BlackRock Floating Rate Income Fund (BFRKX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-21413

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

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Floating Rate

             Income Strategies Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2019

Date of reporting period: 02/28/2019

Item 1 – Report to Stockholders

FEBRUARY 28, 2019

SEMI-ANNUAL REPORT (UNAUDITED)

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

BlackRock Limited Duration Income Trust (BLW)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at(800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended February 28, 2019, concerns about a variety of political risks and a modest slowdown in global growth led to modest positive returns for the U.S. equity and bond markets. Though the market’s appetite for risk remained healthy for most of the reporting period, risk taking declined sharply in late 2018.

Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities.

Volatility in the U.S. equity market spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad basedsell-off in December, leading to the worst December performance on record since 1931.

By comparison, fixed income securities delivered modest positive returns with relatively low volatility. In fixed income markets, short-term U.S. Treasury interest rates rose the fastest, while longer-term rates declined slightly. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

The U.S. Federal Reserve (the “Fed”) increased short-term interest rates four times during the reporting period. At its most recent meeting in late January, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates.

Although fears of recession drove equity volatility higher at the end of 2018, we continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. We expect profit margins to continue to contract, which tends to happen late in the business cycle.

In addition, trade frictions look more baked into asset prices than a year ago, but markets may be overlooking European political risks. As Brexit moves forward, the U.K. and the European Union may face significant obstacles. Most recently, Britain’s Parliament voted to extend the deadline for the separation, as policy makers continue to seek the least disruptive ways to disentangle Europe’s second-largest economy from the European Union. Consequently, we are cautious on European equities, as European unity remains tenuous with a history offlare-ups. We continue to prefer to take risk in U.S. and emerging market equities. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off.

In this environment, 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 visitblackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of February 28, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	(3.04)%	4.68%
U.S. small cap equities (Russell 2000® Index)	(8.86)	5.58
International equities (MSCI Europe, Australasia, Far East Index)	(3.58)	(6.04)
Emerging market equities (MSCI Emerging Markets Index)	0.33	(9.89)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.10	2.04
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	2.57	4.02
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.99	3.17
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.21	4.03
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	2.00	4.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
The Benefits and Risks of Leveraging		10
Derivative Financial Instruments		10
Financial Statements
Schedules of Investments		11
Statements of Assets and Liabilities		58
Statements of Operations		59
Statements of Changes in Net Assets		60
Statements of Cash Flows		61
Financial Highlights		63
Notes to Financial Statements		65
Director and Officer Information		77
Additional Information		78
Glossary of Terms Used in this Report		79

3

Fund Summary  as of February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc.

Fund Overview

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 (“NYSE”)	FRA
Initial Offering Date	October 31, 2003
Current Distribution Rate on Closing Market Price as of February 28, 2019 ($12.93)(a)	5.99%
Current Monthly Distribution per Common Share(b)	$0.0645
Current Annualized Distribution per Common Share(b)	$0.7740
Economic Leverage as of February 28, 2019(c)	28%

^(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 tax return of capital. Past performance does not guarantee future results.

^(b)  The monthly distribution per Common Share, declared on March 1, 2019, was increased to $0.0695 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

^(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). For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

Market Price and Net Asset Value Per Share Summary

	02/28/19		08/31/18		Change			High		Low
Market Price	$	12.93	$	13.80		(6.30	)%	$	13.85	$	11.63
Net Asset Value		14.55		14.92		(2.48	)		14.98		13.75

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

4 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of February 28, 2019 (continued) BlackRock Floating Rate Income Strategies Fund, Inc.

Performance and Portfolio Management Commentary

Returns for the period ended February 28, 2019 were as follows:

	6-Month Total Returns			Average Annual Total Returns
				1 Year			3 Years			5 Years
Fund at NAV(a)(b)		1.03	%		3.24	%		7.29	%		4.63	%
Fund at Market Price(a)(b)		(2.93	)		(5.16	)		7.87			3.29
S&P/LSTA Leveraged Loan Index(c)		1.27			3.44			6.69			3.73

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

What factors influenced performance?

During the period, the largest sector contributors to Fund performance included the technology, health care and consumer cyclical services sectors. By credit rating, the Fund’s B-rated and BB-rated positions were the largest contributors. In terms of asset allocation, the strategy’s core floating rate loan interest (“bank loan”) positions were the largest driver of positive return.

Conversely, on a sector basis, oil field services, chemicals and independent energy were the largest detractors. The Fund’s other positions detracted from a credit rating perspective, largely represented by bank loan liquid products. Finally, the Fund’s strategy for tactical allocations to common equity, high yield corporate bonds and collateralized loan obligations (“CLOs”) detracted from an asset allocation perspective.

Describe recent portfolio activity.

The Fund maintained its tactical positioning throughout the period, most notably with exposure to high yield cash bonds and CLOs. Similarly, the Fund maintained an allocation to liquid bank loan index products throughout the period, adding to and reducing this exposure as market conditions warranted. Over the period, the Fund trimmed exposure to cable & satellite, wirelines and consumer products while adding to aerospace & defense and pharmaceuticals. From a credit quality standpoint, the portfolio remained concentrated on the B- and BB-rated segments of the bank loan market, while maintaining a much smaller allocation to CCC-rated risk. However, the Fund’s strategy reduced this CCC-rated exposure throughout the period.

Derivative usage was modest over the period and included loan index total return swaps, high yield index total return swaps, and options on select equity and credit exchange traded funds. Loan index exposure detracted from performance over the period, while other derivative exposures did not have a meaningful impact on performance.

Describe portfolio positioning at period end.

At period end, the Fund held the majority of its assets in floating rate bank loans. From a sector perspective, the Fund’s largest overweight positions at period end included technology, consumer cyclical services and gaming. By contrast, the portfolio remained underweight to retailers, leisure and automotive names on the view that these sectors face fundamental headwinds. In terms of credit rating, the Fund was largely allocated to B- and BB-rated issues. The portfolio had a much smaller allocation to CCC and below-rated issuers with greater downside potential. Largest issuer overweight positions included Infor (US), Inc. (technology), Sedgewick Claims Management Services, Inc. (financial other) and SS&C Technologies (technology). Tactical positioning remains focused on high yield bonds and CLOs as well as bank loan liquid products.

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

FUND SUMMARY 5

Fund Summary  as of February 28, 2019 (continued) BlackRock Floating Rate Income Strategies Fund, Inc.

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION

	02/28/19			08/31/18
Floating Rate Loan Interests		93	%		94	%
Investment Companies		3			—	(a)
Corporate Bonds		2			3
Short-Term Securities		1			��	(a)
Asset-Backed Securities		1			3
Common Stocks(a)		—			—
Other(b)		—			—

^(a)  Representing less than 1% of the Fund’s total investments.

^(b)  Includes a less than 1% holding in each of the following investment types: Options Purchased, Other Interests, Preferred Securities, Rights and Warrants.

CREDIT QUALITY ALLOCATION ^(c)(d)

	02/28/19			08/31/18
A(a)		—			—
BBB/Baa		9	%		8	%
BB/Ba		35			41
B		50			45
CCC/Caa		2			4
N/R		4			2

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

^(d)  Excludes Options Purchased and Short-Term Securities.

6 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of February 28, 2019 BlackRock Limited Duration Income Trust

Fund Overview

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

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

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

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

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

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

Fund Information

Symbol on NYSE	BLW
Initial Offering Date	July 30, 2003
Current Distribution Rate on Closing Market Price as of February 28, 2019 ($14.84)(a)	6.43%
Current Monthly Distribution per Common Share(b)	$0.0795
Current Annualized Distribution per Common Share(b)	$0.9540
Economic Leverage as of February 28, 2019(c)	25%

^(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 tax return of capital. Past performance does not guarantee future results.

^(b)  The distribution rate is not constant and is subject to change.

^(c)  Represents reverse repurchase agreements outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowing) minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

Market Price and Net Asset Value Per Share Summary

	02/28/19		08/31/18		Change			High		Low
Market Price	$	14.84	$	15.06		(1.46	)%	$	15.09	$	13.00
Net Asset Value		16.54		16.71		(1.02	)		16.77		15.57

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

FUND SUMMARY 7

Fund Summary  as of February 28, 2019 (continued) BlackRock Limited Duration Income Trust

Performance and Portfolio Management Commentary

Returns for the period ended February 28, 2019 were as follows:

				Average Annual Total Returns
	6-Month Total Returns			1 Year			3 Years			5 Years
Fund at NAV(a)(b)		2.35	%		4.72	%		9.42	%		5.89	%
Fund at Market Price(a)(b)		1.89			3.93			10.00			4.62
Reference Benchmark(c)		1.79			3.67			6.08			3.32
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(d)		2.00			4.31			9.80			4.54
S&P/LSTA Leveraged Loan Index(e)		1.27			3.44			6.69			3.73
BATS S Benchmark(f)		2.01			3.17			1.81			1.62

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

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

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

What factors influenced performance?

The largest contributors to the Fund’s performance over the period were its allocations to floating rate loan interests (“bank loans”), high yield corporate bonds and asset-backed securities (“ABS”). The Fund’s duration (sensitivity to interest rate changes) and yield curve positioning also contributed to returns.

The largest detractor from the Fund’s performance came from exposure to investment grade corporate bonds and mortgage-backed securities (“MBS”).

Describe recent portfolio activity.

Given the investment adviser’s view that both interest rates and the London Inter-bank Offering Rate (“LIBOR”) (a common reference rate for bank loans) would move higher, the Fund’s allocation was rotated to a more defensive posture during the period. The allocation to high yield corporates was reduced by more than 30% during the period, with the proceeds rotated into floating rate bank loans in an effort to protect the Fund from higher funding costs associated with rising LIBOR rates. Consistent with the investment adviser’s expectations for rising interest rates, the Fund maintained a relatively short duration profile.

Describe portfolio positioning at period end.

At period end, the Fund maintained a diversified allocation to non-government spread sectors such as high yield corporate bonds, bank loans, investment grade corporate bonds, commercial mortgage-backed securities, ABS, agency and non-agency residential MBS. Additionally, the Fund held emerging market debt and foreign sovereign debt.

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

8 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of February 28, 2019 (continued) BlackRock Limited Duration Income Trust

Overview of the Fund’s Total Investments

PORTFOLIO COMPOSITION

	02/28/19			08/31/18
Corporate Bonds		46	%		45	%
Floating Rate Loan Interests		30			29
Preferred Securities		7			7
Asset-Backed Securities		5			8
U.S. Government Sponsored Agency Securities		4			3
Foreign Agency Obligations		2			3
U.S. Treasury Obligations		2			—
Non-Agency Mortgage-Backed Securities		2			5
Investment Companies		1			—
Short-Term Securities		1			—	(a)
Other(b)		—			—

^(a)  Representing less than 1% of the Fund’s total investments.

^(b)  Includes a less than 1% holding in each of the following investment types: Common Stocks, Other Interests, and Warrants.

CREDIT QUALITY ALLOCATION ^(c)(d)

	02/28/19			08/31/18
AAA/Aaa		6	%		4	%
AA/Aa		1			1
A		5			5
BBB/Baa		16			21
BB/Ba		34			31
B		29			27
CCC/Caa		5			6
N/R(e)		4			5

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

^(d)  Excludes Options Purchased, Options Written and Short-Term Securities.

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

FUND SUMMARY 9

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 the Funds (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds’ 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 the Funds’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds 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 the Funds’ obligations under their respective leverage arrangements 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 the Funds’ 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 the Funds’ 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.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to issue debt up to 33¹⁄₃% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

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

Derivative Financial Instruments

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

10 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 0.2%
Chemicals — 0.0%
GEO Specialty Chemicals, Inc.(a)(b)			1,108,709	$	210,654
Diversified Financial Services — 0.1%
Kcad Holdings I Ltd.(a)(b)			309,827,230		594,868
Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.(b)			14,906		641
Metals & Mining — 0.0%
Preferred Proppants LLC(a)			12,198		30,495
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.(b)			1,860		11,997
Software — 0.0%
Avaya Holdings Corp.(b)			62		960
Utilities — 0.1%
Texgen LLC(a)(b)			8,431		324,594
Total Common Stocks — 0.2% (Cost — $4,368,392)					1,174,209
		Par (000)
Asset-Backed Securities — 1.0%
Allegro CLOII-S Ltd.,Series 2014-1RA, Class B, 4.91%, 10/21/28(c)(d)	USD		250		246,668
Ares XXXVR CLO Ltd., Series 2015-35RA, Class C, 4.69%, 07/15/30(c)(d)			350		337,227
Cedar Funding II CLO Ltd.,Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.23%), 3.83%, 06/09/30(c)(e)			500		498,546
CIFC Funding Ltd.,Series 2018-4A, Class B, 4.53%, 10/17/31(c)(d)			425		413,796
Golden Tree Loan Management US CLO Ltd.,Series 2017-1A, Class C, (3 mo. LIBOR US + 2.20%), 4.96%, 04/20/29(c)(e)			250		247,032
Harbor Park CLO Ltd.,Series 2018-1A, Class B1, 4.54%, 01/20/31(c)(d)			500		498,256
LCM XVIII LP, Series 18A, Class INC, 0.00%, 04/20/31(c)(d)			1,250		722,962
LCM XXIV Ltd., Series 24A, Class C, (3 mo. LIBOR US + 2.25%), 5.01%, 03/20/30(c)(e)			500		490,002
OZLM XIX Ltd.,Series 2017-19A, Class C, 5.89%, 11/22/30(c)(d)			250		247,083
Palmer Square CLO Ltd.,Series 2018-1A, Class A2, 4.23%, 04/18/31(c)(d)			250		244,192
RR 5 Ltd.,Series 2018-5A, Class B, 5.04%, 10/15/31(c)(d)			750		734,118
TICP CLO XII Ltd.,Series 2018-12A, Class C, 4.81%, 01/15/31(c)(d)			250		244,063
Voya CLO Ltd.,Series 2014-4A, Class BR2, 4.89%, 07/14/31(c)(d)			400		389,682
Total Asset-Backed Securities — 1.0% (Cost — $5,690,443)					5,313,627
Corporate Bonds — 3.3%
Aerospace & Defense — 0.5%
TransDigm, Inc., 6.25%, 03/15/26(c)			2,502		2,558,295
Banks — 0.0%
CIT Group, Inc., 5.00%, 08/01/23			135		140,117

Security		Par (000)		Value
Capital Markets — 0.3%
Blackstone CQP Holdco LP(c):
6.50%, 03/20/21	USD		1,536	$	1,534,080
6.00%, 08/18/21			249		246,510
					1,780,590
Chemicals — 0.6%
Chemours Co., 6.63%, 05/15/23			800		830,040
GEO Specialty Chemicals, Inc., 15.24%, 10/18/25(a)			1,984		2,103,891
					2,933,931
Diversified Consumer Services — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(c)			421		443,945
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/01/20(a)			1,061		—
Health Care Providers & Services — 0.0%
NVA Holdings, Inc., 6.88%, 04/01/26(c)			188		181,420
Health Care Services — 0.0%
Aveta, Inc. Escrow, 7.00%, 04/01/19(a)			1,347		—
Machinery — 0.0%
Colfax Corp., 6.00%, 02/15/24(c)			203		209,598
Media — 0.3%
Clear Channel Worldwide Holdings, Inc.:
7.63%, 03/15/20			545		545,273
6.50%, 11/15/22			968		989,780
CSC Holdings LLC, 10.88%, 10/15/25(c)			79		91,640
					1,626,693
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.:
3.55%, 03/01/22			1,070		1,057,962
3.88%, 03/15/23			625		615,925
					1,673,887
Oil, Gas & Consumable Fuels — 0.8%
CNX Resources Corp., 5.88%, 04/15/22			2,252		2,274,520
CONSOL Energy, Inc., 11.00%, 11/15/25(c)			985		1,120,437
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(c)			852		732,720
					4,127,677
Pharmaceuticals — 0.0%
Bausch Health Cos., Inc., 5.75%, 08/15/27(c)(f)			91		91,796
Software — 0.4%
Infor US, Inc., 6.50%, 05/15/22			1,176		1,199,249
Informatica LLC, 7.13%, 07/15/23(c)			658		666,304
					1,865,553
Total Corporate Bonds — 3.3% (Cost — $18,373,169)					17,633,502
Floating Rate Loan Interests(e) — 131.6%
Aerospace & Defense — 2.8%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 08/18/24			3,710		3,706,285
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.27%, 11/29/25(a)			1,172		1,179,325
DAE Aviation Holdings, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 07/07/22			504		504,124
2019 Term Loan B, 01/23/26(g)			3,070		3,077,021
Term Loan, 01/23/26(g)			1,650		1,654,312

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc., 2018 Term Loan F, 06/09/23(g)	USD		4,371	$	4,316,128
WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.51%, 04/30/25			401		399,323
					14,836,518
Air Freight & Logistics — 0.3%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 01/15/25(g)			1,197		1,262,420
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 02/24/25			266		263,238
					1,525,658
Airlines — 0.6%
Allegiant Travel Co., Term Loan B, (3 mo. LIBOR + 4.50%), 7.23%, 01/15/24(a)			1,497		1,493,257
American Airlines, Inc.(g):
2017 1st Lien Term Loan, 10/12/21			1,230		1,224,479
Repriced TL B due 2023, 04/28/23			513		505,565
					3,223,301
Auto Components — 0.7%
USI, Inc., 2017 Repriced Term Loan, 05/16/24(g)			2,196		2,174,462
Wand NewCo 3, Inc., 2019 1st Lien Term Loan, 02/05/26(g)			1,423		1,426,202
					3,600,664
Banks — 0.3%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.99%, 11/01/24			1,621		1,594,981
Beverages — 0.2%
Jacobs Douwe Egberts International BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.00%), 4.56%, 11/01/25			817		811,319
Building Materials — 0.2%
Allied Universal HoldCo LLC, 2015 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 07/28/22			834		818,310
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 10.99%, 07/28/23			456		439,517
					1,257,827
Building Products — 1.0%
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75%, 1.00% Floor), 6.63%, 05/05/24(a)			1,427		1,416,259
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.80%, 12/14/24			1,205		1,184,229
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.06%, 12/19/23			2,693		2,672,735
					5,273,223
Capital Markets — 1.6%
Duff & Phelps Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 02/13/25			854		837,017
EIG Management Co. LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 02/22/25			1,691		1,680,699
Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 12/27/22			1,337		1,326,740
Greenhill & Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.46%, 10/12/22			1,478		1,482,134
GreenSky Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 03/31/25			1,067		1,056,940
RPI Finance Trust, Term Loan B6, 03/27/23(g)			2,403		2,398,279
					8,781,809

Security		Par (000)		Value
Chemicals — 5.6%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 01/31/24	USD		4,767	$	4,679,831
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.55%, 06/01/24			3,551		3,512,180
Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 05/16/24			1,433		1,399,438
Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 04/03/25			1,443		1,427,042
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/28/24			614		608,239
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 11/07/24			1,037		1,022,466
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.53%, 07/09/19			439		416,035
Invictus US LLC:
1st Lien Term Loan, (2 mo. LIBOR + 3.00%), 5.58%, 03/28/25			1,636		1,629,672
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 03/25/26(a)			430		425,700
Messer Industries LLC, 2018 USD Term Loan, 10/01/25(g)			4,371		4,338,217
Oxea Holding Drei GmbH, 2017 Term Loan B2, (1 mo. LIBOR + 3.50%), 6.06%, 10/14/24			3,646		3,630,913
Plaskolite LLC, 1st Lien Term Loan, 12/12/25(g)			1,029		1,031,713
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.24%, 02/08/25			2,719		2,698,137
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 10/01/25			1,598		1,587,022
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.56%, 08/07/20			422		419,353
Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 03/08/25			942		900,655
					29,726,613
Commercial Services & Supplies — 7.9%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.67%, 11/10/23			3,140		3,135,129
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.24%, 03/11/25			274		272,514
Asurion LLC:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.99%, 08/04/25			2,292		2,325,899
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.49%, 08/04/22			1,748		1,746,214
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/23			2,983		2,980,066
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/24			1,174		1,173,372
BrightView Landscapes LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 08/15/25			1,875		1,869,150
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, 10/03/23(g)			5,085		5,064,330
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 05/20/24			1,913		1,904,871
Creative Artists Agency LLC, 2018 Term Loan B, (PRIME + 2.00%), 5.48%, 02/15/24			3,037		3,012,755
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.55%, 05/09/25			581		510,380

12 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 05/30/25	USD		3,274	$	3,216,514
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.55%, 11/03/23			883		834,464
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 5.31%, 03/09/23(a)			2,511		2,504,267
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 05/02/22			2,760		2,750,969
Verisure Holding AB, EUR Term Loan B1E, (EURIBOR + 3.00%), 3.00%, 10/20/22	EUR		1,000		1,123,550
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.99%, 08/27/25(a)	USD		4,996		5,002,511
West Corp., 2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 10/10/24			3,271		3,089,353
					42,516,308
Communications Equipment — 1.2%
Avantor, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.57%, 11/21/24			3,865		3,871,607
Avaya, Inc., 2018 Term Loan B, (2 mo. LIBOR + 4.25%), 6.78%, 12/15/24			1,454		1,451,293
Ciena Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 09/26/25			1,064		1,062,241
					6,385,141
Construction & Engineering — 1.4%
AECOM, Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 03/13/25			723		712,849
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, 06/21/24(g)			3,194		3,115,137
Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/23/25			777		776,245
Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 04/12/25			454		440,811
SRS Distribution, Inc., 2018 1st Lien Term Loan, 05/23/25(g)			1,387		1,358,212
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 12/08/23			913		900,093
					7,303,347
Construction Materials — 1.9%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.72%, 08/01/24			3,130		3,101,484
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 03/29/25			4,893		4,872,230
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.49%, 08/13/25(a)			812		795,787
GYP Holdings III Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.74%, 06/01/25			430		416,762
Xella International GmbH, 2017 EUR Term Loan B, (Euribor + 4.00%), 4.00%, 04/11/24	EUR		1,000		1,119,205
					10,305,468
Containers & Packaging — 1.6%
Berry Global, Inc., Term Loan Q, 10/01/22(g)	USD		4,540		4,524,360
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 6.03%, 04/03/24			1,912		1,871,748
Flex Acquisition Co., Inc.:
1st Lien Term Loan, 12/29/23(g)			746		732,087
2018 Incremental Term Loan, (1 mo. LIBOR + 3.25%), 5.76%, 06/29/25			1,514		1,489,528
					8,617,723

Security		Par (000)		Value
Distributors — 1.1%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 10/31/23(g)	USD		3,126	$	3,104,386
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/28/24			3,284		2,837,681
					5,942,067
Diversified Consumer Services — 3.4%
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(a)(g)			1,360		1,346,833
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 11/07/23			2,903		2,875,950
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 03/31/25(a)			692		684,610
Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 05/20/24			1,863		1,835,622
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 07/12/25			1,398		1,391,502
J.D. Power and Associates, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 09/07/23			1,389		1,380,553
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.74%, 05/15/24			1,177		1,153,437
Serta Simmons Bedding LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.01%, 11/08/23			953		791,274
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.49%, 11/08/24			126		84,188
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 11/08/23			962		956,978
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.03%, 11/14/22			2,985		2,951,960
Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.52%, 04/04/25			1,294		1,293,500
Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%), 7.56%, 11/29/24			1,544		1,495,380
					18,241,787
Diversified Financial Services — 1.9%
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 04/04/24			4,032		4,022,175
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.02%, 08/08/25			731		716,544
Edelman Financial Center LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 6.04%, 07/21/25			785		783,367
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25			1,193		1,160,694
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 07/03/24			1,935		1,921,211
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.99%, 09/06/25			1,033		1,008,866
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (2 mo. LIBOR + 4.25%), 6.90%, 07/30/25			730		721,043
					10,333,900
Diversified Telecommunication Services — 4.2%
CenturyLink, Inc.:
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.24%, 11/01/22			607		604,009
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25			2,850		2,804,321
Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 10/04/23			413		401,855

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 03/31/21	USD		837	$	824,772
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 05/16/24			1,492		1,474,561
Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 02/22/24			2,862		2,848,694
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 11/15/24			1,917		1,903,939
Sprint Communications, Inc.:
1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 02/02/24			1,634		1,611,693
2018 Term Loan B, 02/02/24(g)			1,539		1,519,762
TDC A/S, Term Loan, (EURIBOR + 2.75%), 2.75%, 06/04/25	EUR		820		931,646
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.74%, 08/15/26	USD		2,982		2,938,302
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 5.31%, 11/17/23			812		807,585
Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR GBP + 3.25%), 3.98%, 01/15/27	GBP		1,000		1,309,439
Zayo Group LLC:
2017 Incremental Term Loan, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 01/19/24	USD		290		288,318
2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 4.49%, 01/19/21			2,359		2,348,973
					22,617,869
Electric Utilities — 0.9%
Dayton Power & Light Co., Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/24/22(a)			514		512,159
TEX Operations Co. LLC, Exit Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 08/04/23			2,020		2,013,578
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/19(a)			1,710		—
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.48%, 12/31/25			1,969		1,959,833
Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.74%, 12/14/23			365		364,299
					4,849,869
Electrical Equipment — 0.8%
Gates Global LLC, 2017 Repriced Term Loan B, 04/01/24(g)			4,306		4,289,477
Energy Equipment & Services — 1.2%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.49%, 03/01/24			985		781,445
GrafTech Finance, Inc., 2018 Term Loan B, 02/12/25(g)			1,923		1,916,176
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.23%, 11/08/22			845		840,775
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.80%, 02/21/21			617		514,691
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 4.80%, 07/13/20			1,061		1,036,940
Woodford Express LLC, 2018 Term Loan B, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.49%, 01/17/25			1,202		1,159,003
					6,249,030

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) — 2.5%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 03/24/24	USD		759	$	746,519
Iron Mountain, Inc., 2018 Term Loan B, 01/02/26(a)(g)			1,085		1,063,271
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 03/21/25(g)			5,097		5,066,244
RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.78%, 05/11/24			1,346		1,338,878
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 12/20/24			5,381		5,347,206
					13,562,118
Food & Staples Retailing — 1.6%
Albertsons LLC, Term Loan B7, 11/17/25(g)			1,887		1,872,449
Hearthside Food Solutions LLC:
2018 Incremental Term Loan, 05/23/25(g)			1,892		1,881,594
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 6.18%, 05/23/25			582		574,206
Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.89%, 08/03/22			2,533		2,493,722
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 06/27/23			1,598		1,587,361
					8,409,332
Food Products — 2.7%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.26%, 10/01/25			574		574,718
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 10/10/23			2,213		2,146,135
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.26%, 10/30/22			5,015		4,999,596
Post Holdings, Inc., 2017 Series A Incremental Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 05/24/24			1,579		1,572,631
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 02/05/23			5,074		5,048,125
					14,341,205
Gas Utilities — 0.3%
AL Midcoast Holdings LLC, 2018 Term Loan B, 07/31/25(g)			1,582		1,567,306
Health Care Equipment & Supplies — 2.1%
Agiliti Health, Inc., Term Loan, (UNFND + 3.00%), 5.56%, 01/04/26(a)			737		736,079
CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 11/14/24(a)			1,822		1,821,600
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.80%, 06/15/21			3,544		3,540,166
Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%), 5.55%, 09/24/24			835		798,786
Orchid Orthopedic Solutions LLC, 1st Lien Term Loan, 02/26/26(a)(g)			611		607,945
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 06/30/25			3,892		3,849,535
					11,354,111
Health Care Providers & Services — 7.2%
Acadia Healthcare Co., Inc., 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.99%, 02/16/23			597		595,070
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.99%, 06/30/25			824		824,544
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, 06/07/23(g)			4,020		3,999,133

14 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
Concentra, Inc.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.27%, 06/01/22	USD		1,840	$	1,828,822
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.02%, 06/01/23			1,870		1,870,000
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 06/24/21			822		818,575
DentalCorp Perfect Smile ULC:
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 06/06/25			865		855,390
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.58%, 06/06/25			159		157,573
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 12/20/24(a)			998		908,416
DuPage Medical Group Ltd.:
2018 Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 08/15/24			853		836,490
2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.49%, 08/15/25			395		379,200
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 10/10/25			2,468		2,370,218
Explorer Holdings, Inc., 2016 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.55%, 05/02/23			1,064		1,063,636
Gentiva Health Services, Inc.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25(a)			1,589		1,591,093
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26			787		799,831
HC Group Holdings III, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 04/07/22			2,019		1,993,813
HCA, Inc.:
2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.49%, 03/13/25			1,360		1,359,249
Term Loan B11, (1 mo. LIBOR + 1.75%), 4.24%, 03/18/23			1,796		1,794,881
LGC Science Holdings Ltd., USD Term Loan B3, (1 mo. LIBOR + 3.50%), 5.99%, 03/08/23			1,000		967,500
Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%), 8.80%, 09/27/24			361		346,260
MPH Acquisition Holdings LLC, 2016 Term Loan B, 06/07/23(g)			3,894		3,850,770
National Mentor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 01/31/21			475		474,545
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.99%, 10/20/22			1,782		1,744,425
NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/02/25			2,046		1,998,917
ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 7.01%, 04/03/25(a)			1,122		1,116,563
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/06/24			1,556		1,402,571
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/13/23			613		610,928
WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/07/24			1,047		1,026,350
Zotec Partners LLC, 2018 Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.49%, 02/14/24(a)			1,217		1,213,708
					38,798,471

Security		Par (000)		Value
Health Care Services — 0.2%
Sound Inpatient Physicians:
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 06/27/25	USD		700	$	696,978
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 06/26/26			382		379,135
					1,076,113
Health Care Technology — 2.1%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 03/01/24			2,688		2,666,310
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 10/10/25			1,082		1,074,221
Press Ganey Holdings, Inc.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 10/23/23			1,907		1,893,768
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.99%, 10/21/24			580		576,860
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 03/07/24			499		498,731
VVC Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 7.20%, 02/11/26			4,469		4,441,069
					11,150,959
Hotels, Restaurants & Leisure — 10.2%
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 4.53%, 10/19/24			1,315		1,304,811
Boyd Gaming Corp., Term Loan B3, 09/15/23(g)			3,861		3,837,623
Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 5.99%, 08/14/23			596		593,301
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 02/16/24			6,806		6,747,689
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 12/22/24(g)			4,650		4,632,025
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 08/08/21			1,554		1,545,589
CEC Entertainment, Inc., Term Loan B, 02/14/21(g)			1,565		1,525,289
ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 08/30/23			2,837		2,816,283
Four Seasons Hotels Ltd., 1st Lien Term Loan, 11/30/23(g)			801		796,161
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 12/01/23			149		148,364
GVC Holdings PLC:
2018 EUR Term Loan, (EURIBOR + 2.75%), 2.75%, 03/29/24	EUR		991		1,124,638
2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.99%, 03/29/24	USD		938		935,859
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 4.24%, 10/25/23			1,955		1,953,442
IRB Holding Corp., 1st Lien Term Loan, 02/05/25(g)			3,782		3,750,093
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.23%, 04/03/25			1,423		1,413,963
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.79%, 12/15/24			1,050		1,040,201
Marriott Ownership Resorts, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 08/29/25			1,225		1,220,406
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 2.25%), 4.84%, 10/15/25			605		601,975
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 04/29/24			1,266		1,235,994

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Sabre GLBL, Inc., 2018 Term Loan B, 02/22/24(g)	USD		2,843	$	2,832,945
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 5.31%, 08/14/24			3,010		2,981,814
Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 07/10/25			5,965		5,963,320
Station Casinos LLC, 2016 Term Loan B, 06/08/23(g)			2,813		2,798,510
Tackle S.A.R.L, 2017 EUR Term Loan, 1.00%, 08/08/22	EUR		1,000		1,131,580
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 05/30/25	USD		1,581		1,572,468
					54,504,343
Household Products — 0.4%
Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 12/17/25			709		708,114
Mastronardi Produce Ltd., Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 05/01/25			587		582,647
SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.73%, 06/15/25			876		871,222
					2,161,983
Independent Power and Renewable Electricity Producers — 1.7%
AES Corp., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 4.38%, 05/31/22			746		744,336
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 01/15/25			1,247		1,234,120
Calpine Corp., Term Loan B6, (3 mo. LIBOR + 2.50%), 5.31%, 01/15/23			1,819		1,809,186
Compass Power Generation LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 12/20/24			1,145		1,142,048
EIF Channelview Cogeneration LLC, 2018 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.75%, 05/03/25			437		437,987
Granite Acquisition, Inc.:
Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21			2,042		2,040,358
Term Loan C, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21			273		272,753
NRG Energy, Inc., 2016 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 06/30/23			1,600		1,591,712
					9,272,500
Industrial Conglomerates — 1.0%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 11/30/23(a)			4,055		3,923,747
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.78%, 11/28/21			1,542		1,513,426
					5,437,173
Insurance — 3.9%
Achilles Acquisition LLC, 2018 Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 10/03/25			823		817,856
Alliant Holdings I, Inc., 2018 Term Loan B, 05/09/25(g)			3,529		3,485,395
AmWINS Group, Inc., 2017 Term Loan B, 01/25/24(g)			3,508		3,487,675
AssuredPartners, Inc., 2017 1st LienAdd-On Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 10/22/24			1,564		1,548,305
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 12/02/24			1,833		1,803,170

Security		Par (000)		Value
Insurance (continued)
Hub International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 5.51%, 04/25/25	USD		1,970	$	1,949,541
Sedgwick Claims Management Services, Inc., Term Loan B, 12/31/25(g)			7,035		6,997,363
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 06/22/23			823		816,139
					20,905,444
Interactive Media & Services — 1.3%
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.74%, 02/15/24			2,975		2,967,741
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 05/01/24			1,024		994,180
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 11/03/23			1,817		1,728,142
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 05/06/24			1,240		1,180,188
					6,870,251
Internet & Direct Marketing Retail — 0.3%
Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 08/18/23			1,450		1,429,139
IT Services — 5.6%
Access CIG LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 02/27/25			663		655,495
Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.25%), 5.04%, 03/20/25			675		661,739
Epicor Software Corp., 1st Lien Term Loan, 06/01/22(g)			1,190		1,179,100
Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 4.74%, 11/27/24			923		920,120
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 04/26/24			8,069		8,056,530
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 08/01/24			1,353		1,278,467
Global Payments, Inc.:
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.24%, 04/21/23			823		817,080
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.24%, 10/17/25			275		272,594
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 12/01/23			2,028		2,004,586
Optiv Security, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 02/01/24(a)			858		821,252
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.99%, 08/01/25			1,295		1,130,962
TKC Holdings, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 02/01/23			1,093		1,079,619
2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.50%, 02/01/24			823		799,166
Trans Union LLC:
2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 06/19/25			18		17,798
Term Loan B3, (1 mo. LIBOR + 2.00%), 4.49%, 04/10/23			4,956		4,929,435
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.74%, 06/30/23			3,893		3,871,487
Worldpay LLC, 2018 1st Lien Term Loan B4, 08/09/24(g)			1,710		1,697,242
					30,192,672

16 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Leisure Products — 0.2%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/19/24(a)	USD		1,021	$	1,008,001
Life Sciences Tools & Services — 0.2%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 08/30/24			555		551,582
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.49%, 08/30/25			395		387,594
					939,176
Machinery — 1.9%
Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 05/18/24			881		869,723
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.30%, 01/31/24			167		166,769
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 07/30/24			2,339		2,336,366
Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 05/27/22(a)			1,942		1,932,300
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(g)			3,946		3,788,028
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 10/23/25(a)			993		987,786
					10,080,972
Media — 9.3%
Altice Financing SA:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.23%, 01/31/26(a)			713		691,783
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 07/15/25			243		234,790
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.49%, 08/14/26			4,360		4,234,720
Charter Communications Operating LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/30/25			4,441		4,426,041
CSC Holdings LLC:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.74%, 07/17/25			1,355		1,336,675
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 01/25/26			1,682		1,671,773
Gray Television, Inc.:
2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 02/07/24			607		603,421
2018 Term Loan C, (1 mo. LIBOR + 2.50%), 5.01%, 01/02/26			1,457		1,452,265
Hubbard Radio LLC, 2015 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/28/25			220		218,126
iHeartCommunications, Inc.(b)(h):
Extended Term Loan E, 0.00%, 07/30/19			515		358,569
Term Loan D, 0.00%, 07/30/19			4,071		2,837,611
Intelsat Jackson Holdings SA, 2017 Term Loan B4, 01/02/24(g)			1,921		1,947,048
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/01/23(a)			2,502		2,495,693
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 03/24/25(g)			1,613		1,603,825
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 10/31/23			474		471,167

Security		Par (000)		Value
Media (continued)
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 4.17%, 02/15/24	USD		1,073	$	1,060,853
Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25			849		848,664
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 09/13/24			837		830,958
Numericable Group SA, Term Loan B12, (1 mo. LIBOR + 3.68%), 6.18%, 01/31/26			538		520,024
PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.86%, 03/01/25			1,027		1,006,948
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 02/01/24			1,351		1,342,710
Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 01/03/24			192		191,156
Trader Corp., 2017 Term Loan B, 09/28/23(a)(g)			3,501		3,474,774
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.49%, 01/27/24			3,696		3,691,264
Unitymedia Finance LLC:
Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 09/30/25			1,680		1,670,894
USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.74%, 01/15/26			360		357,815
Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%), 4.49%, 06/01/23			981		973,177
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 03/15/24			1,151		1,067,977
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.99%, 01/15/26			2,693		2,672,829
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 05/18/25			3,291		3,188,184
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.99%, 04/15/25			2,392		2,362,037
					49,843,771
Metals & Mining — 0.2%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, 07/24/25(g)			804		801,393
Multiline Retail — 0.7%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/04/24			973		960,529
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 09/30/22			1,435		1,406,437
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.76%, 10/25/20			1,207		1,107,038
					3,474,004
Oil & Gas Equipment & Services — 0.3%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.49%, 05/10/25			1,599		1,536,436
Oil, Gas & Consumable Fuels — 1.9%
BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.37%, 11/03/25			837		808,751
BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.88%, 06/24/24			552		526,201
California Resources Corp.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 7.24%, 12/31/22			2,434		2,393,242
Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.87%, 12/31/21			2,168		2,272,660

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc.:
1st Lien Term Loan A, (1 mo. LIBOR + 4.25%), 6.75%, 11/26/21(a)	USD		280	$	280,250
1st Lien Term Loan B, (PRIME + 5.00%), 8.50%, 11/28/22			1,537		1,550,445
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 12/13/25			800		797,000
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25			799		777,495
Keane Group Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 05/25/25			471		449,682
MEG Energy Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/31/23			418		416,462
					10,272,188
Personal Products — 0.4%
Clover Merger Sub, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.24%, 09/26/25			1,015		850,063
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 01/26/24			1,524		1,515,700
					2,365,763
Pharmaceuticals — 4.4%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 04/16/21			458		364,927
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 05/04/25(g)			3,837		3,832,026
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.75%, 04/29/24			3,087		3,088,711
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.67%, 01/31/25			3,626		3,610,805
Jaguar Holding Co. II, 2018 Term Loan, 08/18/22(g)			4,582		4,554,896
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 5.51%, 06/02/25(g)			7,847		7,851,546
					23,302,911
Professional Services — 2.0%
Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, 02/09/26(g)			2,842		2,851,947
Dun & Bradstreet Corp., Term Loan, 02/01/26(g)			4,464		4,465,116
Guidehouse LLP, 2018 Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 05/01/25(a)			328		323,871
Information Resources, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 7.13%, 12/01/25			1,008		992,880
ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 04/02/25			1,173		1,167,277
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 8.07%, 08/04/25(a)			1,140		1,117,200
					10,918,291
Real Estate Management & Development — 2.2%
CityCenter Holdings LLC, 2017 Term Loan B, 04/18/24(g)			4,697		4,660,759
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 08/21/25			3,142		3,115,682
Forest City Enterprises LP, Term Loan B, (1 mo. LIBOR + 4.00%), 6.51%, 12/07/25			2,112		2,119,920
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 02/08/25			788		766,859
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 01/23/25			1,205		1,190,463
					11,853,683

Security		Par (000)		Value
Road & Rail — 0.3%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 09/29/25	USD		741	$	739,377
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.25%, 06/13/23			1,217		1,019,227
					1,758,604
Semiconductors & Semiconductor Equipment — 0.9%
MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 05/12/24(a)			250		249,281
Microchip Technology, Inc., 2018 Term Loan B, 05/29/25(g)			3,377		3,374,507
ON Semiconductor Corp., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 03/31/23			499		497,742
Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.80%, 09/29/23			934		932,346
					5,053,876
Software — 16.1%
Applied Systems, Inc.:
2017 1st Lien Term Loan, 09/19/24(g)			2,697		2,672,945
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.49%, 09/19/25			491		494,664
BMC Software Finance, Inc., 2017 Term Loan, 10/02/25(g)			3,888		3,862,223
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 04/26/24			907		895,466
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.24%, 04/27/25			814		808,913
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 09/07/23			2,676		2,665,717
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.88%, 05/28/24			1,649		1,456,478
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.49%, 09/30/23			1,431		1,340,132
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 10/01/25			6,558		6,453,414
Help/Systems Holdings, Inc, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 03/28/25			1,184		1,161,115
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/01/22			6,654		6,647,176
Informatica Corp., 2018 Term Loan, 08/05/22(g)			3,184		3,183,741
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.80%, 04/01/21			1,063		989,663
Kronos, Inc.:
2017 Term Loan B, 11/01/23(g)			5,136		5,112,430
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.99%, 11/01/24			2,135		2,171,210
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 09/30/24			3,719		3,725,002
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 11/29/24			3,884		3,784,447
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.74%, 12/01/25			850		830,170
PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.99%, 08/01/25			1,009		996,388
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 05/30/25			701		684,233
RP Crown Parent LLC, 2016 Term Loan B, 10/12/23(g)			1,190		1,177,362
SolarWinds Holdings, Inc., 2018 Term Loan B, 02/05/24(g)			4,688		4,670,484

18 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Solera LLC, Term Loan B, 03/03/23(g)	USD		5,390	$	5,350,061
SonicWALL, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.18%, 05/16/25			569		553,297
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 09/30/22			5,120		5,102,237
SS&C Technologies Holdings Europe, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25			1,788		1,779,815
SS&C Technologies, Inc.:
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.74%, 07/08/22			3,457		3,444,249
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25			4,667		4,645,445
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25			1,785		1,777,125
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 05/01/24			2,540		2,536,367
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.01%, 12/04/20			4,259		4,251,078
Vertafore, Inc., 2018 1st Lien Term Loan, 07/02/25(g)			1,090		1,076,375
					86,299,422
Specialty Retail — 2.0%
Academy Ltd., 2015 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.51%, 07/01/22			1,370		948,336
Belron Finance US LLC(a):
Term Loan B, (3 mo. LIBOR + 2.25%), 4.99%, 11/07/24			2,959		2,943,678
Term Loan B, (3 mo. LIBOR + 2.50%), 5.19%, 11/13/25			453		451,868
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (3 mo. LIBOR + 4.50%), 5.41%, 06/23/25	GBP		1,000		1,303,974
Leslie’s Poolmart, Inc., 2018 Term Loan, (2 mo. LIBOR + 3.50%, 1.00% Floor), 6.08%, 08/16/23	USD		1,229		1,193,978
National Vision, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 2.50%), 4.99%, 11/20/24			250		249,392
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.99%, 01/26/23			833		648,791
Research Now Group, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.99%, 12/20/24			1,252		1,243,997
Staples, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.51%, 09/12/24			839		832,817
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.50%, 04/13/23(a)			1,126		1,128,416
					10,945,247
Technology Hardware, Storage & Peripherals — 0.8%
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.23%, 04/29/23			4,343		4,259,031
Textiles, Apparel & Luxury Goods — 0.5%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.05%, 08/12/22			2,373		2,366,905
Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 12/15/24			529		525,129
					2,892,034
Thrifts & Mortgage Finance — 0.6%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, 05/23/25(g)			3,268		3,258,129

Security			Par (000)		Value
Trading Companies & Distributors — 1.0%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.77%, 01/02/25	USD			1,208	$	1,196,319
HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 4.24%, 10/17/23				3,858		3,838,864
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50%), 5.99%, 01/04/23				273		272,066
United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 10/31/25				226		225,714
						5,532,963
Transportation — 0.3%
Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 8.30%, 08/18/22		��		492		483,680
Safe Fleet Holdings LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.52%, 02/01/25				825		801,488
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.27%, 02/01/26				560		529,200
						1,814,368
Utilities — 0.1%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.63%, 11/28/24				726		674,467
Wireless Telecommunication Services — 1.4%
Geo Group, Inc. (The), 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 03/22/24				1,996		1,948,930
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20(i)				1,737		1,354,959
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/11/25				4,348		4,303,398
						7,607,287
Total Floating Rate Loan Interests — 131.6% (Cost — $713,996,914)						705,809,036
			Shares
Investment Companies — 3.6%
United States — 3.6%
Invesco Senior Loan ETF				840,000		19,152,000
Total Investment Companies — 3.6% (Cost — $19,015,644)						19,152,000
			Beneficial Interest (000)
Other Interests(j) — 0.0%
IT Services — 0.0%
Millennium Corp.(a)(b)	USD			1,607		—
Millennium Lender Claims(a)(b)				1,508		—
Total Other Interests — 0.0% (Cost — $—)						—
			Shares
Trust Preferreds — 0.3%
Diversified Financial Services — 0.3%
GMAC Capital Trust I, Series 2, 8.47%(k)				60,894		1,582,635
Total Trust Preferreds — 0.3% (Cost — $1,606,167)						1,582,635

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (Percentages shown are based on Net Assets)

Security		Shares		Value
Warrants — 0.0%
Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 03/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27)(a)	USD		2,406	$	—
Total Warrants — 0.0% (Cost — $24)					—
Total Long-Term Investments — 140.0% (Cost — $763,050,753)					750,665,009
Short-Term Securities — 2.1%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.29%(l)(m)			11,368,747		11,368,747
Total Short-Term Securities — 2.1% (Cost — $11,368,747)					11,368,747
Options Purchased — 0.0% (Cost — $68,461)					23,023
Total Investments — 142.1% (Cost — $774,487,961)					762,056,779
Liabilities in Excess of Other Assets — (42.1)%					(225,694,532	)
Net Assets — 100.0%				$	536,362,247

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

^(b)  Non-income producing security.

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

^(d)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)  Variable rate security. Rate shown is the rate in effect as of period end.

^(f)  When-issued security.

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

^(k)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(l)  Annualized7-day yield as of period end.

^(m)  During the six months ended February 28, 2019, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 08/31/18		Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		155,382		11,213,365		11,368,747	$	11,368,747	$	20,980	$	(815	)	$	—

^(a)  Includes net capital gain distributions, if applicable.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,362,827	EUR	4,654,000	UBS AG		03/05/19	$	68,700
USD	5,317,687	EUR	4,644,000	HSBC Bank PLC		04/04/19		21,532
USD	2,555,567	GBP	1,919,000	Barclays Bank PLC		04/04/19		6,214
								96,446
EUR	4,644,000	USD	5,304,330	HSBC Bank PLC		03/05/19		(21,578	)
GBP	1,919,000	USD	2,551,635	Barclays Bank PLC		03/05/19		(6,241	)
USD	2,524,891	GBP	1,922,000	State Street Bank and Trust Co.		03/05/19		(24,482	)
								(52,301	)
							$	44,145

20 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust		245		04/18/19	USD	289.00	USD	683	$	18,498
Marsico Parent Superholdco LLC		44		12/14/19	USD	942.86	USD	—		—
										18,498
Put
Invesco Senior Loan ETF		575		04/18/19	USD	22.00	USD	131	$	2,875
Invesco Senior Loan ETF		165		05/17/19	USD	22.00	USD	38		1,650
										4,525
									$	23,023

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Reference

Frequency

Rate

Frequency

Markit iboxx USDLiquid Leveraged Loans Total Return Index

Quarterly

3-Month LIBOR, 2.62%

Quarterly

JPMorgan Chase Bank N.A.

N/A

03/20/19

USD

3,809

$

99,304

$

—

$

99,304

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

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	99,304	$	—

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets andLiabilities 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	$	—	$	—	$	—	$	96,446	$	—	$	—	$	96,446
Options purchased
Investments at value — unaffiliated(a)		—		—		23,023		—		—		—		23,023
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		—		—		99,304		—		99,304
	$	—	$	—	$	23,023	$	96,446	$	99,304	$	—	$	218,773
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	52,301	$	—	$	—	$	52,301

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

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	—	$	—	$	—		$	146,068		$	—		$	—	$	146,068
Swaps		—		—		—			—			(704,179	)		—		(704,179	)
	$	—	$	—	$	—		$	146,068		$	(704,179	)	$	—	$	(558,111	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	—	$	—	$	—		$	(10,057	)	$	—		$	—	$	(10,057	)
Options purchased(a)		—		—		(2,416	)		—			—			—		(2,416	)
Swaps		—		—		—			—			99,304			—		99,304
	$	—	$	—	$	(2,416	)	$	(10,057	)	$	99,304		$	—	$	86,831

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	14,675,130
Average amounts sold — in USD	$	7,366,710
Options:
Average value of option contracts purchased	$	11,511
Total return swaps:
Average notional amount	$	10,087,000

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
Forward foreign currency exchange contracts	$	96,446			$	52,301
Options		23,023	(a)			—
Swaps — OTC(b)		99,304				—
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	218,773			$	52,301
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(23,023	)	��		—
Total derivative assets and liabilities subject to an MNA	$	195,750			$	52,301

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

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets (b)
Barclays Bank PLC	$	6,214	$	(6,214	)	$	—	$	—	$	—
HSBC Bank PLC		21,532		(21,532	)		—		—		—
JPMorgan Chase Bank N.A.		99,304		—			—		—		99,304
UBS AG		68,700		—			—		—		68,700
	$	195,750	$	(27,746	)	$	—	$	—	$	168,004

22 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities  (c)
Barclays Bank PLC	$	6,241	$	(6,214	)	$	—	$	—	$	27
HSBC Bank PLC		21,578		(21,532	)		—		—		46
State Street Bank and Trust Co.		24,482		—			—		—		24,482
	$	52,301	$	(27,746	)	$	—	$	—	$	24,555

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

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

^(c)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	5,313,627		$	—	$	5,313,627
Common Stocks(a)		12,957		641			1,160,611		1,174,209
Corporate Bonds		—		15,529,611			2,103,891		17,633,502
Floating Rate Loan Interests		—		659,559,753			46,249,283		705,809,036
Investment Companies		19,152,000		—			—		19,152,000
Trust Preferred		1,582,635		—			—		1,582,635
Short-Term Securities		11,368,747		—			—		11,368,747
Options Purchased:
Equity contracts		23,023		—			—		23,023
Liabilities:
Investments:
Unfunded Floating Rate Loan Interests(b)		—		(702	)		—		(702	)
	$	32,139,362	$	680,402,930		$	49,513,785	$	762,056,077
Derivative Financial Instruments
Assets:
Interest rate contracts	$	—	$	99,304		$	—	$	99,304
Forward foreign currency contracts		—		96,446			—		96,446
Liabilities:
Forward foreign currency contracts		—		(52,301	)		—		(52,301	)
	$	—	$	143,449		$	—	$	143,449

^(a)  See above Schedule of Investments for values in each industry.

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

^(c)  Derivative financial instruments are swaps and forward foreign currency exchange contracts, which 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 $205,000,000 is categorized as Level 2 within the disclosure hierarchy.

During the six months ended February 28, 2019, there were no transfers between Level 1 and Level 2.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

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

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Total
Assets:
Opening balance, as of August 31, 2018	$	2,698,550		$	2,048,238		$	2,892,436		$	36,749,545		$	44,388,769
Transfers into Level 3(a)		—			—			—			34,040,874			34,040,874
Transfers out of Level 3(b)		—			—			—			(15,245,474	)		(15,245,474	)
Accrued discounts/premiums		—			—			—			(5,117	)		(5,117	)
Net realized gain (loss)		(39,405	)		63,041			91			(1,382,263	)		(1,358,536	)
Net change in unrealized appreciation (depreciation)(c)(d)		—			(939,073	)		(868,114	)		755,615			(1,051,572	)
Purchases					317,169			79,568			10,710,044			11,106,781
Sales		(2,659,145	)		(328,764	)		(90	)		(19,373,941	)		(22,361,940	)
Closing balance, as of February 28, 2019	$	—		$	1,160,611		$	2,103,891		$	46,249,283		$	49,513,785
Net change in unrealized appreciation (depreciation) on investments still held at February 28, 2019(d)	$	—		$	(939,073	)	$	(868,114	)	$	(320,998	)	$	(2,128,185	)

^(a)  As of August 31, 2018 the Fund used observable inputs in determining the value of certain investments. As of February 28, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)  As of August 31, 2018, the Fund used significant unobservable inputs in determining the value of certain investments. As of February 28, 2019, 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.

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

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s investments 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 investments.

See notes to financial statements.

24 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 0.2%
Chemicals — 0.0%
LyondellBasell Industries NV, Class A			37	$	3,164
Diversified Financial Services — 0.2%
Kcad Holdings I Ltd.(a)(b)			546,753,936		1,049,768
Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.(b)			8,511		366
Household Durables — 0.0%
Berkline Benchcraft Equity LLC(a)			3,155		—
Metals & Mining — 0.0%
Ameriforge Group, Inc.			801		44,055
Preferred Proppants LLC(a)			5,738		14,345
					58,400
Software — 0.0%
Avaya Holdings Corp.(b)			18		279
Utilities — 0.0%
Texgen LLC(a)(b)			3,661		140,948
Total Common Stocks — 0.2% (Cost — $6,360,071)					1,252,925
		Par (000)
Asset-Backed Securities — 6.4%
AIMCO CLO,Series 2014-AA, Class DR, (3 mo. LIBOR US + 3.55%), 6.01%, 07/20/26(c)(d)	USD		250		248,507
Allegro CLOII-S Ltd.,Series 2014-1RA, Class C, 5.76%, 10/21/28(c)(e)			1,000		977,236
ALM VI Ltd.,Series 2012-6A, Class BR3, 4.54%, 07/15/26(c)(e)			1,000		981,313
ALM XII Ltd.,Series 2015-12A, Class C1R2, 5.43%, 04/16/27(c)(e)			1,000		966,324
ALM XVI Ltd./ALM XVI LLC,Series 2015-16A, Class CR2, 5.49%, 07/15/27(c)(e)			270		264,655
Anchorage Capital CLO Ltd.(c):
Series 2014-3RA, Class E, 8.26%, 01/28/31(e)			850		788,549
Series 2014-4RA, Class D, 5.36%, 01/28/31(e)			250		238,022
Series 2015-7A, Class DR, 5.49%, 10/15/27(e)			1,000		977,826
Series 2016-8A, Class ER, 8.51%, 07/28/28(e)			1,000		987,972
Series 2016-9A, Class D, (3 mo. LIBOR US + 4.00%), 6.79%, 01/15/29(d)			350		348,295
Benefit Street Partners CLO XII Ltd.,Series 2017-12A, Class D, 9.20%, 10/15/30(c)(e)			500		481,275
Carlyle Global Market Strategies CLO Ltd.,Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.00%), 4.76%, 04/20/27(c)(d)			600		599,906
Credit Suisse ABS Repackaging Trust,Series 2013-A, Class B, 2.50%, 01/25/30(c)			488		459,977
DCP Rights LLC,Series 2014-1A, Class A, 5.46%, 10/25/44(c)			3,024		3,098,288
Dryden 64 CLO Ltd.,Series 2018-64A, Class D, 5.43%, 04/18/31(c)(e)			250		237,638
Highbridge Loan Management Ltd.,Series 5A-2015, Class ERR, 8.79%, 10/15/30(c)(e)			450		427,082
Litigation Fee Residual Funding, 4.00%, 10/30/27(a)			1,131		1,215,430
Madison Park Funding X Ltd.,Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.62%), 10.38%, 01/20/29(c)(d)			500		498,444
Madison Park Funding XI Ltd.,Series 2013-11A, Class ER, 9.22%, 07/23/29(c)(e)			250		242,264

Security		Par (000)		Value
Asset-Backed Securities (continued)
Madison Park Funding XIII Ltd.,Series 2014-13A, Class ER, 8.51%, 04/19/30(c)(e)	USD		1,250	$	1,199,722
Madison Park Funding XV Ltd.,Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 4.96%, 01/27/26(c)(d)			1,500		1,502,894
Neuberger Berman CLO XX Ltd.,Series 2015-20A, Class ER, 7.79%, 01/15/28(c)(e)			790		751,861
Oaktree CLO Ltd.,Series 2015-1A, Class DR, 7.96%, 10/20/27(c)(e)			500		480,712
Octagon Investment Partners LLC,Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 9.06%, 07/20/30(c)(d)			500		487,428
OneMain Financial Issuance Trust,Series 2015-2A, Class C, 4.32%, 07/18/25(c)			4,000		4,004,174
OZLM VIII Ltd.,Series 2014-8A(c)(e):
Class BRR, 4.66%, 10/17/29			2,500		2,497,759
Class CRR, 5.61%, 10/17/29			500		498,018
OZLM XIX Ltd.,Series 2017-19A, Class D, 9.39%, 11/22/30(c)(e)			500		485,996
OZLM XV Ltd.,Series 2016-15A, Class C, (3 mo. LIBOR US + 4.00%), 6.76%, 01/20/29(c)(d)			1,000		999,740
OZLM XXI Ltd.,Series 2017-21A, Class D, 8.30%, 01/20/31(c)(e)			250		234,576
Park Avenue Institutional Advisers CLO Ltd.,Series 2017-1A, Class D, 8.91%, 11/14/29(c)(e)			1,750		1,680,824
Rockford Tower CLO Ltd.(c)(d):
Series 2017-1A, Class D, (3 mo. LIBOR US + 3.25%), 6.04%, 04/15/29			250		247,512
Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 6.24%, 10/15/29			500		499,810
Santander Drive Auto Receivables Trust,Series 2014-4, Class D, 3.10%, 11/16/20			2,280		2,280,986
Shackleton CLO Ltd.,Series 2013-3A, Class DR, 5.81%, 07/15/30(c)(e)			500		484,337
Symphony CLO XVIII Ltd.,Series 2016-18A, Class D, (3 mo. LIBOR US + 4.00%), 6.77%, 01/23/28(c)(d)			1,000		975,473
Thayer Park CLO Ltd.,Series 2017-1A, Class D, (3 mo. LIBOR US + 6.10%), 8.86%, 04/20/29(c)(d)			500		481,628
TICP CLO VII Ltd.,Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 9.30%, 07/15/29(c)(d)			500		487,837
Venture XXVI CLO Ltd.,Series 2017-26A, Class D, (3 mo. LIBOR US + 4.25%), 7.01%, 01/20/29(c)(d)			1,000		999,894
Vibrant CLO IV Ltd.,Series 2016-4A, Class D, (3 mo. LIBOR US + 4.50%), 7.26%, 07/20/28(c)(d)			1,000		1,004,449
Wellfleet CLO Ltd.,Series 2017-3A, Class B, 4.72%, 01/17/31(c)(e)			500		475,459
York CLO Ltd.(c)(d):
Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 6.36%, 10/20/29			250		250,071
Series 2016-2A, Class E, (3 mo. LIBOR US + 6.94%), 9.70%, 01/20/30			1,000		993,220
					38,043,383
Interest Only Asset-Backed Securities — 0.0%
Sterling Bank Trust,Series 2004-2, Class Note, 2.08%, 03/30/30(a)(c)			2,819		133,882
Sterling Coofs Trust,Series 2004-1, Class A, 2.36%, 04/15/29(a)			2,024		90,582
					224,464
Total Asset-Backed Securities — 6.4% (Cost — $38,942,273)					38,267,847

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds — 61.3%
Aerospace & Defense — 2.4%
Arconic, Inc.:
5.40%, 04/15/21	USD		10	$	10,286
5.87%, 02/23/22			730		761,938
5.13%, 10/01/24			808		799,920
BBA US Holdings, Inc., 5.38%, 05/01/26(c)			271		276,081
Bombardier, Inc.(c):
7.75%, 03/15/20			172		179,542
8.75%, 12/01/21(f)			827		909,700
5.75%, 03/15/22			102		102,204
6.00%, 10/15/22			8		8,040
6.13%, 01/15/23(f)			810		816,075
7.50%, 12/01/24(f)			965		981,888
7.50%, 03/15/25			621		626,434
7.88%, 04/15/27(g)			1,094		1,094,456
Koppers, Inc., 6.00%, 02/15/25(c)			51		44,625
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(c)			336		348,180
Moog, Inc., 5.25%, 12/01/22(c)			270		274,274
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(c)			165		167,475
TransDigm UK Holdings PLC, 6.88%, 05/15/26(c)(f)			264		257,400
TransDigm, Inc.:
6.00%, 07/15/22(f)			304		309,624
6.50%, 07/15/24			54		54,540
6.25%, 03/15/26(c)(f)			6,008		6,143,180
7.50%, 03/15/27(c)			46		46,225
					14,212,087
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(c)			18		18,115
Airlines — 1.6%
Air Canada Pass-Through Trust,Series 2015-1, Class B, 3.88%, 09/15/24(c)			1,167		1,147,581
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 01/15/23(f)			1,972		2,027,917
Series 2013-2, Class B, 5.60%, 07/15/20(c)			252		255,475
Series 2017-1, Class B, 4.95%, 02/15/25			1,282		1,302,282
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20			239		232,427
Latam Finance Ltd., 6.88%, 04/11/24(c)			203		205,495
United Airlines Pass-Through Trust:
Series 2014-2, Class B, 4.63%, 09/03/22(f)			1,653		1,664,017
Series 2015-1, Class A, 3.70%, 12/01/22			2,430		2,404,728
Virgin Australia Trust,Series 2013-1, Class A, 5.00%, 04/23/25(c)(f)			182		185,385
					9,425,307
Auto Components — 0.3%
Allison Transmission, Inc., 5.00%, 10/01/24(c)			28		28,175
Aptiv PLC, 4.40%, 10/01/46			240		206,642
GKN Holdings PLC, 3.38%, 05/12/32	GBP		100		128,051
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		67		63,482
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20			28		28,280
6.25%, 02/01/22			299		307,910
6.75%, 02/01/24			246		257,685
6.38%, 12/15/25			149		153,284
Tesla, Inc., 5.30%, 08/15/25(c)(f)			407		362,230
					1,535,739

Security		Par (000)		Value
Banks — 2.0%
Allied Irish Banks PLC (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h)	EUR		100	$	117,414
Banco Espirito Santo SA(b)(i):
4.75%, 01/15/19			100		32,702
4.00%, 01/21/19			100		31,849
Bank of Ireland (5 year EUR Swap + 3.55%), 4.25%, 06/11/24(h)			100		114,493
Barclays PLC:
4.38%, 09/11/24	USD		580		569,454
3.65%, 03/16/25(f)			3,600		3,461,357
5.20%, 05/12/26			200		201,231
BBVA Bancomer SA, 6.75%, 09/30/22(c)			192		205,872
CIT Group, Inc.:
5.00%, 08/01/23			582		604,058
5.25%, 03/07/25			599		627,453
6.13%, 03/09/28			98		106,330
HSBC Holdings PLC, 4.38%, 11/23/26(f)			395		397,510
Nordea Bank AB, 4.50%, 03/26/20	EUR		1,020		1,212,441
Promerica Financial Corp., 9.70%, 05/14/24(c)	USD		200		203,525
Santander Holdings USA, Inc., 4.50%, 07/17/25(f)			1,750		1,777,449
Santander UK Group Holdings PLC, 2.88%, 08/05/21(f)			950		934,599
Standard Chartered PLC, 3.89%, 03/15/24(c)(e)(f)			1,500		1,482,788
Unione di Banche Italiane SpA, 5.88%, 03/04/29(e)(g)	EUR		100		114,029
					12,194,554
Beverages — 0.1%
BWAY Holding Co., 4.75%, 04/15/24			100		114,835
Central American Bottling Corp., 5.75%, 01/31/27(c)	USD		176		178,564
Crown European Holdings SA, 2.25%, 02/01/23(c)	EUR		100		117,565
OI European Group BV, 4.00%, 03/15/23(c)	USD		176		172,040
					583,004
Building Materials — 0.0%
Jeld-Wen, Inc., 4.63%, 12/15/25(c)			138		129,893
Building Products — 0.4%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(c)			184		188,600
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(c)			18		16,757
CPG Merger Sub LLC, 8.00%, 10/01/21(c)			324		319,140
Jeld-Wen, Inc., 4.88%, 12/15/27(c)			19		17,599
Masonite International Corp.(c):
5.63%, 03/15/23(f)			384		390,720
5.75%, 09/15/26			160		160,000
PGT Escrow Issuer, Inc., 6.75%, 08/01/26(c)			107		110,210
Standard Industries, Inc.(c):
5.50%, 02/15/23			66		67,485
5.38%, 11/15/24			404		410,060
6.00%, 10/15/25			600		626,250
5.00%, 02/15/27			36		34,290
4.75%, 01/15/28			46		43,010
USG Corp.(c):
5.50%, 03/01/25			11		11,110
4.88%, 06/01/27			198		199,914
					2,595,145
Cable Television Services — 0.0%
Cincinnati Bell, Inc., 8.00%, 10/15/25(c)			146		132,130
Capital Markets — 0.6%
Blackstone CQP Holdco LP(c):
6.50%, 03/20/21			2,040		2,037,450
6.00%, 08/18/21			332		328,680

26 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
Intertrust Group BV, 3.38%, 11/15/25	EUR		100	$	116,186
Lions Gate Capital Holdings LLC(c):
6.38%, 02/01/24	USD		25		25,625
5.88%, 11/01/24			171		173,137
Morgan Stanley, 4.00%, 07/23/25(f)			965		980,823
Stevens Holding Co., Inc., 6.13%, 10/01/26(c)			167		170,340
					3,832,241
Chemicals — 1.5%
Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(c)(j)			256		245,120
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(c)			1,246		1,193,045
Axalta Coating Systems LLC, 4.88%, 08/15/24(c)			608		603,440
Blue Cube Spinco LLC:
9.75%, 10/15/23			596		667,669
10.00%, 10/15/25			341		390,445
Chemours Co.:
6.63%, 05/15/23			228		236,561
7.00%, 05/15/25			112		116,760
4.00%, 05/15/26	EUR		186		210,319
5.38%, 05/15/27	USD		99		96,030
Cydsa SAB de CV, 6.25%, 10/04/27(c)			252		239,400
Element Solutions, Inc., 5.88%, 12/01/25(c)(f)			1,052		1,064,498
GCP Applied Technologies, Inc., 5.50%, 04/15/26(c)			248		249,860
Huntsman International LLC:
5.13%, 11/15/22			280		292,600
4.50%, 05/01/29(g)			135		133,109
INEOS Finance PLC, 4.00%, 05/01/23	EUR		100		115,304
Mexichem SAB de CV, 5.50%, 01/15/48(c)	USD		200		183,480
Momentive Performance Materials, Inc., 3.88%, 10/24/21(f)			303		326,483
NOVA Chemicals Corp., 4.88%, 06/01/24(c)			267		258,509
Olin Corp., 5.00%, 02/01/30			117		113,636
PQ Corp.(c):
6.75%, 11/15/22(f)			444		461,627
5.75%, 12/15/25			497		481,161
Versum Materials, Inc., 5.50%, 09/30/24(c)			158		164,320
WR Grace &Co-Conn(c):
5.13%, 10/01/21(f)			741		762,408
5.63%, 10/01/24			200		208,000
					8,813,784
Commercial Services & Supplies — 1.2%
ADT Security Corp.:
6.25%, 10/15/21			139		146,298
3.50%, 07/15/22			313		307,914
4.13%, 06/15/23			226		221,762
4.88%, 07/15/32(c)			371		312,567
Advanced Disposal Services, Inc., 5.63%, 11/15/24(c)			147		148,470
Avolon Holdings Funding Ltd.(c):
5.13%, 10/01/23			323		326,230
5.25%, 05/15/24(g)			302		309,550
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(c)			270		270,675
Core & Main LP, 6.13%, 08/15/25(c)			446		429,275
Fortress Transportation & Infrastructure Investors LLC(c):
6.75%, 03/15/22			71		72,385
6.50%, 10/01/25			78		76,245
GFL Environmental, Inc., 5.38%, 03/01/23(c)			131		123,386
Harland Clarke Holdings Corp., 8.38%, 08/15/22(c)			414		386,572
KAR Auction Services, Inc., 5.13%, 06/01/25(c)			380		369,550
Mobile Mini, Inc., 5.88%, 07/01/24(f)			499		505,237

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Paprec Holding SA, 4.00%, 03/31/25	EUR		100	$	96,612
Park Aerospace Holdings Ltd.(c):
3.63%, 03/15/21	USD		226		223,175
5.25%, 08/15/22			369		377,749
5.50%, 02/15/24			6		6,203
Pitney Bowes, Inc., 3.88%, 10/01/21(f)			500		485,000
Resideo Funding, Inc., 6.13%, 11/01/26(c)			148		151,700
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)			472		480,260
United Rentals North America, Inc.:
5.75%, 11/15/24(f)			609		627,270
5.50%, 05/15/27			397		397,000
					6,851,085
Communications Equipment — 1.1%
CommScope Finance LLC(c):
5.50%, 03/01/24			887		902,922
6.00%, 03/01/26			771		788,347
8.25%, 03/01/27			243		252,113
CommScope Technologies LLC(c):
6.00%, 06/15/25			3		2,828
5.00%, 03/15/27			367		328,575
CommScope, Inc., 5.00%, 06/15/21(c)			465		465,581
Motorola Solutions, Inc., 3.75%, 05/15/22(f)			1,500		1,506,718
Nokia OYJ:
3.38%, 06/12/22			106		103,848
4.38%, 06/12/27			149		146,410
6.63%, 05/15/39			200		210,000
Zayo Group LLC/Zayo Capital, Inc.(f):
6.00%, 04/01/23			531		537,637
6.38%, 05/15/25			535		530,988
5.75%, 01/15/27(c)			1,103		1,069,910
					6,845,877
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 8.50%, 07/15/25(c)			227		204,868
frontdoor, Inc., 6.75%, 08/15/26(c)			241		244,916
SPIE SA, 3.13%, 03/22/24	EUR		100		116,214
					565,998
Construction Materials — 0.5%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26(c)	USD		219		222,559
HD Supply, Inc., 5.38%, 10/15/26(c)			1,806		1,833,090
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		100		120,177
Navistar International Corp., 6.63%, 11/01/25(c)	USD		318		327,868
New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22(c)			136		136,680
Williams Scotsman International, Inc.(c):
7.88%, 12/15/22			109		110,635
6.88%, 08/15/23			155		152,287
					2,903,296
Consumer Discretionary — 0.4%
AA Bond Co. Ltd., 4.88%, 07/31/24	GBP		100		127,916
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(c)	USD		162		159,975
Silversea Cruise Finance Ltd., 7.25%, 02/01/25(c)			56		60,662
Staples, Inc., 8.50%, 09/15/25(c)			457		447,860
Star Merger Sub, Inc., 6.88%, 08/15/26(c)			610		612,111
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26	EUR		100		116,440
Viking Cruises Ltd.(c):
6.25%, 05/15/25	USD		315		317,363
5.88%, 09/15/27(f)			828		797,985
					2,640,312

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance — 1.6%
Alliance Data Systems Corp.(c):
5.88%, 11/01/21	USD		696	$	708,180
5.38%, 08/01/22			64		64,960
Ally Financial, Inc., 8.00%, 11/01/31(f)			1,889		2,332,915
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(c)			200		177,519
Mulhacen Pte Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 08/01/23(j)	EUR		119		135,194
Navient Corp.:
5.00%, 10/26/20(f)	USD		310		313,965
6.63%, 07/26/21			113		116,814
6.50%, 06/15/22			85		87,337
5.50%, 01/25/23			327		322,912
7.25%, 09/25/23(f)			257		265,031
5.88%, 10/25/24			65		62,319
6.75%, 06/25/25			105		102,769
6.75%, 06/15/26			108		103,680
5.63%, 08/01/33			95		73,388
Nexi Capital SpA, 3.63%, 05/01/23(e)	EUR		100		114,462
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26			100		112,942
4.50%, 05/15/26(c)			400		451,768
6.25%, 05/15/26(c)	USD		1,450		1,462,687
8.25%, 11/15/26(c)			587		574,343
Springleaf Finance Corp.:
6.13%, 05/15/22			70		72,625
5.63%, 03/15/23			8		8,130
6.13%, 03/15/24			453		458,096
6.88%, 03/15/25			281		287,674
7.13%, 03/15/26			147		148,837
Verscend Escrow Corp., 9.75%, 08/15/26(c)			1,202		1,229,045
					9,787,592
Containers & Packaging — 1.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.63%, 05/15/23(c)			990		997,425
7.25%, 05/15/24(c)			1,554		1,613,751
4.75%, 07/15/27(c)	GBP		100		122,455
4.75%, 07/15/27			100		122,455
BWAY Holding Co., 5.50%, 04/15/24(c)(f)	USD		1,024		1,007,053
Crown Americas LLC/Crown Americas Capital Corp. VI:
4.75%, 02/01/26(f)			480		481,500
4.25%, 09/30/26			196		188,650
Greif, Inc., 6.50%, 03/01/27(c)			91		92,718
Intertape Polymer Group, Inc., 7.00%, 10/15/26(c)			136		137,020
Mercer International, Inc.:
6.50%, 02/01/24			113		115,260
5.50%, 01/15/26			117		111,735
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20(f)			1,029		1,031,251
(3 mo. LIBOR US + 3.50%), 6.29%, 07/15/21(c)(d)			433		435,706
5.13%, 07/15/23(c)			42		42,000
7.00%, 07/15/24(c)(f)			699		714,728
Sealed Air Corp.(c):
4.88%, 12/01/22			192		195,600
5.13%, 12/01/24			46		47,314
6.88%, 07/15/33			44		45,980
Suzano Austria GmbH, 6.00%, 01/15/29(c)			517		547,309
					8,049,910

Security		Par (000)		Value
Diversified Consumer Services — 0.6%
APX Group, Inc.(f):
8.75%, 12/01/20	USD		262	$	260,362
7.88%, 12/01/22			336		333,480
Ascend Learning LLC, 6.88%, 08/01/25(c)			587		573,679
Graham Holdings Co., 5.75%, 06/01/26(c)			211		217,330
Laureate Education, Inc., 8.25%, 05/01/25(c)			114		123,120
Matthews International Corp., 5.25%, 12/01/25(c)			108		104,490
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		100		133,990
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(c)(f)	USD		1,100		1,159,950
ServiceMaster Co. LLC, 5.13%, 11/15/24(c)			797		800,985
Verisure Holding AB, 3.50%, 05/15/23	EUR		100		116,589
					3,823,975
Diversified Financial Services — 1.0%
Arrow Global Finance PLC (3 mo. EURIBOR + 2.88%), 2.88%, 04/01/25(d)			100		108,783
Controladora Mabe SA de CV, 5.60%, 10/23/28(c)	USD		200		198,645
Docuformas SAPI de CV, 9.25%, 10/11/22(c)			421		367,323
FS Energy & Power Fund, 7.50%, 08/15/23(c)			79		79,933
General Motors Financial Co., Inc., 4.38%, 09/25/21(f)			530		538,705
Gilex Holding Sarl, 8.50%, 05/02/23(c)			182		191,100
Intesa Sanpaolo SpA, 5.02%, 06/26/24(c)(f)			2,442		2,262,631
Jefferies Finance LLC/JFINCo-Issuer Corp.(c)(f):
7.38%, 04/01/20			290		290,580
6.88%, 04/15/22			480		478,800
MSCI, Inc., 5.25%, 11/15/24(c)			105		107,625
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(c)(f)			438		442,380
Travelport Corporate Finance PLC, 6.00%, 03/15/26(c)			171		181,260
UniCredit SpA (5 year EUR Swap + 4.32%), 4.38%, 01/03/27(h)	EUR		100		116,689
Vantiv LLC/Vanity Issuer Corp.(c):
3.88%, 11/15/25	GBP		100		128,954
4.38%, 11/15/25	USD		200		193,000
WMG Acquisition Corp., 5.50%, 04/15/26(c)			166		167,038
					5,853,446
Diversified Telecommunication Services — 1.1%
CenturyLink, Inc.:
5.63%, 04/01/25(f)			526		501,520
Series P, 7.60%, 09/15/39			26		22,685
Series S, 6.45%, 06/15/21(f)			412		427,944
Series U, 7.65%, 03/15/42			185		161,412
Series W, 6.75%, 12/01/23(f)			236		245,072
Series Y, 7.50%, 04/01/24(f)			630		666,422
Cincinnati Bell, Inc., 7.00%, 07/15/24(c)			340		307,700
Embarq Corp., 8.00%, 06/01/36			428		413,020
Frontier Communications Corp.:
7.13%, 03/15/19			156		155,805
10.50%, 09/15/22			163		116,545
11.00%, 09/15/25(f)			1,205		769,694
8.50%, 04/01/26(c)			377		350,610
Level 3 Financing, Inc.:
5.38%, 08/15/22			184		185,150
5.63%, 02/01/23			61		61,458
5.13%, 05/01/23(f)			295		296,870
5.38%, 05/01/25			90		89,775
5.25%, 03/15/26(f)			909		890,820
Telecom Italia Capital SA:
6.38%, 11/15/33			126		118,440
6.00%, 09/30/34			191		171,900

28 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia SpA, 5.30%, 05/30/24(c)	USD		200	$	195,500
Verizon Communications, Inc., 3.38%, 02/15/25(f)			156		156,107
					6,304,449
Electric Utilities — 0.4%
AES Corp., 5.50%, 04/15/25			152		156,750
Black Hills Corp., 3.15%, 01/15/27(f)			305		285,185
DPL, Inc., 7.25%, 10/15/21			30		32,175
Enel Finance International NV, 3.63%, 05/25/27(c)(f)			900		830,079
Energuate Trust, 5.88%, 05/03/27(c)			200		190,285
Eskom Holdings SOC Ltd., 6.35%, 08/10/28(c)			325		332,719
Exelon Corp., 3.40%, 04/15/26(f)			140		135,830
Inkia Energy Ltd., 5.88%, 11/09/27(c)			377		362,391
NextEra Energy Operating Partners LP(c):
4.25%, 09/15/24			101		99,232
4.50%, 09/15/27			128		121,920
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.(a):
10.25%, 11/01/15(b)			47		—
10.50%, 11/01/19			31		112
11.50%, 10/01/20			300		—
					2,546,678
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23			72		72,720
5.50%, 12/01/24(f)			521		543,142
5.00%, 09/01/25			107		107,669
Energizer Gamma Acquisition BV, 4.63%, 07/15/26	EUR		100		115,661
Itron, Inc., 5.00%, 01/15/26(c)	USD		25		24,313
					863,505
Energy Equipment & Services — 0.7%
Apergy Corp., 6.38%, 05/01/26			101		100,874
Calfrac Holdings LP, 8.50%, 06/15/26(c)			113		83,620
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25(c)			273		264,810
Ensco PLC:
4.50%, 10/01/24			26		20,116
5.20%, 03/15/25			313		240,227
7.75%, 02/01/26			141		118,440
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22(c)(f)			715		717,796
Halliburton Co., 3.80%, 11/15/25(f)			100		100,474
McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.63%, 05/01/24(c)			331		274,730
Oceaneering International, Inc., 4.65%, 11/15/24			46		42,492
Odebrecht Oil & Gas Finance Ltd., 0.00%(c)(k)(l)	BRL		43		334
Pattern Energy Group, Inc., 5.88%, 02/01/24(c)	USD		299		304,496
Pioneer Energy Services Corp., 6.13%, 03/15/22			241		148,215
SESI LLC, 7.75%, 09/15/24			198		168,300
Transocean, Inc.:
8.38%, 12/15/21			51		53,550
9.00%, 07/15/23(c)			583		615,065
7.50%, 01/15/26(c)			218		210,370
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26			277		281,847
6.88%, 09/01/27(c)(g)			231		235,620
Weatherford International Ltd.:
6.50%, 08/01/36			110		65,450
5.95%, 04/15/42(f)			220		130,350
					4,177,176

Security		Par (000)		Value
Environmental, Maintenance, & Security Service — 0.1%
Hulk Finance Corp., 7.00%, 06/01/26(c)	USD		131	$	124,450
Tervita Escrow Corp., 7.63%, 12/01/21(c)			343		342,142
Waste Pro USA, Inc., 5.50%, 02/15/26(c)			115		111,550
					578,142
Equity Real Estate Investment Trusts (REITs) — 1.5%
AvalonBay Communities, Inc., 3.45%, 06/01/25(f)			1,245		1,241,950
ERP Operating LP, 3.38%, 06/01/25(f)			1,015		1,014,629
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(c)			145		140,469
GEO Group, Inc.:
5.13%, 04/01/23			249		236,550
5.88%, 10/15/24			170		161,075
6.00%, 04/15/26			10		9,275
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24			337		332,366
5.13%, 05/01/26(c)			697		700,485
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			30		29,850
iStar, Inc.:
4.63%, 09/15/20			33		33,165
6.00%, 04/01/22			62		61,923
5.25%, 09/15/22			67		65,660
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc.:
5.63%, 05/01/24(f)			1,361		1,405,232
4.50%, 09/01/26(f)			678		649,748
4.50%, 01/15/28			236		220,660
MPT Operating Partnership LP/MPT Finance Corp.:
6.38%, 03/01/24			42		43,995
5.50%, 05/01/24			73		74,734
5.00%, 10/15/27			959		951,807
Starwood Property Trust, Inc., 5.00%, 12/15/21			234		238,972
Trust F/1401, 6.95%, 01/30/44			706		712,972
Ventas Realty LP, 4.13%, 01/15/26(f)			650		652,791
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			224		244,243
					9,222,551
Food & Staples Retailing — 0.1%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			186		186,000
5.75%, 03/15/25			70		66,500
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, 7.50%, 03/15/26(c)			107		110,210
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		132,917
Post Holdings, Inc., 5.63%, 01/15/28(c)	USD		73		70,536
Rite Aid Corp., 6.13%, 04/01/23(c)			110		93,775
					659,938
Food Products — 0.7%
Aramark Services, Inc.:
5.13%, 01/15/24(f)			417		426,382
5.00%, 04/01/25(c)			79		80,383
5.00%, 02/01/28(c)			345		340,688
Arcor SAIC, 6.00%, 07/06/23(c)			180		175,119
B&G Foods, Inc., 5.25%, 04/01/25			51		48,705
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(c)			149		134,100
JBS USA LUX SA/JBS USA Finance, Inc.(c):
5.88%, 07/15/24			381		391,668
5.75%, 06/15/25(f)			942		953,775
6.75%, 02/15/28			319		329,943

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Food Products (continued)
MARB BondCo PLC:
7.00%, 03/15/24	USD		200	$	196,940
6.88%, 01/19/25(c)			200		194,468
Post Holdings, Inc.(c):
5.50%, 03/01/25			246		246,615
5.75%, 03/01/27			253		248,889
Simmons Foods, Inc., 7.75%, 01/15/24(c)			270		282,150
					4,049,825
Health Care Equipment & Supplies — 0.9%
Avantor, Inc.(c):
6.00%, 10/01/24(f)			1,750		1,786,094
9.00%, 10/01/25			999		1,070,179
Hologic, Inc.(c):
4.38%, 10/15/25			45		44,213
4.63%, 02/01/28			174		167,910
Immucor, Inc., 11.13%, 02/15/22(c)			100		101,250
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(c):
4.88%, 04/15/20			284		282,608
5.75%, 08/01/22(f)			233		219,020
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22(c)(f)			1,591		1,531,337
Teleflex, Inc.:
5.25%, 06/15/24			250		255,312
4.88%, 06/01/26			87		88,088
4.63%, 11/15/27			58		57,569
					5,603,580
Health Care Providers & Services — 3.1%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			146		143,810
5.63%, 02/15/23			160		158,800
6.50%, 03/01/24			235		233,825
AHP Health Partners, Inc., 9.75%, 07/15/26(c)			140		147,000
Centene Corp.:
4.75%, 05/15/22			314		319,888
6.13%, 02/15/24			37		38,711
4.75%, 01/15/25			200		201,500
5.38%, 06/01/26(c)(f)			1,829		1,897,587
CHS/Community Health Systems, Inc.(c):
8.63%, 01/15/24			675		695,250
8.00%, 03/15/26			298		294,075
DaVita, Inc., 5.13%, 07/15/24(f)			235		232,650
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(c)(j)			205		205,513
Encompass Health Corp., 5.75%, 11/01/24(f)			80		80,824
HCA, Inc.:
4.75%, 05/01/23			9		9,328
5.00%, 03/15/24(f)			567		592,332
5.38%, 02/01/25			522		541,413
5.88%, 02/15/26			13		13,731
5.25%, 06/15/26			47		49,570
5.38%, 09/01/26			379		388,475
5.63%, 09/01/28			1,000		1,033,750
5.88%, 02/01/29			1,154		1,210,257
5.50%, 06/15/47(f)			765		794,743
MEDNAX, Inc., 5.25%, 12/01/23(c)(f)			168		169,890
Molina Healthcare, Inc.:
5.38%, 11/15/22			172		177,321
4.88%, 06/15/25(c)			108		106,380
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(c)(f)			424		425,853
NVA Holdings, Inc., 6.88%, 04/01/26(c)			243		234,495

Security		Par (000)		Value
Health Care Providers & Services (continued)
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(c)(f)(j)	USD		878	$	866,770
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(c)			772		825,075
Sotera Health Holdings LLC, 6.50%, 05/15/23(c)			366		368,745
Surgery Center Holdings, Inc.(c):
8.88%, 04/15/21			139		141,433
6.75%, 07/01/25(f)			272		247,520
Team Health Holdings, Inc., 6.38%, 02/01/25(c)(f)			419		334,153
Tenet Healthcare Corp.:
6.00%, 10/01/20(f)			580		599,575
8.13%, 04/01/22			502		535,885
4.63%, 07/15/24(f)			530		528,675
6.25%, 02/01/27(c)			1,113		1,145,694
UnitedHealth Group, Inc., 3.75%, 07/15/25(f)			1,470		1,509,052
Vizient, Inc., 10.38%, 03/01/24(c)			322		348,565
WellCare Health Plans, Inc.:
5.25%, 04/01/25			310		316,495
5.38%, 08/15/26(c)			343		352,861
					18,517,469
Health Care Services — 0.0%
Aveta, Inc. Escrow, 7.00%, 04/01/19(a)			183		—
Health Care Technology — 0.2%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(c)			308		300,593
IQVIA, Inc.:
3.25%, 03/15/25	EUR		148		171,922
3.25%, 03/15/25(c)			100		116,164
5.00%, 10/15/26(c)	USD		463		471,102
					1,059,781
Hotels, Restaurants & Leisure — 3.4%
New Red Finance, Inc.(c):
4.25%, 05/15/24			273		265,834
5.00%, 10/15/25(f)			1,848		1,789,095
Boyd Gaming Corp., 6.00%, 08/15/26			112		114,870
Boyne USA, Inc., 7.25%, 05/01/25(c)			184		196,880
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(c)			297		281,779
Churchill Downs, Inc., 4.75%, 01/15/28(c)			119		113,669
CPUK Finance Ltd., 4.25%, 08/28/22	GBP		100		131,269
Eldorado Resorts, Inc.:
6.00%, 04/01/25	USD		91		92,602
6.00%, 09/15/26(c)			117		119,047
ESH Hospitality, Inc., 5.25%, 05/01/25(c)(f)			285		283,575
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			126		130,843
5.25%, 06/01/25			108		111,833
5.38%, 04/15/26			164		168,979
Golden Nugget, Inc., 6.75%, 10/15/24(c)			552		554,760
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			49		48,755
IRB Holding Corp., 6.75%, 02/15/26(c)			52		49,140
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(c):
5.00%, 06/01/24			35		35,376
5.25%, 06/01/26			368		374,440
4.75%, 06/01/27			5		4,925
Marriott Ownership Resorts, Inc., 6.50%, 09/15/26(c)			40		41,300
McDonald’s Corp., 3.70%, 01/30/26(f)			405		407,561
Melco Resorts Finance Ltd., 4.88%, 06/06/25(c)(f)			375		359,062

30 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
MGM Resorts International:
6.63%, 12/15/21(f)	USD		992	$	1,056,480
7.75%, 03/15/22			453		497,167
4.63%, 09/01/26			11		10,450
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21(f)			494		495,235
Sabre GLBL, Inc.(c):
5.38%, 04/15/23			147		149,940
5.25%, 11/15/23			210		214,200
Scientific Games International, Inc.:
10.00%, 12/01/22(f)			761		800,001
5.00%, 10/15/25(c)(f)			783		758,531
3.38%, 02/15/26	EUR		100		108,770
Six Flags Entertainment Corp.(c)(f):
4.88%, 07/31/24	USD		908		894,380
5.50%, 04/15/27			228		224,010
Spirit Issuer PLC:
Series A2, (3 mo. LIBOR GBP + 2.70%), 3.61%, 12/28/31(d)	GBP		1,800		2,316,005
Series A5, 5.47%, 12/28/28			4,500		6,209,949
Station Casinos LLC, 5.00%, 10/01/25(c)	USD		123		119,464
Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27	GBP		58		83,095
Wyndham Destinations, Inc.:
5.40%, 04/01/24	USD		13		13,065
5.75%, 04/01/27			64		63,520
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(c)			121		122,410
Wynn Macau Ltd., 5.50%, 10/01/27(c)(f)			600		568,875
Yum! Brands, Inc.:
3.88%, 11/01/23			98		96,040
5.35%, 11/01/43			6		5,130
					20,482,311
Household Durables — 0.6%
Algeco Global Finance PLC, 8.00%, 02/15/23(c)			600		598,500
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(c)			207		206,224
Lennar Corp.:
8.38%, 01/15/21			134		144,552
6.25%, 12/15/21(f)			380		397,575
4.88%, 12/15/23			122		123,830
4.75%, 05/30/25			260		260,731
5.25%, 06/01/26			28		28,105
4.75%, 11/29/27			360		349,650
Mattamy Group Corp.(c):
6.88%, 12/15/23			113		112,152
6.50%, 10/01/25			172		165,281
MDC Holdings, Inc., 6.00%, 01/15/43			122		103,700
Meritage Homes Corp., 5.13%, 06/06/27			77		71,803
PulteGroup, Inc., 6.38%, 05/15/33(f)			469		444,377
Tempur Sealy International, Inc., 5.50%, 06/15/26(f)			180		179,550
TRI Pointe Group, Inc.:
4.88%, 07/01/21			112		111,720
5.25%, 06/01/27			15		13,500
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:
4.38%, 06/15/19			110		109,863
5.88%, 06/15/24			11		10,770
					3,431,883
Household Products — 0.2%
ACCO Brands Corp., 5.25%, 12/15/24(c)			85		83,513
Berkline Benchcraft LLC, 4.50%, 06/01/19(a)(b)(i)			200		—

Security		Par (000)		Value
Household Products (continued)
Energizer Holdings, Inc.(c):
6.38%, 07/15/26	USD		46	$	46,460
7.75%, 01/15/27			336		357,840
Spectrum Brands, Inc., 6.63%, 11/15/22(f)			815		833,337
					1,321,150
Independent Power and Renewable Electricity Producers — 1.1%
AES Corp.:
4.50%, 03/15/23			187		188,402
4.88%, 05/15/23			193		194,870
6.00%, 05/15/26			230		242,075
5.13%, 09/01/27			121		124,327
Calpine Corp.:
5.38%, 01/15/23			1,294		1,281,060
5.88%, 01/15/24(c)			320		326,400
5.75%, 01/15/25			120		114,900
5.25%, 06/01/26(c)			730		715,400
Clearway Energy Operating LLC:
5.38%, 08/15/24			443		434,140
5.75%, 10/15/25(c)			267		262,327
5.00%, 09/15/26			129		120,293
Genneia SA, 8.75%, 01/20/22(c)			293		272,490
NRG Energy, Inc.:
6.63%, 01/15/27(f)			975		1,036,852
5.75%, 01/15/28			536		550,070
TerraForm Power Operating LLC(c):
4.25%, 01/31/23			181		179,319
6.63%, 06/15/25(m)			30		31,500
5.00%, 01/31/28			181		171,950
Vistra Energy Corp., 7.63%, 11/01/24			124		131,750
					6,378,125
Industrial Conglomerates — 0.2%
Algeco Global Finance PLC, 6.50%, 02/15/23	EUR		100		116,304
BWX Technologies, Inc., 5.38%, 07/15/26(c)	USD		209		213,180
Colfax Corp., 3.25%, 05/15/25	EUR		100		114,101
Vertiv Group Corp., 9.25%, 10/15/24(c)(f)	USD		541		541,000
					984,585
Insurance — 1.7%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24(c)			58		59,377
Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 8.25%, 08/01/23(c)			1,155		1,193,259
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25(f)			360		353,598
American International Group, Inc., 3.75%, 07/10/25(f)			2,705		2,648,518
AmWINS Group, Inc., 7.75%, 07/01/26(c)			135		138,375
Aon PLC, 3.88%, 12/15/25(f)			1,115		1,133,958
Assicurazioni Generali SpA(h):
(3 mo. EURIBOR + 7.11%), 7.75%, 12/12/42	EUR		100		134,788
(3 mo. EURIBOR + 5.35%), 5.50%, 10/27/47			100		123,584
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, 6.00%, 01/23/27			100		135,192
Forethought Financial Group, Inc., 8.63%, 04/15/21(c)(f)	USD		750		823,163
HUB International Ltd., 7.00%, 05/01/26(c)(f)			814		797,720
Lincoln National Corp., 3.35%, 03/09/25(f)			845		828,299
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (3 mo. EURIBOR + 3.50%), 6.00%, 05/26/41(h)	EUR		400		508,860
Nationstar Mortgage Holdings, Inc.(c):
8.13%, 07/15/23	USD		249		253,357
9.13%, 07/15/26			144		147,240

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Nationwide Building Society, 4.13%, 10/18/32(c)(e)(f)	USD		595	$	543,431
USIS Merger Sub, Inc., 6.88%, 05/01/25(c)			63		61,267
					9,883,986
Interactive Media & Services — 0.5%
Equinix, Inc., 5.88%, 01/15/26(f)			869		910,278
Match Group, Inc., 5.63%, 02/15/29(c)			177		176,004
Netflix, Inc.:
4.38%, 11/15/26			127		121,841
5.88%, 11/15/28(c)(f)			601		625,972
4.63%, 05/15/29	EUR		100		120,456
Rackspace Hosting, Inc., 8.63%, 11/15/24(c)(f)	USD		154		134,750
Symantec Corp., 5.00%, 04/15/25(c)			385		383,746
Uber Technologies, Inc., 7.50%, 11/01/23(c)(f)			276		282,210
United Group BV, 4.38%, 07/01/22	EUR		126		145,385
					2,900,642
IT Services — 0.8%
Banff Merger Sub, Inc.:
8.38%, 09/01/26			110		123,520
9.75%, 09/01/26(c)	USD		1,497		1,450,219
First Data Corp.(c):
5.00%, 01/15/24			180		184,727
5.75%, 01/15/24(f)			2,024		2,083,607
Gartner, Inc., 5.13%, 04/01/25(c)			174		175,305
InterXion Holding NV, 4.75%, 06/15/25	EUR		100		120,336
WEX, Inc., 4.75%, 02/01/23(c)	USD		177		175,673
Xerox Corp.:
4.80%, 03/01/35			336		269,640
6.75%, 12/15/39			50		47,625
					4,630,652
Leisure Products — 0.1%
Mattel, Inc.:
6.75%, 12/31/25(c)			490		482,038
6.20%, 10/01/40			68		54,995
5.45%, 11/01/41			40		30,600
					567,633
Machinery — 0.5%
Colfax Corp.(c):
6.00%, 02/15/24			544		561,680
6.38%, 02/15/26			270		281,475
Mueller Water Products, Inc., 5.50%, 06/15/26(c)			233		234,747
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		109		118,093
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(c)	USD		353		345,940
SPX FLOW, Inc.(c):
5.63%, 08/15/24			206		206,000
5.88%, 08/15/26			89		89,223
Terex Corp., 5.63%, 02/01/25(c)(f)			758		737,155
Titan Acquisition Ltd./TitanCo-Borrower LLC, 7.75%, 04/15/26(c)(f)			512		448,000
Wabash National Corp., 5.50%, 10/01/25(c)			241		222,322
					3,244,635
Media — 7.2%
Altice Financing SA(c):
6.63%, 02/15/23			440		449,900
7.50%, 05/15/26(f)			309		298,957
Altice France SA(c):
7.38%, 05/01/26(f)			1,504		1,475,800
8.13%, 02/01/27			1,095		1,100,475
Altice Luxembourg SA, 7.75%, 05/15/22(c)(f)			1,065		1,058,344
AMC Networks, Inc., 4.75%, 08/01/25			542		526,587
Cablevision Systems Corp., 8.00%, 04/15/20			125		130,938
CBS Radio, Inc., 7.25%, 11/01/24(c)			15		14,850

Security		Par (000)		Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.13%, 02/15/23(f)	USD		270	$	274,388
4.00%, 03/01/23(c)(f)			670		661,625
5.13%, 05/01/23(c)			375		381,600
5.13%, 05/01/27(c)			2,133		2,099,235
5.88%, 05/01/27(c)			349		358,488
5.00%, 02/01/28(c)			266		255,859
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25(f)			2,425		2,513,452
Clear Channel International BV, 8.75%, 12/15/20(c)(f)			560		573,300
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22(f)			1,197		1,222,436
9.25%, 02/15/24(c)			1,962		2,057,647
Series B, 7.63%, 03/15/20(f)			1,175		1,175,587
Series B, 6.50%, 11/15/22(f)			1,570		1,605,325
Comcast Corp., 3.95%, 10/15/25(f)			3,000		3,090,600
CSC Holdings LLC:
6.75%, 11/15/21			187		199,155
5.38%, 07/15/23(c)(f)			1,109		1,139,719
5.25%, 06/01/24			553		552,812
7.75%, 07/15/25(c)(f)			476		508,130
6.63%, 10/15/25(c)(f)			235		247,925
10.88%, 10/15/25(c)(f)			1,614		1,872,240
5.50%, 05/15/26(c)(f)			790		798,887
5.38%, 02/01/28(c)			200		196,500
6.50%, 02/01/29(c)			1,022		1,069,278
Series 144S, 5.13%, 12/15/21(c)			493		494,548
Discovery Communications LLC(f):
3.25%, 04/01/23			1,490		1,454,700
3.45%, 03/15/25			170		163,151
DISH DBS Corp.:
6.75%, 06/01/21			461		471,372
5.88%, 07/15/22(f)			902		861,410
5.00%, 03/15/23			358		318,620
5.88%, 11/15/24			217		182,757
DKT Finance ApS, 7.00%, 06/17/23	EUR		158		193,780
Getty Images, Inc., 9.75%, 03/01/27(c)	USD		79		79,593
Gray Television, Inc., 7.00%, 05/15/27(c)			237		250,628
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			93		99,743
5.25%, 08/01/26(f)			177		173,018
Inmarsat Finance PLC, 4.88%, 05/15/22(c)			250		250,000
Intelsat Jackson Holdings SA:
5.50%, 08/01/23(f)			994		907,025
8.50%, 10/15/24(c)(f)			969		978,399
9.75%, 07/15/25(c)			755		783,312
Lamar Media Corp., 5.75%, 02/01/26(c)			124		129,735
Level 3 Parent LLC, 5.75%, 12/01/22			405		409,556
Live Nation Entertainment, Inc., 4.88%, 11/01/24(c)			29		28,783
MDC Partners, Inc., 6.50%, 05/01/24(c)			371		321,379
Meredith Corp., 6.88%, 02/01/26(g)			154		159,051
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(c)			233		243,184
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22(c)			440		438,900
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.88%, 03/15/25			54		55,366
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(c)			146		140,708
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23(c)			60		58,200

32 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Sirius XM Radio, Inc., 5.00%, 08/01/27(c)	USD		332	$	324,530
TEGNA, Inc.:
5.13%, 10/15/19			105		105,263
5.50%, 09/15/24(c)			66		65,258
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c)			400		385,000
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR		90		109,898
Telesat Canada/Telesat LLC, 8.88%, 11/15/24(c)	USD		241		259,075
Tribune Media Co., 5.88%, 07/15/22			302		307,285
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 3.50%, 01/15/27	EUR		100		119,574
Univision Communications, Inc.(c):
5.13%, 05/15/23(f)	USD		301		273,158
5.13%, 02/15/25			133		116,375
UPCB Finance IV Ltd.:
5.38%, 01/15/25(c)			200		204,500
4.00%, 01/15/27	EUR		90		107,110
Videotron Ltd., 5.13%, 04/15/27(c)	USD		439		445,585
Virgin Media Finance PLC, 5.75%, 01/15/25(c)(f)			855		850,725
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		100		132,649
Virgin Media Secured Finance PLC:
5.13%, 01/15/25			100		134,969
5.25%, 01/15/26(c)(f)	USD		355		355,369
5.50%, 08/15/26(c)(f)			200		199,000
Ziggo Bond Co. BV, 5.88%, 01/15/25(c)(f)			470		456,934
Ziggo BV:
4.25%, 01/15/27	EUR		100		116,992
5.50%, 01/15/27(c)	USD		300		289,500
					42,915,706
Metals & Mining — 1.8%
Alcoa Nederland Holding BV, 6.13%, 05/15/28(c)			200		204,750
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(c)			221		229,011
Cleveland-Cliffs, Inc., 4.88%, 01/15/24(c)			188		187,530
Constellium NV(c):
5.75%, 05/15/24			500		489,800
6.63%, 03/01/25(f)			573		577,297
5.88%, 02/15/26			250		243,125
Freeport-McMoRan, Inc.:
4.00%, 11/14/21			240		240,000
3.55%, 03/01/22			693		685,204
3.88%, 03/15/23			1,394		1,373,759
4.55%, 11/14/24			368		364,320
5.40%, 11/14/34			161		146,913
5.45%, 03/15/43			1,411		1,238,152
Grinding Media,Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(c)			608		608,760
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(c)			135		141,581
Kaiser Aluminum Corp., 5.88%, 05/15/24			112		114,520
Nexa Resources SA, 5.38%, 05/04/27(c)			237		239,228
Novelis Corp.(c):
6.25%, 08/15/24			769		774,767
5.88%, 09/30/26			502		489,450
Steel Dynamics, Inc.:
5.25%, 04/15/23(f)			200		203,500
5.50%, 10/01/24			56		57,540
4.13%, 09/15/25			324		315,038
5.00%, 12/15/26			15		15,263
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(c)			95		96,663

Security		Par (000)		Value
Metals & Mining (continued)
Teck Resources Ltd.:
4.50%, 01/15/21	USD		21	$	21,263
8.50%, 06/01/24(c)(f)			1,191		1,278,836
thyssenkrupp AG, 2.88%, 02/22/24	EUR		164		186,542
United States Steel Corp.:
6.88%, 08/15/25	USD		230		226,550
6.25%, 03/15/26			57		53,936
Vale Overseas Ltd., 6.25%, 08/10/26			188		198,528
					11,001,826
Multi-Utilities — 0.3%
Brooklyn Union Gas Co., 3.41%, 03/10/26(c)(f)			1,475		1,442,900
NGL Energy Partners LP/NGL Energy Finance Corp., 5.13%, 07/15/19			144		144,763
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26(c)			314		314,000
					1,901,663
Offshore Drilling & Other Services — 0.1%
Entegris, Inc., 4.63%, 02/10/26(c)			190		186,675
Lam Research Corp.(g):
3.75%, 03/15/26			50		50,034
4.00%, 03/15/29			90		90,024
					326,733
Oil, Gas & Consumable Fuels — 7.3%
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27			185		181,796
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
5.38%, 09/15/24			55		55,000
5.75%, 03/01/27(c)			119		119,893
Antero Resources Corp.:
5.13%, 12/01/22			76		76,122
5.63%, 06/01/23			104		104,260
5.00%, 03/01/25			289		277,440
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c):
10.00%, 04/01/22			239		257,523
7.00%, 11/01/26			139		134,135
Berry Petroleum Co. LLC, 7.00%, 02/15/26(c)			312		311,220
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp., 6.88%, 02/01/25			160		162,200
Bruin E&P Partners LLC, 8.88%, 08/01/23(c)			425		415,437
California Resources Corp., 8.00%, 12/15/22(c)(f)			909		726,064
Callon Petroleum Co.:
6.13%, 10/01/24			202		203,515
Series WI, 6.38%, 07/01/26			162		162,000
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23(f)			276		272,205
8.25%, 07/15/25			365		381,425
Chaparral Energy, Inc., 8.75%, 07/15/23(c)			276		173,880
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			623		689,972
5.88%, 03/31/25			313		333,348
5.13%, 06/30/27(f)			929		947,580
Cheniere Energy Partners LP, 5.63%, 10/01/26(c)			162		165,038
Chesapeake Energy Corp.:
6.63%, 08/15/20			349		357,725
4.88%, 04/15/22			97		93,120
7.00%, 10/01/24(f)			413		407,837
8.00%, 01/15/25(f)			272		276,420
8.00%, 06/15/27			1,018		1,007,820
CNX Resources Corp., 5.88%, 04/15/22(f)			2,828		2,856,280
Comstock Resources, Inc., 9.75%, 08/15/26(c)			185		171,472

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc., 11.00%, 11/15/25(c)(f)	USD		632	$	718,900
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(c)			327		304,110
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			21		21,557
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)(f)			1,170		1,133,437
DCP Midstream Operating LP:
4.75%, 09/30/21(c)			80		81,400
5.38%, 07/15/25			307		319,280
6.45%, 11/03/36(c)			226		227,695
6.75%, 09/15/37(c)			373		380,460
Denbury Resources, Inc., 9.25%, 03/31/22(c)			414		415,035
Diamond Offshore Drilling, Inc.:
7.88%, 08/15/25			123		116,235
5.70%, 10/15/39			31		20,925
4.88%, 11/01/43			286		178,750
Diamondback Energy, Inc.:
4.75%, 11/01/24			109		110,226
4.75%, 11/01/24(c)			150		151,688
5.38%, 05/31/25			310		320,850
Enbridge, Inc., 6.25%, 03/01/78(e)			1,565		1,539,381
Endeavor Energy Resources LP/EER Finance, Inc.(c):
5.50%, 01/30/26			650		680,875
5.75%, 01/30/28			277		295,005
EnLink Midstream Partners LP:
4.40%, 04/01/24			240		233,100
4.15%, 06/01/25			24		22,860
4.85%, 07/15/26			108		105,705
5.60%, 04/01/44			108		95,310
5.05%, 04/01/45			147		124,215
5.45%, 06/01/47			208		183,560
Ensco Jersey Finance Ltd., 3.00%, 01/31/24(n)			734		591,332
Ensco PLC, 5.75%, 10/01/44			30		19,275
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			8		6,240
7.75%, 05/15/26(c)(f)			428		379,315
Extraction Oil & Gas, Inc.(c):
7.38%, 05/15/24			108		96,660
5.63%, 02/01/26			511		424,130
Genesis Energy LP/Genesis Energy Finance Corp.:
6.50%, 10/01/25			95		90,963
6.25%, 05/15/26			158		146,150
Geopark Ltd., 6.50%, 09/21/24(c)			200		195,000
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(c)(f)			867		745,620
Gulfport Energy Corp.:
6.63%, 05/01/23			77		75,460
6.38%, 01/15/26			113		99,158
Halcon Resources Corp., 6.75%, 02/15/25			417		311,707
Hess Corp., 4.30%, 04/01/27			50		48,317
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(c)			246		247,230
Impulsora Pipeline LLC, 6.05%, 12/31/42(a)(d)			1,500		1,508,655
Indigo Natural Resources LLC, 6.88%, 02/15/26(c)			52		45,370
Jagged Peak Energy LLC, 5.88%, 05/01/26(c)			14		14,144
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c)			41		40,898
Matador Resources Co., 5.88%, 09/15/26			342		340,290
MEG Energy Corp., 6.50%, 01/15/25(c)(f)			502		493,215
Nabors Industries, Inc.:
5.00%, 09/15/20			46		46,173
5.75%, 02/01/25			155		137,175

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26(c)	USD		74	$	71,595
NGPL PipeCo LLC(c):
4.88%, 08/15/27			428		430,541
7.77%, 12/15/37(f)			417		497,794
Noble Holding International Ltd.:
7.75%, 01/15/24			122		108,580
7.88%, 02/01/26(c)(f)			811		758,285
5.25%, 03/15/42			118		73,160
Northern Oil and Gas, Inc., (8.50% Cash or 1.00% PIK), 9.50%, 05/15/23(j)			297		304,133
Oasis Petroleum, Inc.:
6.88%, 03/15/22			278		277,652
6.88%, 01/15/23			116		115,275
6.25%, 05/01/26(c)			307		292,417
Odebrecht Offshore Drilling Finance(c):
6.72%, 12/01/22	BRL		76		71,620
7.72%, 12/01/26(j)			8		2,120
Pacific Drilling SA, 8.38%, 10/01/23(c)	USD		853		857,265
Parsley Energy LLC/Parsley Finance Corp.(c):
6.25%, 06/01/24			139		142,475
5.38%, 01/15/25			316		316,790
5.25%, 08/15/25			77		76,207
5.63%, 10/15/27			328		324,720
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25			212		217,406
PDC Energy, Inc.:
1.13%, 09/15/21(n)			888		831,484
6.13%, 09/15/24			38		37,620
5.75%, 05/15/26			151		144,960
Petrobras Global Finance BV:
6.13%, 01/17/22			114		120,270
5.30%, 01/27/25			152		152,874
8.75%, 05/23/26			176		207,803
6.00%, 01/27/28			189		189,945
Petroleos Mexicanos:
5.38%, 03/13/22			39		38,922
6.50%, 03/13/27			117		112,964
Precision Drilling Corp., 7.13%, 01/15/26(c)			46		45,195
QEP Resources, Inc.:
6.88%, 03/01/21			456		471,390
5.38%, 10/01/22(f)			377		370,402
5.25%, 05/01/23			160		154,000
5.63%, 03/01/26(f)			390		365,625
Range Resources Corp.:
5.88%, 07/01/22			52		52,520
5.00%, 08/15/22			60		59,175
5.00%, 03/15/23			51		49,279
4.88%, 05/15/25			108		98,921
Resolute Energy Corp., 8.50%, 05/01/20			412		413,030
Rowan Cos., Inc., 4.88%, 06/01/22			326		303,791
Sanchez Energy Corp.(f):
7.75%, 06/15/21			656		104,960
7.25%, 02/15/23(c)			117		100,913
SESI LLC, 7.13%, 12/15/21			85		78,625
Seven Generations Energy Ltd.(c):
6.88%, 06/30/23			94		96,585
5.38%, 09/30/25			232		223,300
SM Energy Co.:
6.13%, 11/15/22			42		41,790
5.00%, 01/15/24			267		251,314
5.63%, 06/01/25(f)			414		387,090
6.75%, 09/15/26			122		116,815
6.63%, 01/15/27			93		88,583

34 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.:
6.20%, 01/23/25	USD		120	$	118,764
7.50%, 04/01/26			40		41,500
7.75%, 10/01/27			336		347,881
Sunoco Logistics Partners Operations LP, 3.90%, 07/15/26(f)			235		228,124
Sunoco LP/Sunoco Finance Corp.:
4.88%, 01/15/23			313		316,912
5.50%, 02/15/26			104		103,303
5.88%, 03/15/28			124		122,140
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c):
4.75%, 10/01/23			26		25,935
5.50%, 09/15/24(f)			462		471,956
5.50%, 01/15/28(f)			1,012		1,009,470
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			15		15,206
5.13%, 02/01/25			177		177,885
5.88%, 04/15/26(c)			314		326,560
6.50%, 07/15/27(c)			324		342,630
5.00%, 01/15/28			470		456,487
6.88%, 01/15/29(c)			678		721,646
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28(f)			280		276,361
Transocean Pontus Ltd., 6.13%, 08/01/25(c)			200		201,389
Transocean Poseidon Ltd., 6.88%, 02/01/27(c)			428		439,770
Transocean, Inc., 7.25%, 11/01/25(c)			354		338,070
Vantage Drilling International, 9.25%, 11/15/23(c)			132		134,310
Weatherford International Ltd., 5.13%, 09/15/20(f)			220		183,700
Whiting Petroleum Corp., 6.63%, 01/15/26			343		336,140
WPX Energy, Inc.:
6.00%, 01/15/22			44		45,430
8.25%, 08/01/23			103		115,489
5.25%, 09/15/24			84		83,685
YPF SA, 8.50%, 07/28/25			250		244,950
					43,077,636
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23(c)			152		155,420
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(c)			200		192,740
Pharmaceuticals — 2.8%
AbbVie, Inc., 3.60%, 05/14/25(f)			695		683,173
Allergan Funding SCS, 3.45%, 03/15/22(f)			2,460		2,449,400
Bausch Health Americas, Inc.(c):
8.50%, 01/31/27(f)(g)			1,163		1,208,066
9.25%, 04/01/26			218		234,895
Bausch Health Cos., Inc.:
5.63%, 12/01/21(c)			26		26,039
6.50%, 03/15/22(c)			345		357,506
5.50%, 03/01/23(c)			481		478,595
4.50%, 05/15/23	EUR		346		396,465
5.88%, 05/15/23(c)(f)	USD		859		854,705
7.00%, 03/15/24(c)			476		501,585
6.13%, 04/15/25(c)(f)			984		947,100
5.50%, 11/01/25(c)(f)			1,164		1,174,185
9.00%, 12/15/25(c)			418		447,783
5.75%, 08/15/27(c)(g)			181		182,584
Charles River Laboratories International, Inc., 5.50%, 04/01/26(c)			365		379,600

Security		Par (000)		Value
Pharmaceuticals (continued)
CVS Health Corp.(f):
4.75%, 12/01/22	USD		165	$	172,289
4.10%, 03/25/25			2,355		2,386,356
Elanco Animal Health, Inc., 4.90%, 08/28/28(c)			187		194,227
Endo DAC/Endo Finance LLC/Endo Finco, Inc.(c):
6.00%, 07/15/23			200		165,750
5.88%, 10/15/24(f)			205		205,000
Endo Finance LLC, 5.75%, 01/15/22(c)			502		469,370
Endo Finance LLC/Endo Finco, Inc.(c):
7.25%, 01/15/22			163		156,429
5.38%, 01/15/23			65		53,584
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(c)			1,567		1,578,753
MEDNAX, Inc., 6.25%, 01/15/27(c)			444		446,464
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		115,906
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(c)	USD		162		169,290
					16,435,099
Real Estate — 0.0%
Prologis LP, 3.75%, 11/01/25(f)			255		261,459
Real Estate Management & Development — 0.1%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		112,525
3.00%, 04/27/26			100		112,290
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c)	USD		174		174,832
Howard Hughes Corp., 5.38%, 03/15/25(c)			186		183,675
Newmark Group, Inc., 6.13%, 11/15/23(c)			106		106,570
Residomo SRO, 3.38%, 10/15/24	EUR		100		114,873
					804,765
Road & Rail — 0.8%
Avis Budget Finance PLC, 4.75%, 01/30/26			100		114,607
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(c)	USD		169		142,805
Herc Rentals, Inc.(c):
7.50%, 06/01/22			112		116,760
7.75%, 06/01/24			106		113,054
Hertz Corp., 7.63%, 06/01/22(c)			325		332,313
Hertz Holdings Netherlands BV, 5.50%, 03/30/23	EUR		100		116,190
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(c)(f)	USD		3,000		3,060,000
United Rentals North America, Inc.:
4.63%, 07/15/23			160		163,080
4.63%, 10/15/25			383		372,468
5.88%, 09/15/26			52		53,170
					4,584,447
Semiconductors & Semiconductor Equipment — 0.8%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			73		81,030
Analog Devices, Inc.(f):
3.90%, 12/15/25			375		374,906
3.50%, 12/05/26			275		264,336
Applied Materials, Inc., 3.90%, 10/01/25(f)			285		293,857
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24(f)			1,515		1,471,289
Qorvo, Inc., 5.50%, 07/15/26(c)			422		429,385
QUALCOMM, Inc., 3.45%, 05/20/25(f)			1,570		1,543,581
Sensata Technologies BV(c):
5.63%, 11/01/24			179		187,950
5.00%, 10/01/25(f)			324		327,240
					4,973,574

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software — 2.1%
ACI Worldwide, Inc., 5.75%, 08/15/26(c)	USD		696	$	716,010
CA, Inc., 3.60%, 08/15/22(f)			555		551,616
CDK Global, Inc., 4.88%, 06/01/27			713		700,672
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(c)(f)			1,085		1,185,362
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(c)(f)(j)			545		547,180
Infor US, Inc., 6.50%, 05/15/22(f)			2,649		2,701,371
Informatica LLC, 7.13%, 07/15/23(c)(f)			1,695		1,716,391
Nuance Communications, Inc.:
5.38%, 08/15/20(c)(f)			24		24,000
6.00%, 07/01/24			144		148,680
5.63%, 12/15/26			143		145,860
PTC, Inc., 6.00%, 05/15/24			227		237,465
RP Crown Parent LLC, 7.38%, 10/15/24(c)			498		510,450
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(c)(f)			1,838		1,991,932
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(c)(f)			246		253,995
TIBCO Software, Inc., 11.38%, 12/01/21(c)			784		833,000
					12,263,984
Specialty Retail — 0.3%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			334		339,010
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26(c)			324		320,760
Group 1 Automotive, Inc.:
5.00%, 06/01/22(f)			155		155,775
5.25%, 12/15/23(c)			18		17,955
L Brands, Inc.:
6.88%, 11/01/35(f)			401		345,863
6.75%, 07/01/36			71		59,995
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		31,398
PVH Corp., 3.13%, 12/15/27	EUR		100		112,938
Tendam Brands SAU, 5.00%, 09/15/24			100		113,176
					1,496,870
Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC/EMC Corp.(c)(f):
4.42%, 06/15/21	USD		40		40,722
7.13%, 06/15/24			931		987,945
6.02%, 06/15/26			135		143,228
8.35%, 07/15/46			80		93,612
Hewlett Packard Enterprise Co., 4.90%, 10/15/25(f)			375		390,369
Western Digital Corp., 4.75%, 02/15/26(f)			792		748,440
					2,404,316
Textiles, Apparel & Luxury Goods — 0.0%
SMCP Group SAS, 5.88%, 05/01/23	EUR		49		57,215
William Carter Co., 5.63%, 03/15/27(c)(g)	USD		160		159,000
					216,215
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21	GBP		100		133,232
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c):
5.25%, 03/15/22	USD		23		23,345
5.25%, 10/01/25			284		266,960
					423,537
Transportation Infrastructure — 0.1%
Rumo Luxembourg Sarl, 7.38%, 02/09/24(c)			293		313,510
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(c)(f)			435		431,420
					744,930

Security		Par (000)		Value
Utilities — 0.2%
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		100	$	114,603
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(c)	USD		293		267,362
Stoneway Capital Corp., 10.00%, 03/01/27(c)(f)			282		279,922
Vistra Operations Co. LLC(c):
5.50%, 09/01/26			112		116,200
5.63%, 02/15/27			522		537,660
					1,315,747
Wireless Telecommunication Services — 2.1%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(c)			1,273		1,311,190
CoreCivic, Inc., 4.75%, 10/15/27			169		147,030
CyrusOne LP/CyrusOne Finance Corp., 5.38%, 03/15/27			112		113,960
Equinix, Inc., 2.88%, 10/01/25	EUR		100		116,715
Iron Mountain, Inc., 3.00%, 01/15/25			100		112,890
Matterhorn Telecom SA, 3.88%, 05/01/22			100		113,456
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(c)	USD		137		128,780
Rogers Communications, Inc., 5.00%, 03/15/44(f)			545		577,344
SBA Communications Corp.:
4.00%, 10/01/22			401		396,990
4.88%, 09/01/24(f)			1,037		1,035,704
Sprint Capital Corp., 6.90%, 05/01/19			135		135,337
Sprint Communications, Inc., 7.00%, 03/01/20(c)(f)			904		933,380
Sprint Corp.(f):
7.88%, 09/15/23			1,290		1,380,635
7.13%, 06/15/24			1,957		2,015,710
7.63%, 02/15/25			207		216,832
7.63%, 03/01/26			1,442		1,496,075
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21(c)(f)			358		355,266
T-Mobile USA, Inc.:
4.00%, 04/15/22			197		197,492
6.38%, 03/01/25			282		293,456
6.50%, 01/15/26			227		242,606
4.50%, 02/01/26(f)			536		527,955
4.75%, 02/01/28(f)			599		581,719
Wind Tre SpA, 3.13%, 01/20/25	EUR		100		104,485
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 06/01/22(c)(j)	USD		134		138,386
					12,673,393
Total Corporate Bonds — 61.3% (Cost — $368,042,142)					366,372,246
Floating Rate Loan Interests(d) — 40.0%
Aerospace & Defense — 0.9%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 08/18/24			1,349		1,348,039
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.27%, 11/29/25(a)			397		399,481
DAE Aviation Holdings, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 07/07/22			158		158,157
2019 Term Loan B, 01/23/26(o)			1,050		1,052,746
Term Loan, 01/23/26(o)			565		565,992
TransDigm, Inc., 2018 Term Loan F, 06/09/23(o)			1,756		1,734,166
WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.51%, 04/30/25			189		187,741
					5,446,322

36 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Air Freight & Logistics — 0.1%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, 01/15/25(o)	USD		402	$	426,041
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 02/24/25			406		402,393
					828,434
Airlines — 0.1%
American Airlines, Inc.(o):
2017 1st Lien Term Loan, 1.00%, 10/12/21			442		439,640
Repriced TL B due 2023, 1.00%, 04/28/23			184		181,520
					621,160
Auto Components — 0.2%
USI, Inc., 2017 Repriced Term Loan, 05/16/24(o)			742		735,022
Wand NewCo 3, Inc., 2019 1st Lien Term Loan, 02/05/26(o)			489		490,100
					1,225,122
Banks — 0.1%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.99%, 11/01/24			678		667,414
Beverages — 0.0%
Jacobs Douwe Egberts International BV, 2018 USD Term Loan B, (1 mo. LIBOR + 2.00%), 4.56%, 11/01/25			255		252,917
Building Materials — 0.1%
Allied Universal HoldCo LLC, 2015 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 07/28/22			226		221,885
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 10.99%, 07/28/23			205		197,613
					419,498
Building Products — 0.3%
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75%, 1.00% Floor), 6.63%, 05/05/24(a)			475		471,584
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.80%, 12/14/24			405		398,232
Wilsonart LLC, 2017 Term Loan B, 12/19/23(o)			727		721,648
					1,591,464
Capital Markets — 0.4%
Duff & Phelps Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 02/13/25			408		399,728
Fortress Investment Group LLC, 2018 Term Loan B, 12/27/22(o)			534		529,820
Greenhill & Co., Inc., 1st Lien Term Loan, (2 mo. LIBOR + 3.75%, 1.00% Floor), 6.54%, 10/12/22			400		401,313
RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 4.49%, 03/27/23			831		828,892
					2,159,753
Chemicals — 1.8%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 01/31/24			1,636		1,606,792
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.55%, 06/01/24			1,158		1,145,057
Charter NEX US Holdings, Inc., 2017 Term Loan B, 05/16/24(o)			548		535,319
Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 04/03/25			666		658,513
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, 06/28/24(o)			263		260,344

Security		Par (000)		Value
Chemicals (continued)
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 11/07/24	USD		332	$	327,776
Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 6.53%, 07/09/19			100		94,361
Invictus US LLC:
1st Lien Term Loan, 03/28/25(o)			614		611,785
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 03/25/26(a)			135		133,650
Messer Industries LLC, 2018 USD Term Loan, 10/01/25(o)			1,505		1,493,713
Oxea Holding Drei GmbH, 2017 Term Loan B2, (1 mo. LIBOR + 3.50%), 6.06%, 10/14/24			1,192		1,186,799
Plaskolite LLC, 1st Lien Term Loan, 12/12/25(o)			377		377,923
PQ Corp., 2018 Term Loan B, 02/08/25(o)			1,078		1,070,193
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 10/01/25			525		521,393
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.56%, 08/07/20			476		472,660
Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 03/08/25			317		302,911
					10,799,189
Commercial Services & Supplies — 2.5%
Advanced Disposal Services, Inc., Term Loan B3, 11/10/23(o)			1,069		1,067,398
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.24%, 03/11/25			663		659,632
Asurion LLC:
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.99%, 08/04/25			731		741,812
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.49%, 08/04/22			197		196,628
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/23			1,371		1,370,168
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.49%, 11/03/24			390		389,798
BrightView Landscapes LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 08/15/25			670		667,910
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, 10/03/23(o)			1,726		1,718,457
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 05/20/24			660		657,396
Creative Artists Agency LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.48%, 02/15/24			1,056		1,047,440
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.55%, 05/09/25			192		168,670
GFL Environmental, Inc., 2018 USD Term Loan B, 05/30/25(o)			1,150		1,129,238
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.55%, 11/03/23			259		245,203
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 5.31%, 03/09/23(a)			495		493,558
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 05/02/22			1,471		1,465,840
Verscend Holding Corp., 2018 Term Loan B, 08/27/25(a)(o)			1,805		1,807,725
West Corp., 2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 10/10/24			1,072		1,012,642
West Corporation, 2018 Term Loan B1, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.13%, 10/10/24			100		93,171
					14,932,686

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Communications Equipment — 0.4%
Avantor, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.57%, 11/21/24	USD		1,252	$	1,254,352
Avaya, Inc., 2018 Term Loan B, (1 mo. LIBOR + 4.25%), 6.85%, 12/15/24			514		512,763
Ciena Corp., 2018 Term Loan B, 09/26/25(o)			449		448,777
					2,215,892
Construction & Engineering — 0.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 7.01%, 06/21/24			1,102		1,074,948
Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/23/25			263		262,662
Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 04/12/25			130		125,946
SRS Distribution, Inc., 2018 1st Lien Term Loan, 05/23/25(o)			472		461,953
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 12/08/23			405		399,333
					2,324,842
Construction Materials — 0.5%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 08/01/24			1,064		1,053,706
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 03/29/25			1,413		1,407,308
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 08/13/25(a)			273		267,360
GYP Holdings III Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 06/01/25			128		124,045
					2,852,419
Containers & Packaging — 0.5%
Berry Global, Inc.:
2018 Term Loan S, (1 mo. LIBOR + 1.75%), 4.27%, 02/08/20			194		194,081
Term Loan Q, (2 mo. LIBOR + 2.00%), 4.61%, 10/01/22			1,417		1,412,254
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 6.03%, 04/03/24			688		673,673
Flex Acquisition Co., Inc.:
1st Lien Term Loan, 12/29/23(o)			268		262,702
2018 Incremental Term Loan, (1 mo. LIBOR + 3.25%), 5.76%, 06/29/25			643		632,321
					3,175,031
Distributors — 0.4%
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, 10/31/23(o)			1,211		1,202,497
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/28/24			1,315		1,136,727
					2,339,224
Diversified Consumer Services — 0.9%
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(a)(o)			465		460,598
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (PRIME + 0.75%), 4.24%, 11/07/23			599		593,624
CHG PPC Parent LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 03/31/25(a)			234		231,487
Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 05/20/24			544		536,474
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 6.55%, 07/12/25			478		475,413
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.74%, 05/15/24			423		414,290

Security		Par (000)		Value
Diversified Consumer Services (continued)
Serta Simmons Bedding LLC:
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.01%, 11/08/23	USD		328	$	272,525
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.49%, 11/08/24			40		26,448
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 11/08/23			398		396,495
Spin Holdco, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.03%, 11/14/22			1,090		1,078,471
Uber Technologies, 2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.52%, 04/04/25			433		432,825
Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%), 7.56%, 11/29/24			531		513,764
					5,432,414
Diversified Financial Services — 0.6%
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 04/04/24			1,386		1,382,718
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.02%, 08/08/25			249		243,410
Edelman Financial Center LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 6.04%, 07/21/25			253		252,474
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25			479		465,780
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 07/03/24			673		668,537
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.99%, 09/06/25			336		328,174
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (2 mo. LIBOR + 4.25%), 6.90%, 07/30/25			248		245,273
					3,586,366
Diversified Telecommunication Services — 1.4%
CenturyLink, Inc.:
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.24%, 11/01/22			514		511,831
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25			945		929,972
Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 10/04/23			137		133,529
Frontier Communications Corp., Delayed Draw Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 03/31/21			253		249,473
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 05/16/24			554		546,908
Level 3 Financing, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 02/22/24			839		835,375
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, 11/15/24(o)			726		720,764
Sprint Communications, Inc.:
1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 02/02/24			1,086		1,071,023
2018 Term Loan B, 02/02/24(o)			403		397,963
TDC A/S, Term Loan, (EURIBOR + 2.75%), 2.75%, 06/04/25	EUR		819		931,646
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.74%, 08/15/26	USD		991		976,236
Zayo Group LLC:
2017 Incremental Term Loan, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 01/19/24			95		94,449
2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 4.49%, 01/19/21			765		762,003
					8,161,172

38 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities — 0.3%
Dayton Power & Light Co., Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/24/22(a)	USD		239	$	238,054
TEX Operations Co. LLC, Exit Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 08/04/23			645		643,443
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/19(a)			780		—
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.49%, 12/31/25			650		646,594
Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.74%, 12/14/23			151		150,537
					1,678,628
Electrical Equipment — 0.2%
Gates Global LLC, 2017 Repriced Term Loan B, 04/01/24(o)			1,478		1,472,428
Electronic Equipment, Instruments & Components — 0.0%
Zebra Technologies Corporation, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.26%, 10/27/21			125		125,186
Energy Equipment & Services — 0.3%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.49%, 03/01/24			327		259,020
GrafTech Finance, Inc., 2018 Term Loan B, 02/12/25(o)			672		669,380
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.23%, 11/08/22			260		258,700
Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 8.80%, 02/21/21			268		223,371
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.50%), 4.80%, 07/13/20			364		355,963
Woodford Express LLC, 2018 Term Loan B, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.49%, 01/17/25			288		278,161
					2,044,595
Equity Real Estate Investment Trusts (REITs) — 0.8%
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 03/24/24			245		240,813
Iron Mountain, Inc., 2018 Term Loan B, 01/02/26(a)(o)			680		666,942
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, 03/21/25(o)			1,741		1,730,570
RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.78%, 05/11/24			453		450,420
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 12/20/24			1,873		1,860,793
					4,949,538
Food & Staples Retailing — 0.6%
Albertsons LLC, Term Loan B7, (1 mo. LIBOR + 3.00%), 5.49%, 11/17/25			679		673,648
Hearthside Food Solutions LLC:
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 6.49%, 05/23/25			549		545,981
2018 Term Loan B, (1 mo. LIBOR + 3.69%), 6.18%, 05/23/25			273		268,977
Hostess Brands LLC, 2017 Repriced Term Loan, 08/03/22(o)			918		904,209
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 06/27/23			1,067		1,060,168
					3,452,983

Security		Par (000)		Value
Food Products — 0.8%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 10/01/25(o)	USD		238	$	238,298
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 10/10/23			682		661,475
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.30%, 10/30/22			1,726		1,720,020
Post Holdings, Inc., 2017 Series A Incremental Term Loan, 05/24/24(o)			532		529,932
Reynolds Group Holdings, Inc., 2017 Term Loan, 02/05/23(o)			1,737		1,728,281
					4,878,006
Gas Utilities — 0.1%
AL Midcoast Holdings LLC, 2018 Term Loan B, 07/31/25(o)			543		538,060
Health Care Equipment & Supplies — 0.7%
Agiliti Health, Inc., Term Loan, 01/04/26(a)(o)			263		262,671
CryoLife, Inc., Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 11/14/24(a)			659		658,949
Immucor, Inc., Extended Term Loan B, 06/15/21(o)			1,179		1,177,845
Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%), 5.55%, 09/24/24			277		265,212
Orchid Orthopedic Solutions LLC, 1st Lien Term Loan, 02/26/26(a)(o)			218		216,910
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, 06/30/25(o)			1,361		1,346,113
					3,927,700
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc., 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 4.99%, 02/16/23			206		205,165
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.99%, 06/30/25			259		258,915
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, 06/07/23(o)			1,393		1,385,882
Concentra, Inc.:
2018 1st Lien Term Loan, 06/01/22(o)			675		670,729
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.02%, 06/01/23			624		624,000
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 06/24/21			249		247,963
DentalCorp Perfect Smile ULC:
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 06/06/25			290		287,114
Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 06/06/25			53		52,890
Diplomat Pharmacy, Inc., 2017 Term Loan B, 12/20/24(a)(o)			373		339,435
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 10/10/25			840		806,719
Gentiva Health Services, Inc.:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25(a)			554		554,926
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26			126		127,866
HC Group Holdings III, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 04/07/22			807		797,459
HCA, Inc.:
2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.49%, 03/13/25			149		148,823
Term Loan B11, (1 mo. LIBOR + 1.75%), 4.24%, 03/18/23			775		774,244
Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%), 8.80%, 09/27/24			115		110,305

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.55%, 06/07/23	USD		1,354	$	1,338,983
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.99%, 10/20/22			820		803,338
NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/02/25			810		791,016
ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 7.01%, 04/03/25(a)			256		255,073
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/06/24			541		487,563
Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 02/13/23			193		192,302
WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 06/07/24			253		248,016
					11,508,726
Health Care Services — 0.1%
Sound Inpatient Physicians:
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.24%, 06/27/25			225		223,746
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.24%, 06/26/26			123		122,077
					345,823
Health Care Technology — 0.6%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 03/01/24			950		942,231
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 10/10/25			402		399,109
Press Ganey Holdings, Inc. :
2018 1st Lien Term Loan, 10/23/23(o)			759		754,114
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.99%, 10/21/24			144		142,972
VVC Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 7.20%, 02/11/26			1,616		1,605,900
					3,844,326
Hotels, Restaurants & Leisure — 3.0%
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 4.53%, 10/19/24			417		413,497
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 4.66%, 09/15/23			1,332		1,324,374
Bronco Midstream Funding LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 5.99%, 08/14/23			264		262,438
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.74%, 02/16/24			2,441		2,419,899
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 12/22/24(o)			1,601		1,594,885
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 08/08/21			513		510,396
CEC Entertainment, Inc., Term Loan B, 02/14/21(o)			559		545,041
ESH Hospitality, Inc., 2018 Term Loan B, 08/30/23(o)			805		799,105
Four Seasons Hotels Ltd., 1st Lien Term Loan, 11/30/23(o)			456		454,003
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.80%, 12/01/23			50		49,454

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.99%, 03/29/24	USD		328	$	326,808
Hilton Worldwide Finance LLC, Term Loan B2, 10/25/23(o)			585		584,729
IRB Holding Corp., 1st Lien Term Loan, 02/05/25(o)			1,222		1,211,975
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.23%, 04/03/25			508		505,334
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.79%, 12/15/24			364		360,938
Marriott Ownership Resorts, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 08/29/25			506		504,103
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (3 mo. LIBOR + 2.25%), 4.84%, 10/15/25			198		197,010
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 04/29/24			385		375,546
Sabre GLBL, Inc., 2018 Term Loan B, 02/22/24(o)			995		991,253
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 5.24%, 08/14/24			951		941,581
Stars Group Holdings BV, 2018 Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 07/10/25			2,023		2,022,335
Station Casinos LLC, 2016 Term Loan B, 06/08/23(o)			958		953,355
Wyndham Hotels & Resorts, Inc., Term Loan B, 05/30/25(o)			589		585,534
					17,933,593
Household Products — 0.1%
Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 12/17/25			230		229,713
Mastronardi Produce Ltd., Term Loan B, (1 mo. LIBOR + 3.25%), 5.76%, 05/01/25			189		187,632
SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.73%, 06/15/25			413		410,860
					828,205
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp., 2018 Term Loan B, 05/31/22(o)			404		403,785
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 01/15/25			808		799,657
Calpine Corp.:
Term Loan B6, (3 mo. LIBOR + 2.50%), 5.31%, 01/15/23			267		265,320
Term Loan B7, (3 mo. LIBOR + 2.50%), 5.31%, 05/31/23			254		252,347
Compass Power Generation LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 12/20/24			382		380,683
EIF Channelview Cogeneration LLC, 2018 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.75%, 05/03/25			140		139,783
Granite Acquisition, Inc. :
Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21			667		666,469
Term Loan C, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 12/19/21			85		85,259
NRG Energy, Inc., 2016 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 06/30/23			550		547,151
					3,540,454
Industrial Conglomerates — 0.3%
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 11/30/23(a)			1,305		1,262,062

40 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Industrial Conglomerates (continued)
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.73%, 11/28/21	USD		622	$	610,769
					1,872,831
Insurance — 1.2%
Achilles Acquisition LLC, 2018 Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 10/03/25			392		389,550
Alliant Holdings I, Inc., 2018 Term Loan B, 05/09/25(o)			1,083		1,069,844
AmWINS Group, Inc., 2017 Term Loan B, 01/25/24(o)			1,219		1,211,528
AssuredPartners, Inc., 2017 1st LienAdd-On Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 10/22/24			666		659,202
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.49%, 12/02/24			599		589,367
Hub International Ltd., 2018 Term Loan B, (3 mo. LIBOR + 2.75%), 5.51%, 04/25/25			683		676,304
Sedgwick Claims Management Services, Inc., Term Loan B, 12/31/25(o)			2,300		2,287,695
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 06/22/23			380		376,802
					7,260,292
Interactive Media & Services — 0.4%
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 4.74%, 02/15/24			1,065		1,062,445
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 05/01/24			291		282,710
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 11/03/23			605		575,717
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.24%, 05/06/24			372		353,709
					2,274,581
Internet & Direct Marketing Retail — 0.1%
Harbor Freight Tools USA, Inc., 2018 Term Loan B, 08/18/23(o)			550		542,215
IT Services — 1.7%
Access CIG LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 02/27/25			214		211,705
Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.25%), 5.04%, 03/20/25			213		209,227
Epicor Software Corp., 1st Lien Term Loan, 06/01/22(o)			410		406,244
Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 11/27/24			395		393,768
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 04/26/24			2,649		2,644,718
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.30%, 08/01/24			417		394,434
Global Payments, Inc.:
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.24%, 04/21/23			299		297,120
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.24%, 10/17/25			100		99,125
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 12/01/23			688		680,188
Optiv Security, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 02/01/24(a)			286		273,582
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.99%, 08/01/25			408		356,319

Security		Par (000)		Value
IT Services (continued)
TKC Holdings, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 02/01/23	USD		411	$	405,630
2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.50%, 02/01/24			280		271,891
Trans Union LLC:
2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 06/19/25			167		166,115
Term Loan B3, (1 mo. LIBOR + 2.00%), 4.49%, 04/10/23			1,349		1,341,500
WEX, Inc., 2017 Term Loan B2, 06/30/23(o)			1,479		1,470,500
Worldpay LLC, 2018 1st Lien Term Loan B4, 08/09/24(o)			667		661,790
					10,283,856
Life Sciences Tools & Services — 0.1%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.74%, 08/30/24			178		177,202
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.49%, 08/30/25			130		127,563
					304,765
Machinery — 0.6%
Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.80%, 05/18/24			279		275,691
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.30%, 01/31/24			75		73,985
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 07/30/24			802		801,308
Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.80%, 05/27/22(a)			749		745,328
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(o)			1,414		1,357,727
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 10/23/25(a)			330		328,002
					3,582,041
Media — 2.8%
Altice Financing SA, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.23%, 01/31/26(a)			82		79,983
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.49%, 08/14/26			1,367		1,327,286
Cable One, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 05/01/24			256		254,819
Charter Communications Operating LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/30/25			1,907		1,900,944
CSC Holdings LLC:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.74%, 07/17/25			461		454,528
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 01/25/26			457		453,697
Gray Television, Inc.:
2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 02/07/24			469		465,729
2018 Term Loan C, (1 mo. LIBOR + 2.50%), 5.01%, 01/02/26			554		552,199
iHeartCommunications, Inc.(b)(i):
Extended Term Loan E, 0.00%, 07/30/19			215		149,694
Term Loan D, 0.00%, 01/30/20			1,341		934,984

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.23%, 11/27/23	USD		130	$	129,866
2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.98%, 01/02/24			627		635,079
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/01/23(a)			789		786,923
Lions Gate Capital Holdings LLC, 2018 Term Loan B, 03/24/25(o)			460		457,450
Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 01/31/25			273		272,663
Numericable Group SA, Term Loan B12, (1 mo. LIBOR + 3.69%), 6.18%, 01/31/26			255		246,176
PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 03/01/25			551		540,305
Radiate Holdco LLC, 1st Lien Term Loan, 02/01/24(o)			462		459,311
Trader Corp., 2017 Term Loan B, 09/28/23(a)(o)			1,181		1,172,506
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.49%, 01/27/24			1,222		1,220,289
Unitymedia Finance LLC:
Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 09/30/25			691		687,255
USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.74%, 01/15/26			115		114,302
Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%), 4.49%, 06/01/23			312		309,983
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 03/15/24			371		344,046
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.99%, 01/15/26			1,095		1,086,798
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 05/18/25			1,133		1,097,919
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.99%, 04/15/25			824		813,777
					16,948,511
Metals & Mining — 0.1%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, 07/24/25(o)			290		288,708
Multiline Retail — 0.2%
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 09/30/22			628		615,072
Neiman Marcus Group, Inc., 2020 Term Loan, 10/25/20(o)			444		407,188
					1,022,260
Oil & Gas Equipment & Services — 0.1%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.49%, 05/10/25			608		584,003
Oil, Gas & Consumable Fuels — 0.6%
BCP Raptor II LLC, 1st Lien Term Loan, (2 mo. LIBOR + 4.75%), 7.37%, 11/03/25			279		269,584
BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.88%, 06/24/24			135		128,785

Security		Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
California Resources Corp.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 7.24%, 12/31/22	USD		651		$	640,148
Second Out Term Loan, (1 mo. LIBOR + 10.38%, 1.00% Floor), 12.87%, 12/31/21			1,015			1,063,921
CONSOL Energy, Inc.:
1st Lien Term Loan A, (1 mo. LIBOR + 4.25%), 6.75%, 11/26/21(a)			92			92,188
1st Lien Term Loan B, (PRIME + 6.00%), 8.50%, 11/28/22			518			522,545
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 12/13/25			270			268,987
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.81%, 02/07/25			253			246,287
MEG Energy Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/31/23			137			136,119
						3,368,564
Personal Products — 0.1%
Clover Merger Sub, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.24%, 09/26/25			214			179,225
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.49%, 01/26/24			527			524,294
						703,519
Pharmaceuticals — 1.3%
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 04/16/21			232			184,693
Amneal Pharmaceuticals LLC, 2018 Term Loan B, 05/04/25(o)			1,329			1,327,172
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.74%, 04/29/24			1,060			1,061,003
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.67%, 01/31/25			1,165			1,159,817
Jaguar Holding Co. II, 2018 Term Loan, 08/18/22(o)			1,886			1,875,150
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, 06/02/25(o)			2,266			2,267,488
						7,875,323
Professional Services — 0.6%
Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, 02/09/26(o)			661			663,313
Dun & Bradstreet Corp., Term Loan, 02/01/26(o)			1,616			1,616,404
Guidehouse LLP, 2018 Term Loan, 05/01/25(a)			107			105,684
Information Resources, Inc., 2018 1st Lien Term Loan, 12/01/25(o)			402			395,970
ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 04/02/25			402			399,540
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, 08/04/25(a)(o)			412			403,760
						3,584,671
Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, 2017 Term Loan B, 04/18/24(o)			1,617			1,604,146
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), 5.74%, 08/21/25			1,059			1,050,404
Forest City Enterprises LP, Term Loan B, (1 mo. LIBOR + 4.00%), 6.51%, 12/07/25			788	��		790,955
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.74%, 02/08/25			269			261,455
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 01/23/25			387			382,767
						4,089,727

42 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Road & Rail — 0.1%
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.24%, 06/13/23	USD		488	$	408,998
Semiconductors & Semiconductor Equipment — 0.3%
Cabot Microelectronics Corporation, Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 11/14/25(a)			530		528,013
MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.99%, 05/12/24(a)			99		98,553
Microchip Technology, Inc., 2018 Term Loan B, 05/29/25(o)			1,165		1,162,846
ON Semiconductor Corp., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 03/31/23			157		156,433
					1,945,845
Software — 4.9%
Applied Systems, Inc.:
2017 1st Lien Term Loan, 09/19/24(o)			945		936,162
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.49%, 09/19/25			160		160,882
BMC Software Finance, Inc., 2017 Term Loan, 10/02/25(o)			1,345		1,336,315
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 04/26/24			569		561,771
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.24%, 04/27/25			248		246,450
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 09/07/23			1,198		1,193,420
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.88%, 05/28/24			534		471,625
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.49%, 09/30/23			500		468,131
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.24%, 10/01/25			2,559		2,518,099
Infor (US), Inc., Term Loan B6, 02/01/22(o)			1,871		1,868,898
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 08/05/22			1,162		1,161,943
IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.80%, 04/01/21			308		287,412
Kronos, Inc.:
2017 Term Loan B, 11/01/23(o)			1,772		1,764,454
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.99%, 11/01/24			615		625,430
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 09/30/24			1,437		1,439,664
Mitchell International, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 11/29/24			1,372		1,336,722
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.74%, 12/01/25			266		260,445
PowerSchool, 2018 Term Loan B, 08/01/25(o)			411		405,863
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.74%, 05/30/25			239		232,930
RP Crown Parent LLC, 2016 Term Loan B, 10/12/23(o)			410		405,646
SolarWinds Holdings, Inc., 2018 Term Loan B, 02/05/24(o)			1,621		1,614,714
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 03/03/23			1,879		1,864,706
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 6.05%, 09/30/22			1,696		1,691,833

Security		Par (000)		Value
Software (continued)
SS&C Technologies Holdings Europe, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25	USD		572	$	569,499
SS&C Technologies, Inc.:
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.74%, 07/08/22			1,055		1,051,686
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25			1,495		1,487,771
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.74%, 04/16/25			884		879,627
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.49%, 05/01/24			932		930,808
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.01%, 12/04/20			1,460		1,456,963
Vertafore, Inc., 2018 1st Lien Term Loan, 07/02/25(o)			410		404,875
					29,634,744
Specialty Retail — 0.7%
Academy Ltd., 2015 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.51%, 07/01/22			632		437,815
Belron Finance US LLC(a):
Term Loan B, (3 mo. LIBOR + 2.25%), 4.99%, 11/07/24			755		750,608
Term Loan B, (3 mo. LIBOR + 2.50%), 5.19%, 11/13/25			186		185,535
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR — GBP + 4.50%), 5.41%, 06/23/25	GBP		1,000		1,303,974
Leslie’s Poolmart, Inc., 2018 Term Loan, (2 mo. LIBOR + 3.50%, 1.00% Floor), 6.08%, 08/16/23	USD		533		517,718
Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.99%, 01/26/23			276		215,059
Research Now Group, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.99%, 12/20/24			391		388,442
Staples, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.51%, 09/12/24			276		274,046
TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.50%, 04/13/23(a)			377		377,772
					4,450,969
Technology Hardware, Storage & Peripherals — 0.3%
Western Digital Corp., 2018 Term Loan B4, 04/29/23(o)			1,633		1,601,325
Textiles, Apparel & Luxury Goods — 0.1%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 8.05%, 08/12/22			701		699,063
Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.99%, 12/15/24			163		161,956
					861,019
Thrifts & Mortgage Finance — 0.2%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.30%, 05/23/25			1,243		1,239,412
Trading Companies & Distributors — 0.3%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.77%, 01/02/25			486		481,067
HD Supply, Inc., Term Loan B5, 10/17/23(o)			1,342		1,339,128
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50%), 5.99%, 01/04/23			143		142,055

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Trading Companies & Distributors (continued)
United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.24%, 10/31/25	USD		105	$	104,803
					2,067,053
Transportation — 0.1%
Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 8.30%, 08/18/22			160		157,361
Safe Fleet Holdings LLC:
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.52%, 02/01/25			271		263,634
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.27%, 02/01/26			215		203,175
					624,170
Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.63%, 11/28/24			221		205,075
Wireless Telecommunication Services — 0.4%
Geo Group, Inc. (The), 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 03/22/24			640		624,796
Ligado Networks LLC:
2015 2nd Lien Term Loan, 0.00%, 12/07/20			40		11,657
PIK Exit Term Loan (9.75% PIK), 0.00%, 12/07/20(j)			696		543,210
SBA Senior Finance II LLC, 2018 Term Loan B, 04/11/25(o)			937		927,094
					2,106,757
Total Floating Rate Loan Interests — 40.0% (Cost — $242,569,562)					239,830,804
Foreign Agency Obligations — 3.1%
Argentine Republic Government International Bond:
7.50%, 04/22/26			3,008		2,613,937
7.63%, 04/22/46			2,422		1,941,947
Colombia Government International Bond:
4.50%, 01/28/26(f)			236		242,844
3.88%, 04/25/27			419		412,925
4.50%, 03/15/29(f)			238		242,998
Cyprus Government International Bond, 4.63%, 02/03/20(c)	EUR		2,600		3,080,158
Egypt Government International Bond, 5.75%, 04/29/20	USD		882		893,025
Iceland Government International Bond, 5.88%, 05/11/22(f)			3,030		3,304,441
Indonesia Government International Bond:
4.75%, 01/08/26			395		408,015
5.35%, 02/11/49			200		213,521
Mexico Government International Bond, 4.15%, 03/28/27			210		207,270
Portugal Government International Bond, 5.13%, 10/15/24(c)			3,190		3,400,910
Qatar Government International Bond, 4.63%, 06/02/46			200		205,500
Republic of South Africa Government International Bond, 5.88%, 05/30/22			398		416,905
Russian Foreign Bond - Eurobond:
4.75%, 05/27/26			200		203,200
4.25%, 06/23/27			200		196,000
Saudi Government International Bond:
4.50%, 04/17/30			385		396,550
5.25%, 01/16/50(c)			200		209,400

Security		Par (000)		Value
Foreign Agency Obligations (continued)
Turkey Government International Bond, 6.25%, 09/26/22	USD		200	$	202,750
Total Foreign Agency Obligations — 3.1% (Cost — $19,481,248)					18,792,296
		Shares
Investment Companies — 1.4%
Diversified Financial Services — 1.4%
Invesco Senior Loan ETF			380,000		8,664,000
Total Investment Companies — 1.4% (Cost — $8,715,925)					8,664,000
		Par (000)
Non-Agency Mortgage-Backed Securities — 1.9%
Collateralized Mortgage Obligations — 0.7%
Countrywide Alternative Loan Trust, Series 2005-54CB, Class 3A4, 5.50%, 11/25/35			1,959		1,654,062
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2005-17, Class 1A6, 5.50%, 09/25/35			389		383,423
Series 2006-17, Class A2, 6.00%, 12/25/36			1,100		853,632
Series 2007-HY5, Class 3A1, 3.76%, 09/25/37(e)			728		675,597
GSR Mortgage Loan Trust,Series 2005-AR5, Class 2A3, 4.23%, 10/25/35(e)			613		510,418
					4,077,132
Commercial Mortgage-Backed Securities — 1.2%
Banc of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33(c)(e)			4,830		4,800,520
Commercial Mortgage Pass-Through Certificates,Series 2014-PAT, Class F, (1 mo. LIBOR + 2.44%), 4.94%, 08/13/27(c)(d)			2,000		1,992,098
Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust,Series 2006-GG7, Class AM, 5.69%, 07/10/38(e)			439		440,352
					7,232,970
TotalNon-Agency Mortgage-Backed Securities — 1.9% (Cost — $11,269,807)					11,310,102
		Beneficial Interest (000)
Other Interests(a)(b)(p) — 0.0%
Auto Components — 0.0%
Lear Corp. Escrow			1,000		10
IT Services — 0.0%
Millennium Corp.			918		—
Millennium Lender Claims			861		—
					—
Total Other Interests — 0.0% (Cost — $—)					10

44 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Preferred Securities — 9.5%
Capital Trusts — 7.3%
Banks — 2.1%
Bankia SA, 6.38%(e)(k)	EUR		200	$	224,646
Capital One Financial Corp., Series E, 5.55%(h)(k)	USD		3,000		3,056,490
CIT Group, Inc., Series A, 5.80%(h)(k)			235		229,125
Citigroup, Inc.(h)(k):
5.90%(f)			5,060		5,161,200
5.95%			1,370		1,397,468
Series T, 6.25%			167		175,544
Intesa Sanpaolo SpA, 7.00%(h)(k)	EUR		200		235,791
Wells Fargo & Co.(f)(h)(k):
Series S, 5.90%	USD		1,500		1,528,125
Series U, 5.88%			730		771,975
					12,780,364
Capital Markets(k) — 1.1%
Goldman Sachs Group, Inc. :
Series M, 5.38%(h)			1,730		1,742,975
Series P, 5.00%(e)			348		320,160
Morgan Stanley, Series H, 5.45%(h)			2,546		2,549,182
State Street Corp., Series F, 5.25%(h)			1,625		1,645,313
					6,257,630
Diversified Financial Services(k) — 3.5%
ATF Netherlands BV, 3.75%(h)	EUR		100		113,711
Bank of America Corp.(h):
Series AA, 6.10%(f)	USD		993		1,055,549
Series DD, 6.30%			155		168,795
Series U, 5.20%(f)			1,250		1,264,062
Series V, 5.13%			510		507,858
Series X, 6.25%			1,929		2,040,149
BNP Paribas SA, 6.13%(h)	EUR		200		246,287
Credit Agricole SA, 6.50%(h)			100		122,987
Credit Suisse Group AG, 6.25%(h)	USD		200		200,400
HBOS Capital Funding LP, 6.85%			100		101,000
HSBC Holdings PLC. :
6.00%(h)			415		404,106
6.25%(e)			695		693,263
JPMorgan Chase & Co.(h):
Series 1, 6.22%			214		215,017
Series R, 6.00%			120		123,600
Series U, 6.13%(f)			6,690		6,957,600
Series V, 5.00%(f)			4,060		4,054,925
Royal Bank of Scotland Group PLC, 8.63%(h)			200		214,460
Societe Generale SA, 6.00%(c)(f)(h)			2,000		1,977,500
UniCredit SpA, 6.75%(h)	EUR		200		223,361
					20,684,630
Diversified Telecommunication Services — 0.0%
Telefonica Europe BV(h)(k):
3.75%			100		117,726
5.88%			100		126,541
					244,267
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		119,123
Insurance — 0.6%
Voya Financial, Inc., 5.65%, 05/15/53(f)(h)	USD		3,500		3,462,585
Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 3.38(e)(k)	EUR		100		114,440
Repsol International Finance BV, 4.50%, 03/25/75(h)			100		122,276
					236,716
Total Capital Trusts — 7.3% (Cost — $43,128,360)					43,785,315

Security		Shares		Value
Preferred Stocks — 1.7%
Capital Markets(h)(k) — 1.7%
Goldman Sachs Group, Inc., Series J, 5.50%			202,526	$	5,146,186
Morgan Stanley, Series F, 6.88%			120,000		3,255,600
Morgan Stanley, Series K, 5.85%			53,253		1,347,833
SCE Trust III, Series H, 5.75%			21,200		510,920
					10,260,539
Wireless Telecommunication Services — 0.0%
CF-B L2 (D) LLC, (Aquired 04/08/15, cost $131,171), 0.00%(q)			134,077		52,692
Total Preferred Stocks — 1.7% (Cost — $10,174,955)					10,313,231
Trust Preferreds — 0.5%
Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, (3 mo. LIBOR US + 5.79%), 8.47%, 02/15/40(h)			105,753		2,748,520
Total Trust Preferreds — 0.5% (Cost — $2,686,547)					2,748,520
Total Preferred Securities — 9.5%					56,847,066
		Par (000)
U.S. Government Sponsored Agency Securities — 5.1%
Collateralized Mortgage Obligations — 1.1%
Fannie Mae Connecticut Avenue Securities,Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 5.49%, 10/25/29(d)	USD		1,600		1,702,187
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44(f)			4,631		4,733,327
					6,435,514
Interest Only Collateralized Mortgage Obligations — 0.3%
Freddie Mac Mortgage-Backed Securities, Series K042, Class X1, 1.05%, 12/25/24(e)			34,223		1,763,877
Mortgage-Backed Securities — 3.7%
Fannie Mae Mortgage-Backed Securities(f):
2.50%, 10/01/28 - 06/01/32			6,820		6,695,121
3.00%, 05/01/30			15,501		15,489,239
5.00%, 07/01/20 - 08/01/23			225		229,255
					22,413,615
Total U.S. Government Sponsored Agency Securities — 5.1% (Cost — $31,096,172)					30,613,006
U.S. Treasury Obligations — 2.8%
U.S. Treasury Notes(f):
2.75%, 09/30/20			2,240		2,246,650
2.75%, 04/30/23			8,000		8,073,438
2.75%, 08/31/25			6,150		6,203,332
Total U.S. Treasury Obligations — 2.8% (Cost — $16,220,003)					16,523,420
		Shares
Warrants(a) — 0.0%
Metals & Mining — 0.0%
AFGlobal Corp. (Expires 12/20/20)			2,542		—

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW) (Percentages shown are based on Net Assets)

Security		Shares		Value
Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 03/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27)			3,100	$	—
Total Warrants — 0.0% (Cost — $31)					—
Total Long-Term Investments — 131.7% (Cost — $798,687,096)					788,473,722
		Par (000)
Short-Term Securities — 1.1%
Foreign Agency Obligations — 0.1%
Egypt Treasury Bills, 0.00%, 04/02/19(l)	EGP		11,550		649,298
Total Foreign Agency Obligations — 0.1% (Cost — $634,648)					649,298
		Shares
Money Market Funds — 1.0%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.29%(r)(s)			5,762,115		5,762,115
Total Money Market Funds — 1.0% (Cost — $5,762,115)					5,762,115
Total Short-Term Securities — 1.1% (Cost — $6,396,763)					6,411,413
Options Purchased— 0.0% (Cost — $44,978)					—
Total Investments — 132.8% (Cost — $805,128,837)					794,885,135
Liabilities in Excess of Other Assets — (32.8)%					(196,132,994	)
Net Assets — 100.0%				$	598,752,141

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

^(b)  Non-income producing security.

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

^(d)  Variable rate security. Rate shown is the rate in effect as of period end.

^(e)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^(g)  When-issued security.

^(h)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

^(j)  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.

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

^(l)  Zero-coupon bond.

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

⁽ⁿ⁾  Convertible security.

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

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

^(q)  Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $52,692 and an original cost of $131,171, which was less than 0.05% of its net assets.

^(r)  Annualized7-day yield as of period end.

^(s)  During the six months ended February 28, 2019, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 08/31/18		Net Activity		Shares Held at 02/28/19		Value at 02/28/19		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		180,494		5,581,621		5,762,115	$	5,762,115	$	93,434	$	(261	)	$	—

^(a)  Includes net capital gain distributions, if applicable.

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

2.95

%

09/11/18

Open

$

625,669

$

633,750

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

09/11/18

Open

785,890

796,090

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

09/11/18

Open

566,010

573,752

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

09/11/18

Open

381,034

386,246

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

453,750

459,400

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

463,338

469,107

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

94,500

95,677

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

334,800

338,969

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

405,638

410,689

Corporate Bonds

Open/Demand

46 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 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)

RBC Capital Markets, LLC

2.79

%

09/11/18

Open

$

925,000

$

936,519

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

353,438

357,839

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

368,438

373,026

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

1,378,250

1,395,413

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

1,053,675

1,066,796

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/11/18

Open

277,163

280,614

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

682,563

691,900

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

358,063

362,961

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

709,735

719,445

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

399,600

405,067

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

1,148,213

1,163,921

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/11/18

Open

356,025

360,896

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/12/18

Open

272,160

275,883

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

0.95

09/13/18

Open

77,400

77,656

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

09/19/18

Open

246,713

249,677

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.67

09/19/18

Open

206,205

208,683

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

1.00

09/19/18

Open

251,160

252,290

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

09/19/18

Open

776,250

784,424

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

09/19/18

Open

211,500

213,727

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

09/19/18

Open

527,250

532,802

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.34

09/19/18

Open

127,750

129,095

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.45

09/19/18

Open

325,850

329,443

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

409,150

413,937

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

566,370

572,997

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

501,720

507,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

66,400

67,177

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

451,350

456,631

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

89,925

90,977

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

238,213

241,000

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

266,365

269,481

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

259,170

262,202

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

357,205

361,384

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

466,793

472,254

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

173,470

175,500

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

158,000

159,849

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

142,650

144,319

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

99,938

101,107

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

507,955

513,898

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.60

09/19/18

Open

102,700

103,902

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/20/18

Open

142,740

144,434

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/20/18

Open

1,382,438

1,398,844

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

09/20/18

Open

137,700

139,334

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

903,870

915,648

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

454,383

460,303

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

270,443

273,967

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

870,840

882,188

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

167,000

169,176

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

09/20/18

Open

425,100

430,639

Corporate Bonds

Open/Demand

UBS Ltd.

2.75

09/20/18

Open

3,026,213

3,061,586

Corporate Bonds

Open/Demand

UBS Ltd.

2.95

09/20/18

Open

1,730,000

1,751,769

Capital Trusts

Open/Demand

UBS Ltd.

2.95

09/20/18

Open

746,250

755,640

Corporate Bonds

Open/Demand

UBS Ltd.

2.95

09/20/18

Open

250,200

253,348

Corporate Bonds

Open/Demand

UBS Ltd.

2.95

09/20/18

Open

362,780

367,345

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.75

09/25/18

Open

6,042,375

6,103,749

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets, LLC

3.05

09/26/18

Open

1,613,950

1,633,911

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.00

09/28/18

Open

1,320,335

1,336,282

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

10/09/18

Open

220,440

222,948

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

10/09/18

Open

2,808,000

2,836,263

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

10/09/18

Open

256,000

258,577

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

10/09/18

Open

417,000

421,611

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

10/09/18

Open

496,000

501,485

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

10/09/18

Open

442,000

446,888

Corporate Bonds

Open/Demand

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) February 28, 2019 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)

HSBC Securities (USA), Inc.

2.90

%

10/09/18

Open

$

908,000

$

918,041

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.75

10/15/18

Open

8,010,000

8,082,272

U.S. Treasury Obligations

Open/Demand

HSBC Securities (USA), Inc.

2.75

10/15/18

Open

2,237,200

2,257,126

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets, LLC

3.05

10/24/18

Open

396,435

400,553

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

11/02/18

Open

275,010

277,671

Corporate Bonds

Open/Demand

Deutsche Bank Securities, Inc.

3.00

11/15/18

Open

2,730,000

2,753,205

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

87,800

88,493

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

518,925

523,018

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

625,500

630,434

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

1,645,000

1,657,975

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

1,380,000

1,390,885

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

263,063

265,137

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

1,392,825

1,403,811

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

2,007,500

2,023,334

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

602,875

607,630

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

484,900

488,725

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

1,160,963

1,170,120

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

237,788

239,663

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

248,188

250,145

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

11/15/18

Open

38,500

38,804

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

257,845

260,074

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

368,775

371,963

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

235,625

237,662

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

309,590

312,267

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

526,500

531,052

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

637,798

643,312

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

497,918

502,222

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

311,535

314,228

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

485,513

489,710

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

688,188

694,137

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

11/15/18

Open

463,980

467,992

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.80

11/27/18

Open

516,661

520,438

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

11/27/18

Open

182,000

183,344

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

11/27/18

Open

839,000

845,195

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.80

12/10/18

Open

662,171

666,291

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/11/18

Open

740,835

745,634

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/11/18

Open

563,875

567,590

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/11/18

Open

494,400

497,657

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/12/18

Open

204,795

206,128

Corporate Bonds

Open/Demand

UBS Ltd.

2.95

12/12/18

Open

250,583

252,159

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/13/18

Open

358,463

360,568

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.90

12/13/18

Open

670,250

674,344

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

591,275

595,076

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

399,263

401,829

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

568,500

572,155

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/13/18

Open

725,220

729,883

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

12/14/18

Open

403,705

402,668

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.50

12/14/18

Open

203,660

204,272

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.70

12/14/18

Open

101,640

102,007

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.75

12/14/18

Open

2,119,500

2,131,316

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

551,700

555,059

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

399,758

402,192

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

403,124

405,578

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

507,195

510,283

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

636,334

640,208

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

176,468

177,542

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

368,873

371,119

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

640,888

644,790

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

624,025

627,825

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

436,500

439,158

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

412,548

415,059

Capital Trusts

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

483,863

486,809

Corporate Bonds

Open/Demand

48 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

Barclays Capital, Inc.

3.00

%

12/14/18

Open

$

222,656

$

224,012

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

530,225

533,453

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

544,554

547,869

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

530,200

533,428

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

337,871

339,929

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

589,235

592,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

449,970

452,710

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

4,175,000

4,200,421

Capital Trusts

Open/Demand

Barclays Capital, Inc.

3.00

12/14/18

Open

442,531

445,226

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

160,000

160,859

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

3,148,000

3,164,903

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

771,000

775,140

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

908,000

912,875

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

866,000

870,650

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

2,522,000

2,535,542

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

185,000

185,993

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

1,357,000

1,364,286

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

1,396,000

1,403,496

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

6,371,000

6,405,209

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

2.65

12/14/18

Open

503,000

505,701

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

12/14/18

Open

381,000

383,242

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.90

12/14/18

Open

2,927,000

2,944,221

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.61

12/17/18

Open

90,740

91,214

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.76

12/17/18

Open

532,738

535,681

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/17/18

Open

379,555

381,760

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

12/17/18

Open

2,895,000

2,911,815

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.90

12/17/18

Open

1,402,500

1,410,646

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.90

12/17/18

Open

669,120

673,006

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/17/18

Open

958,073

963,734

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/17/18

Open

158,340

159,276

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.95

12/17/18

Open

200,671

201,857

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.97

12/17/18

Open

485,513

488,401

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.97

12/17/18

Open

510,185

513,221

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

942,500

948,323

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

541,020

544,362

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

431,011

433,674

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

949,455

955,321

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

822,008

827,086

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

224,131

225,516

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/17/18

Open

386,965

389,356

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

1,605,900

1,615,716

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

330,630

332,651

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

897,480

902,966

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

613,575

617,325

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

248,000

249,516

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

350,350

352,492

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

939,120

944,860

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/17/18

Open

200,460

201,685

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/18/18

Open

305,690

307,504

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.04

12/18/18

Open

291,638

293,416

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

847,230

852,342

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

421,830

424,375

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

564,410

567,815

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

460,305

463,082

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

1,425,435

1,434,035

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

204,980

206,217

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

288,470

290,210

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

561,437

564,824

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

274,237

275,892

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

155,500

156,438

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/18/18

Open

119,737

120,459

Corporate Bonds

Open/Demand

UBS Securities LLC

2.95

12/18/18

Open

223,046

224,364

Corporate Bonds

Open/Demand

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) February 28, 2019 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)

UBS Securities LLC

2.95

%

12/18/18

Open

$

1,944,443

$

1,955,934

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/19/18

Open

372,600

374,627

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/19/18

Open

149,175

149,987

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/19/18

Open

19,200

19,314

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/19/18

Open

175,075

176,117

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/20/18

Open

2,275,500

2,287,882

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/20/18

Open

753,397

757,883

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/20/18

Open

744,590

749,023

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

12/21/18

Open

245,265

245,742

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.85

12/21/18

Open

77,648

77,689

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/21/18

Open

771,210

775,394

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/21/18

Open

731,520

735,488

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.79

12/21/18

Open

933,800

938,866

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

12/21/18

Open

273,310

274,861

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.20

12/24/18

Open

361,600

363,036

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

12/24/18

Open

38,070

38,276

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.35

01/03/19

Open

200,419

200,528

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.00

)

01/08/19

Open

989,063

987,661

Capital Trusts

Open/Demand

RBC Capital Markets, LLC

3.05

01/08/19

Open

569,925

572,388

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/09/19

Open

134,520

135,090

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

01/11/19

Open

124,110

124,308

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.00

01/11/19

Open

166,738

166,738

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.75

01/16/19

Open

98,973

99,179

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

01/17/19

Open

281,288

282,057

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.50

01/18/19

Open

82,753

82,797

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.75

01/18/19

Open

139,582

139,693

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.00

01/18/19

Open

192,965

193,169

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.80

01/18/19

Open

560,970

562,036

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.40

01/18/19

Open

824,440

826,259

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

01/24/19

Open

306,094

306,689

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

01/28/19

Open

648,113

649,787

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

01/30/19

Open

476,280

477,450

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

02/01/19

Open

454,940

456,019

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

02/01/19

Open

244,720

245,238

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

3.05

02/01/19

Open

642,600

643,961

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.00

02/06/19

Open

109,060

109,260

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.62

02/11/19

3/13/19

189,000

189,220

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.62

02/11/19

3/13/19

31,000

31,036

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Capital, Inc.

2.50

02/12/19

Open

363,093

363,496

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

(2.00

)

02/12/19

Open

170,744

170,592

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

0.50

02/12/19

Open

58,870

58,883

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.75

02/12/19

Open

164,145

164,283

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.40

02/12/19

Open

971,473

971,473

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.50

02/12/19

Open

527,215

527,803

Capital Trusts

Open/Demand

Goldman Sachs & Co LLC

2.50

02/12/19

Open

382,826

383,252

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.25

02/13/19

Open

101,465

101,531

Corporate Bonds

Open/Demand

Royal Bank of Canada

2.63

02/14/19

3/15/19

4,598,000

4,602,703

U.S. Government Sponsored Agency Securities

Up to 30 Days

RBC Capital Markets, LLC

3.05

02/14/19

Open

340,000

340,403

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.61

02/15/19

3/18/19

15,080,000

15,090,933

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.61

02/15/19

3/18/19

371,000

371,269

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.61

02/15/19

3/18/19

6,129,000

6,133,444

U.S. Government Sponsored Agency Securities

Up to 30 Days

Credit Suisse Securities (USA) LLC

2.65

02/26/19

Open

210,333

210,363

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.65

02/26/19

Open

207,680

207,711

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.00

02/28/19

Open

355,850

355,850

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.00

02/28/19

Open

642,510

642,510

Corporate Bonds

Open/Demand

50 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty	Interest Rate			Trade Date		Maturity Date (a)		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements  (a)
BNP Paribas S.A.		2.89	%		02/28/19		Open	$	2,288,594	$	2,288,777	Corporate Bonds		Open/Demand
BNP Paribas S.A.		2.89			02/28/19		Open		5,053,894		5,054,299	Corporate Bonds		Open/Demand
								$	199,334,147	$	200,612,412

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Euro Stoxx 600 Index		1		03/15/19	$	8	$	573
10-Year U.S. Ultra Long Treasury Note		36		06/19/19		4,660		(14,576	)
Ultra Long U.S. Treasury Bond		22		06/19/19		3,511		(38,911	)
2-Year U.S. Treasury Note		873		06/28/19		185,247		(104,465	)
								(157,379	)
Short Contracts:
Euro Bund		1		03/07/19		188		(3,516	)
10-Year U.S. Treasury Note		239		06/19/19		29,158		66,897
Long U.S. Treasury Bond		6		06/19/19		867		6,365
Long Gilt		1		06/26/19		167		1,935
								71,681
							$	(85,698	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	876,000	USD	990,201	Citibank N.A.		03/05/19	$	6,287
GBP	286,000	USD	365,664	Citibank N.A.		03/05/19		13,691
USD	13,538,436	EUR	11,822,000	Citibank N.A.		03/05/19		90,395
USD	997,849	EUR	866,000	JPMorgan Chase Bank N.A.		03/05/19		12,736
USD	4,946,845	EUR	4,293,000	UBS AG		03/05/19		63,371
USD	534,217	MXN	10,254,000	HSBC Bank PLC		03/05/19		2,494
USD	59,550	NZD	86,000	HSBC Bank PLC		03/05/19		983
USD	12,491,345	EUR	10,946,000	Citibank N.A.		04/04/19		8,205
USD	989,337	EUR	864,000	HSBC Bank PLC		04/04/19		4,006
USD	4,777,215	EUR	4,172,000	HSBC Bank PLC		04/04/19		19,344
USD	1,261,137	GBP	947,000	Barclays Bank PLC		04/04/19		3,067
USD	7,347,088	GBP	5,517,000	Barclays Bank PLC		04/04/19		17,866
USD	1,902,070	GBP	1,427,000	Citibank N.A.		04/04/19		6,329
USD	58,857	NZD	86,000	Citibank N.A.		04/04/19		253
								249,027
EUR	10,946,000	USD	12,460,707	Citibank N.A.		03/05/19		(9,155	)
EUR	864,000	USD	986,852	HSBC Bank PLC		03/05/19		(4,014	)
EUR	4,172,000	USD	4,765,217	HSBC Bank PLC		03/05/19		(19,385	)
GBP	947,000	USD	1,259,197	Barclays Bank PLC		03/05/19		(3,080	)
GBP	5,517,000	USD	7,335,784	Barclays Bank PLC		03/05/19		(17,942	)
GBP	1,427,000	USD	1,899,154	Citibank N.A.		03/05/19		(6,358	)
NZD	86,000	USD	58,820	Citibank N.A.		03/05/19		(253	)
USD	109,098	EUR	96,000	Bank of America N.A.		03/05/19		(106	)
USD	178,455	EUR	158,000	Bank of America N.A.		03/05/19		(1,277	)
USD	6,816	EUR	6,000	Deutsche Bank AG		03/05/19		(10	)

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	7,962	EUR	7,000	Deutsche Bank AG		03/05/19	$	(1	)
USD	2,259,281	GBP	1,713,000	Citibank N.A.		03/05/19		(12,871	)
USD	1,245,668	GBP	947,000	HSBC Bank PLC		03/05/19		(10,449	)
USD	7,247,567	GBP	5,517,000	State Street Bank and Trust Co.		03/05/19		(70,274	)
								(155,175	)
							$	93,852

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Marsico Parent Superholdco LLC		46		12/14/19	USD	942.86	USD	—	$	—

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.31.V1		5.00	%		Quarterly	12/20/23		USD	8,134	$	(587,015	)	$	(432,395	)	$	(154,620	)
CDX.NA.IG.31.V1		1.00			Quarterly	12/20/23		USD	25,900		(512,308	)		(412,535	)		(99,773	)
										$	(1,099,323	)	$	(844,930	)	$	(254,393	)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency
3-Month LIBOR, 2.62%		Quarterly		2.71%		Semi-annual		N/A			01/11/21		USD	17,800	$	28,053		$	69		$	27,984
2.61%		Semi-annual		3-Month LIBOR, 2.62%		Quarterly		N/A			02/04/21		USD	70,000		12,009			281			11,728
2.57		Semi-annual		3-Month LIBOR, 2.62%		Quarterly		07/03/19	(a)		03/15/21		USD	36,490		16,614			152			16,462
3-Month LIBOR, 2.62%		Quarterly		2.70		Semi-annual		N/A			01/30/22		USD	20,850		76,994			150			76,844
3-Month LIBOR, 2.62%		Quarterly		2.60		Semi-annual		N/A			02/19/24		USD	5,650		6,950			49			6,901
3-Month LIBOR, 2.62%		Quarterly		2.54		Semi-annual		N/A			09/04/24		USD	7,900		29,987			75			29,912
2.60		Semi-annual		3-Month LIBOR, 2.62%		Quarterly		N/A			09/04/24		USD	18,700		(130,054	)		(54,690	)		(75,364	)
2.24		Semi-annual		3-Month LIBOR, 2.62%		Quarterly		N/A			08/09/27		USD	17,400		589,711			236			589,475
3-Month LIBOR, 2.62%		Quarterly		2.75		Semi-annual		N/A			01/16/29		USD	3,320		4,182			50			4,132
3-Month LIBOR, 2.62%		Quarterly		2.72		Semi-annual		N/A			02/04/29		USD	8,500		(14,280	)		129			(14,409	)
3-Month LIBOR, 2.62%		Quarterly		2.67		Semi-annual		N/A			02/28/29		USD	6,950		(42,117	)		106			(42,223	)
3-Month LIBOR, 2.62%		Quarterly		2.73%		Semi-annual		N/A			03/04/29		USD	6,700		2,668			102			2,566
3.01%		Semi-annual		3-Month LIBOR, 2.62%		Quarterly		N/A			02/14/48		USD	6,000		(125,418	)		177			(125,595	)
3-Month LIBOR, 2.62%		Quarterly		2.88		Semi-annual		N/A			02/01/49		USD	5,650		(38,208	)		165			(38,373	)
															$	417,091		$	(52,949	)	$	470,040

^(a)  Forward Swap.

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%		Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB		EUR	10	$	(1,407	)	$	(880	)		$(527	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	BB		EUR	21		(2,920	)		(2,660	)		(260	)
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	20		1,974			1,774			200
Intrum Justitia AB		5.00			Quarterly	Credit Suisse International		06/20/23	BB+		EUR	50		4,935			4,699			236

52 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Intrum Justitia AB		5.00	%		Quarterly	Morgan Stanley & Co. International PLC		06/20/23	BB+		EUR	23	$	2,284		$	2,428		$	(144	)
Casino Guichard Perrachon SA		1.00			Quarterly	Barclays Bank PLC		12/20/23	BB		EUR	40		(6,483	)		(6,126	)		(357	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B+		USD	79		(307	)		146			(453	)
Chesapeake Energy Corp.		5.00			Quarterly	Barclays Bank PLC		12/20/23	B+		USD	62		(241	)		577			(818	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/23	B-		EUR	13		(2,988	)		(88	)		(2,900	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	6		(1,301	)		103			(1,404	)
Garfunkelux Holdco 2 SA		5.00			Quarterly	Credit Suisse International		12/20/23	B-		EUR	24		(5,675	)		452			(6,127	)
Tesco PLC		1.00			Quarterly	Citibank N.A.		12/20/23	BBB-		EUR	50		(72	)		(711	)		639
Virgin Media, Inc.		5.00			Quarterly	Credit Suisse International		12/20/25	B		EUR	30		5,770			5,065			705
CMBX.NA.8.		3.00			Monthly	Barclays Bank PLC		10/17/57	CCC+		USD	5,000		(302,203	)		(510,207	)		208,004
CMBX.NA.8.		3.00			Monthly	Credit Suisse International		10/17/57	CCC+		USD	2,500		(151,101	)		(252,133	)		101,032
CMBX.NA.8.		3.00			Monthly	Morgan Stanley & Co. International PLC		10/17/57	CCC+		USD	4,450		(270,073	)		(597,039	)		326,966
CMBX.NA.9.		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	BB-		USD	7,550		(409,341	)		(936,753	)		527,412
CMBX.NA.9.		3.00			Monthly	Credit Suisse International		09/17/58	BB-		USD	5,000		(271,087	)		(545,653	)		274,566
CMBX.NA.9.		3.00			Monthly	Credit Suisse International		09/17/58	BB-		USD	5,000		(271,087	)		(545,653	)		274,566
CMBX.NA.9.		3.00			Monthly	Credit Suisse International		09/17/58	BB-		USD	5,000		(271,087	)		(539,693	)		268,606
													$	(1,952,410	)	$	(3,922,352	)	$	1,969,942

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

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

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	1,741	$	(899,620	)	$	766,004	$	(550,357	)
OTC Swaps		15,244		(3,937,596	)		1,982,932		(12,990	)

^(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
Net unrealized appreciation(a)	$	—	$	—	$	573	$	—	$	75,197	$	—	$	75,770
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		249,027		—		—		249,027
Swaps — centrally cleared
Net unrealized appreciation(a)		—		—		—		—		766,004		—		766,004
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		1,998,176		—		—		—		—		1,998,176
	$	—	$	1,998,176	$	573	$	249,027	$	841,201	$	—	$	3,088,977

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	—	$	—	$	161,468	$	—	$	161,468
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		155,175		—		—		155,175
Swaps — centrally cleared
Net unrealized depreciation(a)		—		254,393		—		—		295,964		—		550,357
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,950,586		—		—		—		—		3,950,586
	$	—	$	4,204,979	$	—	$	155,175	$	457,432	$	—	$	4,817,586

^(a)  Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the six months ended February 28, 2019, 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	$	—	$	—	$	(3,020	)	$	—		$	(379,491	)	$	—	$	(382,511	)
Forward foreign currency exchange contracts		—		—		—			1,029,954			—			—		1,029,954
Swaps		—		766,229		—			—			(402,771	)		—		363,458
	$	—	$	766,229	$	(3,020	)	$	1,029,954		$	(782,262	)	$	—	$	1,010,901
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	1,384		$	—		$	(90,278	)	$	—	$	(88,894	)
Forward foreign currency exchange contracts		—		—		—			(350,648	)		—			—		(350,648	)
Swaps		—		610,669		—			—			(376,954	)		—		233,715
	$	—	$	610,669	$	1,384		$	(350,648	)	$	(467,232	)	$	—	$	(205,827	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	119,510,177
Average notional value of contracts — short	$	52,028,504
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	62,188,934
Average amounts sold — in USD	$	30,684,877
Credit default swaps:
Average notional amount — buy protection	$	17,017,000
Average notional amount — sell protection	$	38,547,914
Interest rate swaps:
Average notional amount — pays fixed rate	$	95,345,000
Average notional amount — receives fixed rate	$	51,010,000
Total return swaps:
Average notional amount	$	4,750,000

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

54 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

Derivative Financial Instruments — Offsetting as of Period End

	Assets			Liabilities
Futures contracts	$	55,671		$	106,770
Forward foreign currency exchange contracts		249,027			155,175
Swaps — Centrally cleared		37,247			—
Swaps — OTC(a)		1,998,176			3,950,586
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	2,340,121		$	4,212,531
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(92,918	)		(106,770	)
Total derivative assets and liabilities subject to an MNA	$	2,247,203		$	4,105,761

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)
Barclays Bank PLC	$	229,660	$	(229,660	)	$	—	$	—		$	—
Citibank N.A.		125,799		(32,268	)		—		(93,531	)		—
Credit Suisse International		932,004		(932,004	)		—		—			—
HSBC Bank PLC		26,827		(26,827	)		—		—			—
JPMorgan Chase Bank N.A.		12,736		(4,395	)		—		—			8,341
Morgan Stanley & Co. International PLC		856,806		(856,806	)		—		—			—
UBS AG		63,371		—			—		—			63,371
	$	2,247,203	$	(2,081,960	)	$	—	$	(93,531	)	$	71,712
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged (d)			Net Amount of Derivative Liabilities  (e)
Bank of America N.A.	$	1,383	$	—		$	—	$	—		$	1,383
Barclays Bank PLC		538,983		(229,660	)		—		(309,323	)		—
Citibank N.A.		32,268		(32,268	)		—		—			—
Credit Suisse International		1,890,663		(932,004	)		—		(958,659	)		—
Deutsche Bank AG		11		—			—		—			11
HSBC Bank USA N.A.		33,848		(26,827	)		—		—			7,021
JPMorgan Chase Bank N.A.		4,395		(4,395	)		—		—			—
Morgan Stanley & Co. International PLC		1,533,936		(856,806	)		—		(677,130	)		—
State Street Bank and Trust Co.		70,274		—			—		—			70,274
	$	4,105,761	$	(2,081,960	)	$	—	$	(1,945,112	)	$	78,689

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

^(b) Excess collateral received from the individual counterparty is not shown for financial reporting purposes.

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

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

^(e) Net amount represents the net amount payable due to counterparty in the event of default.

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	36,827,953		$	1,439,894	$	38,267,847
Common Stocks(a)		3,443			44,421			1,205,061		1,252,925
Corporate Bonds		—			364,863,479			1,508,767		366,372,246
Floating Rate Loan Interests		—			225,181,902			14,648,902		239,830,804
Foreign Agency Obligations		—			18,792,296			—		18,792,296
Investment Companies		8,664,000			—			—		8,664,000
Non-Agency Mortgage-Backed Securities		—			11,310,102			—		11,310,102
Other Interests		—			—			10		10
Preferred Securities		13,009,059			43,785,315			—		56,794,374
U.S. Government Sponsored Agency Securities		—			30,613,006			—		30,613,006
U.S. Treasury Obligations		—			16,523,420			—		16,523,420
Short-Term Securities:
Foreign Agency Obligations		—			649,298			—		649,298
Money Market Funds		5,762,115			—			—		5,762,115
Liabilities:
Investments:
Unfunded Floating Rate Loan Interests(b)		—			(236	)				(236	)
	$	27,438,617		$	748,590,956		$	18,802,634	$	794,832,207
Investments Valued at NAV(c)										52,692
									$	794,884,899
Derivative Financial Instruments(d)
Assets:
Credit contracts	$	—		$	1,982,932		$	—	$	1,982,932
Equity contracts		573			—			—		573
Forward foreign currency contracts		—			249,027			—		249,027
Interest rate contracts		75,197			766,004			—		841,201
Liabilities:
Credit contracts		—			(267,383	)		—		(267,383	)
Forward foreign currency contracts		—			(155,175	)		—		(155,175	)
Interest rate contracts		(161,468	)		(295,964	)		—		(457,432	)
	$	(85,698	)	$	2,279,441		$	—	$	2,193,743

^(a) See above Schedule of Investments for values in each industry.

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

^(c)  As of February 28, 2019, certain of the Fund’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(d)  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 $200,612,412 are categorized within as Level 2 the disclosure hierarchy.

During the six months ended February 28, 2019, there were no transfers between Level 1 and Level 2.

56 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2019 BlackRock Limited Duration Income Trust (BLW)

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

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests		Grand Total
Assets:
Opening balance, as of August 31, 2018	$	1,581,044		$	2,336,114		$	1,507,493		$	9,733,052		$	10	$	15,157,713
Transfers into Level 3(a)		—			—			—			10,760,766			—		10,760,766
Transfers out of Level 3(b)		—			—			—			(4,061,685	)		—		(4,061,685	)
Accrued discounts/premiums		(46,129	)		—			(50,410	)		(184	)		—		(96,723	)
Net realized gain (loss)		(87,372	)		27,445			12			(141,542	)		—		(201,457	)
Net change in unrealized appreciation (depreciation)(c)		80,592			(1,116,056	)		51,684			(84,414	)		—		(1,068,194	)
Purchases		—			100,687			—			4,348,313			—		4,449,000
Sales		(88,241	)		(143,129	)		(12	)		(5,905,404	)		—		(6,136,786	)
Closing balance, as of February 28, 2019	$	1,439,894		$	1,205,061		$	1,508,767		$	14,648,902		$	10	$	18,802,634
Net change in unrealized appreciation (depreciation) on investments still held at February 28, 2019(c)	$	80,592		$	(1,116,056	)	$	51,684		$	(116,578	)	$	—	$	(1,100,358	)

^(a)  As of August 31, 2018, the Fund used observable inputs in determining the value of certain investments. As of February 28, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b) As of August 31, 2018, the Fund used significant unobservable inputs in determining the value of certain investments. As of February 28, 2019, 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.

^(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 57

Statements of Assets and Liabilities  (unaudited)

February 28, 2019

	FRA			BLW
ASSETS
Investments at value — unaffiliated(a)	$	750,688,032		$	789,123,020
Investments at value — affiliated(b)		11,368,747			5,762,115
Cash		2,078,334			551,990
Cash pledged:
Collateral — OTC derivatives		—			2,770,000
Centrally cleared swaps		—			837,170
Collateral — reverse repurchase agreements		—			218,451
Futures contracts		—			557,672
Foreign currency at value(c)		16,033			4,175,034
Receivables:
Investments sold		25,330,803			12,406,283
Interest — unaffiliated		2,136,465			7,864,657
Dividends — affiliated		8,541			22,757
Variation margin on futures contracts		—			55,671
Variation margin on centrally cleared swaps		—			37,247
Reverse repurchase agreements		—			998,360
Swap premiums paid		—			15,244
Unrealized appreciation on:
OTC swaps		99,304			1,982,932
Forward foreign currency exchange contracts		96,446			249,027
Prepaid expenses		14,088			14,082
Total assets		791,836,793			827,641,712
LIABILITIES
Cash received as collateral — OTC derivatives		—			260,000
Reverse repurchase agreements at value		—			200,612,412
Payables:
Bank borrowings		205,000,000			—
Investments purchased		49,020,961			22,384,015
Interest expense		532,190			—
Investment advisory fees		423,152			330,766
Other accrued expenses		339,916			341,600
Income dividend distributions		94,420			100,398
Directors’ and Officer’s fees		7,317			437,078
Options written		3,587			—
Capital shares redeemed		—			210,535
Variation margin on futures contracts		—			106,770
Swap premiums received		—			3,937,596
Unrealized depreciation on:
Forward foreign currency exchange contracts		52,301			155,175
OTC derivatives		—			12,990
Unfunded floating rate loan interests		702			236
Total liabilities		255,474,546			228,889,571
NET ASSETS	$	536,362,247		$	598,752,141
NET ASSETS CONSIST OF
Paid-in capital(d)(e)(f)	$	573,693,243		$	641,725,615
Accumulated loss		(37,330,996	)		(42,973,474	)
NET ASSETS	$	536,362,247		$	598,752,141
Net asset value, offering and redemption price per share	$	14.55		$	16.54
(a) Investments at cost — unaffiliated	$	763,119,214		$	799,366,722
(b) Investments at cost — affiliated	$	11,368,747		$	5,762,115
(c) Foreign currency at cost	$	15,859		$	4,217,406
(d) Par value	$	0.100		$	0.001
(e) Shares outstanding		36,854,446			36,191,387
(f)  Shares authorized		200 million			unlimited

See notes to financial statements.

58 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended February 28, 2019

	FRA			BLW
INVESTMENT INCOME
Interest — unaffiliated	$	21,055,940		$	21,797,700
Dividends — unaffiliated		428,911			616,153
Dividends — affiliated		20,980			93,434
Other income		331,632			120,757
Total investment income		21,837,463			22,628,044
EXPENSES
Investment advisory		2,834,457			2,212,463
Custodian		136,954			80,837
Professional		105,535			85,556
Accounting services		56,211			63,702
Offering		30,883			—
Transfer agent		29,550			35,394
Directors and Officer		22,002			45,302
Printing		13,825			12,040
Registration		7,162			7,119
Miscellaneous		13,465			45,829
Total expenses excluding interest expense		3,250,044			2,588,242
Interest expense		3,443,427			2,957,686
Total expenses		6,693,471			5,545,928
Less fees waived and/or reimbursed by the Manager		(602	)		(2,924	)
Total expenses after fees waived and/or reimbursed		6,692,869			5,543,004
Net investment income		15,144,594			17,085,040
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,397,995	)		(6,162,161	)
Futures contracts		—			(382,511	)
Forward foreign currency exchange contracts		146,068			1,029,954
Foreign currency transactions		117,455			(175,286	)
Capital gain distributions from investment companies — affiliated		(815	)		(261	)
Swaps		(704,179	)		363,458
		(6,839,466	)		(5,326,807	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(5,850,389	)		(1,159,035	)
Futures contracts		—			(88,894	)
Forward foreign currency exchange contracts		(10,057	)		(350,648	)
Foreign currency translations		(104,292	)		8,254
Swaps		99,304			233,715
Unfunded floating rate loan interests		2,510			546
		(5,862,924	)		(1,356,062	)
Net realized and unrealized loss		(12,702,390	)		(6,682,869	)
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	2,442,204		$	10,402,171

See notes to financial statements.

FINANCIAL STATEMENTS 59

Statements of Changes in Net Assets

	FRA						BLW
	Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18(a)			Six Months Ended 02/28/19 (unaudited)			Year Ended 08/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	15,144,594		$	29,305,147		$	17,085,040		$	34,941,919
Net realized gain (loss)		(6,839,466	)		638,332			(5,326,807	)		7,252,073
Net change in unrealized appreciation (depreciation)		(5,862,924	)		(3,031,229	)		(1,356,062	)		(19,132,912	)
Net increase in net assets resulting from operations		2,442,204			26,912,250			10,402,171			23,061,080
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)(c)
Decrease in net assets resulting from distributions to shareholders		(16,759,107	)		(27,514,809	)		(17,397,017	)		(35,259,837	)
CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(4,690,499	)		—			(6,301,312	)		(5,481,140	)
NET ASSETS(b)(c)
Total decrease in net assets		(19,007,402	)		(602,559	)		(13,296,158	)		(17,679,897	)
Beginning of period		555,369,649			555,972,208			612,048,299			629,728,196
End of period	$	536,362,247		$	555,369,649		$	598,752,141		$	612,048,299

^(a)  Consolidated Statements of Changes in Net Assets through November 30, 2017.

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

^(c)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

60 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Cash Flows  (unaudited)

Six Months Ended February 28, 2019

	FRA			BLW
CASH PROVIDED BY OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	2,442,204		$	10,402,171
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments and principal paydowns		242,876,380			241,625,283
Purchases of long-term investments		(195,006,374	)		(192,909,329	)
Net proceeds from purchases of short-term securities		(11,213,365	)		(6,168,770	)
Amortization of premium and accretion of discount on investments and other fees		(741,651	)		139,442
Premiums paid on closing options written		3,587			—
Net realized loss on investments		6,397,995			6,162,161
Net unrealized depreciation on investments, swaps, foreign currency translations and unfunded floating rate loan interests		5,758,632			637,956
(Increase) Decrease in Assets:
Receivables:
Interest — unaffiliated		636,358			365,115
Dividends — affiliated		(7,054	)		(13,252	)
Variation margin on futures contracts		—			(28,577	)
Variation margin on centrally cleared swaps		—			(37,247	)
Swap premiums paid		—			5,647
Prepaid expenses		(5,091	)		(4,331	)
Offering costs		30,883			—
Increase (Decrease) in Liabilities:
Cash received:
Collateral — OTC derivatives		—			110,000
Payables:
Investment advisory fees		(80,508	)		(69,140	)
Interest expense and fees		(33,484	)		553,993
Directors’ and Officer’s		(1,222	)		7,758
Variation margin on futures contracts		—			45,631
Variation margin on centrally cleared swaps		—			(114,007	)
Other accrued expenses		(45,866	)		(98,885	)
Swap premiums received		—			(36,155	)
Net cash provided by operating activities		51,011,424			60,575,464
CASH USED FOR FINANCING ACTIVITIES
Payments on redemption of Common Shares		(4,690,499	)		(6,211,787	)
Net borrowing of reverse repurchase agreements		—			(35,562,094	)
Proceeds from bank borrowings		(172,000,000	)		—
Payments for bank borrowings		144,000,000			—
Cash dividends paid to Common Shareholders		(16,745,463	)		(17,389,379	)
Net cash used for financing activities		(49,435,962	)		(59,163,260	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	188		$	(828	)
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency		1,575,650			1,411,376
Restricted and unrestricted cash and foreign currency at beginning of period		518,717			7,698,941
Restricted and unrestricted cash and foreign currency at end of period	$	2,094,367		$	9,110,317
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	3,476,911		$	2,403,693

See notes to financial statements.

FINANCIAL STATEMENTS 61

Statement of Cash Flows  (unaudited) (continued)

Six Months Ended February 28, 2019

	FRA		BLW
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	2,078,334	$	551,990
Cash pledged:
Collateral — reverse repurchase agreements		—		218,451
Collateral — OTC derivatives		—		2,770,000
Futures contracts		—		557,672
Centrally cleared swaps		—		837,170
Foreign currency at value		16,033		4,175,034
	$	2,094,367	$	9,110,317
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	508,498	$	172,706
Cash pledged:
Collateral — reverse repurchase agreements		—		908,000
Collateral — OTC derivatives		—		3,540,000
Futures contracts		—		497,859
Centrally cleared swaps		—		1,017,170
Foreign currency at value		10,219		1,563,206
	$	518,717	$	7,698,941

See notes to financial statements.

62 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	FRA
	Six Months Ended 02/28/19 (unaudited)			Year Ended August 31,
				2018 (a)			2017 (a)			2016 (a)			2015 (a)			2014 (a)
Net asset value, beginning of period	$	14.92		$	14.93		$	14.78		$	14.91		$	15.38		$	15.36
Net investment income(b)		0.41			0.79			0.76			0.76			0.81			0.87
Net realized and unrealized gain (loss)		(0.33	)		(0.06	)		0.20			(0.14	)		(0.47	)		0.04
Net increase from investment operations		0.08			0.73			0.96			0.62			0.34			0.91
Distributions from net investment income(c)		(0.45	)		(0.74	)		(0.81	)		(0.75	)		(0.81	)		(0.89	)
Net asset value, end of period	$	14.55		$	14.92		$	14.93		$	14.78		$	14.91	(d)	$	15.38
Market price, end of period	$	12.93		$	13.80		$	14.10		$	13.70		$	12.94		$	14.26
Total Return(e)
Based on net asset value		1.03	%(f)		5.28	%		6.93	%		5.00	%		2.88	%(d)		6.45	%
Based on market price		(2.93	)%(f)		3.11	%		8.95	%		12.14	%		(3.71	)%		1.33	%
Ratios to Average Net Assets(h)
Total expenses		2.50	%(g)		2.23	%		1.88	%		1.54	%		1.56	%		1.48	%
Total expenses after fees waived and/or reimbursed		2.50	%(g)		2.22	%		1.88	%		1.54	%		1.56	%		1.48	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		1.21	%(g)		1.20	%		1.21	%		1.14	%		1.19	%		1.15	%
Net investment income		5.65	%(g)		5.27	%		5.08	%		5.27	%		5.39	%		5.65	%
Supplemental Data
Net assets, end of period (000)	$	536,362		$	555,370		$	555,972		$	550,271		$	555,104		$	572,463
Borrowings outstanding, end of period (000)	$	205,000		$	233,000		$	237,000		$	225,000		$	196,000		$	235,000
Asset coverage, end of period per $1,000 of bank borrowings	$	3,617		$	3,385		$	3,346		$	3,446		$	3,832		$	3,436
Portfolio turnover rate		27	%		57	%		64	%		48	%		43	%		58	%

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

^(b)  Based on average shares outstanding.

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

^(d)  For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the net asset value per share and total return performance presented herein are different than the information previously published on August 31, 2015.

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

^(f)  Aggregate total return.

^(g)  Annualized.

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

	Six Months Ended 02/28/19 (unaudited)			Year Ended August 31,
				2018			2017		2016		2015		2014
Investments in underlying funds		0.02	%		0.01	%		N/A		N/A		N/A		N/A

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BLW
	Six Months Ended 02/28/19 (unaudited)			Year Ended August 31,
				2018			2017			2016			2015 (a)			2014 (a)
Net asset value, beginning of period	$	16.71		$	17.02		$	16.84		$	17.04		$	18.09		$	17.54
Net investment income(b)		0.47			0.95			1.01			1.32			1.16			1.26
Net realized and unrealized gain (loss)		(0.16	)		(0.31	)		0.44			(0.22	)		(0.92	)		0.51
Net increase from investment operations		0.31			0.64			1.45			1.10			0.24			1.77
Distributions from net investment income(c)		(0.48	)		(0.95	)		(1.27	)		(1.30	)		(1.29	)		(1.22	)
Net asset value, end of period	$	16.54		$	16.71		$	17.02		$	16.84		$	17.04	(d)	$	18.09
Market price, end of period	$	14.84		$	15.06		$	15.99		$	15.74		$	14.60		$	16.81
Total Return(e)
Based on net asset value		2.35	%(f)		4.42	%		9.62	%		7.78	%		2.23	%(d)		10.77	%
Based on market price		1.89	%(f)		0.18	%		10.18	%		17.59	%		(5.74	)%		6.89	%
Ratios to Average Net Assets
Total expenses		1.88	%(g)(h)		1.73	%		1.45	%		1.21	%		1.15	%		1.14	%
Total expenses after fees waived and/or reimbursed		1.88	%(g)(h)		1.73	%		1.45	%		1.21	%		1.15	%		1.14	%
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees		0.88	%(g)(h)		0.89	%		0.89	%		0.89	%		0.92	%		0.92	%
Net investment income		5.78	%(g)(h)		5.60	%		6.00	%		8.04	%		6.65	%		7.00	%
Supplemental Data
Net assets, end of period (000)	$	598,752		$	612,048		$	629,728		$	623,219		$	630,388		$	669,382
Borrowings outstanding, end of period (000)	$	200,623		$	234,622		$	252,280		$	263,445		$	264,036		$	293,890
Portfolio turnover rate		26	%		50	%		55	%		54	%		47	%		57	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

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

^(d)  For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the net asset value per share and total return performance presented herein are different than the information previously published on August 31, 2015.

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

^(f)  Aggregate total return.

^(g)  Annualized.

^(h)  Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

See notes to financial statements.

64 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asclosed-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 Floating Rate Income Strategies Fund, Inc.	FRA	Maryland	Diversified
BlackRock Limited Duration Income Trust	BLW	Delaware	Diversified

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board of Directors” or 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 ofnon-index fixed-income mutual funds and all BlackRock-advisedclosed-end funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of FRA include the account of FRA Subsidiary, LLC (the “Taxable Subsidiary”). As of period end, the Taxable Subsidiary, which was wholly-owned by FRA, was dissolved. The Taxable Subsidiary enabled FRA to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary were taxable to such subsidiary. There was no tax provision required for income or realized gains during the period.

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 (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. 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 andpayment-in-kind interest are recognized on an accrual basis.

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

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold 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.

Segregation and Collateralization:In cases where a Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on itsbooks and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on theex-dividend date and made at least annually. 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 independent Directors (“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 are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

NOTESTO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

Recent Accounting Standards:In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit,non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management continues to evaluate the impact of this guidance to the Funds.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), 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.

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

• Investments inopen-end U.S. mutual funds are valued at NAV each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

• 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. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

66 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

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

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

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

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/ornon-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

NOTESTO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of February 28, 2019, certain investments of BLW were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

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

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

Non-agency mortgage-backed securities are securities issued bynon-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 the 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

68 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 arenon-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generallynon-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

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

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

In connection with floating rate loan interests, certain 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 aremarked-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	Borrower	Par		Commitment Amount		Value		Unrealized Depreciation
FRA	DentalCorp Perfect Smile ULC	$	57,522	$	57,613	$	56,911	$	(702	)
BLW	DentalCorp Perfect Smile ULC		19,308		19,338		19,102		(236	)

Forward Commitments and When-Issued Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued)

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

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

For the six months ended February 28, 2019, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for BLW was $215,351,477 and 2.78%, respectively.

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions typically a fund and counterparty under an MRA are permitted to sell,re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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

Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest (a)			Cash Collateral Pledged/Received		Net Amount (b)
Barclays Capital, Inc.	$	23,494,111	$	(23,494,111	)	$	—	$	—
BNP Paribas S.A.		24,752,892		(24,752,892	)		—		—
Credit Suisse Securities (USA) LLC		519,605		(519,605	)		—		—
Deutsche Bank Securities, Inc.		2,830,861		(2,830,861	)		—		—
Goldman Sachs & Co LLC		4,246,978		(4,246,978	)		—		—
HSBC Securities (USA), Inc.		66,282,570		(66,282,570	)		—		—
J.P. Morgan Securities LLC		200,528		(200,528	)		—		—
RBC Capital Markets, LLC		65,060,019		(65,060,019	)		—		—
Royal Bank of Canada		4,602,703		(4,102,133	)		—		500,570
UBS Ltd.		6,441,847		(6,441,847	)		—		—
UBS Securities LLC		2,180,298		(2,180,298	)		—		—
	$	200,612,412	$	(200,111,842	)	$	—	$	500,570

^(a)  Net collateral, including accrued interest, with a value of $227,399,996 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)  Net amount represents the net amount payable due to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Futures contracts are 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.

70 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is 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, 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 contract ismarked-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. 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.

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

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

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

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

• Foreign currency options — Certain Funds purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

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

Swaps:Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

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

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 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

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements  (unaudited) (continued)

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, 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 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, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

• 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 market (e.g., fixed-income) with another 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 or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

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

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

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

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each 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, each 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. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit 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 themark-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 andnon-cash collateral it receives. A Fund generally agrees not to usenon-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 their counterparties are not fully collateralized, they bear the risk of loss from counterpartynon-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear 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.

72 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, FRA pays the Manager a monthly fee at an annual rate equal to 0.75% of the average daily value of the Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “net assets” mean the total assets of the Fund minus the sum of its accrued liabilities.

For such services, BLW pays the Manager a monthly fee at an annual rate equal to 0.55% of the average weekly value of the Fund’s managed assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “managed assets” mean the total assets of the Fund minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

Distribution Fees: FRA had entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of FRA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, as of February 28, 2019, FRA is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus and the Distribution Agreement with FRA has been terminated. Pursuant to the Distribution Agreement, FRA will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of FRA’s common shares and a portion of such commission isre-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended February 28, 2019 amounted to $0 since no sales of FRA’s common shares were made prior to termination of the Distribution Agreement.

Expense Waivers:With respect to each Fund, theManager voluntarily 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”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended February 28, 2019, the amounts waived were as follows:

	FRA		BLW
Amounts waived	$	602	$	2,924

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, 2019 for BLW and through December 31, 2019 for FRA. 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 as fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended February 28, 2019, there were no amounts waived in investment advisory fees pursuant to these arrangements.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended February 28, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain
BLW	$	—	$	117,597	$	8,328

7. PURCHASES AND SALES

For the six months ended February 28, 2019, purchases and sales of investments, including paydowns and excluding short-term securities, were as follows:

Purchases
	FRA		BLW
Non-U.S. Government Securities	$	212,148,289	$	190,360,004
U.S. Government Securities		—		16,210,276
	$	212,148,289	$	206,570,280
Sales
	FRA		BLW
Non-U.S. Government Securities (includes paydowns)	$	262,391,329	$	251,185,836
U.S. Government Securities		—		—
	$	262,391,329	$	251,185,836

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.

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements  (unaudited) (continued)

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 each of the four years ended August 31, 2018. 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 February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires	FRA		BLW
No expiration date(a)	$	18,291,581	$	29,620,342
2019		2,206,081		—
Total	$	20,497,662	$	29,620,342

^(a)  Must be utilized prior to losses subject to expiration.

As of February 28, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	FRA			BLW
Tax cost	$	774,617,862		$	805,415,250
Gross unrealized appreciation	$	1,569,395		$	10,829,878
Gross unrealized depreciation		(13,987,029	)		(19,166,250	)
Net unrealized appreciation (depreciation)	$	(12,417,634	)	$	(8,336,372	)

9. BANK BORROWINGS

FRA is 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 upon360-days written notice to FRA. As of period end, FRA has not received any notice to terminate. FRA has granted a security interest in substantially all of its assets to SSB. The SSB Agreement allows for a maximum commitment of $274,000,000.

Advances will be made by SSB to FRA, at FRA’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above7-day,30-day,60-day or90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.

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

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

For the six months ended February 28, 2019, the average amount of bank borrowings and the daily weighted average interest rates for FRA with loans under the revolving credit agreements were $ 221,906,077 and 3.13%, respectively.

10. PRINCIPAL RISKS

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

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.

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 the 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.

74 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk:The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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 amark-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.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent the Funds deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists inexchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk:Certain Funds may invest in securities that are rated below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid than, and have more volatile prices than, higher quality securities.

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

11. CAPITAL SHARE TRANSACTIONS

FRA is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for each Fund’s shares is $0.10 and $0.001, respectively. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Each Fund participates in an open market share repurchase program (the “Repurchase Program”). From December 1, 2017 through November 30, 2018, each Fund was permitted to repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. From December 1, 2018 through November 30, 2019, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts.

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

	FRA				BLW
	Shares		Amount		Shares		Amount
Six Months Ended February 28, 2019		378,042	$	4,690,499		445,229	$	6,301,312
Year Ended August 31, 2018		—		—		367,238		5,481,140

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements  (unaudited) (continued)

12. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior year distribution information and undistributed (distributions in excess of) net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended August 31, 2018 were classified as follows:

	Net Investment Income
FRA	$	27,514,809
BLW		35,259,837

Undistributed (distributions in excess of) net investment income as of August 31, 2018 is as follows:

	Undistributed Net Investment Income
FRA	$	3,993,685
BLW		634,190

13. 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:

	Common Dividend Per Share
	Paid (a)		Declared (b)
FRA	$	0.0695	$	0.0695
BLW		0.0795		0.0795

^(a)  Net investment income dividend paid on March 29, 2019 to Common Shareholders of record on March 15, 2019.

^(b)  Net investment income dividend declared on April 1, 2019, payable to Common Shareholders of record on April 15, 2019.

76 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Director

Karen P. Robards, Co-Chair of the Board and Director

Michael J. Castellano, Director

Cynthia L. Egan, Director

Frank J. Fabozzi, Director

Henry Gabbay, Director

R. Glenn Hubbard, Director

W. Carl Kester, Director

Catherine A. Lynch, Director

Robert Fairbairn, Director

John M. Perlowski, Director, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective January 1, 2019, Richard E. Cavanagh and Karen P. Robards were appointed as a Co-Chair of the Board. Prior to January 1, 2019, Mr. Cavanagh served as Chair of the Board and Ms. Robards served as Vice Chair of the Board. In addition, effective January 1, 2019, Henry Gabbay was appointed as a Director of each Fund.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

DIRECTORAND OFFICER INFORMATION 77

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.

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The portion of distributions that exceeds a Fund’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. Distributions in excess of a Fund’s taxable income and net capital gains, but not in excess of a Fund’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a nontaxable return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

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

During the period, there were no material changes in the Funds’ investment objectives or policies or 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 or in the principal risk factors associated with investment in the Funds. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds’ portfolios.

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

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed athttp://www.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 by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, annual and semi-annual reports 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 schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

78 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information  (continued)

Availability of Proxy Voting Record

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 upon request and without charge (1) athttp://www.blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at http://www.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 ofhttp://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Glossary of Terms Used in this Report

Currency
BRL	Brazilian Real
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
NZD	New Zealand Dollar
USD	U.S. Dollar

Portfolio Abbreviations
ABS	Asset-Backed Security
CLO	Collateralized Loan Obligation
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FNMA	Federal National Mortgage Association
LIBOR	London Interbank Offered Rate
PIK	Payment-In-Kind

ADDITIONAL INFORMATION / GLOSSARYOF TERMS USEDINTHIS REPORT 79

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. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEFT-BK3-2/19-SAR

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

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

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

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

Item 6  –  Investments

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

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

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

Item 8  –  Portfolio Managers ofClosed-End Management Investment Companies

(a) Not Applicable to this semi-annual report.

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

Item 9 – Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers

Period	(a) Total Number of   Shares Purchased	(b) Average Price Paid per   Share	(c) Total Number of Shares Purchased as Part   of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans   or Programs1
September1-30, 2018	0	$0	0	1,861,624
October1-31, 2018	0	$0	0	1,861,624
November1-30, 2018	112,635	$12.6961	112,635	1,748,989
December1-31, 2018	68,901	$12.1321	68,901	1,787,091
January1-31, 2019	196,506	$12.3191	196,506	1,590,585
February1-28, 2019	0	$0	0	1,590,585
Total:	378,042	$12.3973	378,042	1,590,585

¹On September 6, 2017, the Fund announced a continuation of the open market share repurchase program pursuant to which the Fund may repurchase through November 30, 2018, up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions. On September 7, 2018, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2018, the Fund may repurchase through November 30, 2019, up to 5% of its common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions.

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

Item 11 – Controls and Procedures

2

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required byRule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

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

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

Item 13 – Exhibits attached hereto

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

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

3

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

BlackRock Floating Rate Income Strategies Fund, Inc.

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

Date: May 3, 2019

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

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

Date: May 3, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Floating Rate Income Strategies Fund, Inc.

Date: May 3, 2019

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