BlackRock Debt Strategies Fund : Shareholder Report - Annual - Taxable 4

DECEMBER 31, 2021

2021 Annual Report

BlackRock Debt Strategies Fund, Inc. (DSU)

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

BlackRock Limited Duration Income Trust (BLW)

Not FDIC Insured • May Lose Value • No Bank Guarantee

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Supplemental Information (unaudited)

Section 19(a) Notices

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

December 31, 2021

			Total Cumulative Distributions				% Breakdown of the Total Cumulative
			for the Fiscal Period					Distributions for the Fiscal Period
		Net Realized	Net Realized		Total Per		Net Realized	Net Realized		Total Per
	Net	Capital Gains	Capital Gains	Return of	Common	Net	Capital Gains	Capital Gains	Return of	Common
Fund Name	Income		Short-Term		Long-Term	Capital (a)	Share	Income	Short-Term	Long-Term	Capital	Share
DSU. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 0.614086	$	-	$	-	$ 0.111914	$ 0.726000		85%	-%	-%	15%	100%
FRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.664686		-		-	0.135714	0.800400		83	-	-	17	100
BKT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.297632		-		-	0.115168	0.412800		72	-	-	28	100
BLW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.003680		-		-	0.173520	1.177200		85	-	-	15	100

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

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

Section 19(b) Disclosure

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

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

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

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

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

Managed Distribution Plan

BKT, with the approval of BKT's Board of Directors (the "Board"), adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plan, BKT currently distributes a fixed amount of $0.0344 per share on a monthly basis.

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

2	2 0 2 1 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S
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Supplemental Information (unaudited) (continued)

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

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

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

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3

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of December 31, 2021 saw a continuation of the resurgent growth that followed the initial coronavirus (or "COVID-19") pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic's disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of an additional fiscal stimulus package and infrastructure bill further boosted stocks. In the United States, both large- and small-capitalization stocks posted a strong advance, and many equity indices neared or surpassed all-time highs late in the reporting period. International equities from developed markets also gained, although emerging market stocks declined, pressured by a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, support from the U.S. Federal Reserve (the "Fed") assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds, which declined.

The Fed maintained accommodative monetary policy during the reporting period by maintaining near-zero interest rates and by asserting that inflation could exceed its 2% target for a sustained period without triggering a rate increase. However, the Fed's tone shifted late in the year, as it reduced its bond-buying program and used its market guidance to raise the prospect of higher rates in 2022.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta and Omicron variants of the coronavirus remain a threat, particularly in emerging markets. While we expect inflation to abate somewhat as supply bottlenecks are resolved, we anticipate that inflation will remain higher than the pre-COVID norm. The Fed is poised to raise interest rates next year in response, but the Fed's policy shift means that tightening is likely to be less aggressive than what we've seen in previous cycles.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

4

T H I S

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2021

	6-Month	12-Month
U.S. large cap equities	11.67%	28.71%
(S&P 500 Index)
U.S. small cap equities	(2.31)	14.82
(Russell 2000 Index)
International equities
(MSCI Europe, Australasia,	2.24	11.26
Far East Index)
Emerging market equities	(9.30)	(2.54)
(MSCI Emerging Markets Index)
3-month Treasury bills
(ICE BofA 3-Month	0.02	0.05
U.S. Treasury Bill Index)
U.S. Treasury securities
(ICE BofA 10-Year	0.44	(3.68)
U.S. Treasury Index)
U.S. investment grade bonds
(Bloomberg U.S. Aggregate	0.06	(1.54)
Bond Index)
Tax-exempt municipal bonds	0.52	1.77
(S&P Municipal Bond Index)
U.S. high yield bonds
(Bloomberg U.S. Corporate	1.59	5.26
High Yield 2%
Issuer Capped Index)

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

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

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Table of Contents
	Page
Supplemental Information .....................................................................................................................................................	2
The Markets in Review ........................................................................................................................................................	4
Annual Report:
The Benefits and Risks of Leveraging ..........................................................................................................................................	6
Derivative Financial Instruments ...............................................................................................................................................	6
Fund Summary ...............................................................................................................................................................	7
Financial Statements:
Schedules of Investments ...................................................................................................................................................	19
Statements of Assets and Liabilities .........................................................................................................................................	120
Statements of Operations ...................................................................................................................................................	122
Statements of Changes in Net Assets .......................................................................................................................................	123
Statements of Cash Flows ..................................................................................................................................................	125
Financial Highlights ...........................................................................................................................................................	127
Notes to Financial Statements .................................................................................................................................................	131
Report of Independent Registered Public Accounting Firm .......................................................................................................................	146
Important Tax Information ......................................................................................................................................................	147
Investment Objectives, Policies and Risks ......................................................................................................................................	148
Automatic Dividend Reinvestment Plan .........................................................................................................................................	159
Director and Officer Information ................................................................................................................................................	160
Additional Information .........................................................................................................................................................	164
Glossary of Terms Used in this Report ..........................................................................................................................................	167

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