BLACKROCK Ltd DURATION INCOME TRUST (Form: N-CSR, Received: 03/05/2021 13:16:54)

Public Company

Executive or Fund

Manager¹

# Outside Public Boards²

Total # of Public Boards

Director A

Director B

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-21349

Name of Fund:

BlackRock Limited Duration Income Trust (BLW)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Limited Duration Income Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2020

Date of reporting period: 12/31/2020

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2020

2020 Annual Report

BlackRock Debt Strategies Fund, Inc. (DSU)

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

BlackRock Limited Duration Income Trust (BLW)

Not FDIC Insured • May Lose Value • No Bank Guarantee


Supplemental Information (unaudited)

Section 19(a) Notices

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

December 31, 2020


	Total Cumulative Distributions											% Breakdown of the Total Cumulative
	for the Fiscal Period											Distributions for the Fiscal Period
	Net		Net Realized		Net Realized					Total Per		Net			Net Realized			Net Realized						Total Per
	Investment		Capital Gains		Capital Gains		Return of			Common		Investment			Capital Gains			Capital Gains			Return of			Common
Fund Name		Income		Short-Term		Long-Term		Capital	^(a)		Share		Income			Short-Term			Long-Term			Capital			Share
DSU	$	0.648339	$	—	$	—	$	0.183661		$	0.832000		78	%		—	%		—	%		22	%		100	%
FRA		0.696324		—		—		0.225076			0.921400		76			—			—			24			100
BLW		1.017530		—		—		0.159670			1.177200		86			—			—			14			100
^(a) Each Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Fund is returned to the shareholder. A return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Fund’s net asset value per share.

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

Section 19(b) Disclosure

On September 5, 2019, the Funds, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Fund’s Board of Directors (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, starting in October 2019, the Funds currently distribute the following fixed amounts per share on a monthly basis:


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

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

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

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


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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of December 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the coronavirus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimulus. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts get under way. The results of the U.S. elections also cleared the way for additional stimulus spending in 2021, which is likely to be a solid tailwind for economic growth. Inflation should increase as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflation-protected bonds, and Euro area peripherals and Asian bonds also provide attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2020


	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	22.16%	18.40%
U.S. small cap equities (Russell 2000^® Index)	37.85	19.96
International equities (MSCI Europe, Australasia, Far East Index)	21.61	7.82
Emerging market equities (MSCI Emerging Markets Index)	31.14	18.31
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07	0.67
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(1.87)	10.58
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	1.29	7.51
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.92	4.95
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	11.32	7.05

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


T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T		3

Table of Contents


	Page
Supplemental Information		2
The Markets in Review		3
Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Fund Summary		6
Financial Statements:
Schedules of Investments		15
Statements of Assets and Liabilities		100
Statements of Operations		102
Statements of Changes in Net Assets		103
Statements of Cash Flows		105
Financial Highlights		107
Notes to Financial Statements		110
Report of Independent Registered Public Accounting Firm		123
Important Tax Information		124
Investment Objectives, Policies and Risks		125
Automatic Dividend Reinvestment Plan		134
Director and Officer Information		135
Additional Information		138
Glossary of Terms Used in this Report		142


4


The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

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

Derivative Financial Instruments

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


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


Fund Summary as of December 31, 2020		BlackRock Debt Strategies Fund, Inc. (DSU)

Investment Objective

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

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

Fund Information


Symbol on New York Stock Exchange		DSU
Initial Offering Date		March 27, 1998
Current Distribution Rate on Closing Market Price as of December 31, 2020 ($10.45)^(a)		6.95%
Current Monthly Distribution per Common Share^(b)		$0.0605
Current Annualized Distribution per Common Share^(b)		$0.7260
Leverage as of December 31, 2020^(c)		30%
^(a) Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance does not guarantee future results. ^(b) The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. ^(c) Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary


	12/31/20		12/31/19		Change			High		Low
Market Price	$	10.45	$	11.20		(6.70	)%	$	11.50	$	5.92
Net Asset Value		11.55		12.25		(5.71	)		12.35		8.46

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

LOGO


6		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of December 31, 2020 (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

Performance and Portfolio Management Commentary

Returns for the period ended December 31, 2020 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Fund at NAV^(a)(b)		2.57	%		4.97	%		7.75	%
Fund at Market Price^(a)(b)		1.50			4.15			8.47
Reference Benchmark^(c)		5.09			5.12			6.90
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(d)		7.05			6.21			8.57
S&P/LSTA Leveraged Loan Index^(e)		3.12			4.01			5.24
^(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 (50%) and the S&P/LSTA Leveraged Loan Index (50%). The Reference Benchmark’s index content and weightings may have varied over past periods. ^(d) An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. ^(e) An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

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

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

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

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

What factors influenced performance?

After falling sharply in the first calendar quarter of 2020 due to the emergence of COVID-19, the high yield and floating rate loan interest (“bank loan”) markets recovered to finish 2020 with positive returns. Both categories were helped by the combination of aggressive fiscal and monetary stimulus, better-than-expected economic conditions in the second half of the year, and the approval of a coronavirus vaccine in early November 2020.

Bank loans made the largest contributor to the Fund’s absolute return in 2020, followed by high yield and investment grade bonds. From a sector perspective, technology, cable & satellite and building materials were the leading contributors. B rated issues made the largest contribution among the three major credit tiers, followed by CCCs and BBBs.

Energy was by far the largest detractor from performance at the sector level, followed by lodging and aerospace/defense. BB rated securities were the sole detractor by rating.

The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning. The Fund’s use of derivatives had a negative impact on Fund performance.

Describe recent portfolio activity.

The Fund increased its allocation to high yield and investment grade bonds throughout the year due to supportive supply-and-demand conditions and attractive relative valuations. The investment adviser’s credit rating views remained relatively consistent over the past several quarters, focusing on higher-quality B rated issues and avoiding the more volatile, stressed CCC category. The investment adviser tactically managed the Fund’s sector positioning, although it placed a greater focus on individual security selection later in the period.

Describe portfolio positioning at period end.

The Fund remained predominately invested in bank loans, with the rest held mostly in high yield and investment grade corporate bonds. The Fund’s largest sector positions were in technology, health care and consumer cyclical services, while it had less exposure to retailers, home construction and transportation services. Within energy, the Fund remained broadly underweight across the midstream, independent energy and oil field services categories. From a credit rating perspective, the Fund continued to emphasize BB and B rated issues, with a higher allocation to the latter. The Fund also held a smaller in position in CCC rated debt.

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


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


Fund Summary as of December 31, 2020 (continued)		BlackRock Debt Strategies Fund, Inc. (DSU)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION


Asset Type	12/31/20			12/31/19
Floating Rate Loan Interests		82	%		81	%
Corporate Bonds		16			15
Investment Companies		1			3
Preferred Securities		1			1
Other*		—			—

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	12/31/20			12/31/19
BBB/Baa		7	%		7	%
BB/Ba		21			27
B		64			59
CCC/Caa		7			3
N/R		1			4

^(a)

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

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

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


8		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of December 31, 2020		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Investment Objective

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

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

Fund Information


Symbol on New York Stock Exchange		FRA
Initial Offering Date		October 31, 2003
Current Distribution Rate on Closing Market Price as of December 31, 2020 ($12.11)^(a)		6.61%
Current Monthly Distribution per Common Share^(b)		$0.0667
Current Annualized Distribution per Common Share^(b)		$0.8004
Leverage as of December 31, 2020^(c)		30%

^(a)

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

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	12/31/20		12/31/19		Change			High		Low
Market Price	$	12.11	$	13.44		(9.90	)%	$	13.66	$	6.72
Net Asset Value		13.81		14.55		(5.09	)		14.66		10.16

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

LOGO


F U N D S U M M A R Y		9


Fund Summary as of December 31, 2020 (continued)		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Performance and Portfolio Management Commentary

Returns for the period ended December 31, 2020 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Fund at NAV^(a)(b)		2.76	%		4.54	%		5.89	%
Fund at Market Price^(a)(b)		(2.45	)		2.61			5.23
S&P/LSTA Leveraged Loan Index^(c)		3.12			4.01			5.24

^(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.

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

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

What factors influenced performance?

After falling sharply in the first calendar quarter of 2020 due to the emergence of COVID-19, the floating rate loan interest (“bank loan”) market recovered to finish 2020 with positive returns. As was the case with other credit-oriented segments of the bond market, bank loans were helped by the combination of aggressive fiscal and monetary stimulus, better-than-expected economic conditions in the second half of the year, and the approval of a coronavirus vaccine in early November 2020.

From an asset allocation perspective, the Fund’s core exposure to bank loans and tactical allocations to investment grade and high yield corporate bonds contributed to performance. By sector, the largest contributors included technology, cable/satellite and building materials. With respect to credit tiers, the Fund’s B rated positions were the leading contributors to absolute returns, followed by CCCs and BBBs.

At the sector level, the largest detractors from performance included energy and lodging. By rating class, BB rated issues were the sole detractor.

Describe recent portfolio activity.

The investment adviser increased the Fund’s allocation to high yield and investment grade bonds throughout the year due to the supportive technicals and attractive relative values in these areas. The investment adviser’s credit rating views remained relatively consistent over the past several quarters, focusing on higher-quality B rated issues and avoiding the more volatile, stressed CCC category. The investment adviser tactically managed the Fund’s sector positioning, although it placed a greater focus on individual security selection later in the period. The Fund continued to use liquid, index-based derivatives in the loan and high-yield markets in order to manage its positioning.

Describe portfolio positioning at period end.

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

The investment adviser’s core sector views stayed largely intact. Some of the Fund’s top sector positions were technology companies, particularly in the enterprise software business. Health care, cable/satellite and building materials were also areas where the investment adviser identified compelling risk-reward opportunities. The investment adviser slightly increased the portfolio’s allocation to sectors with above-average sensitivity to COVID-19 during the second half of the year by participating in new issues in the gaming and airline categories. The Fund maintained a lower allocation to energy and to the consumer cyclical sectors, such as retailers and leisure, on the belief that these market segments continued to face significant headwinds.

Additionally, the Fund had a bias toward larger loan tranches, as well as to loan/bond capital structures over the loan-only segment. The Fund remained underweight in the 2017 and 2018 vintages, arguably a period with more aggressive lending standards and weaker protections for loan holders.


10		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of December 31, 2020 (continued)		BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION


Asset Type	12/31/20			12/31/19
Floating Rate Loan Interests		93	%		94	%
Corporate Bonds		5			1
Investment Companies		2			5
Other*		—			—

CREDIT QUALITY ALLOCATION


Credit Rating^(a)(b)	12/31/20			12/31/19
BBB/Baa		6	%		8	%
BB/Ba		19			27
B		67			58
CCC/Caa		6			2
N/R		2			5

^(a)

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

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


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


Fund Summary as of December 31, 2020		BlackRock Limited Duration Income Trust (BLW)

Investment Objective

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

•

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

•

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

•

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

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

Fund Information


Symbol on New York Stock Exchange		BLW
Initial Offering Date		July 30, 2003
Current Distribution Rate on Closing Market Price as of December 31, 2020 ($15.92)^(a)		7.39%
Current Monthly Distribution per Common Share^(b)		$0.0981
Current Annualized Distribution per Common Share^(b)		$1.1772
Leverage as of December 31, 2020^(c)		31%

^(a)

^(b)

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

^(c)

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

Market Price and Net Asset Value Per Share Summary


	12/31/20		12/31/19		Change			High		Low
Market Price	$	15.92	$	16.39		(2.87	)%	$	16.70	$	9.52
Net Asset Value		16.93		17.05		(0.70	)		17.22		12.19

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

LOGO


12		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of December 31, 2020 (continued)		BlackRock Limited Duration Income Trust (BLW)

Performance and Portfolio Management Commentary

Returns for the period ended December 31, 2020 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Fund at NAV^(a)(b)		7.58	%		7.26	%		8.67	%
Fund at Market Price^(a)(b)		5.24			7.37			9.57
Reference Benchmark^(c)		5.06			4.73			5.63
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^(d)		7.05			6.21			8.57
S&P/LSTA Leveraged Loan Index^(e)		3.12			4.01			5.24
BATS S Benchmark^(f)		4.43			3.72			2.98

^(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.

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

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

What factors influenced performance?

Positive contributors to the Fund’s absolute performance over the period included allocations to both high yield and investment grade corporate bonds as credit sentiment rebounded based on policy support after the market dislocation seen in the first quarter of 2020. Exposure to credit-sensitive floating rate loan interests (“bank loans”) and emerging market debt also added to performance. Finally, U.S. Treasuries also provided positive returns as interest rates declined over the period.

The largest detractors from the Fund’s absolute performance were exposures to tax-exempt municipal bonds, equities and taxable bonds.

Describe recent portfolio activity.

Over the period, the Fund increased its allocation to U.S. high yield corporate credit, investment grade corporate credit and emerging market debt. Over the same period, the Fund reduced exposure to U.S. Treasuries, commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”).

Describe portfolio positioning at period end.

At period end, the Fund maintained a diversified exposure to non-government spread sectors including high yield corporate credit, investment grade corporate credit, emerging market debt, CMBS and ABS. In addition, the Fund held modest exposures to government securities, including U.S. Treasuries and non-U.S. sovereign securities.


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


Fund Summary as of December 31, 2020 (continued)		BlackRock Limited Duration Income Trust (BLW)

Overview of the Fund’s Total Investments

PORTFOLIO ALLOCATION


Asset Type^(a)	12/31/20			12/31/19
Corporate Bonds		55	%		48	%
Floating Rate Loan Interests		30			31
Preferred Securities		5			7
Asset-Backed Securities		3			3
Foreign Agency Obligations		3			2
U.S. Treasury Obligations		2			2
Non-Agency Mortgage-Backed Securities		1			1
Investment Companies		1			2
U.S. Government Sponsored Agency Securities		—	^*		4
Other*		—			—

CREDIT QUALITY ALLOCATION


Credit Rating^(b)(c)	12/31/20			12/31/19
AAA/Aaa		—	%		1	%
AA/Aa		2			3
A		4			7
BBB/Baa		14			15
BB/Ba		32			35
B		39			34
CCC/Caa		7			4
N/R		2			1

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

^(b)

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

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


14		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks

Construction & Engineering — 0.1%
McDermott International Ltd.^(a)			141,483	$	114,601


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.^(b)			1,075,282,733		10,753


Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(b)			809		31,416


Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.			10,718		11


Metals & Mining — 0.0%
Ameriforge Group, Inc.			1,664		29,120
Preferred Proppants LLC^(b)			14,576		21,864

					50,984

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.^(a)			2,336		55,106


Semiconductors & Semiconductor Equipment^(a)— 0.0%
Maxeon Solar Technologies Ltd.			213		6,043
SunPower Corp.			1,707		43,768

					49,811

Software — 0.0%
Avaya Holdings Corp.^(a)			40		766


Specialty Retail — 0.0%
NMG Parent LLC			1,477		95,414


Total Common Stocks — 0.1%
(Cost: $15,916,895)					408,862


		Par (000)

Corporate Bonds

Aerospace & Defense — 0.7%
Bombardier, Inc.^(c)
8.75%, 12/01/21	USD		7		7,280
6.13%, 01/15/23			664		649,060
7.50%, 12/01/24			58		55,638
7.50%, 03/15/25			14		12,985
7.88%, 04/15/27			17		15,631
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(c)			200		194,000
Signature Aviation US Holdings, Inc.^(c)
5.38%, 05/01/26			42		43,050
4.00%, 03/01/28			196		197,303
Spirit AeroSystems, Inc., 5.50%, 01/15/25^(c)			58		61,184
TransDigm, Inc.
8.00%, 12/15/25^(c)			656		725,077
6.25%, 03/15/26^(c)			1,173		1,249,245
6.38%, 06/15/26			62		64,170
Triumph Group, Inc., 8.88%, 06/01/24^(c)			270		296,325

					3,570,948

Airlines — 1.7%
Allegiant Travel Co., 8.50%, 02/05/24^(c)			1,065		1,139,550
American Airlines, Inc., 11.75%, 07/15/25^(c)			2,177		2,510,625


Security		Par (000)		Value

Airlines (continued)
Delta Air Lines, Inc./SkyMiles IP Ltd.^(c)
4.50%, 10/20/25	USD		75	$	80,165
4.75%, 10/20/28			259		282,702
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(c)			2,210		2,375,750
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25^(c)			22		24,921
United Airlines Pass-Through Trust, Series 2016-1, Class A, 5.88%, 10/15/27			2,405		2,597,911

					9,011,624

Auto Components — 0.4%
Clarios Global LP, 6.75%, 05/15/25^(c)			801		863,077
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR		100		126,551
6.25%, 05/15/26^(c)	USD		122		130,845
8.50%, 05/15/27^(c)			488		530,168
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(c)			25		26,323
Goodyear Tire & Rubber Co., 9.50%, 05/31/25			65		73,470
Meritor, Inc., 4.50%, 12/15/28^(c)			24		24,600
Tenneco, Inc., 7.88%, 01/15/29^(c)			25		28,069
Venture Holdings Co. LLC, 12.00%, 07/01/49^(a)(b)(d)			5,150		1
ZF Finance GmbH
3.00%, 09/21/25	EUR		100		126,135
3.75%, 09/21/28			100		131,022

					2,060,261

Automobiles — 0.8%
Allison Transmission, Inc.^(c)
5.88%, 06/01/29	USD		113		124,865
3.75%, 01/30/31			100		102,312
Asbury Automotive Group, Inc.
4.50%, 03/01/28			35		36,488
4.75%, 03/01/30			73		78,292
AutoNation, Inc., 4.75%, 06/01/30			93		111,910
FCE Bank PLC, 1.62%, 05/11/23	EUR		100		122,228
Ford Motor Co.
8.50%, 04/21/23	USD		169		190,211
4.35%, 12/08/26			9		9,585
4.75%, 01/15/43			176		179,520
5.29%, 12/08/46			78		81,510
Ford Motor Credit Co. LLC
3.81%, 01/09/24			200		205,000
4.06%, 11/01/24			200		210,114
5.13%, 06/16/25			423		459,928
General Motors Co.
6.13%, 10/01/25			581		704,735
6.80%, 10/01/27			296		380,393
5.00%, 10/01/28			19		22,608
General Motors Financial Co., Inc.
2.75%, 06/20/25			574		613,780
5.65%, 01/17/29			21		26,021
Group 1 Automotive, Inc., 4.00%, 08/15/28^(c)			205		211,310
Ken Garff Automotive LLC, 4.88%, 09/15/28^(c)			39		40,560
Nissan Motor Co. Ltd., 4.81%, 09/17/30^(c)			200		225,203


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles (continued)
Penske Automotive Group, Inc., 3.50%, 09/01/25	USD		62	$	63,008
Tesla, Inc., 5.30%, 08/15/25^(c)			135		140,737
					4,340,318

Banks — 0.0%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR		100		125,243
Banco Espirito Santo SA^(a)(d)
2.63%, 05/08/17			100		15,881
4.75%, 01/15/21^(e)			200		31,763
4.00%, 01/21/21			100		15,882
Freedom Mortgage Corp., 7.63%, 05/01/26^(c)	USD		22		23,269

					212,038

Beverages — 0.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(c)(f)			441		470,768
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 08/15/27^(c)			208		218,360
Trivium Packaging Finance BV
3.75%, 08/15/26	EUR		100		125,463
8.50%, 08/15/27^(c)	USD		814		891,330

					1,705,921

Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28^(c)			25		25,888


Building Materials — 0.5%
Boise Cascade Co., 4.88%, 07/01/30^(c)			45		48,713
Cornerstone Building Brands, Inc., 6.13%, 01/15/29^(c)			114		121,125
CP Atlas Buyer, Inc., 7.00%, 12/01/28^(c)			30		31,200
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25^(c)			51		54,825
Griffon Corp., 5.75%, 03/01/28			28		29,610
Jeld-Wen, Inc.^(c)
4.63%, 12/15/25			32		32,656
4.88%, 12/15/27			10		10,575
Masonite International Corp., 5.38%, 02/01/28^(c)			45		48,319
SRM Escrow Issuer LLC, 6.00%, 11/01/28^(c)			1,764		1,843,653
Standard Industries, Inc.^(c)
5.00%, 02/15/27			34		35,530
4.38%, 07/15/30			90		96,276
3.38%, 01/15/31			199		199,995
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(c)			168		176,400

					2,728,877

Building Products^(c)— 0.1%
LBM Acquisition LLC, 6.25%, 01/15/29			64		66,080
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			125		132,468
SRS Distribution, Inc., 8.25%, 07/01/26			403		428,187
White Cap Buyer LLC, 6.88%, 10/15/28			156		166,335

					793,070

Capital Markets — 0.2%
Charles Schwab Corp., (10 year CMT + 3.08%), 4.00%^(e)(g)			265		278,912
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24			101		104,914
6.38%, 12/15/25			3		3,103


Security		Par (000)		Value

Capital Markets (continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (continued)
5.25%, 05/15/27	USD		138	$	147,936
NFP Corp.^(c)
7.00%, 05/15/25			31		33,325
6.88%, 08/15/28			288		307,492
Owl Rock Capital Corp.
4.25%, 01/15/26			58		61,093
3.40%, 07/15/26			30		30,430
Owl Rock Technology Finance Corp., 3.75%, 06/17/26^(c)			40		40,217
RP Escrow Issuer LLC, 5.25%, 12/15/25^(c)			50		52,253

					1,059,675

Chemicals — 0.6%
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23^(c)(f)			289		291,497
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(c)			636		647,130
Axalta Coating Systems LLC, 3.38%, 02/15/29^(c)			150		150,000
Blue Cube Spinco LLC
9.75%, 10/15/23			10		10,275
10.00%, 10/15/25			143		151,401
Chemours Co., 5.75%, 11/15/28^(c)			38		38,760
Element Solutions, Inc., 3.88%, 09/01/28^(c)			378		388,867
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(c)			134		138,020
HB Fuller Co., 4.25%, 10/15/28			31		31,775
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(c)			181		199,100
Ingevity Corp., 3.88%, 11/01/28^(c)			23		23,173
Minerals Technologies, Inc., 5.00%, 07/01/28^(c)			55		57,552
PQ Corp., 5.75%, 12/15/25^(c)			307		315,059
Rayonier AM Products, Inc., 7.63%, 01/15/26^(c)			21		21,898
Valvoline, Inc., 4.25%, 02/15/30^(c)			58		61,480
WESCO Distribution, Inc.^(c)
7.13%, 06/15/25			153		168,274
7.25%, 06/15/28			198		225,183
WR Grace & Co-Conn, 4.88%, 06/15/27^(c)			64		67,873

					2,987,317

Commercial Services & Supplies — 0.1%
AMN Healthcare, Inc., 4.00%, 04/15/29^(c)			28		28,630
APX Group, Inc., 7.88%, 12/01/22			163		163,407
ASGN, Inc., 4.63%, 05/15/28^(c)			79		82,160
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/01/25^(c)			24		25,083
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27^(c)			17		19,486
Herc Holdings, Inc., 5.50%, 07/15/27^(c)			106		112,360
Interface, Inc., 5.50%, 12/01/28^(c)			38		39,995
Prime Security Services Borrower LLC/Prime Finance, Inc.^(c)
3.38%, 08/31/27			42		41,685
6.25%, 01/15/28			117		125,610
Team Health Holdings, Inc., 6.38%, 02/01/25^(c)			103		88,580
United Rentals North America, Inc.
5.25%, 01/15/30			2		2,220
4.00%, 07/15/30			6		6,315

					735,531


16		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Communications Equipment^(c)— 0.1%
Avaya, Inc., 6.13%, 09/15/28	USD		195	$	208,311
CommScope Technologies LLC
6.00%, 06/15/25			101		103,273
5.00%, 03/15/27			76		74,860
CommScope, Inc.
6.00%, 03/01/26			32		33,715
8.25%, 03/01/27			12		12,810
7.13%, 07/01/28			12		12,780
ViaSat, Inc.
5.63%, 04/15/27			90		94,500
6.50%, 07/15/28			150		162,331

					702,580

Construction & Engineering^(c)— 0.0%
KBR, Inc., 4.75%, 09/30/28			61		63,592
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28			23		24,035

					87,627

Construction Materials^(c)— 0.4%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28			125		129,375
Core & Main LP, 6.13%, 08/15/25			797		823,899
H&E Equipment Services, Inc., 3.88%, 12/15/28			41		41,439
IAA, Inc., 5.50%, 06/15/27			159		168,540
Picasso Finance Sub, Inc., 6.13%, 06/15/25			159		170,130
Williams Scotsman International, Inc., 4.63%, 08/15/28			77		79,695
Winnebago Industries, Inc., 6.25%, 07/15/28			45		48,375
Wolverine Escrow LLC, 9.00%, 11/15/26			501		474,221

					1,935,674

Consumer Discretionary^(c)— 0.1%
Carnival Corp.
11.50%, 04/01/23			30		34,702
10.50%, 02/01/26			42		48,930
7.63%, 03/01/26			76		82,801
9.88%, 08/01/27			61		70,150
NCL Corp. Ltd.
10.25%, 02/01/26			37		43,290
5.88%, 03/15/26			63		66,265
Nielsen Finance LLC/Nielsen Finance Co.
5.63%, 10/01/28			112		121,693
5.88%, 10/01/30			74		83,712
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23			45		51,205
9.13%, 06/15/23			54		58,590
11.50%, 06/01/25			95		111,060

					772,398

Consumer Finance — 0.6%
MPH Acquisition Holdings LLC, 5.75%,
11/01/28^(c)			228		224,078
Navient Corp.
7.25%, 09/25/23			5		5,480
6.13%, 03/25/24			96		102,480
5.88%, 10/25/24			77		81,812
5.00%, 03/15/27			2		2,018
OneMain Finance Corp.
8.88%, 06/01/25			27		30,544
6.63%, 01/15/28			8		9,500
5.38%, 11/15/29			14		15,750
4.00%, 09/15/30			100		103,761
PayPal Holdings, Inc., 1.65%, 06/01/25			257		268,509


Security		Par (000)		Value

Consumer Finance (continued)
Refinitiv US Holdings, Inc., 4.50%, 05/15/26	EUR		855	$	1,098,042
Sabre GLBL, Inc.^(c)
5.25%, 11/15/23	USD		10		10,125
9.25%, 04/15/25			287		341,530
7.38%, 09/01/25			81		87,885
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(c)			87		90,480
Verscend Escrow Corp., 9.75%, 08/15/26^(c)			851		922,271
WEX, Inc., 4.75%, 02/01/23^(c)			8		8,010

					3,402,275

Containers & Packaging — 0.1%
Graham Packaging Co., Inc., 7.13%, 08/15/28^(c)			147		162,435
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(c)			53		54,457
International Paper Co., 7.30%, 11/15/39			5		8,012
LABL Escrow Issuer LLC^(c)
6.75%, 07/15/26			116		125,625
10.50%, 07/15/27			56		63,070

					413,599

Diversified Consumer Services^(c)— 0.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26			868		925,548
9.75%, 07/15/27			95		103,550
Ascend Learning LLC, 6.88%, 08/01/25			340		349,638
Brink’s Co., 5.50%, 07/15/25			15		16,013
Garda World Security Corp.
4.63%, 02/15/27			29		29,290
9.50%, 11/01/27			55		60,913
Sotheby’s, 7.38%, 10/15/27			200		214,250

					1,699,202

Diversified Financial Services — 0.1%
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		136,187
Central Garden & Pet Co., 4.13%, 10/15/30	USD		59		61,507
Citigroup, Inc., (5 year CMT + 3.60%), 4.00%^(e)(g)			50		51,313
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(c)(f)			24		21,271
Intrum AB, 4.88%, 08/15/25	EUR		100		126,135
Spectrum Brands, Inc.^(c)
5.00%, 10/01/29	USD		18		19,330
5.50%, 07/15/30			50		53,875
Starwood Property Trust Inc., 5.50%, 11/01/23^(c)			9		9,405

					479,023

Diversified Telecommunication Services — 1.2%
CenturyLink, Inc.
5.13%, 12/15/26^(c)			618		652,583
4.50%, 01/15/29^(c)			202		205,535
Series P, 7.60%, 09/15/39			183		222,345
Series U, 7.65%, 03/15/42			103		124,630
Cincinnati Bell, Inc.^(c)
7.00%, 07/15/24			26		27,040
8.00%, 10/15/25			20		21,325
Consolidated Communications, Inc., 6.50%,
10/01/28^(c)			150		160,500
Frontier Communications Corp.^(c)
5.88%, 10/15/27			145		156,781
5.00%, 05/01/28			216		225,180
6.75%, 05/01/29			135		144,450
Intelsat Jackson Holdings SA, 8.00%, 02/15/24^(c)			155		158,681


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc.^(c)
4.25%, 07/01/28	USD		207	$	212,693
3.63%, 01/15/29			123		122,693
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(f)			12		12,776
Sprint Capital Corp., 6.88%, 11/15/28			171		225,460
Switch Ltd., 3.75%, 09/15/28^(c)			100		101,500
Telecom Italia Capital SA
6.38%, 11/15/33			58		71,340
6.00%, 09/30/34			134		163,224
7.20%, 07/18/36			14		18,889
7.72%, 06/04/38			51		70,890
Telecom Italia SpA, 5.30%, 05/30/24^(c)			314		341,475
Zayo Group Holdings, Inc.^(c)
4.00%, 03/01/27			2,254		2,259,635
6.13%, 03/01/28			472		499,140

					6,198,765

Electric Utilities — 0.1%
FirstEnergy Corp.
2.65%, 03/01/30			8		8,025
Series B, 3.90%, 07/15/27			29		31,967
Series B, 2.25%, 09/01/30			6		5,804
Series C, 4.85%, 07/15/47			151		187,919
Series C, 3.40%, 03/01/50			60		57,470
FirstEnergy Transmission LLC^(c)
5.45%, 07/15/44			94		119,273
4.55%, 04/01/49			45		52,553
PG&E Corp., 5.25%, 07/01/30			108		118,800
Pike Corp., 5.50%, 09/01/28^(c)			185		195,406
Texas Competitive Electric Holdings Co.
LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/21^(a)(b)(d)			2,375		—

					777,217

Electrical Equipment — 0.1%
Gates Global LLC/Gates Corp., 6.25%,
01/15/26^(c)			291		305,550
GrafTech Finance, Inc., 4.63%, 12/15/28^(c)			44		44,495
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05^(a)(b)(d)			5,125		1

					350,046

Electronic Equipment, Instruments & Components — 0.1%
Brightstar Escrow Corp., 9.75%, 10/15/25^(c)			28		29,925
BWX Technologies, Inc., 4.13%, 06/30/28^(c)			81		84,341
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29			125		127,463
Energizer Holdings, Inc.^(c)
4.75%, 06/15/28			34		35,785
4.38%, 03/31/29			6		6,213
Xerox Corp., 4.80%, 03/01/35			181		182,357

					466,084

Energy Equipment & Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp.^(c)
6.88%, 04/01/27			129		138,836
6.25%, 04/01/28			86		89,523
Pioneer Energy Services Corp.^(b)(c)(f) (11.00% Cash), 11.00%, 05/15/25			329		262,855


Security		Par (000)		Value

Energy Equipment & Services (continued)
Pioneer Energy Services Corp.^(b)(c)(f)(continued)
(5.00% PIK), 5.00%, 11/15/25^(h)	USD		231	$	124,956
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			331		345,895
6.88%, 09/01/27			274		292,517

					1,254,582

Environmental, Maintenance, & Security Service — 0.1%
Covanta Holding Corp., 5.00%, 09/01/30			29		31,028
GFL Environmental, Inc.^(c)
3.75%, 08/01/25			85		87,125
5.13%, 12/15/26			73		77,654
4.00%, 08/01/28			98		98,735
3.50%, 09/01/28			104		105,885
Stericycle Inc., 3.88%, 01/15/29^(c)			52		53,430
Tervita Corp., 11.00%, 12/01/25^(c)			37		39,813
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			71		72,598

					566,268

Equity Real Estate Investment Trusts (REITs) — 0.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(c)			128		126,080
Diversified Healthcare Trust, 9.75%, 06/15/25			53		60,215
Global Net Lease, Inc./Global Net Lease
Operating Partnership LP, 3.75%, 12/15/27^(c)			88		90,727
Iron Mountain, Inc.^(c)
4.88%, 09/15/29			10		10,550
5.25%, 07/15/30			134		144,720
5.63%, 07/15/32			151		166,477
MGM Growth Properties Operating Partnership
LP/MGP Finance Co-Issuer, Inc.
4.63%, 06/15/25^(c)			205		219,555
4.50%, 09/01/26			139		149,550
4.50%, 01/15/28			420		446,830
3.88%, 02/15/29^(c)			137		140,083
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29			296		316,350
3.50%, 03/15/31			149		153,843
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 5.88%, 10/01/28^(c)			29		30,885
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			521		539,235
Service Properties Trust
4.50%, 06/15/23			15		15,075
4.35%, 10/01/24			12		11,850
7.50%, 09/15/25			108		124,450
5.50%, 12/15/27			42		45,921

					2,792,396

Food & Staples Retailing — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC^(c)
3.25%, 03/15/26			146		148,190
4.63%, 01/15/27			11		11,701
4.88%, 02/15/30			91		100,271


18		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food & Staples Retailing (continued)
Kraft Heinz Foods Co.
4.25%, 03/01/31^(c)	USD		226	$	252,003
5.00%, 07/15/35			24		29,094
6.88%, 01/26/39			164		227,248
4.63%, 10/01/39^(c)			88		98,257
6.50%, 02/09/40			35		47,310
5.20%, 07/15/45			101		120,095
4.38%, 06/01/46			217		234,782
4.88%, 10/01/49^(c)			219		255,490
5.50%, 06/01/50^(c)			395		497,602
Lamb Weston Holdings, Inc., 4.88%, 05/15/28^(c)			70		78,137
Post Holdings, Inc., 4.63%, 04/15/30^(c)			87		91,521
TreeHouse Foods, Inc., 4.00%, 09/01/28			23		23,791
United Natural Foods, Inc., 6.75%, 10/15/28^(c)			40		41,849

					2,257,341

Food Products^(c)— 0.2%
Aramark Services, Inc.
6.38%, 05/01/25			99		105,806
5.00%, 02/01/28			3		3,161
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25			272		285,219
4.63%, 11/15/28			85		86,275
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28			90		100,716
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29			85		98,949
Simmons Foods, Inc., 7.75%, 01/15/24			174		181,177

					861,303

Gas Utilities — 0.0%
Ferrellgas LP/Ferrellgas Finance Corp., 10.00%, 04/15/25^(c)			26		28,744


Health Care Equipment & Supplies^(c)— 0.1%
Avantor Funding, Inc., 4.63%, 07/15/28			316		334,170
Hologic, Inc., 3.25%, 02/15/29			48		48,840
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
7.38%, 06/01/25			285		303,525
7.25%, 02/01/28			103		108,665

					795,200

Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc.^(c)
5.50%, 07/01/28			66		70,887
5.00%, 04/15/29			55		58,713
AdaptHealth LLC^(c)
6.13%, 08/01/28			49		52,614
4.63%, 08/01/29⁽ⁱ⁾			24		24,660
AHP Health Partners, Inc., 9.75%, 07/15/26^(c)			212		233,995
Centene Corp.
5.38%, 08/15/26^(c)			87		91,894
4.25%, 12/15/27			206		218,360
3.00%, 10/15/30			24		25,438
CHS/Community Health Systems, Inc.^(c)
8.63%, 01/15/24			153		159,502
6.63%, 02/15/25			261		274,697
8.00%, 03/15/26			441		475,177
5.63%, 03/15/27			234		251,608
6.00%, 01/15/29			169		182,564
Encompass Health Corp.
4.50%, 02/01/28			2		2,090


Security		Par (000)		Value

Health Care Providers & Services (continued)
Encompass Health Corp. (continued)
4.75%, 02/01/30	USD		19	$	20,354
4.63%, 04/01/31			33		35,310
HCA, Inc., 3.50%, 09/01/30			272		289,021
Legacy LifePoint Health LLC^(c)
6.75%, 04/15/25			116		124,562
4.38%, 02/15/27			44		44,055
LifePoint Health, Inc., 5.38%, 01/15/29^(c)			49		48,895
Molina Healthcare, Inc., 3.88%, 11/15/30^(c)			73		78,292
Prime Healthcare Services, Inc., 7.25%,
11/01/25^(c)			45		47,813
Providence Service Corp., 5.88%, 11/15/25^(c)			23		24,323
RegionalCare Hospital Partners Holdings,
Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(c)			17		18,700
Surgery Center Holdings, Inc.^(c)
6.75%, 07/01/25			145		147,537
10.00%, 04/15/27			267		295,035
Teleflex, Inc., 4.25%, 06/01/28^(c)			94		99,640
Tenet Healthcare Corp.^(c)
7.50%, 04/01/25			41		44,793
4.88%, 01/01/26			392		410,075
5.13%, 11/01/27			354		374,797
4.63%, 06/15/28			26		27,235
6.13%, 10/01/28			135		140,667

					4,393,303

Health Care Technology^(c)— 0.1%
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27			41		43,302
Change Healthcare Holdings LLC/Change
Healthcare Finance, Inc., 5.75%, 03/01/25			229		233,580
Charles River Laboratories International, Inc.,
4.25%, 05/01/28			46		48,185
Mednax, Inc.
5.25%, 12/01/23			122		123,501
6.25%, 01/15/27			62		66,492
Syneos Health, Inc., 3.63%, 01/15/29			147		147,406
West Street Merger Sub, Inc., 6.38%, 09/01/25			134		137,350

					799,816

Healthcare — 0.0%
Akumin, Inc., 7.00%, 11/01/25^(c)			17		17,850


Hotels, Restaurants & Leisure — 1.1%
1011778 BC ULC/New Red Finance, Inc.^(c)
4.38%, 01/15/28			218		224,540
4.00%, 10/15/30			63		63,846
Affinity Gaming, 6.88%, 12/15/27^(c)			38		39,816
Boyd Gaming Corp.
8.63%, 06/01/25^(c)			79		87,863
6.38%, 04/01/26			32		33,242
4.75%, 12/01/27			58		60,248
Boyne USA, Inc., 7.25%, 05/01/25^(c)			19		19,926
Caesars Entertainment, Inc.^(c)
6.25%, 07/01/25			472		502,680
8.13%, 07/01/27			328		363,103
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(c)			154		163,175
CCM Merger, Inc., 6.38%, 05/01/26^(c)			53		55,650
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op^(c)
5.50%, 05/01/25			388		404,490
6.50%, 10/01/28			19		20,604


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Churchill Downs, Inc., 4.75%, 01/15/28^(c)	USD		137	$	144,192
Dave & Buster’s, Inc., 7.63%, 11/01/25^(c)			61		64,203
GLP Capital LP/GLP Financing II, Inc.
5.25%, 06/01/25			162		182,263
5.38%, 04/15/26			80		91,814
Golden Nugget, Inc., 6.75%, 10/15/24^(c)			455		451,733
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(c)			41		43,563
5.75%, 05/01/28^(c)			163		177,262
4.88%, 01/15/30			193		210,852
4.00%, 05/01/31^(c)			132		139,275
Las Vegas Sands Corp.
3.50%, 08/18/26			31		33,173
3.90%, 08/08/29			28		30,112
Marriott International, Inc., Series EE, 5.75%, 05/01/25			393		459,693
MGM Resorts International, 5.75%, 06/15/25			73		80,712
Peninsula Pacific Entertainment LLC/Peninsula
Pacific Entertainment Finance, Inc., 8.50%,
11/15/27^(c)			33		35,310
Powdr Corp., 6.00%, 08/01/25^(c)			69		72,622
Scientific Games International, Inc.^(c)
8.63%, 07/01/25			65		71,175
8.25%, 03/15/26			506		545,266
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/25^(c)			52		56,453
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(c)			275		297,000
Vail Resorts, Inc., 6.25%, 05/15/25^(c)			89		95,007
Wyndham Destinations, Inc., 6.63%, 07/31/26^(c)			56		64,120
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(c)			44		45,718
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(c)			250		261,875
Yum! Brands, Inc.
4.75%, 01/15/30^(c)			49		53,729
3.63%, 03/15/31			22		22,238
5.35%, 11/01/43			14		15,820

					5,784,363

Household Durables — 0.2%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 4.88%, 02/15/30^(c)			260		268,775
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(c)			75		80,156
Diebold Nixdorf, Inc., 9.38%, 07/15/25^(c)			42		47,040
Mattamy Group Corp., 4.63%, 03/01/30^(c)			102		108,120
MDC Holdings, Inc., 6.00%, 01/15/43			52		69,708
NCR Corp.^(c)
5.75%, 09/01/27			72		76,500
5.00%, 10/01/28			35		36,925
6.13%, 09/01/29			78		86,385
5.25%, 10/01/30			36		38,610
New Home Co., Inc., 7.25%, 10/15/25^(c)			22		22,594
PulteGroup, Inc.
5.00%, 01/15/27			44		51,920
7.88%, 06/15/32			23		34,414
Taylor Morrison Communities, Inc., 5.13%,
08/01/30^(c)			50		56,000


Security		Par (000)		Value

Household Durables (continued)
Tempur Sealy International, Inc., 5.50%, 06/15/26	USD		2	$	2,082
TRI Pointe Group, Inc., 5.70%, 06/15/28			18		20,322

					999,551

Household Products — 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom
Products, Inc., 5.00%, 12/31/26^(c)			24		25,037


Independent Power and Renewable Electricity Producers^(c)— 0.2%
Calpine Corp.
5.25%, 06/01/26			68		70,346
5.13%, 03/15/28			458		481,802
4.63%, 02/01/29			86		88,432
5.00%, 02/01/31			100		104,500
3.75%, 03/01/31			78		77,246
Clearway Energy Operating LLC, 4.75%, 03/15/28			20		21,450
NRG Energy, Inc., 3.63%, 02/15/31			127		130,658
TerraForm Power Operating LLC, 4.75%, 01/15/30			74		79,180

					1,053,614

Insurance — 0.3%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(c)
4.25%, 10/15/27			349		356,852
6.75%, 10/15/27			731		782,170
AmWINS Group, Inc., 7.75%, 07/01/26^(c)			25		26,848
AssuredPartners, Inc., 5.63%, 01/15/29^(c)			86		89,762
HUB International Ltd., 7.00%, 05/01/26^(c)			467		488,384
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		129,283
Willis North America, Inc., 2.95%, 09/15/29	USD		10		10,941

					1,884,240

Interactive Media & Services — 0.1%
Arches Buyer, Inc.^(c)
4.25%, 06/01/28			36		36,457
6.13%, 12/01/28			16		16,523
Netflix, Inc.
4.88%, 04/15/28			112		126,302
5.88%, 11/15/28			14		16,783
3.63%, 06/15/30	EUR		100		138,692
4.88%, 06/15/30^(c)	USD		127		146,050
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 10.75%, 06/01/28^(c)			30		34,200

					515,007

Internet Software & Services^(c)— 0.4%
Expedia Group, Inc.
3.60%, 12/15/23			486		517,933
6.25%, 05/01/25			275		318,753
4.63%, 08/01/27			95		106,115
Match Group Holdings II LLC
4.63%, 06/01/28			43		45,069
4.13%, 08/01/30			78		81,120
TripAdvisor, Inc., 7.00%, 07/15/25			82		88,560
Uber Technologies, Inc.
7.50%, 05/15/25			230		248,451
8.00%, 11/01/26			82		89,492


20		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Internet Software & Services(continued)
Uber Technologies, Inc. (continued)
7.50%, 09/15/27	USD		138	$	151,800
6.25%, 01/15/28			265		288,187

					1,935,480

IT Services — 0.7%
Austin BidCo, Inc., 7.13%, 12/15/28^(c)			23		24,006
Banff Merger Sub, Inc., 9.75%, 09/01/26^(c)			506		546,556
Booz Allen Hamilton, Inc., 3.88%, 09/01/28^(c)			101		104,030
Camelot Finance SA, 4.50%, 11/01/26^(c)			113		117,944
Dun & Bradstreet Corp.^(c)
6.88%, 08/15/26			102		109,650
10.25%, 02/15/27			232		261,580
Fiserv, Inc., 2.25%, 06/01/27			1,385		1,476,059
Gartner, Inc.^(c)
4.50%, 07/01/28			83		87,565
3.75%, 10/01/30			96		101,161
Presidio Holdings, Inc., 4.88%, 02/01/27^(c)			5		5,304
Rackspace Technology Global, Inc., 5.38%, 12/01/28^(c)			136		142,487
Tempo Acquisition LLC/Tempo
Acquisition Finance Corp.^(c)
5.75%, 06/01/25			190		201,875
6.75%, 06/01/25			291		300,763
Unisys Corp., 6.88%, 11/01/27^(c)			33		36,053

					3,515,033

Leisure Products — 0.0%
Mattel, Inc.
6.75%, 12/31/25^(c)			12		12,666
5.88%, 12/15/27^(c)			34		37,782
6.20%, 10/01/40			33		38,527
5.45%, 11/01/41			116		127,641

					216,616

Machinery — 0.3%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(c)			35		35,613
Clark Equipment Co., 5.88%, 06/01/25^(c)			284		299,620
Colfax Corp., 6.38%, 02/15/26^(c)			84		89,670
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(c)(f)			445		483,937
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		100		121,360
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(c)	USD		57		58,069
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(c)			147		152,880
Vertical US Newco, Inc., 5.25%, 07/15/27^(c)			200		212,000

					1,453,149

Media — 2.3%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28^(c)			46		48,645
Altice Financing SA, 5.00%, 01/15/28^(c)			204		209,026
Altice France Holding SA^(c)
10.50%, 05/15/27			539		605,027
6.00%, 02/15/28			272		275,400
Cable One, Inc., 4.00%, 11/15/30^(c)			77		79,984
CCO Holdings LLC/CCO Holdings Capital Corp.^(c)
5.13%, 05/01/27			48		50,937
5.00%, 02/01/28			34		35,955
5.38%, 06/01/29			117		128,261
4.50%, 08/15/30			134		142,207


Security		Par (000)		Value

Media (continued)
CCO Holdings LLC/CCO Holdings Capital
Corp.^(c)(continued)
4.25%, 02/01/31	USD		286	$	301,404
4.50%, 05/01/32			434		463,390
Clear Channel International BV, 6.63%,
08/01/25^(c)			200		211,000
Clear Channel Worldwide Holdings, Inc.
9.25%, 02/15/24			363		367,537
5.13%, 08/15/27^(c)			659		665,590
Connect Finco Sarl/Connect US Finco LLC,
6.75%, 10/01/26^(c)			738		794,974
CSC Holdings LLC
5.25%, 06/01/24			344		372,346
4.63%, 12/01/30^(c)			223		232,756
3.38%, 02/15/31^(c)			405		397,406
DISH DBS Corp.
5.88%, 07/15/22			689		720,005
7.75%, 07/01/26			219		245,282
GCI LLC, 4.75%, 10/15/28^(c)			29		30,930
Hughes Satellite Systems Corp., 5.25%, 08/01/26			20		22,075
Lamar Media Corp., 4.00%, 02/15/30			57		59,138
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(c)			200		215,250
Liberty Broadband Corp., 2.75%, 09/30/50^(c)(h)			481		514,556
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(c)(f)			205		198,850
Lions Gate Capital Holdings LLC^(c)
6.38%, 02/01/24			26		26,650
5.88%, 11/01/24			21		21,315
Live Nation Entertainment, Inc.^(c)
4.88%, 11/01/24			9		9,113
6.50%, 05/15/27			329		367,993
4.75%, 10/15/27			30		30,748
3.75%, 01/15/28⁽ⁱ⁾			61		61,634
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27^(c)			36		36,630
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28^(c)			95		96,900
Radiate Holdco LLC/Radiate Finance, Inc.^(c)
4.50%, 09/15/26			714		736,312
6.50%, 09/15/28			1,096		1,154,910
Scripps Escrow II, Inc.^(c)
3.88%, 01/15/29			31		32,217
5.38%, 01/15/31			55		57,338
SES SA, (5 year EUR Swap + 5.40%), 5.63%^(e)	EUR		100		134,031
Sinclair Television Group, Inc., 4.13%, 12/01/30^(c)	USD		216		221,018
Sirius XM Radio, Inc.^(c)
5.50%, 07/01/29			60		66,019
4.13%, 07/01/30			57		60,669
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(c)			131		135,585
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(c)			112		123,480
Townsquare Media, Inc., 6.88%, 02/01/26^(c)(i)			25		26,183
Univision Communications, Inc.^(c)
5.13%, 02/15/25			107		107,802
6.63%, 06/01/27			347		372,695
Virgin Media Secured Finance PLC, 4.50%, 08/15/30^(c)			200		209,000
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(c)			242		251,680
WMG Acquisition Corp.^(c) 3.88%, 07/15/30			15		15,942


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
WMG Acquisition Corp.^(c)(continued)
3.00%, 02/15/31	USD		19	$	18,620
Ziggo Bond Co. BV, 5.13%, 02/28/30^(c)			200		211,060
Ziggo BV, 5.50%, 01/15/27^(c)			169		176,394

					12,149,869

Metals & Mining — 0.6%
Allegheny Technologies, Inc., 7.88%, 08/15/23			20		21,887
Arconic Corp.^(c)
6.00%, 05/15/25			13		13,878
6.13%, 02/15/28			106		114,281
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(c)			293		316,440
Constellium SE^(c)
6.63%, 03/01/25			300		306,375
5.88%, 02/15/26			321		330,630
Freeport-McMoRan, Inc.
4.38%, 08/01/28			92		97,750
4.63%, 08/01/30			168		184,380
5.45%, 03/15/43			551		685,995
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(c)			96		97,440
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28^(c)			57		64,552
Kaiser Aluminum Corp., 4.63%, 03/01/28^(c)			75		77,812
New Gold, Inc., 7.50%, 07/15/27^(c)			158		174,590
Novelis Corp., 4.75%, 01/30/30^(c)			385		414,786
thyssenkrupp AG, 2.88%, 02/22/24	EUR		64		78,596
United States Steel Corp., 12.00%, 06/01/25^(c)	USD		173		199,815

					3,179,207

Multi-line Retail^(c)— 0.1%
Macy’s, Inc., 8.38%, 06/15/25			176		195,448
Nordstrom, Inc., 8.75%, 05/15/25			75		84,004

					279,452

Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26^(c)			101		104,291
Antero Resources Corp., 8.38%, 07/15/26^(c)(i)			17		17,352
Apache Corp.
4.88%, 11/15/27			68		72,080
5.10%, 09/01/40			59		62,909
5.25%, 02/01/42			10		10,778
4.75%, 04/15/43			103		106,797
4.25%, 01/15/44			46		45,385
5.35%, 07/01/49			23		23,599
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(c)
9.00%, 11/01/27			212		235,320
8.25%, 12/31/28			37		36,908
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25^(c)			54		57,510
Brand Industrial Services, Inc., 8.50%, 07/15/25^(c)			314		320,672
Buckeye Partners LP
4.13%, 03/01/25^(c)			5		5,063
3.95%, 12/01/26			34		34,442
4.50%, 03/01/28^(c)			61		62,830
5.85%, 11/15/43			16		15,743
5.60%, 10/15/44			6		5,768
Cenovus Energy, Inc.
3.00%, 08/15/22			26		26,567
3.80%, 09/15/23			15		15,581


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Cenovus Energy, Inc. (continued)
5.38%, 07/15/25	USD		94	$	105,980
5.40%, 06/15/47			35		41,087
Cheniere Energy Partners LP
5.63%, 10/01/26			151		157,040
4.50%, 10/01/29			133		140,685
5.25%, 10/01/25			12		12,315
Cheniere Energy, Inc., 4.63%, 10/15/28^(c)			414		434,700
CITGO Petroleum Corp., 7.00%, 06/15/25^(c)			90		89,775
CNX Resources Corp.^(c)
7.25%, 03/14/27			73		78,110
6.00%, 01/15/29			84		86,057
Comstock Resources, Inc.
7.50%, 05/15/25^(c)			278		284,836
9.75%, 08/15/26			131		141,135
Continental Resources, Inc.
5.75%, 01/15/31^(c)			79		87,688
4.90%, 06/01/44			124		122,637
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27^(c)			194		192,060
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)			677		691,373
CVR Energy, Inc.^(c)
5.25%, 02/15/25			105		101,325
5.75%, 02/15/28			54		51,165
DCP Midstream Operating LP
5.38%, 07/15/25			22		24,174
5.63%, 07/15/27			65		72,150
5.13%, 05/15/29			118		130,876
6.45%, 11/03/36^(c)			250		270,000
6.75%, 09/15/37^(c)			21		22,680
Diamondback Energy, Inc.
4.75%, 05/31/25			60		67,547
3.50%, 12/01/29			84		89,739
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, 12/15/25^(c)			78		82,710
eG Global Finance PLC
6.75%, 02/07/25^(c)			200		206,000
6.25%, 10/30/25	EUR		142		178,140
8.50%, 10/30/25^(c)	USD		244		260,235
Endeavor Energy Resources LP/EER Finance, Inc.^(c)
6.63%, 07/15/25			73		78,110
5.50%, 01/30/26			421		432,009
5.75%, 01/30/28			320		345,184
Energy Transfer Operating LP
6.13%, 12/15/45			92		108,679
5.00%, 05/15/50			11		11,912
EnLink Midstream LLC, 5.63%, 01/15/28^(c)			56		57,131
EnLink Midstream Partners LP
4.40%, 04/01/24			136		134,201
4.85%, 07/15/26			39		38,077
5.60%, 04/01/44			249		199,822
5.05%, 04/01/45			20		15,938
EQM Midstream Partners LP
6.00%, 07/01/25^(c)			88		96,360
4.13%, 12/01/26			17		17,128
6.50%, 07/01/27^(c)			117		131,746
EQT Corp.
3.90%, 10/01/27			120		119,214
5.00%, 01/15/29			44		46,390


22		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
EQT Corp. (continued)
8.75%, 02/01/30	USD		27	$	33,075
Extraction Oil & Gas, Inc.^(a)(c)(d)
7.38%, 05/15/24			383		68,940
5.63%, 02/01/26			133		23,940
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27			68		67,334
Harvest Midstream I LP, 7.50%, 09/01/28^(c)			94		99,992
Indigo Natural Resources LLC, 6.88%, 02/15/26^(c)			42		42,945
MasTec, Inc., 4.50%, 08/15/28^(c)			66		69,300
Matador Resources Co., 5.88%, 09/15/26			121		118,580
MEG Energy Corp.^(c)
7.00%, 03/31/24			63		63,630
6.50%, 01/15/25			91		93,735
7.13%, 02/01/27			79		81,567
Murphy Oil Corp., 5.75%, 08/15/25			55		54,450
Murphy Oil USA, Inc., 4.75%, 09/15/29			109		115,949
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(c)			200		197,854
New Enterprise Stone & Lime Co. Inc., 9.75%, 07/15/28^(c)			26		28,470
New Fortress Energy, Inc., 6.75%, 09/15/25^(c)			353		374,950
NGPL PipeCo LLC, 7.77%, 12/15/37^(c)			186		251,468
NuStar Logistics LP
5.75%, 10/01/25			41		43,665
6.00%, 06/01/26			124		134,107
6.38%, 10/01/30			2		2,266
Occidental Petroleum Corp.
2.70%, 08/15/22			123		123,154
2.70%, 02/15/23			87		86,917
6.95%, 07/01/24			19		20,520
2.90%, 08/15/24			89		85,662
5.50%, 12/01/25			45		46,917
3.40%, 04/15/26			21		20,022
3.20%, 08/15/26			5		4,675
3.00%, 02/15/27			2		1,780
8.88%, 07/15/30			2		2,348
6.13%, 01/01/31			77		82,405
4.30%, 08/15/39			174		147,120
6.20%, 03/15/40			284		281,160
4.50%, 07/15/44			72		61,020
4.63%, 06/15/45			199		173,454
6.60%, 03/15/46			7		7,103
4.40%, 04/15/46			114		99,347
4.10%, 02/15/47			17		13,897
4.20%, 03/15/48			69		56,235
4.40%, 08/15/49			35		29,498
Ovintiv Exploration, Inc., 5.75%, 01/30/22			28		29,082
Parsley Energy LLC/Parsley Finance Corp.,
5.63%, 10/15/27^(c)			477		522,076
PBF Holding Co. LLC/PBF Finance Corp., 9.25%,
05/15/25^(c)			362		356,896
PDC Energy, Inc.
6.13%, 09/15/24			187		192,163
6.25%, 12/01/25			29		28,638
5.75%, 05/15/26			48		49,560
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29			13		13,605
4.30%, 01/31/43			7		6,887


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Plains All American Pipeline LP/PAA Finance Corp. (continued)
4.90%, 02/15/45	USD		21	$	22,287
QEP Resources, Inc.
5.38%, 10/01/22			677		704,926
5.25%, 05/01/23			150		157,875
5.63%, 03/01/26			25		27,414
Range Resources Corp.
5.88%, 07/01/22			69		69,000
5.00%, 08/15/22			103		101,970
5.00%, 03/15/23			46		44,850
4.88%, 05/15/25			39		36,839
Rattler Midstream LP, 5.63%, 07/15/25^(c)			79		83,444
Sabine Pass Liquefaction LLC, 4.50%,
05/15/30^(c)			144		170,680
SM Energy Co.
6.13%, 11/15/22			11		10,615
10.00%, 01/15/25^(c)			225		241,875
Southwestern Energy Co.
4.10%, 03/15/22			158		158,790
7.50%, 04/01/26			36		37,764
8.38%, 09/15/28			31		33,635
Sunoco Logistics Partners Operations LP
5.30%, 04/01/44			153		165,336
5.35%, 05/15/45			41		45,166
5.40%, 10/01/47			133		148,605
Sunoco LP/Sunoco Finance Corp.
5.50%, 02/15/26			8		8,200
5.88%, 03/15/28			151		163,080
4.50%, 05/15/29^(c)			56		58,240
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(c)
5.50%, 09/15/24			6		6,105
7.50%, 10/01/25			44		47,502
6.00%, 12/31/30			50		51,452
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.13%, 02/01/25			75		76,875
5.38%, 02/01/27			17		17,856
5.50%, 03/01/30			255		276,853
4.88%, 02/01/31^(c)			97		105,690
Transocean, Inc., 11.50%, 01/30/27^(c)			167		119,405
Viper Energy Partners LP, 5.38%, 11/01/27^(c)			117		122,265
Western Midstream Operating LP
4.75%, 08/15/28			95		98,800
5.30%, 03/01/48			54		53,512
5.50%, 08/15/48			6		5,890
6.25%, 02/01/50			120		132,000
WPX Energy, Inc.
8.25%, 08/01/23			261		297,049
5.25%, 09/15/24			6		6,536
5.75%, 06/01/26			28		29,435
5.25%, 10/15/27			78		82,650
5.88%, 06/15/28			66		71,942
4.50%, 01/15/30			59		62,540

					15,977,021

Personal Products — 0.0%
Edgewell Personal Care Co., 5.50%, 06/01/28^(c)			41		44,063


Pharmaceuticals — 0.4%
Bausch Health Americas, Inc., 8.50%, 01/31/27^(c)			101		112,329


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Bausch Health Cos., Inc.^(c)
9.00%, 12/15/25	USD		255	$	281,507
7.00%, 01/15/28			185		203,352
5.00%, 02/15/29			167		171,709
6.25%, 02/15/29			168		182,490
5.25%, 01/30/30			84		88,200
5.25%, 02/15/31			94		98,204
Elanco Animal Health, Inc., 5.90%, 08/28/28			57		67,260
Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(c)
9.50%, 07/31/27			184		205,390
6.00%, 06/30/28			91		77,350
Jaguar Holding Co. II/PPD Development LP^(c)
4.63%, 06/15/25			122		128,663
5.00%, 06/15/28			178		190,015
P&L Development LLC/PLD Finance Corp.,
7.75%, 11/15/25^(c)			46		49,450
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(c)			254		275,590

					2,131,509

Real Estate Management & Development — 0.3%
Consus Real Estate AG, 9.63%, 05/15/24	EUR		100		130,990
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28^(c)	USD		842		928,305
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(c)			24		24,456
Howard Hughes Corp., 5.38%, 08/01/28^(c)			45		48,398
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 06/15/25^(c)			171		185,658
Unique Pub Finance Co. PLC
Series A4, 5.66%, 06/30/27	GBP		46		64,700
Series N, 6.46%, 03/30/32			100		133,073

					1,515,580

Semiconductors & Semiconductor Equipment — 0.4%
ams AG, 2.13%, 11/03/27	EUR		100		122,014
Broadcom, Inc.
4.70%, 04/15/25	USD		910		1,042,831
3.15%, 11/15/25			514		561,263
ON Semiconductor Corp., 3.88%, 09/01/28^(c)			106		109,710
Qorvo, Inc., 3.38%, 04/01/31^(c)			7		7,227
Sensata Technologies, Inc., 3.75%, 02/15/31^(c)			71		73,597

					1,916,642

Software^(c)— 0.7%
ANGI Group LLC, 3.88%, 08/15/28			84		85,470
Black Knight InfoServ LLC, 3.63%, 09/01/28			122		124,898
Boxer Parent Co., Inc.
7.13%, 10/02/25			124		134,595
9.13%, 03/01/26			215		231,125
BY Crown Parent LLC, 7.38%, 10/15/24			602		612,535
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26			461		472,525
CDK Global, Inc., 5.25%, 05/15/29			28		31,022
Open Text Corp., 3.88%, 02/15/28			82		85,280
Open Text Holdings, Inc., 4.13%, 02/15/30			9		9,574
PTC, Inc., 4.00%, 02/15/28			80		83,850
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24			1,315		1,362,669


Security		Par (000)		Value

Software (continued)
SS&C Technologies, Inc., 5.50%, 09/30/27	USD		236	$	252,053
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25			493		505,941

					3,991,537

Specialty Retail^(c)— 0.1%
Gap, Inc., 8.88%, 05/15/27			105		121,800
L Brands, Inc.
6.88%, 07/01/25			133		144,409
6.63%, 10/01/30			46		51,175
PetSmart, Inc.
7.13%, 03/15/23			135		135,000
5.88%, 06/01/25			98		100,695

					553,079

Technology Hardware, Storage & Peripherals — 0.0%
Seagate HDD Cayman, 4.13%, 01/15/31^(c)			30		31,987


Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 5.38%, 05/15/25^(c)			30		31,740
Levi Strauss & Co., 5.00%, 05/01/25			33		33,825
William Carter Co., 5.50%, 05/15/25^(c)			11		11,682
Wolverine World Wide, Inc., 6.38%, 05/15/25^(c)			24		25,560

					102,807

Thrifts & Mortgage Finance — 0.1%
Genworth Mortgage Holdings, Inc., 6.50%,
08/15/25^(c)			184		199,180
LD Holdings Group LLC, 6.50%, 11/01/25^(c)			16		16,840
MGIC Investment Corp., 5.25%, 08/15/28			47		50,290
Nationstar Mortgage Holdings, Inc.^(c)
6.00%, 01/15/27			78		82,777
5.50%, 08/15/28			81		85,050
5.13%, 12/15/30			45		47,035

					481,172

Utilities — 0.0%
Vistra Operations Co. LLC, 5.63%, 02/15/27^(c)			99		105,300


Wireless Telecommunication Services — 0.6%
Altice France SA^(c)
7.38%, 05/01/26			391		411,528
8.13%, 02/01/27			334		368,238
GLP Capital LP/GLP Financing II, Inc.
5.30%, 01/15/29			25		28,924
4.00%, 01/15/31			386		421,211
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24^(c)			57		61,032
SBA Communications Corp., 3.88%, 02/15/27			586		615,300
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
6.00%, 04/15/23^(c)			35		35,700
8.25%, 10/15/23			171		172,283
VICI Properties LP/VICI Note Co., Inc.^(c)
4.25%, 12/01/26			496		514,426
4.63%, 12/01/29			321		343,470

					2,972,112

Total Corporate Bonds — 22.9%
(Cost: $125,482,350)					123,096,188


24		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Floating Rate Loan Interests^(e)

Aerospace & Defense — 2.0%
Bleriot US Bidco, Inc.
Delayed Draw Term Loan, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26	USD		111	$	110,915
Term Loan B, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26			713		709,858
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26			1,805		1,714,190
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26			3,356		3,188,393
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.65%, 04/09/26			780		624,096
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			893		899,698
Trandigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.40%, 12/09/25			3,559		3,483,007

					10,730,157

Air Freight & Logistics — 0.6%
WestJet Airlines Ltd., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			3,634		3,477,579


Airlines — 1.3%
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 01/29/27			455		389,022
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.16%, 12/14/23			2,255		2,020,775
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.15%, 04/28/23			1,587		1,426,534
JetBlue Airways Corp., Term Loan, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/17/24			670		687,515
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			2,112		2,195,171

					6,719,017

Auto Components — 2.3%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 04/30/26			5,507		5,477,799
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.25%, 05/16/24			4,393		4,326,290
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 12/02/26			251		249,688
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 02/05/26			2,325		2,289,424

					12,343,201

Automobiles — 0.5%
Mavis Tire Express Services Corp.
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.50%, 03/20/25			1,312		1,286,066
2020 Add-On Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 03/20/25			1,191		1,193,978

					2,480,044


Security		Par (000)			Value

Building Materials — 0.6%
Allied Universal Holdco LLC, 2019 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 07/12/26	USD		2,086		$	2,074,907
CHI Overhead Doors, Inc., Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/31/25			162			162,796
CP Atlas Buyer, Inc.
2020 Delayed Draw Term Loan B2, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			266			266,333
2020 Term Loan B1, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			798			798,997

						3,303,033

Building Products — 1.3%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/05/24			1,528			1,526,233
LSF10 XL Bidco SCA, EUR Term Loan B3, (EURIBOR + 4.00%), 4.00%, 10/12/26	EUR		1,000			1,210,008
MI Windows and Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD		474			474,593
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/19/23			3,752			3,754,384

						6,965,218

Capital Markets — 1.7%
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			5,519			5,519,997
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%), 3.75%, 11/12/27			1,265			1,262,634
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 06/27/25			—	^(j)		250
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 04/12/24			533			526,046
GT Polaris, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/24/27			733			735,179
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.19%, 06/03/26			1,311			1,299,591

						9,343,697

Chemicals — 4.2%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/24			2,736			2,723,809
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 08/27/26			2,959			2,965,967
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 2.00%, 06/01/24			1,264			1,252,748
Chemours Co., 2018 USD Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/03/25			743			727,634
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24			1,350			1,315,316
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 11/07/24			1,269			1,259,558


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Chemicals (continued)
Illuminate Buyer LLC, Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 06/30/27	USD		2,887	$	2,885,814
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/28/25			679		665,702
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.90%, 03/30/26			973		925,058
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.75%, 03/02/26			3,294		3,266,118
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24^(b)			378		376,511
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/15/24			1,327		1,307,338
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 10/14/24			2,405		2,372,329
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/01/25			425		420,341

					22,464,243

Commercial Services & Supplies — 3.8%
Asurion LLC
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 6.65%, 08/04/25			1,728		1,738,343
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/23			1,265		1,252,342
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/24			926		917,354
2020 Term Loan B8, 12/23/26^(k)			704		695,973
Creative Artists Agency LLC
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 11/26/26			742		732,488
2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26			1,728		1,704,971
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/12/25			2,708		2,682,821
Diamond (BC) BV, USD Term Loan, (3 mo. LIBOR + 3.00%), 3.21%, 09/06/24			1,710		1,682,823
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			477		468,231
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			506		446,154
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26^(b)			1,286		1,263,853
Prime Security Services Borrower LLC, 2019 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 09/23/26			1,506		1,509,343
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.65%, 08/27/25			2,911		2,905,342
West Corp.
2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/10/24			1,020		986,405
2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/10/24			1,404		1,350,480

					20,336,923


Security		Par (000)		Value

Communications Equipment — 0.2%
Avantor, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/21/24	USD		907	$	906,528


Construction & Engineering — 1.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			3,183		3,458,252
Pike Corp., 2020 Term Loan B, (1 mo. LIBOR + 3.97%), 4.12%, 07/24/26			463		461,539
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 04/12/25			523		521,625
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 05/23/25			2,602		2,557,401

					6,998,817

Construction Materials — 1.8%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 08/01/24			4,805		4,776,977
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/29/25			2,145		2,120,065
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			1,281		1,281,422
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			1,024		1,023,983
Potters Industries LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/09/27^(b)			715		715,000

					9,917,447

Consumer Discretionary^(k)— 0.3%
Zaxby’s Operating Company LLC
1st Lien Term Loan, 12/10/27			1,236		1,236,000
2nd Lien Term Loan, 12/08/28^(b)			563		568,630

					1,804,630

Containers & Packaging — 1.8%
Berry Global, Inc.
Term Loan W, (1 mo. LIBOR + 2.00%), 2.15%, 10/01/22			2,893		2,888,133
Term Loan Y, (1 mo. LIBOR + 2.00%), 2.15%, 07/01/26			1,292		1,284,353
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.48%, 04/03/24			2,254		2,172,002
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/29/23			1,943		1,929,902
Pregis TopCo Corp.
1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 08/01/26			551		548,668
2020 Incremental Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 08/01/26^(b)			257		255,073
Tosca Services LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/18/27			735		737,146

					9,815,277


26		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Distributors — 1.2%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/27	USD		2,694	$	2,665,884
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24			990		951,012
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24^(b)			3,287		2,563,813

					6,180,709

Diversified Consumer Services — 3.2%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/01/27			639		636,395
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			1,195		1,187,591
Ascend Learning, LLC, 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			990		991,172
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 01/15/27			3,071		3,078,945
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 0.75% Floor), 2.50%, 11/07/23			1,767		1,747,768
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 07/11/25			3,011		2,912,178
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%), 7.50%, 12/22/25			1,406		1,423,501
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.41%, 05/15/24			1,121		1,105,968
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/28/27			680		680,000
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			421		425,490
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			862		774,683
Uber Technologies, Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 07/13/23			2,425		2,418,821

					17,382,512

Diversified Financial Services — 4.9%
Advisor Group, Inc., 2019 Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 08/01/26			952		941,758
Alchemy Copyrights LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 08/16/27^(b)			761		762,995
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 04/04/24			5,002		4,940,260


Security		Par (000)		Value

Diversified Financial Services (continued)
Allsup’s Convenience Stores, Inc., Term Loan,
(1 mo. LIBOR + 6.25%), 6.40%, 11/18/24	USD		667	$	668,061
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%), 4.50%, 10/19/27			1,111		1,109,611
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28			595		598,719
2020 Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/30/27			3,270		3,266,599
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25			1,161		1,145,797
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24			1,342		1,271,370
LBM Acquisition LLC^(k)
Delayed Draw Term Loan, 12/09/27			189		188,491
Term Loan B, 12/17/27			849		848,209
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			680		681,476
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			2,258		2,254,229
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.71%, 01/23/25			1,735		1,628,941
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.50%, 07/30/25			557		529,544
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/10/27			625		622,834
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/28/27			3,069		3,050,176
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.66%, 04/30/28			1,876		1,862,512

					26,371,582

Diversified Telecommunication Services — 2.8%
Cablevision Lightpath LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 09/29/27			510		508,567
Consolidated Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/02/27			995		998,671
Frontier Communications Corp., 2020 DIP Exit Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21			1,369		1,373,285
GCI LLC, 2020 Term Loan B, 10/15/25^(k)			1,099		1,093,408
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 05/16/24			2,340		2,338,598
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			455		460,688
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			158		160,467
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/04/26			1,545		1,551,331


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 03/01/27	USD		1,676	$	1,646,672
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			2,334		2,325,613
Northwest Fiber LLC, Term Loan B, (1 mo. LIBOR + 5.50%), 5.65%, 04/30/27			842		843,083
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.28%, 01/15/27	GBP		1,400		1,867,041

					15,167,424

Electric Utilities — 0.2%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/15/27	USD		1,203		1,201,195


Electrical Equipment — 0.7%
Gates Global LLC, 2017 USD Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/01/24			3,513		3,500,207


Electronic Equipment, Instruments & Components — 0.2%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/12/25			984		982,120


Energy Equipment & Services — 0.0%
Dell International LLC, 2019 Term Loan B, (1 mo. LIBOR + 2.00%, 0.75% Floor), 2.75%, 09/19/25			169		169,288


Entertainment — 0.3%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25^(b)			1,759		1,767,795


Environmental, Maintenance, & Security Service — 0.8%
Asplundh Tree Expert LLC, Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 09/07/27			1,771		1,773,891
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			2,272		2,280,797

					4,054,688

Equity Real Estate Investment Trusts (REITs) — 0.7%
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.89%, 12/20/24			3,938		3,868,495


Food & Staples Retailing — 1.2%
Hearthside Food Solutions LLC
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 05/23/25			1,031		1,014,204
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.83%, 05/23/25			1,401		1,375,213
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25			179		179,248


Security		Par (000)		Value

Food & Staples Retailing (continued)
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 06/27/23	USD		3,010	$	2,961,349
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 09/13/26			747		733,459

					6,263,473

Food Products — 2.9%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 10/01/25			1,111		1,106,691
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.65%, 10/10/26			415		413,579
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			2,767		2,757,380
Froneri International Ltd.
2020 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 5.90%, 01/29/28^(b)			374		376,201
2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.40%, 01/29/27			4,333		4,285,663
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 05/01/26			598		592,464
Pathway Vet Alliance LLC
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			39		38,930
2020 Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			477		476,609
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 02/05/23			2,364		2,352,238
2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 02/05/26			1,703		1,688,099
Shearer’s Foods, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 09/23/27			849		848,609
Sovos Brands Intermediate, Inc., 2018 Term Loan, (3 mo. LIBOR + 4.75%), 4.96%, 11/20/25^(b)			669		670,129

					15,606,592

Health Care Equipment & Supplies — 1.3%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 11/06/27			1,843		1,844,161
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 06/30/25			3,821		3,761,874
EUR Term Loan B, (3 mo. LIBOR + 3.50%), 3.50%, 06/30/25	EUR		993		1,192,482

					6,798,517

Health Care Providers & Services — 4.3%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/25	USD		830		832,350
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			2,178		2,162,110


28		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Health Care Providers & Services (continued)
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27	USD		1,115	$	1,116,261
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 10/10/25			1,727		1,435,439
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.40%, 02/18/28^(b)			1,460		1,328,600
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			376		365,346
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			1,599		1,554,025
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.75%, 03/05/26			874		813,839
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.44%, 07/02/25			2,479		2,461,727
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 08/06/26			2,646		2,640,766
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			1,017		1,010,895
Precision Medicine Group LLC, Term Loan, (3 mo. LIBOR + 3.75%), 4.50%, 11/18/27^(b)			1,741		1,740,978
Sotera Health Holdings LLC, 2019 Term Loan, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			5,913		5,930,587

					23,392,923

Health Care Services — 1.0%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.71%, 07/25/26			2,412		2,378,630
Unified Physician Management LLC, 2020 Term Loan, 12/16/27^(b)(k)			1,267		1,257,497
WP CityMD Bidco LLC, 2019 Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/13/26			1,891		1,887,683

					5,523,810

Health Care Technology — 1.4%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			3,205		3,186,962
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR
+ 2.75%), 2.90%, 10/10/25			2,567		2,546,468
Press Ganey Holdings, Inc., 2020 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/25/26			1,698		1,693,755
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.90%, 03/07/24			279		277,385

					7,704,570

Hotels, Restaurants & Leisure — 7.3%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 11/19/26			3,265		3,215,213
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 02/02/26			496		466,955
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			885		886,218


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 1.96%, 10/19/24	USD		1,085	$	1,073,984
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.35%, 09/15/23			1,087		1,076,174
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 12/23/24			2,901		2,842,844
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.65%, 07/20/25			3,541		3,542,273
CCM Merger, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25			1,371		1,366,997
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			3,653		3,261,658
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 11/30/23			903		895,267
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			1,878		1,808,576
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23^(b)			201		227,378
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25			532		534,326
IRB Holding Corp.
2020 Fourth Amendment Incremental Term Loan, 11/12/27^(k)			4,045		4,046,254
2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			1,996		1,976,653
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.91%, 04/03/25			872		864,274
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			683		625,291
Playtika Holding Corp., Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/10/24			1,642		1,649,557
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.90%, 08/14/24			1,144		1,115,650
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.75%, 07/10/25			1,015		1,018,189
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 2.50%, 02/08/27			1,994		1,961,105
Travelport Finance (Luxembourg) Sarl
(3 mo. LIBOR + 7.00%, 1.00% Floor), 9.00%, 02/28/25			1,470		1,447,303
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.25%, 05/29/26			2,619		1,767,405
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.97%, 08/02/26			1,879		1,860,387

					39,529,931


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables — 0.2%
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27	USD		1,061	$	1,061,531


Independent Power and Renewable Electricity Producers — 0.7%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/25			669		659,401
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.15%, 08/12/26			1,061		1,046,002
Term Loan B9, (1 mo. LIBOR + 2.25%), 2.40%, 04/06/26			1,923		1,900,820

					3,606,223

Industrial Conglomerates — 2.8%
AVSC Holding Corp.
(3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/03/25			4,406		3,742,778
(6 mo. LIBOR + 15.00%), 15.26%, 10/15/26			1,273		1,457,011
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23^(b)			1,426		1,433,583
Vertical US Newco, Inc., USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.57%, 07/30/27			1,708		1,713,509
Vertiv Group Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 03/02/27			6,934		6,885,382

					15,232,263

Insurance — 3.6%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			2,440		2,399,589
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			1,190		1,168,709
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 01/25/24			2,559		2,553,874
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			603		602,827
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/13/27			1,558		1,533,395
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 3.00%, 04/25/25			2,809		2,755,342
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 04/25/25			1,420		1,422,078
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/01/27			1,463		1,457,845
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 12/31/25			1,742		1,712,318
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 4.15%, 09/03/26			2,078		2,068,476
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			1,497		1,506,718

					19,181,171

Interactive Media & Services — 1.6%
Adevinta ASA, USD Term Loan B, 10/13/27^(k)			2,218		2,214,629


Security		Par (000)		Value

Interactive Media & Services (continued)
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26	USD		3,763	$	3,759,463
Go Daddy Operating Co. LLC, 2020 Term Loan B3, (1 mo. LIBOR + 2.50%), 2.65%, 08/10/27			1,721		1,726,376
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/06/24			869		863,912

					8,564,380

Internet & Direct Marketing Retail — 0.5%
CNT Holdings I Corp., 2020 Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			2,428		2,423,824


IT Services — 6.3%
Ancestry.com, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 12/06/27			2,134		2,135,067
Aruba Investments, Inc.
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28			1,275		1,275,000
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			690		689,137
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/31/26			3,610		3,590,595
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			4,253		4,256,987
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25^(b)			1,379		1,351,488
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.48%, 08/01/25			1,121		701,623
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 02/12/27			2,838		2,700,320
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/03/23			333		332,213
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28^(b)			3,730		3,692,700
Trans Union LLC, 2019 Term Loan B5, (1 mo.
LIBOR + 1.75%), 1.90%, 11/16/26			3,129		3,114,390
Veritas US, Inc., 2020 USD Term Loan B, (3 mo.
LIBOR + 5.50%, 1.00% Floor), 6.50%,
09/01/25			6,692		6,666,616
Virtusa Corp., Term Loan B, 12/01/27^(k)			939		931,957
WEX, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 2.40%, 05/15/26			2,217		2,199,862

					33,637,955

Leisure Products — 0.1%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24			782		723,026


30		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Life Sciences Tools & Services — 0.7%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27	USD		2,469	$	2,441,807
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/19/27^(b)			1,104		1,113,325

					3,555,132

Machinery — 1.9%
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 08/05/24			1,300		1,283,204
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 02/28/27			2,527		2,491,359
Terex Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 01/31/24^(b)			382		378,370
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 3.27%, 03/28/25			6,054		5,890,460

					10,043,393

Media — 13.1%
Altice Financing SA
2017 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.91%, 07/15/25			660		644,474
USD 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 01/31/26			1,759		1,717,617
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.24%, 08/14/26			2,831		2,814,739
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.90%, 04/30/25			3,589		3,573,309
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.71%, 08/21/26			5,847		5,617,083
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/12/26			9,129		9,150,481
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.41%, 07/17/25			588		578,371
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.66%, 04/15/27			1,976		1,955,389
E.W. Scripps Co., 2020 Term Loan B3, 12/15/27^(k)			916		916,000
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			3,858		3,471,211
Liberty Latin America Ltd., Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 10/15/26			1,488		1,492,032
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.40%, 03/24/25			1,559		1,533,354
Live Nation Entertainment, Inc., Term Loan B4, (1 Week LIBOR + 1.75%), 1.88%, 10/19/26			2,497		2,421,568
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 09/13/24			4,241		4,179,079
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24			1,736		1,728,898
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 08/15/26			838		833,901


Security		Par (000)		Value

Media (continued)
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (3 mo. LIBOR + 2.75%), 2.90%, 09/19/26	USD		1,544	$	1,532,161
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			2,206		2,206,998
Terrier Media Buyer, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/17/26			3,008		3,007,479
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23^(b)			4,338		4,305,590
UFC Holdings LLC, 2019 Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/29/26			1		694
Virgin Media Bristol LLC
2020 USD Term Loan Q, 01/31/29^(k)			2,097		2,093,603
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.66%, 01/31/28			2,578		2,551,988
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 05/18/25			3,155		2,897,699
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/09/27			9,474		9,402,607

					70,626,325

Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (2 mo. LIBOR + 4.50%), 4.73%, 07/31/25			2,050		2,008,065


Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24			907		900,148
Neiman Marcus Group Ltd. LLC, 2020 Exit Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 09/25/25			114		121,520

					1,021,668

Oil, Gas & Consumable Fuels — 0.6%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%			393		425,914
Chesapeake Energy Corp., 2019 Last Out Term Loan, 9.00%, 06/24/24^(a)(d)			315		261,781
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 12/13/25			1,722		1,684,192
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25			720		710,208
McDermott Technology Americas, Inc.
2020 Make Whole Term Loan, 06/30/24^(b)(k)			2		1,218
2020 Take Back Term Loan, 3.00%, 06/30/25			322		208,774

					3,292,087

Paper & Forest Products — 0.7%
Charter NEX US, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/01/27			3,629		3,643,681


Personal Products — 1.1%
Sunshine Luxembourg VII Sarl, USD Term Loan B1, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/25/26			5,941		5,952,176


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Pharmaceuticals — 3.2%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.69%, 05/04/25	USD		2,281		$	2,219,136
Catalent Pharma Solutions, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 05/18/26			2,329			2,326,126
Elanco Animal Health, Inc., Term Loan B, (3 mo. LIBOR + 1.75%), 1.90%, 08/01/27			941			932,032
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.10%, 11/15/27			1,885			1,867,438
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 08/18/22			3,779			3,775,522
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 06/02/25			6,228			6,200,204

						17,320,458

Professional Services — 1.5%
Dun & Bradstreet Corp.
2020 Add-On Term Loan, 02/06/26^(k)			915			914,616
Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/06/26			5,991			5,988,338
STG-Fairway Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 01/31/27			1,447			1,421,412

						8,324,366

Real Estate Management & Development — 0.6%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			1,836			1,807,339
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 08/21/25			1,311			1,285,300
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			179			175,943

						3,268,582

Road & Rail — 0.4%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 09/25/25			869			863,010
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.71%, 08/04/25^(b)			1,401			1,278,430

						2,141,440

Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 09/19/26			—	^(j)		31


Software — 17.4%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/19/24			3,571			3,566,146
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 09/19/25			764			767,113
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			3,182			3,172,539
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			771			776,783


Security		Par (000)		Value

Software (continued)
BMC Software Finance, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 10/02/25	USD		2,314	$	2,301,551
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			2,007		1,997,306
Cloudera, Inc., Term Loan B, 12/17/27^(k)			531		529,673
Cornerstone OnDemand, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.39%, 04/22/27			1,006		1,008,954
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,346		1,340,797
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.51%, 05/27/24			337		307,393
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23			1,078		960,603
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			1,886		1,962,628
2020 Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/31/27			4,235		4,255,540
Financial & Risk US Holdings, Inc.
2018 EUR Term Loan, (EURIBOR + 3.25%), 3.25%, 10/01/25	EUR		951		1,159,785
2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 10/01/25	USD		9,336		9,316,418
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed), 7.13%, 02/25/25			1,914		1,944,145
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/25/27			7,823		7,749,654
McAfee LLC, 2018 USD Term Loan B, (1 mo.
LIBOR + 3.75%), 3.90%, 09/30/24			3,126		3,123,865
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26^(b)			770		777,771
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 11/29/24			2,493		2,444,967
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 12/01/25			1,094		1,055,841
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			1,835		1,834,482
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			1,307		1,304,007
Omnitracs, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%), 8.15%, 10/01/28			953		938,705
Planview Parent, Inc.^(b)(k)
2nd Lien Term Loan, 12/11/28			824		815,760
Delayed Draw Term Loan, 12/17/27			328		327,497
Term Loan, 12/17/27			1,405		1,401,685
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%,
05/30/25			590		578,720
Sabre GLBL, Inc., 2020 Term Loan B, 12/17/27^(k)			987		988,234
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 08/01/25			3,331		3,285,244
Solera LLC, USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 03/03/23			3,160		3,132,510


32		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27	USD		4,577	$	4,580,250
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			385		379,450
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			498		490,716
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			1,748		1,726,550
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			6,113		6,063,512
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 03/04/28			3,674		3,704,422
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			1,767		1,813,384
2020 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/03/26			4,577		4,596,804
Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 05/03/26			5,158		5,149,691

					93,631,095

Specialty Retail — 2.3%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/13/25			2,008		2,003,000
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 10/30/26			1,151		1,148,492
USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/07/24			1,443		1,438,901
MED ParentCo LP
1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 4.25%), 4.39%, 08/31/26			376		369,619
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.40%, 08/31/26			1,500		1,473,944
PetSmart, Inc., Consenting Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/11/22			2,934		2,926,199
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			2,001		1,964,257
WOOF Holdings, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/16/27			491		489,979
2nd Lien Term Loan, 12/11/28^(k)			495		496,237

					12,310,628

Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.15%, 07/23/26			1,612		1,370,743
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/29/23			841		838,575

					2,209,318


Security		Par (000)		Value

Thrifts & Mortgage Finance — 0.5%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/23/25	USD		2,938	$	2,928,635


Wireless Telecommunication Services — 1.2%
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/11/25			3,370		3,328,577
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.90%, 06/10/27			3,200		3,201,329

					6,529,906


Total Floating Rate Loan Interests — 120.1% (Cost: $646,756,787)				646,309,001


			Shares

Investment Companies

Equity Funds — 0.1%
SPDR S&P Oil & Gas Exploration & Production ETF			4,875		285,188


Fixed Income Funds — 2.2%
Invesco Senior Loan ETF			45,000		1,002,600
iShares iBoxx $ High Yield Corporate Bond ETF^(l)			62,000		5,412,600
iShares iBoxx $ Investment Grade Corporate Bond ETF^(l)			39,000		5,387,070

					11,802,270


Total Investment Companies — 2.3% (Cost: $11,521,724)				12,087,458



		Benefical Interest (000)

Other Interests^(m)

IT Services^(a)(b)— 0.0%
Millennium Corp.	USD	1,156		—
Millennium Lender Claims		1,084		—


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


		Par (000)
Preferred Securities

Capital Trusts — 1.1%^(e)

Automobiles — 0.0%
General Motors Financial Co., Inc., Series C, 5.70%^(g)	USD	50		55,125


Banks — 0.1%
Bankia SA, 6.38%	EUR	200		261,739
Wells Fargo & Co., Series U, 5.88%^(g)	USD	475		538,531

				800,270

Diversified Financial Services^(g)— 0.9%
Bank of America Corp.
Series AA, 6.10%		657		744,414
Series DD, 6.30%		55		64,212


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

(Percentages shown are based on Net Assets)


		Par
Security		(000)		Value

Diversified Financial Services (continued)
Bank of America Corp. (continued)
Series X, 6.25%	USD		350	$	388,347
Series Z, 6.50%			232		265,060
BNP Paribas SA, 4.50%^(c)			200		202,106
Citigroup, Inc., Series Q, 4.32%			161		160,195
HSBC Holdings PLC, 6.00%			600		653,250
JPMorgan Chase & Co.
Series FF, 5.00%			765		804,803
Series HH, 4.60%			166		171,395
Series I, 3.68%			107		106,781
Series V, 3.56%			799		784,970
Morgan Stanley, Series H, 3.85%			403		400,098
Natwest Group PLC, 8.63%			246		255,326

					5,000,957

Utilities — 0.1%
Electricite de France SA, 3.38%	EUR		200		265,953


Total Capital Trusts — 1.1%				6,122,305


		Shares

Preferred Stocks — 0.1%

Capital Markets — 0.1%
Goldman Sachs Group, Inc., Series J, 5.50%^(e)(g)			13,550		370,322


Insurance — 0.0%
Alliant Holdings, Inc.^(b)			83		81,671


Total Preferred Stocks — 0.1%				451,993


Total Preferred Securities — 1.2% (Cost: $6,217,702)				6,574,298


Warrants

Metals & Mining — 0.0%
AFGlobal Corp. (Expires 06/08/22)^(a)(b)			5,283		—


Security	Shares		Value

Oil, Gas & Consumable Fuels^(a)— 0.0%
California Resources Corp. (Expires 10/27/24)		1,152	$	4,608
SM Energy Co. (Expires 06/30/23)		11,411		69,721

				74,329
Transportation Infrastructure — 0.0%
Turbo Cayman Ltd. (Strike Price $0.01)^(a)(b)		1		—

Total Warrants — 0.0% (Cost: $48,949)				74,329

Total Investments — 146.6% (Cost: $805,944,407)				788,550,136
Liabilities in Excess of Other Assets — (46.6)%				(250,591,533	)


Net Assets — 100.0%			$	537,958,603

^(a)	Non-income producing security.

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

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

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

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

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

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

^(h)	Convertible security.

⁽ⁱ⁾	When-issued security.

^(j)	Amount is less than 500.

^(k)	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.

^(l)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/20		Shares Held at 12/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class^(a)	$	—	$	—	^(b)	$	—		$	—	$	—	$	—		—	$	9,026	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		12,869,137			(7,884,095	)		65,135		362,423		5,412,600		62,000		250,859		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		5,057,376			—			—		329,694		5,387,070		39,000		101,485		—

									$	65,135	$	692,117	$	10,799,670			$	361,370	$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

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


34		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,772,653	EUR	1,448,500	BNP Paribas S.A.		02/03/21	$	1,855
USD	1,761,012	EUR	1,438,000	UBS AG		02/03/21		3,050

								4,905

EUR	1,448,500	USD	1,771,490	BNP Paribas S.A.		01/06/21		(1,878	)
EUR	1,438,000	USD	1,759,824	UBS AG		01/06/21		(3,040	)
USD	1,829,998	EUR	1,524,500	Barclays Bank PLC		01/06/21		(32,462	)
USD	1,722,246	EUR	1,444,500	Goldman Sachs International		01/06/21		(42,480	)
USD	1,817,628	EUR	1,524,500	Goldman Sachs International		01/06/21		(44,832	)
USD	1,729,927	EUR	1,444,500	UBS AG		01/06/21		(34,798	)
USD	69,495	GBP	52,000	BNP Paribas S.A.		01/06/21		(1,616	)
USD	1,969,229	GBP	1,474,000	Standard Chartered Bank		01/06/21		(46,491	)

								(207,597	)

							$	(202,692	)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty		Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CenturyLink, Inc.		1.00	%		Quarterly		Barclays Bank PLC		12/20/23	NR		USD	170	$	(4,058	)	$	(7,977	)	$	3,919
CenturyLink, Inc.		1.00			Quarterly		Barclays Bank PLC		06/20/25	NR		USD	185		(13,085	)		(22,685)			9,600

														$	(17,143	)	$	(30,662	)	$	13,519

^(a)

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

^(b)

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

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

Description

Swap

Premiums

Paid

Swap
Premiums
Received

Unrealized
Appreciation

Unrealized
Depreciation

OTC Swaps

—

(30,662

)

13,519

—


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,905	$	—	$	—	$	4,905
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		13,519		—		—		—		—		13,519

	$	—	$	13,519	$	—	$	4,905	$	—	$	—	$	18,424

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	207,597	$	—	$	—	$	207,597
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		30,662		—		—		—		—		30,662

	$	—	$	30,662	$	—	$	207,597	$	—	$	—	$	238,259

For the year ended December 31, 2020, 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	$	—	$	—		$	(4,448	)	$	—		$	—	$	—	$	(4,448	)
Forward foreign currency exchange contracts		—		—			—			(601,720	)		—		—		(601,720	)
Options purchased^(a)		—		—			(105,819	)		—			—		—		(105,819	)
Swaps		—		(596,967	)		—			—			—		—		(596,967	)

	$	—	$	(596,967)		$	(110,267	)	$	(601,720	)	$	—	$	—	$	(1,308,954	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	228		$	—		$	—	$	—	$	228
Forward foreign currency exchange contracts		—		—			—			(3,005	)		—		—		(3,005	)
Options purchased^(b)		—		—			(75,874	)		—			—		—		(75,874	)
Swaps		—		242,007			—			—			—		—		242,007

	$	—	$	242,007		$	(75,646	)	$	(3,005	)	$	—	$	—	$	163,356

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	—	^(a)
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	17,582,815
Average amounts sold — in USD	$	7,985,596
Options
Average value of option contracts purchased	$	—	^(a)
Credit default swaps
Average notional value — buy protection	$	25,124
Average notional value — sell protection	$	652,469

^(a)

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

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


36		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Forward foreign currency exchange contracts	$	4,905	$	207,597
Swaps — OTC^(a)		13,519		30,662

Total derivative assets and liabilities in the Statements of Assets and Liabilities		18,424		238,259

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

Total derivative assets and liabilities subject to an MNA	$	18,424	$	238,259

^(a)

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

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


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets
Barclays Bank PLC	$	13,519	$	(13,519)		$	—	$	—		$	—
BNP Paribas S.A		1,855		(1,855)			—		—			—
UBS AG		3,050		(3,050)			—		—			—

	$	18,424	$	(18,424)		$	—	$	—		$	—


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	^(b)
Barclays Bank PLC	$	63,124	$	(13,519)		$	—	$	(30,000)		$	19,605
BNP Paribas S.A		3,494		(1,855)			—		—			1,639
Goldman Sachs International		87,312		—			—		—			87,312
Standard Chartered Bank		46,491		—			—		—			46,491
UBS AG		37,838		(3,050)			—		—			34,788

	$	238,259	$	(18,424)		$	—	$	(30,000	)	$	189,835

^(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 payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Construction & Engineering	$	114,601	$	—	$	—	$	114,601
Diversified Financial Services		—		—		10,753		10,753
Energy Equipment & Services		—		—		31,416		31,416
Health Care Management Services		—		11		—		11
Metals & Mining		—		29,120		21,864		50,984
Oil, Gas & Consumable Fuels		55,106		—		—		55,106
Semiconductors & Semiconductor Equipment		49,811		—		—		49,811


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Software	$	766	$	—	$	—	$	766
Specialty Retail		—		95,414		—		95,414
Corporate Bonds
Aerospace & Defense		—		3,570,948		—		3,570,948
Airlines		—		9,011,624		—		9,011,624
Auto Components		—		2,060,260		1		2,060,261
Automobiles		—		4,340,318		—		4,340,318
Banks		—		212,038		—		212,038
Beverages		—		1,705,921		—		1,705,921
Biotechnology		—		25,888		—		25,888
Building Materials		—		2,728,877		—		2,728,877
Building Products		—		793,070		—		793,070
Capital Markets		—		1,059,675		—		1,059,675
Chemicals		—		2,987,317		—		2,987,317
Commercial Services & Supplies		—		735,531		—		735,531
Communications Equipment		—		702,580		—		702,580
Construction & Engineering		—		87,627		—		87,627
Construction Materials		—		1,935,674		—		1,935,674
Consumer Discretionary		—		772,398		—		772,398
Consumer Finance		—		3,402,275		—		3,402,275
Containers & Packaging		—		413,599		—		413,599
Diversified Consumer Services		—		1,699,202		—		1,699,202
Diversified Financial Services		—		479,023		—		479,023
Diversified Telecommunication Services		—		6,198,765		—		6,198,765
Electric Utilities		—		777,217		—		777,217
Electrical Equipment		—		350,045		1		350,046
Electronic Equipment, Instruments & Components		—		466,084		—		466,084
Energy Equipment & Services		—		866,771		387,811		1,254,582
Environmental, Maintenance, & Security Service		—		566,268		—		566,268
Equity Real Estate Investment Trusts (REITs)		—		2,792,396		—		2,792,396
Food & Staples Retailing		—		2,257,341		—		2,257,341
Food Products		—		861,303		—		861,303
Gas Utilities		—		28,744		—		28,744
Health Care Equipment & Supplies		—		795,200		—		795,200
Health Care Providers & Services		—		4,393,303		—		4,393,303
Health Care Technology		—		799,816		—		799,816
Healthcare		—		17,850		—		17,850
Hotels, Restaurants & Leisure		—		5,784,363		—		5,784,363
Household Durables		—		999,551		—		999,551
Household Products		—		25,037		—		25,037
Independent Power and Renewable Electricity Producers		—		1,053,614		—		1,053,614
Insurance		—		1,884,240		—		1,884,240
Interactive Media & Services		—		515,007		—		515,007
Internet Software & Services		—		1,935,480		—		1,935,480
IT Services		—		3,515,033		—		3,515,033
Leisure Products		—		216,616		—		216,616
Machinery		—		1,453,149		—		1,453,149
Media		—		12,149,869		—		12,149,869
Metals & Mining		—		3,179,207		—		3,179,207
Multi-line Retail		—		279,452		—		279,452
Oil, Gas & Consumable Fuels		—		15,977,021		—		15,977,021
Personal Products		—		44,063		—		44,063
Pharmaceuticals		—		2,131,509		—		2,131,509
Real Estate Management & Development		—		1,515,580		—		1,515,580
Semiconductors & Semiconductor Equipment		122,014		1,794,628		—		1,916,642
Software		—		3,991,537		—		3,991,537
Specialty Retail		—		553,079		—		553,079
Technology Hardware, Storage & Peripherals		—		31,987		—		31,987
Textiles, Apparel & Luxury Goods		—		102,807		—		102,807
Thrifts & Mortgage Finance		—		481,172		—		481,172
Utilities		—		105,300		—		105,300
Wireless Telecommunication Services		—		2,972,112		—		2,972,112
Floating Rate Loan Interests		—		615,557,131		30,751,870		646,309,001


38		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Debt Strategies Fund, Inc. (DSU)

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investment Companies	$	12,087,458	$	—		$	—	$	12,087,458
Other Interests		—		—			—		—
Preferred Securities
Capital Trusts		—		6,122,305			—		6,122,305
Preferred Stocks		370,322		—			81,671		451,993
Warrants		—		74,329			—		74,329
Unfunded Floating Rate Loan Interests^(a)		—		—			—		—
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		(400	)		—		(400	)

	$	12,800,078	$	744,464,271		$	31,285,387	$	788,549,736

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—	$	13,519		$	—	$	13,519
Foreign Currency Exchange Contracts		—		4,905			—		4,905
Liabilities
Foreign Currency Exchange Contracts		—		(207,597	)		—		(207,597	)

	$	—	$	(189,173	)	$	—	$	(189,173	)

^(a)

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

^(b)

Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $229,000,000 are categorized as Level 2 within the disclosure hierarchy.

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


	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2019	$	763,992		$	2		$	30,343,623		$	—	^(a)	$	—		$	31,107,617
Transfers into Level 3^(b)		—			—			1,119,073			—			—			1,119,073
Transfers out of Level 3^(c)		—			—			(11,168,515	)		—			—			(11,168,515	)
Accrued discounts/premiums		—			12,440			112,812			—			—			125,252
Net realized gain (loss)		5,833			1,038			(790,988	)		—			—			(784,117	)
Net change in unrealized appreciation (depreciation)^(d)(e)		(710,744	)		(15,286	)		669,690			—			(84	)		(56,424	)
Purchases		10,784			400,885			23,920,343			—			81,755			24,413,767
Sales		(5,832	)		(11,266	)		(13,454,168	)		—			—			(13,471,266	)

Closing balance, as of December 31, 2020	$	64,033		$	387,813		$	30,751,870		$	—	^(a)	$	81,671		$	31,285,387

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020^(e)	$	(710,740	)	$	(15,286	)	$	645,294		$	—		$	(84	)	$	(80,816	)

^(a)

Rounds to less than $1.

^(b)

As of December 31, 2019, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2020, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(c)

As of December 31, 2019, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2020, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(d)

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

^(e)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Shares		Value

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(a)			123,933	$	100,386


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.^(a)(b)			309,827,230		3,098


Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(a)(b)			887		34,445


Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.^(a)			14,906		15


Media — 0.1%
Clear Channel Outdoor Holdings, Inc.^(a)			114,650		189,172


Metals & Mining — 0.0%
Preferred Proppants LLC^(a)(b)			12,198		18,297


Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.^(a)			2,027		47,817


Semiconductors & Semiconductor Equipment^(a)— 0.0%
Maxeon Solar Technologies Ltd.			232		6,582
SunPower Corp.			1,860		47,690

					54,272

Software — 0.0%
Avaya Holdings Corp.^(a)			66		1,264


Specialty Retail — 0.1%
NMG Parent LLC^(a)			3,613		233,400


Total Common Stocks — 0.2%
(Cost: $8,108,650)					682,166


		Par (000)

Corporate Bonds

Aerospace & Defense — 0.1%
TransDigm, Inc., 8.00%, 12/15/25^(c)	USD		318		351,485


Airlines — 1.9%
Allegiant Travel Co., 8.50%, 02/05/24^(c)			1,195		1,278,650
American Airlines, Inc., 11.75%, 07/15/25^(c)			2,362		2,723,976
Mileage Plus Holdings LLC/Mileage Plus Intellectual
Property Assets Ltd., 6.50%, 06/20/27^(c)			2,453		2,636,975
United Airlines Pass-Through Trust, Series 2016-1, Class A, 5.88%, 10/15/27			2,394		2,586,029

					9,225,630

Auto Components — 0.1%
Clarios Global LP, 6.75%, 05/15/25^(c)			496		534,440


Automobiles — 1.0%
AutoNation, Inc., 4.75%, 06/01/30			141		169,670
Ford Motor Co., 8.50%, 04/21/23			2,029		2,283,660
Ford Motor Credit Co. LLC, 5.13%, 06/16/25			209		227,246
General Motors Co., 6.13%, 10/01/25			661		801,772


Security		Par (000)		Value

Automobiles (continued)
General Motors Financial Co., Inc., 2.75%, 06/20/25	USD		925	$	989,106
Group 1 Automotive, Inc., 4.00%, 08/15/28^(c)			170		175,233

					4,646,687

Building Materials^(c)— 0.4%
SRM Escrow Issuer LLC, 6.00%, 11/01/28			1,839		1,922,040
Summit Materials LLC/Summit Materials Finance
Corp., 5.25%, 01/15/29			118		123,900

					2,045,940

Chemicals — 0.0%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,
9.00%, 07/01/28^(c)			51		56,100


Construction Materials^(c)— 0.3%
Core & Main LP, 6.13%, 08/15/25			227		234,661
Wolverine Escrow LLC, 9.00%, 11/15/26			1,555		1,471,885

					1,706,546

Consumer Finance — 0.1%
PayPal Holdings, Inc., 1.65%, 06/01/25			424		442,987


Containers & Packaging — 0.0%
Graham Packaging Co., Inc., 7.13%, 08/15/28^(c)			117		129,285


Diversified Telecommunication Services^(c)— 0.5%
Zayo Group Holdings, Inc.
4.00%, 03/01/27			1,969		1,973,922
6.13%, 03/01/28			281		297,158

					2,271,080

Electric Utilities — 0.0%
Pike Corp., 5.50%, 09/01/28^(c)			144		152,100
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.^(a)(b)(d) 11.50%, 10/01/20^(c)			1,061		—
Term Loan, 1.00%, 11/10/21			1,710		—

					152,100

Energy Equipment & Services^(b)(c)(e)— 0.1%
Pioneer Energy Services Corp.
(11.00% Cash), 11.00%, 05/15/25			360		288,458
(5.00% PIK), 5.00%, 11/15/25^(f)			254		137,120

					425,578

Equity Real Estate Investment Trusts (REITs) — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25^(c)			138		147,798


Hotels, Restaurants & Leisure — 0.1%
Marriott International, Inc., Series EE, 5.75%, 05/01/25			376		439,808


Internet Software & Services^(c)— 0.3%
Expedia Group, Inc.
3.60%, 12/15/23			462		492,356
6.25%, 05/01/25			767		889,030
TripAdvisor, Inc., 7.00%, 07/15/25			87		93,960
Uber Technologies, Inc., 6.25%, 01/15/28			222		241,425

					1,716,771


40		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

IT Services — 0.5%
Castle U.S. Holding Corp., 9.50%, 02/15/28^(c)	USD		647	$	647,000
Fiserv, Inc., 2.25%, 06/01/27			1,575		1,678,551
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25^(c)			76		80,750

					2,406,301

Machinery^(c)— 0.2%
Clark Equipment Co., 5.88%, 06/01/25			119		125,545
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(e)			905		984,188

					1,109,733

Media^(c)— 0.5%
Liberty Broadband Corp., 2.75%, 09/30/50^(f)			513		548,788
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(e)			179		173,630
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/26			573		590,906
6.50%, 09/15/28			787		829,301
Univision Communications, Inc., 6.63%, 06/01/27			227		243,810

					2,386,435

Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 8.50%, 10/30/25^(c)			284		301,987


Real Estate Management & Development^(c)— 0.2%
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28			834		919,485
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 06/15/25			123		133,544

					1,053,029

Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc.
4.70%, 04/15/25			1,771		2,029,509
3.15%, 11/15/25			660		720,688
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25^(c)			75		80,722

					2,830,919

Software^(c)— 0.2%
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26			293		300,325
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24			666		690,143

					990,468

Wireless Telecommunication Services — 0.1%
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31			408		445,218


Total Corporate Bonds — 7.3%
(Cost: $33,226,239)					35,816,325


Floating Rate Loan Interests^(g)

Aerospace & Defense — 2.4%
Bleriot US Bidco, Inc.
Delayed Draw Term Loan, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26			97		97,124
Term Loan B, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26			624		621,596
Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26			2,044		1,941,657



Security		Par (000)		Value

Aerospace & Defense (continued)
Dynasty Acquisition Co., Inc. (continued)
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26	USD		3,802	$	3,611,483
Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 5.65%, 04/09/26			780		624,096
Spirit Aerosystems, Inc., 2020 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 6.00%, 01/15/25			1,005		1,012,538
Trandigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.40%, 12/09/25			3,782		3,700,982

					11,609,476

Air Freight & Logistics — 0.7%
WestJet Airlines Ltd., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			3,472		3,321,830


Airlines — 1.3%
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 01/29/27			392		335,514
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.16%, 12/14/23			1,967		1,762,863
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.15%, 04/28/23			1,370		1,230,558
JetBlue Airways Corp., Term Loan, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/17/24			759		778,583
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			2,394		2,488,276

					6,595,794

Auto Components — 2.6%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 04/30/26			6,367		6,333,712
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.25%, 05/16/24			3,809		3,751,023
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 12/02/26			218		217,120
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 02/05/26			2,625		2,584,807

					12,886,662

Automobiles^(h)— 0.6%
Mavis Tire Express Services Corp.
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.50%, 03/20/25			1,481		1,452,326
2020 Add-On Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 03/20/25			1,347		1,350,367

					2,802,693

Building Materials — 0.8%
Allied Universal Holdco LLC, 2019 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 07/12/26			2,376		2,364,012
CHI Overhead Doors, Inc., Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/31/25			184		183,769
CP Atlas Buyer, Inc.^(h)
2020 Delayed Draw Term Loan B2, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			302		302,127
2020 Term Loan B1, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			905		906,382

					3,756,290


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Products — 1.4%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/05/24	USD		1,735	$	1,732,200
LSF10 XL Bidco SCA, EUR Term Loan B3, (EURIBOR + 4.00%), 4.00%, 10/12/26	EUR		1,000		1,210,008
MI Windows and Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27^(h)	USD		537		537,671
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/19/23			3,227		3,229,161

					6,709,040

Capital Markets — 2.3%
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			5,872		5,873,429
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%), 3.75%, 11/12/27			1,432		1,429,322
FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 06/27/25			834		830,346
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 04/12/24			1,176		1,161,388
GT Polaris, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/24/27			829		831,202
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.19%, 06/03/26			1,153		1,143,162

					11,268,849

Chemicals — 4.5%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/24			2,939		2,926,114
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 08/27/26			2,566		2,572,021
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 2.00%, 06/01/24			1,860		1,843,248
Chemours Co., 2018 USD Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/03/25			649		635,476
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24			1,163		1,133,244
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 11/07/24^(b)			1,245		1,235,739
Illuminate Buyer LLC, Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 06/30/27			2,493		2,491,946
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/28/25			773		758,529
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.90%, 03/30/26			861		818,698
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.75%, 03/02/26			2,861		2,836,722
Minerals Technologies, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/14/24^(b)			431		428,701
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/15/24			1,502		1,479,110


Security		Par (000)		Value

Chemicals (continued)
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 10/14/24	USD		2,589	$	2,554,000
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/01/25			206		203,974

					21,917,522

Commercial Services & Supplies — 4.3%
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.90%, 03/11/25			155		152,446
Asurion LLC
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 6.65%, 08/04/25			1,503		1,512,424
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/23			2,124		2,102,059
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/24			1,151		1,140,146
2020 Term Loan B8, (3 mo. LIBOR + 3.25%), 3.49%, 12/23/26^(h)			802		792,524
Creative Artists Agency LLC
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 11/26/26			597		589,157
2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 11/26/26			1,990		1,963,753
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/12/25^(b)			2,334		2,313,013
Diamond (BC) BV, USD Term Loan, (3 mo. LIBOR + 3.00%), 3.21%, 09/06/24			1,936		1,905,617
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			569		559,196
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			440		387,269
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26			995		977,729
Prime Security Services Borrower LLC, 2019 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 09/23/26			1,962		1,966,994
Verisure Holding AB, EUR Term Loan B1E, (3 mo. LIBOR + 2.75%), 2.75%, 10/20/22	EUR		627		763,260
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.65%, 08/27/25	USD		2,684		2,678,497
West Corp., 2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/10/24			1,155		1,116,442

					20,920,526

Communications Equipment — 0.2%
Avantor, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/21/24			1,149		1,148,802


Construction & Engineering — 1.6%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			3,597		3,902,553
Pike Corp., 2020 Term Loan B, (1 mo. LIBOR + 3.97%), 4.12%, 07/24/26			525		523,203
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 04/12/25			445		443,625
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 05/23/25			2,935		2,884,601

					7,753,982


42		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Construction Materials — 2.2%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 08/01/24	USD		5,072	$	5,042,242
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/29/25			2,430		2,401,206
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			1,221		1,220,940
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			1,161		1,161,741
Potters Industries LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/09/27^(b)(h)			810		810,000

					10,636,129

Consumer Discretionary^(h)— 0.4%
Zaxby’s Operating Company LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/10/27			1,395		1,395,000
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 7.25%, 12/08/28			636		642,360

					2,037,360

Containers & Packaging — 1.9%
Berry Global, Inc.
Term Loan W, (1 mo. LIBOR + 2.00%), 2.15%, 10/01/22			2,475		2,470,960
Term Loan Y, (1 mo. LIBOR + 2.00%), 2.15%, 07/01/26			493		489,892
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.48%, 04/03/24			2,417		2,329,519
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/29/23			2,056		2,042,217
Pregis TopCo Corp.
1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 08/01/26			628		625,010
2020 Incremental Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 08/01/26^(h)			291		288,817
Tosca Services LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/18/27			830		832,424

					9,078,839

Distributors — 1.3%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/27			2,854		2,824,286
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24			940		902,561
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24			3,120		2,433,197

					6,160,044

Diversified Consumer Services — 3.5%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/01/27			551		549,163
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			1,564		1,554,520


Security		Par (000)		Value

Diversified Consumer Services (continued)
Ascend Learning, LLC, 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24	USD		1,024	$	1,026,143
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 01/15/27			3,297		3,304,838
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 0.75% Floor), 2.50%, 11/07/23			1,866		1,846,047
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 07/11/25			2,596		2,510,846
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%), 7.50%, 12/22/25			1,228		1,242,897
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.41%, 05/15/24			1,142		1,126,906
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/28/27			770		770,000
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			475		479,183
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			743		667,613
Uber Technologies, Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 07/13/23			2,128		2,122,184

					17,200,340

Diversified Financial Services — 5.3%
Advisor Group, Inc., 2019 Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 08/01/26			1,070		1,058,598
Alchemy Copyrights LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 08/16/27^(b)			861		862,995
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 04/04/24			2,943		2,907,194
Allsup’s Convenience Stores, Inc., Term Loan, (1 mo. LIBOR + 6.25%), 6.40%, 11/18/24			614		615,091
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%), 4.50%, 10/19/27			1,254		1,252,432
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28			670		674,187
2020 Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/30/27			3,680		3,676,173
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25			923		910,847
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24			1,708		1,617,987
LBM Acquisition LLC^(h)
Delayed Draw Term Loan, 5.25%, 12/09/27			213		212,917
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/17/27			959		958,126
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			769		770,669
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			2,557		2,552,730
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.71%, 01/23/25			1,556		1,461,038


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.50%, 07/30/25	USD		513	$	487,290
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/10/27			707		704,452
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/28/27			3,476		3,454,439
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.66%, 04/30/28			1,617		1,605,374

					25,782,539

Diversified Telecommunication Services — 3.5%
Cablevision Lightpath LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 09/29/27^(h)			578		576,376
Consolidated Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/02/27			1,128		1,131,760
Frontier Communications Corp., 2020 DIP Exit Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21			1,542		1,546,826
GCI LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 10/15/25^(b)(h)			1,244		1,237,278
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 05/16/24			2,648		2,646,774
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			395		399,938
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			137		139,307
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/04/26			1,756		1,763,475
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 03/01/27			1,931		1,896,651
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			2,310		2,302,248
Northwest Fiber LLC, Term Loan B, (1 mo. LIBOR + 5.50%), 5.65%, 04/30/27			960		961,673
TDC A/S, EUR Term Loan, (6 mo. LIBOR + 3.00%), 3.00%, 06/04/25	EUR		820		994,255
Virgin Media SFA Finance Ltd., GBP Term Loan L, (LIBOR - GBP + 3.25%), 3.28%, 01/15/27	GBP		1,000		1,333,600

					16,930,161

Electric Utilities — 0.3%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/15/27	USD		1,361		1,358,959


Electrical Equipment — 0.6%
Gates Global LLC, 2017 USD Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/01/24			3,147		3,135,675


Electronic Equipment, Instruments & Components — 0.2%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/12/25			856		853,763


Security		Par (000)		Value

Energy Equipment & Services — 0.2%
Dell International LLC, 2019 Term Loan B, (1 mo. LIBOR + 2.00%, 0.75% Floor), 2.75%, 09/19/25	USD		861	$	861,226


Entertainment — 0.4%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25^(b)(h)			1,990		1,999,950


Environmental, Maintenance, & Security Service — 0.9%
Asplundh Tree Expert LLC, Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 09/07/27			2,008		2,011,743
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27^(b)			2,470		2,479,697

					4,491,440

Equity Real Estate Investment Trusts (REITs) — 0.7%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 05/11/24			732		713,410
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.89%, 12/20/24			2,969		2,916,778

					3,630,188

Food & Staples Retailing — 1.0%
Hearthside Food Solutions LLC
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 05/23/25			949		934,345
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.83%, 05/23/25			840		824,428
2020 Incremental Term Loan B3, (1 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 05/23/25			166		166,303
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 06/27/23			2,626		2,583,476
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 09/13/26			647		635,417

					5,143,969

Food Products — 3.0%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 10/01/25			1,094		1,090,010
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.65%, 10/10/26			415		414,013
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			3,125		3,114,229
Froneri International Ltd.
2020 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 5.90%, 01/29/28			403		404,565
2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.40%, 01/29/27			4,665		4,613,923
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 05/01/26			516		511,644
Pathway Vet Alliance LLC
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			44		43,894
2020 Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			538		537,387


44		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Food Products (continued)
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 02/05/23	USD		2,247		$	2,235,747
2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 02/05/26			410			406,147
Shearer’s Foods, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 09/23/27			635			635,210
Sovos Brands Intermediate, Inc., 2018 Term Loan, (3 mo. LIBOR + 4.75%), 4.96%, 11/20/25^(b)			755			756,018

						14,762,787

Health Care Equipment & Supplies — 1.4%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 11/06/27^(h)			2,085			2,086,314
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 06/30/25			3,522			3,467,658
EUR Term Loan B, (3 mo. LIBOR + 3.50%), 3.50%, 06/30/25	EUR		993			1,192,482

						6,746,454

Health Care Providers & Services — 4.4%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/25	USD		800			802,312
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			1,895			1,880,977
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27			963			964,768
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 10/10/25			1,955			1,624,953
EyeCare Partners LLC
2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.25%), 8.40%, 02/18/28			1,260			1,146,600
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			324			315,076
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			1,379			1,340,197
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.75%, 03/05/26			985			917,135
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.44%, 07/02/25			2,143			2,128,746
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 08/06/26			2,282			2,277,203
HCA, Inc., Term Loan B13, (1 mo. LIBOR + 1.75%), 1.90%, 03/18/26			—	⁽ⁱ⁾		442
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			1,182			1,175,399
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/20/22			—			3,454
Precision Medicine Group LLC, Term Loan, (3 mo. LIBOR + 3.75%), 4.50%, 11/18/27^(b)(h)			1,969			1,968,704
Sotera Health Holdings LLC, 2019 Term Loan, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			5,156			5,170,670

						21,716,636


Security		Par (000)		Value

Health Care Services — 1.1%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.71%, 07/25/26	USD		2,085	$	2,056,352
Unified Physician Management LLC, 2020 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/16/27^(h)			1,439		1,428,207
WP CityMD Bidco LLC, 2019 Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/13/26			1,792		1,788,584

					5,273,143

Health Care Technology — 1.5%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			2,824		2,808,519
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 10/10/25			2,894		2,870,538
Press Ganey Holdings, Inc., 2020 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 07/25/26			978		975,555
Quintiles IMS, Inc., 2017 USD Term Loan B1, (1 mo. LIBOR + 1.75%), 1.90%, 03/07/24			499		495,986

					7,150,598

Hotels, Restaurants & Leisure — 8.5%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 11/19/26			2,480		2,442,259
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 02/02/26			431		405,822
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			1,005		1,006,839
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 1.96%, 10/19/24			986		976,247
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.35%, 09/15/23			1,142		1,130,704
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 12/23/24			2,782		2,725,711
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.65%, 07/20/25			3,658		3,659,243
CCM Merger, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/04/25^(h)			730		727,868
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			3,897		3,479,111
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 11/30/23			1,348		1,337,589
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/01/23			149		142,528
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			2,129		2,051,072
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23^(b)			177		199,959
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25^(b)			601		604,500


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
IRB Holding Corp.
2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%), 4.25%, 11/12/27^(h)	USD		4,575	$	4,576,418
2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			2,298		2,275,401
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.91%, 04/03/25			1,394		1,381,888
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			600		548,989
Playtika Holding Corp., Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/10/24			1,429		1,436,482
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.90%, 08/14/24			1,054		1,027,848
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.75%, 07/10/25			888		890,481
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 2.50%, 02/08/27			2,087		2,052,508
Tackle Sarl, 2017 EUR Term Loan, (3 mo. LIBOR + 3.50%), 3.50%, 08/08/22	EUR		975		1,181,340
Travelport Finance (Luxembourg) Sarl
(3 mo. LIBOR + 7.00%, 1.00% Floor), 9.00%, 02/28/25	USD		1,120		1,247,054
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.25%, 05/29/26			2,230		1,505,018
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.97%, 08/02/26			2,116		2,094,008
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 05/30/25			551		546,091

					41,652,978

Household Durables — 0.6%
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 02/04/27			1,597		1,585,305
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			1,201		1,201,600

					2,786,905

Independent Power and Renewable Electricity Producers — 0.9%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/25			511		504,604
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.15%, 08/12/26			717		706,650
Term Loan B9, (1 mo. LIBOR + 2.25%), 2.40%, 04/06/26			3,154		3,117,834

					4,329,088

Industrial Conglomerates — 3.1%
AVSC Holding Corp.
(3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/03/25			3,798		3,225,938
(6 mo. LIBOR + 15.00%), 15.26%, 10/15/26^(b)(h)			1,097		1,255,813


Security		Par (000)		Value

Industrial Conglomerates (continued)
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23	USD		1,315	$	1,321,648
Vertical US Newco, Inc., USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.57%, 07/30/27			1,934		1,940,709
Vertiv Group Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 03/02/27			7,365		7,313,706

					15,057,814

Insurance — 3.9%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			2,944		2,895,128
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			1,034		1,015,860
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 01/25/24			2,174		2,169,819
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			684		684,263
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/13/27			1,433		1,410,127
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 3.00%, 04/25/25			3,418		3,352,587
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 04/25/25			878		879,294
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/01/27			1,661		1,654,609
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 12/31/25			1,974		1,939,725
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 4.15%, 09/03/26			1,222		1,216,703
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			1,698		1,709,046

					18,927,161

Interactive Media & Services — 2.0%
Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 10/13/27^(h)			2,513		2,508,971
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			4,251		4,247,004
Go Daddy Operating Co. LLC, 2020 Term Loan B3, (1 mo. LIBOR + 2.50%), 2.65%, 08/10/27			1,945		1,950,905
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/06/24			981		975,417

					9,682,297

Internet & Direct Marketing Retail — 0.6%
CNT Holdings I Corp., 2020 Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			2,722		2,717,318


IT Services — 7.7%
Ancestry.com, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 12/06/27^(h)			2,412		2,413,206


46		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

IT Services (continued)
Aruba Investments, Inc.^(h)
2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 8.50%, 11/24/28	USD		1,440	$	1,440,000
2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			779		778,026
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/31/26			3,960		3,938,338
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27^(h)			4,803		4,807,293
GreenSky Holdings LLC, 2020 Term Loan B2, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 03/29/25^(b)			1,567		1,535,782
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.48%, 08/01/25			975		610,243
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 02/12/27			3,228		3,071,866
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/03/23			379		378,041
Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.00%, 10/09/28^(b)			4,215		4,172,850
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.90%, 11/16/26			3,109		3,094,687
Veritas US, Inc., 2020 USD Term Loan B, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 09/01/25			7,207		7,179,697
Virtusa Corp., Term Loan B, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 12/01/27^(h)			1,062		1,054,035
WEX, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 2.40%, 05/15/26			3,179		3,154,507

					37,628,571

Leisure Products — 0.2%
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/19/24			1,000		925,032


Life Sciences Tools & Services — 0.8%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			2,693		2,662,552
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/19/27^(b)			1,249		1,260,299

					3,922,851

Machinery — 2.0%
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 01/31/24			132		131,512
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 08/05/24			1,470		1,451,008
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 02/28/27			2,270		2,237,502


Security		Par (000)		Value

Machinery (continued)
Terex Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 01/31/24	USD		319	$	316,119
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 3.27%, 03/28/25			5,589		5,438,196

					9,574,337

Media — 15.1%
Altice Financing SA
2017 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.91%, 07/15/25			1,107		1,081,363
USD 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 01/31/26			1,588		1,550,451
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.24%, 08/14/26			3,537		3,516,293
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.90%, 04/30/25			3,403		3,388,315
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.71%, 08/21/26			6,560		6,302,203
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/12/26			9,108		9,151,904
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.41%, 07/17/25			2,169		2,133,686
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.66%, 04/15/27			2,134		2,111,260
E.W. Scripps Co., 2020 Term Loan B3, 3.75%, 12/15/27^(h)			1,037		1,037,000
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			4,306		3,873,702
Liberty Latin America Ltd., Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 10/15/26			1,291		1,294,499
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.40%, 03/24/25			1,354		1,332,361
Live Nation Entertainment, Inc., Term Loan B4, (1 Week LIBOR + 1.75%), 1.88%, 10/19/26			2,807		2,723,208
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 1.86%, 02/15/24			360		358,693
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 09/13/24			3,544		3,491,629
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24			1,958		1,950,211
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 08/15/26			731		727,532
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (3 mo. LIBOR + 2.75%), 2.90%, 09/19/26			1,344		1,333,579
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			2,450		2,451,057
Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 2.40%, 01/03/24			160		157,991
Terrier Media Buyer, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/17/26			3,143		3,141,935
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23^(b)			4,102		4,070,971


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
UFC Holdings LLC, 2019 Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/29/26	USD		1	$	786
Virgin Media Bristol LLC
2020 USD Term Loan Q, (3 mo. LIBOR + 3.25%), 3.25%, 01/31/29^(h)			2,365		2,361,169
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.66%, 01/31/28			2,375		2,351,035
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 05/18/25			2,990		2,745,553
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/09/27			9,200		9,131,396

					73,769,782

Metals & Mining — 0.4%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (2 mo. LIBOR + 4.50%), 4.73%, 07/31/25			1,772		1,736,120


Multi-line Retail — 0.2%
Eyemart Express LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 08/04/24			956		948,284
Neiman Marcus Group Ltd. LLC, 2020 Exit Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 09/25/25			280		297,230

					1,245,514

Oil, Gas & Consumable Fuels — 0.5%
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 12/13/25			1,483		1,450,343
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25			783		772,591
McDermott Technology Americas, Inc.
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 06/30/24^(b)(h)			40		1,057
2020 Take Back Term Loan, 3.00%, 06/30/25			282		182,877

					2,406,868

Paper & Forest Products — 0.8%
Charter NEX US, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/01/27^(h)			3,962		3,977,476


Personal Products — 1.4%
Sunshine Luxembourg VII Sarl, USD Term Loan B1, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/25/26			6,695		6,707,880


Pharmaceuticals — 3.3%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.69%, 05/04/25			1,970		1,916,461
Catalent Pharma Solutions, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 05/18/26			2,050		2,047,425
Elanco Animal Health, Inc., Term Loan B, (3 mo. LIBOR + 1.75%), 1.90%, 08/01/27			1,064		1,053,568
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.10%, 11/15/27			1,703		1,686,755


Security		Par (000)		Value

Pharmaceuticals (continued)
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 08/18/22	USD		3,378	$	3,375,387
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 06/02/25			6,091		6,064,164

					16,143,760

Professional Services — 1.9%
Dun & Bradstreet Corp.
2020 Add-On Term Loan, 3.98%, 02/06/26^(h)			1,033		1,032,566
Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/06/26			6,800		6,797,377
STG-Fairway Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 01/31/27			1,558		1,530,902

					9,360,845

Real Estate Management & Development — 0.7%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			2,070		2,037,138
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 08/21/25			1,479		1,449,949
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			202		198,556

					3,685,643

Road & Rail — 0.3%
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 09/25/25			247		245,623
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.71%, 08/04/25			1,242		1,133,082

					1,378,705

Semiconductors & Semiconductor Equipment — 0.1%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 09/19/26			484		484,545


Software — 20.4%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/19/24			3,376		3,371,818
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 09/19/25			726		728,704
Barracuda Networks, Inc.
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			3,599		3,587,961
2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28^(b)(h)			870		876,525
BMC Software Finance, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 10/02/25			2,337		2,324,697
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			2,417		2,405,018
Cloudera, Inc., Term Loan B, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 12/17/27^(h)			602		600,495
Cornerstone OnDemand, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.39%, 04/22/27			724		726,527
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,886		1,878,810
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.51%, 05/27/24			1,157		1,055,252


48		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23	USD		1,623	$	1,445,973
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			2,141		2,227,989
2020 Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/31/27			4,275		4,295,534
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 10/01/25			9,442		9,422,234
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed), 7.13%, 02/25/25			1,770		1,797,877
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/25/27			8,215		8,138,149
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 09/30/24			3,143		3,140,704
MED ParentCo LP, 2020 Incremental Term Loan B, (1 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 08/31/26^(b)			875		883,556
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 11/29/24			2,185		2,143,013
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 12/01/25			1,083		1,044,928
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			2,077		2,075,757
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			1,472		1,468,629
Omnitracs, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%), 8.15%, 10/01/28			1,078		1,061,830
Planview Parent, Inc.^(h) 2nd Lien Term Loan, 0.24%, 12/11/28			930		920,700
Delayed Draw Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			371		370,413
Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/17/27			1,589		1,585,366
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 05/30/25			687		674,377
Sabre GLBL, Inc., 2020 Term Loan B, 6.25%, 12/17/27^(h)			1,117		1,118,396
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 08/01/25			3,688		3,636,899
Solera LLC, USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 03/03/23			2,920		2,894,243
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			5,170		5,173,671
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			870		857,857
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			1,124		1,108,357
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			1,613		1,593,044
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			6,919		6,862,998


Security		Par (000)		Value

Software (continued)
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 03/04/28	USD		3,410	$	3,438,570
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			1,992		2,044,290
2020 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/03/26			4,892		4,913,410
Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 05/03/26			5,813		5,803,684

					99,698,255

Specialty Retail — 2.9%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/13/25^(b)			444		442,830
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 10/30/26^(b)			884		881,860
USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/07/24			2,899		2,891,456
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR - GBP + 4.25%), 4.31%, 06/23/25	GBP		1,000		1,344,787
IAA, Inc.,
Term Loan B, (1 mo. LIBOR + 2.25%), 2.44%, 06/28/26	USD		484		479,162
MED ParentCo LP
1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 4.25%), 4.39%, 08/31/26			348		342,227
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.40%, 08/31/26			1,388		1,364,713
PetSmart, Inc., Consenting Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/11/22			3,252		3,242,769
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			2,194		2,153,812
WOOF Holdings, Inc.^(h)
1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/16/27			555		553,846
2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/11/28			560		561,400

					14,258,862

Technology Hardware, Storage & Peripherals — 0.4%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.15%, 07/23/26			1,390		1,182,194
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/29/23			732		730,297

					1,912,491

Thrifts & Mortgage Finance — 0.6%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/23/25			3,013		3,003,561


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (continued)

December 31, 2020

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

(Percentages shown are based on Net Assets)


		Par
Security		(000)		Value

Wireless Telecommunication Services — 1.4%
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/11/25	USD		3,413	$	3,370,920
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.90%, 06/10/27			3,624		3,625,242

					6,996,162

Total Floating Rate Loan Interests — 137.2% (Cost: $669,820,719)					669,612,487



		Shares

Investment Companies

Fixed Income Funds — 2.6%
Invesco Senior Loan ETF			38,000		846,640
iShares iBoxx $ High Yield Corporate Bond ETF^(j)			96,000		8,380,800
iShares iBoxx $ Investment Grade Corporate Bond ETF^(j)			24,000		3,315,120

					12,542,560


Total Investment Companies — 2.6% (Cost: $11,535,497)				12,542,560


		Benefical Interest (000)
Other Interests^(k)

IT Services^(a)(b)— 0.0%
Millennium Corp	USD		1,607		—
Millennium Lender Claims			1,508		—


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


Security	Shares		Value
Warrants

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp. (Expires 10/27/24)^(a)		999	$	3,996

Total Warrants — 0.0% (Cost: $ — )				3,996

Total Investments — 147.3% (Cost: $722,691,105)				718,657,534
Liabilities in Excess of Other Assets — (47.3)%				(230,606,283	)


Net Assets — 100.0%			$	488,051,251

^(a)	Non-income producing security.

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

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

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

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

^(f)	Convertible security.

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

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

⁽ⁱ⁾	Amount is less than 500.

^(j)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 12/31/20		Shares Held at 12/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class^(a)	$	—	$	—	$	—	^(b)	$	—		$	—	$	—		—	$	6,693	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		19,813,373		(12,130,758	)		(40,887	)		739,072		8,380,800		96,000		387,217		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		6,339,007		(3,451,924	)		185,270			242,767		3,315,120		24,000		79,062		—

								$	144,383		$	981,839	$	11,695,920			$	472,972	$	—

^(a)

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

^(b)

Represents net amount purchased (sold).


50		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,617,638	EUR	2,137,500	UBS AG		02/03/21	$	4,534

EUR	2,137,500	USD	2,615,873	UBS AG		01/06/21		(4,519	)
USD	2,559,821	EUR	2,147,000	Goldman Sachs International		01/06/21		(63,139	)
USD	2,571,239	EUR	2,147,000	UBS AG		01/06/21		(51,721	)
USD	2,575,050	GBP	1,927,000	BNP Paribas S.A.		01/06/21		(60,154	)

								(179,533	)

							$	(174,999	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,534	$	—	$	—	$	4,534

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	179,533	$	—	$	—	$	179,533

For the year ended December 31, 2020, 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	$	—	$	—	$	—		$	(322,988	)	$	—	$	—	$	(322,988	)
Options purchased^(a)		—		—		(105,539	)		—			—		—		(105,539	)
Swaps		—		517,108		—			—			—		—		517,108

	$	—	$	517,108	$	(105,539	)	$	(322,988	)	$	—	$	—	$	88,581

Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—		$	(28,212	)	$	—	$	—	$	(28,212	)
Options purchased^(b)		—		—		(65,439	)		—			—		—		(65,439	)

	$	—	$	—	$	(65,439	)	$	(28,212	)	$	—	$	—	$	(93,651	)

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	11,911,250
Average amounts sold — in USD	$	5,413,765
Options
Average value of option contracts purchased	$	—	^(a)
Credit default swaps
Average notional value — sell protection	$	5,689,475

^(a)

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

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


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (continued)

December 31, 2020

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments
Forward foreign currency exchange contracts	$	4,534	$	179,533

Total derivative assets and liabilities in the Statements of Assets and Liabilities		4,534		179,533

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

Total derivative assets and liabilities subject to an MNA	$	4,534	$	179,533


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
UBS AG	$	4,534	$	(4,534)		$	—	$	—	$	—



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)
BNP Paribas S.A	$	60,154	$	—		$	—	$	—	$	60,154
Goldman Sachs International		63,139		—			—		—		63,139
UBS AG		56,240		(4,534)			—		—		51,706

	$	179,533	$	(4,534)		$	—	$	—	$	174,999

^(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 payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Construction & Engineering	$	100,386	$	—	$	—	$	100,386
Diversified Financial Services		—		—		3,098		3,098
Energy Equipment & Services		—		—		34,445		34,445
Health Care Management Services		—15				—		15
Media		189,172		—		—		189,172
Metals & Mining		—		—		18,297		18,297
Oil, Gas & Consumable Fuels		47,817		—		—		47,817
Semiconductors & Semiconductor Equipment		54,272		—		—		54,272
Software		1,264		—		—		1,264
Specialty Retail		—		233,400		—		233,400
Corporate Bonds		—		35,390,747		425,578		35,816,325
Floating Rate Loan Interests		—		637,692,842		31,919,645		669,612,487
Investment Companies		12,542,560		—		—		12,542,560
Other Interests		—		—		—		—


52		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Warrants	$	—	$	3,996		$	—	$	3,996
Unfunded Floating Rate Loan Interests		—		—			—		—
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		(453	)		—		(453	)

	$	12,935,471	$	673,320,547		$	32,401,063	$	718,657,081

Derivative Financial Instruments^(b)
Assets
Foreign Currency Exchange Contracts	$	—	$	4,534		$	—	$	4,534
Liabilities
Foreign Currency Exchange Contracts		—		(179,533	)		—		(179,533	)

	$	—	$	(174,999	)	$	—	$	(174,999	)

^(a)

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

^(b)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $208,000,000 are categorized as Level 2 within the disclosure hierarchy.


	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Total
Assets
Opening balance, as of December 31, 2019	$	556,399		$	—		$	29,886,699			$ —	^(a)	$	30,443,098
Transfers into Level 3^(b)		—			—			1,335,680			—			1,335,680
Transfers out of Level 3^(c)		—			—			(11,732,825	)		—			(11,732,825	)
Accrued discounts/premiums		—			13,652			103,859			—			117,511
Net realized gain (loss)		(17,042	)		1,139			(617,144	)		—			(633,047	)
Net change in unrealized appreciation (depreciation)^(d)(e)		(246,626	)		(16,774	)		669,067			—			405,667
Purchases		11,824			439,925			25,534,377			—			25,986,126
Sales		(248,715	)		(12,364	)		(13,260,068	)		—			(13,521,147	)

Closing balance, as of December 31, 2020	$	55,840		$	425,578		$	31,919,645			$ —	^(a)	$	32,401,063

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020^(e)	$	(194,112	)	$	(16,774	)	$	663,724			$ —		$	452,838

^(a)

Rounds to less than $1.

^(b)

^(c)

^(d)

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

^(e)

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Asset-Backed Securities
522 Funding CLO I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 7.58%, 01/15/33^(a)(b)	USD		250	$	249,553
AIMCO CLO, Series 2017-AA, Class C, (3 mo. LIBOR US + 2.45%), 2.67%, 07/20/29^(a)(b)			1,000		994,577
Allegro CLO II-S Ltd., Series 2014-1RA, Class C, (3 mo. LIBOR US + 3.00%), 3.21%, 10/21/28^(a)(b)			1,000		967,803
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A, Class CR2, (3 mo. LIBOR US + 2.70%), 2.94%, 07/15/27^(a)(b)			270		267,835
Anchorage Capital CLO Ltd.^(a)(b)
Series 2014-3RA, Class E, (3 mo. LIBOR US + 5.50%), 5.72%, 01/28/31			850		796,997
Series 2014-4RA, Class D, (3 mo. LIBOR US + 2.60%), 2.82%, 01/28/31			250		236,629
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.72%, 01/28/31			1,000		989,614
Series 2016-8A, Class ER, (3 mo. LIBOR US + 5.75%), 5.97%, 07/28/28			1,000		955,226
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.07%, 04/15/31^(a)(b)			1,000		999,920
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.45%, 06/25/36^(a)			5,162		3,766,856
Bain Capital Credit CLO Ltd., Series 2020-2A, Class D, (3 mo. LIBOR US + 4.81%), 5.03%, 07/21/31^(a)(b)(c)			300		301,590
Benefit Street Partners CLO VII Ltd., Series 2015- VIIA, Class CR, 2.62%, 07/18/27^(a)(b)			250		244,760
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class C, (3 mo. LIBOR US + 2.60%), 2.84%, 07/15/31^(a)(b)			250		248,533
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.92%, 10/20/32^(a)(b)			250		250,709
CarVal CLO II Ltd., Series 2019-1A, Class C, 3.47%, 04/20/32^(a)(b)			250		250,249
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.66%, 07/20/32^(a)(b)			500		489,486
CarVal CLO Ltd., Series 2018-1A, Class E, 6.00%, 07/16/31^(a)(b)			500		430,017
Cedar Funding IV CLO Ltd., Series 2014-4A, Class DR, (3 mo. LIBOR US + 3.65%), 3.86%, 07/23/30^(a)(b)			500		497,630
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36^(d)			440		367,114
Clear Creek CLO, Series 2015-1A, Class DR, 3.17%, 10/20/30^(a)(b)			250		243,972
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.29%, 06/25/37^(a)			741		686,488
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 01/25/30^(b)			333		334,007



Security		Par (000)		Value

Asset-Backed Securities (continued)
Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 2.87%, 04/18/31^(a)(b)	USD		250	$	244,090
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32^(a)(b)			950		945,928
Elmwood CLO V Ltd., Series 2020-2A, Class C, (3 mo. LIBOR US + 2.75%), 3.03%, 07/24/31^(a)(b)			500		502,440
Litigation Fee Residual Funding, 4.00%, 10/30/27^(c)			481		481,162
Madison Park Funding X Ltd., Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.62%, 01/20/29^(a)(b)			500		486,553
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.92%, 04/20/26^(a)(b)			300		298,046
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 5.24%, 01/15/28^(a)(b)			790		740,903
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 5.42%, 10/20/27^(a)(b)			500		413,998
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 6.52%, 07/20/30^(a)(b)			500		481,947
OZLM VIII Ltd., Series 2014-8A, Class CRR, (3 mo. LIBOR US + 3.15%), 3.37%, 10/17/29^(a)(b)			250		243,450
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.76%, 01/20/31^(a)(b)			250		231,816
Palmer Square CLO Ltd., Series 2020-1A, Class C, (3 mo. LIBOR US + 3.00%), 3.22%, 04/20/29^(a)(b)			250		249,329
Palmer Square Loan Funding Ltd., Series 2018-5A, Class B, (3 mo. LIBOR US + 1.90%), 2.12%, 01/20/27^(a)(b)			1,000		990,216
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.22%), 6.44%, 11/14/29^(a)(b)			1,750		1,691,447
Rockford Tower CLO Ltd.^(a)(b)
Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.89%, 04/15/29			250		239,331
Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.09%, 10/15/29			500		492,903
Sterling Coofs Trust^(c)
Series 2004-1, Class A, 2.36%, 04/15/29			1,303		13,035
Series 2004-2, Class Note, 2.08%, 03/30/30^(b)			1,851		18,509
Symphony CLO XVIII Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 4.00%), 4.21%, 01/23/28^(a)(b)			1,000		991,347
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.29%, 04/15/33^(a)(b)			250		238,852
Voya CLO Ltd.^(a)(b)
Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.86%, 07/25/26			250		245,918
Series 2019-3A, Class C, (3 mo. LIBOR US + 2.60%), 2.82%, 10/17/32			1,000		988,397


54		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Asset-Backed Securities (continued)
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.47%, 07/20/28^(a)(b)	USD		500	$	497,599
York CLO Ltd.^(a)(b)
Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.82%, 10/20/29			250		250,118
Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 6.97%, 04/20/32			1,000		940,847

Total Asset-Backed Securities — 4.6% (Cost: $27,633,891)					27,487,746



	Shares

Common Stocks

Construction & Engineering — 0.0%
McDermott International Ltd.^(e)		47,837	38,748


Consumer Finance — 0.0%
Arrow Global Group PLC^(e)		3,932	10,993


Diversified Financial Services — 0.0%
Kcad Holdings I Ltd.^(c)		546,753,936	5,468


Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.^(c)		273	10,601


Health Care Management Services — 0.0%
New Millennium HoldCo, Inc.		8,511	8


Household Durables — 0.0%
Berkline Benchcraft Equity LLC^(c)		3,155	—


Media — 0.0%
Clear Channel Outdoor Holdings, Inc.^(e)		38,911	64,203


Metals & Mining — 0.0%
Ameriforge Group, Inc.		801	14,018
Preferred Proppants LLC^(c)		5,738	8,607

			22,625

Oil, Gas & Consumable Fuels — 0.0%
California Resources Corp.^(e)		700	16,513


Software — 0.0%
Avaya Holdings Corp.^(e)		19	364


Specialty Retail — 0.0%
NMG Parent LLC		1,330	85,918

Total Common Stocks — 0.0% (Cost: $7,786,659)			255,441



		Par (000)
Corporate Bonds

Aerospace & Defense — 2.2%
Amsted Industries, Inc., 5.63%, 07/01/27^(b)	USD		156	165,750
Bombardier, Inc.^(b)
8.75%, 12/01/21^(f)			779	810,160
5.75%, 03/15/22			108	110,189
6.00%, 10/15/22			8	7,853
6.13%, 01/15/23^(f)			338	330,395
7.50%, 12/01/24			135	129,501
7.50%, 03/15/25			33	30,608



Security		Par (000)		Value

Aerospace & Defense (continued)
Bombardier, Inc.^(b)(continued)
7.88%, 04/15/27^(f)	USD		636	$	584,764
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26^(b)			423		410,310
Howmet Aerospace, Inc.
5.87%, 02/23/22^(f)			730		763,763
5.13%, 10/01/24			5		5,504
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25^(b)(f)			378		396,428
Moog, Inc., 4.25%, 12/15/27^(b)			156		161,850
Rolls-Royce PLC, 5.75%, 10/15/27^(b)			218		241,435
Signature Aviation US Holdings, Inc.^(b)
5.38%, 05/01/26			271		277,775
4.00%, 03/01/28			234		235,556
Spirit AeroSystems, Inc., 5.50%, 01/15/25^(b)			181		190,937
TransDigm, Inc.
8.00%, 12/15/25^(b)(f)			815		900,819
6.25%, 03/15/26^(b)(f)			6,032		6,424,080
6.38%, 06/15/26			194		200,790
Triumph Group, Inc., 8.88%, 06/01/24^(b)(f)			851		933,972

					13,312,439

Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24^(b)			18		19,125


Airlines — 1.7%
American Airlines Pass-Through Trust,
Series 2013-2, Class A, 4.95%, 07/15/24^(f)			1,727		1,645,450
American Airlines, Inc., 11.75%, 07/15/25^(b)			945		1,089,821
Avianca Holdings SA, (3 mo. LIBOR US + 10.50% Cash or 12.00% PIK), 10.74%, 11/10/21^(a)(b)(g)			68		63,240
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(b)			136		148,446
Gol Finance SA, 7.00%, 01/31/25^(b)			200		179,312
Latam Finance Ltd., 6.88%, 04/11/24^(b)(e)(h)			203		102,008
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(b)			2,135		2,295,125
United Airlines Pass-Through Trust^(f)
Series 2015-1, Class A, 3.70%, 06/01/24			2,430		2,408,196
Series 2016-1, Class A, 5.88%, 10/15/27			1,903		2,055,644

					9,987,242

Auto Components — 0.9%
Aptiv PLC, 4.40%, 10/01/46			240		258,082
Clarios Global LP, 6.75%, 05/15/25^(b)			540		581,850
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26	EUR		100		126,551
6.25%, 05/15/26^(b)(f)	USD		1,526		1,636,635
8.50%, 05/15/27^(b)(f)			2,098		2,279,287
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(b).			334		351,679
Faurecia SE, 3.75%, 06/15/28	EUR		100		128,120
ZF Finance GmbH
3.00%, 09/21/25			100		126,135
3.75%, 09/21/28			100		131,022

					5,619,361

Automobiles — 1.8%
Allison Transmission, Inc.^(b)
5.88%, 06/01/29^(f)	USD		396		437,580
3.75%, 01/30/31			311		318,192
Asbury Automotive Group, Inc.
4.50%, 03/01/28			129		134,483
4.75%, 03/01/30			124		132,990
FCE Bank PLC, 1.62%, 05/11/23	EUR		100		122,228


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Automobiles (continued)
Ford Motor Co.
8.50%, 04/21/23	USD		982	$	1,105,251
4.35%, 12/08/26			11		11,715
5.29%, 12/08/46			48		50,160
Ford Motor Credit Co. LLC^(f)
5.88%, 08/02/21			522		534,267
2.98%, 08/03/22			449		456,498
3.35%, 11/01/22			215		218,762
3.81%, 01/09/24			629		644,725
4.06%, 11/01/24			200		210,114
5.13%, 06/16/25			690		750,237
4.13%, 08/04/25			411		431,036
3.38%, 11/13/25			200		205,472
4.39%, 01/08/26			400		419,872
5.11%, 05/03/29			526		585,806
General Motors Co.
6.13%, 10/01/25			254		308,094
6.80%, 10/01/27^(f)			534		686,249
5.00%, 10/01/28			61		72,582
General Motors Financial Co., Inc.
4.38%, 09/25/21^(f)			530		544,311
2.75%, 06/20/25			352		376,395
5.65%, 01/17/29			67		83,019
Group 1 Automotive, Inc., 4.00%, 08/15/28^(b)			252		259,757
Ken Garff Automotive LLC, 4.88%, 09/15/28^(b)			122		126,880
Navistar International Corp., 6.63%, 11/01/25^(b)			324		339,439
Nissan Motor Co. Ltd., 4.81%, 09/17/30^(b)			305		343,435
Penske Automotive Group, Inc.
3.50%, 09/01/25			214		217,478
5.50%, 05/15/26			32		33,240
Renault SA, 2.38%, 05/25/26	EUR		100		123,539
Tesla, Inc., 5.30%, 08/15/25^(b)(f)	USD		422		439,935
Wabash National Corp., 5.50%, 10/01/25^(b)			241		245,820

					10,969,561

Banks — 1.7%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR		100		125,243
Banco de Sabadell SA, (5 year EUR Swap + 2.20%), 2.00%, 01/17/30^(a)			100		118,465
Banco Espirito Santo SA^(e)(h)
4.75%, 01/15/21^(a)			100		15,882
4.00%, 01/21/21			100		15,881
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29^(a)	USD		200		210,000
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%^(a)(i)			201		209,354
Banistmo SA, 3.65%, 09/19/22			200		205,000
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		203,188
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%^(a)(i)			250		253,906
CIT Group, Inc., 5.00%, 08/01/23^(f)			382		417,335
Commerzbank AG, (5 year EUR Swap + 4.35%), 4.00%, 12/05/30^(a)	EUR		100		133,384
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%^(a)(i)	USD		250		266,250
Grupo Aval Ltd., 4.38%, 02/04/30^(b)			200		212,688
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(b)(f)			2,442		2,671,738
Itau Unibanco Holding SA, 5.13%, 05/13/23^(b)			200		213,438



Security		Par (000)		Value

Banks (continued)
Santander Holdings USA, Inc., 4.50%, 07/17/25^(f)	USD		1,750	$	1,985,480
Santander UK Group Holdings PLC, 2.88%, 08/05/21^(f)			950		963,305
Standard Chartered PLC, (3 mo. LIBOR US + 1.08%), 3.89%, 03/15/24^(a)(b)(f)			1,500		1,595,542
Unione di Banche Italiane SpA, (5 year EUR Swap + 5.75%), 5.88%, 03/04/29^(a)	EUR		100		136,468

					9,952,547

Beverages — 1.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46^(f)	USD		800		1,040,184
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(b)(f)(g)			891		951,143
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)			244		257,420
4.13%, 08/15/26^(b)(f)			276		288,420
4.75%, 07/15/27	GBP		100		141,708
4.75%, 07/15/27^(b)			100		141,708
5.25%, 08/15/27^(b)(f)	USD		652		684,476
Ball Corp., 4.88%, 03/15/26			86		97,137
Canpack SA/Eastern PA Land Investment Holding LLC, 3.13%, 11/01/25^(b)			211		210,473
Central American Bottling Corp.
5.75%, 01/31/27^(b)			176		186,450
5.75%, 01/31/27			105		111,234
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			34		41,395
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(b)(f)			794		809,666
OI European Group BV, 2.88%, 02/15/25	EUR		100		123,689
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		58		60,248
Trivium Packaging Finance BV
3.75%, 08/15/26	EUR		100		125,463
5.50%, 08/15/26^(b)(f)	USD		1,004		1,061,730
8.50%, 08/15/27^(b)(f)			1,367		1,496,865

					7,829,409

Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28^(b)			76		78,698


Building Materials — 0.9%
Boise Cascade Co., 4.88%, 07/01/30^(b)			136		147,220
Cemex SAB de CV, 5.45%, 11/19/29			200		219,750
Cornerstone Building Brands, Inc., 6.13%, 01/15/29^(b)			362		384,625
CP Atlas Buyer, Inc., 7.00%, 12/01/28^(b)			93		96,720
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25^(b)			410		440,750
Griffon Corp., 5.75%, 03/01/28			87		92,002
James Hardie International Finance DAC, 5.00%, 01/15/28^(b)			200		212,434
Jeld-Wen, Inc.^(b)
6.25%, 05/15/25			146		157,680
4.63%, 12/15/25			55		56,128
4.88%, 12/15/27			17		17,978
Masonite International Corp.^(b)
5.75%, 09/15/26			86		89,870
5.38%, 02/01/28			101		108,449
Norbord, Inc., 6.25%, 04/15/23^(b)			152		164,920
SRM Escrow Issuer LLC, 6.00%, 11/01/28^(b)			1,188		1,241,644


56		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Building Materials (continued)
Standard Industries, Inc.
2.25%, 11/21/26	EUR		100	$	123,226
5.00%, 02/15/27^(b)	USD		174		181,830
4.75%, 01/15/28^(b)			46		48,415
4.38%, 07/15/30^(b)(f)			479		512,401
3.38%, 01/15/31^(b)(f)			628		631,140
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29^(b)			235		246,750

					5,173,932

Building Products^(b)— 0.3%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27			262		275,199
LBM Acquisition LLC, 6.25%, 01/15/29			198		204,435
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26			388		411,179
SRS Distribution, Inc., 8.25%, 07/01/26^(f)			466		495,125
White Cap Buyer LLC, 6.88%, 10/15/28			495		527,794

					1,913,732

Capital Markets — 0.5%
Charles Schwab Corp., (10 year CMT + 3.08%), 4.00%^(a)(i)			835		878,838
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 02/01/22^(f)			299		299,748
4.75%, 09/15/24			93		96,604
6.38%, 12/15/25			120		124,140
6.25%, 05/15/26			366		387,557
5.25%, 05/15/27^(f)			489		524,208
Intercorp Peru Ltd., 3.88%, 08/15/29^(b)			225		233,156
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(g)	EUR		100		124,303
NFP Corp., 6.88%, 08/15/28^(b)	USD		221		235,957
Owl Rock Capital Corp., 5.25%, 04/15/24^(f)			88		95,240
RP Escrow Issuer LLC, 5.25%, 12/15/25^(b)			156		163,029

					3,162,780

Chemicals — 1.6%
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23^(b)(f)(g)			656		660,920
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25^(b)(f)			1,830		1,862,025
Axalta Coating Systems LLC, 3.38%, 02/15/29^(b)			297		297,000
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27^(b).			170		180,838
Blue Cube Spinco LLC
9.75%, 10/15/23			52		53,430
10.00%, 10/15/25^(f)			380		402,325
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(a)(b)			278		310,057
Element Solutions, Inc., 3.88%, 09/01/28^(b)(f)			1,191		1,225,241
Equate Petrochemical BV, 4.25%, 11/03/26^(b)			211		234,803
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(b).			165		169,950
HB Fuller Co., 4.25%, 10/15/28			98		100,450
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(b)			360		396,000
INEOS Finance PLC, 3.38%, 03/31/26	EUR		100		125,860
Ingevity Corp., 3.88%, 11/01/28^(b)	USD		84		84,630
Minerals Technologies, Inc., 5.00%, 07/01/28^(b)			169		176,842
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		126,459
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)	USD		67		69,764



Security		Par (000)		Value

Chemicals (continued)
Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48^(b)	USD		200	$	240,562
PQ Corp., 5.75%, 12/15/25^(b)(f)			543		557,254
Valvoline, Inc.
4.38%, 08/15/25			130		134,260
4.25%, 02/15/30^(b)			126		133,560
3.63%, 06/15/31^(b)(j)			1		1,026
WESCO Distribution, Inc.^(b)(f)
7.13%, 06/15/25			676		743,485
7.25%, 06/15/28			616		700,571
WR Grace & Co-Conn^(b)
5.63%, 10/01/24			216		233,010
4.88%, 06/15/27			189		200,438
Yingde Gases Investment Ltd., 6.25%, 01/19/23			200		206,125

					9,626,885

Commercial Services & Supplies — 0.6%
ADT Security Corp.
4.13%, 06/15/23			9		9,595
4.88%, 07/15/32^(b)(f)			575		623,156
APX Group, Inc.
7.88%, 12/01/22^(f)			252		252,630
8.50%, 11/01/24			60		63,000
ASGN, Inc., 4.63%, 05/15/28^(b)			91		94,640
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/01/25^(b)			75		78,383
Herc Holdings, Inc., 5.50%, 07/15/27^(b)			383		405,980
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		124,580
Prime Security Services Borrower LLC/Prime Finance, Inc.^(b)
5.25%, 04/15/24	USD		141		150,518
5.75%, 04/15/26^(f)			320		350,400
3.38%, 08/31/27			341		338,443
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(b)			187		192,470
United Rentals North America, Inc.
5.88%, 09/15/26			17		17,998
5.50%, 05/15/27			339		362,730
3.88%, 11/15/27			178		186,455
5.25%, 01/15/30			161		178,710
4.00%, 07/15/30			70		73,675

					3,503,363

Communications Equipment — 0.6%
Avaya, Inc., 6.13%, 09/15/28^(b)(f)			606		647,366
CommScope Technologies LLC^(b)
6.00%, 06/15/25			360		368,100
5.00%, 03/15/27			240		236,400
CommScope, Inc.^(b)
5.50%, 03/01/24^(f)			749		772,219
6.00%, 03/01/26			358		377,189
8.25%, 03/01/27			39		41,632
7.13%, 07/01/28			35		37,275
Nokia OYJ
3.38%, 06/12/22			106		109,545
4.38%, 06/12/27			149		162,503
ViaSat, Inc.^(b)(f)
5.63%, 04/15/27			545		572,250
6.50%, 07/15/28			477		516,214

					3,840,693

Construction & Engineering — 0.1%
frontdoor, Inc., 6.75%, 08/15/26^(b)(f)			473		504,336


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Construction & Engineering (continued)
KBR, Inc., 4.75%, 09/30/28^(b)	USD		186	$	193,905
SPIE SA, 2.63%, 06/18/26	EUR		100		127,785

					826,026

Construction Materials^(b)— 0.9%
American Builders & Contractors Supply Co., Inc.
5.88%, 05/15/26	USD		412		426,935
4.00%, 01/15/28^(f)			375		388,125
Core & Main LP, 6.13%, 08/15/25^(f)			1,743		1,801,826
H&E Equipment Services, Inc., 3.88%, 12/15/28			128		129,370
IAA, Inc., 5.50%, 06/15/27			372		394,320
KAR Auction Services, Inc., 5.13%, 06/01/25^(f)			380		391,031
Picasso Finance Sub, Inc., 6.13%, 06/15/25^(f)			499		533,930
Williams Scotsman International, Inc., 4.63%, 08/15/28			243		251,505
Winnebago Industries, Inc., 6.25%, 07/15/28			137		147,275
Wolverine Escrow LLC
8.50%, 11/15/24^(f)			256		244,232
9.00%, 11/15/26			913		864,200

					5,572,749

Consumer Discretionary — 0.2%
Carnival Corp.
11.50%, 04/01/23^(b)			281		325,038
10.13%, 02/01/26	EUR		100		141,031
9.88%, 08/01/27^(b)	USD		172		197,800
Nielsen Finance LLC/Nielsen Finance Co.^(b)
5.63%, 10/01/28			479		520,457
5.88%, 10/01/30			239		270,369

					1,454,695

Consumer Finance — 1.6%
Equifax, Inc., 2.60%, 12/15/25			59		63,684
MPH Acquisition Holdings LLC, 5.75%, 11/01/28^(b)(f)			723		710,564
Muthoot Finance Ltd.
6.13%, 10/31/22^(b)			427		446,749
4.40%, 09/02/23			200		203,625
Navient Corp.
7.25%, 09/25/23			129		141,381
6.13%, 03/25/24			86		91,805
5.88%, 10/25/24			82		87,125
5.00%, 03/15/27			258		260,258
OneMain Finance Corp.
6.13%, 05/15/22			70		74,200
6.88%, 03/15/25			226		262,442
7.13%, 03/15/26			374		442,255
6.63%, 01/15/28			221		262,437
5.38%, 11/15/29			78		87,750
4.00%, 09/15/30			100		103,761
PayPal Holdings, Inc., 1.65%, 06/01/25			162		169,255
Refinitiv US Holdings, Inc.^(b)
4.50%, 05/15/26	EUR		400		513,704
6.25%, 05/15/26^(f)	USD		1,444		1,541,470
8.25%, 11/15/26^(f)			972		1,060,695
Sabre GLBL, Inc.^(b)
5.25%, 11/15/23			43		43,538
9.25%, 04/15/25			227		270,130
7.38%, 09/01/25			252		273,420



Security		Par (000)		Value

Consumer Finance (continued)
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(b)	USD		284	$	295,360
Verscend Escrow Corp., 9.75%, 08/15/26^(b)(f)			1,758		1,905,232
WEX, Inc., 4.75%, 02/01/23^(b)			203		203,254

					9,514,094

Containers & Packaging — 0.4%
Celulosa Arauco y Constitucion SA, 4.20%, 01/29/30			200		225,625
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			196		216,021
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			424		439,900
Graham Packaging Co., Inc., 7.13%, 08/15/28^(b)			60		66,300
Graphic Packaging International LLC^(b)
4.75%, 07/15/27			89		98,568
3.50%, 03/15/28			68		70,465
3.50%, 03/01/29			109		111,452
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28^(b)			162		166,455
Intertape Polymer Group, Inc., 7.00%, 10/15/26^(b)			201		213,163
LABL Escrow Issuer LLC^(b)
6.75%, 07/15/26^(f)			380		411,529
10.50%, 07/15/27			176		198,220
Sealed Air Corp.^(b)
5.13%, 12/01/24			46		50,140
6.88%, 07/15/33			44		58,080
Suzano Austria GmbH, 3.75%, 01/15/31			105		111,300

					2,437,218

Diversified Consumer Services — 0.9%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(b)(f)
6.63%, 07/15/26			1,998		2,130,467
9.75%, 07/15/27			623		679,070
Ascend Learning LLC^(b)
6.88%, 08/01/25^(f)			690		709,837
6.88%, 08/01/25			317		325,718
Garda World Security Corp.^(b)
4.63%, 02/15/27			284		286,840
9.50%, 11/01/27^(f)			191		211,533
Graham Holdings Co., 5.75%, 06/01/26^(b)			140		147,000
Laureate Education, Inc., 8.25%, 05/01/25^(b)			114		120,840
Service Corp. International
5.13%, 06/01/29			238		263,585
3.38%, 08/15/30^(f)			263		273,575
Sotheby’s, 7.38%, 10/15/27^(b)(f)			451		483,134

					5,631,599

Diversified Financial Services — 2.0%
Ally Financial, Inc., 8.00%, 11/01/31^(f)			1,543		2,264,923
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		136,187
Barclays PLC^(f)
3.65%, 03/16/25	USD		3,600		3,960,490
5.20%, 05/12/26			200		232,544
Central Garden & Pet Co., 4.13%, 10/15/30			188		195,990
Citigroup, Inc., (5 year CMT + 3.60%), 4.00%^(a)(i)			155		159,069
Credit Suisse Group AG, (5 year CMT + 3.55%), 4.50%^(a)(b)(i)			200		200,980


58		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Diversified Financial Services (continued)
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(b)(g)	USD		216	$	192,369
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%^(a)(f)(i)			730		772,282
HSBC Holdings PLC, 4.38%, 11/23/26^(f)			395		455,761
Intrum AB, 3.00%, 09/15/27	EUR		100		117,095
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(b)
5.25%, 03/15/22	USD		23		23,115
4.25%, 02/01/27^(f)			315		309,488
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%^(a)(f)(i)			450		504,562
Manappuram Finance Ltd., 5.90%, 01/13/23			200		206,688
Morgan Stanley, 4.00%, 07/23/25^(f)			965		1,104,319
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(b)			300		311,812
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22			420		430,106
Spectrum Brands, Inc.^(b)
5.00%, 10/01/29			178		191,154
5.50%, 07/15/30			154		165,935

					11,934,869

Diversified Telecommunication Services — 3.1%
Axtel SAB de CV, 6.38%, 11/14/24^(b)			200		208,437
CenturyLink, Inc.
5.13%, 12/15/26^(b)(f)			1,047		1,105,590
4.00%, 02/15/27^(b)(f)			349		360,342
4.50%, 01/15/29^(b)			630		641,025
Series P, 7.60%, 09/15/39^(f)			322		391,230
Series U, 7.65%, 03/15/42^(f)			447		540,870
Series W, 6.75%, 12/01/23^(f)			512		570,240
Series Y, 7.50%, 04/01/24^(f)			516		584,370
Cincinnati Bell, Inc.^(b)
7.00%, 07/15/24			144		149,760
8.00%, 10/15/25			67		71,439
Consolidated Communications, Inc., 6.50%, 10/01/28^(b)(f)			471		503,970
Frontier Communications Corp.^(b)
5.88%, 10/15/27^(f)			462		499,537
5.00%, 05/01/28			674		702,645
6.75%, 05/01/29			418		447,260
Intelsat Jackson Holdings SA, 8.00%, 02/15/24^(b)(f)			476		487,305
Level 3 Financing, Inc.
5.38%, 05/01/25			90		92,561
4.63%, 09/15/27^(b)			111		115,932
4.25%, 07/01/28^(b)(f)			820		842,550
3.63%, 01/15/29^(b)			432		430,920
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(g)			206		219,326
SoftBank Group Corp.
4.50%, 04/20/25	EUR		100		130,717
4.75%, 07/30/25			100		132,952
5.00%, 04/15/28			100		136,031
Sprint Capital Corp.^(f)
6.88%, 11/15/28	USD		1,245		1,641,508
8.75%, 03/15/32			659		1,043,444
Switch Ltd., 3.75%, 09/15/28^(b)			316		320,740
Telecom Italia Capital SA
6.38%, 11/15/33			222		273,060



Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued)
6.00%, 09/30/34	USD		432	$	526,215
7.20%, 07/18/36			98		132,219
7.72%, 06/04/38			173		240,470
Telecom Italia SpA
4.00%, 04/11/24	EUR		150		197,970
5.30%, 05/30/24^(b)(f)	USD		400		435,000
Verizon Communications, Inc., 3.38%, 02/15/25^(f)			156		173,259
Zayo Group Holdings, Inc.^(b)(f)
4.00%, 03/01/27			2,639		2,645,597
6.13%, 03/01/28			1,349		1,426,567

					18,421,058

Education — 0.0%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		207,000


Electric Utilities — 0.7%
Black Hills Corp., 3.15%, 01/15/27^(f)			305		331,784
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(b)			275		294,336
Enel Finance International NV, 3.63%, 05/25/27^(b)(f).			900		1,021,247
Energuate Trust, 5.88%, 05/03/27^(b)			200		211,125
Exelon Corp., 3.40%, 04/15/26^(f)			140		157,689
FirstEnergy Corp.
2.65%, 03/01/30			26		26,083
Series B, 3.90%, 07/15/27			95		104,718
Series B, 2.25%, 09/01/30			21		20,313
Series C, 4.85%, 07/15/47			461		573,712
Series C, 3.40%, 03/01/50			189		181,030
FirstEnergy Transmission LLC^(b)
5.45%, 07/15/44			298		378,121
4.55%, 04/01/49			144		168,168
NextEra Energy Operating Partners LP^(b)
4.25%, 07/15/24^(f)			361		386,270
4.25%, 09/15/24			9		9,630
PG&E Corp., 5.25%, 07/01/30			339		372,900
Pike Corp., 5.50%, 09/01/28^(b)			250		264,063
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.^(c)(e)(h)
11.50%, 10/01/20			300		—
Term Loan, 1.00%, 11/10/21^(a)			780		—

					4,501,189

Electrical Equipment^(b)— 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			352		369,600
GrafTech Finance, Inc., 4.63%, 12/15/28			136		137,530

					507,130

Electronic Equipment, Instruments & Components — 0.3%
BWX Technologies, Inc.^(b)
5.38%, 07/15/26			209		217,099
4.13%, 06/30/28			251		261,354
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25			188		196,682
3.25%, 02/15/29^(f)			397		404,821
Energizer Holdings, Inc.^(b)
4.75%, 06/15/28			256		269,440
4.38%, 03/31/29			19		19,675


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Electronic Equipment, Instruments & Components (continued)
Itron, Inc., 5.00%, 01/15/26^(b)	USD		25	$	25,531
Xerox Corp., 4.80%, 03/01/35			203		204,522

					1,599,124

Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.^(b)
6.88%, 04/01/27			213		229,241
6.25%, 04/01/28			206		214,438
ChampionX Corp., 6.38%, 05/01/26			239		241,390
Halliburton Co., 3.80%, 11/15/25^(f)			7		7,851
Pioneer Energy Services Corp.^(b)(c)(g)
(11.00% Cash), 11.00%, 05/15/25			111		88,754
(5.00% PIK), 5.00%, 11/15/25			78		42,021
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			336		351,120
6.88%, 09/01/27^(f)			570		608,520

					1,783,335

Environmental, Maintenance, & Security Service — 0.5%
Clean Harbors, Inc.^(b)(f)
4.88%, 07/15/27			250		260,828
5.13%, 07/15/29			172		187,910
Covanta Holding Corp., 5.00%, 09/01/30			91		97,364
GFL Environmental, Inc.^(b)
4.25%, 06/01/25			86		89,225
3.75%, 08/01/25			266		272,650
5.13%, 12/15/26^(f)			563		598,891
8.50%, 05/01/27			233		258,630
4.00%, 08/01/28			337		339,527
3.50%, 09/01/28			324		329,873
Stericycle Inc., 3.88%, 01/15/29^(b)			162		166,455
Tervita Corp., 11.00%, 12/01/25^(b)			113		121,593
Waste Pro USA, Inc., 5.50%, 02/15/26^(b)(f)			471		481,597

					3,204,543

Equity Real Estate Investment Trusts (REITs) — 1.6%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26^(b)			141		138,885
ERP Operating LP, 3.38%, 06/01/25^(f)			1,015		1,121,792
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(b)			273		281,459
Iron Mountain, Inc.^(b)
4.88%, 09/15/29			32		33,760
5.25%, 07/15/30^(f)			654		706,320
5.63%, 07/15/32^(f)			469		517,073
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			229		228,857
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24^(f)			1,334		1,448,924
4.63%, 06/15/25^(b)			455		487,305
4.50%, 09/01/26^(f)			637		685,348
5.75%, 02/01/27			27		30,291
4.50%, 01/15/28			432		459,596
3.88%, 02/15/29^(b)			426		435,585
MPT Operating Partnership LP/MPT Finance Corp.^(f)
5.00%, 10/15/27			139		147,861
4.63%, 08/01/29			399		426,431



Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
MPT Operating Partnership LP/MPT Finance Corp.^(f)(continued)
3.50%, 03/15/31	USD		463	$	478,048
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27^(f)			604		625,140
Starwood Property Trust, Inc., 5.00%, 12/15/21			234		237,924
Trust Fibra Uno, 6.95%, 01/30/44			200		244,438
Ventas Realty LP, 4.13%, 01/15/26^(f)			650		747,708

					9,482,745

Food & Staples Retailing — 1.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.75%, 03/15/25			11		11,330
3.25%, 03/15/26^(b)(f)			582		590,730
7.50%, 03/15/26^(b)(f)			107		119,738
4.63%, 01/15/27^(b)(f)			766		814,832
5.88%, 02/15/28^(b)			320		348,221
4.88%, 02/15/30^(b)			211		232,497
BRF GmbH, 4.35%, 09/29/26			200		210,750
Cydsa SAB de CV, 6.25%, 10/04/27^(b)			252		265,230
Grupo KUO SAB de CV, 5.75%, 07/07/27^(b)			200		210,438
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		208,313
Kraft Heinz Foods Co.
4.25%, 03/01/31^(b)(f)			709		790,576
5.00%, 07/15/35			127		153,955
6.88%, 01/26/39^(f)			233		322,858
4.63%, 10/01/39^(b)			77		85,975
6.50%, 02/09/40			155		209,515
5.00%, 06/04/42			129		151,352
5.20%, 07/15/45			351		417,358
4.38%, 06/01/46^(f)			377		407,893
4.88%, 10/01/49^(b)(f)			1,062		1,238,954
5.50%, 06/01/50^(b)(f)			1,247		1,570,911
Lamb Weston Holdings, Inc., 4.88%, 05/15/28^(b)(f)			313		349,386
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23^(a)	EUR		100		121,860
Post Holdings, Inc.^(b)
5.75%, 03/01/27	USD		253		267,864
5.63%, 01/15/28			73		77,745
5.50%, 12/15/29^(f)			230		250,987
4.63%, 04/15/30^(f)			325		341,887

					9,771,155

Food Products^(b)— 0.9%
Aramark Services, Inc.^(f)
5.00%, 04/01/25			623		641,690
6.38%, 05/01/25			243		259,706
5.00%, 02/01/28			658		693,367
Chobani LLC/Chobani Finance Corp., Inc.^(f)
7.50%, 04/15/25			512		536,883
4.63%, 11/15/28			269		273,035
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%^(a)(i)			200		214,625
JBS USA LUX SA/JBS USA Finance, Inc.
5.75%, 06/15/25^(f)			1,006		1,037,940
6.75%, 02/15/28			361		403,982
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29^(f)			492		572,737
MHP Lux SA, 6.25%, 09/19/29			200		204,063


60		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Food Products (continued)
Minerva Luxembourg SA, 6.50%, 09/20/26	USD		200	$	209,688
Simmons Foods, Inc., 7.75%, 01/15/24			270		281,138

					5,328,854

Health Care Equipment & Supplies^(b)— 0.5%
Avantor Funding, Inc., 4.63%, 07/15/28^(f)			959		1,014,142
Hologic, Inc.
4.63%, 02/01/28			206		218,618
3.25%, 02/15/29			146		148,555
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^(f)
7.38%, 06/01/25			589		627,285
7.25%, 02/01/28			1,224		1,291,320

					3,299,920

Health Care Providers & Services — 3.7%
Acadia Healthcare Co., Inc.
5.63%, 02/15/23			33		33,083
5.50%, 07/01/28^(b)			204		219,106
5.00%, 04/15/29^(b)			171		182,543
AdaptHealth LLC, 6.13%, 08/01/28^(b)			147		157,841
AHP Health Partners, Inc., 9.75%, 07/15/26^(b)			353		389,624
Centene Corp.
5.38%, 06/01/26^(b)(f)			336		354,383
5.38%, 08/15/26^(b)			278		293,637
4.25%, 12/15/27^(f)			517		548,020
4.63%, 12/15/29^(f)			1,535		1,704,172
3.00%, 10/15/30			258		273,454
CHS/Community Health Systems, Inc.^(b)
8.63%, 01/15/24^(f)			680		708,900
6.63%, 02/15/25^(f)			499		525,188
8.00%, 03/15/26^(f)			1,331		1,434,152
5.63%, 03/15/27			824		886,006
6.00%, 01/15/29			604		652,477
Encompass Health Corp., 4.63%, 04/01/31			102		109,140
HCA, Inc.
5.38%, 02/01/25^(f)			490		551,020
5.88%, 02/15/26			46		52,900
5.38%, 09/01/26^(f)			430		494,242
5.63%, 09/01/28^(f)			692		816,560
5.88%, 02/01/29^(f)			516		620,996
3.50%, 09/01/30^(f)			895		951,006
5.50%, 06/15/47^(f)			650		868,212
Legacy LifePoint Health LLC^(b)
6.75%, 04/15/25			190		204,024
4.38%, 02/15/27			217		217,271
LifePoint Health, Inc., 5.38%, 01/15/29^(b)			151		150,675
Molina Healthcare, Inc.^(b)
4.38%, 06/15/28			258		271,545
3.88%, 11/15/30			231		247,747
Providence Service Corp., 5.88%, 11/15/25^(b)			71		75,083
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(b)			53		58,300
Surgery Center Holdings, Inc.^(b)(f)
6.75%, 07/01/25			611		621,692
10.00%, 04/15/27			434		479,570
Teleflex, Inc.
4.88%, 06/01/26			87		90,592
4.63%, 11/15/27			58		62,333
4.25%, 06/01/28^(b)(f)			368		390,080
Tenet Healthcare Corp. 4.63%, 07/15/24^(f)			514		526,860



Security		Par (000)		Value

Health Care Providers & Services (continued)
Tenet Healthcare Corp. (continued)
4.63%, 09/01/24^(b)(f)	USD		367	$	378,927
7.50%, 04/01/25^(b)			163		178,078
4.88%, 01/01/26^(b)(f)			1,596		1,669,592
6.25%, 02/01/27^(b)(f)			169		179,140
5.13%, 11/01/27^(b)(f)			959		1,015,341
4.63%, 06/15/28^(b)			81		84,848
6.13%, 10/01/28^(b)(f)			430		448,051
UnitedHealth Group, Inc., 3.75%, 07/15/25^(f)			1,470		1,674,824
Vizient, Inc., 6.25%, 05/15/27^(b)			407		437,525

					22,288,760

Health Care Technology — 0.7%
Catalent Pharma Solutions, Inc.
4.88%, 01/15/26^(b)			324		330,480
5.00%, 07/15/27^(b)(f)			365		385,491
2.38%, 03/01/28	EUR		100		122,426
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(b)(f)	USD		791		806,820
Charles River Laboratories International, Inc.^(b)
5.50%, 04/01/26^(f)			207		216,812
4.25%, 05/01/28			159		166,553
IQVIA, Inc.
3.25%, 03/15/25	EUR		148		182,612
5.00%, 10/15/26^(b)(f)	USD		463		483,835
5.00%, 05/15/27^(b)(f)			637		677,147
Mednax, Inc.^(b)
5.25%, 12/01/23			168		170,066
6.25%, 01/15/27			245		262,753
Syneos Health, Inc., 3.63%, 01/15/29^(b)(f)			465		466,286
Synlab Bondco PLC, (3 mo. EURIBOR + 4.75%), 4.75%, 07/01/25^(a)	EUR		100		124,578

					4,395,859

Hotels, Restaurants & Leisure — 4.7%
1011778 BC ULC/New Red Finance, Inc.^(b)
5.75%, 04/15/25	USD		207		221,490
3.88%, 01/15/28			423		429,671
4.38%, 01/15/28			302		311,060
3.50%, 02/15/29			97		96,879
4.00%, 10/15/30			62		62,833
Accor SA, 0.70%, 12/07/27	EUR		47		29,881
Boyd Gaming Corp.
8.63%, 06/01/25^(b)	USD		97		107,882
6.38%, 04/01/26			146		151,666
6.00%, 08/15/26			112		116,200
4.75%, 12/01/27			179		185,936
Boyne USA, Inc., 7.25%, 05/01/25^(b)(f)			254		266,382
Caesars Entertainment, Inc.^(b)(f)
6.25%, 07/01/25			1,466		1,561,290
8.13%, 07/01/27			1,045		1,156,839
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(b)(f)			478		506,478
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(b)(f)			504		525,420
Churchill Downs, Inc.^(b)
5.50%, 04/01/27^(f)			899		951,816
4.75%, 01/15/28			358		376,795
Cirsa Finance International Sarl, 4.75%, 05/22/25	EUR		100		118,867
Fortune Star BVI Ltd. 5.95%, 01/29/23	USD		200		205,250


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Fortune Star BVI Ltd. (continued)
6.75%, 07/02/23	USD		250	$	263,047
5.95%, 10/19/25			475		496,969
GLP Capital LP/GLP Financing II, Inc.
5.25%, 06/01/25^(f)			333		374,652
5.38%, 04/15/26			174		199,695
Golden Nugget, Inc., 6.75%, 10/15/24^(b)(f)			1,462		1,451,503
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25^(b)			145		154,062
5.13%, 05/01/26^(f)			650		671,125
5.75%, 05/01/28^(b)			99		107,662
4.88%, 01/15/30^(f)			1,042		1,138,385
4.00%, 05/01/31^(b)			411		433,650
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/26^(b)(f)			368		381,800
Las Vegas Sands Corp.
2.90%, 06/25/25			52		54,415
3.50%, 08/18/26			47		50,294
3.90%, 08/08/29			43		46,244
Marriott International, Inc., Series EE, 5.75%, 05/01/25			178		208,207
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			40		41,800
McDonald’s Corp., 3.70%, 01/30/26^(f)			405		461,331
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		261,250
MGM China Holdings Ltd., 5.88%, 05/15/26			250		263,410
MGM Resorts International
7.75%, 03/15/22^(f)			575		612,375
6.00%, 03/15/23^(f)			416		446,680
5.75%, 06/15/25			29		32,064
Powdr Corp., 6.00%, 08/01/25^(b)			212		223,130
Scientific Games International, Inc.
8.63%, 07/01/25^(b)			203		222,285
5.00%, 10/15/25^(b)(f)			867		894,649
3.38%, 02/15/26	EUR		100		121,096
8.25%, 03/15/26^(b)(f)	USD		565		608,844
7.00%, 05/15/28^(b)			174		187,087
7.25%, 11/15/29^(b)			51		55,972
Six Flags Theme Parks, Inc., 7.00%, 07/01/25^(b)(f)			753		813,240
Spirit Issuer PLC, Series A5, 5.47%, 12/28/34	GBP		4,500		6,377,184
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25			100		138,459
Studio City Finance Ltd., 7.25%, 02/11/24	USD		250		260,156
Vail Resorts, Inc., 6.25%, 05/15/25^(b)			154		164,395
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(b)			158		164,170
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(b)			192		197,904
Wynn Macau Ltd., 5.50%, 10/01/27			200		206,875
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.^(b)
7.75%, 04/15/25			239		259,016
5.13%, 10/01/29^(f)			584		611,740
Yum! Brands, Inc.
7.75%, 04/01/25^(b)(f)			395		437,462
4.75%, 01/15/30^(b)(f)			358		392,547



Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc. (continued)
3.63%, 03/15/31	USD		130	$	131,408
5.35%, 11/01/43			71		80,230

					28,081,104
Household Durables — 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.^(b)
6.25%, 09/15/27			217		230,834
4.88%, 02/15/30			412		425,905
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(b)			232		247,950
Controladora Mabe SA de CV, 5.60%, 10/23/28^(b)			200		235,750
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(b)			307		322,350
Lennar Corp.
4.75%, 05/30/25			4		4,570
5.25%, 06/01/26			28		33,180
4.75%, 11/29/27^(f)			137		161,907
Mattamy Group Corp., 4.63%, 03/01/30^(b)			233		246,980
MDC Holdings, Inc., 6.00%, 01/15/43			203		272,131
Meritage Homes Corp., 5.13%, 06/06/27			50		55,875
NCR Corp.^(b)
5.75%, 09/01/27			220		233,750
5.00%, 10/01/28			110		116,050
6.13%, 09/01/29			92		101,890
5.25%, 10/01/30			111		119,047
PulteGroup, Inc.
5.00%, 01/15/27			24		28,320
7.88%, 06/15/32			21		31,421
6.38%, 05/15/33^(f)			469		642,577
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			245		277,663
5.13%, 08/01/30			149		166,880
Tempur Sealy International, Inc., 5.50%, 06/15/26			180		187,326
Toll Brothers Finance Corp., 4.35%, 02/15/28			12		13,320
TRI Pointe Group, Inc., 5.25%, 06/01/27			15		16,312
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24			11		12,007

					4,183,995
Household Products — 0.0%
ACCO Brands Corp., 5.25%, 12/15/24^(b)			85		87,338
Berkline Benchcraft LLC, 4.50%, 06/01/21^(a)(c)(e)(h)			200		—
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc., 5.00%, 12/31/26^(b)			72		75,111

					162,449
Independent Power and Renewable Electricity Producers — 1.4%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24			200		221,187
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		212,875
Calpine Corp.^(b)
5.25%, 06/01/26^(f)			481		497,594
4.50%, 02/15/28^(f)			581		604,240
5.13%, 03/15/28^(f)			1,275		1,341,262
4.63%, 02/01/29^(f)			359		369,153
5.00%, 02/01/31			373		389,785
3.75%, 03/01/31			241		238,670


62		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Independent Power and Renewable Electricity Producers (continued)
Clearway Energy Operating LLC
5.75%, 10/15/25	USD		214	$	225,235
4.75%, 03/15/28^(b)(f)			287		307,807
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/21			200		200,500
Greenko Dutch BV, 5.25%, 07/24/24			200		207,500
Greenko Mauritius Ltd., 6.25%, 02/21/23			200		207,500
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			200		215,187
India Green Energy Holdings 5.38%, 04/29/24^(b)			250		262,812
5.38%, 04/29/24			250		262,812
NRG Energy, Inc. 6.63%, 01/15/27^(f)			745		786,750
5.75%, 01/15/28			63		68,828
5.25%, 06/15/29^(b)(f)			253		278,300
3.63%, 02/15/31^(b)			396		407,405
ReNew Power Pvt Ltd., 5.88%, 03/05/27			200		212,063
ReNew Power Synthetic, 6.67%, 03/12/24			200		210,938
TerraForm Power Operating LLC^(b) 4.25%, 01/31/23			106		109,578
5.00%, 01/31/28			96		107,870
4.75%, 01/15/30			186		199,020

					8,144,871

Insurance — 1.8%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24^(b)			63		66,699
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(b)(f) 4.25%, 10/15/27			1,112		1,137,020
6.75%, 10/15/27			1,882		2,013,740
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25^(f) 360 391,035
AmWINS Group, Inc., 7.75%, 07/01/26^(b)			297		318,948
Aon PLC, 3.88%, 12/15/25^(f)			1,115		1,271,166
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%^(a)(i)			306		328,345
Assicurazioni Generali SpA, (3 mo. EURIBOR + 5.35%), 5.50%, 10/27/47^(a)	EUR		100		150,294
AssuredPartners, Inc., 5.63%, 01/15/29^(b)	USD		267		278,681
Global Atlantic Fin Co., 8.63%, 04/15/21^(b)(f)			750		762,618
GTCR AP Finance, Inc., 8.00%, 05/15/27^(b)			355		385,512
HUB International Ltd., 7.00%, 05/01/26^(b)(f)			1,418		1,482,930
Lincoln National Corp., 3.35%, 03/09/25^(f)			845		927,336
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (3 mo. EURIBOR + 3.50%), 6.00%, 05/26/41^(a)	EUR		400		499,787
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32^(a)(b)(f)	USD		595		650,709
Unipol Gruppo SpA, 3.25%, 09/23/30	EUR		100		129,283

					10,794,103

Interactive Media & Services — 0.7%
21Vianet Group, Inc., 7.88%, 10/15/21	USD		200		204,000
Arches Buyer, Inc., 4.25%, 06/01/28^(b)			110		111,397
Cablevision Lightpath LLC^(b) 3.88%, 09/15/27			200		201,250
5.63%, 09/15/28			400		418,500

Netflix, Inc.
3.63%, 06/15/25^(b)			96		102,791
4.88%, 04/15/28			109		122,919



Security		Par (000)		Value

Interactive Media & Services (continued)

Netflix, Inc. (continued)
5.88%, 11/15/28^(f)	USD		730	$	875,088
5.38%, 11/15/29^(b)(f)			793		934,749
3.63%, 06/15/30	EUR		100		138,691
4.88%, 06/15/30^(b)(f)	USD		507		583,050
Twitter, Inc., 3.88%, 12/15/27^(b)			129		137,385
United Group BV, 4.00%, 11/15/27	EUR		100		121,891

					3,951,711

Internet Software & Services^(b)— 0.7%
Expedia Group, Inc.
3.60%, 12/15/23	USD		325		346,354
6.25%, 05/01/25^(f)			1,067		1,236,760

Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
5.25%, 12/01/27			303		318,907
Match Group Holdings II LLC
4.63%, 06/01/28			157		164,556
5.63%, 02/15/29			177		192,930
4.13%, 08/01/30			230		239,200
TripAdvisor, Inc., 7.00%, 07/15/25			44		47,520

Uber Technologies, Inc.^(f)
7.50%, 05/15/25			724		782,079
8.00%, 11/01/26			280		305,584
7.50%, 09/15/27			448		492,800
6.25%, 01/15/28			318		345,825

					4,472,515

IT Services^(b)— 1.3%
Austin BidCo, Inc., 7.13%, 12/15/28			72		75,150
Banff Merger Sub, Inc., 9.75%, 09/01/26^(f)			1,667		1,800,610
Booz Allen Hamilton, Inc., 3.88%, 09/01/28^(f)			363		373,890
Camelot Finance SA, 4.50%, 11/01/26^(f)			623		650,256
Castle U.S. Holding Corp., 9.50%, 02/15/28			534		534,000

Dun & Bradstreet Corp.^(f)
6.88%, 08/15/26			597		641,775
10.25%, 02/15/27			297		334,867
Fair Isaac Corp., 4.00%, 06/15/28			169		177,873

Gartner, Inc.
4.50%, 07/01/28			296		312,280
3.75%, 10/01/30^(f)			427		449,956
Presidio Holdings, Inc., 4.88%, 02/01/27			329		348,997
Rackspace Technology Global, Inc., 5.38%,
12/01/28			426		446,320

Science Applications International Corp., 4.88%,
04/01/28^(f)			254		269,240

Tempo Acquisition LLC/Tempo Acquisition Finance
Corp.
5.75%, 06/01/25			243		258,187
6.75%, 06/01/25^(f)			934		965,336

					7,638,737

Leisure Products — 0.2%

Mattel, Inc.
6.75%, 12/31/25^(b)(f)			654		690,277
5.88%, 12/15/27^(b)			293		325,596
6.20%, 10/01/40			67		78,223
5.45%, 11/01/41			167		183,759

					1,277,855

Machinery — 0.7%

ATS Automation Tooling Systems, Inc., 4.13%,
12/15/28^(b)			108		109,890


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Machinery (continued)
Colfax Corp.^(b)
6.00%, 02/15/24^(f)	USD		432	$	447,669
6.38%, 02/15/26			170		181,475
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(b)(g)			558		606,825
Mueller Water Products, Inc., 5.50%, 06/15/26^(b)			336		348,180
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25^(b)			353		359,619
Stevens Holding Co., Inc., 6.13%, 10/01/26^(b)			167		180,360
Terex Corp., 5.63%, 02/01/25^(b)(f)			324		333,760
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26^(b)(f)			727		756,080
Vertical Holdco GmbH, 7.63%, 07/15/28^(b)			400		436,000
Vertical Midco GmbH, 4.38%, 07/15/27	EUR		100		128,548
Vertical US Newco, Inc., 5.25%, 07/15/27^(b)(f)	USD		394		417,640

					4,306,046

Media — 8.4%
Altice Financing SA
7.50%, 05/15/26^(b)(f)			1,143		1,206,208
3.00%, 01/15/28	EUR		100		117,453
5.00%, 01/15/28^(b)(f)	USD		378		387,312
Altice France Holding SA^(b)
10.50%, 05/15/27^(f)			1,473		1,653,442
6.00%, 02/15/28			382		386,775
AMC Networks, Inc., 4.75%, 08/01/25			222		229,259
Block Communications, Inc., 4.88%, 03/01/28^(b)			128		131,840
Cable Onda SA, 4.50%, 01/30/30			215		237,172
Cable One, Inc., 4.00%, 11/15/30^(b)			245		254,494
CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
5.13%, 05/01/27^(f)			680		721,609
5.88%, 05/01/27^(f)			349		362,524
5.00%, 02/01/28			34		35,955
5.38%, 06/01/29^(f)			1,202		1,317,692
4.75%, 03/01/30			132		142,428
4.50%, 08/15/30^(f)			1,300		1,379,625
4.25%, 02/01/31^(f)			860		906,320
4.50%, 05/01/32^(f)			1,188		1,268,451
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25^(f)			2,425		2,816,511
Clear Channel International BV, 6.63%, 08/01/25^(b)			384		405,120
Clear Channel Worldwide Holdings, Inc.^(f) 9.25%, 02/15/24			811		821,137
5.13%, 08/15/27^(b)			1,880		1,898,800
Comcast Corp., 3.95%, 10/15/25^(f)			3,000		3,446,640
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26^(b)(f)			2,066		2,225,495
CSC Holdings LLC
6.75%, 11/15/21			187		195,415
5.25%, 06/01/24			123		133,135
6.50%, 02/01/29^(b)(f)			865		976,628
5.75%, 01/15/30^(b)(f)			660		723,525
4.13%, 12/01/30^(b)(f)			397		415,103
4.63%, 12/01/30^(b)			1,648		1,720,100
3.38%, 02/15/31^(b)(f)			665		652,531
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(b)(f)			590		479,375
Discovery Communications LLC^(f) 3.25%, 04/01/23			1,490		1,568,731
3.45%, 03/15/25			170		186,594


Security		Par (000)		Value

Media (continued)
DISH DBS Corp.
6.75%, 06/01/21^(f)	USD		627	$	639,672
5.88%, 07/15/22^(f)			1,396		1,458,820
5.00%, 03/15/23			358		369,635
7.75%, 07/01/26^(f)			528		591,365
DISH Network Corp.^(k)
2.38%, 03/15/24			312		290,762
3.38%, 08/15/26			385		366,994
Entercom Media Corp., 6.50%, 05/01/27^(b)			286		290,647
GCI LLC, 4.75%, 10/15/28^(b)			89		94,923
Hughes Satellite Systems Corp., 5.25%, 08/01/26			177		195,364
iHeartCommunications, Inc.
6.38%, 05/01/26			264		282,663
5.25%, 08/15/27^(b)			122		128,100
4.75%, 01/15/28^(b)			78		80,048
Lamar Media Corp.
5.75%, 02/01/26			124		127,875
4.00%, 02/15/30			126		130,725
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(b)(f)			600		645,750
Liberty Broadband Corp.^(b)(k)
1.25%, 09/30/50			256		258,435
2.75%, 09/30/50			825		882,554
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(b)(g)			435		421,950
Lions Gate Capital Holdings LLC^(b)
6.38%, 02/01/24			25		25,625
5.88%, 11/01/24			171		173,565
Live Nation Entertainment, Inc.^(b)
4.88%, 11/01/24			31		31,388
2.00%, 02/15/25^(k)			146		154,503
6.50%, 05/15/27^(f)			966		1,080,490
4.75%, 10/15/27			91		93,268
3.75%, 01/15/28^(j)			189		190,966
Meredith Corp., 6.88%, 02/01/26			56		54,600
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(b)			177		184,965
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(a)(i)			250		266,641
Outfront Media Capital LLC/ Outfront Media Capital Corp., 5.00%, 08/15/27^(b)(f)			413		420,227
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28^(b)			295		300,900
Radiate Holdco LLC/Radiate Finance, Inc.^(b)(f)
4.50%, 09/15/26			919		947,719
6.50%, 09/15/28			1,644		1,732,365
Sable International Finance Ltd.
5.75%, 09/07/27			270		287,550
5.75%, 09/07/27^(b)			200		212,750
Scripps Escrow II, Inc.^(b)
3.88%, 01/15/29			94		97,691
5.38%, 01/15/31			169		176,182
Sinclair Television Group, Inc., 4.13%, 12/01/30^(b)			442		452,268
Sirius XM Radio, Inc.^(b)
5.00%, 08/01/27			170		180,627
5.50%, 07/01/29^(f)			887		975,977
4.13%, 07/01/30^(f)			325		345,922
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		128,670
TEGNA, Inc., 5.50%, 09/15/24^(b)	USD		28		28,455
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28^(b)			200		213,300
Telesat Canada/Telesat LLC, 4.88%, 06/01/27^(b)			332		343,620


64		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(b)(f)	USD		654	$	721,035
Univision Communications, Inc.^(b)
5.13%, 02/15/25			133		133,998
6.63%, 06/01/27			132		141,775
Videotron Ltd., 5.13%, 04/15/27^(b)			439		465,889
Virgin Media Secured Finance PLC^(b)
5.50%, 08/15/26			200		207,750
5.50%, 05/15/29^(f)			400		433,500
4.50%, 08/15/30^(f)			346		361,570
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(b)(f)			754		784,160
WMG Acquisition Corp.^(b)
5.50%, 04/15/26			166		172,017
3.88%, 07/15/30			171		181,734
3.00%, 02/15/31			66		64,680
Ziggo Bond Co. BV^(b)
6.00%, 01/15/27			199		210,297
5.13%, 02/28/30			225		237,442
Ziggo BV
4.25%, 01/15/27	EUR		80		102,071
5.50%, 01/15/27^(b)(f)	USD		599		625,206
4.88%, 01/15/30^(b)(f)			200		210,250

					50,813,289

Metals & Mining — 2.0%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			250		268,125
Allegheny Technologies, Inc., 7.88%, 08/15/23			68		74,415
Arconic Corp.^(b)
6.00%, 05/15/25			332		354,410
6.13%, 02/15/28			222		239,344
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(b)(f)			937		1,011,960
Constellium SE^(b)
5.75%, 05/15/24^(f)			506		516,333
6.63%, 03/01/25^(f)			1,269		1,295,966
5.88%, 02/15/26^(f)			588		605,640
5.63%, 06/15/28			250		269,375
Freeport-McMoRan, Inc.
4.38%, 08/01/28			433		460,062
4.63%, 08/01/30			507		556,432
5.40%, 11/14/34			161		201,451
5.45%, 03/15/43			1,336		1,663,320
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24^(b)			200		219,687
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23^(b)(f)			371		376,565
HTA Group Ltd., 7.00%, 12/18/25^(b)			200		215,125
JSW Steel Ltd., 5.95%, 04/18/24			200		211,938
Kaiser Aluminum Corp.^(b)
6.50%, 05/01/25			103		110,210
4.63%, 03/01/28			66		68,475
New Gold, Inc., 7.50%, 07/15/27^(b)(f)			507		560,235
Nexa Resources SA, 5.38%, 05/04/27^(b)			237		263,811
Novelis Corp.^(b)(f)
5.88%, 09/30/26			502		524,590
4.75%, 01/30/30			881		949,159
Periama Holdings LLC, 5.95%, 04/19/26			200		212,500
thyssenkrupp AG
1.88%, 03/06/23	EUR		43		52,430
2.88%, 02/22/24			84		103,157


Security		Par (000)		Value

Metals & Mining (continued)
Usiminas International Sarl, 5.88%, 07/18/26^(b)	USD		200	$	216,938
Vale Overseas Ltd.
6.25%, 08/10/26			63		78,081
3.75%, 07/08/30			155		172,195
Vedanta Resources Finance II PLC
8.00%, 04/23/23			313		261,746
13.88%, 01/21/24			200		210,125

					12,323,800

Multi-line Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27	EUR		100		114,194
Future Retail Ltd., 5.60%, 01/22/25	USD		200		169,312
Nordstrom, Inc., 8.75%, 05/15/25^(b)			136		152,327

					435,833

Offshore Drilling & Other Services — 0.1%
Applied Materials, Inc., 3.90%, 10/01/25^(f)			285		325,656
Entegris, Inc.^(b)
4.63%, 02/10/26			190		197,125
4.38%, 04/15/28			231		246,304

					769,085

Oil, Gas & Consumable Fuels — 8.1%
Apache Corp.
4.88%, 11/15/27			211		223,660
5.10%, 09/01/40			237		252,701
5.25%, 02/01/42			30		32,335
4.75%, 04/15/43			321		332,834
4.25%, 01/15/44			184		181,540
5.35%, 07/01/49			72		73,874
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(b)
9.00%, 11/01/27			225		249,750
8.25%, 12/31/28			115		114,713
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(l)			148		112,092
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25^(b)			168		178,920
Brand Industrial Services, Inc., 8.50%, 07/15/25^(b)(f).			498		508,582
Buckeye Partners LP
4.13%, 03/01/25^(b)(f)			262		265,275
4.50%, 03/01/28^(b)(f)			362		372,860
5.85%, 11/15/43			145		142,671
5.60%, 10/15/44			166		159,568
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31	EUR		100		117,490
Cenovus Energy, Inc.
3.00%, 08/15/22	USD		84		85,833
3.80%, 09/15/23			48		49,859
5.38%, 07/15/25^(f)			327		368,676
5.40%, 06/15/47			113		132,651
Centennial Resource Production LLC, 6.88%, 04/01/27^(b)(f)			255		182,962
Cheniere Energy Partners LP
5.63%, 10/01/26			173		179,920
4.50%, 10/01/29^(f)			529		559,566
5.25%, 10/01/25			48		49,260
Cheniere Energy, Inc., 4.63%, 10/15/28^(b)			1,311		1,376,550
Citgo Holding, Inc., 9.25%, 08/01/24^(b)			228		209,760
CNX Resources Corp.^(b) 7.25%, 03/14/27			216		231,120


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
CNX Resources Corp.^(b)(continued)
6.00%, 01/15/29	USD		261	$	267,391
Comstock Resources, Inc.
7.50%, 05/15/25^(b)(f)			466		477,459
9.75%, 08/15/26			543		584,737
Continental Resources, Inc.
5.00%, 09/15/22			157		157,236
4.50%, 04/15/23			29		29,902
5.75%, 01/15/31^(b)			247		274,165
4.90%, 06/01/44			233		230,439
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.25%, 04/01/23			21		21,053
5.63%, 05/01/27^(b)			249		246,510
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)			1,188		1,213,221
CVR Energy, Inc.^(b)
5.25%, 02/15/25			148		142,820
5.75%, 02/15/28			77		72,958
DCP Midstream Operating LP
5.38%, 07/15/25^(f)			188		206,578
5.63%, 07/15/27			201		223,110
5.13%, 05/15/29			99		109,803
6.45%, 11/03/36^(b)			226		244,080
6.75%, 09/15/37^(b)(f)			392		423,360
Diamondback Energy, Inc., 3.50%, 12/01/29^(f)			440		470,059
Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., 7.75%, 12/15/25^(b)			241		255,552
eG Global Finance PLC
6.75%, 02/07/25^(b)			396		407,880
6.25%, 10/30/25	EUR		142		178,140
8.50%, 10/30/25^(b)	USD		339		361,214
Enbridge, Inc., (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78^(a)(f)			1,565		1,711,598
Endeavor Energy Resources LP/EER Finance, Inc.^(b)
6.63%, 07/15/25			192		205,440
5.50%, 01/30/26^(f)			815		836,312
5.75%, 01/30/28			386		416,378
Energy Transfer Operating LP
5.15%, 03/15/45			63		68,273
6.13%, 12/15/45			293		346,120
6.00%, 06/15/48			136		160,253
5.00%, 05/15/50			230		249,065
EnLink Midstream LLC
5.63%, 01/15/28^(b)			174		177,515
5.38%, 06/01/29			82		79,745
EnLink Midstream Partners LP
4.40%, 04/01/24			240		236,825
4.15%, 06/01/25			17		16,575
4.85%, 07/15/26			99		96,658
5.60%, 04/01/44			205		164,513
5.05%, 04/01/45			56		44,626
EQM Midstream Partners LP
6.00%, 07/01/25^(b)(f)			255		279,225
4.13%, 12/01/26			100		100,750
6.50%, 07/01/27^(b)(f)			364		409,877
EQT Corp.
3.90%, 10/01/27			325		322,871
5.00%, 01/15/29			139		146,550
8.75%, 02/01/30			176		215,600



Security		Par (000)			Value

Oil, Gas & Consumable Fuels (continued)
Extraction Oil & Gas, Inc.^(b)(e)(h)
7.38%, 05/15/24	USD		302		$	54,360
5.63%, 02/01/26			572			102,960
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24			169			164,775
6.50%, 10/01/25			46			44,735
7.75%, 02/01/28			118			112,985
Geopark Ltd., 6.50%, 09/21/24^(b)			200			207,187
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27			200			191,125
Great Western Petroleum LLC/Great Western
Finance Corp., 9.00%, 09/30/21^(b)			484			280,720
Harvest Midstream I LP, 7.50%, 09/01/28^(b)			295			313,806
Hess Corp., 4.30%, 04/01/27			50			55,124
Hess Midstream Operations LP, 5.63%, 02/15/26^(b).			210			218,400
Hilong Holding Ltd., 8.25%, 09/26/22^(e)(h)			200			155,000
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200			207,812
Impulsora Pipeline LLC, 6.05%, 12/31/42^(a)(c)			1,435			1,511,727
Indigo Natural Resources LLC, 6.88%, 02/15/26^(b)(f).			569			581,802
Leviathan Bond Ltd., 5.75%, 06/30/23^(b)			283			301,248
Matador Resources Co., 5.88%, 09/15/26^(f)			563			551,740
Medco Bell Pte Ltd., 6.38%, 01/30/27			250			254,844
MEG Energy Corp.^(b)
7.00%, 03/31/24			293			295,930
6.50%, 01/15/25^(f)			635			654,082
7.13%, 02/01/27			6			6,195
MPLX LP, 4.25%, 12/01/27			185			217,222
Murphy Oil Corp.
5.75%, 08/15/25			119			117,810
6.38%, 12/01/42			29			25,556
Murphy Oil USA, Inc., 4.75%, 09/15/29			146			155,308
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(b)			200			197,854
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26^(b)			74			75,850
New Fortress Energy, Inc., 6.75%, 09/15/25^(b)(f)			1,108			1,176,895
NGPL PipeCo LLC, 7.77%, 12/15/37^(b)			227			306,899
NuStar Logistics LP
6.00%, 06/01/26			163			176,286
6.38%, 10/01/30			25			28,320
Occidental Petroleum Corp.
2.70%, 08/15/22^(f)			443			443,554
2.70%, 02/15/23			239			238,773
6.95%, 07/01/24			63			68,040
2.90%, 08/15/24^(f)			354			340,725
5.50%, 12/01/25			136			141,795
3.40%, 04/15/26			68			64,832
3.20%, 08/15/26			16			14,960
3.00%, 02/15/27			4			3,560
8.88%, 07/15/30			34			39,908
6.13%, 01/01/31			477			510,485
4.30%, 08/15/39^(f)			482			407,541
6.20%, 03/15/40^(f)			748			740,520
4.50%, 07/15/44			196			166,110
4.63%, 06/15/45^(f)			498			434,072
6.60%, 03/15/46			26			26,382
4.40%, 04/15/46^(f)			432			376,473
4.10%, 02/15/47			48			39,238
4.20%, 03/15/48^(f)			296			241,240
4.40%, 08/15/49			104			87,651
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26^(b)(g)			—	^(m)		17


66		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Ovintiv Exploration, Inc., 5.75%, 01/30/22	USD		89	$	92,440
Parsley Energy LLC/Parsley Finance Corp.^(b)
5.38%, 01/15/25			251		258,128
5.25%, 08/15/25			59		61,449
5.63%, 10/15/27			271		296,609
4.13%, 02/15/28			281		295,050
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(b)			611		602,385
PDC Energy, Inc.
1.13%, 09/15/21^(k)			922		895,797
6.13%, 09/15/24			151		155,169
6.25%, 12/01/25			122		120,475
5.75%, 05/15/26			235		242,637
Pertamina Persero PT, 3.65%, 07/30/29			202		225,230
Petrobras Global Finance BV
5.30%, 01/27/25^(f)			500		564,687
5.60%, 01/03/31			321		367,545
Petroleos Mexicanos
6.35%, 02/12/48			41		36,836
6.95%, 01/28/60			125		117,331
Puma International Financing SA, 5.13%,
10/06/24^(b)			200		198,500
QEP Resources, Inc.
5.38%, 10/01/22			182		189,507
5.25%, 05/01/23			161		169,452
5.63%, 03/01/26			123		134,876
Range Resources Corp.
5.88%, 07/01/22			44		44,000
5.00%, 08/15/22			252		249,480
5.00%, 03/15/23^(f)			189		184,275
4.88%, 05/15/25			14		13,224
Rattler Midstream LP, 5.63%, 07/15/25^(b)			239		252,444
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30^(b)(f).			275		325,951
Saudi Arabian Oil Co., 2.25%, 11/24/30^(b)			442		448,077
SM Energy Co.
6.13%, 11/15/22			19		18,335
10.00%, 01/15/25^(b)(f)			683		734,225
Southwestern Energy Co.
4.10%, 03/15/22			252		253,260
6.45%, 01/23/25			125		130,000
7.50%, 04/01/26			74		77,626
8.38%, 09/15/28			137		148,645
Sunoco Logistics Partners Operations LP
3.90%, 07/15/26^(f)			235		257,505
5.30%, 04/01/44			315		340,397
5.35%, 05/15/45			100		110,161
5.40%, 10/01/47			136		151,958
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23			213		215,684
5.50%, 02/15/26			33		33,825
6.00%, 04/15/27			63		66,970
5.88%, 03/15/28			124		133,920
4.50%, 05/15/29^(b)			176		183,040
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 09/15/24^(b)(f)			462		470,085
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.13%, 02/01/25			118		120,950
5.88%, 04/15/26			304		322,307


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (continued)
5.38%, 02/01/27	USD		2	$	2,101
6.50%, 07/15/27			195		211,575
5.00%, 01/15/28			359		378,946
6.88%, 01/15/29^(f)			595		670,119
5.50%, 03/01/30			364		395,195
4.88%, 02/01/31^(b)			303		330,146
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28^(f)			280		323,103
Transocean, Inc., 11.50%, 01/30/27^(b)			171		122,265
Viper Energy Partners LP, 5.38%, 11/01/27^(b)			215		224,675
Western Midstream Operating LP
3.95%, 06/01/25			181		184,620
4.75%, 08/15/28			37		38,480
5.45%, 04/01/44			329		332,708
5.30%, 03/01/48			372		368,637
5.50%, 08/15/48			63		61,840
6.25%, 02/01/50			620		682,000
WPX Energy, Inc.
8.25%, 08/01/23			100		113,812
5.25%, 09/15/24			102		111,106
5.75%, 06/01/26			61		64,126
5.25%, 10/15/27			104		110,200
5.88%, 06/15/28			204		222,366
4.50%, 01/15/30^(f)			394		417,640
YPF SA
8.75%, 04/04/24^(b)			400		352,500
8.50%, 07/28/25			250		192,422

					48,978,920

Personal Products — 0.0%
Coty, Inc., 4.00%, 04/15/23	EUR		100		117,279
Edgewell Personal Care Co., 5.50%, 06/01/28^(b)	USD		147		157,981

					275,260

Pharmaceuticals — 1.5%
Bausch Health Americas, Inc., 8.50%, 01/31/27^(b)(f).			973		1,082,141
Bausch Health Cos., Inc.^(b)
6.13%, 04/15/25^(f)			89		91,729
9.00%, 12/15/25^(f)			300		331,185
5.75%, 08/15/27			145		155,512
7.00%, 01/15/28			366		402,307
5.00%, 01/30/28			214		220,536
5.00%, 02/15/29			523		537,749
6.25%, 02/15/29^(f)			529		574,626
7.25%, 05/30/29^(f)			498		559,807
5.25%, 01/30/30			937		983,850
5.25%, 02/15/31			292		305,058
CVS Health Corp., 4.75%, 12/01/22^(f)			165		176,648
Elanco Animal Health, Inc., 5.90%, 08/28/28			156		184,080
Endo Dac/Endo Finance LLC/Endo Finco, Inc.^(b)
9.50%, 07/31/27			267		298,039
6.00%, 06/30/28			182		154,700
Jaguar Holding Co. II/PPD Development LP^(b)(f)
4.63%, 06/15/25			425		448,209
5.00%, 06/15/28			555		592,462
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		126,441


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		100	$	121,970
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(b)(f)	USD		1,297		1,407,245

					8,754,294

Producer Durables: Miscellaneous — 0.0%
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23^(b)			200		200,480


Real Estate — 0.1%
Prologis LP, 3.75%, 11/01/25^(f)			255		289,501


Real Estate Management & Development — 4.2%
ADLER Real Estate AG, 3.00%, 04/27/26	EUR		100		128,444
Agile Group Holdings Ltd.
6.05%, 10/13/25	USD		200		205,125
(5 year CMT + 11.08%), 7.75%^(a)(i)			400		413,000
(5 year CMT + 11.29%), 7.88%^(a)(i)			200		209,312
Central China Real Estate Ltd.
6.88%, 08/08/22			200		204,500
7.25%, 04/24/23			200		204,500
7.65%, 08/27/23			245		252,656
7.25%, 07/16/24			200		201,000
CFLD Cayman Investment Ltd.
8.63%, 02/28/21			200		196,375
8.75%, 09/28/22			200		182,500
6.90%, 01/13/23			200		173,813
8.60%, 04/08/24			200		172,500
China Aoyuan Group Ltd.
7.50%, 05/10/21			200		201,992
7.95%, 02/19/23			450		476,437
6.35%, 02/08/24			400		417,500
China Evergrande Group
8.25%, 03/23/22			200		188,000
9.50%, 04/11/22			200		190,125
11.50%, 01/22/23			450		427,641
12.00%, 01/22/24			250		237,266
China SCE Group Holdings Ltd.
7.25%, 04/19/23			200		209,625
7.38%, 04/09/24			400		424,625
7.00%, 05/02/25			255		268,069
CIFI Holdings Group Co. Ltd.
6.55%, 03/28/24			200		214,062
6.45%, 11/07/24			200		215,437
6.00%, 07/16/25			200		213,312
5.25%, 05/13/26			335		349,237
Consus Real Estate AG, 9.63%, 05/15/24	EUR		100		130,990
Country Garden Holdings Co. Ltd.
6.50%, 04/08/24	USD		200		215,500
6.15%, 09/17/25			200		221,750
5.13%, 01/14/27			200		215,000
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28^(b)			322		355,005
Easy Tactic Ltd.
8.75%, 01/10/21			200		199,720
9.13%, 07/28/22			400		384,000
8.13%, 02/27/23			200		182,000
8.63%, 02/27/24			200		176,438
Fantasia Holdings Group Co. Ltd.
8.38%, 03/08/21			200		200,813
11.75%, 04/17/22			200		210,750
11.88%, 06/01/23			200		214,125
9.25%, 07/28/23			200		201,438


Security		Par (000)		Value

Real Estate Management & Development (continued)
Fantasia Holdings Group Co. Ltd. (continued) 9.88%, 10/19/23	USD		200	$	203,250
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(b)			389		411,776
Global Prime Capital Pte Ltd., 5.50%, 10/18/23			200		201,500
Greenland Global Investment Ltd.
5.60%, 11/13/22			200		188,938
6.25%, 12/16/22			200		196,500
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(b)			100		101,900
Heimstaden Bostad AB, (5 year EUR Swap + 3.67%), 3.25%^(a)(i)	EUR		100		125,525
Hopson Development Holdings Ltd., 7.50%, 06/27/22	USD		200		203,938
Howard Hughes Corp.^(b)
5.38%, 03/15/25			281		289,781
5.38%, 08/01/28			342		367,821
Kaisa Group Holdings Ltd.
11.25%, 04/09/22			200		208,438
11.95%, 10/22/22			200		211,562
11.50%, 01/30/23			200		209,250
10.88%, 07/23/23			400		417,125
9.38%, 06/30/24			400		387,375
KWG Group Holdings Ltd.
7.88%, 08/09/21			200		204,750
7.88%, 09/01/23			200		209,500
7.40%, 03/05/24			200		213,562
Logan Group Co. Ltd.
6.50%, 07/16/23			200		207,750
6.90%, 06/09/24			200		213,750
5.75%, 01/14/25			200		211,125
MAF Sukuk Ltd., 4.64%, 05/14/29			275		309,031
New Metro Global Ltd.
6.50%, 04/23/21			200		201,312
6.80%, 08/05/23			200		211,375
4.80%, 12/15/24			280		283,150
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		208,750
Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 06/15/25^(b)			69		74,915
Redsun Properties Group Ltd., 9.95%, 04/11/22			200		209,500
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			513		542,337
Series 2019-A, 6.00%, 09/04/25			200		206,188
Ronshine China Holdings Ltd.
11.25%, 08/22/21			200		207,750
10.50%, 03/01/22			200		210,687
8.95%, 01/22/23			200		208,688
7.35%, 12/15/23			200		203,188
Scenery Journey Ltd.
11.50%, 10/24/22			219		202,917
13.00%, 11/06/22			200		193,438
Seazen Group Ltd.
6.45%, 06/11/22			200		205,750
6.00%, 08/12/24			202		210,080
Shimao Group Holdings Ltd., 5.60%, 07/15/26			200		218,500
Shui On Development Holding Ltd.
5.75%, 11/12/23			200		203,250
5.50%, 03/03/25			209		208,478
Sunac China Holdings Ltd.
7.25%, 06/14/22			200		206,188


68		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Sunac China Holdings Ltd. (continued)
7.95%, 10/11/23	USD		200	$	212,375
7.50%, 02/01/24			400		422,750
7.00%, 07/09/25			400		416,000
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		201,813
Times China Holdings Ltd.
6.75%, 07/16/23			313		327,378
6.75%, 07/08/25			390		413,887
Unique Pub Finance Co. PLC
Series A4, 5.66%, 06/30/27	GBP		46		64,700
Series N, 6.46%, 03/30/32			100		133,073
Wanda Group Overseas Ltd., 7.50%, 07/24/22	USD		400		389,000
Yango Justice International Ltd.
10.00%, 02/12/23			200		215,937
7.50%, 02/17/25			200		205,000
Yanlord Land HK Co. Ltd.
6.75%, 04/23/23			200		208,000
6.80%, 02/27/24			200		210,687
Yuzhou Group Holdings Co. Ltd.
8.63%, 01/23/22			200		208,500
8.50%, 02/04/23			200		215,500
8.50%, 02/26/24			400		432,500
8.38%, 10/30/24			200		217,062
7.70%, 02/20/25			200		214,312
8.30%, 05/27/25			200		215,625
Zhenro Properties Group Ltd.
9.15%, 03/08/22			200		206,750
8.70%, 08/03/22			200		208,750
8.65%, 01/21/23			200		209,063
7.88%, 04/14/24			300		312,375

					25,056,207

Road & Rail — 0.4%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		278,536
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(b).	USD		1,578		1,909,457

					2,187,993

Semiconductors & Semiconductor Equipment — 1.5%
ams AG, 2.13%, 11/03/27	EUR		100		122,014
Analog Devices, Inc., 3.90%, 12/15/25^(f)	USD		375		427,680
Broadcom, Inc.
4.70%, 04/15/25			941		1,078,356
3.15%, 11/15/25			271		295,919
3.46%, 09/15/26^(f)			578		641,324
4.11%, 09/15/28^(f)			1,594		1,824,310
Microchip Technology, Inc.
1.63%, 02/15/25^(k)			86		260,592
4.25%, 09/01/25^(b)(f)			941		995,525
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25^(b)			33		35,518
ON Semiconductor Corp., 3.88%, 09/01/28^(b)			330		341,550
Qorvo, Inc., 3.38%, 04/01/31^(b)(f)			353		364,472
QUALCOMM, Inc., 1.65%, 05/20/32^(b)(f)			1,779		1,781,060
Sensata Technologies BV^(b)(f)
5.63%, 11/01/24			229		255,917
5.00%, 10/01/25			324		360,450
Sensata Technologies, Inc.^(b)
4.38%, 02/15/30			190		204,487
3.75%, 02/15/31			221		229,084

					9,218,258


Security		Par (000)		Value

Software — 2.0%
ACI Worldwide, Inc., 5.75%, 08/15/26^(b)(f)	USD		696	$	736,020
ANGI Group LLC, 3.88%, 08/15/28^(b)			262		266,585
Black Knight InfoServ LLC, 3.63%, 09/01/28^(b)			386		395,168
Boxer Parent Co., Inc.
6.50%, 10/02/25	EUR		100		128,977
7.13%, 10/02/25^(b)	USD		388		421,154
9.13%, 03/01/26^(b)(f)			678		728,850
BY Crown Parent LLC, 7.38%, 10/15/24^(b)(f)			758		771,265
BY Crown Parent LLC/BY Bond Finance, Inc.,
4.25%, 01/31/26^(b)(f)			731		749,275
CDK Global, Inc.
4.88%, 06/01/27^(f)			388		409,340
5.25%, 05/15/29^(b)			119		131,843
MSCI, Inc.^(b)
4.00%, 11/15/29			83		88,395
3.63%, 09/01/30			84		87,780
3.88%, 02/15/31^(f)			526		556,245
Nuance Communications, Inc., 5.63%, 12/15/26^(f)			237		250,774
Open Text Corp., 3.88%, 02/15/28^(b)(f)			345		358,800
Open Text Holdings, Inc., 4.13%, 02/15/30^(b)(f)			311		330,842
PTC, Inc.^(b)
3.63%, 02/15/25			76		78,130
4.00%, 02/15/28			187		195,999
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24^(b)(f)			2,213		2,293,221
SS&C Technologies, Inc., 5.50%, 09/30/27^(b)(f)			1,679		1,793,206
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(b)(f)			1,421		1,458,301

					12,230,170

Specialty Retail — 0.5%
Gap, Inc., 8.88%, 05/15/27^(b)			160		185,600
L Brands, Inc.
6.88%, 07/01/25^(b)			277		300,761
6.88%, 11/01/35^(f)			401		450,123
6.75%, 07/01/36			71		79,103
PetSmart, Inc.^(b)(f)
7.13%, 03/15/23			243		243,000
5.88%, 06/01/25			903		927,833
Staples, Inc., 7.50%, 04/15/26^(b)(f)			598		624,473
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(a)	EUR		100		112,697

					2,923,590

Technology Hardware, Storage & Peripherals^(f)— 0.2%
Dell International LLC/EMC Corp., 7.13%, 06/15/24^(b)	USD		638		661,686
Hewlett Packard Enterprise Co., 4.90%, 10/15/25			375		438,736

					1,100,422

Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 5.38%, 05/15/25^(b)			64		67,713
Levi Strauss & Co., 5.00%, 05/01/25^(f)			233		238,825
William Carter Co., 5.63%, 03/15/27^(b)			160		168,400

					474,938

Thrifts & Mortgage Finance — 0.1%
MGIC Investment Corp., 5.25%, 08/15/28			167		178,690
Nationstar Mortgage Holdings, Inc.^(b) 6.00%, 01/15/27			214		227,107


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Thrifts & Mortgage Finance (continued)
Nationstar Mortgage Holdings, Inc.^(b)(continued)
5.50%, 08/15/28^(f)	USD		254	$	266,700
5.13%, 12/15/30			139		145,286

					817,783

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		122,470


Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(b)	USD		200		207,938
Heathrow Finance PLC, 4.65%, 09/01/29	GBP		100		135,895
Rumo Luxembourg Sarl, 5.88%, 01/18/25^(b)	USD		241		254,933
Simpar Europe SA, 7.75%, 07/26/24			280		295,225
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26^(b)(f)			435		494,976

					1,388,967

Utilities — 0.5%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30^(b)			200		215,937
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30^(b)			240		256,500
ContourGlobal Power Holdings SA, 4.13%, 08/01/25	EUR		100		124,928
Genneia SA, 8.75%, 01/20/22^(b)	USD		200		181,094
Inkia Energy Ltd., 5.88%, 11/09/27^(b)(f)			377		405,511
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		261,797
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(b)(f)			519		547,545
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38^(b)			280		312,376
Star Energy Geothermal Wayang Windu Ltd.,
6.75%, 04/24/33			181		204,869
Vistra Operations Co. LLC^(b)
5.50%, 09/01/26			8		8,338
5.63%, 02/15/27^(f)			422		448,856

					2,967,751

Wireless Telecommunication Services — 2.6%
Altice France SA
7.38%, 05/01/26^(b)(f)			2,104		2,214,460
5.88%, 02/01/27	EUR		100		129,965
8.13%, 02/01/27^(b)(f)	USD		707		779,475
5.50%, 01/15/28^(b)(f)			581		607,441
4.13%, 01/15/29	EUR		100		124,486
5.13%, 01/15/29^(b)	USD		200		207,000
GLP Capital LP/GLP Financing II, Inc.
5.30%, 01/15/29			45		52,063
4.00%, 01/15/31			155		169,139
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24^(b)			187		200,228
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			275		298,117
Millicom International Cellular SA
5.13%, 01/15/28			275		291,844
4.50%, 04/27/31^(b)			205		220,952
PPF Telecom Group BV, 3.25%, 09/29/27	EUR		100		131,022
Rogers Communications, Inc., 5.00%, 03/15/44^(f)	USD		545		747,178
SBA Communications Corp.
4.88%, 09/01/24^(f)			806		826,738
3.88%, 02/15/27			1,248		1,310,400
Sprint Corp.^(f)
7.88%, 09/15/23			177		204,931


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
Sprint Corp.^(f)(continued)
7.13%, 06/15/24	USD		374	$	437,580
7.63%, 03/01/26			552		685,140
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 09/20/21^(b)(f)			98		98,416
T-Mobile USA, Inc.
6.50%, 01/15/26			227		234,945
4.50%, 02/01/26^(f)			498		509,123
4.75%, 02/01/28^(f)			479		514,872
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23^(f)			486		489,645
VICI Properties LP/VICI Note Co., Inc.^(b)
3.50%, 02/15/25			387		395,814
4.25%, 12/01/26^(f)			1,188		1,232,134
3.75%, 02/15/27			411		420,247
4.63%, 12/01/29^(f)			498		532,860
4.13%, 08/15/30^(f)			1,028		1,085,188
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		100		125,341
VTR Comunicaciones SpA, 5.13%, 01/15/28^(b)	USD		205		218,197

					15,494,941


Total Corporate Bonds — 79.0% (Cost: $448,322,741)				476,989,027


Floating Rate Loan Interests^(a)

Aerospace & Defense — 0.7%
Bleriot US Bidco, Inc.
Delayed Draw Term Loan, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26			39		38,923
Term Loan B, (3 mo. LIBOR + 4.75%), 5.00%, 10/31/26			250		249,103
Dynasty Acquisition Co., Inc.
2020 CAD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26			797		756,447
2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.75%, 04/06/26			1,481		1,406,994
Trandigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.40%, 12/09/25			2,102		2,057,134

					4,508,601

Air Freight & Logistics — 0.2%
WestJet Airlines Ltd., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,387		1,327,198


Airlines — 0.4%
American Airlines, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 01/29/27			65		55,404
2017 Incremental Term Loan, (1 mo. LIBOR + 2.00%), 2.16%, 12/14/23			963		863,269
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 2.15%, 04/28/23			415		372,857
JetBlue Airways Corp., Term Loan, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/17/24			287		294,220
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/20/27			1,003		1,042,498

					2,628,248

Auto Components — 0.8%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 04/30/26			2,295		2,283,443


70		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Auto Components (continued)
USI, Inc.
2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 3.25%, 05/16/24	USD		1,498	$	1,475,050
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 12/02/26			84		83,888
Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 02/05/26			1,062		1,045,290

					4,887,671

Automobiles — 0.2%
Mavis Tire Express Services Corp.
2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.50%, 03/20/25			579		567,239
2020 Add-On Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 03/20/25			562		563,405

					1,130,644

Building Materials — 0.2%
Allied Universal Holdco LLC, 2019 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 07/12/26			815		810,745
CHI Overhead Doors, Inc., Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/31/25			80		79,900
CP Atlas Buyer, Inc.
2020 Delayed Draw Term Loan B2, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			126		125,657
2020 Term Loan B1, (3 mo. LIBOR + 4.50%, 0.75% Floor), 5.25%, 11/23/27			376		376,971

					1,393,273

Building Products — 0.4%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/05/24			673		671,968
MI Windows and Doors LLC, 2020 Term Loan, 12/18/27⁽ⁿ⁾			222		222,277
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/19/23			1,616		1,617,449

					2,511,694

Capital Markets — 0.7%
Deerfield Dakota Holding LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			2,409		2,409,550
Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%), 3.75%, 11/12/27			574		572,927
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 04/12/24			267		263,342
GT Polaris, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/24/27			318		319,077
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.00%), 3.19%, 06/03/26			462		458,251

					4,023,147

Chemicals — 1.4%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/24			1,267		1,260,991
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 08/27/26			1,051		1,053,901



Security		Par (000)		Value

Chemicals (continued)
Axalta Coating Systems US Holdings, Inc., USD Term Loan B3, (3 mo. LIBOR + 1.75%), 2.00%, 06/01/24	USD		725	$	718,965
Chemours Co., 2018 USD Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/03/25			341		333,451
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/28/24			348		339,174
Encapsys LLC, 2020 Term Loan B2, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 11/07/24			560		555,967
Illuminate Buyer LLC, Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 06/30/27			1,104		1,103,461
Invictus US LLC
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/28/25			342		335,578
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.90%, 03/30/26			123		117,057
Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 2.75%, 03/02/26			796		789,403
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/15/24			567		558,564
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3 mo. LIBOR + 3.50%), 3.75%, 10/14/24			993		979,132
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/01/25			117		115,716

					8,261,360

Commercial Services & Supplies — 1.3%
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.90%, 03/11/25			375		369,000
Asurion LLC
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 6.65%, 08/04/25			535		538,801
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/23			154		152,124
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 3.15%, 11/03/24			382		378,760
2020 Term Loan B8, (3 mo. LIBOR + 3.25%), 3.49%, 12/23/26			899		888,753
Creative Artists Agency LLC, 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 11/26/26			426		420,530
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/12/25			845		836,726
Diamond (BC) BV, USD Term Loan, (3 mo. LIBOR + 3.00%), 3.21%, 09/06/24			715		703,353
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/09/25			188		184,803
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 05/30/25			177		177,440
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 11/03/23			160		141,330
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26^(c)			446		438,130
Prime Security Services Borrower LLC, 2019 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 09/23/26			707		708,431


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
US Ecology, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 11/01/26	USD		156	$	156,159
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.65%, 08/27/25			1,080		1,077,965
West Corp.
2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/10/24			456		440,996
2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/10/24			98		93,783

					7,707,084

Communications Equipment — 0.1%
Avantor, Inc., USD Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/21/24			559		558,674


Construction & Engineering — 0.5%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			1,478		1,438,677
Pike Corp., 2020 Term Loan B, (1 mo. LIBOR + 3.97%), 4.12%, 07/24/26			190		188,726
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 04/12/25			127		126,750
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 05/23/25			1,137		1,117,283

					2,871,436

Construction Materials — 0.7%
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 08/01/24			1,996		1,984,825
Filtration Group Corp.
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/29/25			1,134		1,120,954
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/29/25			509		508,725
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			477		476,917
Potters Industries LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/09/27^(c)			296		296,000

					4,387,421

Consumer Discretionary⁽ⁿ⁾— 0.1%
Zaxby’s Operating Company LLC
1st Lien Term Loan, 12/10/27			568		568,000
2nd Lien Term Loan, 12/08/28^(c)			101		102,010

					670,010

Containers & Packaging — 0.5%
Berry Global, Inc., Term Loan W, (1 mo. LIBOR + 2.00%), 2.15%, 10/01/22			580		578,655
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.48%, 04/03/24			1,065		1,026,469
Flex Acquisition Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/29/23			1,000		993,630
Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 08/01/26			138		137,510
Tosca Services LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 08/18/27			331		331,967

					3,068,231


Security		Par (000)		Value

Distributors — 0.4%
American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/27	USD		891	$	882,424
TMK Hawk Parent Corp.
2020 Super Priority First Out Term Loan A, (1 mo. LIBOR + 9.50%, 1.00% Floor), 10.50%, 05/30/24			402		385,894
2020 Super Priority Second Out Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 08/28/24^(c)			1,334		1,040,322

					2,308,640

Diversified Consumer Services — 1.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/01/27			203		202,219
APX Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 5.00%), 5.15%, 12/31/25			62		61,607
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 07/12/24			769		764,498
Ascend Learning, LLC, 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/12/24			319		319,733
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 01/15/27			1,155		1,157,749
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (1 mo. LIBOR + 1.75%, 0.75% Floor), 2.50%, 11/07/23			782		773,682
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 07/11/25			963		931,198
Midas Intermediate Holdco II LLC, 2020 Term Loan B, (3 mo. LIBOR + 6.75%), 7.50%, 12/22/25			711		719,937
Nomad Foods Europe Midco Ltd., 2017 USD Term Loan B4, (1 mo. LIBOR + 2.25%), 2.41%, 05/15/24			410		404,761
PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 10/28/27			299		299,000
Serta Simmons Bedding LLC
2020 Super Priority First Out Term Loan, (1 mo. LIBOR + 7.50%), 8.50%, 08/10/23			190		191,471
2020 Super Priority Second Out Term Loan, (1 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 08/10/23			255		228,602
Uber Technologies, Inc., 2018 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 07/13/23			848		845,724

					6,900,181

Diversified Financial Services — 1.8%
Advisor Group, Inc., 2019 Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 08/01/26			420		415,872
Alchemy Copyrights LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 08/16/27^(c)			347		347,998
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 04/04/24			1,719		1,697,397
Allsup’s Convenience Stores, Inc., Term Loan, (1 mo. LIBOR + 6.25%), 6.40%, 11/18/24			262		262,781
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%), 4.50%, 10/19/27			546		545,318
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.96%, 02/21/23^(c)			35		33,215


72		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
Delta TopCo, Inc.
2020 2nd Lien Term Loan, (6 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/01/28	USD		261	$	262,631
2020 Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 09/30/27			1,513		1,511,426
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25			520		513,365
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 07/03/24			689		653,169
LBM Acquisition LLC⁽ⁿ⁾
Delayed Draw Term Loan, 12/09/27			87		86,583
Term Loan B, 12/17/27			390		389,622
LEB Holdings (USA), Inc, Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			336		336,705
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			978		976,367
SMG US Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 2.71%, 01/23/25			537		504,297
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 4.50%, 07/30/25			147		139,250
Therma Intermediate LLC, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/10/27			285		283,859
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/28/27			1,390		1,381,707
Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 2.66%, 04/30/28			600		595,686

					10,937,248

Diversified Telecommunication Services — 1.1%
Cablevision Lightpath LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 09/29/27			230		229,354
Consolidated Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/02/27			488		489,329
Frontier Communications Corp., 2020 DIP Exit Term Loan, (1 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21			621		622,944
GCI LLC, 2020 Term Loan B, 10/15/25⁽ⁿ⁾			479		476,258
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 05/16/24			1,262		1,261,103
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			145		146,812
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			50		51,138
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/04/26			724		726,415
Level 3 Financing, Inc., 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 03/01/27			566		556,190
MTN Infrastructure TopCo, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/15/24			1,001		997,373


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Northwest Fiber LLC, Term Loan B, (1 mo. LIBOR + 5.50%), 5.65%, 04/30/27	USD		367	$	367,728
TDC A/S, EUR Term Loan, (6 mo. LIBOR + 3.00%), 3.00%, 06/04/25	EUR		819		994,255

					6,918,899

Electric Utilities — 0.1%
ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/15/27	USD		571		570,143


Electrical Equipment — 0.2%
Gates Global LLC, 2017 USD Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/01/24			1,206		1,201,594


Electronic Equipment, Instruments & Components — 0.1%
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/12/25			292		291,464


Energy Equipment & Services — 0.1%
Dell International LLC, 2019 Term Loan B, (1 mo. LIBOR + 2.00%, 0.75% Floor), 2.75%, 09/19/25			436		435,597


Environmental, Maintenance, & Security Service — 0.3%
Asplundh Tree Expert LLC, Term Loan B, (1 mo. LIBOR + 2.50%), 2.65%, 09/07/27			797		798,501
TruGreen Limited Partnership, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27			1,045		1,048,548

					1,847,049

Equity Real Estate Investment Trusts (REITs) — 0.1%
RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 05/11/24			246		240,300
VICI Properties LLC, Replacement Term Loan B, (1 mo. LIBOR + 1.75%), 1.89%, 12/20/24			580		569,433

					809,733

Food & Staples Retailing — 0.4%
Hearthside Food Solutions LLC
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 05/23/25			504		495,466
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 3.83%, 05/23/25			267		262,434
US Foods, Inc.
2016 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 06/27/23			1,433		1,409,847
2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 09/13/26			402		395,198

					2,562,945

Food Products — 1.1%
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 10/01/25			460		458,719
B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.65%, 10/10/26			163		162,454
Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/23/27			1,404		1,398,570


S C H E D U L E O F I N V E S T M E N T S		73

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Food Products (continued)
Froneri International Ltd.
2020 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 5.90%, 01/29/28^(c)	USD		123	$	123,743
2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 2.40%, 01/29/27			2,129		2,105,691
Hostess Brands LLC, 2019 Term Loan, (3 mo. LIBOR + 2.25%), 3.00%, 08/03/25			425		422,057
JBS USA LUX SA, 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 05/01/26			114		113,132
Pathway Vet Alliance LLC
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			18		17,513
2020 Term Loan, (1 mo. LIBOR + 4.00%), 4.15%, 03/31/27			215		214,409
Reynolds Group Holdings, Inc.
2017 Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 02/05/23			803		799,327
2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 02/05/26			258		255,704
Shearer’s Foods, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 09/23/27			251		251,292

					6,322,611

Health Care Equipment & Supplies — 0.4%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 11/06/27			869		869,547
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 06/30/25			1,443		1,420,583

					2,290,130

Health Care Providers & Services — 1.5%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/25			334		334,358
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 06/07/23			956		948,658
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27			544		545,163
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 10/10/25			755		627,223
EyeCare Partners LLC
2020 Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			122		118,247
2020 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/18/27			517		502,973
Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 4.75%, 03/05/26			390		363,462
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 3.44%, 07/02/25			751		745,564
HC Group Holdings II, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 08/06/26			857		855,557
HCA, Inc., Term Loan B13, (1 mo. LIBOR + 1.75%), 1.90%, 03/18/26			273		272,685
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 06/07/23			429		427,074


Security		Par (000)		Value

Health Care Providers & Services (continued)
nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 10/20/22	USD		1	$	1,347
Precision Medicine Group LLC, Term Loan, (3 mo. LIBOR + 3.75%), 4.50%, 11/18/27^(c)			803		803,194
Sotera Health Holdings LLC, 2019 Term Loan, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			2,231		2,237,314

					8,782,819

Health Care Services — 0.4%
Azalea Topco, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 3.71%, 07/25/26			1,141		1,125,246
Unified Physician Management LLC, 2020 Term Loan, 12/16/27^(c)(n)			586		581,605
WP CityMD Bidco LLC, 2019 Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/13/26			705		703,198

					2,410,049

Health Care Technology — 0.4%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24			1,486		1,477,533
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 10/10/25			1,122		1,113,286

					2,590,819

Hotels, Restaurants & Leisure — 2.6%
1011778 B.C. Unlimited Liability Co., Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 11/19/26			1,003		987,428
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 02/02/26			280		263,992
Aristocrat Leisure Ltd., 2020 Incremental Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/19/24			432		432,642
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 2.35%, 09/15/23			395		390,980
Caesars Resort Collection LLC
2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 12/23/24			1,356		1,328,693
2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.65%, 07/20/25			1,484		1,484,679
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 03/08/24			1,552		1,385,717
Four Seasons Hotels Ltd., New 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 11/30/23			551		546,144
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/01/23			50		47,509
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			904		870,531
Golden Nugget, Inc., 2020 Initial Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 10/04/23^(c)			80		90,059
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25			229		230,572


74		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
IRB Holding Corp.
2020 Fourth Amendment Incremental Term Loan, 11/12/27⁽ⁿ⁾	USD		1,864	$	1,864,578
2020 Term Loan B, (6 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 02/05/25			876		867,348
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.91%, 04/03/25			498		493,871
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/29/24			162		148,664
Playtika Holding Corp., Term Loan B, (3 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/10/24			476		478,214
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.90%, 08/14/24			362		353,010
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.75%, 07/10/25			521		522,938
Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 2.50%, 02/08/27			845		831,261
Travelport Finance (Luxembourg) Sarl (3 mo. LIBOR + 7.00%, 1.00% Floor), 9.00%, 02/28/25			426		419,221
2019 Term Loan, (3 mo. LIBOR + 5.00%), 5.25%, 05/29/26			831		560,412
Whatabrands LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.97%, 08/02/26			977		967,401
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 05/30/25			202		200,869

					15,766,733

Household Durables — 0.1%
Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 02/04/27			147		146,401
Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 10/30/27			500		500,250

					646,651

Independent Power and Renewable Electricity Producers — 0.3%
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 01/15/25			892		879,928
Calpine Corp.
2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.15%, 08/12/26			603		594,337
Term Loan B9, (1 mo. LIBOR + 2.25%), 2.40%, 04/06/26			272		268,764

					1,743,029

Industrial Conglomerates — 1.0%
AVSC Holding Corp.
(3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/03/25			1,310		1,112,574
(6 mo. LIBOR + 15.00%), 15.26%, 10/15/26			375		429,886
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23^(c)			453		454,997


Security		Par (000)		Value

Industrial Conglomerates (continued)
Vertical US Newco, Inc., USD Term Loan B, (6 mo. LIBOR + 4.25%), 4.57%, 07/30/27	USD		742	$	744,656
Vertiv Group Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 03/02/27			3,083		3,061,592

					5,803,705

Insurance — 1.3%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			1,145		1,125,985
Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 05/09/25			286		280,485
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 01/25/24			701		699,115
AssuredPartners Capital, Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/13/27			168		167,838
AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 3.65%, 02/13/27			545		535,993
HUB International Ltd.
2018 Term Loan B, (3 mo. LIBOR + 2.75%), 3.00%, 04/25/25			1,425		1,397,996
2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 04/25/25			702		703,005
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/01/27			658		655,881
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 12/31/25			1,134		1,115,164
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 4.15%, 09/03/26			623		620,483
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			380		382,466

					7,684,411

Interactive Media & Services — 0.7%
Adevinta ASA, USD Term Loan B, 10/13/27⁽ⁿ⁾			1,071		1,069,458
Camelot U.S. Acquisition 1 Co., 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/31/26			1,638		1,636,461
Go Daddy Operating Co. LLC, 2020 Term Loan B3, (1 mo. LIBOR + 2.50%), 2.65%, 08/10/27			840		842,232
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/06/24			438		435,478

					3,983,629

Internet & Direct Marketing Retail — 0.2%
CNT Holdings I Corp., 2020 Term Loan, (6 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 11/08/27			1,093		1,091,120


IT Services — 2.0%
Ancestry.com, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 12/06/27			945		945,472
Aruba Investments, Inc., 2020 USD Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/24/27			341		340,574
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 10/31/26			1,869		1,859,317
Greeneden US Holdings II LLC, 2020 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			2,071		2,072,853
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 7.48%, 08/01/25			273		170,868


S C H E D U L E O F I N V E S T M E N T S		75

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value
IT Services (continued)
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 02/12/27	USD		1,235	$	1,175,297
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/03/23			135		135,073
Trans Union LLC, 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.90%, 11/16/26			799		794,878
Veritas US, Inc., 2020 USD Term Loan B, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 09/01/25			2,808		2,797,087
Virtusa Corp., Term Loan B, 12/01/27⁽ⁿ⁾			449		445,633
WEX, Inc., Term Loan B3, (1 mo. LIBOR + 2.25%), 2.40%, 05/15/26			1,591		1,578,624
					12,315,676

Life Sciences Tools & Services — 0.3%
eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27			1,137		1,124,688
Maravai Intermediate Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/19/27^(c)			488		491,798
					1,616,486

Machinery — 0.6%
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 01/31/24			59		58,344
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 08/05/24			715		705,762
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.90%, 02/28/27			576		567,963
Terex Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 01/31/24^(c)			115		113,803
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 3.27%, 03/28/25			2,340		2,277,324
					3,723,196

Media — 4.9%
Altice Financing SA
2017 USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.91%, 07/15/25			445		434,888
USD 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 01/31/26			536		523,298
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.24%, 08/14/26			1,345		1,337,451
Charter Communications Operating LLC, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 1.90%, 04/30/25			1,370		1,363,608
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.71%, 08/21/26			2,574		2,472,826
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/12/26			3,157		3,164,458
CSC Holdings LLC
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 2.41%, 07/17/25			657		646,411
2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.66%, 04/15/27			1,013		1,002,320
E.W. Scripps Co., 2020 Term Loan B3, 12/15/27⁽ⁿ⁾			432		432,000



Security		Par (000)		Value
Media (continued)
Gray Television, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 2.40%, 02/07/24	USD		684	$	677,698
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			1,785		1,606,064
Liberty Latin America Ltd., Term Loan B, (1 mo. LIBOR + 5.00%), 5.15%, 10/15/26			409		410,108
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 2.40%, 03/24/25			525		516,847
Live Nation Entertainment, Inc., Term Loan B4, (1 Week LIBOR + 1.75%), 1.88%, 10/19/26			1,190		1,154,404
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.65%, 09/13/24			1,628		1,604,623
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/15/24			715		711,624
Midcontinent Communications, 2019 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 08/15/26			260		259,021
Nexstar Broadcasting, Inc., 2019 Term Loan B4, (3 mo. LIBOR + 2.75%), 2.90%, 09/19/26			459		455,369
Radiate Holdco LLC, 2020 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26			1,152		1,152,937
Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 2.40%, 01/03/24			192		189,580
Terrier Media Buyer, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 12/17/26			1,020		1,019,116
Trader Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/28/23^(c)			1,480		1,468,430
UFC Holdings LLC, 2019 Term Loan, (6 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 04/29/26			276		274,675
Virgin Media Bristol LLC
2020 USD Term Loan Q, 01/31/29⁽ⁿ⁾			917		915,514
USD Term Loan N, (1 mo. LIBOR + 2.50%), 2.66%, 01/31/28			953		943,384
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 2.90%, 05/18/25			1,204		1,105,457
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 03/09/27			3,859		3,830,289
					29,672,400

Metals & Mining — 0.1%
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (2 mo. LIBOR + 4.50%), 4.73%, 07/31/25			669		655,497

Multi-line Retail — 0.0%
Neiman Marcus Group Ltd. LLC, 2020 Exit Term Loan, (3 mo. LIBOR + 12.00%, 1.00% Floor), 13.00%, 09/25/25			103		109,326

Oil, Gas & Consumable Fuels — 0.2%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%			330		357,637
CITGO Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			2		1,817
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 12/13/25			437		427,497


76		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
EG Group Ltd., 2018 USD Term Loan B, (3 mo. LIBOR + 4.00%), 4.25%, 02/07/25	USD		248	$	244,734
McDermott Technology Americas, Inc.
2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.15%, 06/30/24^(c)			16		12,621
2020 Take Back Term Loan, 3.00%, 06/30/25			109		70,589

					1,114,895

Paper & Forest Products — 0.3%
Charter NEX US, Inc., 2020 Term Loan, (1 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/01/27			1,840		1,847,525


Personal Products — 0.5%
Sunshine Luxembourg VII Sarl, USD Term Loan B1, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 09/25/26			2,782		2,786,739


Pharmaceuticals — 1.2%
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 3.69%, 05/04/25			855		832,279
Catalent Pharma Solutions, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 05/18/26			985		983,448
Elanco Animal Health, Inc., Term Loan B, (3 mo. LIBOR + 1.75%), 1.90%, 08/01/27			860		851,324
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.10%, 11/15/27			702		695,269
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 08/18/22			1,669		1,667,775
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 06/02/25			2,162		2,152,720

					7,182,815

Professional Services — 0.6%
Dun & Bradstreet Corp.
2020 Add-On Term Loan, 02/06/26⁽ⁿ⁾			599		598,748
Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 02/06/26			2,793		2,791,494
STG-Fairway Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 01/31/27			470		462,399

					3,852,641

Real Estate Management & Development — 0.2%
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 04/18/24			717		706,024
Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 08/21/25			566		554,741
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 3.00%, 02/08/25			83		81,628

					1,342,393

Road & Rail — 0.1%
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.75%), 5.71%, 08/04/25^(c)			391		357,152


Semiconductors & Semiconductor Equipment — 0.1%
Cabot Microelectronics Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 2.19%, 11/17/25			465		461,183



Security		Par (000)		Value

Software — 6.8%
Applied Systems, Inc.
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 09/19/24	USD		1,599	$	1,596,675
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 09/19/25			250		250,620
Barracuda Networks, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/12/25			1,538		1,533,421
BMC Software Finance, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 4.25%), 4.40%, 10/02/25			861		856,787
By Crown Parent LLC, Term Loan B1, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 01/31/26			1,236		1,233,418
Cloudera, Inc., Term Loan B, 12/17/27⁽ⁿ⁾			263		262,343
Cornerstone OnDemand, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.39%, 04/22/27			469		470,719
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24			1,861		1,854,506
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.51%, 05/27/24			494		450,307
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23			489		436,229
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			850		884,535
2020 Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 07/31/27			1,520		1,527,178
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 10/01/25			4,086		4,077,056
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed), 7.13%, 02/25/25^(b)(o)			679		689,694
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 02/25/27			3,240		3,209,322
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 09/30/24			1,441		1,439,624
Mitchell International, Inc.
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 11/29/24			734		719,971
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 12/01/25			347		335,192
2020 Add-On Term Loan, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/01/24			836		835,487
Netsmart Technologies, Inc., 2020 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			569		567,697
Planview Parent, Inc.^(c)(n) Delayed Draw Term Loan, 12/17/27			144		143,287
Term Loan, 12/17/27			615		613,269
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 05/30/25			31		30,949
Sabre GLBL, Inc., 2020 Term Loan B, 12/17/27⁽ⁿ⁾			442		442,553
Severin Acquisition LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.40%, 08/01/25			1,406		1,387,157
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 02/05/24			700		667,121
Solera LLC, USD Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 03/03/23			1,331		1,319,703
Sophia LP, 2020 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 10/07/27			2,102		2,103,492


S C H E D U L E O F I N V E S T M E N T S		77

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Software (continued)
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25	USD		552	$	544,267
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			714		703,798
2018 Term Loan B5, (1 mo. LIBOR + 1.75%), 1.90%, 04/16/25			265		261,326
Tempo Acquisition LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 11/02/26			2,749		2,726,275
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.40%, 03/04/28			1,429		1,440,997
Ultimate Software Group, Inc.
2020 2nd Lien Incremental Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 05/03/27			794		814,843
2020 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 05/03/26			2,221		2,231,273
Term Loan B, (1 mo. LIBOR + 3.75%), 3.90%, 05/03/26			2,352		2,348,248

					41,009,339

Specialty Retail — 1.1%
Belron Finance US LLC
2018 Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/13/25			182		181,824
2019 USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 10/30/26			416		414,760
USD Term Loan B, (3 mo. LIBOR + 2.25%), 2.46%, 11/07/24			739		737,292
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR - GBP + 4.25%), 4.31%, 06/23/25	GBP		1,000		1,344,787
IAA, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.44%, 06/28/26	USD		287		283,912
MED ParentCo LP
1st Lien Delayed Draw Term Loan, (1 mo. LIBOR + 4.25%), 4.39%, 08/31/26			168		164,952
1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 4.40%, 08/31/26			669		657,784
PetSmart, Inc., Consenting Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 03/11/22			1,877		1,871,696
Research Now Group, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 12/20/24			999		980,596
WOOF Holdings, Inc., 1st Lien Term Loan, 12/16/27⁽ⁿ⁾			230		229,522

					6,867,125

Technology Hardware, Storage & Peripherals — 0.1%
Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 5.15%, 07/23/26			529		449,506
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.90%, 04/29/23			252		251,862

					701,368



Security		Par (000)		Value

Thrifts & Mortgage Finance — 0.2%
IG Investment Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 05/23/25	USD		901	$	898,543


Wireless Telecommunication Services — 0.4%
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.90%, 04/11/25			1,075		1,061,375
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.90%, 06/10/27			1,620		1,620,460

					2,681,835


Total Floating Rate Loan Interests — 43.6%
(Cost: $262,134,889)					263,030,025


Foreign Agency Obligations

Bahrain — 0.1%
Bahrain Government International Bond, 6.75%, 09/20/29			200		229,375
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			400		463,750

					693,125

Colombia — 0.3%
Colombia Government International Bond
4.50%, 01/28/26^(f)			1,354		1,535,521
3.88%, 04/25/27			200		222,300

					1,757,821

Dominican Republic — 0.2%
Dominican Republic International Bond
5.95%, 01/25/27			491		572,782
4.88%, 09/23/32^(b)			185		203,905
6.40%, 06/05/49			150		176,109

					952,796

Egypt — 0.3%
Egypt Government International Bond
5.75%, 05/29/24^(b)			215		230,319
5.88%, 06/11/25			335		362,847
7.60%, 03/01/29			816		937,125
8.50%, 01/31/47^(b)			321		363,933

					1,894,224

Iceland — 0.5%
Iceland Government International Bond, 5.88%, 05/11/22^(f)			3,030		3,212,904


Indonesia — 0.2%
Indonesia Government International Bond
4.10%, 04/24/28			650		754,813
5.35%, 02/11/49			200		274,125

					1,028,938

Mexico — 0.2%
Mexico Government International Bond, 4.15%, 03/28/27^(f)			1,052		1,217,690


Mongolia — 0.0%
Mongolia Government International Bond, 8.75%, 03/09/24			250		290,234


78		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Morocco — 0.1%
Morocco Government International Bond
3.00%, 12/15/32	USD		300	$	303,750
4.00%, 12/15/50			200		205,750

					509,500

Panama — 0.1%
Panama Government International Bond
3.16%, 01/23/30^(f)			445		492,698
4.50%, 04/16/50			211		271,135

					763,833

Paraguay — 0.1%
Paraguay Government International Bond
4.95%, 04/28/31			300		362,250
5.40%, 03/30/50			200		252,438

					614,688

Peru — 0.1%
Peruvian Government International Bond
2.78%, 01/23/31			354		388,161
5.63%, 11/18/50			165		258,555

					646,716

Portugal — 0.6%
Portugal Government International Bond, 5.13%,
10/15/24^(b)(f)			3,190		3,705,504


Qatar — 0.1%
Qatar Government International Bond
4.00%, 03/14/29^(b)(f)			473		561,096
4.40%, 04/16/50			208		270,400

					831,496

Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31^(b)			280		299,688


Russia — 0.1%
Russian Foreign Bond - Eurobond
4.75%, 05/27/26			400		462,200
4.25%, 06/23/27			200		228,500

					690,700

Saudi Arabia — 0.2%
Saudi Government International Bond, 4.50%, 04/17/30^(f)			795		958,223


South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			200		213,500


Sri Lanka — 0.1%
Sri Lanka Government International Bond
6.85%, 03/14/24			200		121,062
6.35%, 06/28/24			200		120,688
7.85%, 03/14/29			400		227,625
7.55%, 03/28/30			200		113,500

					582,875

Ukraine — 0.2%
Ukraine Government International Bond 7.75%, 09/01/22			118		126,378



Security		Par (000)		Value

Ukraine (continued)
Ukraine Government International Bond (continued)
8.99%, 02/01/24	USD		200	$	226,000
9.75%, 11/01/28			236		290,280
7.25%, 03/15/33^(b)			400		436,000

					1,078,658


Total Foreign Agency Obligations — 3.6%
(Cost: $20,557,423)					21,943,113


		Shares

Investment Companies

Fixed Income Funds — 0.6%
Invesco Senior Loan ETF			107,601		2,397,350
iShares iBoxx $ Investment Grade Corporate Bond ETF^(p)			10,000		1,381,300

					3,778,650


Total Investment Companies — 0.6%
(Cost: $3,664,037)					3,778,650


		Par (000)

Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 0.7%
Countrywide Alternative Loan Trust
Series 2005-54CB, Class 3A4, 5.50%, 11/25/35	USD		1,425		1,128,095
Series 2006-J8, Class A5, 6.00%, 02/25/37			2,151		1,367,930
Series 2007-19, Class 1A1, 6.00%, 08/25/37			660		483,087
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-17, Class 1A6, 5.50%, 09/25/35			191		189,526
Series 2006-17, Class A2, 6.00%, 12/25/36			821		545,792
Series 2007-HY5, Class 3A1, 3.13%, 09/25/37^(a)			507		494,166
GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 3.00%, 10/25/35^(a)			418		308,389

					4,516,985

Commercial Mortgage-Backed Securities — 0.9%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33^(a)(b)			4,830		5,181,228


Total Non-Agency Mortgage-Backed Securities — 1.6%
(Cost: $9,604,972)					9,698,213


S C H E D U L E O F I N V E S T M E N T S		79

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Benefical Interest (000)		Value

Other Interests^(q)

IT Services^(c)(e)— 0.0%
Millennium Corp.	USD		918	$	—
Millennium Lender Claims			861		—


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


		Par (000)

Preferred Securities

Capital Trusts — 5.5%

Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%^(a)(i)	USD		365		402,412


Banks^(a)— 0.8%
Al Ahli Bank of Kuwait KSCP, 7.25%⁽ⁱ⁾			200		213,000
Banco Mercantil del Norte SA, 6.75%^(b)(i)			396		427,680
Bank of East Asia Ltd., 5.88%⁽ⁱ⁾			250		264,531
Bankia SA, 6.38%⁽ⁱ⁾	EUR		200		261,739
BBVA Bancomer SA/Texas, 5.13%, 01/18/33	USD		220		237,600
Burgan Bank SAK, 5.75%⁽ⁱ⁾			250		257,344
CIT Group, Inc., Series A, 5.80%⁽ⁱ⁾			235		239,700
Nanyang Commercial Bank Ltd., 5.00%⁽ⁱ⁾			200		202,687
Rizal Commercial Banking Corp., 6.50%⁽ⁱ⁾			200		202,062
TMB Bank PCL, 4.90%⁽ⁱ⁾			250		243,594
Wells Fargo & Co.^(f)(i)
Series S, 5.90%			1,500		1,591,875
Series U, 5.88%			384		435,360

					4,577,172

Consumer Finance — 0.5%
Capital One Financial Corp., Series E, 4.03%^(a)(f)(i)			3,000		2,973,900


Diversified Financial Services^(a)(i)— 2.9%
Bank of America Corp.^(f)
Series AA, 6.10%			1,038		1,176,106
Series DD, 6.30%			215		251,013
Series X, 6.25%			1,929		2,140,346
Series Z, 6.50%			143		163,378
BNP Paribas SA, 4.50%^(b)			205		207,159
Citigroup, Inc., Series Q, 4.32%			244		242,780
Credit Suisse Group AG
5.10%^(b)			200		208,000
6.38%^(b)(f)			495		551,306
6.25%			200		218,475
Goldman Sachs Group, Inc., Series M, 4.13%^(f)			1,730		1,726,505
HSBC Holdings PLC^(f)
6.25%			695		728,013
6.00%			415		451,831
JPMorgan Chase & Co.
Series FF, 5.00%^(f)			865		910,006
Series HH, 4.60%			253		261,223
Series I, 3.68%^(f)			322		321,341
Series R, 6.00%^(f)			120		127,200
Series V, 3.56%^(f)			1,125		1,105,245



Security		Par (000)		Value

Diversified Financial Services (continued)
Morgan Stanley, Series H, 3.85%^(f)	USD		2,754	$	2,734,171
Natwest Group PLC^(f)
6.00%			1,185		1,298,013
8.63%			200		207,582
Societe Generale SA, 5.38%^(b)			2,250		2,385,833
Woori Bank, 4.25%			250		259,531

					17,675,057

Diversified Telecommunication Services^(a)(i)— 0.1%
Telefonica Europe BV
5.88%	EUR		100		137,283
4.38%			100		132,548

					269,831

Electric Utilities^(a)— 0.4%
Naturgy Finance BV, 3.38%⁽ⁱ⁾			100		129,495
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79^(f)	USD		1,750		2,062,281

					2,191,776

Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26	EUR		100		125,825


Insurance^(a)— 0.7%
Achmea BV, 4.63%⁽ⁱ⁾			200		261,739
Heungkuk Life Insurance Co. Ltd., 4.48%⁽ⁱ⁾	USD		200		201,500
Voya Financial, Inc., 5.65%, 05/15/53^(f)			3,500		3,710,000

					4,173,239

Oil, Gas & Consumable Fuels — 0.0%
Abertis Infraestructuras Finance BV, 3.25%^(a)(i)	EUR		100		126,593


Utilities — 0.0%
Electricite de France SA, 3.00%^(a)(i)			200		259,881


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79^(a)			100		126,621


Total Capital Trusts — 5.5%				32,902,307


		Shares

Preferred Stocks — 1.7%

Banks — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $132,662)^(r)			135,568		1,830


Capital Markets^(a)(i)— 1.7%
Goldman Sachs Group, Inc., Series J, 5.50%			202,526		5,535,036
Morgan Stanley
Series F, 6.88%			120,000		3,420,000
Series K, 5.85%			53,253		1,536,349

					10,491,385


Total Preferred Stocks — 1.7%				10,493,215


80		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)



Security		Shares		Value

Trust Preferred — 0.5%

Diversified Financial Services — 0.5%
GMAC Capital Trust I, Series 2, 6.01%, 02/15/40^(a).			105,753		$2,860,619

Total Preferred Securities — 7.7%
(Cost: $43,488,245)					46,256,141


		Par (000)

U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.2%
Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.15%, 10/25/29^(a)	USD		1,456		1,471,607


Mortgage-Backed Securities — 0.2%
Uniform Mortgage-Backed Securities 5.00%, 08/01/23			16		16,992
Series K042, Class X1, 1.04%, 12/25/24^(a)			33,301		1,189,756

					1,206,748


Total U.S. Government Sponsored Agency Securities — 0.4%
(Cost: $2,739,114)					2,678,355

U.S. Treasury Obligations
U.S. Treasury Bonds, 2.88%, 05/15/49^(f)			1,350		1,742,977
U.S. Treasury Notes, 2.75%, 04/30/23 - 08/31/25^(f)			14,150		15,321,781


Total U.S. Treasury Obligations — 2.8%
(Cost: $15,451,984)					17,064,758


		Shares

Warrants

Metals & Mining — 0.0%
AFGlobal Corp. (Expires 06/08/22)^(c)(e)			2,542		—


Oil, Gas & Consumable Fuels^(e)— 0.0%
California Resources Corp. (Expires 10/27/24)^(a)			345		1,380
SM Energy Co. (Expires 06/30/23)			12,030		73,503

					74,883


Total Warrants — 0.0%
(Cost: $51,609)					74,883


Total Long-Term Investments — 143.9%
(Cost: $841,435,564)					869,256,352



Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%^(p)(s)		9,760,422	$	9,760,422


Total Short-Term Securities — 1.6%
(Cost: $9,760,422)				9,760,422


Options Purchased — 0.3%
(Cost: $1,794,531)				1,776,793


Total Investments Before Options Written — 145.8%
(Cost: $852,990,517)				880,793,567


Options Written — (0.6)%
(Premiums Received: $(4,241,790))				(3,887,571	)


Total Investments, Net of Options Written — 145.2%
(Cost: $848,748,727)				876,905,996

Liabilities in Excess of Other Assets — (45.2)%			(272,973,389)


Net Assets — 100.0%			$603,932,607

^(a)

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

^(b)

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

^(c)

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

^(d)

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.

^(e)

Non-income producing security.

^(f)

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

^(g)

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

^(h)

Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾

Perpetual security with no stated maturity date.

^(j)

When-issued security.

^(k)

Convertible security.

^(l)

Zero-coupon bond.

^(m)

Amount is less than 500.

⁽ⁿ⁾

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

^(o)

Fixed rate.

^(p)

Affiliate of the Fund.

^(q)

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

^(r)

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,830, representing less than 0.05% of its net assets as of period end, and an original cost of $132,662.

^(s)

Annualized 7-day yield as of period end.


S C H E D U L E O F I N V E S T M E N T S		81

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/20		Shares Held at 12/31/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,358,645	$	8,401,777	^(a)	$	—		$	—	$	—	$	9,760,422		9,760,422	$	19,963	$	—
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		2,539,388			(1,380,769	)		111,075		111,606		1,381,300		10,000		29,881		—

									$	111,075	$	111,606	$	11,141,722			$	49,844	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

Barclays Capital, Inc.

1.25

%^(b)

01/21/20

Open

581,819

589,904

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

01/21/20

Open

1,549,082

1,570,608

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

01/21/20

Open

396,664

402,176

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

01/31/20

Open

446,985

449,760

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

^(b)

03/02/20

Open

222,430

224,347

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

^(b)

03/02/20

Open

225,000

226,018

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co.

0.25

^(b)

03/02/20

Open

288,576

289,508

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.25

^(b)

03/02/20

Open

253,869

254,689

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.50

^(b)

03/02/20

Open

221,038

222,217

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co.

0.55

^(b)

03/02/20

Open

531,421

534,479

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.60

^(b)

03/02/20

Open

391,957

394,377

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/23/20

Open

85,000

85,352

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/26/20

Open

118,000

118,480

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/26/20

Open

110,000

110,448

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/26/20

Open

201,000

201,818

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/26/20

Open

194,000

194,790

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.45

^(b)

03/26/20

Open

139,000

139,566

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

04/06/20

Open

120,201

121,324

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

04/15/20

Open

2,897,437

2,918,363

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

04/15/20

Open

2,191,031

2,206,855

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

04/15/20

Open

678,750

683,652

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

^(b)

04/15/20

Open

182,440

183,890

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

04/20/20

Open

3,110,250

3,137,897

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

^(b)

04/30/20

Open

506,606

508,158

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

04/30/20

Open

644,831

650,317

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

04/30/20

Open

966,219

974,438

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

^(b)

05/12/20

Open

578,587

581,032

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

822,429

829,913

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

1,207,860

1,218,852

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

1,366,845

1,379,283

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

1,015,985

1,025,230

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

814,196

821,605

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/12/20

Open

625,625

631,318

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

^(b)

05/21/20

Open

677,119

679,870

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

05/21/20

Open

461,212

465,248

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

^(b)

06/01/20

Open

301,394

302,558

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

317,000

319,638

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

412,070

415,499

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

381,769

384,946

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

426,883

430,435

Corporate Bonds

Open/Demand


82		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

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.

1.40

%^(b)

06/01/20

Open

328,188

330,919

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

492,240

496,337

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

415,063

418,517

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/01/20

Open

370,178

373,258

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

06/04/20

Open

821,022

827,759

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

^(b)

06/16/20

Open

571,380

573,117

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

^(b)

06/16/20

Open

582,167

586,029

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

^(b)

06/16/20

Open

462,222

465,289

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

^(b)

06/16/20

Open

617,210

621,304

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

^(b)

06/16/20

Open

472,937

476,075

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

06/19/20

Open

792,743

794,868

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.60

^(b)

06/19/20

Open

1,078,870

1,082,340

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/19/20

Open

472,536

475,070

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/19/20

Open

514,972

517,733

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

^(b)

06/29/20

Open

637,812

639,615

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.90

^(b)

06/29/20

Open

956,887

961,313

Capital Trusts

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

525,140

527,839

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

390,930

392,939

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

402,855

404,925

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

509,375

511,993

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

397,843

399,887

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

668,300

671,734

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

06/29/20

Open

411,446

413,561

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

^(b)

07/06/20

Open

276,581

278,204

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.60

^(b)

07/07/20

Open

866,392

873,208

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/23/20

Open

815,065

818,163

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

474,674

476,266

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

487,040

488,674

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

447,266

448,766

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

466,112

467,676

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

501,562

503,245

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

441,323

442,803

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

07/23/20

Open

459,405

460,946

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

415,069

416,554

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

369,888

371,211

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

419,445

420,946

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

485,985

487,724

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

439,020

440,591

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

07/23/20

Open

448,628

450,233

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

07/23/20

Open

416,500

418,176

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.95

^(b)

07/23/20

Open

732,555

735,667

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

07/28/20

Open

286,991

287,613

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

138,353

138,859

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

437,840

439,442

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

151,130

151,683

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

309,690

310,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

175,275

175,916

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

08/06/20

Open

1,324,897

1,328,955

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

08/07/20

Open

436,656

437,530

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

08/11/20

Open

406,858

408,222

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.90

^(b)

08/12/20

Open

912,350

915,566

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

^(b)

08/12/20

Open

828,550

832,282

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

08/13/20

Open

601,842

602,903

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

08/13/20

Open

1,729,490

1,732,538

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

08/14/20

Open

1,672,260

1,675,186

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/20/20

Open

282,695

283,531

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

^(b)

08/24/20

Open

494,375

495,535

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

278,958

279,763

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

352,733

353,751

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

295,800

296,655

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

333,660

334,624

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

366,769

367,828

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		83

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

Barclays Capital, Inc.

0.80

%^(b)

08/24/20

Open

717,025

719,096

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

451,750

453,055

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

08/24/20

Open

362,813

363,861

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

08/24/20

Open

805,014

806,903

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

08/24/20

Open

621,300

622,758

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

08/24/20

Open

913,447

915,592

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

08/24/20

Open

646,085

647,601

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

08/24/20

Open

703,105

704,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

08/24/20

Open

559,550

561,065

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

08/24/20

Open

608,440

610,088

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

08/24/20

Open

829,744

831,991

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/01/20

Open

359,470

360,262

Corporate Bonds

Open/Demand

BoFA Securities, Inc.

(1.25

)^(b)

09/02/20

Open

110,633

110,168

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/09/20

Open

677,844

678,801

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/09/20

Open

1,509,375

1,511,507

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/09/20

Open

1,019,200

1,021,375

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/09/20

Open

2,549,281

2,554,723

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,585,762

1,588,002

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

423,144

423,741

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

435,881

436,497

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

178,500

178,752

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,518,750

1,520,895

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

163,995

164,227

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

412,500

413,083

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

951,750

953,094

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

155,418

155,638

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

452,944

453,584

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,837,500

1,840,095

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

686,562

687,532

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

149,625

149,836

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,065,750

1,067,255

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,208,381

1,210,088

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

1,504,900

1,507,026

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

367,650

368,169

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

310,719

311,158

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

407,813

408,389

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

277,313

277,704

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

09/09/20

Open

312,075

312,516

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

09/10/20

Open

746,415

749,318

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

524,700

525,435

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

879,856

881,088

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

1,051,850

1,053,323

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

3,333,750

3,338,417

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

925,062

926,358

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

303,100

303,524

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

3,780,000

3,785,292

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/10/20

Open

171,600

171,840

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

2,377,897

2,382,928

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

924,262

926,218

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,980,390

1,984,580

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,102,995

1,105,328

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

09/10/20

Open

887,075

889,145

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

09/10/20

Open

3,614,290

3,623,848

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

09/11/20

Open

1,093,625

1,096,440

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

^(b)

09/14/20

Open

832,762

834,137

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

09/15/20

Open

662,915

664,590

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

09/15/20

Open

602,650

604,173

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.60

^(b)

09/16/20

Open

1,126,710

1,128,701

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/18/20

Open

396,000

396,763

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/21/20

Open

1,564,901

1,567,096

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/21/20

Open

1,544,375

1,546,541

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/21/20

Open

552,606

553,381

Corporate Bonds

Open/Demand


84		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

Barclays Capital, Inc.

0.80

%^(b)

09/21/20

Open

1,208,962

1,211,676

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

2,025,000

2,029,545

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

1,280,200

1,283,073

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

365,859

366,680

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

449,068

450,075

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.48

^(b)

09/21/20

Open

299,406

299,809

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.10

^(b)

09/21/20

Open

251,501

251,572

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/21/20

Open

514,924

516,152

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/21/20

Open

1,480,080

1,483,610

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/21/20

Open

254,678

255,285

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/21/20

Open

410,670

411,649

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/23/20

Open

760,550

761,596

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/23/20

Open

791,475

792,563

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

421,520

422,447

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

429,709

430,654

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

814,800

816,593

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

1,182,455

1,185,056

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

250,543

251,094

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/23/20

Open

586,380

587,670

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.75

^(b)

09/23/20

Open

202,068

202,484

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.40

^(b)

09/24/20

Open

405,845

407,392

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/25/20

Open

539,907

541,047

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

543,375

544,307

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

306,400

306,926

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

1,511,617

1,514,210

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

1,538,945

1,541,585

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

274,525

274,996

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

5,608,055

5,617,674

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

778,750

780,086

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

560,065

561,026

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

156,040

156,308

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

697,190

698,386

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

157,000

157,269

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

837,606

839,043

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

854,846

856,313

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

596,850

597,874

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

867,162

868,650

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

425,163

425,892

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/25/20

Open

860,792

862,337

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/25/20

Open

844,305

845,820

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/25/20

Open

168,768

169,070

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/25/20

Open

699,255

700,547

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/25/20

Open

858,219

859,804

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

09/25/20

Open

790,519

792,083

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

09/25/20

Open

1,587,525

1,590,667

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

^(b)

09/25/20

Open

1,500,463

1,504,621

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/25/20

Open

155,570

155,919

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/25/20

Open

304,780

305,464

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/25/20

Open

286,440

287,082

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/25/20

Open

150,715

151,053

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/25/20

Open

1,706,944

1,710,772

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

^(b)

09/28/20

Open

738,494

739,458

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/28/20

Open

164,428

164,771

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

09/28/20

Open

529,091

530,278

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/28/20

Open

946,000

947,112

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

663,810

664,937

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

936,230

937,819

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

232,785

233,180

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

728,495

729,731

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

693,500

694,677

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

662,435

663,559

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

105,261

105,440

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		85

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

BNP Paribas S.A.

0.65

%^(b)

09/28/20

Open

637,184

638,265

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

475,874

476,681

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

661,045

662,219

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

570,706

571,720

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

246,488

246,925

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/28/20

Open

1,385,692

1,388,225

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/28/20

Open

580,550

581,611

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/29/20

Open

188,000

188,319

Capital Trusts

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/29/20

Open

1,146,600

1,149,118

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/29/20

Open

619,460

620,820

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

09/29/20

Open

211,563

212,027

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

171,680

172,009

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

305,345

305,930

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

292,264

292,824

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

312,188

312,786

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

306,705

307,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

264,600

265,107

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

367,220

367,924

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

225,194

225,625

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

09/30/20

Open

373,405

374,121

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

388,850

389,496

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

653,331

654,416

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

443,520

444,257

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

358,598

359,193

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

1,464,960

1,467,393

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

400,171

400,836

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

483,502

484,306

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

601,027

602,026

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

497,070

497,896

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

522,174

523,041

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

593,206

594,192

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

565,314

566,253

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

337,658

338,218

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

375,725

376,349

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

406,080

406,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

350,520

351,102

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

297,745

298,240

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

357,796

358,391

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

503,040

503,876

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

212,220

212,573

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/30/20

Open

274,706

275,163

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

648,115

649,241

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

383,493

384,159

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

538,500

539,436

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

319,290

319,845

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

179,725

180,037

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

463,536

464,342

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

825,772

827,207

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

554,937

555,902

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

675,316

676,490

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

506,196

507,076

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/30/20

Open

530,329

531,250

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

439,931

440,718

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

603,750

604,830

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

394,100

394,805

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

108,960

109,155

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

352,063

352,692

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

693,701

694,942

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

819,510

820,976

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

416,233

416,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

751,822

753,167

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

09/30/20

Open

633,594

634,727

Corporate Bonds

Open/Demand


86		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

BNP Paribas S.A.

0.75

%^(b)

09/30/20

Open

386,750

387,491

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

09/30/20

Open

470,600

471,502

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

10/07/20

Open

374,445

375,152

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

10/07/20

Open

330,006

330,785

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.55

^(b)

10/07/20

Open

192,353

192,602

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.40

^(b)

10/14/20

Open

848,012

850,585

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

10/22/20

Open

650,925

651,748

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.75

^(b)

10/28/20

Open

238,453

239,194

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

10/29/20

Open

172,834

173,091

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

^(b)

10/29/20

Open

7,263

7,268

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

10/29/20

Open

1,288,127

1,290,044

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

10/29/20

Open

266,895

267,292

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

10/29/20

Open

543,097

543,905

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.04

^(b)

10/29/20

Open

222,956

223,362

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

^(b)

10/30/20

Open

819,067

819,712

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

10/30/20

Open

526,680

527,371

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

10/30/20

Open

515,280

515,956

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.60

^(b)

10/30/20

Open

517,252

517,796

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

10/30/20

Open

1,052,837

1,053,943

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

10/30/20

Open

999,410

1,000,459

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

10/30/20

Open

402,050

402,472

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

10/30/20

Open

786,544

787,411

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

10/30/20

Open

703,352

704,128

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

10/30/20

Open

395,931

396,368

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

10/30/20

Open

502,967

503,522

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/02/20

Open

718,925

719,691

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

11/17/20

Open

78,209

78,274

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/18/20

Open

935,195

935,921

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

11/19/20

Open

1,538,384

1,540,179

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

11/20/20

Open

181,646

181,780

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

11/20/20

Open

286,125

286,342

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

11/23/20

Open

321,080

321,334

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

11/24/20

Open

331,626

331,831

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

11/24/20

Open

1,188,937

1,189,768

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

11/25/20

Open

332,710

332,953

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

11/25/20

Open

372,930

373,217

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

11/25/20

Open

349,196

349,465

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

11/25/20

Open

785,439

786,044

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.15

^(b)

11/25/20

Open

1,758,375

1,758,597

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

356,265

356,503

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

371,018

371,265

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

395,720

395,984

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

621,981

622,397

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

364,800

365,044

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

554,925

555,276

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

197,168

197,292

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

231,371

231,517

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

381,500

381,755

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

348,705

348,938

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

464,400

464,710

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

431,833

432,121

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/25/20

Open

359,100

359,340

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

11/25/20

Open

352,925

353,179

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

11/25/20

Open

147,960

148,068

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

0.13

^(b)

11/25/20

Open

8,513,000

8,513,993

U.S. Treasury Obligations

Open/Demand

HSBC Securities (USA), Inc.

0.13

^(b)

11/25/20

Open

6,881,000

6,881,803

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

11/25/20

Open

668,980

669,533

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

11/30/20

Open

995,959

996,516

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.55

^(b)

11/30/20

Open

1,288,560

1,289,170

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

2,773,750

2,775,458

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

1,103,051

1,103,718

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

356,570

356,778

Corporate Bonds

Open/Demand


S C H E D U L E O F I N V E S T M E N T S		87

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity

Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements

^(a)

Barclays Capital, Inc.

0.75

%^(b)

12/03/20

Open

440,368

440,624

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

410,673

410,912

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

1,056,825

1,057,441

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

384,548

384,772

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/03/20

Open

349,440

349,644

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

12/03/20

Open

353,906

354,071

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/03/20

Open

371,700

371,882

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/03/20

Open

332,045

332,208

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/03/20

Open

609,127

609,426

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/03/20

Open

291,563

291,710

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

^(b)

12/03/20

Open

1,738,497

1,739,464

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.69

^(b)

12/03/20

Open

317,411

317,582

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

332,120

332,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

450,881

451,116

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

454,990

455,227

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

322,163

322,330

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

274,680

274,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

535,350

535,629

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/04/20

Open

377,685

377,882

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

466,785

466,996

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

578,611

578,872

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

1,113,750

1,114,253

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

590,537

590,804

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

538,687

538,931

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

606,937

607,211

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

342,700

342,855

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/04/20

Open

400,431

400,612

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

12/04/20

Open

408,531

408,744

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

12/04/20

Open

352,681

352,865

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

12/04/20

Open

346,133

346,337

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

12/04/20

Open

884,214

884,736

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

12/04/20

Open

1,051,750

1,052,371

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/07/20

Open

264,399

264,531

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/07/20

Open

307,125

307,258

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

^(b)

12/07/20

Open

355,315

355,564

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

^(b)

12/07/20

Open

118,671

118,738

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/08/20

Open

398,738

398,929

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/08/20

Open

437,441

437,651

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.25

^(b)

12/08/20

Open

281,531

281,756

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

281,348

281,476

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

211,739

211,836

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

193,000

193,088

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

231,458

231,564

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

187,000

187,086

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

434,280

434,479

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

324,375

324,524

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

524,380

524,620

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

^(b)

12/09/20

Open

227,855

227,959

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

12/09/20

Open

415,543

415,695

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

12/09/20

Open

184,250

184,318

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

12/09/20

Open

196,994

197,066

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

^(b)

12/09/20

Open

188,750

188,819

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

245,119

245,213

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

242,436

242,530

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

239,078

239,170

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

235,268

235,358

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

235,903

235,993

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

^(b)

12/09/20

Open

489,255

489,443

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/09/20

Open

233,163

233,255

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/09/20

Open

319,988

320,115

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.73

^(b)

12/09/20

Open

142,800

142,864

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

12/09/20

Open

165,440

165,516

Corporate Bonds

Open/Demand


88		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash Underlying
Collateral

Remaining
Contractual Maturity

of the Agreements

^(a)

Barclays Capital, Inc.

0.70

%^(b)

12/10/20

Open

1,289,086

1,290,351

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

12/11/20

Open

366,988

367,134

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

12/17/20

Open

452,741

452,864

Corporate Bonds

Open/Demand

274,447,814

275,105,145

^(a)

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

^(b)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Ultra Note		261		03/22/21	$	40,810	$	(103,797	)
2-Year U.S. Treasury Notes		512		03/31/21		113,140		108,873

								5,076

Short Contracts
10-Year U.S. Treasury Note		350		03/22/21		48,327		(70,643	)
Long U.S. Treasury Bond		34		03/22/21		5,888		58,705
U.S. Treasury Ultra Bond		64		03/22/21		13,668		3,292
5-Year U.S. Treasury Note		334		03/31/21		42,139		(102,532	)

								(111,178	)

							$	(106,102	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	508,220	EUR	415,000	UBS AG		02/03/21	$	880
USD	4,868,501	EUR	3,975,500	UBS AG		02/03/21		8,432
EUR	3,740,000	USD	4,541,026	Natwest Markets PLC		03/17/21		35,374

								44,686

EUR	415,000	USD	507,877	UBS AG		01/06/21		(877	)
EUR	3,975,500	USD	4,865,217	UBS AG		01/06/21		(8,405	)
USD	4,897,146	EUR	4,107,500	BNP Paribas S.A.		01/06/21		(120,928	)
USD	110,870	EUR	93,000	Deutsche Bank AG		01/06/21		(2,747	)
USD	27,870	EUR	23,000	Morgan Stanley & Co. International PLC		01/06/21		(228	)
USD	115,984	EUR	96,000	Morgan Stanley & Co. International PLC		01/06/21		(1,298	)
USD	120,840	EUR	100,000	Morgan Stanley & Co. International PLC		01/06/21		(1,329	)
USD	494,795	EUR	415,000	Standard Chartered Bank		01/06/21		(12,204	)
USD	497,002	EUR	415,000	UBS AG		01/06/21		(9,997	)
USD	4,919,126	EUR	4,107,500	UBS AG		01/06/21		(98,949	)
USD	869,938	GBP	651,000	BNP Paribas S.A.		01/06/21		(20,316	)
USD	6,274,941	GBP	4,697,000	Citibank N.A.		01/06/21		(148,284	)
USD	1,300,187	GBP	973,000	Standard Chartered Bank		01/06/21		(30,407	)
EUR	3,710,000	USD	4,556,027	JPMorgan Chase Bank N.A.		03/17/21		(16,337	)
USD	4,557,867	EUR	3,740,000	Bank of America N.A.		03/17/21		(18,532	)

								(490,838	)

							$	(446,152	)


S C H E D U L E O F I N V E S T M E N T S		89

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Exchange-Traded Options Purchased


Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
90-Day Euro Future	392		12/13/21		USD	99.75		USD	39,118	$	68,600

Put
10-Year U.S. Treasury Note	90		01/22/21		USD	137.50		USD	12,427		25,312

										$	93,912

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

1-Year Interest Rate Swap, 11/27/25

3-Month
LIBOR, 0.24%

Quarterly

0.82%

Semi-Annual

JPMorgan Chase Bank N.A.

11/25/24

0.82

USD

11,710

45,150

1-Year Interest Rate Swap, 12/04/25

3-Month
LIBOR, 0.24%

Quarterly

0.87%

Semi-Annual

Bank of America N.A.

12/02/24

0.87

USD

11,750

48,168

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

3-Month
LIBOR, 0.24%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

2,050

50,772

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

3-Month
LIBOR, 0.24%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,370

33,931

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

3-Month
LIBOR, 0.24%

Quarterly

1.05%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,510

56,251

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

3-Month
LIBOR, 0.24%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

1,160

53,762

288,034

Put

10-Year Interest Rate Swap, 08/29/31

1.20%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Deutsche Bank AG

08/27/21

1.20

USD

60,410

750,374

1-Year Interest Rate Swap, 11/27/25

0.82%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

JPMorgan Chase Bank N.A.

11/25/24

0.82

USD

11,710

45,017

1-Year Interest Rate Swap, 12/04/25

0.87%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Bank of America N.A.

12/02/24

0.87

USD

11,750

42,925

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

0.91%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,370

116,786

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

0.91%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

2,050

174,753

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

1.05%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Morgan Stanley & Co. International PLC

08/07/30

1.05

USD

1,510

148,963

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

0.91%

Semi-Annual

3-Month
LIBOR, 0.24%

Quarterly

Morgan Stanley & Co. International PLC

08/07/40

0.91

USD

1,160

116,029

1,394,847

1,682,881

Exchange-Traded Options Written


Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
90-Day Euro Future	224		12/13/21		USD	99.38		USD	22,353	$	(236,600	)
90-Day Euro Future	112		12/13/21		USD	100.00		USD	11,176		(3,500	)

											(240,100	)

Put
10-Year U.S. Treasury Note	90		01/22/21		USD	136.50		USD	12,427		(7,031	)

										$	(247,131	)


90		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

OTC Interest Rate Swaptions Written


	Paid by the Fund				Received by the Fund					Expiration		Exercise					Notional
Description	Rate			Frequency	Rate			Frequency	Counterparty	Date		Rate			Amount (000)				Value
Call
5-Year Interest Rate Swap, 01/21/26		0.48%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Deutsche Bank AG		01/19/21		0.48	%		USD		5,220	$	(15,128	)
10-Year Interest Rate Swap, 08/11/31		0.63%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Deutsche Bank AG		08/09/21		0.63			USD		26,780		(151,550	)
10-Year Interest Rate Swap, 08/29/31		0.60%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Deutsche Bank AG		08/27/21		0.60			USD		60,410		(326,442	)
10-Year Interest Rate Swap, 10/02/31		0.45%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Bank of America N.A.		09/30/21		0.45			USD		2,170		(8,396	)
10-Year Interest Rate Swap, 08/10/32		0.72%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Deutsche Bank AG		08/08/22		0.72			USD		1,060		(13,453	)
5-Year Interest Rate Swap, 08/10/27		(0.02%	)	Annual		6-Month EURIBOR, (0.53%)		Semi-Annual	Barclays Bank PLC		08/08/22		(0.02	)		EUR		14,580		(369,075	)
10-Year Interest Rate Swap, 10/13/32		1.06%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Deutsche Bank AG		10/11/22		1.06			USD		1,875		(46,712	)
10-Year Interest Rate Swap, 12/17/32		1.23%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Barclays Bank PLC		12/15/22		1.23			USD		3,485		(113,069	)
10-Year Interest Rate Swap, 12/18/32		1.23%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Goldman Sachs Bank USA		12/16/22		1.23			USD		1,742		(57,180	)
10-Year Interest Rate Swap, 12/18/32		1.25%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Goldman Sachs Bank USA		12/16/22		1.25			USD		1,743		(58,272	)
10-Year Interest Rate Swap, 01/01/33		1.25%		Semi-Annual		3-Month LIBOR, 0.24%		Quarterly	Citibank N.A.		12/30/22		1.25			USD		1,930		(65,373	)

																				(1,224,650	)


Put
5-Year Interest Rate Swap, 01/21/26		3-Month LIBOR, 0.24%		Quarterly		0.48%		Semi-Annual	Deutsche Bank AG		01/19/21		0.48			USD		5,220		(3,869	)
10-Year Interest Rate Swap, 08/11/31		3-Month LIBOR, 0.24%		Quarterly		0.63%		Semi-Annual	Deutsche Bank AG		08/09/21		0.63			USD		26,780		(1,150,746	)
10-Year Interest Rate Swap, 08/11/31		3-Month LIBOR, 0.24%		Quarterly		1.00%		Semi-Annual	Deutsche Bank AG		08/09/21		1.00			USD		14,360		(276,708	)
2-Year Interest Rate Swap, 08/11/23		6-Month EURIBOR, (0.53%)		Semi-Annual		(0.25%	)	Annual	Barclays Bank PLC		08/09/21		(0.25	)		EUR		68,730		(11,081	)
5-Year Interest Rate Swap, 09/05/26		3-Month LIBOR, 0.24%		Quarterly		0.60%		Semi-Annual	Deutsche Bank AG		09/03/21		0.60			USD		6,900		(38,851	)
10-Year Interest Rate Swap, 10/02/31		3-Month LIBOR, 0.24%		Quarterly		1.45%		Semi-Annual	Bank of America N.A.		09/30/21		1.45			USD		4,340		(33,563	)
10-Year Interest Rate Swap, 11/06/31		3-Month LIBOR, 0.24%		Quarterly		1.15%		Semi-Annual	Goldman Sachs Bank USA		11/04/21		1.15			USD		4,885		(86,369	)
10-Year Interest Rate Swap, 02/09/32		3-Month LIBOR, 0.24%		Quarterly		0.68%		Semi-Annual	Deutsche Bank AG		02/07/22		0.68			USD		7,000		(347,729	)
10-Year Interest Rate Swap, 08/10/32		3-Month LIBOR, 0.24%		Quarterly		0.72%		Semi-Annual	Deutsche Bank AG		08/08/22		0.72			USD		1,060		(60,240	)
5-Year Interest Rate Swap, 08/10/27		6-Month EURIBOR, (0.53%)		Semi-Annual		(0.02%	)	Annual	Barclays Bank PLC		08/08/22		(0.02	)		EUR		14,580		(45,054	)
10-Year Interest Rate Swap, 10/13/32		3-Month LIBOR, 0.24%		Quarterly		1.06%		Semi-Annual	Deutsche Bank AG		10/11/22		1.06			USD		1,875		(71,543	)
10-Year Interest Rate Swap, 12/17/32		3-Month LIBOR, 0.24%		Quarterly		1.23%		Semi-Annual	Barclays Bank PLC		12/15/22		1.23			USD		3,485		(114,942	)
10-Year Interest Rate Swap, 12/18/32		3-Month LIBOR, 0.24%		Quarterly		1.23%		Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.23			USD		1,742		(56,912	)
10-Year Interest Rate Swap, 12/18/32		3-Month LIBOR, 0.24%		Quarterly		1.25%		Semi-Annual	Goldman Sachs Bank USA		12/16/22		1.25			USD		1,743		(55,912	)
10-Year Interest Rate Swap, 01/01/33		3-Month LIBOR, 0.24%		Quarterly		1.25%		Semi-Annual	Citibank N.A.		12/30/22		1.25			USD		1,930		(62,271	)

																				(2,415,790	)

																			$	(3,640,440	)


S C H E D U L E O F I N V E S T M E N T S		91

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

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.IG.34.V1		1.00	%		Quarterly		06/20/25	USD	4,942	$	(82,397	)	$	(71,808	)	$	(10,589	)
CDX.NA.HY.IG.35.V1		5.00			Quarterly		12/20/25	USD	6,125		(582,300	)		(361,039	)		(221,261	)
CDX.NA.IG.35.V1		1.00			Quarterly		12/20/25	USD	29,144		(724,429	)		(606,793	)		(117,636	)

										$	(1,389,126	)	$	(1,039,640	)	$	(349,486	)

Centrally Cleared Interest Rate Swaps


Paid by the Fund		Received by the Fund		Effective			Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
0.24%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		04/06/21	^(a)		12/15/22	USD	11,850	$	(13,238	)	$	53		$	(13,291	)
0.26%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		04/06/21	^(a)		12/15/22	USD	23,870		(33,001	)		(158	)		(32,843	)
(0.41%)	Annual	6-Month EURIBOR, (0.53%)	Semi-Annual		02/16/21	^(a)		02/16/23	EUR	4,930		(14,247	)		27			(14,274	)
(0.40%)	Annual	6-Month EURIBOR, (0.53%)	Semi-Annual		02/16/21	^(a)		02/16/23	EUR	4,920		(14,521	)		28			(14,549	)
(0.42%)	Annual	6-Month EURIBOR, (0.53%)	Semi-Annual		08/12/21	^(a)		08/14/23	EUR	3,790		(9,136	)		21			(9,157	)
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.47%)	Annual		09/13/21	^(a)		09/13/23	EUR	1,690		1,775			9			1,766
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.43%)	Annual		N/A			09/22/25	EUR	930		2,332			(340	)		2,672
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.44%)	Annual		N/A			09/23/25	EUR	950		1,679			10			1,669
0.35%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			10/01/25	USD	1,220		2,946			10			2,936
3-Month LIBOR, 0.24%	Quarterly	0.45%	Semi-Annual		N/A			11/12/25	USD	7,030		13,902			66			13,836
(0.26%)	Annual	6-Month EURIBOR, (0.53%)	Semi-Annual		08/16/22	^(a)		08/16/27	EUR	970		(6,972	)		13			(6,985	)
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.25%)	Annual		08/16/22	^(a)		08/16/27	EUR	1,940		14,918			26			14,892
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.24%)	Annual		08/16/22	^(a)		08/16/27	EUR	1,940		15,709			26			15,683
0.50%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			08/19/27	USD	80		506			1			505
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.28%)	Annual		09/19/22	^(a)		09/20/27	EUR	890		4,665			(259	)		4,924
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.40%)	Annual		10/18/22	^(a)		10/18/27	EUR	410		(902	)		6			(908	)
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.36%)	Annual		10/18/22	^(a)		10/18/27	EUR	1,200		336			16			320
6-Month EURIBOR, (0.53%)	Semi-Annual	(0.36%)	Annual		12/12/22	^(a)		12/13/27	EUR	970		(488	)		13			(501	)
3-Month LIBOR, 0.24%	Quarterly	0.71%	Semi-Annual		08/14/23	^(a)		08/14/28	USD	7,130		(102,539	)		65			(102,604	)
3-Month LIBOR, 0.24%	Quarterly	1.57%	Semi-Annual		N/A			02/11/30	USD	5		347			192			155
0.96%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		03/31/21	^(a)		08/15/30	USD	1,960		(7,274	)		32			(7,306	)
0.80%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			10/08/30	USD	1,520		15,219			24			15,195
0.53%	Quarterly	3-Month LIBOR, 0.24%	Quarterly		N/A			10/21/30	USD	25		358			—			358
3-Month LIBOR, 0.24%	Quarterly	0.56%	Quarterly		N/A			10/21/30	USD	25		(387	)		—			(387	)
0.90%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			10/28/30	USD	890		606			14			592
0.90%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			10/28/30	USD	890		781			14			767
0.88%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			11/04/30	USD	680		1,601			11			1,590
0.90%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			11/05/30	USD	1,720		1,690			28			1,662
0.95%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			11/12/30	USD	1,350		(5,162	)		22			(5,184	)
0.96%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			11/12/30	USD	2,260		(10,080	)		37			(10,117	)
0.93%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			11/18/30	USD	480		(1,006	)		8			(1,014	)
0.95%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			12/04/30	USD	890		(2,659	)		14			(2,673	)
0.98%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			12/09/30	USD	480		(2,883	)		8			(2,891	)
0.96%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			12/11/30	USD	1,100		(4,257	)		18			(4,275	)
0.95%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			12/30/30	USD	240		(540	)		4			(544	)
0.97%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		N/A			12/30/30	USD	830		(3,262	)		13			(3,275	)
0.86%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		10/04/21	^(a)		10/06/31	USD	190		3,557			3			3,554
1.03%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		11/26/21	^(a)		11/26/31	USD	620		2,702			10			2,692
0.80%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		02/08/22	^(a)		02/09/32	USD	2,910		85,880			47			85,833
0.83%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		08/15/22	^(a)		08/16/32	USD	16,030		551,234			49,365			501,869
0.84%	Quarterly	3-Month LIBOR, 0.24%	Quarterly		N/A			10/22/40	USD	11		424			—			424
3-Month LIBOR, 0.24%	Quarterly	0.91%	Quarterly		N/A			10/22/40	USD	11		(415	)		—			(415	)
3-Month LIBOR, 0.24%	Quarterly	0.99%	Semi-Annual		N/A			08/22/50	USD	155		(16,047	)		5			(16,052	)
3-Month LIBOR, 0.24%	Quarterly	1.00%	Semi-Annual		N/A			08/22/50	USD	155		(15,625	)		5			(15,630	)
0.91%	Quarterly	3-Month LIBOR, 0.24%	Quarterly		N/A			10/21/50	USD	12		760			—			760


92		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Fund		Received by the Fund		Effective			Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)		(Depreciation)
3-Month LIBOR, 0.24%	Quarterly	0.99%	Quarterly		N/A			10/21/50	USD	12	$	(729	)	$	—	$	(729	)
1.02%	Semi-Annual	3-Month LIBOR, 0.24%	Quarterly		08/14/23	^(a)		08/14/53	USD	1,320		171,195			41		171,154

											$	629,752		$	49,548	$	580,204

^(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)
CMBX.NA.9	1.00	%	Quarterly	Citibank N.A.	06/20/24	BBB-		USD	1,185	$	18,283		$	(63,545	)	$	81,828
Rolls-Royce PLC	1.00		Quarterly	Citibank N.A.	06/20/25	BB-		EUR	6		(610	)		(1,007	)		397
Rolls-Royce PLC	1.00		Quarterly	Citibank N.A.	06/20/25	BB-		EUR	14		(1,336	)		(2,215	)		879
GKN Holdings PLC	1.00		Quarterly	Citibank N.A.	12/20/25	BB+		EUR	10		(510	)		(517	)		7
CMBX.NA.8	3.00		Monthly	Barclays Bank PLC	10/17/57	NR		USD	5,000		(788,668	)		(495,518	)		(293,150	)
CMBX.NA.8	3.00		Monthly	Credit Suisse International	10/17/57	NR		USD	2,500		(394,335	)		(245,105	)		(149,230	)
CMBX.NA.8	3.00		Monthly	Morgan Stanley & Co. International PLC	10/17/57	NR		USD	4,450		(701,915	)		(578,703	)		(123,212	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR		USD	5,000		(590,509	)		(531,063	)		(59,446	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR		USD	5,000		(590,509	)		(531,063	)		(59,446	)
CMBX.NA.9	3.00		Monthly	Credit Suisse International	09/17/58	NR		USD	5,000		(590,509	)		(525,262	)		(65,247	)

										$	(3,640,618	)	$	(2,973,998	)	$	(666,620	)

^(a)

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

^(b)

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

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


Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps^(a)	$	50,305	$	(1,040,397	)	$	845,808	$	(615,090	)	$	—
OTC Swaps		—		(2,973,998	)		83,111		(749,731	)		—
Options Written		—		—			1,082,797		(728,578	)		(3,887,571	)

^(a)

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

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	170,870	$	—	$	170,870
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		44,686		—		—		44,686
Options purchased
Investments at value — unaffiliated^(b)		—		—		—		—		1,776,793		—		1,776,793


S C H E D U L E O F I N V E S T M E N T S		93

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)	$	—	$	—	$	—	$	—	$	845,808	$	—	$	845,808
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		83,111		—		—		—		—		83,111

	$	—	$	83,111	$	—	$	44,686	$	2,793,471	$	—	$	2,921,268

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	276,972	$	—	$	276,972
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		490,838		—		—		490,838
Options written
Options written at value		—		—		—		—		3,887,571		—		3,887,571
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		349,486		—		—		265,604		—		615,090
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,723,729		—		—		—		—		3,723,729

	$	—	$	4,073,215	$	—	$	490,838	$	4,430,147	$	—	$	8,994,200

^(a)

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

^(b)

Includes options purchased at value as reported in the Schedule of Investments.

For the year ended December 31, 2020, 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	$	—	$	—		$	(718	)	$	—		$	1,700,332		$	—	$	1,699,614
Forward foreign currency exchange contracts		—		—			—			(811,544	)		—			—		(811,544	)
Options purchased^(a)		—		—			—			—			18,559			—		18,559
Options written		—		—			—			—			901			—		901
Swaps		—		1,348,821			—			—			(708,609	)		—		640,212

	$	—	$	1,348,821		$	(718	)	$	(811,544	)	$	1,011,183		$	—	$	1,547,742

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	35		$	—		$	(265,971	)	$	—	$	(265,936	)
Forward foreign currency exchange contracts		—		—			—			3,323			—			—		3,323
Options purchased^(b)		—		—			—			—			117,924			—		117,924
Options written		—		—			—			—			296,896			—		296,896
Swaps		—		(3,871,659	)		—			—			580,204			—		(3,291,455	)

	$	—	$	(3,871,659	)	$	35		$	3,323		$	729,053		$	—	$	(3,139,248	)

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	171,975,004
Average notional value of contracts — short	$	137,984,209
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	51,846,554
Average amounts sold — in USD	$	33,396,775
Options
Average value of option contracts purchased	$	90,580
Average value of option contracts written	$	160,877


94		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)


Average notional value of swaption contracts purchased	$	48,025,000
Average notional value of swaption contracts written	$	149,552,109
Credit default swaps
Average notional value — buy protection	$	21,338,747
Average notional value — sell protection	$	36,800,913
Interest rate swaps
Average notional value — pays fixed rate	$	44,419,002
Average notional value — receives fixed rate	$	19,250,465

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	69,093		$	113,660
Forward foreign currency exchange contracts		44,686			490,838
Options		1,776,793	^(a)		3,887,571
Swaps — centrally cleared		—			48,935
Swaps — OTC^(b)		83,111			3,723,729

Total derivative assets and liabilities in the Statements of Assets and Liabilities		1,973,683			8,264,733

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(163,005	)		(409,726	)

Total derivative assets and liabilities subject to an MNA	$	1,810,678		$	7,855,007

^(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.


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)
Bank of America N.A.	$	91,093	$	(60,491	)	$	—	$	—	$	30,602
Citibank N.A.		83,111		(83,111	)		—		—		—
Deutsche Bank AG		750,374		(750,374	)		—		—		—
JPMorgan Chase Bank N.A.		90,167		(16,337	)		—		—		73,830
Morgan Stanley & Co. International PLC		751,247		(704,770	)		—		—		46,477
Natwest Markets PLC		35,374		—			—		—		35,374
UBS AG		9,312		(9,312	)		—		—		—

	$	1,810,678	$	(1,624,395	)	$	—	$	—	$	186,283


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(c)		Net Amount of Derivative Liabilities	^(d)
Bank of America N.A.	$	60,491	$	(60,491	)	$	—	$	—		$	—
Barclays Bank PLC		1,441,889		—			—		(1,441,889	)		—
BNP Paribas S.A.		141,244		—			—		—			141,244
Citibank N.A.		343,212		(83,111	)		—		—			260,101
Credit Suisse International		2,165,862		—			—		(2,040,000	)		125,862
Deutsche Bank AG		2,505,718		(750,374	)		—		(1,755,344	)		—
Goldman Sachs Bank USA		314,645		—			—		—			314,645
JPMorgan Chase Bank N.A.		16,337		(16,337	)		—		—			—
Morgan Stanley & Co. International PLC		704,770		(704,770	)		—		—			—


S C H E D U L E O F I N V E S T M E N T S		95

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(c)		Net Amount of Derivative Liabilities	^(d)
Standard Chartered Bank	$	42,611	$	—		$	—	$	—		$	42,611
UBS AG		118,228		(9,312	)		—		—			108,916

	$	7,855,007	$	(1,624,395	)	$	—	$	(5,237,233	)	$	993,379

^(a)

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

^(b)

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

^(c)

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

^(d)

Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	26,673,450	$	814,296	$	27,487,746
Common Stocks
Construction & Engineering		38,748		—		—		38,748
Consumer Finance		—		10,993		—		10,993
Diversified Financial Services		—		—		5,468		5,468
Energy Equipment & Services		—		—		10,601		10,601
Health Care Management Services		—		8		—		8
Household Durables		—		—		—		—
Media		64,203		—		—		64,203
Metals & Mining		—		14,018		8,607		22,625
Oil, Gas & Consumable Fuels		16,513		—		—		16,513
Software		364		—		—		364
Specialty Retail		—		85,918		—		85,918
Corporate Bonds
Aerospace & Defense		—		13,312,439		—		13,312,439
Air Freight & Logistics		—		19,125		—		19,125
Airlines		—		9,987,242		—		9,987,242
Auto Components		—		5,619,361		—		5,619,361
Automobiles		—		10,969,561		—		10,969,561
Banks		—		9,952,547		—		9,952,547
Beverages		—		7,829,409		—		7,829,409
Biotechnology		—		78,698		—		78,698
Building Materials		—		5,173,932		—		5,173,932
Building Products		—		1,913,732		—		1,913,732
Capital Markets		—		3,162,780		—		3,162,780
Chemicals		—		9,626,885		—		9,626,885
Commercial Services & Supplies		—		3,503,363		—		3,503,363
Communications Equipment		—		3,840,693		—		3,840,693
Construction & Engineering		—		826,026		—		826,026
Construction Materials		—		5,572,749		—		5,572,749
Consumer Discretionary		—		1,454,695		—		1,454,695
Consumer Finance		—		9,514,094		—		9,514,094
Containers & Packaging		—		2,437,218		—		2,437,218
Diversified Consumer Services		—		5,631,599		—		5,631,599
Diversified Financial Services		—		11,934,869		—		11,934,869
Diversified Telecommunication Services		—		18,421,058		—		18,421,058
Education		—		207,000		—		207,000
Electric Utilities		—		4,501,189		—		4,501,189


96		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Corporate Bonds (continued)
Electrical Equipment	$	—	$	507,130	$	—	$	507,130
Electronic Equipment, Instruments & Components		—		1,599,124		—		1,599,124
Energy Equipment & Services		—		1,652,560		130,775		1,783,335
Environmental, Maintenance, & Security Service		—		3,204,543		—		3,204,543
Equity Real Estate Investment Trusts (REITs)		—		9,482,745		—		9,482,745
Food & Staples Retailing		—		9,771,155		—		9,771,155
Food Products		—		5,328,854		—		5,328,854
Health Care Equipment & Supplies		—		3,299,920		—		3,299,920
Health Care Providers & Services		—		22,288,760		—		22,288,760
Health Care Technology		—		4,395,859		—		4,395,859
Hotels, Restaurants & Leisure		29,881		28,051,223		—		28,081,104
Household Durables		—		4,183,995		—		4,183,995
Household Products		—		162,449		—		162,449
Independent Power and Renewable Electricity Producers		—		8,144,871		—		8,144,871
Insurance		—		10,794,103		—		10,794,103
Interactive Media & Services		—		3,951,711		—		3,951,711
Internet Software & Services		—		4,472,515		—		4,472,515
IT Services		—		7,638,737		—		7,638,737
Leisure Products		—		1,277,855		—		1,277,855
Machinery		—		4,306,046		—		4,306,046
Media		—		50,813,289		—		50,813,289
Metals & Mining		—		12,323,800		—		12,323,800
Multi-line Retail		—		435,833		—		435,833
Offshore Drilling & Other Services		—		769,085		—		769,085
Oil, Gas & Consumable Fuels		117,490		47,349,703		1,511,727		48,978,920
Personal Products		—		275,260		—		275,260
Pharmaceuticals		—		8,754,294		—		8,754,294
Producer Durables: Miscellaneous		—		200,480		—		200,480
Real Estate		—		289,501		—		289,501
Real Estate Management & Development		—		25,056,207		—		25,056,207
Road & Rail		—		2,187,993		—		2,187,993
Semiconductors & Semiconductor Equipment		122,014		9,096,244		—		9,218,258
Software		—		12,230,170		—		12,230,170
Specialty Retail		—		2,923,590		—		2,923,590
Technology Hardware, Storage & Peripherals		—		1,100,422		—		1,100,422
Textiles, Apparel & Luxury Goods		—		474,938		—		474,938
Thrifts & Mortgage Finance		—		817,783		—		817,783
Transportation		—		122,470		—		122,470
Transportation Infrastructure		—		1,388,967		—		1,388,967
Utilities		—		2,967,751		—		2,967,751
Wireless Telecommunication Services		—		15,494,941		—		15,494,941
Floating Rate Loan Interests		—		255,518,392		7,511,633		263,030,025
Foreign Agency Obligations		—		21,943,113		—		21,943,113
Investment Companies		3,778,650		—		—		3,778,650
Non-Agency Mortgage-Backed Securities		—		9,698,213		—		9,698,213
Other Interests		—		—		—		—
Preferred Securities
Capital Trusts		—		32,902,307		—		32,902,307
Preferred Stocks		10,491,385		—		—		10,491,385
Trust Preferred		2,860,619		—		—		2,860,619
U.S. Government Sponsored Agency Securities		—		2,678,355		—		2,678,355
U.S. Treasury Obligations		—		17,064,758		—		17,064,758
Warrants		—		74,883		—		74,883
Short-Term Securities
Money Market Funds		9,760,422		—		—		9,760,422


S C H E D U L E O F I N V E S T M E N T S		97

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Options Purchased
Interest Rate Contracts	$	93,912		$	1,682,881		$	—	$	1,776,793
Unfunded Floating Rate Loan Interests		—			—			—		—
Liabilities
Investments
Unfunded Floating Rate Loan Interests		—			(182	)		—		(182	)

	$	27,374,201		$	843,424,247		$	9,993,107		880,791,555

Investments Valued at NAV^(a)										1,830

									$	880,793,385

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	83,111		$	—	$	83,111
Foreign Currency Exchange Contracts		—			44,686			—		44,686
Interest Rate Contracts		170,870			845,808			—		1,016,678
Liabilities
Credit Contracts		—			(1,099,217	)		—		(1,099,217	)
Foreign Currency Exchange Contracts		—			(490,838	)		—		(490,838	)
Interest Rate Contracts		(524,103	)		(3,906,044	)		—		(4,430,147	)

	$	(353,233	)	$	(4,522,494	)	$	—	$	(4,875,727	)

^(a)

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

^(b)

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

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 $275,105,145 are categorized as Level 2 within the disclosure hierarchy.


	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Total
Assets
Opening balance, as of December 31, 2019	$	1,015,603		$	522,907		$	1,561,152		$	8,974,479		$	10		$	12,074,151
Transfers into Level 3		—			—			—			380,793			—			380,793
Transfers out of Level 3		—			—			—			(3,712,401	)		—			(3,712,401	)
Accrued discounts/premiums		(95,400	)		—			4,191			40,882			—			(50,327	)
Net realized gain (loss)		—			(7,400	)		601			(236,809	)		2,164			(241,444	)
Net change in unrealized appreciation (depreciation)^(a)(b)		(22,927	)		(386,469	)		(21,208	)		305,400			(10	)		(125,214	)
Purchases		294,000			3,639			135,187			5,178,636			—			5,611,462
Sales		(376,980	)		(108,001	)		(37,421	)		(3,419,347	)		(2,164	)		(3,943,913	)

Closing balance, as of December 31, 2020	$	814,296		$	24,676		$	1,642,502		$	7,511,633		$	—	^(c)	$	9,993,107

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020^(a)	$	(22,927	)	$	(363,666	)	$	(21,208	)	$	283,013		$	—		$	(124,788	)

^(a)

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

^(b)

^(c)

Rounds to less than $1.


	Credit Contracts Assets			Total
Opening Balance as of December 31, 2019	$	84,334		$	84,334
Transfers in Level 3		—			—
Transfers out of Level 3		(84,334	)		(84,334	)
Accrued discounts/premiums		—			—
Net realized gain (loss)		—			—
Net change in unrealized appreciation (depreciation)		—			—
Purchases		—			—


98		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

December 31, 2020

BlackRock Limited Duration Income Trust (BLW)


	Credit Contracts Assets		Total
Issues	$	—	$	—
Sales		—		—

Closing Balance, as of December 31, 2020	$	—	$	—

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020	$	—	$	—

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		99

Statements of Assets and Liabilities

December 31, 2020


	DSU		FRA		BLW


ASSETS
Investments at value — unaffiliated^(a)	$	777,750,466	$	706,961,614	$	869,651,845
Investments at value — affiliated^(b)		10,799,670		11,695,920		11,141,722
Cash		906,205		3,567,244		2,777,799
Cash pledged:
Collateral — OTC derivatives		30,000		—		5,610,000
Futures contracts		—		—		1,071,470
Centrally cleared swaps		—		—		2,866,000
Foreign currency at value^(c)		197,575		4,623		1,463,080
Receivables:
Investments sold		2,564,095		2,610,072		2,825,822
Options written		—		—		129,312
Dividends — unaffiliated		—		—		71,034
Dividends — affiliated		73		27		243
Interest — unaffiliated		3,596,668		2,367,589		8,844,793
Variation margin on futures contracts		—		—		69,093
Unrealized appreciation on:
Forward foreign currency exchange contracts		4,905		4,534		44,686
OTC swaps		13,519		—		83,111
Prepaid expenses		4,995		4,545		5,543
Other assets		3,111		—		—

Total assets		795,871,282		727,216,168		906,655,553


LIABILITIES
Cash received as collateral for reverse repurchase agreements		—		—		3,860,681
Options written at value^(d)		—		—		3,887,571
Reverse repurchase agreements at value		—		—		275,105,145
Payables:
Investments purchased		24,638,250		27,706,046		10,747,991
Bank borrowings		229,000,000		208,000,000		—
Income dividend distributions		2,818,804		2,356,854		3,498,452
Interest expense		229,525		193,060		—
Investment advisory fees		358,194		443,124		408,248
Directors’ and Officer’s fees		377,818		1,471		468,409
Options written		—		—		6,909
Other accrued expenses		251,429		284,376		362,196
Variation margin on futures contracts		—		—		113,660
Variation margin on centrally cleared swaps		—		—		48,935
Swap premiums received		30,662		—		2,973,998
Unrealized depreciation on:
Forward foreign currency exchange contracts		207,597		179,533		490,838
OTC swaps		—		—		749,731
Unfunded floating rate loan interests		400		453		182

Total liabilities		257,912,679		239,164,917		302,722,946


NET ASSETS	$	537,958,603	$	488,051,251	$	603,932,607


100		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

December 31, 2020


		DSU			FRA			BLW


NET ASSETS CONSIST OF
Paid-in capital^(e)(f)(g)		$	658,028,410		$	544,777,667		$	628,685,591
Accumulated loss			(120,069,807	)		(56,726,416	)		(24,752,984	)

NET ASSETS		$	537,958,603		$	488,051,251		$	603,932,607


Net asset value^(e)(f)(g)		$	11.55		$	13.81		$	16.93


^(a)	Investments at cost — unaffiliated	$	795,836,854		$	711,977,024		$	841,960,401
^(b)	Investments at cost — affiliated	$	10,107,553		$	10,714,081		$	11,030,116
^(c)	Foreign currency at cost	$	197,533		$	4,524		$	1,440,566
^(d)	Premiums received	$	—		$	—		$	4,241,790
^(e)	Shares outstanding		46,591,807			35,335,136			35,662,105
^(f)	Shares authorized		400 million			200 million			Unlimited
^(g)	Par value	$	0.10		$	0.10		$	0.001

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		101

Statements of Operations

Year Ended December 31, 2020


	DSU			FRA			BLW


INVESTMENT INCOME
Dividends — unaffiliated	$	252,726		$	757,606		$	964,975
Dividends — affiliated		361,370			472,972			49,844
Interest — unaffiliated		36,656,331			30,665,039			41,528,956
Other income		568,659			609,616			285,018
Foreign taxes withheld		(259	)		—			(3,799	)

Total investment income		37,838,827			32,505,233			42,824,994


EXPENSES
Investment advisory		4,133,648			5,064,539			4,562,948
Professional		232,783			125,595			143,353
Transfer agent		203,332			54,543			76,127
Accounting services		106,482			99,462			114,483
Directors and Officer		57,525			29,888			61,842
Custodian		32,810			32,051			97,660
Printing and postage		19,870			12,023			31,580
Registration		17,273			12,550			12,524
Miscellaneous		61,966			38,815			99,161

Total expenses excluding interest expense		4,865,689			5,469,466			5,199,678
Interest expense		2,991,162			2,573,688			2,785,586

Total expenses		7,856,851			8,043,154			7,985,264
Less:
Fees waived and/or reimbursed by the Manager		(48,757	)		(79,422	)		(10,616	)

Total expenses after fees waived and/or reimbursed		7,808,094			7,963,732			7,974,648

Net investment income		30,030,733			24,541,501			34,850,346


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(26,196,236	)		(20,511,695	)		(9,881,333	)
Investments — affiliated		65,135			144,383			111,075
Foreign currency transactions		54,038			13,479			81,843
Forward foreign currency exchange contracts		(601,720	)		(322,988	)		(811,544	)
Futures contracts		(4,448	)		—			1,699,614
Options written		—			—			901
Swaps		(596,967	)		517,108			640,212

		(27,280,198	)		(20,159,713	)		(8,159,232	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,804,933	)		(317,976	)		13,809,101
Investments — affiliated		692,117			981,839			111,606
Foreign currency translations		872			(12,390	)		(5,800	)
Forward foreign currency exchange contracts		(3,005	)		(28,212	)		3,323
Futures contracts		228			—			(265,936	)
Options written		—			—			296,896
Swaps		242,007			—			(3,291,455	)
Unfunded floating rate loan interests		(167,690	)		(149,781	)		(55,467	)

		(2,040,404	)		473,480			10,602,268

Net realized and unrealized gain (loss)		(29,320,602	)		(19,686,233	)		2,443,036


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	710,131		$	4,855,268		$	37,293,382

See notes to financial statements.


102		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	DSU									FRA
				Period from									Period from
	Year Ended			03/01/19			Year Ended			Year Ended			09/01/19			Year Ended
	12/31/20			to 12/31/19			02/28/19			12/31/20			to 12/31/19			08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	30,030,733		$	32,028,542		$	42,457,853		$	24,541,501		$	9,182,798		$	30,775,188
Net realized loss		(27,280,198	)		(10,374,472	)		(7,363,476	)		(20,159,713	)		(1,960,481	)		(9,782,691	)
Net change in unrealized appreciation (depreciation)		(2,040,404	)		19,737,256			(16,979,647	)		473,480			8,098,171			(6,388,475	)

Net increase in net assets resulting from operations		710,131			41,391,326			18,114,730			4,855,268			15,320,488			14,604,022


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(29,156,637	)		(37,103,506	)		(44,243,908	)		(24,834,098	)		(13,875,793	)		(32,025,983	)
Return of capital		(10,264,492	)		(1,264,429	)		—			(8,006,999	)		—			—

Decrease in net assets resulting from distributions to shareholders		(39,421,129	)		(38,367,935	)		(44,243,908	)		(32,841,097	)		(13,875,793	)		(32,025,983	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchases (including transaction costs)		(28,570,553	)		(39,003,259	)		(74,855,117	)		(6,507,629	)		(5,346,886	)		(11,500,788	)


NET ASSETS
Total decrease in net assets		(67,281,551	)		(35,979,868	)		(100,984,295	)		(34,493,458	)		(3,902,191	)		(28,922,749	)
Beginning of period		605,240,154			641,220,022			742,204,317			522,544,709			526,446,900			555,369,649

End of period	$	537,958,603		$	605,240,154		$	641,220,022		$	488,051,251		$	522,544,709		$	526,446,900

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		103

Statements of Changes in Net Assets (continued)


	BLW
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended 08/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	34,850,346		$	10,824,978		$	34,113,194
Net realized loss		(8,159,232	)		(1,710,596	)		(4,073,290	)
Net change in unrealized appreciation		10,602,268			8,611,334			14,386,640

Net increase in net assets resulting from operations		37,293,382			17,725,716			44,426,544


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(36,735,203	)		(16,909,431	)		(34,575,364	)
Return of capital		(5,328,251	)		—			—

Decrease in net assets resulting from distributions to shareholders		(42,063,454	)		(16,909,431	)		(34,575,364	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(2,364,913	)		—			(11,648,172	)


NET ASSETS
Total increase (decrease) in net assets		(7,134,985	)		816,285			(1,796,992	)
Beginning of period		611,067,592			610,251,307			612,048,299

End of period	$	603,932,607		$	611,067,592		$	610,251,307

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

See notes to financial statements.


104		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows

Year Ended December 31, 2020


	DSU			FRA			BLW


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	710,131		$	4,855,268		$	37,293,382
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		584,855,008			467,458,162			536,553,434
Purchases of long-term investments		(511,472,552	)		(443,298,512	)		(582,806,393	)
Net proceeds from sales (purchases) of short-term securities		674,733			432,271			(8,054,328	)
Amortization of premium and accretion of discount on investments and other fees		(1,180,154	)		(1,053,355	)		38,150
Paid-in-kind income		(665,016	)		(648,515	)		(239,924	)
Premiums paid on closing options written		—			—			(509,067	)
Premiums received from options written		—			—			4,606,767
Net realized loss on investments and options written		26,141,566			20,395,373			9,779,573
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		2,041,504			(485,870	)		(9,957,590	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		1,965			1,427			5,011
Dividends — unaffiliated		—			—			4
Interest — unaffiliated		32,765			(711,260	)		(1,243,956	)
Variation margin on futures contracts		—			—			94,453
Variation margin on centrally cleared swaps		—			—			7,859
Swap premiums paid		6,417			—			5,483
Prepaid expenses		(234	)		(595	)		(918	)
Other assets		5,516			—			—
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		—			—			3,801,393
Payables
Interest expense		(310,040	)		(250,468	)		(1,069,785	)
Investment advisory fees		(420,101	)		(460,787	)		(338,191	)
Directors’ and Officer’s fees		15,120			904			14,005
Other accrued expenses		(126,033	)		(80,856	)		(55,294	)
Variation margin on futures contracts		—			—			73,125
Variation margin on centrally cleared swaps		—			—			48,935
Swap premiums received		(22,935	)		—			(1,009,285	)
Other liabilities		(575,071	)		(568,672	)		(205,327	)

Net cash provided by (used for) operating activities		99,712,589			45,584,515			(13,168,484	)


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(40,115,790	)		(33,313,561	)		(42,080,186	)
Payments for bank borrowings		(354,000,000	)		(314,000,000	)		—
Net payments on redemption of capital shares		(28,570,553	)		(6,507,629	)		(2,364,913	)
Proceeds from bank borrowings		321,000,000			308,000,000			—
Net borrowing of reverse repurchase agreements		—			—			62,775,484

Net cash provided by (used for) for financing activities		(101,686,343	)		(45,821,190	)		18,330,385


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(1,749	)		(12,384	)		(9,654	)


CASH AND FOREIGN CURRENCY
Net increase (decrease) in restricted and unrestricted cash and foreign currency		(1,975,503	)		(249,059	)		5,152,247
Restricted and unrestricted cash and foreign currency at beginning of year		3,109,283			3,820,926			8,636,102

Restricted and unrestricted cash and foreign currency at end of year	$	1,133,780		$	3,571,867		$	13,788,349


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest expense	$	3,301,202		$	2,824,156		$	3,855,371


F I N A N C I A L S T A T E M E N T S		105

Statements of Cash Flows (continued)

Year Ended December 31, 2020


	DSU		FRA		BLW


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	906,205	$	3,567,244	$	2,777,799
Cash pledged
Collateral — OTC derivatives		30,000		—		5,610,000
Futures contracts		—		—		1,071,470
Centrally cleared swaps		—		—		2,866,000
Foreign currency at value		197,575		4,623		1,463,080

	$	1,133,780	$	3,571,867	$	13,788,349

See notes to financial statements.


106		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	DSU
		Year Ended 12/31/20			Period from 03/01/19 to 12/31/19			Year Ended February 28,									Year Ended February 29, 2016	^(a)(b)
		Year Ended 12/31/20			Period from 03/01/19 to 12/31/19			2019			2018	^(a)		2017	^(a)		Year Ended February 29, 2016	^(a)(b)

Net asset value, beginning of period	$	12.25		$	12.16		$	12.62		$	12.70		$	11.38		$	12.87

Net investment income^(c)		0.63			0.64			0.79			0.78			0.73			0.77
Net realized and unrealized gain (loss)		(0.50	)		0.21			(0.43	)		(0.04	)		1.34			(1.46	)

Net increase (decrease) from investment operations		0.13			0.85			0.36			0.74			2.07			(0.69	)


Distributions^(d)
From net investment income		(0.61	)		(0.73	)		(0.82	)		(0.82	)		(0.75	)		(0.80	)
Return of capital		(0.22	)		(0.03	)		—			—			—			—

Total distributions		(0.83	)		(0.76	)		(0.82	)		(0.82	)		(0.75	)		(0.80	)


Net asset value, end of period	$	11.55		$	12.25		$	12.16		$	12.62		$	12.70		$	11.38


Market price, end of period	$	10.45		$	11.20		$	10.78		$	11.47		$	11.68		$	9.96


Total Return^(e)
Based on net asset value		2.57	%		8.03	%^(f)		3.86	%		6.60	%^(g)		19.57	%		(4.73	)%

Based on market price		1.50	%		11.42	%^(f)		1.30	%		5.35	%		25.53	%		(6.03	)%


Ratios to Average Net Assets^(h)
Total expenses		1.48	%		2.21	%^(i)(j)		2.23	%		1.86	%		1.36	%		1.18	%

Total expenses after fees waived and/or reimbursed		1.47	%		2.21	%^(i)(j)		2.23	%		1.85	%		1.35	%		1.18	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		0.91	%		0.92	%⁽ⁱ⁾		0.96	%		0.94	%		0.87	%		0.84	%

Net investment income		5.65	%		6.25	%⁽ⁱ⁾		6.40	%		6.12	%		6.04	%		6.29	%


Supplemental Data
Net assets, end of period (000)	$	537,959		$	605,240		$	641,220		$	742,204		$	780,810		$	709,236

Borrowings outstanding, end of period (000)	$	229,000		$	262,000		$	278,000		$	338,000		$	318,000		$	190,000

Asset coverage, end of period per $1,000 of bank borrowings	$	3,349		$	3,310		$	3,308		$	3,196		$	3,455		$	4,733

Portfolio turnover rate		67	%		53	%		62	%		59	%		55	%		41	%

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

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

^(c)	Based on average shares outstanding.

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

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

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


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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		107

Financial Highlights (continued)

(For a share outstanding throughout each period)


	FRA
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19				2019			2018	^(a)		2017	^(a)		2016	^(a)

Net asset value, beginning of period	$	14.55		$	14.49		$	14.92		$	14.93		$	14.78		$	14.91

Net investment income^(b)		0.69			0.25			0.84			0.79			0.76			0.76
Net realized and unrealized gain (loss)		(0.51	)		0.19			(0.40	)		(0.06	)		0.20			(0.14	)

Net increase from investment operations		0.18			0.44			0.44			0.73			0.96			0.62


Distributions^(c)
From net investment income		(0.70	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)		(0.75	)
Return of capital		(0.22	)		—			—			—			—			—

Total distributions		(0.92	)		(0.38	)		(0.87	)		(0.74	)		(0.81	)		(0.75	)


Net asset value, end of period	$	13.81		$	14.55		$	14.49		$	14.92		$	14.93		$	14.78


Market price, end of period	$	12.11		$	13.44		$	12.46		$	13.80		$	14.10		$	13.70


Total Return^(d)
Based on net asset value		2.76	%		3.41	%^(e)		3.94	%		5.28	%		6.93	%		5.00	%

Based on market price		(2.45	)%		11.08	%^(e)		(3.37	)%		3.11	%		8.95	%		12.14	%


Ratios to Average Net Assets^(f)
Total expenses		1.69	%		2.20	%^(g)(h)		2.45	%		2.23	%		1.88	%		1.54	%

Total expenses after fees waived and/or reimbursed		1.67	%		2.20	%^(g)(h)		2.45	%		2.22	%		1.88	%		1.54	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		1.13	%		1.19	%^(g)		1.16	%		1.20	%		1.21	%		1.14	%

Net investment income		5.15	%		5.26	%^(g)		5.74	%		5.27	%		5.08	%		5.27	%


Supplemental Data
Net assets, end of period (000)	$	488,051		$	522,545		$	526,447		$	555,370		$	555,972		$	550,271

Borrowings outstanding, end of period (000)	$	208,000		$	214,000		$	204,000		$	233,000		$	237,000		$	225,000

Asset coverage, end of period per $1,000 of bank borrowings	$	3,346		$	3,442		$	3,582		$	3,385		$	3,346		$	3,446

Portfolio turnover rate		65	%		16	%		53	%		57	%		64	%		48	%

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

^(b)	Based on average shares outstanding.

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

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

^(e)	Aggregate total return.

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


	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19				2019		2018	^(a)	2017	^(a)	2016	^(a)
Investments in underlying funds		0.03	%		0.04	%		0.03	%	0.01	%	—	%	—	%

^(g)	Annualized.

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

See notes to financial statements.


108		2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BLW
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			Year Ended August 31,
	Year Ended 12/31/20			Period from 09/01/19 to 12/31/19			2019			2018			2017			2016

Net asset value, beginning of period	$	17.05		$	17.03		$	16.71		$	17.02		$	16.84		$	17.04

Net investment income^(a)		0.98			0.31			0.94			0.95			1.01			1.32
Net realized and unrealized gain (loss)		0.08			0.18			0.33			(0.31	)		0.44			(0.22	)

Net increase from investment operations		1.06			0.49			1.27			0.64			1.45			1.10


Distributions^(b)
From net investment income		(1.03	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)		(1.30	)
Return of capital		(0.15	)		—			—			—			—			—

Total distributions		(1.18	)		(0.47	)		(0.95	)		(0.95	)		(1.27	)		(1.30	)


Net asset value, end of period	$	16.93		$	17.05		$	17.03		$	16.71		$	17.02		$	16.84


Market price, end of period	$	15.92		$	16.39		$	15.44		$	15.06		$	15.99		$	15.74


Total Return^(c)
Based on net asset value		7.58	%		3.11	%^(d)		8.77	%		4.42	%		9.62	%		7.78	%

Based on market price		5.24	%		9.32	%^(d)		9.41	%		0.18	%		10.18	%		17.59	%


Ratios to Average Net Assets^(e)
Total expenses		1.39	%		1.64	%^(f)(g)		1.81	%		1.73	%		1.45	%		1.21	%

Total expenses after fees waived and/or reimbursed		1.39	%		1.64	%^(f)(g)		1.81	%		1.73	%		1.45	%		1.21	%

Total expenses after fees waived and/or reimbursed and excluding interest expense		0.90	%		0.89	%^(f)		0.84	%		0.89	%		0.89	%		0.89	%

Net investment income		6.07	%		5.32	%^(f)		5.69	%		5.60	%		6.00	%		8.04	%


Supplemental Data
Net assets, end of period (000)	$	603,933		$	611,068		$	610,251		$	612,048		$	629,728		$	623,219

Borrowings outstanding, end of period (000)	$	275,105		$	213,399		$	202,539		$	234,622		$	252,280		$	263,445

Portfolio turnover rate^(h)		65	%		14	%		50	%		50	%		55	%		54	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Aggregate total return.

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


	Year Ended 12/31/20		Period from 09/01/19 to 12/31/19		Year Ended August 31,
	Year Ended 12/31/20		Period from 09/01/19 to 12/31/19		2019		2018		2017		2016
Investments in underlying funds	0.01	%	0.02	%	0.02	%	—	%	—	%	—	%

^(f)	Annualized.

^(g)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.66%.

^(h) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:


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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		109

Notes to Financial Statements

1.	*ORGANIZATION*

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

Fund Name

Herein Referred To As

Organized

Diversification

Classification

BlackRock Debt Strategies Fund, Inc.

DSU

Maryland

Diversified

BlackRock Floating Rate Income Strategies Fund, Inc.

FRA

Maryland

Diversified

BlackRock Limited Duration Income Trust

BLW

Delaware

Diversified

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

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-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, and payment-in-kind interest are recognized daily on an accrual basis.

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

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

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2020, if any, are disclosed in the Statements of Assets and Liabilities.

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

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


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Notes to Financial Statements (continued)

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

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

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

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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

•

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		111


Notes to Financial Statements (continued)

•

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

•

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

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

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


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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. 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 applicable to other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

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

•

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

•

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

•

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


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Notes to Financial Statements (continued)

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

As of December 31, 2020, certain investments of BLW were fair valued using NAV as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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

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

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

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

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


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Notes to Financial Statements (continued)

generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the 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 are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:


Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
DSU	Precision Medicine Group LLC	$	227,084	$	227,084	$	227,084	$	—
	Therma Intermediate LLC		120,176		120,176		119,776		(400	)
FRA	Precision Medicine Group LLC		256,788		256,788		256,788		—
	Therma Intermediate LLC		135,924		135,924		135,471		(453	)
BLW	Precision Medicine Group LLC		104,764		104,764		104,764		—
	Therma Intermediate LLC		54,771		54,771		54,589		(182	)

Forward Commitments, When-Issued and 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


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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.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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 year ended December 31, 2020, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for BLW was $255,572,627 and 1.09%, respectively.

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

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


Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount	^(b)
Barclays Capital, Inc.	$	(90,366,881	)	$	90,366,881		$	—		$	—
BNP Paribas S.A.		(132,071,237	)		132,071,237			—			—
BoFA Securities, Inc.		(110,168	)		110,168			—			—
Credit Suisse Securities (USA) LLC		(450,365	)		450,365			—			—
Goldman Sachs & Co.		(3,016,573	)		3,016,573			—			—
HSBC Securities (USA), Inc.		(16,246,250	)		15,924,293			—			(321,957	)
J.P. Morgan Securities LLC		(202,484	)		202,484			—			—
RBC Capital Markets LLC		(32,641,187	)		32,641,187			—			—

	$	(275,105,145	)	$	274,783,188		$	—		$	(321,957	)

^(a)

Net collateral, including accrued interest, with a value of $320,148,184 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.


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Notes to Financial Statements (continued)

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

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

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

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

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

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

Options: 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, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

•

Swaptions — 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.

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

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

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


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

•

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

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

•

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

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

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

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

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

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

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


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Notes to Financial Statements (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For such services, DSU and FRA pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage:


	DSU			FRA
Investment advisory fees		0.55	%		0.75	%

For purposes of calculating these fees, “net assets” mean the total assets of each Fund minus the sum of its accrued liabilities.

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

With respect to each Fund, effective March 2, 2020 for FRA, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. With respect to BLW, the Manager also entered into a separate sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BIL and, with respect to BLW, BRS for services they provide for that portion of each Fund for which BIL, and, with respect to BLW, BRS acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Distribution Fees: FRA had entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of FRA common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, as of December 31, 2020, 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 is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended December 31, 2020 amounted to $0 since no sales of FRA’s common shares were made prior to termination of the Distribution Agreement.

Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2020, the amounts waived were as follows:


Fund Name	Amounts Waived
DSU	$	1,559
FRA		915
BLW		4,173

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2020, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:


Fund Name	Amounts Waived
DSU	$	47,198
FRA		78,507
BLW		6,443

Directors and Officers: Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Fund’s 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 year ended December 31, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:


Fund Name	Purchases		Sales		Net Realized Gain (Loss)
DSU	$	114,109	$	7,365,717	$	(175,340	)
FRA		—		623,665		(93,730	)
BLW		1,769,374		1,856,170		74,614


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Notes to Financial Statements (continued)

7.	*PURCHASES AND SALES*

For the year ended December 31, 2020, purchases and sales of investments, including paydowns/payups and excluding short-term investments, were as follows:


	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
DSU	$	—	$	—	$	516,395,797	$	580,226,575
FRA		—		—		456,569,766		462,027,347
BLW		—		1,600,000		585,926,923		537,004,068

For the year ended December 31, 2020, purchases and sales related to mortgage dollar rolls were as follows:


Fund Name	Purchases		Sales
BLW	$	53,749,990	$	53,858,441

8.	*INCOME TAX INFORMATION*

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:


	Period		DSU		FRA		BLW
Ordinary income		12/31/2020	$	29,156,637	$	24,834,098	$	36,735,203
		12/31/2019		37,103,506		13,875,793		16,909,431
		8/31/2019		—		32,025,983		34,575,364
		2/28/2019		44,243,908		—		—
Return of Capital		12/31/2020		10,264,492		8,006,999		5,328,251
		12/31/2019		1,264,429		—		—
		8/31/2019		—		—		—
		2/28/2019		—		—		—

Total		12/31/2020	$	39,421,129	$	32,841,097	$	42,063,454

		12/31/2019	$	38,367,935	$	13,875,793	$	16,909,431

		8/31/2019	$	—	$	32,025,983	$	34,575,364

		2/28/2019	$	44,243,908	$	—	$	—

As of period end, the tax components of accumulated earnings (loss) were as follows:


	DSU			FRA			BLW
Non-expiring capital loss carryforwards^(a)	$	(97,616,259	)	$	(49,137,928	)	$	(45,910,589	)
Net unrealized gains (losses)^(b)		(22,348,387	)		(7,342,958	)		21,869,125
Qualified late-year losses^(c)		(105,161	)		(245,530	)		(711,520	)

	$	(120,069,807	)	$	(56,726,416	)	$	(24,752,984	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The differences between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the tax deferral of losses on wash sales and straddles, the accrual of income on securities in default, the classification of investments, dividends recognized for tax purposes, the realization for tax purposes of unrealized gains/losses on certain futures and foreign currency contracts, the timing and recognition of partnership income, the timing of distributions, amortization methods for premiums on fixed income securities, the accounting for swap agreements and the deferral of compensation to directors.

^(c)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of December 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


	DSU		FRA		BLW
Tax cost	$	807,339,066	$	723,513,533	$	854,123,932


N O T E S T O F I N A N C I A L S T A T E M E N T S		119


Notes to Financial Statements (continued)


	DSU			FRA			BLW
Gross unrealized appreciation	$	14,839,333		$	9,762,825		$	43,956,327
Gross unrealized depreciation		(33,588,620	)		(14,618,824	)		(17,329,515	)

Net unrealized appreciation (depreciation)	$	(18,749,287	)	$	(4,855,999	)	$	26,626,812

9.	*BANK BORROWINGS*

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

The SSB Agreement allows for the following maximum commitment amounts:


Fund Name	Commitment Amounts
DSU	$	340,000,000
FRA		274,000,000

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

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

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

For the year ended December 31, 2020, the average amount of bank borrowings and the daily weighted average interest rates for DSU and FRA for loans under the revolving credit agreements were as follows:


Fund Name	Average Amount Outstanding		Daily Weighted Average Interest Rate
DSU	$	220,721,311		1.36	%
FRA		198,650,273		1.30

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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.

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

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

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


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Notes to Financial Statements (continued)

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s and BLW’s shares is $0.10, $0.10 and $0.001, respectively. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2019 through November 30, 2020, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts.


N O T E S T O F I N A N C I A L S T A T E M E N T S		121


Notes to Financial Statements (continued)

On September 28, 2020, each Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2020, each Fund may repurchase through November 30, 2021, up to 5% of its common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts.

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


	DSU				FRA				BLW
	Shares		Amount		Shares		Amount		Shares		Amount
Year Ended December 31, 2020		353,230	$	3,364,037		569,915	$	6,507,629		170,552	$	2,364,913
Period Ended December 31, 2019		686,397		7,398,251		420,202		5,346,886		—		—
Year Ended August 31, 2019		—		—		907,235		11,500,788		803,959		11,648,172
Year Ended February 28, 2019		173,552		1,913,158		—		—		—		—

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

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

The results of each tender offer were as follows:


Commencement Date^(a)	Valuation Date	Number of Shares Tendered		Tendered Shares as a Percentage of Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of Outstanding Shares			Purchase Price		Total Amount of Purchases
March 16, 2018	April 17, 2018		26,225,806		45.0	%		5,879,192		10.0	%	$	12.4068	$	72,941,959
March 15, 2019	April 15, 2019		21,792,955		41.0			2,636,959		5.0			11.9854		31,605,008
March 17, 2020	April 16, 2020		17,034,684		34.0			2,470,791		5.0			10.2018		25,206,516

^(a)

Date the tender offer period began.

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

12.

SUBSEQUENT EVENTS

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

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


	Dividend Per Common Share
Fund Name		Paid	^(a)		Declared	^(b)
DSU	$	0.060500		$	0.060500
FRA		0.066700			0.066700
BLW		0.098100			0.098100

^(a)

Net investment income dividend paid on January 11, 2021 to Common Shareholders of record on December 31, 2020.

^(b)

Net investment income dividend declared on February 1, 2021, payable to Common Shareholders of record on February 16, 2021.


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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees/Directors of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc. and BlackRock Limited Duration Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Debt Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc. and BlackRock Limited Duration Income Trust (the “Funds”), including the schedules of investments, as of December 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2020, and the results of their operations and their cash flows for the year then ended, the changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statements of Changes in Net Assets	Financial Highlights
BlackRock Debt Strategies Fund, Inc.	For the year ended December 31, 2020, for the period from March 1, 2019 through December 31, 2019, and for the year ended February 28, 2019	For the year ended December 31, 2020, for the period from March 1, 2019 through December 31, 2019, and for each of the four years in the period ended February 28, 2019. The presented financial highlights were consolidated through November 30, 2017.
BlackRock Floating Rate Income Strategies Fund, Inc.	For the year ended December 31, 2020, for the period from September 1, 2019 through December 31, 2019, and for the year ended August 31, 2019	For the year ended December 31, 2020, for the period from September 1, 2019 through December 31, 2019, and for each of the four years in the period ended August 31, 2019. The presented financial highlights were consolidated through November 30, 2017.
BlackRock Limited Duration Income Trust	For the year ended December 31, 2020, for the period from September 1, 2019 through December 31, 2019, and for the year ended August 31, 2019	For the year ended December 31, 2020, for the period from September 1, 2019 through December 31, 2019, and for each of the four years in the period ended August 31, 2019.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2021

We have served as the auditor of one or more BlackRock investment companies since 1992.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		123

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended December 31, 2020 that qualified for the dividends-received deduction were as follows:


Fund Name	Dividends-Received Deduction
DSU		0.83	%
BLW		6.39

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2020:


Fund Name	Qualified Dividend Income
DSU	$	366,987
BLW		2,783,847

For the fiscal year ended December 31, 2020, the Funds hereby designate the following maximum amounts allowable as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:


Fund Name	Interest-Related Dividends
DSU	$	21,442,980
FRA		18,357,609
BLW		23,141,303

The Funds hereby designate the following amount of distributions from direct federal obligation interest for the fiscal year ended December 31, 2020:


Fund Name	Federal Obligation Interest
BLW	$	407,029

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.


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Investment Objectives, Policies and Risks

Recent Changes

The following information is a summary of certain changes since December 31, 2019. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

During each Fund’s most recent fiscal year, there were no material changes in the Fund’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Fund.

Investment Objectives and Policies

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

The Fund’s investment objective is to provide stockholders with high current income and such preservation of capital as is consistent with investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments (“floating rate debt securities”). The Fund’s investment objective is a fundamental policy and may not be changed without stockholder approval.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, including floating or variable rate debt securities that pay interest at rates that adjust whenever a specified interest rate changes and/or which reset on predetermined dates (such as the last day of a month or calendar quarter). “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). The Fund invests a substantial portion of its investments in floating rate debt securities consisting of secured or unsecured senior floating rate loans that are rated below investment grade at the time of investment or, if unrated, are considered by BlackRock Advisors, LLC (the “Manager”) to be of comparable quality. Secured loans may be either wholly or partially secured at the time of investment. In addition to senior loans, floating rate debt securities may include, without limitation, instruments such as catastrophe and other event linked bonds, bank capital securities, corporate bonds, notes, money market instruments and certain types of mortgage related and other asset backed securities. Due to their floating or variable rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a floating rate debt security is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed rate debt instrument, although the value of a floating rate debt security may nonetheless decline as interest rates rise and due to other factors, such as real or perceived changes in credit quality or financial condition of the issuer or borrower, volatility in the capital markets or other adverse market conditions.

The Fund may invest directly in floating rate debt securities or synthetically through the use of derivatives.

The Fund’s policy to invest, under normal market conditions, at least 80% of its Managed Assets in floating rate debt securities, as described above, is a non-fundamental policy and may be changed by the Board of Directors of the Fund provided that stockholders are provided with at least 60 days’ prior notice of any change, unless such change was previously approved by shareholders, as required by the rules under the 1940 Act.

The Fund may invest up to 20% of its total assets in securities other than floating rate debt securities, including, but not limited to, fixed rate debt securities such as convertible securities, bonds, notes, fixed rate loans and mortgage related and other asset backed securities issued on a public or private basis, collateralized debt obligations, preferred securities, commercial paper, U.S. government securities, structured notes, credit linked notes, credit linked trust certificates and other hybrid instruments.

To a limited extent, incidental to and in connection with its investment activities or pursuant to a convertible feature in a security, the Fund may acquire warrants and other debt and equity securities. The Fund may also acquire other debt and equity securities of a borrower or issuer in connection with an amendment, waiver, conversion or exchange of a senior loan or other debt security or in connection with a bankruptcy or workout of the borrower or issuer.

The Fund may invest without limit, and generally intends to invest a substantial portion of its assets, in high yield securities, including senior loans and other floating or fixed rate debt securities, that are rated below investment grade by the established rating services (Ba or lower by Moody’s Investor’s Service (“Moody’s”) or BB or lower by S&P Global Ratings (“S&P”)) or, if unrated, are considered by the Manager to be of comparable quality. High yield bonds commonly are referred to as “junk” bonds. The high yield securities in which the Fund invests may include credit linked notes, structured notes, credit linked trust certificates or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities. Other than with respect to Distressed Securities (which are discussed below), the high yield securities in which the Fund may invest do not include securities which, at the time of investment, are in default or the issuers of which are in bankruptcy. The Fund may also invest in investment grade securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody’s or, if unrated, determined to be of comparable quality by the Manager.

The Fund may not invest more than 10% of its total assets (at the time of investment) in securities that are rated Caa1 or lower (if rated by Moody’s) or CCC+ or lower (if rated by S&P) by each agency rating such security or, if unrated, are considered by the Manager to be of comparable quality or are otherwise considered to be distressed securities (“Distressed Securities”).

The Fund may invest without limitation in debt securities of issuers domiciled outside the United States. The Fund, however, will not invest more than 10% of its total assets in debt securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world (including countries that may be considered “frontier” markets) except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund will invest primarily in U.S. dollar denominated debt securities. The Fund will not invest more than 10% of its total assets in debt securities denominated in currencies other than the U.S. dollar or that do not provide for payment to the Fund in U.S. dollars, including obligations of non-U.S. governments and their respective subdivisions, agencies and government sponsored enterprises.


I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S		125

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

The Fund may invest in bonds of varying maturities issued by U.S. and non-U.S. corporations and other business or governmental entities. Bonds can be variable or fixed rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. The Fund may also invest in catastrophe or other “event linked” bonds. The Fund may invest in securities of any maturity.

The Fund may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The types of preferred securities in which the Fund may invest include trust preferred securities.

The Fund may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.

The Fund may invest without limit in illiquid securities, which are floating rate debt securities, senior loans, high yield securities and other securities that lack a secondary trading market or are otherwise considered illiquid

Leverage: The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. At times, the Fund could utilize leverage through borrowings, the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock. The Fund may also leverage through the use of reverse repurchase agreements. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.

BlackRock Limited Duration Income Trust (BLW)

The Fund’s investment objective is to provide current income and capital appreciation. The Fund pursues its objective by investing primarily in three distinct asset classes:

•

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

•

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

•

U.S. dollar-denominated securities of U.S. and non-U.S. issuers rated below investment grade and, to a limited extent, non-U.S. dollar denominated securities of non-U.S. issuers rated below investment grade.

The Fund may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC (the “Manager”) has broad discretion to allocate the Fund’s assets among these three principal asset classes.

The Fund’s investment objective may be changed by the Board of Trustees of the Fund without prior shareholder approval.

The Fund’s portfolio normally has an average portfolio duration of less than five years (including the effect of anticipated leverage), although it may be longer from time to time depending on market conditions. In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Specifically, duration measures the anticipated percentage change in net asset value that is expected for every percentage point change in interest rates. The two have an inverse relationship. Duration differs from maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.

The Fund is intended to have a relatively low level of interest rate risk compared to investment portfolios of similar credit quality but with longer durations. Certain of the Fund’s other strategies, however, may result in an above average amount of risk and volatility or loss of principal.

The Fund may invest in corporate bonds.

The Fund anticipates that, under normal market conditions, a significant portion of its Managed Assets will be invested in securities rated below investment grade, such as those rated (Ba or lower by Moody’s Investor’s Service (“Moody’s”) or BB or lower by S&P Global Ratings (“S&P”)) or securities comparably rated by other rating agencies or in unrated securities determined by the Manager to be of comparable quality. High yield securities commonly are referred to as “junk” bonds. The Fund may invest in individual securities of any credit quality. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes).

The Fund may also invest in investment grade securities, which are securities rated at least BBB– as determined by S&P, Baa3 as determined by Moody’s or, if unrated, determined to be of comparable quality by the Manager. When the Manager believes it to be in the best interests of the Fund’s shareholders, the Fund will reduce its investment in lower grade securities and, in certain market conditions, the Fund may invest none of its assets in lower grade securities.

The Fund may invest without limitation in U.S. dollar denominated securities of non-U.S. issuers and, to a limited extent, non-U.S. dollar-denominated securities of non-U.S. issuers (“Non-U.S. Securities”), including up to 20% of its Managed Assets in issuers located in emerging market countries. The Fund can hold no more than 10% of its Managed Assets in non-U.S. dollar-denominated Non-U.S. Securities.

Non-U.S. Securities may include debt securities issued by foreign governments and other sovereign entities and debt securities issued by foreign corporations or supranational entities and securities denominated in U.S. dollars or, to a limited extent (as described above), in foreign currencies or multinational currency units. The Fund may invest in Brady Bonds and other sovereign debt of countries that have restructured their debt pursuant to the Brady Plan, which are viewed as speculative investments. The Fund may


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Investment Objectives and Policies (continued)

also purchase debt securities of supranational organizations such as the European Coal and Steel Community, the European Economic Community and the World Bank, which are chartered to promote economic development.

The Fund may invest in debt securities issued or guaranteed by the U.S. government, its agencies or instrumentalities including but not limited to: (1) U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance, such as U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes (maturity of one to ten years), and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. government under the separate trading of registered interest and principal securities program (i.e., “STRIPS”), all of which are backed by the full faith and credit of the United States; and (2) obligations issued or guaranteed by U.S. government agencies or instrumentalities, including government guaranteed mortgage-related securities, some of which are backed by the full faith and credit of the U.S. Treasury, some of which are supported by the right of the issuer to borrow from the U.S. government and some of which are backed only by the credit of the issuer itself.

The Fund may invest in mortgage-related securities, which include collateralized mortgage obligations, stripped mortgage-backed securities, mortgage pass-through securities, interests in real estate mortgage investment conduits, real estate investment trusts (“REITs”), including debt and preferred stock issued by REITs, as well as other real estate-related securities. The mortgage-related securities in which the Fund may invest include those with fixed, floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified index of interest rates and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, including subordinated mortgage-related securities. Although the Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, the Fund expects that most of such investments will be limited to commercial mortgage-related securities, in which the Fund will not invest more than 15% of its Managed Assets.

Asset-backed securities are a form of structured debt obligations. The securitization techniques used for asset-backed securities are similar to those used for mortgage-related securities. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of asset-backed securities that may be developed in the future.

In addition to senior, secured floating rate loans made to corporate and other business entities, the Fund may also purchase unsecured loans, other floating rate debt securities, and credit-linked notes.

A senior loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Fund may purchase “Assignments” from the Agent or other Loan Investors. The Fund also may invest in “Participations.” Participations by the Fund in a Loan Investor’s portion of a senior loan typically will result in the Fund having a contractual relationship only with such Loan Investor, not with the borrower, whereas the Fund, as a purchaser of an Assignment, would typically succeed to all the rights and obligations under the loan agreement of the assigning Loan Investor and become a Loan Investor under the loan agreement with the same rights and obligations as the assigning Loan Investor. The Fund will only acquire Participations if the Loan Investor selling the Participation, and any other persons interpositioned between the Fund and the Loan Investor, are believed by the Manager to be creditworthy at the time they enter into such transactions.

The Fund may also acquire equity securities or debt securities (including non-dollar denominated debt securities) issued in exchange for a senior loan or issued in connection with the debt restructuring or reorganization of a borrower, or if such acquisition, in the judgment of the Manager, may enhance the value of a senior loan or would otherwise be consistent with the Fund’s investment policies.

The Fund may invest in collateralized bond obligations (“CBOs”), which are structured securities backed by a diversified pool of high yield, public or private fixed income securities. Under normal market conditions, the Fund expects to invest in the lower tranches of CBOs.

The Fund may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. The Fund also may purchase derivative instruments that combine features of these instruments.

The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Fund may invest directly. The Fund generally expects to invest in other investment companies either during periods when it has large amounts of uninvested cash, such as the period shortly after the Fund receives the proceeds of the offering of its common shares, or during periods when there is a shortage of attractive opportunities in the fixed income market.

Leverage: The Fund currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Fund may borrow from banks and other financial institutions and may also borrow additional funds using such investment techniques as the Manager may from time to time determine. Of these investment techniques, the Fund expects primarily to use reverse repurchase agreements and dollar rolls.

The Fund also has the ability to utilize leverage through the issuance of preferred shares. The Fund does not currently anticipate issuing any preferred shares.

The Fund generally will not utilize leverage if it anticipates that the Fund’s leveraged capital structure would result in a lower return to shareholders than that obtainable over time with an unleveraged capital structure. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent

BlackRock Debt Strategies Fund, Inc. (DSU)


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Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

The Fund’s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies’ debt instruments, including Corporate Loans (as defined below), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s Investor’s Service (“Moody’s”) or BBB or lower by S&P Global Ratings (“S&P”)) or unrated debt instruments which are in the judgment of BlackRock Advisors, LLC (the “Manager”) of equivalent quality. Such investments generally involve greater volatility of price and risks to principal and income than securities in the higher rating categories. As a secondary objective, the Fund will seek to provide capital appreciation. The Fund’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act).

Under normal market conditions, at least 80% of the Fund’s total assets will be invested in debt instruments. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund has no restrictions on portfolio maturity or duration of the debt securities in which it may invest.

The Fund’s investment policies permit investment in the following asset classes which are described in greater detail below: (i) senior and subordinated corporate loans, both secured and unsecured (“Corporate Loans”), issued either directly by the borrower or in the form of participation interests in Corporate Loans made by banks and other financial institutions; (ii) publicly offered and privately placed high-yield debt securities, senior and subordinated, both secured and unsecured; and (iii) convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and nonconvertible preferred stock. The debt securities and Corporate Loans in which the Fund invests may pay interest at fixed rates or at rates that float at a margin above a generally recognized base lending rate such as the prime rate of a designated U.S. bank, or that adjust periodically at a margin above the CD rate or LIBOR.

In connection with its investments in corporate debt securities, or restructuring of investments owned by the Fund, the Fund may receive warrants or other non-income producing debt or equity securities. The Fund may retain such securities until the Manager determines it is appropriate in light of current market conditions to effect a disposition of such securities.

The Fund will not invest in Corporate Loans that would require the Fund to make any additional investments in connection with its obligation to make future advances to a borrower in connection with revolving credit facilities if such commitments would exceed 20% of the Fund’s total assets or would cause the Fund to fail to meet the diversification requirements described herein.

The Fund may invest in high-yield corporate debt securities, including Corporate Loans, which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s and BBB or lower by S&P Global Ratings), or in unrated securities considered by the Manager to be of comparable quality. Securities rated below Baa or lower by Moody’s or BBB or lower by S&P and unrated securities of comparable quality, are commonly known as “junk bonds.” Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund’s total assets may be invested in Distressed Securities (defined below), which includes publicly offered or privately placed debt securities and Corporate Loans which, at the time of investment, are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest or are rated in the lowest rating categories (Ca or lower by Moody’s and CC or lower by S&P) or which, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”). Although the Fund will invest primarily in lower-rated securities, other than with respect to Distressed Securities (which are discussed below) it will not invest in securities in the lowest rating categories (Ca or below by Moody’s and CC or below by S&P) unless the Manager believes that the financial condition of the issuer or the protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings. Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so.

Up to 20% of the Fund’s total assets may be invested in financial instruments of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational foreign currency units, provided that the foreign issuers of any non-U.S. dollar denominated instruments purchased by the Fund are domiciled in a country that is a member of the Organisation for Economic Co-operation and Development (OECD).

Up to 20% of the Fund’s total assets can be invested in convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred stock. The types of preferred securities in which the Fund may invest include trust preferred securities.

As a result of conversions of convertible securities or upon an exchange offer or bankruptcy plan of reorganization, a significant portion of the Fund’s total assets may be invested in common stock at certain points in time.

The Fund may engage in various portfolio strategies to seek to increase its return and to hedge its portfolio against movements in interest rates or foreign currencies through the use of interest rate or foreign currency swap transactions, the purchase of call and put options on securities, the sale of covered call and put options on its portfolio securities and transactions in financial futures and related options on such futures. There can be no assurance that the Fund will employ these strategies or that, if employed, they will be effective.

The Fund may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Fund may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Fund’s obligation to replace the borrowed security will be secured by collateral deposited with the broker dealer, usually cash, U.S. government securities or other liquid securities similar to those borrowed. The Fund also will be required to segregate similar collateral with its custodian or designate such collateral on its books and records to the extent, if any, necessary so that the value of both collateral amounts in the aggregate is at all times equal to at least 100% of the current market value of the security sold short. The Fund also may make short sales “against the box.” Short sales “against the box” are not subject to the foregoing 10% limitation.

Subject to other investment restrictions applicable to the Fund, up to 10% of the Fund’s assets may be invested in debt instruments, including Corporate Loans, of investment companies (which may or may not be registered under the 1940 Act) whose portfolio securities consist entirely of (i) corporate debt or equity securities acceptable to the Manager or (ii) money market instruments.


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Investment Objectives and Policies (continued)

The Fund has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.

Leverage: The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility. The Fund generally will not utilize leverage if it anticipates that the Fund’s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Fund could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock. The Fund may also utilize leverage through the use of reverse repurchase agreements.

The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which may otherwise require untimely dispositions of Fund securities. The Fund at times may borrow from affiliates of the Manager, provided that the terms of such borrowings are no less favorable than those available from comparable sources of funds in the marketplace.

There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock.

Risk Factors

This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted in a parenthetical.

Investment and Market Discount Risk: An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Fund’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Fund should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Fund’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Fund’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund. During periods in which the Fund may use leverage, the Fund’s investment, market discount and certain other risks will be magnified.

Debt Securities Risk: Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

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Interest rate risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise

The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management.

To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.

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Credit risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

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Extension risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

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Prepayment risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

U.S. Government Obligations Risk: Certain securities in which the Fund may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.

U.S. Government Mortgage-Related Securities Risk (FRA and BLW): There are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.

Mortgage- and Asset-Backed Securities Risks (FRA and BLW): Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

Senior Loans Risk: There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.

Risks of Loan Assignments and Participations (BLW) — As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able unilaterally to enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Corporate Loans Risk (DSU): Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the London Interbank Offered Rate (“LIBOR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund invests are usually rated below investment grade.

Variable and Floating Rate Instrument Risk: Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Fund to dispose of them at any given time

Junk Bonds Risk: Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Fund.

Distressed Securities Risk (FRA and DSU): Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

Collateralized Bond Obligations Risk (BLW): The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates

Collateralized Debt Obligations Risk (FRA) — In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized


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Risk Factors (continued)

statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.

Sovereign Debt Risk (FRA and BLW): Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

Brady Bonds Risk (BLW): Brady Bonds involve various risk factors described above associated with investing in non-U.S. securities, including the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds.

Supranational Entities Risk (BLW): The Fund may invest in obligations issued or guaranteed by the World Bank. The government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings. There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

•

The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

•

Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.

•

The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

•

The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

•

Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

•

Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

•

The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund’s net asset value.

Emerging Markets Risk (FRA and BLW): Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

Equity Securities Risk —Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.

Preferred Securities Risk: Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

Convertible Securities Risk (FRA and DSU): The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

Warrants Risk (FRA and DSU): If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Real Estate-Related Securities Risk (BLW): The main risk of real estate-related securities is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, vacancy rates, tenant bankruptcies, the ability to re-lease space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and regulations (including zoning, environmental and tax laws) affecting real estate and the


I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S		131

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

costs of owning, maintaining and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. Many issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities. The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the issuers of such securities.

REIT Investment Risk (BLW): Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.

Derivatives Risk: The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or increase volatility. Derivatives involve significant risks, including:

•

Volatility Risk: Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

•

Counterparty Risk: Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

•

Market and Illiquidity Risk: The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

•

Valuation Risk: Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

•

Hedging Risk: Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

•

Tax Risk: Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments.

•

Regulatory Risk: Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd- Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non- U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Fund with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with the Fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to investors in the Fund.

•

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

Structured Notes Risk (FRA): Structured notes and other related instruments purchased by the Fund are generally privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities.

Leverage Risk: The Fund currently utilizes leverage for investment purposes in the form of a bank credit facility or reverse repurchase agreements, as applicable. The Fund also utilizes leverage for investment purposes by entering into derivatives with leverage embedded in them and, if applicable, dollar rolls. The Fund’s use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage involves risks and special considerations for common shareholders, including:


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Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

•

the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

•

the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;

•

the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;

•

leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

Reverse Repurchase Agreements Risk: Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

Dollar Rolls Risk (BLW): Dollar rolls involve the risk that the market value of the securities that the Fund is committed to buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.

Short Sales Risk (DSU): Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the security sold short.

Illiquid Investments Risk: The Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Investment Companies and ETFs Risk (BLW and DSU): Subject to the limitations set forth in the Investment Company Act, or as otherwise limited by the SEC, the Fund may acquire shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.

Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

A recent outbreak of an infectious coronavirus has developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.


I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S		133

Automatic Dividend Reinvestment Plan

Pursuant to DSU, FRA and BLW’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Fund’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After DSU, FRA and BLW declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Fund’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. Participants in that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202.


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Director and Officer Information


Independent Directors^(a)
Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Richard E. Cavanagh 1946	Co-Chair of the Board and Director (Since 2007)	Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.	84 RICs consisting of 108 Portfolios	None

Karen P. Robards 1950	Co-Chair of the Board and Director (Since 2007)	Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987.	84 RICs consisting of 108 Portfolios	Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017

Michael J. Castellano 1946	Director (Since 2011)	Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and from 2017 to September 2020; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) from 2015 to July 2020.	84 RICs consisting of 108 Portfolios	None

Cynthia L. Egan 1955	Director (Since 2016)	Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.	84 RICs consisting of 108 Portfolios	Unum (insurance); The Hanover Insurance Group (Board Chair) (insurance); Huntsman Corporation (chemical products); Envestnet (investment platform) from 2013 until 2016

Frank J. Fabozzi^(d) 1948	Director (Since 2007)	Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year.	85 RICs consisting of 109 Portfolios	None


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		135

Director and Officer Information (continued)


Independent Directors^(a) (continued)
Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
R. Glenn Hubbard 1958	Director (Since 2007)	Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.	84 RICs consisting of 108 Portfolios	ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014
W. Carl Kester^(d) 1951	Director (Since 2007)	George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.	85 RICs consisting of 109 Portfolios	None
Catherine A. Lynch^(d) 1961	Director (Since 2016)	Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.	85 RICs consisting of 109 Portfolios	None
Interested Directors^(a)(e)
Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Robert Fairbairn 1965	Director (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	117 RICs consisting of 267 Portfolios	None

John M. Perlowski^(d) 1964	Director (Since 2015); President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	118 RICs consisting of 268 Portfolios	None

^(a)	The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)

Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.


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Director and Officer Information (continued)

^(c)

Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998.

^(d)	Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund.

^(e)	Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.


Officers Who Are Not Directors^(a)
Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years

Jonathan Diorio 1980	Vice President (Since 2015)	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.

Neal J. Andrews 1966	Chief Financial Officer (Since 2007)	Chief Financial Officer of the iShares^® exchange traded funds from 2019 to 2020; Managing Director of BlackRock, Inc. since 2006.

Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.

Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.

Janey Ahn 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)	Officers of the Fund serve at the pleasure of the Board.

Neal J. Andrews retired as the Chief Financial Officer effective December 31, 2020, and Trent Walker was elected as the Chief Financial Officer effective January 1, 2021.

Effective October 15, 2020, BLW’s portfolio managers are Scott MacLellan, James Keenan, Mitch Garfin, David Delbos and Akiva Dickstein. Mr. Dickstein has been a Managing Director of BlackRock since 2009.


D I R E C T O R A N D O F F I C E R I N F O R M A T I O N		137

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 27, 2020 for shareholders of record on May 29, 2020, to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.

Shareholders elected the Class I Directors as follows:

Michael J. Castellano

R. Glenn Hubbard

John M. Perlowski

W. Carl Kester

Fund Name

Votes For

Votes Withheld

Votes For

Votes Withheld

Votes For

Votes Withheld

Votes For

Votes Withheld

BLW

29,864,079

1,553,640

29,230,877

2,186,842

29,882,614

1,535,105

29,872,580

1,545,139

For the Fund listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Catherine A. Lynch, Karen P. Robards and Frank J. Fabozzi.

Shareholders elected the Class I Directors as follows:




	Cynthia L. Egan				Michael J. Castellano				Catherine A. Lynch

Fund Name	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld

DSU		37,336,033		3,148,025		32,815,644		7,668,414		32,525,012		7,959,046

FRA		23,419,704		6,385,871		22,780,552		7,025,023		23,207,980		6,597,595

For the Funds listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard E. Cavanagh, Robert Fairbairn, R. Glenn Hubbard, John M. Perlowski, Karen P. Robards, Frank J. Fabozzi and W. Carl Kester.

Fund Certification

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

Regulation Regarding Derivatives

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

Environmental, Social and Governance (“ESG”) Integration

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

Dividend Policy

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

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

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the


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Additional Information (continued)

Dividend Policy (continued)

distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

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

General Information

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

The following information is a summary of certain changes since December 31, 2019. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Effective October 19, 2020, each of DSU and FRA has elected to be subject to the Maryland Control Share Acquisition Act (the “MCSAA”). In general, the MCSAA limits the ability of holders of “control shares” to vote those shares above various threshold levels that start at 10% unless the other stockholders of DSU and FRA, as applicable, reinstate those voting rights at a meeting of stockholders as provided in the MCSAA. “Control shares” are generally defined in the MCSAA as shares of stock that, if aggregated with all other shares of stock that are either (i) owned by a person or (ii) as to which that person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle that person to exercise voting power in electing directors above various thresholds of voting power starting at 10%. DSU’s and FRA’s Bylaws also provide that the provisions of the MCSAA shall not apply to the voting rights of the holders of any shares of preferred stock of DSU and FRA, but the MCSAA would apply to any common stock held by the same holder.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds’ portfolios.

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

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

The Funds will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies 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) at blackrock.com; and (3) on the SEC’s website at sec.gov.


A D D I T I O N A L I N F O R M A T I O N		139

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) at blackrock.com; or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

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

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

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

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

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


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Additional Information (continued)


(continued)

Fund and Service Providers

Investment Adviser		Transfer Agent
BlackRock Advisors, LLC		Computershare Trust Company, N.A.
Wilmington, DE 19809		Canton, MA 02021

Sub-Adviser		Independent Registered Public Accounting Firm
BlackRock International Limited		Deloitte & Touche LLP
Edinburgh, EH3 8BL		Boston, MA 02116
United Kingdom
		Legal Counsel
BlackRock (Singapore) Limited^(a)		Willkie Farr & Gallagher LLP
079912 Singapore		New York, NY 10019

Accounting Agent and Custodian		Address of the Funds
State Street Bank and Trust Company		100 Bellevue Parkway
Boston, MA 02111		Wilmington, DE 19809

^(a)For BLW.


A D D I T I O N A L I N F O R M A T I O N		141

Glossary of Terms Used in this Report


Currency Abbreviation

EUR		Euro

GBP		British Pound

USD		United States Dollar

Portfolio Abbreviation

ABS		Asset-Backed Security

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

MTN		Medium-Term Note

PCL		Public Company Limited

PIK		Payment-in-Kind

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SCA		Svenska Celluosa Aktiebolaget

SPDR		Standard & Poor’s Depository Receipt


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Want to know more?

blackrock.com | 800-882-0052

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

CEFT-BK3-12/20-AR

(b) Not Applicable

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization. Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

Entity Name

(a) Audit Fees

(b) Audit-Related Fees¹

(c) Tax Fees²

(d) All Other Fees

Current

Fiscal Year

End

Previous

Fiscal Year

End³

Current

Fiscal Year

End

Previous

Fiscal Year

End³

Current

Fiscal Year

End

Previous

Fiscal Year

End³

Current

Fiscal Year

End

Previous

Fiscal Year

End³

BlackRock Limited

Duration Income

Trust

$72,420

$65,178

$16,400

$8,450

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End³
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees⁴	$1,984,000	$2,050,500

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³The registrant changed its fiscal year end from August 31 to December 31 effective December 31, 2019 whereby this fiscal year consists of the four months ended December 31, 2019.

⁴ Non-audit fees of $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name

Current Fiscal Year

End

Previous Fiscal Year

End¹

BlackRock Limited Duration Income Trust

$16,400

$8,450

¹The registrant changed its fiscal year end from August 31 to December 31 effective December 31, 2019 whereby this fiscal year consists of the four months ended December 31, 2019.

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal

Year End

Previous Fiscal

Year End¹

$1,984,000

$2,050,500

¹The registrant changed its fiscal year end from August 31 to December 31 effective December 31, 2019 whereby this fiscal year consists of the four months ended December 31, 2019.

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 –

Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

Catherine A. Lynch Karen P. Robards

(b) Not Applicable

Item 6 –

Investments

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

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

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of James E. Keenan, Managing Director of BlackRock, Mitchell Garfin, Managing Director at BlackRock, Scott MacLellan, Director at BlackRock, David Delbos, Managing Director at BlackRock and Akiva

Dickstein, Managing Director at BlackRock. Mr. Keenan is responsible for setting the registrant’s overall investment strategy and overseeing the registrant’s investment process and performance. Messrs. Garfin, MacLellan, Delbos and Dickstein are jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. Keenan and Garfin have been members of the registrant’s portfolio management team since 2007, and 2016, respectively. Messrs. MacLellan and Delbos have been members of the registrant’s portfolio management ream since 2018. Mr. Dickstein became a portfolio manager to the Fund on October 15, 2020.


Portfolio Manager		Biography
James E. Keenan		Managing Director of BlackRock since 2008 and Head of the Leveraged Finance Portfolio team; Director of BlackRock from 2006 to 2007.
Mitchell Garfin		Managing Director of BlackRock, Inc. since 2009; Director of BlackRock, Inc. from 2005 to 2008.
Scott MacLellan		Director of BlackRock, Inc. since 2010; Vice President of BlackRock, Inc. from 2007 to 2009.
David Delbos		Managing Director of BlackRock, Inc. since 2012; Director of BlackRock, Inc. from 2007 to 2011; Vice President of BlackRock, Inc. from 2005 to 2006.
Akiva Dickstein		Managing Director of BlackRock since 2009; Managing Director of Merrill Lynch Investment Managers, L.P. from 2003 to 2009 and Head of the U.S. Rates & Structured Credit Research Group.

(a)(2) As of December 31, 2020:


	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
James E. Keenan	21	30	20	0	0	6
	$42.17 Billion	$16.85 Billion	$10.19 Billion	$0	$0	$1.38 Billion
Mitchell Garfin	24	23	55	0	0	5
	$44.68 Billion	$14.70 Billion	$16.26 Billion	$0	$0	$1.25 Billion
Scott MacLellan	12	16	134	0	0	2
	$15.78 Billion	$4.36 Billion	$56.32 Billion	$0	$0	$877.0 Million
David Delbos	24	21	54	0	0	5
	$41.28 Billion	$14.75 Billion	$16.49 Billion	$0	$0	$1.25 Billion
Akiva Dickstein	24	27	266	0	0	6
	$28.82 Billion	$9.91 Billion	$101.6 Billion	$0	$0	$2.17 Billion

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Keenan, Garfin, MacLellan, Delbos and Dickstein may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Keenan, Garfin, MacLellan, Delbos and Dickstein may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2020:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2020.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:


Portfolio Manager		Benchmark
James Keenan Mitchell Garfin David Delbos		A combination of market-based indices (e.g., The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.
Scott MacLellan		A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate & Government Index, 1-3 Years), certain customized indices and certain fund industry peer groups.
Akiva Dickstein		A combination of market-based indices (e.g. Bloomberg Barclays US Aggregate Index, Bloomberg Barclays US Universal Index and Bloomberg Barclays Intermediate Aggregate Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive

compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($285,000 for 2020). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2020.


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
James E. Keenan		None
Mitchell Garfin		$10,001-$50,000
Scott MacLellan		$10,001-$50,000
David Delbos		None
Akiva Dickstein		None

(b) Not Applicable

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Period	(a) Total Number of Shares Purchased¹	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs¹	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
July 1-31, 2020	76,958	$14.3046	76,958	1,698,039
August 1-31, 2020	0	$0	0	1,698,039
September 1-30, 2020	0	$0	0	1,698,039
October 1-31, 2020	0	$0	0	1,698,039
November 1-30, 2020	0	$0	0	1,698,039
December 1-31, 2020	0	$0	0	1,783,105
Total:	76,958	$14.3046	76,958	1,783,105

¹On September 5, 2019, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2019, the Fund may repurchase through November 30, 2020, up to 5% of its common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. On September 28, 2020, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2020, the Fund may repurchase through November 30, 2021, up to 5% of its common shares outstanding as of the close of business on November 30, 2020, 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

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies — Not Applicable

Item 13 –

Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to makeperiodic distributions of long-term capital gains with respect to its outstanding common stock as frequently astwelve times each year, and as frequently as distributions are specified by or in accordance with the terms ofits outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make thedisclosures to the holders of the Fund’s common shares, in addition to the information required by Section19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC theinformation contained in any such notice to shareholders and, in that regard, has attached hereto copies of eachsuch notice made during the period.

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

BlackRock Limited Duration Income Trust


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of BlackRock Limited Duration Income Trust

Date: March 5, 2021

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


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of BlackRock Limited Duration Income Trust

Date: March 5, 2021


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Limited Duration Income Trust

Date: March 5, 2021

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Limited Duration Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Limited Duration Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 5, 2021

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Limited Duration Income Trust

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Limited Duration Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Limited Duration Income Trust;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 5, 2021

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Limited Duration Income Trust

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Limited Duration Income Trust (the “Registrant”), hereby certifies, to the best of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended December 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 5, 2021

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Limited Duration Income Trust

Date: March 5, 2021

/s/ Trent Walker

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Limited Duration Income Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

BlackRock Limited Duration Income Trust

Cusip: 09249W101

Ticker: BLW


Record Date		December 31, 2020
Pay Date		January 11, 2021

Distribution Amount per share		$ 0.098100

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.


	Current Distribution		% Breakdown of the Current Distribution			Total Cumulative Distributions for the Fiscal Year to Date		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date

Net Investment Income	$	0.044521		45	%	$	1.017530		86	%

Net Realized Capital Gains	$	—		0	%	$	—		0	%

Return of Capital	$	0.053579		55	%	$	0.159670		14	%


Total (per common share)	$	0.098100		100	%	$	1.177200		100	%


Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2020									7.97	%

Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2020									7.02	%


Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2020									5.21	%

Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2020									6.44	%

You should not draw any conclusions about the Trust’s investment performance from the amount of this distribution or from the terms of the Trusts Managed Distribution Plan.

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052

Closed-End Fund Proxy Voting Policy

October 1, 2020

LOGO

Closed-End Fund Proxy Voting Policy

Procedures Governing Delegation of Proxy Voting to Fund Adviser

Effective Date: October 1, 2020

Applies to the following types of Funds registered under the 1940 Act:

☐ Open-End Mutual Funds (including money market funds)

☐ Money Market Funds Only

☐ iShares and BlackRock ETFs

☒ Closed-End Funds

☐ Other

The Boards of Trustees/Directors (the “Directors”) of the closed-end funds advised by BlackRock Advisors, LLC (“BlackRock”) (the “Funds”) have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock’s authority to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the “BlackRock Proxy Voting Guidelines”) governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy Voting Guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of all proxy votes that BlackRock has made on behalf of the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock Proxy Voting Guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock Proxy Voting Guidelines that have not previously been reported.


		Public		Page 1 of 1

LOGO

Contents



Introduction to BlackRock			3

Philosophy on investment stewardship			3

Key themes			4

Boards and directors			5

Auditors and audit-related issues			7

Capital structure, mergers, asset sales and other special transactions			7

Compensation and benefits			8

Environmental and social issues			9

General corporate governance matters and shareholder protections			10

Shareholder proposals			10

BlackRock’s oversight of our investment stewardship activities			11

Vote execution			11

Conflicts management policies and procedures			12

Voting guidelines			13

Reporting and vote transparency			13

The purpose of this document is to provide an overarching explanation of

BlackRock’s approach globally to our responsibilities as a shareholder on

behalf of our clients, our expectations of companies, and our commitments to

clients in terms of our own governance and transparency.

If you would like additional information, please contact:

ContactStewardship@blackrock.com

Introduction to BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world. As part of our fiduciary duty to our clients, we have determined that it is generally in the best long-term interest of our clients to promote sound corporate governance through voting as an informed, engaged shareholder. This is the responsibility of the Investment Stewardship Team.

Philosophy on investment stewardship

Companies are responsible for ensuring they have appropriate governance structures to serve the interests of shareholders and other key stakeholders. We believe that there are certain fundamental rights attached to shareholding. Companies and their boards should be accountable to shareholders and structured with appropriate checks and balances to ensure that they operate in shareholders’ best interests to create sustainable value. Shareholders should have the right to vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by-laws. Shareholders should be able to vote on matters that are material to the protection of their investment, including but not limited to, changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital structure. In order to make informed decisions, we believe that shareholders have the right to sufficient and timely information. In addition, shareholder voting rights should be proportionate to their economic ownership—the principle of “one share, one vote” helps achieve this balance.

Consistent with these shareholder rights, we believe BlackRock has a responsibility to monitor and provide feedback to companies, in our role as stewards of our clients’ investments. BlackRock Investment Stewardship (“BIS”) does this through engagement with management teams and/or board members on material business issues including environmental, social, and governance (“ESG”) matters and, for those clients who have given us authority, through voting proxies in the best long-term economic interests of our clients. We also participate in the public debate to shape global norms and industry standards with the goal of a policy framework consistent with our clients’ interests as long-term shareholders.

BlackRock looks to companies to provide timely, accurate, and comprehensive reporting on all material governance and business matters, including ESG issues. This allows shareholders to appropriately understand and assess how relevant risks and opportunities are being effectively identified and managed. Where company reporting and disclosure is inadequate or the approach taken is inconsistent with our view of what supports sustainable long-term value creation, we will engage with a company and/or use our vote to encourage a change in practice.

BlackRock views engagement as an important activity; engagement provides us with the opportunity to improve our understanding of the business and ESG risks and opportunities that are material to the companies in which our clients invest. As long-term investors on behalf of clients, we seek to have regular and continuing dialogue with executives and board directors to advance sound governance and sustainable business practices, as well as to understand the effectiveness of the company’s management and oversight of material issues. Engagement is an important mechanism for providing feedback on company practices and disclosures, particularly where we believe they could be enhanced. We primarily engage through direct dialogue but may use other tools such as written correspondence to share our perspectives. Engagement also informs our voting decisions.

We vote in support of management and boards where and to the extent they demonstrate an approach consistent with creating sustainable long-term value. If we have concerns about a company’s approach, we may choose to engage to explain our expectations. Where we consider that a company has failed to address one or more material issues within an appropriate timeframe, we may hold directors accountable or take other voting actions to signal our concerns. We apply our voting guidelines to achieve the outcome we believe is most aligned with our clients’ long-term economic interests.


		3

Key themes

We recognize that accepted standards and norms of corporate governance differ between markets; however, there are sufficient common threads globally to identify this overarching set of principles (the “Principles”) which are anchored in transparency and accountability. At a minimum, we expect companies to observe the accepted corporate governance standards in their domestic market or to explain why not doing so supports sustainable long-term value creation.

Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to specific ballot items for shareholder meetings.

These Principles cover seven key themes:

●

Boards and directors

●

Auditors and audit-related issues

●

Capital structure, mergers, asset sales, and other special transactions

●

Compensation and benefits

●

Environmental and social issues

●

General corporate governance matters and shareholder protections

●

Shareholder proposals


		4

Boards and directors

The performance of the board is critical to the economic success of the company and the protection of shareholders’ interests. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction and operation of the company. For this reason, BlackRock focuses on directors in many of our engagements and sees the election of directors as one of our most important responsibilities in the proxy voting context.

We support boards whose approach is consistent with creating sustainable long-term value. This includes the effective management of strategic, operational, and material ESG factors and the consideration of key stakeholder interests. Our primary focus is on the performance of the board of directors. The board should establish and maintain a framework of robust and effective governance mechanisms to support its oversight of the company’s strategic aims. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s purpose. Disclosure of material issues that affect the company’s long-term strategy and value creation, including material ESG factors, is essential for shareholders to be able to appropriately understand and assess how the board is effectively identifying, managing, and mitigating risks.

Where a company has not adequately disclosed and demonstrated these responsibilities, we will consider withholding our support for the re-election of directors whom we hold accountable. We assess director performance on a case-by-case basis and in light of each company’s particular circumstances, taking into consideration our assessment of their governance, sustainable business practices, and performance. In serving the interests of shareholders, the responsibility of the board of directors includes, but is not limited to, the following:

●

Establishing an appropriate corporate governance structure

●

Supporting and overseeing management in setting long-term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred

●

Providing oversight on the identification and management of material, business operational and sustainability-related risks

●

Overseeing the financial resilience of the company, the integrity of financial statements, and the robustness of a company’s Enterprise Risk Management¹ frameworks

●

Making decisions on matters that require independent evaluation which may include mergers, acquisitions and disposals, activist situations or other similar cases

●

Establishing appropriate executive compensation structures

●

Addressing business issues, including environmental and social issues, when they have the potential to materially impact the company’s long-term value

There should be clear definitions of the role of the board, the committees of the board and senior management. We set out below ways in which boards and directors can demonstrate a commitment to acting in the best interests of long-term shareholders. We will seek to engage with the appropriate directors where we have concerns about the performance of the company, board, or individual directors. As noted above, we believe that when a company is not effectively addressing a material issue, its directors should be held accountable.

¹ Enterprise risk management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of objectives. (Committee of Sponsoring Organizations of the Treadway Commission (COSO), Enterprise Risk Management — Integrated Framework, September 2004, New York, NY).


		5

Regular accountability

BlackRock believes that directors should stand for re-election on a regular basis, ideally annually. In our experience, annual re-elections allow shareholders to reaffirm their support for board members or hold them accountable for their decisions in a timely manner. When board members are not re-elected annually, we believe it is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for re-election at each annual general meeting.

Effective board composition

Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect the evolution of the company’s strategy and the market environment. BlackRock believes it is beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking and in a manner that supports both continuity and appropriate succession planning. We expect companies to keep under regular review the effectiveness of its board (including its size), and assess directors nominated for election or re-election in the context of the composition of the board as a whole. This assessment should consider a number of factors, including the potential need to address gaps in skills or experience, the diversity of the board, and the balance of independent and non-independent directors. We also consider the average tenure of the overall board, where we are seeking a balance between the knowledge and experience of longer-serving members and the fresh perspectives of newer members.

When nominating new directors to the board, there should be detailed information on the individual candidates in order for shareholders to assess the suitability of an individual nominee and the overall board composition. These disclosures should give a clear sense of how the collective experience and expertise of the board aligns with the company’s long-term strategy and business model. We also expect disclosures to demonstrate how diversity is accounted for within the proposed board composition, including demographic factors such as gender, ethnicity, and age; as well as professional characteristics, such as a director’s industry experience, specialist areas of expertise, and geographic location.

We expect there to be a sufficient number of independent directors, free from conflicts of interest or undue influence from connected parties, to ensure objectivity in the decision-making of the board and its ability to oversee management. Common impediments to independence may include but are not limited to:

●

Current or recent employment at the company or a subsidiary

●

Being, or representing, a shareholder with a substantial shareholding in the company

●

Interlocking directorships

●

Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company

BlackRock believes that the board is able to fulfill its fiduciary duty when there is a clearly independent, senior non-executive director to chair it or, where the chairman is also the CEO (or is otherwise not independent), a lead independent director. The role of this director is to enhance the effectiveness of the independent members of the board through shaping the agenda, ensuring adequate information is provided to the board and encouraging independent participation in board deliberations. The lead independent director or another appropriate director should be available to shareholders in those situations where an independent director is best placed to explain and justify a company’s approach.

There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors. BlackRock believes that objective oversight of such matters is best achieved when the board forms committees comprised entirely of independent directors. In many markets, these committees of the board specialize in audit, director nominations and compensation matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to investigate a significant adverse event.

Sufficient capacity

As the role of a director is demanding, directors must be able to commit an appropriate amount of time to board and committee matters. It is important that every director has the capacity to meet all of his/her responsibilities – including when there are unforeseen events – and therefore, he/she should not take on an excessive number of roles that would impair his/her ability to fulfill his/her duties.


		6

Auditors and audit-related issues

BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a company’s financial condition. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.

The accuracy of financial statements, inclusive of financial and non-financial information, is clearly of paramount importance to BlackRock. Investors’ views on financial materiality are developing to encompass a broader range of risks. Over time, we expect increased scrutiny of the assumptions underlying financial reports.

In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by providing independent oversight of the accounts, material financial and non-financial information, internal control frameworks, and Enterprise Risk Management systems. BlackRock believes that effective audit and risk committee oversight strengthens the quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.

We hold the members of the audit committee or equivalent responsible for overseeing the management of the audit function. Audit committees or equivalent should have clearly articulated charters that set out the committee’s responsibilities and have a rotation plan in place that allows for a periodic refreshment of the committee memberships.

We take particular note of critical accounting matters, cases involving significant financial restatements or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor or Internal Audit function.

The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on management. To that end, we believe it is important that auditors are, and are seen to be, independent. Where the audit firm provides services to the company in addition to the audit, the fees earned should be disclosed and explained. Audit committees should have in place a procedure for assessing annually the independence of the auditor and the quality of the external audit process.

Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management practices and, more broadly, the quality of the board’s oversight. The audit committee or equivalent should periodically review the company’s risk assessment and risk management policies and significant risks and exposures identified by management, the internal auditors or the independent accountants, and management’s steps to address them. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

Capital structure, mergers, asset sales, and other special transactions

The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key protection for shareholders against the dilution of their interests.

Effective voting rights are basic rights of share ownership and we believe strongly in one vote for one share as a guiding principle that supports effective corporate governance. Shareholders, as the residual claimants, have the strongest interest in protecting company value, and voting power should match economic exposure.

In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated voting rights as it violates the fundamental corporate governance principle of proportionality, and results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time, companies may have a valid argument for dual-class listings. We believe that such companies should review these share class structures on a regular basis or as company circumstances change. Additionally, they should receive shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.


		7

In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic interests of our clients as shareholders. Boards proposing a transaction need to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it enhances long-term shareholder value. We would prefer that proposed transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek reassurance from the board that executives’ and/or board members’ financial interests in a given transaction have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction involves related parties, we would expect the recommendation to support it to come from the independent directors, and ideally, the terms have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted shareholders.

BlackRock believes that shareholders have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. We believe that shareholders are broadly capable of making decisions in their own best interests. We expect any so-called ‘shareholder rights plans’ proposed by a board to be subject to shareholder approval upon introduction and periodically thereafter for continuation.

Compensation and benefits

BlackRock expects a company’s board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately and is linked with performance that aligns with shareholder interests, particularly the generation of sustainable long-term value. We would expect the compensation committee to carefully consider the specific circumstances of the company and the key individuals the board is trying to incentivize. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics consistent with corporate strategy and market practice. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee or equivalent board members accountable for poor compensation practices or structures.

BlackRock believes that there should be a clear link between variable pay and company performance that drives value creation. We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee, we expect disclosure relating to how and why the discretion was used, and further, how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the rationale for increases in total compensation at a company is solely based on peer benchmarking rather than a rigorous measure of outperformance.

We support incentive plans that foster the sustainable achievement of results consistent with the company’s long-term strategic initiatives. The vesting timeframes associated with incentive plans should facilitate a focus on long-term value creation. We believe consideration should be given to building claw back provisions into incentive plans such that executives would be required to forgo rewards when they are not justified by actual performance and/or when compensation was based on faulty financial reporting or deceptive business practices. We also favor recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practice.

Non-executive directors should be compensated in a manner that is commensurate with the time and effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk compromising their independence or aligning their interests too closely with those of the management, whom they are charged with overseeing.


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Environmental and social issues

We believe that well-managed companies will deal effectively with material ESG factors relevant to their businesses. As stated throughout this document, governance is the core structure by which boards can oversee the creation of sustainable long-term value —appropriate risk oversight of environmental and social (“E&S”) considerations stems from this construct.

Robust disclosure is essential for investors to effectively gauge companies’ business practices and strategic planning related to E&S risks and opportunities. When a company’s reporting is inadequate, investors, including BlackRock, will increasingly conclude that companies are not adequately managing risk. Given the increased understanding of material sustainability risks and opportunities, and the need for better information to assess them, BlackRock will advocate for continued improvement in companies’ reporting and will hold management and/or directors accountable where disclosures or the business practices underlying them are inadequate.

BlackRock views the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the standards put forward by the Sustainability Accounting Standards Board (SASB) as appropriate and complementary frameworks for companies to adopt for the disclosure of financially material sustainability information. While the TCFD framework was crafted with the aim of climate-related risk disclosure, the four pillars of the TCFD Governance, Strategy, Risk Management, and Metrics and Targets are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB’s industry-specific guidance (as identified in its materiality map) is beneficial in helping companies identify key performance indicators (KPIs) across various dimensions of sustainability that are considered to be financially material and decision-useful within their industry,

Accordingly, we ask companies to:

●

Disclose the identification, assessment, management, and oversight of sustainability-related risks in accordance with the four pillars of TCFD; and

●

Publish SASB-aligned reporting with industry-specific, material metrics and rigorous targets².

Companies may also adopt or refer to guidance on sustainable and responsible business conduct issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development. Further, industry specific initiatives on managing specific operational risks may be useful. Companies should disclose any global standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business practices.

Climate risk

BlackRock believes that climate change has become a defining factor in companies’ long-term prospects. We expect every company to help their investors understand how the company may be impacted by climate-related risk and opportunities, and how they are considered within strategy. Specifically, we expect companies to articulate how they are aligned to a scenario in which global warming is limited to well below 2°C and is consistent with a global aspiration to reach net zero GHG emissions by 2050³.

The public and private sectors have roles to play in aligning greenhouse gas reduction efforts with targets based on science, where available, to curb the worst effects of climate change and reach the global goal of carbon neutrality by the mid-century. Companies have an opportunity to utilize and contribute to the development of current and future low-carbon transition technologies, which are an important consideration for the rate at which emissions can be reduced. We expect companies to disclose how they are considering these challenges, alongside opportunities for innovation, within their strategy and emissions reduction efforts.

² See our commentary on our approach to engagement on TCFD and SASB aligned reporting for greater detail of our expectations.

³ The global aspiration is reflective of aggregated efforts; companies in developed and emerging markets are not equally equipped to transition their business and reduce emissions at the same rate—those in developed markets with the largest market capitalization are better positioned to adapt their business models at an accelerated pace. Government policy and regional targets may be reflective of these realities.


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Key stakeholder interests

Given our expectation that companies operate in long-term shareholders’ interests to create sustainable value and fulfill their purpose, BlackRock believes that companies should take due account of their key stakeholders’ interests. It is for each company to determine its key stakeholders based on what is material to its business, but they are likely to include employees, business partners (such as suppliers and distributors), clients and consumers, government and regulators, and the communities in which they operate, as well as investors.

Having regard to the interests of key stakeholders recognizes the collective nature of long-term value creation, and the extent to which each company’s prospects for growth are tied to its ability to foster strong sustainable relationships with those stakeholders. Companies should articulate how they address adverse impacts that could arise from their business practices and affect critical business relationships with their stakeholders. We expect companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts, and grievance mechanisms to remediate any actual adverse impacts. The maintenance of trust within these relationships is often equated with a company’s social license to operate.

To ensure transparency and accountability, companies should report on how they have identified their key stakeholders and considered their interests in business decision-making, demonstrating the applicable governance, strategy, risk management, and metrics and targets. This approach should be overseen by the board, whose job it is to ensure that the approach taken is informed by and aligns with the company’s purpose.

General corporate governance matters and shareholder protections

BlackRock believes that shareholders have a right to material and timely information on the financial performance and viability of the companies in which they invest. In addition, companies should also publish information on the governance structures in place and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help shareholders assess whether their economic interests have been protected and the quality of the board’s oversight of management. We believe shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and to call special meetings of shareholders.

Shareholder proposals

In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted on by shareholders at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management, and improvements in the management or disclosure of environmental and social risks.

When assessing shareholder proposals, we evaluate each proposal on its merit, with a singular focus on its implications for long-term value creation. We consider the business and economic relevance of the issue raised, as well as its materiality and the urgency with which we believe it should be addressed. We take into consideration the legal effect of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction. We would not support proposals that we believe would result in over-reaching into the basic business decisions of the issuer.

Where a proposal is focused on an issue that we agree needs to be addressed and the intended outcome is consistent with long-term value creation, we will look to the board and management to demonstrate that the company has met the intent of the request made in the shareholder proposal. Where our analysis and / or engagement indicate a need for improvement in the company’s approach to the issue, we will support shareholder proposals that are reasonable and not unduly constraining on management. Alternatively, or in addition, we may vote against the re-election of one of more directors if, in our assessment, the board has not responded sufficiently or with an appropriate sense of urgency.


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BlackRock’s oversight of its investment

stewardship activities

Oversight

We hold ourselves to a very high standard in our investment stewardship activities, including proxy voting. To meet this standard, BIS is comprised of BlackRock employees who do not have other responsibilities other than their roles in BIS. BIS is considered an investment function.

BlackRock maintains three regional advisory committees (“Stewardship Advisory Committees”) for (a) the Americas; (b) Europe, the Middle East and Africa (“EMEA”); and (c) Asia-Pacific, generally consisting of senior BlackRock investment professionals and/or senior employees with practical boardroom experience. The regional Stewardship Advisory Committees review and advise on amendments to BIS proxy voting guidelines covering markets within each respective region (“Guidelines”).

In addition to the regional Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (“Global Committee”) is a risk-focused committee, comprised of senior representatives from various BlackRock investment teams, a senior legal representative, the Global Head of Investment Stewardship (“Global Head”), and other senior executives with relevant experience and team oversight.

The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which require the application of professional judgment and consideration of each company’s unique circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves amendments to the regional Guidelines, as proposed by the regional Stewardship Advisory Committees.

In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these reports in an oversight capacity as informed by the BIS corporate governance engagement program and the Guidelines.

BIS carries out engagement with companies, monitors and executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of those third parties. BIS may raise complicated or particularly controversial matters for internal discussion with the relevant investment teams and/or refer such matters to the appropriate regional Stewardship Advisory Committees for review, discussion and guidance prior to making a voting decision.

Vote execution

We carefully consider proxies submitted to funds and other fiduciary account(s) (“Fund” or “Funds”) for which we have voting authority. BlackRock votes (or refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the best long-term economic interests of our clients as shareholders, in the exercise of our independent business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures”, below).

When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance with the Guidelines for the relevant market. The Guidelines are reviewed regularly and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by the applicable Stewardship Advisory Committees. BIS analysts may, in the exercise of their professional judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is required or that an exception to the Guidelines would be in the best long-term economic interests of BlackRock’s clients.


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In the uncommon circumstance of there being a vote with respect to fixed income securities or the securities of privately held issuers, the decision generally will be made by a Fund’s portfolio managers and/or BIS based on their assessment of the particular transactions or other matters at issue.

In certain markets, proxy voting involves logistical issues which can affect BlackRock’s ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: (i) untimely notice of shareholder meetings; (ii) restrictions on a foreigner’s ability to exercise votes; (iii) requirements to vote proxies in person; (iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); (v) potential difficulties in translating the proxy; (vi) regulatory constraints; and (vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

As a consequence, BlackRock votes proxies on a “best-efforts” basis. In addition, BIS may determine that it is generally in the best interests of BlackRock’s clients not to vote proxies if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

Portfolio managers have full discretion to vote the shares in the Funds they manage based on their analysis of the economic impact of a particular ballot item. Portfolio managers may from time to time reach differing views on how best to maximize economic value with respect to a particular investment. Therefore, portfolio managers may, and sometimes do, vote shares in the Funds under their management differently from one another. However, because BlackRock’s clients are mostly long-term investors with long-term economic goals, ballots are frequently cast in a uniform manner.

Conflicts management policies and procedures

BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

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BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

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BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

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BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

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Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

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Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

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BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

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Adopted the Guidelines which are designed to advance our clients’ interests in the companies in which BlackRock invests on behalf of clients.

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Established a reporting structure that separates BIS from employees with sales, vendor management, or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met.


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●

Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also use an independent fiduciary to vote proxies of:

public companies that include BlackRock employees on their boards of directors,

ii.

public companies of which a BlackRock, Inc. board member serves as a senior executive,

iii.

public companies that are the subject of certain transactions involving BlackRock Funds,

iv.

public companies that are joint venture partners with BlackRock, and

public companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary.

In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciaries, generally on an annual basis.

When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. With regard to the relationship between securities lending and proxy voting, BlackRock’s approach is driven by our clients’ economic interests. The decision whether to recall securities on loan to vote is based on a formal analysis of the revenue producing value to clients of loans, against the assessed economic value of casting votes. Generally, we expect that the likely economic value to clients of casting votes would be less than the securities lending income, either because, in our assessment, the resolutions being voted on will not have significant economic consequences or because the outcome would not be affected by BlackRock voting the loaned securities that were recalled in order to vote. BlackRock also may, in our discretion, determine that the value of voting outweighs the cost of recalling shares, and thus recall shares to vote in that instance.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

Voting guidelines

The issue-specific Guidelines published for each region/country in which we vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots.

Reporting and vote transparency

Investment stewardship is how we use our voice as an investor to promote sound corporate governance and business practices to help maximize long-term shareholder value for our clients, the vast majority of whom are investing for long-term goals such as retirement. We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and through disclosure on our website. Each year we publish an annual report as well as quarterly stewardship reports which provide a global overview of our investment stewardship engagement and voting activities during the quarter, including market


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developments, speaking engagements, and engagement, and voting statistics. Additionally, we make public our market-specific voting guidelines for the benefit of clients and companies with whom we engage. We also publish commentaries to share our perspective on market developments and emerging key themes.

At a more granular level, we publish quarterly our vote record for each company that held a shareholder meeting during the period, showing how we voted on each proposal and explaining any votes against management proposals or on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant interest to clients, we publish a voting bulletin shortly after the meeting, disclosing and explaining our vote on key proposals. We also publish a quarterly list of all companies we engaged and the key topics addressed in the engagement meeting.

In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business practices that support long-term sustainable value creation.

This document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.


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LOGO

Contents


Introduction			3

Voting guidelines			3

Boards and directors			3

Auditors and audit-related issues			9

Capital structure proposals			9

Mergers, acquisitions, asset sales, and other special transactions			10

Executive compensation			11

Environmental and social issues			13

General corporate governance matters			15

Shareholder protections			16

If you would like additional information, please contact:

ContactStewardship@blackrock.com

These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles.

Introduction

We believe BlackRock has a responsibility to monitor and provide feedback to companies, in our role as stewards of our clients’ investments. BlackRock Investment Stewardship (“BIS”) does this through engagement with management teams and/or board members on material business issues, including environmental, social, and governance (“ESG”) matters and, for those clients who have given us authority, through voting proxies in the best long-term economic interests of our clients.

The following issue-specific proxy voting guidelines (the “Guidelines”) are intended to summarize BIS’ general philosophy and approach to ESG factors, as well as our expectations of directors, that most commonly arise in proxy voting for U.S. securities. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BlackRock will vote in every instance. They are applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items.

Voting guidelines

These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of annual and extraordinary meetings of shareholders:

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Boards and directors

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Auditors and audit-related issues

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Capital structure

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Mergers, acquisitions, asset sales, and other special transactions

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Executive compensation

●

Environmental and social issues

●

General corporate governance matters

●

Shareholder protections

Boards and directors

The effective performance of the board is critical to the economic success of the company and the protection of shareholders’ interests. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction and operation of the company. For this reason, BlackRock focuses on directors in many of our engagements and sees the election of directors as one of our most critical responsibilities.

Disclosure of material issues that affect the company’s long-term strategy and value creation, including material ESG factors, is essential for shareholders to be able to appropriately understand and assess how effectively the board is identifying, managing, and mitigating risks.

Where we conclude that a board has failed to address or disclose one or more material issues within a specified timeframe, we may hold directors accountable or take other appropriate action in the context of our voting decisions.

Director elections

Where a board has not adequately demonstrated, through company disclosures and actions, how material issues are appropriately identified, managed, and overseen, we will consider withholding our support for the re-election of directors whom we hold accountable.


		Proxy voting guidelines for U.S. securities \| 3

In addition, we may withhold votes from directors or members of particular board committees in certain situations, as indicated below.

Independence

We expect a majority of the directors on the board to be independent. In addition, all members of key committees, including audit, compensation, and nominating/ governance committees, should be independent. Our view of independence may vary from listing standards.

Common impediments to independence may include:

●

Employment as a senior executive by the company or a subsidiary within the past five years

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An equity ownership in the company in excess of 20%

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Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company

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When evaluating controlled companies, as defined by the U.S. stock exchanges, we may vote against insiders or affiliates who sit on the audit committee, but not other key committees

We may vote against directors serving on key committees who we do not consider to be independent.

Oversight

We expect the board to exercise appropriate oversight over management and business activities of the company. We will consider voting against committee members and/or individual directors in the following circumstances:

●

Where the board has failed to exercise sufficient oversight with regard to material ESG risk factors, or the company has failed to provide shareholders with adequate disclosure to conclude appropriate strategic consideration is given to these factors by the board

●

Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, we may vote against members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee

●

Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue

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The chair of the nominating/ governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. This may not apply in the case of a controlled company

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Where it appears the director has acted (at the company or at other companies) in a manner that compromises his/ her ability to represent the best long-term economic interests of shareholders

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Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance

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Where a director serves on an excessive number of boards, which may limit his/ her capacity to focus on each board’s requirements. The following identifies the maximum number of boards on which a director may serve, before he/ she is considered to be over-committed:


		Proxy voting guidelines for U.S. securities \| 4

Responsiveness to shareholders

We expect a board to be engaged and responsive to its shareholders, including acknowledging voting outcomes for shareholder proposals, director elections, compensation, and other ballot items. Where we believe a board has not substantially addressed shareholder concerns, we may vote against the responsible committees and/or individual directors. The following illustrates common circumstances:

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The independent chair or lead independent director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession

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The chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial against vote

●

The independent chair or lead independent director and/ or members of the nominating/governance committee, where a board fails to consider shareholder proposals that receive substantial support, and the proposals, in our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation

Shareholder rights

We expect a board to act with integrity and to uphold governance best practices. Where we believe a board has not acted in the best interests of its shareholders, we may vote against the appropriate committees and/or individual directors. The following illustrates common circumstances:

●

The independent chair or lead independent director and members of the nominating/governance committee, where a board implements or renews a poison pill without shareholder approval

●

The independent chair or lead independent director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights

●

Members of the compensation committee where the company has repriced options without shareholder approval

●

If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding the actions of a committee and the responsible member(s) or committee chair are not up for re-election, we will generally register our concern by voting against all available members of the relevant committee

¹ In this instance, “fund manager” refers to individuals whose full-time employment involves responsibility for the investment and oversight of fund vehicles, and those who have employment as professional investors and provide oversight for those holdings.

² In addition to the company under review


		Proxy voting guidelines for U.S. securities \| 5

Board composition and effectiveness

We encourage boards to periodically renew their membership to ensure relevant skills and experience within the boardroom. To this end, regular performance reviews and skills assessments should be conducted by the nominating/ governance committee or the lead independent director.

Furthermore, we expect boards to be comprised of a diverse selection of individuals who bring their personal and professional experiences to bear in order to create a constructive debate of a variety of views and opinions in the boardroom. We recognize that diversity has multiple dimensions. In identifying potential candidates, boards should take into consideration the full breadth of diversity, including personal factors, such as gender, ethnicity, race, and age, as well as professional characteristics, such as a director’s industry, area of expertise, and geographic location. In addition to other elements of diversity, we encourage companies to have at least two women directors on their board. Our publicly available commentary explains our approach to engaging on board diversity.

We encourage boards to disclose:

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The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company

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The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and/or assess candidates

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The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and/ or sensitive details

●

Demographics related to board diversity, including, but not limited to, gender, ethnicity, race, age, and geographic location, in addition to measurable milestones to achieve a boardroom reflective of multi-faceted racial, ethnic, and gender representation

Our primary concern is that board members are able to contribute effectively as corporate strategy evolves and business conditions change. We acknowledge that no single person can be expected to bring all relevant skill sets to a board; at the same time, we generally do not believe it is necessary or appropriate to have any particular director on the board solely by virtue of a singular background or specific area of expertise.

Where boards find that age limits or term limits are the most efficient and objective mechanism for ensuring periodic board refreshment, we generally defer to the board’s determination in setting such limits. BlackRock will also consider the average board tenure to evaluate processes for board renewal. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors.

To the extent that a company has not adequately accounted for diversity in its board composition within a reasonable timeframe, based on our assessment, we may vote against members of the nominating/governance committee for an apparent lack of commitment to board effectiveness.

Board size

We typically defer to the board in setting the appropriate size and believe directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may oppose boards that appear too small to allow for the necessary range of skills and experience or too large to function efficiently.

CEO and management succession planning

There should be a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. We expect succession planning to cover both long-term planning consistent with the strategic direction of the company and identified leadership needs over time, as well as short-term planning in the event of an unanticipated executive departure. We encourage the company to explain its executive succession planning process,


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including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise.

Classified board of directors/staggered terms

We believe that directors should be re-elected annually; classification of the board generally limits shareholders’ rights to regularly evaluate a board’s performance and select directors. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure, such as when a company needs consistency and stability during a time of transition, e.g. newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at non-operating companies, e.g. closed-end funds or business development companies (BDC),³ in certain circumstances. We would, however, expect boards with a classified structure to periodically review the rationale for such structure and consider when annual elections might be more appropriate.

Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the available slate of directors (see “Shareholder rights” for additional detail).

Contested director elections

The details of contested elections, or proxy contests, are assessed on a case-by-case basis. We evaluate a number of factors, which may include: the qualifications of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident’s and management’s plans; the ownership stake and holding period of the dissident; the likelihood that the dissident’s solutions will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value.

Cumulative voting

We believe that a majority vote standard is in the best long-term interests of shareholders. It ensures director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates.

Director compensation and equity programs

We believe that compensation for directors should be structured to attract and retain directors, while also aligning their interests with those of shareholders. We believe director compensation packages that are based on the company’s long-term value creation and include some form of long-term equity compensation are more likely to meet this goal. In addition, we expect directors to build meaningful share ownership over time.

Majority vote requirements

BlackRock believes that directors should generally be elected by a majority of the shares voted and will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. Some companies with a plurality voting standard have adopted a resignation policy for directors who do not receive support from at least a majority of votes cast. Where we believe that the company already has a sufficiently robust majority voting process in place, we may not support a shareholder proposal seeking an alternative mechanism.

We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies.

³A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies.


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Risk oversight

Companies should have an established process for identifying, monitoring, and managing business and material ESG risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management practices and, more broadly, the quality of the board’s oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

Separation of chairman and CEO

We believe that independent leadership is important in the boardroom. There are two commonly accepted structures for independent board leadership: 1) an independent chairman; or 2) a lead independent director when the roles of chairman and CEO are combined.

In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.

In the event that the board chooses a combined chair/CEO model, we generally support the designation of a lead independent director if they have the power to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. Furthermore, while we anticipate that most directors will be elected annually, we believe an element of continuity is important for this role to provide appropriate leadership balance to the chair/CEO.

The following table illustrates examples of responsibilities under each board leadership model:



	Combined Chair/ CEO Model		Separate Chair Model

	Chair/ CEO	Lead Independent Director	Chair
Board Meetings	Authority to call full meetings of the board of directors	Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions	Authority to call full meetings of the board of directors
Agenda	Primary responsibility for shaping board agendas, consulting with the lead independent director	Collaborates with chair/ CEO to set board agenda and board information	Primary responsibility for shaping board agendas, in conjunction with CEO
Board Communications	Communicates with all directors on key issues and concerns outside of full board meetings	Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning	Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning


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Auditors and audit-related issues

BlackRock recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company’s financial condition. Consistent with our approach to voting on boards of directors, we seek to hold the audit committee of the board responsible for overseeing the management of the audit function at a company, and may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to the audit committee report for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we expect timely disclosure and remediation of accounting irregularities.

The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice that protect the interests of shareholders, we may also vote against ratification.

From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above.

Capital structure proposals

Equal voting rights

BlackRock believes that shareholders should be entitled to voting rights in proportion to their economic interests. We believe that companies that look to add or already have dual or multiple class share structures should review these structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company’s proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.

Blank check preferred stock

We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (“blank check” preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board’s discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote.

Nonetheless, we may support the proposal where the company:

●

Appears to have a legitimate financing motive for requesting blank check authority

●

Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes

●

Has a history of using blank check preferred stock for financings

●

Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility

Increase in authorized common shares

BlackRock will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a company’s history with respect to the use of its common shares.


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Increase or issuance of preferred stock

We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable.

Stock splits

We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g. one class is reduced while others remain at pre-split levels). In the event of a proposal for a reverse split that would not proportionately reduce the company’s authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock.

Mergers, acquisitions, asset sales, and other special transactions

In assessing mergers, acquisitions, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic interests of our clients as shareholders. Boards proposing a transaction need to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it enhances long-term shareholder value. While mergers, acquisitions, asset sales, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as:

●

The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply

●

There should be clear strategic, operational, and/ or financial rationale for the combination

●

Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and/ or board members’ financial interests appear likely to affect their ability to place shareholders’ interests before their own

●

We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions

Poison pill plans

Where a poison pill is put to a shareholder vote by management, our policy is to examine these plans individually. Although we oppose most plans, we may support plans that include a reasonable “qualifying offer clause.” Such clauses typically require shareholder ratification of the pill and stipulate a sunset provision whereby the pill expires unless it is renewed. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote, or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders.

We generally vote in favor of shareholder proposals to rescind poison pills.

Reimbursement of expenses for successful shareholder campaigns

We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. We believe that introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns.


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Executive compensation

BlackRock expects a company’s board of directors to put in place a compensation structure that incentivizes and rewards executives appropriately and is aligned with shareholder interests, particularly the generation of sustainable long-term value.

We expect the compensation committee to carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics consistent with corporate strategy and market practice. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices or structures.

BlackRock believes that there should be a clear link between variable pay and company performance that drives value creation. We are generally not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee, we expect disclosure relating to how and why the discretion was used and further, how the adjusted outcome is aligned with the interests of shareholders.

We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking, rather than absolute outperformance.

“Say on Pay” advisory resolutions

In cases where there is a “Say on Pay” vote, BlackRock will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. In a commentary on our website, entitled “BlackRock Investment Stewardship’s approach to executive compensation,” we explain our expectations related to executive compensation practices, our “Say on Pay” analysis framework, and our typical approach to engagement and voting on “Say on Pay.”

Where we conclude that a company has failed to align pay with performance, we will vote against the management compensation proposal and consider voting against the compensation committee members.

Frequency of “Say on Pay” advisory resolutions

BlackRock will generally support annual advisory votes on executive compensation, and will consider biennial and triennial timeframes, absent compensation concerns. In evaluating pay, we believe that the compensation committee is responsible for constructing a plan that appropriately incentivizes executives for long-term value creation, utilizing relevant metrics and structure to promote overall pay and performance alignment.

Clawback proposals

We generally favor recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We also favor recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal proceeding, even if such actions did not ultimately result in a material restatement of past results. This includes, but is not limited to, settlement agreements arising from such behavior and paid for directly by the company. We typically support shareholder proposals on these matters unless the company already has a robust claw back policy that sufficiently addresses our concerns.


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Employee stock purchase plans

We believe employee stock purchase plans (“ESPP”) are an important part of a company’s overall human capital management strategy and can provide performance incentives to help align employees’ interests with those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section 423 of the Internal Revenue Code. We will typically support qualified ESPP proposals.

Equity compensation plans

BlackRock supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. We believe that boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests (e.g. the use of stock as collateral for a loan; the use of stock in a margin account; the use of stock in hedging or derivative transactions). We may support shareholder proposals requesting the establishment of such policies.

Our evaluation of equity compensation plans is based on a company’s executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. We generally oppose plans that contain “evergreen” provisions, which allow for the unlimited increase of shares reserved without requiring further shareholder approval after a reasonable time period. We also generally oppose plans that allow for repricing without shareholder approval. We may also oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as “double trigger” change of control provisions).

Golden parachutes

We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential pay-out under a golden parachute arrangement also presents the risk of motivating a management team to support a sub-optimal sale price for a company.

When determining whether to support or oppose an advisory vote on a golden parachute plan, BlackRock may consider several factors, including:

●

Whether we believe that the triggering event is in the best interests of shareholders

●

Whether management attempted to maximize shareholder value in the triggering event

●

The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment

●

Whether excessively large excise tax gross-up payments are part of the pay-out

●

Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers

●

Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company

It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BlackRock may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented.

We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval. We generally support proposals requiring shareholder approval of plans that exceed 2.99 times an executive’s current salary and bonus, including equity compensation.


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Option exchanges

We believe that there may be legitimate instances where underwater options create an overhang on a company’s capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a case-by-case basis. BlackRock may support a request to reprice or exchange underwater options under the following circumstances:

●

The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance

●

Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated

●

There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems

BlackRock may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders.

Supplemental executive retirement plans

BlackRock may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans (“SERP”) to a shareholder vote unless the company’s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

Environmental and social issues

We believe that well-managed companies deal effectively with material ESG factors relevant to their businesses. As stated throughout this document, governance is the core structure by which boards can oversee the creation of sustainable long-term value—appropriate risk oversight of environmental and social (“E&S”) considerations stems from this construct.

Robust disclosure is essential for investors to effectively gauge companies’ business practices and strategic planning related to E&S risks and opportunities. When a company’s reporting is inadequate, investors, including BlackRock, will increasingly conclude that the company is not adequately managing risk. Given the increased understanding of material sustainability risks and opportunities, and the need for better information to assess them, BlackRock will advocate for continued improvement in companies’ reporting and will hold management and/ or directors accountable where disclosures or the business practices underlying them are inadequate.

BlackRock views the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the standards put forth by the Sustainability Accounting Standards Board (SASB) as appropriate and complementary frameworks for companies to disclose financially material sustainability information. While the TCFD framework was crafted with the aim of climate-related risk disclosure, the four pillars of the TCFD—Governance, Strategy, Risk Management, and Metrics and Targets—are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB’s industry-specific guidance (as identified in its materiality map) is beneficial in helping companies identify key performance indicators (KPIs) across various dimensions of sustainability that are considered to be financially material and decision-useful within their industry.

Accordingly, we ask companies to:

●

Disclose the identification, assessment, management, and oversight of sustainability-related risks in accordance with the four pillars of TCFD

●

Publish SASB-aligned reporting with industry-specific, material metrics and rigorous targets

See our commentary on our approach to engagement on TCFD- and SASB-aligned reporting for greater detail of our expectations.


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Climate risk

Specifically, we expect companies to articulate how they are aligned to a scenario in which global warming is limited to well below 2° C and is consistent with a global aspiration to reach net zero GHG emissions by 2050.⁴ In order to assess companies’ progress, BIS expects carbon-intensive companies to disclose explicit GHG emissions reduction targets.

The public and private sectors have roles to play in aligning greenhouse gas reduction efforts with targets based on science, where available to curb the worst effects of climate change and reach the global goal of carbon neutrality by mid-century. Companies have an opportunity to utilize and contribute to the development of current and future low-carbon transition technologies, which are an important consideration for the rate at which emissions can be reduced. We expect companies to disclose how they are considering these challenges, alongside opportunities for innovation, within their strategy and emissions reduction efforts.

We may support shareholder proposals that ask companies to disclose climate plans aligned with our expectations.

Key stakeholder interests

As a long-term investor, we believe that in order to deliver value for shareholders, companies should also consider their stakeholders. While stakeholder groups may vary across industries, they are likely to include employees; business partners (such as suppliers and distributors); clients and consumers; government and regulators; and the communities in which companies operate. Companies that build strong relationships with their stakeholders are more likely to meet their own strategic objectives, while poor relationships may create adverse impacts that expose a company to legal, regulatory, operational, and reputational risks and jeopardize their social license to operate. We expect companies to effectively oversee and mitigate these risks with appropriate due diligence processes and board oversight.

Human capital management

A company’s approach to human capital management is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. As an important component of strategy, we expect boards to oversee human capital management.

We believe that clear and consistent reporting on these matters is critical for investors to understand the composition of a company’s workforce. We expect companies to disclose workforce demographics, such as gender, race, and ethnicity in line with the US Equal Employment Opportunity Commission’s EEO-1 Survey, alongside the steps they are taking to advance diversity, equity, and inclusion. Where we believe a company’s disclosures or practices fall short relative to the market or peers, or we are unable to ascertain the board and management’s effectiveness in overseeing related risks and opportunities, we may vote against members of the appropriate committee or support relevant shareholder proposals. Our commentary on human capital management provides more information on our expectations.

Corporate political activities

Companies may engage in certain political activities, within legal and regulatory limits, in order to influence public policy consistent with the companies’ values and strategies. These activities can also create risks, including: the potential for allegations of corruption; reputational risk associated with a candidate, party, or issue; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying

⁴ The global aspiration is reflective of aggregated efforts; companies in developed and emerging markets are not equally equipped to transition their business and reduce emissions at the same rate—those in developed markets with the largest market capitalization are better positioned to adapt their business models at an accelerated pace. Government policy and regional targets may be reflective of these realities.


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activity. Companies that engage in political activities should develop and maintain robust processes to guide these activities and mitigate risks, including board oversight.

When presented with shareholder proposals requesting increased disclosure on corporate political activities, BlackRock will evaluate publicly available information to consider how a company’s lobbying may impact the company. We will also evaluate whether there is alignment between a company’s stated positions on policy matters material to its strategy and the positions taken by industry groups of which it is a member. We may decide to support a shareholder proposal requesting additional disclosure if we identify a material misalignment. Additional detail can be found in our commentary on political contributions and lobbying disclosures.

General corporate governance matters

Adjourn meeting to solicit additional votes

We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders’ best long-term economic interests.

Bundled proposals

We believe that shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BlackRock may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders.

Exclusive forum provisions

BlackRock generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the independent chair or lead independent director and members of the nominating/governance committee.

Multi-jurisdictional companies

Where a company is listed on multiple exchanges or incorporated in a country different from its primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company’s governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company’s primary listing, the market standards by which the company governs itself, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. We expect companies to disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices.

Other business

We oppose giving companies our proxy to vote on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight.

Reincorporation

Proposals to reincorporate from one state or country to another are most frequently motivated by considerations of anti-takeover protections, legal advantages, and/or cost savings. We will evaluate, on a case-by-case basis, the economic and strategic rationale behind the company’s proposal to reincorporate. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights.


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IPO governance

We expect boards to consider and disclose how the corporate governance structures adopted upon initial public offering (“IPO”) are in shareholders’ best long-term interests. We also expect boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption to shareholders. In our letter on unequal voting structures, we articulate our view that “one vote for one share” is the preferred structure for publicly-traded companies. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, we believe that these structures should have a specific and limited duration. We will generally engage new companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we believe that such arrangements may not be in the best interest of shareholders in the long-term.

We will typically apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we expect boards to take steps to bring corporate governance standards in line with our expectations.

Further, if a company qualifies as an emerging growth company (an “EGC”) under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the

JOBS Act for the duration such a company is categorized as an EGC. We expect an EGC to have a totally independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO.

Shareholder protections

Amendment to charter/articles/bylaws

We believe that shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see “Director elections”). In cases where a board’s unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company’s corporate governance structure.

When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company’s and/or proponent’s publicly stated rationale for the changes; the company’s governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes.

Proxy access

We believe that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company’s proxy card.

In our view, securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders’ ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company’s outstanding shares for at least three years the right to nominate the


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greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds.

Right to act by written consent

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. We therefore believe that shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent. We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that we believe offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting.

Right to call a special meeting

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders (typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally believe that a right to act via written consent is not a sufficient alternative to the right to call a special meeting.

Simple majority voting

We generally favor a simple majority voting requirement to pass proposals. Therefore, we will support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders’ ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests and we may support supermajority voting requirements in those situations.

Virtual meetings

Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings facilitate an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted in-person, virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. We expect shareholders to have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship.


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This document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.


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