245 |
$4,069 |
$3,188 |
| Portfolio turnover rate |
19 % |
36 % |
36 % |
25 % |
14 % |
49 % |
| (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) |
Not annualized. |
| (f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) |
Annualized. |
| (h) |
Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
156
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
BKT | |||||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22(a) |
Year Ended 12/31/21(a) |
| | ||||||
| Net asset value, beginning of period |
$11.51 |
$11.81 |
$12.73 |
$13.10 |
$16.94 |
$18.54 |
| Net investment income(b) |
0.22 |
0.25 |
0.36 |
0.32 |
0.43 |
0.70 |
| Net realized and unrealized gain (loss) |
(0.19 ) |
0.70 |
(0.22 ) |
0.37 |
(3.24 ) |
(1.06 ) |
| Net increase (decrease) from investment operations |
0.03 |
0.95 |
0.14 |
0.69 |
(2.81 ) |
(0.36 ) |
| Distributions(c) |
|
|
|
|
|
|
| From net investment income |
(0.53 )(d) |
(0.43 ) |
(0.41 ) |
(0.39 ) |
(0.49 ) |
(0.89 ) |
| Return of capital |
— |
(0.63 ) |
(0.65 ) |
(0.67 ) |
(0.54 ) |
(0.35 ) |
| Total distributions |
(0.53 ) |
(1.06 ) |
(1.06 ) |
(1.06 ) |
(1.03 ) |
(1.24 ) |
| Dilutive effect of rights offer (Note 11) |
— |
(0.19 ) |
— |
— |
— |
— |
| Net asset value, end of period |
$11.01 |
$11.51 |
$11.81 |
$12.73 |
$13.10 |
$16.94 |
| Market price, end of period |
$10.72 |
$11.04 |
$11.52 |
$12.18 |
$12.34 |
$16.95 |
| Total Return(e) |
|
|
|
|
|
|
| Based on net asset value |
0.43 %(f) |
6.78 % |
1.32 % |
6.03 % |
(16.67 )% |
(2.01 )% |
| Based on market price |
1.95 %(f) |
5.01 % |
3.29 % |
7.69 % |
(21.50 )% |
(0.23 )% |
| Ratios to Average Net Assets(g) |
|
|
|
|
|
|
| Total expenses |
2.05 %(h) |
1.97 % |
2.75 % |
3.23 % |
1.65 % |
0.94 % |
| Total expenses after fees waived and/or reimbursed |
2.05 %(h) |
1.97 % |
2.75 % |
3.23 % |
1.64 % |
0.94 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense |
0.89 %(h) |
0.91 % |
0.93 % |
0.92 % |
0.95 % |
0.90 % |
| Net investment income |
3.98 %(h) |
2.14 % |
2.96 % |
2.50 % |
2.94 % |
3.91 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets, end of period (000) |
$356,763 |
$372,882 |
$251,630 |
$271,329 |
$279,035 |
$360,752 |
| Borrowings outstanding, end of period (000) |
$128,535 |
$84,693 |
$76,794 |
$111,020 |
$115,764 |
$115,184 |
| Portfolio turnover rate(i) |
92 % |
223 % |
269 % |
221 % |
237 % |
248 % |
| (a) |
Per share operating performance amounts have been adjusted to reflect a 1-for-3 reverse stock split prior to the open of trading on the NYSE on October 18, 2022 for common stockholders of record as of the close of business on October 17, 2022. |
| (b) |
Based on average shares outstanding. |
| (c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) |
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) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
| | ||||||
| Portfolio turnover rate (excluding MDRs) |
46 % |
112 % |
133 % |
106 % |
122 % |
119 % |
See notes to financial statements.
Financial Highlights 157
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
BLW | |||||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
| | ||||||
| Net asset value, beginning of period |
$13.90 |
$14.04 |
$14.11 |
$13.51 |
$16.44 |
$16.93 |
| Net investment income(a) |
0.50 |
1.06 |
1.14 |
1.11 |
0.97 |
1.00 |
| Net realized and unrealized gain (loss) |
(0.47 ) |
0.16 |
0.12 |
0.70 |
(2.82 ) |
(0.31 ) |
| Net increase (decrease) from investment operations |
0.03 |
1.22 |
1.26 |
1.81 |
(1.85 ) |
0.69 |
| Distributions(b) |
|
|
|
|
|
|
| From net investment income |
(0.68 )(c) |
(1.07 ) |
(1.18 ) |
(1.07 ) |
(0.92 ) |
(1.02 ) |
| Return of capital |
— |
(0.29 ) |
(0.15 ) |
(0.14 ) |
(0.16 ) |
(0.16 ) |
| Total distributions |
(0.68 ) |
(1.36 ) |
(1.33 ) |
(1.21 ) |
(1.08 ) |
(1.18 ) |
| Net asset value, end of period |
$13.25 |
$13.90 |
$14.04 |
$14.11 |
$13.51 |
$16.44 |
| Market price, end of period |
$12.49 |
$13.74 |
$14.13 |
$13.98 |
$13.07 |
$16.85 |
| Total Return(d) |
|
|
|
|
|
|
| Based on net asset value |
0.42 %(e) |
9.11 % |
9.34 % |
14.41 % |
(10.96 )% |
4.18 %(f) |
| Based on market price |
(4.24 )%(e) |
7.17 % |
11.06 % |
17.17 % |
(15.96 )% |
13.55 % |
| Ratios to Average Net Assets(g) |
|
|
|
|
|
|
| Total expenses |
3.20 %(h) |
3.70 %(i) |
4.47 % |
3.64 % |
2.04 % |
1.18 % |
| Total expenses after fees waived and/or reimbursed |
3.20 %(h) |
3.70 %(i) |
4.47 % |
3.64 % |
2.04 % |
1.18 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs |
0.99 %(h) |
0.98 % |
1.01 % |
0.94 % |
0.96 % |
0.92 % |
| Net investment income |
7.40 %(h) |
7.62 % |
8.13 % |
8.10 % |
6.70 % |
5.90 % |
| Supplemental Data |
|
|
|
|
|
|
| Net assets, end of period (000) |
$518,145 |
$543,316 |
$514,291 |
$503,770 |
$482,587 |
$587,146 |
| Borrowings outstanding, end of period (000) |
$281,235 |
$290,501 |
$337,676 |
$276,235 |
$275,639 |
$312,356 |
| Portfolio turnover rate(j) |
27 % |
48 % |
95 % |
106 % |
77 % |
66 % |
| (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) |
Not annualized. |
| (f) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.68% and 3.68%, respectively. |
| (j) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 |
| | ||||||
| Portfolio turnover rate (excluding MDRs) |
26 % |
44 % |
75 % |
70 % |
58 % |
52 % |
See notes to financial statements.
158
2026 BlackRock Semi-Annual Report to Shareholders
Financial Highlights (continued) (For a share outstanding throughout each period)
| |
BIT | ||||||
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Period from 11/01/23 to 12/31/23 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
| | |||||||
| Net asset value, beginning of period |
$13.91 |
$14.50 |
$14.76 |
$13.78 |
$14.66 |
$17.98 |
$17.66 |
| Net investment income(a) |
0.45 |
0.93 |
0.99 |
0.16 |
0.91 |
1.03 |
1.13 |
| Net realized and unrealized gain (loss) |
(0.32 ) |
0.13 |
0.23 |
1.07 |
(0.31 ) |
(2.87 ) |
0.67 |
| Net increase (decrease) from investment operations |
0.13 |
1.06 |
1.22 |
1.23 |
0.60 |
(1.84 ) |
1.80 |
| Distributions(b) |
|
|
|
|
|
|
|
| From net investment income |
(0.74 )(c) |
(0.93 ) |
(0.97 ) |
(0.17 ) |
(0.89 ) |
(1.07 ) |
(1.11 ) |
| Return of capital |
— |
(0.55 ) |
(0.51 ) |
(0.08 ) |
(0.59 ) |
(0.41 ) |
(0.37 ) |
| Total distributions |
(0.74 ) |
(1.48 ) |
(1.48 ) |
(0.25 ) |
(1.48 ) |
(1.48 ) |
(1.48 ) |
| Dilutive effect of rights offer (Note 11) |
— |
(0.17 ) |
— |
— |
— |
— |
— |
| Net asset value, end of period |
$13.30 |
$13.91 |
$14.50 |
$14.76 |
$13.78 |
$14.66 |
$17.98 |
| Market price, end of period |
$12.52 |
$13.06 |
$14.60 |
$15.00 |
$14.09 |
$14.43 |
$18.90 |
| Total Return(d) |
|
|
|
|
|
|
|
| Based on net asset value |
1.29 %(e) |
6.68 % |
8.66 % |
8.95 %(e) |
4.08 % |
(10.47 )%(f) |
10.55 % |
| Based on market price |
1.56 %(e) |
(0.53 )% |
7.66 % |
8.29 %(e) |
8.12 % |
(16.16 )% |
31.13 % |
| Ratios to Average Net Assets(g) |
|
|
|
|
|
|
|
| Total expenses |
3.22 %(h) |
3.26 %(i) |
4.29 % |
4.29 %(h)(j) |
3.92 % |
1.99 % |
1.70 % |
| Total expenses after fees waived and/or reimbursed |
3.22 %(h) |
3.26 %(i) |
4.28 % |
4.29 %(h)(j) |
3.92 % |
1.99 % |
1.70 % |
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs |
1.30 %(h) |
1.25 % |
1.33 % |
1.34 %(h)(j) |
1.32 % |
1.34 % |
1.42 % |
| Net investment income |
6.66 %(h) |
6.58 % |
6.77 % |
6.64 %(h) |
6.26 % |
6.39 % |
6.14 % |
| Supplemental Data |
|
|
|
|
|
|
|
| Net assets, end of period (000) |
$758,742 |
$793,822 |
$577,856 |
$558,173 |
$520,821 |
$552,552 |
$676,391 |
| Borrowings outstanding, end of period (000) |
$443,077 |
$336,421 |
$347,481 |
$284,576 |
$285,633 |
$288,231 |
$386,820 |
| Portfolio turnover rate(k) |
59 % |
48 % |
134 % |
28 % |
151 % |
112 % |
75 % |
| (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) |
Not annualized. |
| (f) |
Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.25% and 3.25%, respectively. |
| (j) |
Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses, total expenses after fees waived and/or reimbursed, total expenses after fees waived and/or reimbursed and excluding interest expense would have been 4.35%, 4.35% and 1.40%, respectively |
| (k) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| |
Six Months Ended 06/30/26 (unaudited) |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Period from 11/01/23 to 12/31/23 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
| | |||||||
| Portfolio turnover rate (excluding MDRs) |
57 % |
43 % |
99 % |
17 % |
91 % |
77 % |
58 % |
See notes to financial statements.
Financial Highlights 159
Notes to Financial Statements (unaudited)
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:
| Fund Name |
Herein Referred To As |
Organized |
Diversification Classification |
| BlackRock Debt Strategies Fund, Inc. |
DSU |
Maryland |
Diversified |
| BlackRock Floating Rate Income Strategies Fund, Inc. |
FRA |
Maryland |
Diversified |
| BlackRock Income Trust, Inc. |
BKT |
Maryland |
Diversified |
| BlackRock Limited Duration Income Trust |
BLW |
Delaware |
Diversified |
| BlackRock Multi-Sector Income Trust |
BIT |
Delaware |
Diversified |
The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Prior Year Reorganization: The Board of BKT (the “Acquiring Fund”) and the Board and shareholders of BlackRock Enhanced Government Fund, Inc. (“EGF”) (the “Target Fund”) approved the reorganization of the Target Fund into the Acquiring Fund. As a result, the Acquiring Fund acquired substantially all of the assets and assumed substantially all of the liabilities of the Target Fund in exchange for an equal aggregate value of newly-issued Common Shares of the Acquiring Fund.
Each Common Shareholder of the Target Fund received Common Shares of the Acquiring Fund in an amount equal to the aggregate NAV of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on March 21, 2025, less the costs of the Target Fund’s reorganization. Cash was distributed for any fractional shares.
The reorganization was accomplished by a tax-free exchange of Common Shares of the Acquiring Fund in the following amounts and at the following conversion ratios:
| Target Fund |
Target Fund’s Share Class |
Shares Prior to Reorganization |
Conversion Ratio |
BKT’s Share Class |
Shares of BKT |
| EGF |
Common |
3,551,598 |
0.84020511 |
Common |
2,984,042 (a) |
| (a) |
Net of fractional shares redeemed. |
The Target Fund’s net assets and composition of net assets on March 21, 2025, the valuation date of the reorganization, were as follows:
| Net assets |
$35,673,791 |
| Paid-in-capital |
65,879,865 |
| Accumulated loss |
(30,206,074 ) |
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value. However, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The net assets of the Acquiring Fund before the reorganization were $254,726,957. The aggregate net assets of the Acquiring Fund immediately after the reorganization amounted to $290,400,748. The Target Fund’s fair value and cost of financial instruments prior to the reorganization were as follows:
| Target Fund |
|
Fair Value of Investments |
Cost of Investments |
| EGF |
|
$ 33,806,434 |
$ 34,864,291 |
The purpose of these transactions was to combine two funds managed by the Manager with substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on March 24, 2025.
Assuming the reorganization had been completed on January 1, 2025, the beginning of the fiscal reporting period of the Acquiring Fund, the pro forma results of operations for the period ended December 31, 2025, were as follows:
• Net investment income: $6,419,192
• Net realized and change in unrealized gain/loss on investments: $19,246,882
• Net increase in net assets resulting from operations: $25,666,074
160
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Acquiring Fund’s Statements of Operations since March 24, 2025.
Reorganization costs incurred by BKT in connection with the reorganization were expensed by BKT.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2026, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Funds may maintain cash at their custodian, which at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions from net investment income are declared quarterly and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts
Notes to Financial Statements 161
Notes to Financial Statements (unaudited) (continued)
are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund’s financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation or last available bid (long positions) or ask (short positions) price.
•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price (including evaluated prices) provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Shares of underlying exchange-traded closed-end funds or other exchange-traded funds (“ETFs”) are valued at their most recent closing price. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
162
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
Notes to Financial Statements 163
Notes to Financial Statements (unaudited) (continued)
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, 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
164
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:
| Fund Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
| DSU |
Azuria Water Solutions, Inc. |
$140,060 |
$ 139,746 |
$139,575 |
$ (171) |
| |
Chicago U.S. Midco III LP |
256,791 |
256,791 |
256,265 |
(526) |
| |
Citrin Cooperman Advisors LLC |
532,010 |
526,690 |
500,175 |
(26,515) |
| |
CoreWeave Financing DDTL V LLC |
950,492 |
940,987 |
969,302 |
28,315 |
| |
CP Iris HoldCo I, Inc. |
44,696 |
44,582 |
42,394 |
(2,188) |
| |
Kaman Corp. |
45,806 |
45,748 |
45,708 |
(40) |
| |
Pinnacle Buyer LLC |
167,889 |
167,889 |
168,099 |
210 |
| |
Pye-Barker Fire & Safety LLC |
139,192 |
139,192 |
139,366 |
174 |
| |
Radiate Holdco LLC |
63,579 |
63,579 |
63,468 |
(111) |
| |
Raven Acquisition Holdings LLC |
36,543 |
36,360 |
36,030 |
(330) |
| |
|
|
|
|
$ (1,182) |
| FRA |
Azuria Water Solutions, Inc. |
$120,087 |
$ 119,816 |
$119,671 |
(145) |
| |
Chicago U.S. Midco III LP |
217,630 |
217,630 |
217,184 |
(446) |
| |
Citrin Cooperman Advisors LLC |
438,518 |
434,133 |
412,277 |
(21,856) |
| |
CoreWeave Financing DDTL V LLC |
812,497 |
804,372 |
828,576 |
24,204 |
| |
CP Iris HoldCo I, Inc. |
36,700 |
36,551 |
34,809 |
(1,742) |
| |
Kaman Corp. |
44,472 |
44,416 |
44,377 |
(39) |
| |
Pinnacle Buyer LLC |
148,627 |
148,627 |
148,813 |
186 |
| |
Pye-Barker Fire & Safety LLC |
121,327 |
121,327 |
121,479 |
152 |
| |
Radiate Holdco LLC |
61,926 |
61,926 |
61,818 |
(108) |
| |
Raven Acquisition Holdings LLC |
37,531 |
37,343 |
37,004 |
(339) |
| |
|
|
|
|
$ (133) |
| BLW |
Azuria Water Solutions, Inc. |
$76,189 |
$ 76,015 |
$75,926 |
(89) |
| |
Chicago U.S. Midco III LP |
136,741 |
136,741 |
136,461 |
(280) |
| |
Citrin Cooperman Advisors LLC |
278,248 |
276,388 |
267,117 |
(9,271) |
| |
CoreWeave Financing DDTL V LLC |
528,768 |
523,480 |
539,232 |
15,752 |
Notes to Financial Statements 165
Notes to Financial Statements (unaudited) (continued)
| Fund Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
| BLW (continued) |
CP Iris HoldCo I, Inc. |
$23,697 |
$ 23,517 |
$22,476 |
$ (1,041) |
| |
Kaman Corp. |
26,683 |
26,650 |
26,627 |
(23) |
| |
Pinnacle Buyer LLC |
92,404 |
92,404 |
92,520 |
116 |
| |
Pye-Barker Fire & Safety LLC |
76,939 |
76,939 |
77,035 |
96 |
| |
Radiate Holdco LLC |
38,516 |
38,516 |
38,449 |
(67) |
| |
Raven Acquisition Holdings LLC |
21,728 |
21,620 |
21,424 |
(196) |
| |
|
|
|
|
$ 4,997 |
Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.
Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund
166
2026 BlackRock Semi-Annual Report to Shareholders
Notes to Financial Statements (unaudited) (continued)
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, 2026, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:
| Fund Name |
Average Amount Outstanding |
Weighted Average Interest Rate |
| BKT |
$ 132,782,531 |
3.16 % |
| BLW |
325,234,188 |
3.53 |
| BIT |
416,615,854 |
3.54 |
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 to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.
As of period end, the following table is a summary of BKT’s, BLW’s and BIT’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:
| Fund Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) |
Cash Collateral Pledged/Received(a) |
Net Amount(b) |
| BKT |
|
|
|
|
| HSBC Securities (USA), Inc. |
$ (5,253,198 ) |
$ 5,234,323 |
$ — |
$ (18,875 ) |
| U.S. Bancorp Investments, Inc. |
(618,516 ) |
614,760 |
— |
(3,756 ) |
| Wells Fargo Securities, LLC |
(122,663,352 ) |
122,663,352 |
— |
— |
| |
$ (128,535,066 ) |
$ 128,512,435 |
$ — |
$ (22,631 ) |
| (a) |
Collateral, if any, with a value of $133,037,568 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
| (b) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
| Fund Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) |
Cash Collateral Pledged/Received(a) |
Net Amount |
| BLW |
|
|
|
|
| Barclays Bank PLC |
$ (13,783,235 ) |
$ 13,783,235 |
$ — |
$ — |
| Barclays Capital, Inc. |
(30,287,100 ) |
30,287,100 |
— |
— |
| BNP Paribas SA |
(39,788,826 ) |
39,788,826 |
— |
— |
| BofA Securities, Inc. |
(20,280,757 ) |
20,280,757 |
— |
— |
| Citigroup Global Markets, Inc. |
(1,076,368 ) |
1,076,368 |
— |
— |
| Credit Agricole Corporate and Investment Bank |
(1,711,949 ) |
1,711,949 |
— |
— |
| Goldman Sachs & Co. LLC |
(1,139,572 ) |
1,139,572 |
— |
— |
| HSBC Bank PLC |
(1,457,735 ) |
1,457,735 |
— |
— |
| HSBC Securities (USA), Inc. |
(1,498,561 ) |
1,498,561 |
— |
— |
| J.P. Morgan Securities LLC |
(6,740,626 ) |
6,740,626 |
— |
— |
| Morgan Stanley & Co. LLC |
(1,824,795 ) |
1,824,795 |
— |
— |
| Nomura Securities International, Inc. |
(16,036,265 ) |
16,036,265 |
— |
— |
| RBC Capital Markets, LLC |
(3,497,335 ) |
3,497,335 |
— |
— |
| TD Securities (USA) LLC |
(60,188,001 ) |
60,188,001 |
— |
— |
| U.S. Bancorp Investments, Inc. |
(70,824,683 ) |
70,824,683 |
— |
— |
| Wells Fargo Securities, LLC |
(11,098,866 ) |
11,098,866 |
— |
— |
| |
$ (281,234,674 ) |
$ 281,234,674 |
$ — |
$ — |
| (a) |
Net collateral, including accrued interest, if any, with a value of $315,180,512 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
Notes to Financial Statements 167
Notes to Financial Statements (unaudited) (continued)
| Fund Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) |
Cash Collateral Pledged/Received(a) |
Net Amount |
| BIT |
|
|
|
|
| Banco Santander SA |
$ (490,015 ) |
$ 490,015 |
$ — |
$ — |
| Barclays Bank PLC |
(44,023,160 ) |
44,023,160 |
— |
— |
| Barclays Capital, Inc. |
(16,281,751 ) |
16,281,751 |
— |
— |
| BNP Paribas SA |
(42,441,987 ) |
42,441,987 |
— |
— |
| BofA Securities, Inc. |
(31,114,433 ) |
31,114,433 |
— |
— |
| Citigroup Global Markets, Inc. |
(678,368 ) |
678,368 |
— |
— |
| Goldman Sachs & Co. LLC |
(141,220 ) |
141,220 |
— |
— |
| HSBC Securities (USA), Inc. |
(14,032,808 ) |
14,032,808 |
— |
— |
| J.P. Morgan Securities LLC |
(26,461,186 ) |
26,461,186 |
— |
— |
| Morgan Stanley & Co. LLC |
(4,464,498 ) |
4,464,498 |
— |
— |
| Nomura Securities International, Inc. |
(307,707 ) |
307,707 |
— |
— |
| RBC Capital Markets, LLC |
(131,611,921 ) |
131,611,921 |
— |
— |
| TD Securities (USA) LLC |
(37,811,321 ) |
37,811,321 |
— |
— |
| U.S. Bancorp Investments, Inc. |
(93,216,298 ) |
93,216,298 |
— |
— |
| |
$ (443,076,673 ) |
$ 443,076,673 |
$ — |
$ — |
| (a) |
Net collateral, including accrued interest, if any, with a value of $488,580,492 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds.
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Notes to Financial Statements (unaudited) (continued)
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty 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
Notes to Financial Statements 169
Notes to Financial Statements (unaudited) (continued)
their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage:
| |
DSU |
FRA |
| Investment advisory fees |
0.55 % |
0.75 % |
For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.
For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Fund’s net assets. For purposes of calculating this fee, “net assets” means the total assets of the Fund minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).
For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage.
For such services, BIT pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Fund’s managed assets, including the proceeds of any debt securities or outstanding borrowings used for leverage.
For purposes of calculating these fee, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to BLW and BIT, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BSL”), an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Fund for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Distribution Fees: The Funds have entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of the Funds common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of the Funds’ 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, 2026, amounted to $48,989, $0, $0, $0 and $0 for each of DSU, FRA, BKT, BLW and BIT respectively.
Administration: BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund’s average weekly net assets. For BKT, the Manager may reduce or discontinue this arrangement at any time without notice.
Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2026, the amounts waived were as follows:
| Fund Name |
Fees Waived and/or Reimbursed by the Manager |
| DSU |
$ 1,600 |
| FRA |
300 |
| BKT |
1,371 |
| BLW |
1,250 |
| BIT |
2,588 |
The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. These amounts are included in fees waived and/or
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Notes to Financial Statements (unaudited) (continued)
reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2026, 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 |
$ 37,968 |
| FRA |
4,290 |
Directors and Officers: Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
7.
PURCHASES AND SALES
For the six months ended June 30, 2026, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:
| |
U.S. Government Securities |
Other Securities | ||
| Fund Name |
Purchases |
Sales |
Purchases |
Sales |
| DSU |
$ — |
$ — |
$ 164,068,732 |
$ 156,216,183 |
| FRA |
— |
— |
102,317,285 |
132,492,922 |
| BKT |
493,933,167 |
465,204,134 |
12,435,015 |
7,142,491 |
| BLW |
19,840,273 |
20,723,916 |
205,406,003 |
214,484,626 |
| BIT |
76,286,946 |
52,567,911 |
680,226,814 |
623,285,132 |
For the six months ended June 30, 2026, purchases and sales related to mortgage dollar rolls were as follows:
| Fund Name |
Purchases |
Sales |
| BKT |
$ 237,114,547 |
$ 237,265,247 |
| BLW |
11,896,680 |
11,910,273 |
| BIT |
29,105,695 |
29,139,925 |
8.
INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
As of December 31, 2025, the Funds had non-expiring capital loss carryforwards and qualified late-year losses as follows:
| Fund Name |
Non-Expiring Capital Loss Carryforwards(a) |
Qualified Late-Year Ordinary Losses(b) |
| DSU |
$ (134,079,377 ) |
$ — |
| FRA |
(71,140,524 ) |
— |
| BKT |
(159,427,374 ) |
— |
| BLW |
(102,012,402 ) |
— |
| BIT |
(61,478,214 ) |
(85,714 ) |
| (a) |
Subject to limitations, amounts available to offset future realized capital gains. |
| (b) |
The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year. |
As of June 30, 2026, 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 |
$ 776,090,972 |
$ 4,738,331 |
$ (29,817,195 ) |
$ (25,078,864 ) |
Notes to Financial Statements 171
Notes to Financial Statements (unaudited) (continued)
| Fund Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
| FRA |
$ 531,100,823 |
$ 1,850,287 |
$ (17,362,625 ) |
$ (15,512,338 ) |
| BKT |
550,992,753 |
6,397,598 |
(31,124,563 ) |
(24,726,965 ) |
| BLW |
821,038,895 |
10,354,433 |
(19,854,030 ) |
(9,499,597 ) |
| BIT |
1,198,256,422 |
15,607,733 |
(22,777,461 ) |
(7,169,728 ) |
9.
BANK BORROWINGS
DSU and FRA are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to DSU and FRA. As of period end, DSU and FRA have not received any notice to terminate. DSU and FRA have granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the following maximum commitment amounts:
| Fund Name |
Commitment Amounts |
| DSU |
$ 276,000,000 |
| FRA |
255,000,000 |
Advances will be made by SSB to DSU and FRA, at DSU’s and FRA’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.
In addition, DSU and FRA paid a commitment fee (based on the daily unused portion of the commitments). Advances to DSU and FRA as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.
DSU and FRA may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.
For the six months ended June 30, 2026, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
| Fund Name |
Maximum Amount Borrowed |
Average Amount Outstanding |
Daily Weighted Average Interest Rate |
| DSU |
$ 120,000,000 |
$ 103,298,343 |
4.50 % |
| FRA |
122,000,000 |
98,563,536 |
4.51 |
10.
PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
Illiquidity Risk: Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project
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Notes to Financial Statements (unaudited) (continued)
or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.
Notes to Financial Statements 173
Notes to Financial Statements (unaudited) (continued)
11.
CAPITAL SHARE TRANSACTIONS
DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW and BIT are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s, BKT’s, BLW’s and BIT’s shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
As of the close of business on September 29, 2025, BKT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BKT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on October 20, 2025. BKT received from the Offer gross proceeds of $87,126,281 for the issuance of 8,097,238 Common Shares. The rights offering resulted in $(0.19) or (1.63)% NAV dilution since the Common Shares were issued below BKT’s NAV. BKT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
As of the close of business on August 19, 2025, BIT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of BIT’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on September 9, 2025. BIT received from the Offer gross proceeds of $185,596,458 for the issuance of 14,265,677 Common Shares. The rights offering resulted in $(0.17) or (1.22)% NAV dilution since the Common Shares were issued below BIT’s NAV. BIT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
| |
Six Months Ended |
Year Ended |
| Fund Name |
06/30/26 |
12/31/25 |
| DSU |
91,820 |
184,457 |
| FRA |
— |
130,112 |
| BLW |
14,664 |
148,923 |
| BIT |
— |
103,861 |
For the six months ended June 30, 2026, shares issued and outstanding remained constant for FRA, BKT and BIT.
For the year ended December 31, 2025, Common Shares of BKT issued and outstanding increased by 2,984,071 as a result of reorganization of EGF with and into BKT.
For the year ended December 31, 2025, Common Shares of BKT issued and outstanding decreased by 29 as a result of a redemption of fractional shares from the reorganization of EGF with and into BKT.
For the year ended December 31, 2025, Common Shares of DSU, BLW and BIT issued and outstanding increased by 10,245,828, 2,297,599 and 2,851,856, respectively under the Shelf Offering.
BKT had previously adopted a discount management program (the “Program”), which consists of one measurement period beginning on July 9, 2026 and ending on September 30, 2026. Under the Program, the Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust’s common shares trade at an average daily discount to NAV of more than 7.50% during the 12-week measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for the Trust’s shares or the discount at which the Trust’s shares may trade relative to its NAV.
DSU, FRA, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 30,000,000, 18,000,000, 25,000,000, 12,000,000 and 19,000,000 Common Shares, respectively, through a Shelf Offering. Under the Shelf Offering each Fund subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 28,221,677, 18,000,000, 25,000,000, 8,880,956 and 19,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2026, DSU, FRA, BKT, BLW and BIT issued 2,451,565, 0, 0, 0 and 0 shares respectively under current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
Initial costs incurred by the Funds in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:
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Notes to Financial Statements (unaudited) (continued)
The Funds declared and paid or will pay distributions to Common Shareholders as follows:
| Fund Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
|
Dividend Per Common Share |
| DSU |
06/05/26 |
07/15/26 |
07/31/26 |
|
$ 0.098730 |
| |
06/05/26 |
08/14/26 |
08/31/26 |
|
0.098730 |
| |
06/05/26 |
09/15/26 |
09/30/26 |
|
0.098730 |
| FRA |
06/05/26 |
07/15/26 |
07/31/26 |
|
0.123840 |
| |
06/05/26 |
08/14/26 |
08/31/26 |
|
0.123840 |
| |
06/05/26 |
09/15/26 |
09/30/26 |
|
0.123840 |
| BKT |
06/05/26 |
07/15/26 |
07/31/26 |
|
0.088200 |
| |
06/05/26 |
08/14/26 |
08/31/26 |
|
0.088200 |
| |
06/05/26 |
09/15/26 |
09/30/26 |
|
0.088200 |
| BLW |
06/05/26 |
07/15/26 |
07/31/26 |
|
0.113200 |
| |
06/05/26 |
08/14/26 |
08/31/26 |
|
0.113200 |
| |
06/05/26 |
09/15/26 |
09/30/26 |
|
0.113200 |
| BIT |
06/05/26 |
07/15/26 |
07/31/26 |
|
0.123700 |
| |
06/05/26 |
08/14/26 |
08/31/26 |
|
0.123700 |
| |
06/05/26 |
09/15/26 |
09/30/26 |
|
0.123700 |
Notes to Financial Statements 175
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Debt Strategies Fund, Inc. (“DSU”), BlackRock Floating Rate Income Strategies Fund, Inc. (“FRA”), BlackRock Income Trust, Inc. (“BKT”), BlackRock Limited Duration Income Trust (“BLW”), and BlackRock Multi-Sector Income Trust (“BIT”) (collectively, the “Funds” and each, a “Fund”) met on May 7, 2026 (the “May Meeting”) and June 4-5, 2026 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager, BlackRock (Singapore) Limited (“BSL” and together with BIL, the “Sub-Advisors”) and each of BLW and BIT. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings during the year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also provided additional information to the Board in response to specific questions and requests from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any material 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 applicable 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 development and application of 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 applicable; (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; (o) each Fund’s market discount/premium compared to peer funds; and (p) distributions.
Prior to and in preparation for the May Meeting, the Board prepared and submitted questions, requested specific materials, and received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees, as applicable; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made or benefits that inure to BlackRock or its affiliates, including relating to, as applicable, securities lending and cash management activities of a Fund. The Board noted the willingness of BlackRock’s personnel to engage in open,
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. Throughout the year, the Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team (including the tenure of or changes in the portfolio management team); research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks, the role of BlackRock’s Risk & Quantitative Analysis Group, and BlackRock’s policies and procedures for third-party vendor oversight. 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 a Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with the Fund’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and net asset value; and services related to the valuation and pricing of the Fund’s portfolio holdings; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, the 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 the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel located outside of the United States. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2025, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
The Board noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered DSU’s performance relative to DSU’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, DSU generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for DSU, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered FRA’s performance relative to FRA’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, FRA generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for FRA, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BKT’s performance relative to BKT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BKT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BKT, and that BlackRock has explained its rationale for this belief to the Board.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements 177
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
The Board reviewed and considered BLW’s performance relative to BLW’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BLW generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BLW, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIT’s performance relative to BIT’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIT, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Costs of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2025 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability information for other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that DSU’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that FRA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BKT’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BLW’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BIT’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)
each Fund may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. The Board also noted the revenue received by BlackRock and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BlackRock and/or its affiliates. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board 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. Throughout the year, the Board also received information and reporting, as applicable, regarding BlackRock’s soft dollar, brokerage, and trade execution practices.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2027, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BLW and BIT for a one-year term ending June 30, 2027. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements 179
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.
Environmental, Social and Governance (“ESG”) Integration
Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Fund employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Fund.
The distributions paid by each Fund for any particular month may be more or less than the amount of net investment income earned by each Fund during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Fund and is reported in each Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Fund’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Fund’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Fund’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Fund’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Fund’s expense ratio and reducing the amount of assets the Fund has available for long term investment.
General Information
Each Fund’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, shareholder reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
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2026 BlackRock Semi-Annual Report to Shareholders
Additional Information (continued)
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Funds will mail only one copy of shareholder documents, including each Fund’s prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to BlackRock Advisors, LLC (the “Adviser”) pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Funds. The BAIS Guidelines are available at www.blackrock.com.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Fund Updates
BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time-to-time, each Fund may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, each Fund may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow each Fund to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
Each Fund has filed a prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of each Fund are not offers to sell a Fund’s Common Shares or solicitations of an offer to buy a Fund’s Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of each Fund contains important information about the Fund, including its investment objectives, risk, charges and expenses. Investors are urged to read a Fund’s prospectus carefully and in its entirety before investing. Copies of each Fund’s final prospectus can be obtained from BlackRock at blackrock.com.
Fund and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 5PP
United Kingdom
Edinburgh, EH3 5PP
United Kingdom
BlackRock (Singapore) Limited(a)
079912 Singapore
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Boston, MA 02110
Additional Information 181
Additional Information (continued)
Fund and Service Providers (continued)
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
New York, NY 10019
(a) For BLW and BIT.
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Wilmington, DE 19809
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2026 BlackRock Semi-Annual Report to Shareholders
Glossary of Terms Used in this Report
| Currency Abbreviation | |
| EUR |
Euro |
| GBP |
British Pound |
| USD |
United States Dollar |
| Portfolio Abbreviation | |
| ABS |
Asset-Backed Security |
| ARB |
Airport Revenue Bonds |
| BAB |
Build America Bond |
| BMO |
BMO Capital Markets |
| CLO |
Collateralized Loan Obligation |
| CME |
Chicago Mercantile Exchange |
| CMT |
Constant Maturity Treasury |
| CVR |
Contingent Value Right |
| DAC |
Designated Activity Company |
| DIP |
Debtor-In-Possession |
| ETF |
Exchange-Traded Fund |
| EURIBOR |
Euro Interbank Offered Rate |
| GMTN |
Global Medium-Term Note |
| GO |
General Obligation Bonds |
| IO |
Interest Only |
| JSC |
Joint Stock Company |
| LP |
Limited Partnership |
| MTA |
Month Treasury Average |
| PIK |
Payment-in-Kind |
| PO |
Principal Only |
| PR |
Prerefunded |
| RB |
Revenue Bonds |
| REIT |
Real Estate Investment Trust |
| REMIC |
Real Estate Mortgage Investment Conduit |
| SAB |
Special Assessment Bonds |
| SDR |
Swedish Depositary Receipt |
| SOFR |
Secured Overnight Financing Rate |
| STRIP |
Separate Trading of Registered Interest & Principal |
| TBA |
To-Be-Announced |
Glossary of Terms Used in this Report 183
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-BK3-06/26-SAR
