BLACKROCK Ltd DURATION INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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 52nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2018

Date of reporting period: 11/30/2017


Item 1 – Schedule of Investments


Schedule of Investments  (unaudited)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Shares/
Par
(000)
    Value  

Common Stocks — 0.2%

 

Chemicals — 0.0%  

LyondellBasell Industries NV, Class A

      37     $ 3,874  
     

 

 

 
Diversified Financial Services — 0.2%  

Kcad Holdings I Ltd.(a)(b)

      546,753,937       1,044,300  
     

 

 

 
Health Care Management Services — 0.0%  

New Millennium HoldCo, Inc.(b)

      8,511       2,392  
     

 

 

 
Hotels, Restaurants & Leisure — 0.0%  

Caesars Entertainment Corp.(b)

      8,330       110,372  
     

 

 

 
Household Durables — 0.0%  

Berkline Benchcraft Equity LLC(a)

      3,155        
     

 

 

 
Metals & Mining — 0.0%  

Ameriforge Group, Inc.

      801       32,040  
     

 

 

 

Total Common Stocks — 0.2%
(Cost — $6,250,607)

 

      1,192,978  
     

 

 

 

Asset-Backed Securities — 13.7%

 

Asset-Backed Securities — 13.6%  

AIMCO CLO, Series 2014-AA, Class DR, (3 mo. LIBOR US + 3.25%), 4.61%, 07/20/26(d)(e)

    USD       250       253,244  

Allegro CLO II Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.85%), 5.21%, 01/21/27(d)(e)

      1,000       1,001,961  

ALM VI Ltd., Series 2012-6A, Class B2RR, (3 mo. LIBOR US + 2.05%), 3.41%, 07/15/26(d)(e)

      1,000       1,007,900  

ALM XII Ltd., Series 2015-12A, Class C1R, (3 mo. LIBOR US + 3.20%), 4.56%, 04/16/27(d)(e)

      1,000       1,014,036  

ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.45%), 4.83%, 07/28/26(d)(e)

      4,140       4,163,125  

ALM XVI Ltd./ALM XVI LLC, Series 2015-16A, Class C2R, (3 mo. LIBOR US + 3.20%), 4.56%, 07/15/27(d)(e)

      270       274,145  
Security  

    

Par
(000)

     Value  
Asset-Backed Securities (continued)  

ALM XVII Ltd., Series 2015-17A, Class D, (3 mo. LIBOR US + 6.35%),
7.71%, 01/15/28(d)(e)

    USD        1,000      $ 1,025,155  

AmeriCredit Automobile Receivables, Series 2014-3, Class C, 2.58%, 09/08/20

       4,850        4,874,044  

AMMC CLO Ltd.(d)(e):

       

Series 2014-15A, Class D, (3 mo. LIBOR US + 4.20%), 5.52%, 12/09/26

       2,000        2,050,849  

Series 2016-18A, Class E1, (3 mo. LIBOR US + 6.67%), 8.13%, 05/26/28

       500        508,953  

Anchorage Capital CLO Ltd.(e):

       

Series 2014-3A, Class D, (3 mo. LIBOR US + 4.75%), 6.13%, 04/28/26(d)

       1,000        1,007,644  

Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.40%), 4.78%, 07/28/26(d)

       275        278,563  

Series 2014-5A, Class E, (3 mo. LIBOR US + 5.00%), 6.36%, 10/15/26(d)

       1,000        1,003,815  

Series 2015-7A, Class DR,
4.06%, 10/15/27(f)

       1,000        1,008,409  

Series 2016-8A, Class E, (3 mo. LIBOR US + 6.50%), 7.88%, 07/28/28(d)

       1,000        1,023,575  

Series 2016-9A, Class D, (3 mo. LIBOR US + 4.00%), 5.36%, 01/15/29(d)

       350        356,749  

Ares XXXII CLO Ltd., Series 2014-32A, Class BR, (3 mo. LIBOR US + 2.25%), 3.67%, 11/15/25(d)(e)

       1,250        1,258,499  

Ballyrock CLO LLC, Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.65%),
5.01%, 10/20/26(d)(e)

       280        280,635  

BlueMountain CLO Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 4.15%), 5.59%, 11/20/28(d)(e)

       1,000        1,024,494  
 

 

 

SCHEDULES OF INVESTMENTS      1  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Asset-Backed Securities (continued)  

Carlyle Global Market Strategies CLO Ltd.(d)(e):

     

Series 2014-3A, Class D1, (3 mo. LIBOR US + 5.10%), 6.47%, 07/27/26

    USD       1,000     $ 1,009,480  

Series 2014-4A, Class E, (3 mo. LIBOR US + 5.20%), 6.56%, 10/15/26

      500       506,161  

Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.00%), 3.36%, 04/20/27

      600       601,800  

CIFC Funding Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 4.00%), 5.36%, 01/22/27(d)(e)

      600       600,184  

Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.50%, 01/25/30(e)

      762       714,044  

DCP Rights LLC, Series 2014-1A, Class A,
5.46%, 10/25/44(e)

      3,085       3,175,262  

Dryden Senior Loan Fund, Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.35%), 4.70%, 04/18/26(d)(e)

      250       251,801  

Highbridge Loan Management Ltd., Series 5A-2015, Class E, (3 mo. LIBOR US + 5.35%), 6.73%, 01/29/26(d)(e)

      1,000       1,005,558  

HPS Loan Management Ltd., Series 9A-2016, Class D2, (3 mo. LIBOR US + 6.45%), 7.81%, 07/19/27(d)(e)

      1,000       1,006,581  

Lendmark Funding Trust, Series 2017-2A, Class A, 2.80%, 05/20/26(e)

      2,240       2,239,909  

Litigation Fee Residual Funding, 4.00%, 10/30/27(a)

      1,596       1,589,879  

Madison Park Funding XIII Ltd., Series 2014-13A, Class E, (3 mo. LIBOR US + 5.00%), 6.36%, 01/19/25(d)(e)

      1,250       1,254,992  

Madison Park Funding XIV Ltd., Series 2014-14A, Class E, (3 mo. LIBOR US + 4.75%), 6.11%, 07/20/26(d)(e)

      1,000       1,008,885  
Security   Par
(000)
    Value  
Asset-Backed Securities (continued)  

Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 3.57%, 01/27/26(d)(e)

    USD       1,500     $ 1,504,520  

Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER,
6.45%, 01/15/28(e)(f)

      1,250       1,250,000  

Oaktree CLO Ltd., 1.00%, 10/20/27

      500       500,000  

Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 7.66%, 07/20/30(d)(e)

      500       512,614  

Octagon Investment Partners XVIII Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.48%), 4.90%, 12/16/24(d)(e)

      1,000       1,005,483  

OHA Loan Funding LLC, Series 2014-1A, Class E, 7.75%, 10/20/26(e)

      2,000       2,007,980  

OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25(e)

      4,000       3,997,038  

OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.55%), 4.91%, 01/20/27(d)(e)

      1,000       1,003,298  

OZLM VII Ltd., Series 2014-7A, Class CR, (3 mo. LIBOR US + 3.50%),
4.85%, 07/17/26(d)(e)

      250       251,641  

OZLM VIII Ltd., Series 2014-8A(d)(e):

     

Class BR, (3 mo. LIBOR US + 2.25%), 3.60%, 10/17/26

      2,500       2,506,647  

Class CR, (3 mo. LIBOR US + 3.40%), 4.75%, 10/17/26

      500       501,218  

OZLM XII Ltd., Series 2015-12A, Class C, (3 mo. LIBOR US + 3.70%),
5.08%, 04/30/27(d)(e)

      1,000       1,008,367  

OZLM XIX Ltd., Series 2017-19A, Class D,
8.05%, 11/22/30(e)(f)

      500       495,000  

OZLM XV Ltd., Series 2016-15A, Class C, (3 mo. LIBOR US + 4.00%),
5.36%, 01/20/29(d)(e)

      1,000       1,021,437  
 

 

 

2    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Asset-Backed Securities (continued)  

Park Avenue Institutional Advisers CLO Ltd.,
Series 2017-1A, Class D,
7.63%, 11/14/29(e)(f)

    USD       500     $ 479,900  

Regatta V Funding Ltd., Series 2014-1A, Class BR, (3 mo. LIBOR US + 2.30%), 3.67%, 10/25/26(d)(e)

      2,000       2,007,078  

Rockford Tower CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.25%),
4.61%, 04/15/29(d)(e)

      250       253,543  

Santander Drive Auto Receivables Trust:

     

Series 2014-3, Class D, 2.65%, 08/17/20

      4,015       4,031,862  

Series 2014-4, Class C, 2.60%, 11/16/20

      2,407       2,414,183  

Series 2014-4, Class D, 3.10%, 11/16/20

      4,500       4,549,427  

Sound Point CLO IV Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.40%), 4.76%, 01/21/26(d)(e)

      800       801,806  

Sound Point CLO VII Ltd., Series 2014-3A, Class D, (3 mo. LIBOR US + 3.60%),
4.96%, 01/23/27(d)(e)

      2,000       2,013,172  

Symphony CLO XV Ltd., Series 2014-15A, Class CR, (3 mo. LIBOR US + 2.20%), 3.55%, 10/17/26(d)(e)

      1,250       1,261,042  

Symphony CLO XVIII Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 4.00%),
5.36%, 01/23/28(d)(e)

      1,000       1,023,457  

THL Credit Wind River CLO Ltd., Series 2014-3A, Class E, (3 mo. LIBOR US + 5.60%), 6.96%, 01/22/27(d)(e)

      1,000       1,010,563  

TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%),
7.81%, 07/15/29(d)(e)

      500       510,810  

Venture XXVI CLO Ltd., Series 2017-26A(d)(e):

     

Class D, (3 mo. LIBOR US + 4.25%),
5.61%, 01/20/29

      1,000       1,033,680  
Security   Par
(000)
    Value  
Asset-Backed Securities (continued)  

Venture XXVI CLO Ltd.,
Series 2017-26A(d)(e) (continued):

     

Class E, (3 mo. LIBOR US + 6.80%), 8.16%, 01/20/29

    USD       500     $ 516,660  

Vibrant CLO IV Ltd., Series 2016-4A, Class D, (3 mo. LIBOR US + 4.50%), 5.86%, 07/20/28(d)(e)

      1,000       1,022,994  

Voya CLO Ltd., Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.00%),
4.36%, 10/14/26(d)(e)

      2,500       2,523,524  

World Financial Network Credit Card Master Trust, Series 2012-C, Class B, 3.57%, 08/15/22

      3,000       3,027,109  

York CLO Ltd.(e):

     

Series 2015-1A, Class ER,
1.00%, 01/22/31(f)(g)

      250       250,000  

Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 4.96%, 10/20/29(a)(d)

      250       254,113  

Series 2016-2A, Class E, (3 mo. LIBOR US + 6.94%), 8.30%, 01/20/30(d)

      1,000       1,016,227  
     

 

 

 
        85,946,724  
Interest Only Asset-Backed Securities — 0.1%  

Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 03/30/30(a)(e)

      3,883       231,747  

Sterling Coofs Trust, Series 2004-1, Class A, 2.00%, 04/15/29(a)

      3,013       138,403  
     

 

 

 
        370,150  
     

 

 

 

Total Asset-Backed Securities — 13.7%
(Cost — $85,401,645)

 

      86,316,874  
     

 

 

 

Corporate Bonds — 62.9%

 

Aerospace & Defense — 1.1%  

Arconic, Inc.:

     

5.87%, 02/23/22(h)

      730       790,298  

5.13%, 10/01/24(h)

      720       767,700  
 

 

 

SCHEDULES OF INVESTMENTS      3  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Aerospace & Defense (continued)                  

Arconic, Inc. (continued):

     

5.90%, 02/01/27

    USD       105     $ 117,075  

6.75%, 01/15/28

      76       89,115  

5.95%, 02/01/37

      50       54,125  

Bombardier, Inc.(e):

     

8.75%, 12/01/21(h)

      530       586,318  

6.00%, 10/15/22

      19       18,596  

6.13%, 01/15/23

      494       486,195  

7.50%, 12/01/24

      248       250,083  

7.50%, 03/15/25(h)

      306       307,530  

7.45%, 05/01/34

      188       185,180  

EnPro Industries, Inc., 5.88%, 09/15/22

      111       115,440  

KLX, Inc., 5.88%, 12/01/22(e)(h)

      788       823,460  

Koppers, Inc., 6.00%, 02/15/25(e)

      225       241,661  

Kratos Defense & Security Solutions, Inc.:

     

7.00%, 05/15/19

      89       91,492  

6.50%, 11/30/25(e)

      160       164,400  

Moog, Inc., 5.25%, 12/01/22(e)

      270       280,463  

Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(e)

      164       168,100  

TransDigm, Inc.:

     

6.00%, 07/15/22(h)

      1,070       1,103,437  

6.50%, 07/15/24(h)

      378       386,505  

6.50%, 05/15/25

      55       56,133  

6.38%, 06/15/26

      88       89,320  
     

 

 

 
        7,172,626  
Air Freight & Logistics — 0.2%                  

XPO Logistics, Inc.:

     

5.75%, 06/15/21

    EUR       100       122,494  

6.50%, 06/15/22(e)(h)

    USD       1,043       1,089,935  
     

 

 

 
        1,212,429  
Airlines — 2.1%                  

Air Canada Pass-Through Trust(e):

     

Series 2013-1, Class C, 6.63%, 05/15/18

      651       661,579  

Series 2015-1, Class B, 3.88%, 09/15/24(h)

      1,282       1,288,546  
Security   Par
(000)
    Value  
Airlines (continued)  

American Airlines Pass-Through Trust:

     

Series 2013-2, Class A, 4.95%, 07/15/24(h)

    USD       2,818     $ 2,994,104  

Series 2013-2, Class B, 5.60%, 01/15/22(e)(h)

      392       408,141  

Series 2017-1, Class B, 4.95%, 08/15/26

      1,540       1,614,074  

Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20

      239       244,377  

Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 04/29/18(h)

      230       233,450  

Latam Finance Ltd., 6.88%, 04/11/24(e)

      203       213,861  

United Airlines Pass-Through Trust:

     

Series 2014-2, Class B, 4.63%, 03/03/24(h)

      1,866       1,931,504  

Series 2015-1, Class A, 3.70%, 06/01/24

      2,430       2,502,900  

US Airways Pass-Through Trust, Series 2011-1, Class B, 9.75%, 04/22/20

      321       339,426  

Virgin Australia Trust, Series 2013-1(e)(h):

     

Class A, 5.00%, 04/23/25

      350       364,011  

Class C, 7.13%, 10/23/18

      286       291,679  
     

 

 

 
        13,087,652  
Auto Components — 0.7%  

Allison Transmission, Inc., 5.00%, 10/01/24(e)

      28       29,163  

Aptiv PLC, 4.40%, 10/01/46

      240       243,758  

Gestamp Funding Luxembourg SA, 3.50%, 05/15/23

    EUR       100       124,629  

Goodyear Tire & Rubber Co., 5.00%, 05/31/26

    USD       67       69,365  

HP Pelzer Holding GmbH, 4.13%, 04/01/24

    EUR       100       124,143  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.:

     

4.88%, 03/15/19(h)

    USD       1,314       1,318,927  

6.00%, 08/01/20

      28       28,840  

6.25%, 02/01/22

      371       385,840  
 

 

 

4    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Auto Components (continued)  

Icahn Enterprises LP/Icahn Enterprises Finance Corp. (continued):

     

6.75%, 02/01/24

    USD       302     $ 317,100  

IHO Verwaltungs GmbH(i):

     

(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21

    EUR       100       122,339  

(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23

      100       124,738  

(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26

      100       127,952  

(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21(e)

    USD       200       203,202  

(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23(e)

      200       204,750  

Tesla, Inc., 5.30%, 08/15/25(e)(h)

      496       473,531  

ZF North America Capital, Inc.(e):

     

4.50%, 04/29/22(h)

      462       489,143  

4.75%, 04/29/25

      150       159,807  
     

 

 

 
        4,547,227  
Automobiles — 0.4%  

General Motors Co., 3.50%, 10/02/18(h)

      2,478       2,506,761  
     

 

 

 
Banks — 1.6%  

Allied Irish Banks PLC, (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(j)

    EUR       100       129,285  

Banco Espirito Santo SA(b)(c):

     

4.75%, 01/15/18

      100       33,327  

4.00%, 01/21/19

      100       33,327  

Banco Inbursa SA Institucion de Banca Multiple, 4.13%, 06/06/24(e)

    USD       202       204,202  

Banco Popolare, 2.75%, 07/27/20

    EUR       100       124,430  

Bank of Ireland, (5 year EUR Swap + 3.55%),
4.25%, 06/11/24(j)

      100       125,543  

Bankia SA, (5 year EUR Swap + 3.35%), 3.38%, 03/15/27(j)

      100       125,449  

Barclays PLC, 3.65%, 03/16/25(h)

    USD       3,600       3,592,861  

CaixaBank SA, (5 year EUR Swap + 3.35%),
3.50%, 02/15/27(j)

    EUR       100       126,446  

CIT Group, Inc., 5.00%, 08/01/23(h)

    USD       610       656,482  

HSBC Holdings PLC, 4.38%, 11/23/26(h)

      395       411,539  

Inversiones Atlantida SA, 8.25%, 07/28/22(e)

      370       382,487  
Security   Par
(000)
    Value  
Banks (continued)  

National Bank of Greece SA, 2.75%, 10/19/20

    EUR       100     $ 119,725  

Nordea Bank AB, 4.50%, 03/26/20

      1,020       1,338,034  

Santander Holdings USA, Inc., 4.50%, 07/17/25(h)

    USD       1,750       1,822,943  

Santander UK Group Holdings PLC, 2.88%, 08/05/21(h)

      950       950,008  
     

 

 

 
        10,176,088  
Beverages — 0.5%  

Anheuser-Busch InBev Finance, Inc., 3.30%, 02/01/23(h)

      3,000       3,075,895  

Central American Bottling Corp., 5.75%, 01/31/27(e)

      176       185,152  
     

 

 

 
        3,261,047  
Biotechnology — 0.0%  

Senvion Holding GmbH, 3.88%, 10/25/22

    EUR       100       114,233  
     

 

 

 
Building Materials — 0.1%  

James Hardie International Finance Ltd.(g):

     

4.75%, 01/15/25

    USD       200       203,500  

5.00%, 01/15/28

      200       203,500  

Titan Global Finance PLC, 3.50%, 06/17/21

    EUR       100       126,583  
     

 

 

 
        533,583  
Building Products — 0.5%  

American Builders & Contractors Supply Co., Inc.(e):

     

5.63%, 04/15/21

    USD       76       77,520  

5.75%, 12/15/23

      210       222,138  

Beacon Escrow Corp., 4.88%, 11/01/25(e)

      878       895,560  

Building Materials Corp. of America(e):

     

5.38%, 11/15/24

      45       47,363  

6.00%, 10/15/25(h)

      260       280,202  

CPG Merger Sub LLC, 8.00%, 10/01/21(e)(h)

      478       494,730  

Masonite International Corp.,
5.63%, 03/15/23(e)(h)

      479       501,297  
 

 

 

SCHEDULES OF INVESTMENTS      5  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Products (continued)  

Ply Gem Industries, Inc., 6.50%, 02/01/22

    USD       219     $ 226,665  

Standard Industries, Inc.(e):

     

5.13%, 02/15/21

      20       20,597  

5.50%, 02/15/23(h)

      147       154,350  

USG Corp.(e):

     

5.50%, 03/01/25

      11       11,770  

4.88%, 06/01/27

      198       206,910  
   

 

 

 
        3,139,102  
Cable Television Services — 0.0%  

CB Escrow Corp., 8.00%, 10/15/25(e)

      146       146,730  
   

 

 

 
Capital Markets — 0.6%  

Blackstone CQP Holdco LP(e):

     

6.50%, 03/20/21

      2,040       2,065,500  

6.00%, 08/18/21

      332       332,000  

Morgan Stanley, 4.00%, 07/23/25(h)

      965       1,009,195  

SURA Asset Management SA, 4.38%, 04/11/27(e)

      205       207,767  
   

 

 

 
        3,614,462  
Chemicals — 1.8%  

Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(e)(h)

      1,061       1,087,525  

Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25

    EUR       100       127,761  

Axalta Coating Systems LLC,
4.88%, 08/15/24(e)

    USD       239       250,353  

Blue Cube Spinco, Inc.:

     

9.75%, 10/15/23

      424       505,090  

10.00%, 10/15/25

      308       374,220  

CF Industries, Inc.:

     

7.13%, 05/01/20

      130       142,513  

5.15%, 03/15/34

      90       90,675  

4.95%, 06/01/43

      164       153,340  

Chemours Co.:

     

6.63%, 05/15/23

      248       262,260  

7.00%, 05/15/25

      112       122,500  

5.38%, 05/15/27

      156       162,630  

Cydsa SAB de C.V., 6.25%, 10/04/27(e)

      252       250,425  

Hexion, Inc., 10.38%, 02/01/22(e)

      184       169,335  
Security  

Par

(000)

    Value  
Chemicals (continued)  

Huntsman International LLC:

     

4.88%, 11/15/20

    USD       339     $ 354,255  

5.13%, 11/15/22

      280       301,700  

Ineos Finance PLC, 4.00%, 05/01/23

    EUR       100       122,747  

INEOS Group Holdings SA, 5.38%, 08/01/24

      100       128,250  

Mexichem SAB de CV(e):

     

4.00%, 10/04/27

    USD       200       199,000  

5.50%, 01/15/48

      200       194,500  

Momentive Performance Materials, Inc., 3.88%, 10/24/21(h)

      1,578       1,637,175  

NOVA Chemicals Corp.(e):

     

4.88%, 06/01/24

      267       270,338  

5.25%, 06/01/27

      27       27,270  

Platform Specialty Products Corp.(e):

     

6.50%, 02/01/22(h)

      1,786       1,846,277  

5.88%, 12/01/25

      376       378,820  

PQ Corp.:

     

6.75%, 11/15/22(e)(h)

      373       401,907  

5.75%, 12/15/25(g)

      379       387,527  

PSPC Escrow Corp., 6.00%, 02/01/23

    EUR       100       124,572  

Sherwin-Williams Co., 2.75%, 06/01/22

    USD       180       178,902  

Tronox Finance PLC, 5.75%, 10/01/25(e)

      172       178,880  

Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25(e)

      150       158,250  

Versum Materials, Inc., 5.50%, 09/30/24(e)

      116       124,120  

WR Grace & Co-Conn(e):

     

5.13%, 10/01/21

      316       334,565  

5.63%, 10/01/24

      200       216,000  
   

 

 

 
        11,263,682  
Commercial Services & Supplies — 1.2%  

ADT Corp.:

     

6.25%, 10/15/21

      374       411,400  

3.50%, 07/15/22(h)

      163       162,389  

4.13%, 06/15/23

      310       313,292  

4.88%, 07/15/32(e)

      534       506,520  

Advanced Disposal Services, Inc., 5.63%, 11/15/24(e)

      225       232,313  
 

 

 

6    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services & Supplies (continued)  

Aviation Capital Group Corp.,
4.63%, 01/31/18(e)(h)

    USD       1,000     $ 1,004,364  

Booz Allen Hamilton, Inc., 5.13%, 05/01/25(e)

      669       672,345  

CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25(e)

      162       165,289  

Harland Clarke Holdings Corp., 8.38%, 08/15/22(e)

      414       431,595  

KAR Auction Services, Inc., 5.13%, 06/01/25(e)

      339       350,865  

La Financiere Atalian SAS, 4.00%, 05/15/24

    EUR       100       124,976  

Michael Baker International LLC, 8.75%, 03/01/23(e)

    USD       90       85,950  

Mobile Mini, Inc., 5.88%, 07/01/24(h)

      499       523,950  

Paprec Holding SA, 5.25%, 04/01/22

    EUR       100       123,794  

Park Aerospace Holdings Ltd.(e):

     

3.63%, 03/15/21

    USD       226       221,480  

5.25%, 08/15/22

      369       377,303  

Pitney Bowes, Inc., 3.63%, 10/01/21(h)

      500       467,475  

Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(e)

      160       167,200  

S&P Global, Inc., 2.50%, 08/15/18(h)

      445       446,483  

United Rentals North America, Inc., 5.75%, 11/15/24(h)

      609       642,495  

Verisure Holding AB, 6.00%, 11/01/22

    EUR       113       143,254  

Wrangler Buyer Corp., 6.00%, 10/01/25(e)

    USD       109       110,635  
   

 

 

 
        7,685,367  
Communications Equipment — 0.7%  

Avaya, Inc., 7.00%, 04/01/19(b)(c)(e)

      183       140,452  

CommScope Technologies Finance LLC, 6.00%, 06/15/25(e)

      3       3,210  

CommScope Technologies LLC, 5.00%, 03/15/27(e)

      237       237,000  

CommScope, Inc.(e):

     

5.00%, 06/15/21

      465       476,567  

5.50%, 06/15/24

      102       106,845  

Motorola Solutions, Inc., 3.75%, 05/15/22(h)

      1,500       1,536,837  

Nokia OYJ:

     

3.38%, 06/12/22

      106       105,868  
Security  

Par

(000)

    Value  
Communications Equipment (continued)  

Nokia OYJ (continued):

     

4.38%, 06/12/27

    USD       149     $ 147,808  

6.63%, 05/15/39

      200       221,000  

Zayo Group LLC/Zayo Capital, Inc.(h):

     

6.00%, 04/01/23

      531       552,572  

6.38%, 05/15/25

      380       403,275  

5.75%, 01/15/27(e)

      707       728,210  
   

 

 

 
        4,659,644  
Construction & Engineering — 0.5%  

Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(e)

      293       315,878  

Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(e)

      293       318,638  

BlueLine Rental Finance Corp.,
9.25%, 03/15/24(e)(h)

      1,100       1,190,750  

Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25(e)

      528       559,838  

Engility Corp., 8.88%, 09/01/24

      216       232,200  

SPIE SA, 3.13%, 03/22/24

    EUR       100       124,669  

Tutor Perini Corp., 6.88%, 05/01/25(e)

    USD       219       232,775  

Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25(e)

      61       59,484  
   

 

 

 
        3,034,232  
Construction Materials — 0.3%  

American Tire Distributors, Inc., 10.25%, 03/01/22(e)

      204       208,590  

Beacon Roofing Supply, Inc., 6.38%, 10/01/23

      137       146,247  

H&E Equipment Services, Inc.,
5.63%, 09/01/25(e)

      72       75,420  

HD Supply, Inc., 5.75%, 04/15/24(e)(h)

      790       841,350  

LKQ Italia Bondco SpA, 3.88%, 04/01/24

    EUR       100       131,225  

Navistar International Corp., 6.63%, 11/01/25(e)

    USD       271       280,656  

New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22(e)

      160       173,200  

Rexel SA, 3.50%, 06/15/23

    EUR       116       145,135  
 

 

 

SCHEDULES OF INVESTMENTS      7  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Construction Materials (continued)  

Williams Scotsman International, Inc., 7.88%, 12/15/22(e)

    USD       109     $ 112,815  
   

 

 

 
        2,114,638  
Consumer Discretionary — 0.2%  

Arch Merger Sub, Inc., 8.50%, 09/15/25(e)

      189       170,100  

Live Nation Entertainment, Inc.,
4.88%, 11/01/24(e)

      29       29,870  

Nielsen Co. Luxembourg SARL,
5.00%, 02/01/25(e)

      490       509,600  

ServiceMaster Co. LLC, 5.13%, 11/15/24(e)

      244       247,660  

Viking Cruises Ltd.(e):

     

6.25%, 05/15/25

      141       146,992  

5.88%, 09/15/27

      303       306,409  
   

 

 

 
        1,410,631  
Consumer Finance — 0.8%  

Alliance Data Systems Corp.(e):

     

5.25%, 12/01/17

      28       28,000  

5.88%, 11/01/21(h)

      696       711,660  

Ally Financial, Inc., 8.00%, 11/01/31(h)

      911       1,205,936  

CDK Global, Inc., 4.88%, 06/01/27(e)

      278       286,340  

Credivalores-Crediservicios SAS,
9.75%, 07/27/22(e)

      200       207,250  

IHS Markit Ltd.(e):

     

4.75%, 02/15/25

      167       176,903  

4.00%, 03/01/26(g)

      122       122,915  

Navient Corp.:

     

5.00%, 10/26/20(h)

      310       315,812  

6.63%, 07/26/21

      190       200,925  

6.50%, 06/15/22

      298       312,900  

5.50%, 01/25/23

      134       134,168  

7.25%, 09/25/23(h)

      257       276,917  

6.13%, 03/25/24

      43       43,538  

5.88%, 10/25/24

      125       125,663  

6.75%, 06/25/25

      181       186,430  

5.63%, 08/01/33

      95       81,700  

OneMain Financial Holdings LLC(e):

     

6.75%, 12/15/19

      147       151,777  

7.25%, 12/15/21

      219       227,366  
Security  

Par

(000)

    Value  
Consumer Finance (continued)  

Springleaf Finance Corp., 6.13%, 05/15/22

    USD       70     $ 72,625  
   

 

 

 
        4,868,825  
Containers & Packaging — 1.5%  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:

     

4.25%, 09/15/22(e)

      239       244,348  

4.63%, 05/15/23(e)

      206       211,407  

6.75%, 05/15/24

    EUR       100       131,969  

7.25%, 05/15/24(e)(h)

    USD       1,668       1,826,460  

6.00%, 02/15/25(e)

      599       636,497  

4.75%, 07/15/27(e)

    GBP       100       136,579  

4.75%, 07/15/27

      100       136,579  

Ball Corp.:

     

5.00%, 03/15/22(h)

    USD       303       325,346  

4.00%, 11/15/23

      48       49,320  

BWAY Holding Co., 5.50%, 04/15/24(e)(h)

      707       737,047  

Horizon Holdings I SASU, 7.25%, 08/01/23

    EUR       100       126,752  

JH-Holding Finance SA, (8.25% PIK),
8.25%, 12/01/22(i)

      200       256,045  

Mercer International, Inc., 6.50%, 02/01/24

    USD       113       119,356  

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:

     

5.75%, 10/15/20(h)

      1,062       1,079,921  

6.88%, 02/15/21

      136       138,916  

(3 mo. LIBOR US + 3.50%),
4.86%, 07/15/21(d)(e)

      810       824,175  

5.13%, 07/15/23(e)

      175       181,562  

7.00%, 07/15/24(e)(h)

      1,039       1,114,769  

Sealed Air Corp.(e):

     

4.88%, 12/01/22

      192       203,760  

6.88%, 07/15/33

      44       51,150  

Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22(e)(h)

      473       486,599  

Silgan Holdings, Inc., 3.25%, 03/15/25

    EUR       100       123,581  
 

 

 

8    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Containers & Packaging (continued)  

Verallia Packaging SASU, 5.13%, 08/01/22

    EUR       100     $ 124,976  
   

 

 

 
        9,267,114  
Diversified Consumer Services — 0.6%  

APX Group, Inc.:

     

6.38%, 12/01/19

    USD       30       30,413  

8.75%, 12/01/20(h)

      270       275,656  

7.88%, 12/01/22(h)

      182       194,740  

Ascend Learning LLC, 6.88%, 08/01/25(e)

      299       310,960  

GW Honos Security Corp., 8.75%, 05/15/25(e)

      87       93,090  

Laureate Education, Inc., 8.25%, 05/01/25(e)

      114       120,626  

Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(e)(h)

      1,808       1,995,580  

RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25

      215       215,000  

Sotheby’s, 5.25%, 10/01/22(e)

      235       240,287  
   

 

 

 
        3,476,352  
Diversified Financial Services — 1.1%  

Aircastle Ltd.:

     

6.25%, 12/01/19(h)

      367       390,121  

5.13%, 03/15/21

      16       16,940  

5.50%, 02/15/22

      267       287,359  

Arrow Global Finance PLC, (3 mo. Euribor + 2.88%), 2.88%, 04/01/25(d)

    EUR       100       118,263  

Banca IFIS SpA, 4.50%, 10/17/27(f)

      100       121,144  

Docuformas SAPI de C.V., 9.25%, 10/11/22(e)

    USD       421       415,738  

FBM Finance, Inc., 8.25%, 08/15/21(e)

      130       138,775  

General Motors Financial Co., Inc., 4.38%, 09/25/21(h)

      530       558,183  

Intesa Sanpaolo SpA, 5.02%, 06/26/24(e)(h)

      2,442       2,496,642  

Intrum Justitia AB, (3 mo. Euribor + 2.63%), 2.63%, 07/15/22(d)

    EUR       100       120,667  

Jefferies Finance LLC/JFIN Co-Issuer
Corp.(e)(h):

     

7.38%, 04/01/20

    USD       290       297,975  

6.88%, 04/15/22

      480       487,800  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)  

LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(i)

    EUR       101     $ 123,764  

Mercury Bondco PLC, (8.25% Cash or 9.00% PIK), 8.25%, 05/30/21(i)

      200       247,028  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(e)

    USD       504       507,150  

UniCredit SpA, (5 year EUR Swap + 4.32%), 4.38%, 01/03/27(j)

    EUR       100       130,141  

WMG Acquisition Corp., 4.13%, 11/01/24

      100       125,357  
   

 

 

 
        6,583,047  
Diversified Telecommunication Services — 1.4%  

CenturyLink, Inc.:

     

Series P, 7.60%, 09/15/39

    USD       26       21,580  

Series S, 6.45%, 06/15/21(h)

      588       585,060  

Series T, 5.80%, 03/15/22

      255       243,844  

Series U, 7.65%, 03/15/42

      246       206,640  

Series W, 6.75%, 12/01/23

      245       236,045  

Cincinnati Bell, Inc., 7.00%, 07/15/24(e)

      406       393,820  

Frontier Communications Corp.:

     

8.13%, 10/01/18

      264       262,020  

7.13%, 03/15/19

      190       183,588  

7.13%, 01/15/23(h)

      210       147,000  

7.63%, 04/15/24(h)

      252       177,030  

6.88%, 01/15/25(h)

      1,168       800,080  

Level 3 Financing, Inc.:

     

5.38%, 08/15/22

      184       185,380  

5.63%, 02/01/23

      115       116,294  

5.13%, 05/01/23(h)

      295       295,000  

5.38%, 01/15/24

      325       325,812  

5.38%, 05/01/25(h)

      303       303,848  

5.25%, 03/15/26(h)

      1,614       1,582,729  

OTE PLC, 3.50%, 07/09/20

    EUR       100       125,459  

SoftBank Group Corp.:

     

, (5 year USD ICE Swap + 4.85%), 6.88%(j)(k)

    USD       490       496,125  

4.75%, 09/19/24

      200       198,978  

4.75%, 07/30/25

    EUR       122       161,602  

Telecom Italia Capital SA:

     

6.38%, 11/15/33

    USD       233       269,115  

6.00%, 09/30/34(h)

      671       749,004  
 

 

 

SCHEDULES OF INVESTMENTS      9  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Telecommunication Services (continued)  

Telecom Italia Capital SA (continued):

     

7.20%, 07/18/36

    USD       202     $ 250,732  

7.72%, 06/04/38

      21       27,098  

Telecom Italia Finance SA, 7.75%, 01/24/33

    EUR       37       68,572  

Telecom Italia SpA:

     

5.88%, 05/19/23

    GBP       100       157,143  

3.63%, 01/19/24

    EUR       100       134,164  

Verizon Communications, Inc., 3.38%, 02/15/25(e)(h)

    USD       156       155,862  
   

 

 

 
        8,859,624  
Electric Utilities — 0.9%  

AES Corp., 4.88%, 05/15/23(h)

      240       245,021  

Black Hills Corp., 3.15%, 01/15/27(h)

      305       296,545  

Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(e)(h)

      1,006       1,018,686  

Enel Finance International NV, 3.63%, 05/25/27(e)(h)

      900       885,073  

Energuate Trust, 5.88%, 05/03/27(e)

      200       208,250  

Exelon Corp., 3.40%, 04/15/26(h)

      140       140,422  

NextEra Energy Operating Partners LP, 4.25%, 09/15/24(e)

      177       178,770  

Pampa Energia SA, 7.50%, 01/24/27(e)

      290       315,375  

Southern Co., 2.95%, 07/01/23(h)

      1,920       1,921,759  

Talen Energy Supply LLC, 6.50%, 06/01/25

      176       149,160  

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.(a):

     

10.25%, 11/01/15

      47       141  

10.50%, 11/01/18

      31       93  

11.50%, 10/01/20

      300        

Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25

    EUR       100       119,061  
   

 

 

 
        5,478,356  
Electrical Equipment — 0.0%  

Areva SA, 4.88%, 09/23/24

      100       134,248  
   

 

 

 
Electronic Equipment, Instruments & Components — 0.1%  

CDW LLC/CDW Finance Corp.:

     

5.00%, 09/01/23

    USD       72       75,240  

5.50%, 12/01/24(h)

      453       493,770  
Security  

Par

(000)

    Value  
Electronic Equipment, Instruments & Components (continued)  

CDW LLC/CDW Finance Corp. (continued):

     

5.00%, 09/01/25

    USD       107     $ 111,815  

SESI LLC, 7.75%, 09/15/24(e)

      208       214,240  
   

 

 

 
        895,065  
Energy Equipment & Services — 0.6%  

Ensco PLC, 5.20%, 03/15/25

      40       32,800  

Gates Global LLC/Gates Global Co.:

     

5.75%, 07/15/22

    EUR       100       121,678  

6.00%, 07/15/22(e)(h)

    USD       742       758,918  

Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 02/15/21

      30       30,263  

Halliburton Co., 3.80%, 11/15/25(h)

      100       103,029  

Noble Holding International Ltd.:

     

4.63%, 03/01/21

      12       11,010  

7.70%, 04/01/25

      122       102,785  

Pattern Energy Group, Inc., 5.88%, 02/01/24(e)

      223       235,822  

Pioneer Energy Services Corp., 6.13%, 03/15/22

      275       222,750  

Precision Drilling Corp.:

     

6.50%, 12/15/21

      68       69,190  

5.25%, 11/15/24

      134       125,625  

Transocean, Inc.:

     

5.80%, 10/15/22

      246       244,155  

9.00%, 07/15/23(e)

      636       686,880  

6.80%, 03/15/38

      134       106,865  

Trinidad Drilling Ltd., 6.63%, 02/15/25(e)

      331       316,105  

Weatherford International Ltd.:

     

7.75%, 06/15/21(h)

      465       474,300  

8.25%, 06/15/23

      210       209,475  
 

 

 

10    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Energy Equipment & Services (continued)  

Weatherford International Ltd. (continued):

     

9.88%, 02/15/24

    USD       181     $ 189,824  
   

 

 

 
        4,041,474  
Environmental, Maintenance, & Security Service — 0.1%  

Tervita Escrow Corp., 7.63%, 12/01/21(e)(h)

      642       650,025  
   

 

 

 
Food & Staples Retailing — 0.4%  

Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:

     

6.63%, 06/15/24

      186       175,770  

5.75%, 03/15/25

      104       92,529  

B&M European Value Retail SA, 4.13%, 02/01/22

    GBP       100       139,164  

Casino Guichard Perrachon SA:

     

4.56%, 01/25/23

    EUR       100       134,774  

4.50%, 03/07/24

      200       267,311  

CVS Health Corp., 4.75%, 12/01/22(h)

    USD       165       177,165  

Dollar Tree, Inc.:

     

5.25%, 03/01/20

      58       59,160  

5.75%, 03/01/23(h)

      1,321       1,382,096  

Lamb Weston Holdings, Inc.,
4.63%, 11/01/24(e)

      17       17,574  

Rite Aid Corp., 6.13%, 04/01/23(e)

      254       234,950  
   

 

 

 
        2,680,493  
Food Products — 0.7%  

Acosta, Inc., 7.75%, 10/01/22(e)

      214       155,150  

Aramark Services, Inc.:

     

5.13%, 01/15/24(h)

      433       456,815  

5.00%, 04/01/25(e)

      46       48,933  

Arcor SAIC, 6.00%, 07/06/23(e)

      180       191,250  

B&G Foods, Inc., 5.25%, 04/01/25

      129       131,890  

Chobani LLC/Chobani Finance Corp., Inc.,
7.50%, 04/15/25(e)

      316       343,650  

JBS USA LLC/JBS USA Finance, Inc.(e):

     

5.88%, 07/15/24

      186       183,210  

5.75%, 06/15/25

      610       595,512  

MARB BondCo PLC, 7.00%, 03/15/24

      200       203,500  

Marfrig Holdings Europe BV,
8.00%, 06/08/23(e)(h)

      200       210,500  
Security  

Par

(000)

    Value  
Food Products (continued)  

Minerva Luxembourg SA, 6.50%, 09/20/26(e)

    USD       200     $ 207,294  

Pilgrim’s Pride Corp.(e):

     

5.75%, 03/15/25

      174       182,613  

5.88%, 09/30/27

      148       154,475  

Post Holdings, Inc.(e):

     

5.50%, 03/01/25

      242       251,377  

5.00%, 08/15/26

      305       302,331  

5.75%, 03/01/27

      370       377,511  

5.63%, 01/15/28(g)

      164       165,230  

TreeHouse Foods, Inc., 6.00%, 02/15/24(e)(h)

      383       400,714  
   

 

 

 
        4,561,955  
Health Care Equipment & Supplies — 0.9%  

Avantor, Inc.:

     

4.75%, 10/01/24

    EUR       100       120,567  

6.00%, 10/01/24(e)(h)

    USD       1,571       1,571,982  

9.00%, 10/01/25(e)

      398       391,035  

Crimson Merger Sub, Inc., 6.63%, 05/15/22(e)(h)

      1,126       1,114,740  

DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21(e)(h)

      1,093       1,034,934  

Mallinckrodt International Finance SA/Mallinckrodt CB LLC(e):

     

4.88%, 04/15/20(h)

      284       274,060  

5.75%, 08/01/22

      402       370,845  

5.63%, 10/15/23

      162       142,155  

5.50%, 04/15/25

      57       48,023  

Teleflex, Inc.:

     

5.25%, 06/15/24

      250       262,500  

4.88%, 06/01/26

      56       58,010  

Thermo Fisher Scientific, Inc.,
3.00%, 04/15/23(h)

      305       306,112  
   

 

 

 
        5,694,963  
Health Care Providers & Services — 2.7%  

Acadia Healthcare Co., Inc.:

     

5.13%, 07/01/22

      85       84,906  

5.63%, 02/15/23

      90       90,450  

6.50%, 03/01/24

      196       202,370  

Aetna, Inc., 2.80%, 06/15/23(h)

      340       334,654  

Amsurg Corp., 5.63%, 07/15/22(h)

      675       688,500  
 

 

 

SCHEDULES OF INVESTMENTS      11  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care Providers & Services (continued)  

Centene Corp.:

     

5.63%, 02/15/21

    USD       359     $ 370,667  

4.75%, 05/15/22(h)

      314       325,935  

6.13%, 02/15/24

      37       39,590  

4.75%, 01/15/25

      430       441,094  

CHS/Community Health Systems, Inc.:

     

8.00%, 11/15/19

      154       138,023  

7.13%, 07/15/20(h)

      169       131,820  

5.13%, 08/01/21

      352       330,000  

6.25%, 03/31/23

      64       59,840  

DaVita, Inc., 5.13%, 07/15/24(h)

      235       239,112  

Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(e)(i)

      258       261,870  

Envision Healthcare Corp.(e):

     

5.13%, 07/01/22

      73       71,631  

6.25%, 12/01/24

      225       237,094  

HCA, Inc.:

     

6.50%, 02/15/20(h)

      911       978,186  

7.50%, 02/15/22(h)

      342       385,605  

5.88%, 03/15/22(h)

      57       61,774  

4.75%, 05/01/23

      38       39,663  

5.88%, 05/01/23

      70       74,200  

5.00%, 03/15/24(h)

      1,180       1,239,000  

5.38%, 02/01/25(h)

      647       671,262  

5.25%, 04/15/25(h)

      1,053       1,121,445  

5.88%, 02/15/26(h)

      336       357,420  

5.25%, 06/15/26(h)

      143       151,848  

4.50%, 02/15/27

      86       87,204  

5.50%, 06/15/47(h)

      913       924,412  

HealthSouth Corp., 5.75%, 11/01/24(h)

      80       81,900  

Hologic, Inc., 2.00%, 03/01/42(l)

      274       375,380  

MEDNAX, Inc., 5.25%, 12/01/23(e)(h)

      123       126,075  

Molina Healthcare, Inc., 4.88%, 06/15/25(e)

      108       108,000  

MPH Acquisition Holdings LLC, 7.13%, 06/01/24(e)(h)

      498       534,727  

Polaris Intermediate Corp.,
(8.50% Cash) 12/01/22(e)(h)(i)

      592       615,917  

RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(e)

      137       140,083  

Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23(e)

      104       109,200  
Security  

Par

(000)

    Value  
Health Care Providers & Services (continued)  

Surgery Center Holdings, Inc.(e):

     

8.88%, 04/15/21

    USD       139     $ 140,043  

6.75%, 07/01/25(h)

      272       247,520  

Tenet Healthcare Corp.:

     

6.00%, 10/01/20(h)

      761       799,050  

7.50%, 01/01/22(e)

      148       156,140  

8.13%, 04/01/22

      388       384,120  

6.75%, 06/15/23(h)

      540       504,889  

4.63%, 07/15/24(e)

      185       182,225  

THC Escrow Corp. III(e):

     

5.13%, 05/01/25

      161       154,963  

7.00%, 08/01/25

      415       376,612  

UnitedHealth Group, Inc., 3.75%, 07/15/25(h)

      1,470       1,542,120  

Vizient, Inc., 10.38%, 03/01/24(e)

      322       363,860  

WellCare Health Plans, Inc., 5.25%, 04/01/25

      85       89,994  
   

 

 

 
        17,172,393  
Health Care Technology — 0.0%  

Quintiles IMS, Inc., 3.25%, 03/15/25(e)

    EUR       100       122,832  
   

 

 

 
Hotels, Restaurants & Leisure — 4.6%  

Arcos Dorados Holdings, Inc.,
5.88%, 04/04/27(e)

    USD       203       215,355  

Burger King France SAS, (3 mo. Euribor + 5.25%), 5.25%, 05/01/23(d)

    EUR       100       122,003  

Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20(h)

    USD       2,090       2,137,025  

Cirsa Funding Luxembourg SA, 5.88%, 05/15/23

    EUR       100       124,976  

Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21

      100       125,846  

CPUK Finance Ltd., 4.25%, 02/28/47

    GBP       100       137,738  

CRC Escrow Issuer LLC/CRC Finco, Inc.,
5.25%, 10/15/25(e)

    USD       627       627,784  

Eldorado Resorts, Inc., 6.00%, 04/01/25

      105       110,544  

ESH Hospitality, Inc., 5.25%, 05/01/25(e)(h)

      275       279,812  
 

 

 

12    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Hotels, Restaurants & Leisure (continued)  

GLP Capital LP/GLP Financing II, Inc.:

     

5.38%, 11/01/23

    USD       126     $ 135,608  

5.38%, 04/15/26

      95       102,540  

Golden Nugget, Inc., 6.75%, 10/15/24(e)

      49       50,041  

International Game Technology PLC, 4.75%, 02/15/23

    EUR       125       169,380  

Jacobs Entertainment, Inc., 7.88%, 02/01/24(e)

    USD       89       95,675  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(e):

     

5.00%, 06/01/24

      35       36,663  

5.25%, 06/01/26

      292       308,790  

McDonald’s Corp., 3.70%, 01/30/26(h)

      405       421,025  

Melco Resorts Finance Ltd., 4.88%, 06/06/25(e)

      375       377,732  

MGM Resorts International:

     

5.25%, 03/31/20(h)

      442       465,205  

6.75%, 10/01/20(h)

      325       355,368  

6.63%, 12/15/21(h)

      863       960,079  

7.75%, 03/15/22

      149       172,885  

New Red Finance, Inc.(e):

     

4.25%, 05/15/24

      245       245,368  

5.00%, 10/15/25(h)

      1,764       1,806,997  

RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21(h)

      630       641,025  

Sabre GLBL, Inc.(e):

     

5.38%, 04/15/23

      147       152,880  

5.25%, 11/15/23

      180       186,750  

Scientific Games International, Inc.:

     

7.00%, 01/01/22(e)(h)

      1,561       1,646,855  

10.00%, 12/01/22(h)

      988       1,088,035  

5.00%, 10/15/25(e)

      241       243,711  

Six Flags Entertainment Corp.(e)(h):

     

4.88%, 07/31/24

      795       808,912  

5.50%, 04/15/27

      266       275,310  

Spirit Issuer PLC:

     

Series A1, (3 mo. LIBOR GBP + 0.55%),
0.88%, 12/28/28(d)

    GBP       445       601,273  

Series A2, (3 mo. LIBOR GBP + 2.70%),
3.03%, 12/28/31(d)

      1,800       2,349,214  

Series A5, 5.47%, 12/28/28

      4,500       6,694,674  
Security  

Par

(000)

    Value  
Hotels, Restaurants & Leisure (continued)  

Spirit Issuer PLC (continued):

     

Series A6, (3 mo. LIBOR GBP + 1.80%),
2.13%, 12/28/36(d)

    GBP       2,670     $ 3,610,548  

Station Casinos LLC, 5.00%, 10/01/25(e)

    USD       303       302,888  

Unique Pub Finance Co. PLC, Series A4, 5.66%, 06/30/27

    GBP       63       95,836  

Wyndham Worldwide Corp., 4.15%, 04/01/24(h)

    USD       750       753,559  

Yum! Brands, Inc., 3.88%, 11/01/23

      98       98,735  
   

 

 

 
        29,134,644  
Household Durables — 0.7%  

Berkline/Benchcraft LLC,
4.50%, 06/01/18(a)(b)(c)

      200        

Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(e)

      259       270,409  

CalAtlantic Group, Inc.:

     

8.38%, 01/15/21

      134       154,937  

6.25%, 12/15/21(h)

      380       418,000  

5.38%, 10/01/22

      6       6,480  

5.25%, 06/01/26

      28       29,400  

K Hovnanian Enterprises, Inc.(e):

     

10.00%, 07/15/22

      92       100,280  

10.50%, 07/15/24

      92       101,890  

Lennar Corp.:

     

4.50%, 11/15/19

      370       379,712  

2.95%, 11/29/20(e)

      99       98,381  

4.75%, 04/01/21

      26       27,235  

4.13%, 01/15/22

      118       120,655  

4.75%, 11/15/22

      151       159,494  

4.88%, 12/15/23

      122       128,100  

4.75%, 05/30/25

      260       268,450  

4.75%, 11/29/27(e)

      360       368,100  

Mattamy Group Corp.(e):

     

6.88%, 12/15/23

      143       150,157  

6.50%, 10/01/25

      176       184,360  

MDC Holdings, Inc., 6.00%, 01/15/43

      210       207,375  

Meritage Homes Corp., 5.13%, 06/06/27

      104       105,201  

PulteGroup, Inc., 6.38%, 05/15/33(h)

      469       525,280  

Tempur Sealy International, Inc., 5.50%, 06/15/26(h)

      180       184,275  
 

 

 

SCHEDULES OF INVESTMENTS      13  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Household Durables (continued)  

TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:

     

4.38%, 06/15/19

    USD       110     $ 112,200  

4.88%, 07/01/21

      112       117,320  

5.88%, 06/15/24(h)

      248       267,146  

5.25%, 06/01/27

      18       18,381  

William Lyon Homes, Inc., 5.88%, 01/31/25

      95       97,138  
   

 

 

 
        4,600,356  
Household Products — 0.2%  

ACCO Brands Corp., 5.25%, 12/15/24(e)

      85       88,506  

Diamond BC BV, 5.63%, 08/15/25

    EUR       106       128,361  

Prestige Brands, Inc., 6.38%, 03/01/24(e)

    USD       150       156,375  

Spectrum Brands, Inc., 6.63%, 11/15/22(h)

      815       845,563  
   

 

 

 
        1,218,805  
Independent Power and Renewable Electricity Producers — 0.8%  

AES Corp., 5.50%, 03/15/24

      8       8,380  

Calpine Corp.:

     

5.88%, 01/15/24(e)

      286       295,295  

5.50%, 02/01/24

      164       158,465  

5.25%, 06/01/26(e)

      442       446,972  

Colbun SA, 3.95%, 10/11/27(e)

      200       200,375  

Dynegy, Inc.:

     

7.38%, 11/01/22

      324       346,275  

5.88%, 06/01/23

      35       36,138  

8.00%, 01/15/25(e)

      214       235,400  

8.13%, 01/30/26(e)

      171       190,237  

Genneia SA, 8.75%, 01/20/22(e)

      293       321,195  

NRG Energy, Inc.:

     

6.63%, 03/15/23

      211       218,828  

6.63%, 01/15/27

      697       751,017  

5.75%, 01/15/28

      468       468,000  

NRG Yield Operating LLC, 5.38%, 08/15/24(h)

      325       337,187  

QEP Resources, Inc., 5.38%, 10/01/22(h)

      109       111,589  
Security  

Par

(000)

    Value  
Independent Power and Renewable Electricity Producers (continued)  

TerraForm Power Operating LLC(e):

     

4.25%, 01/31/23(g)

    USD       181     $ 181,453  

6.38%, 02/01/23(l)

      188       198,152  

6.63%, 06/15/25(l)

      30       32,888  

5.00%, 01/31/28(g)

      181       181,679  
   

 

 

 
        4,719,525  
Industrial Conglomerates — 0.1%  

Vertiv Group Corp., 9.25%, 10/15/24(e)

      550       597,437  
   

 

 

 
Insurance — 1.8%  

Acrisure LLC/Acrisure Finance, Inc.,
7.00%, 11/15/25(e)

      225       221,906  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25(h)

      360       364,031  

American International Group, Inc.,
3.75%, 07/10/25(h)

      2,705       2,772,691  

Aon PLC, 3.88%, 12/15/25(h)

      1,115       1,163,410  

Ardonagh Midco 3 PLC:

     

8.38%, 07/15/23

    GBP       100       139,297  

8.63%, 07/15/23(e)

    USD       436       454,478  

Assicurazioni Generali SpA(j):

     

, (3 mo. Euribor + 7.11%), 7.75%, 12/12/42

    EUR       100       153,840  

, (3 mo. Euribor + 5.35%), 5.50%, 10/27/47

      100       143,366  

AssuredPartners, Inc., 7.00%, 08/15/25(e)

    USD       53       53,398  

Forethought Financial Group, Inc.,
8.63%, 04/15/21(e)(h)

      750       875,152  

Groupama SA, 6.00%, 01/23/27

    EUR       100       149,971  

HUB International Ltd., 7.88%, 10/01/21(e)(h)

    USD       948       985,920  

Lincoln National Corp., 3.35%, 03/09/25(h)

      845       846,744  

Muenchener Rueckversicherungs AG, (3 mo. Euribor + 3.50%), 6.00%, 05/26/41(j)

    EUR       400       565,359  

Nationwide Building Society,
4.13%, 10/18/32(e)(f)

    USD       595       594,406  

Old Mutual PLC, 8.00%, 06/03/21

    GBP       100       156,666  
 

 

 

14    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)  

Radian Group, Inc.:

     

5.25%, 06/15/20

    USD       53     $ 55,915  

4.50%, 10/01/24

      353       362,813  

USIS Merger Sub, Inc., 6.88%, 05/01/25(e)

      63       63,788  

Wayne Merger Sub LLC, 8.25%, 08/01/23(e)(h)

      845       885,137  
   

 

 

 
        11,008,288  
Internet Software & Services — 0.4%  

Equinix, Inc., 5.88%, 01/15/26(h)

      623       675,955  

Match Group, Inc., 5.00%, 12/15/27(e)(g)

      94       94,705  

Netflix, Inc.:

     

4.38%, 11/15/26

      543       532,819  

3.63%, 05/15/27

    EUR       100       119,620  

4.88%, 04/15/28(e)

    USD       478       472,622  

Symantec Corp., 5.00%, 04/15/25(e)

      158       165,821  

United Group BV, 4.38%, 07/01/22

    EUR       126       156,345  
   

 

 

 
        2,217,887  
IT Services — 0.7%  

Ceridian HCM Holding, Inc.,
11.00%, 03/15/21(e)(h)

    USD       404       425,210  

First Data Corp.(e):

     

7.00%, 12/01/23(h)

      1,190       1,261,400  

5.00%, 01/15/24

      180       186,300  

5.75%, 01/15/24(h)

      2,100       2,178,750  

Gartner, Inc., 5.13%, 04/01/25(e)

      174       181,830  

WEX, Inc., 4.75%, 02/01/23(e)

      431       440,697  
   

 

 

 
        4,674,187  
Machinery — 0.2%  

SPX FLOW, Inc.(e):

     

5.63%, 08/15/24

      292       307,330  

5.88%, 08/15/26

      139       147,340  

Terex Corp., 5.63%, 02/01/25(e)(h)

      354       373,691  

Wabash National Corp., 5.50%, 10/01/25(e)

      241       242,808  
   

 

 

 
        1,071,169  
Security  

Par

(000)

    Value  
Media — 6.4%  

Altice Financing SA(e):

     

6.63%, 02/15/23

    USD       365     $ 374,125  

7.50%, 05/15/26(h)

      1,084       1,132,780  

Altice Luxembourg SA:

     

7.75%, 05/15/22(e)(h)

      665       633,412  

6.25%, 02/15/25

    EUR       100       111,876  

Altice US Finance I Corp.(e):

     

5.38%, 07/15/23(h)

    USD       1,346       1,369,555  

5.50%, 05/15/26

      200       202,500  

AMC Networks, Inc.:

     

5.00%, 04/01/24(h)

      318       321,975  

4.75%, 08/01/25

      196       194,530  

Cablevision SA, 6.50%, 06/15/21(e)

      176       186,796  

Cablevision Systems Corp.:

     

7.75%, 04/15/18(h)

      464       472,120  

8.00%, 04/15/20

      125       133,750  

CBS Radio, Inc., 7.25%, 11/01/24(e)

      79       83,148  

CCO Holdings LLC/CCO Holdings Capital Corp.:

     

5.13%, 02/15/23(h)

      270       276,750  

4.00%, 03/01/23(e)

      662       661,586  

5.13%, 05/01/23(e)(h)

      375       388,125  

5.13%, 05/01/27(e)(h)

      2,245       2,223,953  

5.00%, 02/01/28(e)

      780       764,400  

Cequel Communications Holdings I LLC/Cequel Capital Corp.(e):

     

6.38%, 09/15/20

      105       106,444  

5.13%, 12/15/21

      187       187,701  

5.13%, 12/15/21(h)

      640       640,397  

7.75%, 07/15/25(h)

      1,276       1,358,940  

Charter Communications Operating LLC/Charter Communications Operating Capital,
4.91%, 07/23/25(h)

      2,425       2,561,835  

Clear Channel International BV,
8.75%, 12/15/20(e)(h)

      560       578,200  

Clear Channel Worldwide Holdings, Inc.(h):

     

6.50%, 11/15/22

      2,817       2,848,781  

Series B, 7.63%, 03/15/20

      1,199       1,187,010  

CSC Holdings LLC(h):

     

10.13%, 01/15/23(e)

      1,210       1,365,787  

5.25%, 06/01/24

      550       536,078  
 

 

 

SCHEDULES OF INVESTMENTS      15  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)  

CSC Holdings LLC(h) (continued):

     

6.63%, 10/15/25(e)

    USD       235     $ 253,213  

10.88%, 10/15/25(e)

      1,550       1,831,906  

Discovery Communications LLC(h):

     

3.25%, 04/01/23

      1,490       1,480,075  

3.45%, 03/15/25

      170       166,556  

DISH DBS Corp.:

     

5.88%, 07/15/22(h)

      570       586,387  

5.00%, 03/15/23

      358       349,497  

5.88%, 11/15/24

      103       103,773  

7.75%, 07/01/26(h)

      867       935,276  

DISH Network Corp., 3.38%, 08/15/26(m)

      394       439,064  

eircom Finance DAC, 4.50%, 05/31/22

    EUR       100       123,453  

GTT Communications, Inc., 7.88%, 12/31/24(e)

    USD       224       236,150  

Hughes Satellite Systems Corp.:

     

7.63%, 06/15/21

      93       102,881  

5.25%, 08/01/26(h)

      413       419,220  

6.63%, 08/01/26

      233       243,776  

iHeartCommunications, Inc.:

     

9.00%, 12/15/19

      380       282,150  

9.00%, 09/15/22

      755       545,487  

10.63%, 03/15/23

      84       59,850  

Intelsat Jackson Holdings SA:

     

7.25%, 10/15/20

      296       279,720  

5.50%, 08/01/23(h)

      489       400,369  

9.75%, 07/15/25(e)

      408       395,250  

LG Finance Co. Corp., 5.88%, 11/01/24(e)

      85       89,781  

McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24(e)

      91       90,773  

MDC Partners, Inc., 6.50%, 05/01/24(e)

      341       342,705  

Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(e)

      233       247,563  

Numericable Group SA, 5.38%, 05/15/22

    EUR       110       133,324  

Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 02/15/22

    USD       300       308,436  
Security  

Par

(000)

    Value  
Media (continued)  

SFR Group SA(e):

     

6.00%, 05/15/22(h)

    USD       370     $ 373,008  

6.25%, 05/15/24

      420       412,650  

7.38%, 05/01/26(h)

      1,482       1,492,937  

Sirius XM Radio, Inc., 5.00%, 08/01/27(e)

      85       85,956  

Sterling Entertainment Corp.,
9.75%, 12/15/19(a)

      1,175       1,163,250  

TEGNA, Inc.:

     

5.13%, 10/15/19

      105       106,444  

5.50%, 09/15/24(e)

      66       68,723  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(e)

      200       200,000  

Telesat Canada/Telesat LLC,
8.88%, 11/15/24(e)

      241       269,317  

Tribune Media Co., 5.88%, 07/15/22(h)

      269       274,380  

Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:

     

5.63%, 04/15/23

    EUR       70       86,920  

4.00%, 01/15/25

      136       171,246  

5.00%, 01/15/25(e)

    USD       200       206,750  

Univision Communications, Inc.(e):

     

5.13%, 05/15/23(h)

      336       336,000  

5.13%, 02/15/25

      245       238,569  

UPCB Finance IV Ltd., 4.00%, 01/15/27

    EUR       100       127,296  

Videotron Ltd., 5.13%, 04/15/27(e)

    USD       326       341,485  

Virgin Media Finance PLC,
5.75%, 01/15/25(e)(h)

      655       669,737  

Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24

    GBP       100       138,115  

Virgin Media Secured Finance PLC:

     

5.13%, 01/15/25

      100       141,495  

5.50%, 01/15/25

      180       253,230  

5.25%, 01/15/26(e)(h)

    USD       355       366,094  

5.50%, 08/15/26(e)(h)

      200       208,840  

WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 09/01/20(e)

      790       803,825  

Ziggo Bond Finance BV:

     

4.63%, 01/15/25

    EUR       137       170,904  

5.88%, 01/15/25(e)(h)

    USD       470       470,000  
   

 

 

 
        40,526,360  
 

 

 

16    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Metals & Mining — 3.4%  

Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(e)

    USD       175     $ 185,938  

CONSOL Mining Corp., 11.00%, 11/15/25(e)

      474       476,370  

Constellium NV(e):

     

5.75%, 05/15/24

      500       516,250  

6.63%, 03/01/25(h)

      523       555,687  

5.88%, 02/15/26

      250       259,088  

First Quantum Minerals Ltd.(e)(h):

     

7.00%, 02/15/21

      299       310,213  

7.25%, 05/15/22

      356       369,350  

FMG Resources August 2006 Property Ltd.,
9.75%, 03/01/22(e)

      189       210,263  

Freeport-McMoRan, Inc.:

     

2.38%, 03/15/18

      2,133       2,130,334  

3.10%, 03/15/20

      1,537       1,538,921  

4.00%, 11/14/21

      240       241,320  

3.55%, 03/01/22

      353       348,146  

3.88%, 03/15/23

      1,840       1,819,024  

5.40%, 11/14/34

      126       122,535  

5.45%, 03/15/43

      1,153       1,092,122  

Grinding Media, Inc./Moly-Cop AltaSteel Ltd.,
7.38%, 12/15/23(e)

      479       514,925  

Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(e)

      172       193,844  

Kaiser Aluminum Corp., 5.88%, 05/15/24

      112       120,120  

Kinross Gold Corp.:

     

4.50%, 07/15/27(e)

      122       122,915  

6.88%, 09/01/41

      65       73,856  

Novelis Corp.(e)(h):

     

6.25%, 08/15/24

      1,593       1,676,632  

5.88%, 09/30/26

      1,254       1,299,457  

Nyrstar Netherlands Holdings BV,
6.88%, 03/15/24

    EUR       100       126,202  

Ovako AB, 5.00%, 10/05/22

      100       121,328  

Steel Dynamics, Inc.:

     

5.13%, 10/01/21(h)

    USD       645       661,931  

5.25%, 04/15/23(h)

      200       206,060  

5.50%, 10/01/24

      56       59,606  

4.13%, 09/15/25(e)

      195       195,488  

5.00%, 12/15/26

      15       15,853  
Security  

Par

(000)

    Value  
Metals & Mining (continued)  

SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(e)

    USD       225     $ 237,094  

Teck Resources Ltd.:

     

4.50%, 01/15/21

      86       88,903  

3.75%, 02/01/23(h)

      1,709       1,726,090  

8.50%, 06/01/24(e)(h)

      1,191       1,351,785  

6.13%, 10/01/35

      91       102,375  

6.00%, 08/15/40(h)

      444       492,840  

5.20%, 03/01/42(h)

      623       616,770  

5.40%, 02/01/43

      279       280,395  

thyssenKrupp AG, 1.38%, 03/03/22

    EUR       75       90,779  

United States Steel Corp.:

     

8.38%, 07/01/21(e)

    USD       320       349,600  

6.88%, 08/15/25

      176       182,125  

Vale Overseas Ltd., 6.25%, 08/10/26

      188       218,059  

VM Holdings SA, 5.38%, 05/04/27(e)

      237       250,035  
   

 

 

 
        21,550,628  
Multi-Utilities — 0.4%  

Brooklyn Union Gas Co., 3.41%, 03/10/26(e)(h)

      1,475       1,505,099  

NGL Energy Partners LP/NGL Energy Finance Corp.:

     

5.13%, 07/15/19

      120       121,200  

6.88%, 10/15/21

      539       547,085  
   

 

 

 
        2,173,384  
Multiline Retail — 0.0%  

Neiman Marcus Group Ltd.,
8.00%, 10/15/21(e)(h)

      332       189,240  
   

 

 

 
Offshore Drilling & Other Services — 0.0%  

Entegris, Inc., 4.63%, 02/10/26(e)

      190       193,562  
   

 

 

 
Oil, Gas & Consumable Fuels — 6.1%  

Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24

      117       128,993  

Andeavor Logistics LP, Series A, 6.88%(f)(g)(k)

      324       327,985  

Andeavor Logistics LP/Tesoro Logistics Finance Corp.:

     

6.13%, 10/15/21

      39       40,195  

6.25%, 10/15/22

      70       74,361  
 

 

 

SCHEDULES OF INVESTMENTS      17  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

Andeavor Logistics LP/Tesoro Logistics Finance Corp. (continued):

     

4.25%, 12/01/27

    USD       185     $ 184,901  

Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24

      55       56,788  

Antero Resources Corp.:

     

5.13%, 12/01/22

      76       77,900  

5.63%, 06/01/23

      74       77,145  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(e)

      207       225,112  

California Resources Corp.,
8.00%, 12/15/22(e)(h)

      153       113,220  

Callon Petroleum Co., 6.13%, 10/01/24

      300       309,000  

Carrizo Oil & Gas, Inc.:

     

6.25%, 04/15/23

      98       100,328  

8.25%, 07/15/25

      127       137,795  

Cheniere Corpus Christi Holdings LLC:

     

7.00%, 06/30/24(h)

      773       877,355  

5.88%, 03/31/25

      352       381,480  

5.13%, 06/30/27(e)

      622       641,437  

Cheniere Energy Partners LP,
5.25%, 10/01/25(e)

      170       174,462  

Chesapeake Energy Corp.(e):

     

8.00%, 12/15/22(h)

      683       729,102  

8.00%, 01/15/25

      148       147,260  

8.00%, 06/15/27(h)

      765       732,717  

Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 07/20/23(e)

      341       365,722  

Citgo Holding, Inc., 10.75%, 02/15/20(e)

      135       142,762  

ConocoPhillips Co., 4.20%, 03/15/21(h)

      232       244,655  

CONSOL Energy, Inc.:

     

5.88%, 04/15/22(h)

      3,845       3,931,512  

8.00%, 04/01/23

      19       20,283  

Continental Resources, Inc.:

     

3.80%, 06/01/24(h)

      275       270,875  

4.90%, 06/01/44

      164       155,800  

Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(e)

      320       334,400  
Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23

    USD       35     $ 36,225  

CrownRock LP/CrownRock Finance, Inc.,
5.63%, 10/15/25(e)

      509       511,545  

DCP Midstream LLC(e):

     

4.75%, 09/30/21

      80       82,200  

6.45%, 11/03/36

      197       210,790  

6.75%, 09/15/37

      237       253,590  

DEA Finance SA, 7.50%, 10/15/22

    EUR       100       132,638  

Denbury Resources, Inc.:

     

5.50%, 05/01/22

    USD       238       154,700  

4.63%, 07/15/23

      62       37,510  

Diamond Offshore Drilling, Inc., 7.88%, 08/15/25

      92       95,910  

Diamondback Energy, Inc., 5.38%, 05/31/25

      203       209,535  

Eclipse Resources Corp., 8.88%, 07/15/23

      70       71,575  

Endeavor Energy Resources LP/EER Finance,
Inc.(e)(g):

     

5.50%, 01/30/26

      123       124,538  

5.75%, 01/30/28

      224       226,520  

Energy Transfer Equity LP:

     

7.50%, 10/15/20(h)

      703       780,330  

4.25%, 03/15/23

      177       178,327  

5.88%, 01/15/24(h)

      352       377,520  

5.50%, 06/01/27(h)

      362       377,385  

Ensco Jersey Finance Ltd., 3.00%, 01/31/24(e)(m)

      247       205,627  

EP Energy LLC/Everest Acquisition Finance, Inc.:

     

9.38%, 05/01/20

      334       247,160  

8.00%, 11/29/24(e)(h)

      269       269,000  

Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 07/15/21(e)

      338       357,435  

Extraction Oil & Gas, Inc., 7.38%, 05/15/24(e)

      188       200,220  

Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25

      145       148,987  

Geopark Ltd., 6.50%, 09/21/24(e)

      200       204,710  
 

 

 

18    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(e)(h)

    USD       828     $ 854,910  

Gulfport Energy Corp.:

     

6.63%, 05/01/23

      190       194,275  

6.00%, 10/15/24

      26       26,098  

6.38%, 05/15/25

      117       117,878  

6.38%, 01/15/26(e)

      230       231,150  

Halcon Resources Corp., 6.75%, 02/15/25(e)

      405       411,075  

Hess Corp., 4.30%, 04/01/27

      50       49,793  

Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(e)

      421       432,051  

Matador Resources Co., 6.88%, 04/15/23(h)

      838       884,090  

MEG Energy Corp.(e):

     

6.38%, 01/30/23

      30       27,488  

7.00%, 03/31/24(h)

      670       603,000  

6.50%, 01/15/25(h)

      1,136       1,113,280  

Murphy Oil Corp.:

     

6.88%, 08/15/24(h)

      260       279,825  

5.88%, 12/01/42

      67       65,995  

Nabors Industries, Inc., 0.75%, 01/15/24(e)(m)

      399       296,257  

Newfield Exploration Co., 5.63%, 07/01/24

      111       119,880  

NGPL PipeCo LLC(e):

     

4.38%, 08/15/22

      378       387,450  

4.88%, 08/15/27

      181       187,909  

7.77%, 12/15/37(h)

      475       586,625  

Noble Holding International Ltd.,
7.75%, 01/15/24

      229       198,085  

Oasis Petroleum, Inc.:

     

6.50%, 11/01/21

      54       54,675  

6.88%, 03/15/22

      10       10,188  

6.88%, 01/15/23

      50       50,938  

2.63%, 09/15/23(m)

      220       251,075  

Odebrecht Offshore Drilling Finance Ltd., 6.75%, 10/01/23(b)(c)(e)

      350       122,423  

ONEOK, Inc., 6.00%, 06/15/35

      35       39,471  

Paramount Resources Ltd., 6.88%, 06/30/23(e)

      335       356,356  
Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

Parker Drilling Co., 7.50%, 08/01/20

    USD       123     $ 112,545  

Parsley Energy LLC/Parsley Finance Corp.(e):

     

6.25%, 06/01/24

      73       77,198  

5.38%, 01/15/25

      316       319,950  

5.25%, 08/15/25

      77       77,385  

5.63%, 10/15/27

      249       254,446  

PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25(e)

      212       223,130  

PDC Energy, Inc., 5.75%, 05/15/26(e)

      175       181,125  

Petrobras Global Finance BV:

     

6.13%, 01/17/22

      335       356,775  

8.75%, 05/23/26

      176       210,100  

6.00%, 01/27/28(e)

      189       190,134  

Petroleos Mexicanos(e):

     

5.38%, 03/13/22

      39       41,691  

6.50%, 03/13/27

      117       129,022  

Precision Drilling Corp.:

     

7.75%, 12/15/23

      75       77,438  

7.13%, 01/15/26(e)

      114       114,856  

QEP Resources, Inc., 5.25%, 05/01/23

      42       42,525  

Range Resources Corp.:

     

5.88%, 07/01/22(h)

      250       256,875  

5.00%, 03/15/23

      326       322,740  

4.88%, 05/15/25

      80       78,000  

Resolute Energy Corp., 8.50%, 05/01/20

      412       418,695  

Rockies Express Pipeline LLC(e):

     

6.85%, 07/15/18

      183       186,431  

6.00%, 01/15/19

      20       20,644  

5.63%, 04/15/20(h)

      550       576,125  

6.88%, 04/15/40(h)

      440       495,550  

Rowan Cos., Inc.:

     

4.88%, 06/01/22

      70       66,828  

4.75%, 01/15/24

      44       39,160  

7.38%, 06/15/25(h)

      664       667,320  

RSP Permian, Inc.:

     

6.63%, 10/01/22

      291       306,277  

5.25%, 01/15/25

      151       154,020  

Sanchez Energy Corp.:

     

7.75%, 06/15/21

      50       47,375  

6.13%, 01/15/23(h)

      1,210       1,020,937  

SESI LLC, 7.13%, 12/15/21

      85       86,806  
 

 

 

SCHEDULES OF INVESTMENTS      19  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

Seven Generations Energy Ltd.,
5.38%, 09/30/25(e)

    USD       560     $ 562,800  

SM Energy Co.:

     

6.50%, 11/15/21

      100       100,750  

6.50%, 01/01/23

      60       60,600  

5.63%, 06/01/25(h)

      443       426,387  

6.75%, 09/15/26

      118       119,328  

Southwestern Energy Co.:

     

6.70%, 01/23/25

      40       41,600  

7.50%, 04/01/26

      172       184,040  

7.75%, 10/01/27

      223       238,610  

Sunoco Logistics Partners Operations LP,
3.90%, 07/15/26(h)

      235       230,485  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e):

     

5.50%, 09/15/24(h)

      414       429,525  

5.50%, 01/15/28

      312       321,360  

Targa Resources Partners LP/Targa Resources Partners Finance Corp.:

     

5.25%, 05/01/23

      15       15,375  

5.13%, 02/01/25

      114       116,565  

5.38%, 02/01/27

      79       80,975  

5.00%, 01/15/28(e)

      396       393,030  

Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.88%, 10/01/20(h)

      138       140,208  

Transocean, Inc., 7.50%, 01/15/26(e)

      265       272,287  

Weatherford International LLC, 6.80%, 06/15/37

      27       21,735  

Weatherford International Ltd.:

     

6.50%, 08/01/36

      208       166,400  

7.00%, 03/15/38

      8       6,660  

5.95%, 04/15/42

      310       236,375  

Whiting Petroleum Corp., 5.00%, 03/15/19(h)

      862       868,465  

WildHorse Resource Development Corp.,
6.88%, 02/01/25

      136       138,735  

Williams Cos., Inc.:

     

4.55%, 06/24/24

      67       69,429  

5.75%, 06/24/44(h)

      819       863,021  

WPX Energy, Inc.:

     

7.50%, 08/01/20

      47       50,995  

6.00%, 01/15/22

      221       227,630  
Security  

Par

(000)

    Value  
Oil, Gas & Consumable Fuels (continued)  

WPX Energy, Inc. (continued):

     

8.25%, 08/01/23

    USD       32     $ 36,120  

5.25%, 09/15/24

      158       155,235  

YPF SA, 8.50%, 07/28/25

      293       342,517  
   

 

 

 
        38,519,107  
Paper & Forest Products — 0.0%  

Norbord, Inc., 6.25%, 04/15/23(e)

      168       182,700  
   

 

 

 
Pharmaceuticals — 2.0%  

AbbVie, Inc., 3.60%, 05/14/25(h)

      695       710,115  

Actavis Funding SCS, 3.45%, 03/15/22(h)

      2,460       2,501,864  

Endo DAC/Endo Finance LLC/Endo Finco, Inc., 5.88%, 10/15/24(e)

      205       207,050  

Endo Finance LLC/Endo Finco, Inc.(e):

     

7.25%, 01/15/22

      121       105,270  

5.38%, 01/15/23

      65       50,700  

6.00%, 07/15/23(h)

      233       182,323  

Ephios Bondco PLC, 6.25%, 07/01/22

    EUR       100       126,166  

inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc.,
7.50%, 10/01/24(e)

    USD       191       209,622  

Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(e)(h)

      1,179       1,214,370  

Nidda Healthcare Holding AG, 3.50%, 09/30/24

    EUR       100       121,405  

Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23(h)

    USD       1,500       1,467,735  

Team Health Holdings, Inc., 6.38%, 02/01/25(e)

      315       285,075  

Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23

    EUR       100       109,398  

Valeant Pharmaceuticals International, Inc.(e):

     

6.38%, 10/15/20

    USD       304       303,620  

7.50%, 07/15/21

      210       207,375  

6.75%, 08/15/21(h)

      728       711,620  

5.63%, 12/01/21

      474       440,820  

6.50%, 03/15/22

      697       731,850  

7.25%, 07/15/22

      31       30,225  
 

 

 

20    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)  

Valeant Pharmaceuticals International, Inc.(e) (continued):

     

5.50%, 03/01/23

    USD       16     $ 13,700  

5.88%, 05/15/23(h)

      611       534,503  

7.00%, 03/15/24

      476       509,915  

6.13%, 04/15/25(h)

      605       518,787  

5.50%, 11/01/25

      1,166       1,180,692  
   

 

 

 
        12,474,200  
Real Estate — 0.1%  

Prologis LP, 3.75%, 11/01/25(h)

      255       268,091  
   

 

 

 
Real Estate Investment Trusts (REITs) — 1.4%  

AvalonBay Communities, Inc.,
3.45%, 06/01/25(h)

      1,245       1,274,156  

ERP Operating LP, 3.38%, 06/01/25(h)

      1,015       1,031,723  

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(e)

      175       178,500  

Hilton Domestic Operating Co., Inc.,
4.25%, 09/01/24

      179       181,685  

iStar, Inc.:

     

4.63%, 09/15/20

      113       114,695  

6.00%, 04/01/22

      100       103,625  

5.25%, 09/15/22

      113       114,271  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:

     

5.63%, 05/01/24(h)

      1,628       1,741,960  

4.50%, 09/01/26

      524       527,930  

4.50%, 01/15/28(e)

      322       319,987  

NH Hotel Group SA, 3.75%, 10/01/23

    EUR       129       162,509  

Starwood Property Trust, Inc.:

     

5.00%, 12/15/21

    USD       234       243,653  

4.75%, 03/15/25(e)(g)

      96       95,760  

Trust F/1401, 6.95%, 01/30/44

      706       777,482  

TVL Finance PLC, (3 mo. LIBOR GBP + 4.88%), 5.40%, 05/15/23(d)

    GBP       100       135,240  

Ventas Realty LP, 4.13%, 01/15/26(h)

    USD       650       675,602  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (REITs) (continued)  

Ventas Realty LP/Ventas Capital Corp.,
4.75%, 06/01/21(h)

    USD       1,300     $ 1,381,214  
   

 

 

 
        9,059,992  
Real Estate Management & Development — 0.3%  

ADLER Real Estate AG, 2.13%, 02/06/24

    EUR       100       117,812  

Greystar Real Estate Partners LLC,
5.75%, 12/01/25(e)

    USD       174       179,220  

Howard Hughes Corp., 5.38%, 03/15/25(e)

      218       223,995  

Realogy Group LLC/Realogy Co-Issuer Corp.(e):

     

4.50%, 04/15/19(h)

      301       306,268  

5.25%, 12/01/21

      58       60,320  

4.88%, 06/01/23(h)

      537       541,027  

RESIDOMO Sro, 3.38%, 10/15/24

    EUR       100       122,001  

Rialto Holdings LLC/Rialto Corp.,
7.00%, 12/01/18(e)

    USD       220       220,550  
   

 

 

 
        1,771,193  
Road & Rail — 0.9%  

Avis Budget Finance PLC, 4.13%, 11/15/24

    EUR       100       121,459  

EC Finance PLC, 2.38%, 11/15/22

      100       122,023  

Herc Rentals, Inc.(e):

     

7.50%, 06/01/22

    USD       128       137,920  

7.75%, 06/01/24

      121       132,507  

Hertz Corp.:

     

6.75%, 04/15/19

      285       285,000  

7.63%, 06/01/22(e)

      144       148,640  

Lima Metro Line 2 Finance Ltd.,
5.88%, 07/05/34(e)(h)

      3,000       3,300,000  

Loxam SAS:

     

3.50%, 05/03/23

    EUR       100       124,351  

6.00%, 04/15/25

      100       129,985  

United Rentals North America, Inc.:

     

4.63%, 07/15/23

    USD       160       164,800  

4.63%, 10/15/25

      392       399,448  

4.88%, 01/15/28

      282       285,173  
 

 

 

SCHEDULES OF INVESTMENTS      21  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Road & Rail (continued)  

Watco Cos. LLC/Watco Finance Corp.,
6.38%, 04/01/23(e)

    USD       319     $ 330,165  
   

 

 

 
        5,681,471  
Semiconductors & Semiconductor Equipment — 1.4%  

Advanced Micro Devices, Inc.,
7.50%, 08/15/22

      73       82,490  

Analog Devices, Inc.(h):

     

3.90%, 12/15/25

      375       390,771  

3.50%, 12/05/26

      275       276,716  

Applied Materials, Inc., 3.90%, 10/01/25(h)

      285       303,464  

Broadcom Corp./Broadcom Cayman Finance Ltd.(e)(h):

     

3.00%, 01/15/22

      1,250       1,235,504  

3.63%, 01/15/24

      1,515       1,498,408  

Microchip Technology, Inc.(m):

     

1.63%, 02/15/25

      70       118,081  

2.13%, 12/15/37

      60       222,638  

Micron Technology, Inc.:

     

5.25%, 01/15/24(e)

      39       40,658  

5.50%, 02/01/25

      10       10,575  

Series G, 3.00%, 11/15/43(m)

      352       522,060  

Microsemi Corp., 9.13%, 04/15/23(e)

      20       22,625  

NXP BV/NXP Funding LLC(e):

     

4.13%, 06/15/20(h)

      834       857,196  

4.13%, 06/01/21

      200       205,624  

4.63%, 06/01/23(h)

      425       448,974  

ON Semiconductor Corp., 1.00%, 12/01/20(m)

      255       315,244  

QUALCOMM, Inc., 3.45%, 05/20/25(h)

      1,570       1,561,146  

Sensata Technologies BV(e):

     

5.63%, 11/01/24

      179       197,795  

5.00%, 10/01/25(h)

      332       354,410  
   

 

 

 
        8,664,379  
Software — 1.9%  

ACI Worldwide, Inc., 6.38%, 08/15/20(e)(h)

      360       367,200  

BMC Software Finance, Inc.,
8.13%, 07/15/21(e)

      426       431,193  

CA, Inc., 3.60%, 08/15/22(h)

      555       560,913  
Security   Par
(000)
    Value  
Software (continued)  

Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24(e)

    USD       395     $ 442,400  

Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22(e)

      46       46,000  

Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(e)(h)(i)

      545       558,625  

Infor US, Inc., 6.50%, 05/15/22(h)

      1,663       1,712,890  

Informatica LLC, 7.13%, 07/15/23(e)

      691       704,820  

Nuance Communications, Inc.:

     

5.38%, 08/15/20(e)(h)

      36       36,504  

6.00%, 07/01/24

      174       186,180  

5.63%, 12/15/26(e)

      143       149,793  

PTC, Inc., 6.00%, 05/15/24

      202       216,645  

Rackspace Hosting, Inc., 8.63%, 11/15/24(e)

      200       214,500  

RP Crown Parent LLC, 7.38%, 10/15/24(e)

      392       408,660  

Solera LLC/Solera Finance, Inc.,
10.50%, 03/01/24(e)(h)

      1,962       2,207,250  

Sophia LP/Sophia Finance, Inc.,
9.00%, 09/30/23(e)(h)

      303       315,120  

SS&C Technologies Holdings, Inc.,
5.88%, 07/15/23(h)

      605       639,787  

TIBCO Software, Inc., 11.38%, 12/01/21(e)(h)

      784       852,600  

Veritas US, Inc./Veritas Bermuda Ltd.(e):

     

7.50%, 02/01/23

      925       971,250  

10.50%, 02/01/24(h)

      800       838,000  
   

 

 

 
        11,860,330  
Specialty Retail — 0.3%  

Asbury Automotive Group, Inc.,
6.00%, 12/15/24(h)

      334       348,195  

Catalent Pharma Solutions, Inc.,
4.88%, 01/15/26(e)

      324       328,050  

Group 1 Automotive, Inc.:

     

5.00%, 06/01/22(h)

      155       159,844  
 

 

 

22    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Specialty Retail (continued)  

Group 1 Automotive, Inc. (continued):

     

5.25%, 12/15/23(e)

    USD       18     $ 18,630  

JC Penney Corp., Inc.:

     

8.13%, 10/01/19(h)

      42       42,525  

6.38%, 10/15/36

      21       12,600  

7.40%, 04/01/37

      64       40,320  

L Brands, Inc., 6.88%, 11/01/35(h)

      371       374,710  

Masaria Investments SAU, 5.00%, 09/15/24

    EUR       100       120,721  

Penske Automotive Group, Inc., 5.50%, 05/15/26

    USD       32       32,560  

PetSmart, Inc., 5.88%, 06/01/25(e)

      133       114,380  

Shop Direct Funding PLC, 7.75%, 11/15/22

    GBP       100       128,157  
   

 

 

 
        1,720,692  
Technology Hardware, Storage & Peripherals — 0.4%  

Dell International LLC/EMC Corp.(e)(h):

     

4.42%, 06/15/21

    USD       40       41,763  

7.13%, 06/15/24

      651       707,669  

6.02%, 06/15/26

      135       148,407  

8.35%, 07/15/46

      80       100,663  

Hewlett Packard Enterprise Co.,
4.90%, 10/15/25(h)

      375       390,523  

Riverbed Technology, Inc., 8.88%, 03/01/23(e)

      165       155,306  

Western Digital Corp.:

     

7.38%, 04/01/23(e)(h)

      459       499,163  

10.50%, 04/01/24

      248       288,052  
   

 

 

 
        2,331,546  
Textiles, Apparel & Luxury Goods — 0.0%  

BiSoho SAS, 5.88%, 05/01/23

    EUR       54       69,673  

Levi Strauss & Co., 3.38%, 03/15/27

      100       125,422  
   

 

 

 
        195,095  
Thrifts & Mortgage Finance — 0.1%  

Jerrold Finco PLC, 6.25%, 09/15/21

    GBP       100       139,865  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(e):

     

5.25%, 03/15/22

    USD       31       32,008  

5.25%, 10/01/25

      194       193,515  
Security   Par
(000)
    Value  
Thrifts & Mortgage Finance (continued)  

MGIC Investment Corp., 5.75%, 08/15/23

    USD       163     $ 178,077  
   

 

 

 
        543,465  
Tobacco — 0.1%  

Reynolds American, Inc., 3.25%, 06/12/20(h)

      396       403,146  
   

 

 

 
Transportation Infrastructure — 1.2%  

CEVA Group PLC, 7.00%, 03/01/21(e)

      460       443,900  

CMA CGM SA, 7.75%, 01/15/21

    EUR       100       124,313  

Penske Truck Leasing Co. LP/PTL Finance Corp., 3.38%, 03/15/18(e)(h)

    USD       6,155       6,182,747  

Rumo Luxembourg Sarl, 7.38%, 02/09/24(e)

      293       316,440  

Swissport Financing Sarl, 9.75%, 12/15/22

    EUR       100       127,643  

Transurban Finance Co. Property Ltd.,
4.13%, 02/02/26(e)(h)

    USD       435       451,902  

WFS Global Holding SAS, 9.50%, 07/15/22

    EUR       100       127,654  
   

 

 

 
        7,774,599  
Utilities — 0.3%  

AES Argentina Generacion SA,
7.75%, 02/02/24(e)

    USD       293       318,345  

AES Panama SRL, 6.00%, 06/25/22(e)

      200       210,098  

ContourGlobal Power Holdings SA,
5.13%, 06/15/21

    EUR       100       124,307  

Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA,
9.63%, 07/27/23(e)

    USD       293       325,728  

Inkia Energy, Ltd., 5.88%, 11/09/27(e)

      377       379,827  

Stoneway Capital Corp., 10.00%, 03/01/27(e)(h)

      293       312,778  
   

 

 

 
        1,671,083  
Wireless Telecommunication Services — 2.4%  

CoreCivic, Inc., 4.75%, 10/15/27

      136       133,960  

CyrusOne LP/CyrusOne Finance Corp.(e):

     

5.00%, 03/15/24(h)

      403       419,120  

5.00%, 03/15/24

      107       111,280  
 

 

 

SCHEDULES OF INVESTMENTS      23  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Wireless Telecommunication Services (continued)  

CyrusOne LP/CyrusOne Finance Corp.(e) (continued):

     

5.38%, 03/15/27

    USD       50     $ 52,375  

Digicel Group Ltd., 8.25%, 09/30/20(e)

      200       192,700  

Digicel Ltd., 6.00%, 04/15/21(e)(h)

      2,073       1,999,719  

Equinix, Inc., 2.88%, 10/01/25

    EUR       100       121,432  

GEO Group, Inc.:

     

5.13%, 04/01/23

    USD       407       409,035  

6.00%, 04/15/26

      22       22,825  

Matterhorn Telecom SA:

     

3.88%, 05/01/22

    EUR       100       121,828  

4.00%, 11/15/27

      100       117,816  

Radiate Holdco LLC/Radiate Finance, Inc.,
6.63%, 02/15/25(e)

    USD       215       205,862  

Rogers Communications, Inc., 5.00%, 03/15/44(h)

      545       616,397  

SBA Communication Corp.:

     

4.00%, 10/01/22(e)

      401       403,005  

4.88%, 09/01/24

      263       272,205  

Sprint Capital Corp.:

     

6.90%, 05/01/19

      135       141,919  

6.88%, 11/15/28(h)

      735       754,294  

8.75%, 03/15/32(h)

      750       868,125  

Sprint Communications, Inc.:

     

7.00%, 03/01/20(e)(h)

      726       777,727  

7.00%, 08/15/20

      125       133,438  

6.00%, 11/15/22

      49       49,490  

Sprint Corp.:

     

7.88%, 09/15/23(h)

      798       859,845  

7.13%, 06/15/24(h)

      1,857       1,932,450  

7.63%, 02/15/25

      407       432,234  

Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(e)(h)

      787       793,139  

T-Mobile USA, Inc.:

     

6.13%, 01/15/22

      75       77,625  

4.00%, 04/15/22

      197       202,417  

6.00%, 03/01/23(h)

      304       318,949  

6.63%, 04/01/23

      547       572,299  

6.84%, 04/28/23

      55       57,750  

6.50%, 01/15/24(h)

      535       567,769  

6.38%, 03/01/25

      14       15,028  
Security   Par
(000)
    Value  
Wireless Telecommunication Services (continued)  

T-Mobile USA, Inc. (continued):

     

5.13%, 04/15/25

    USD       201     $ 210,045  

5.38%, 04/15/27

      120       128,400  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC,
8.25%, 10/15/23(h)

      445       426,087  

VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23

      327       364,110  

Wind Tre SpA, 5.00%, 01/20/26(e)

      211       202,117  

Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK),
9.63%, 06/01/22(e)(i)

      115       122,475  
   

 

 

 
        15,207,291  
   

 

 

 

Total Corporate Bonds — 62.9%
(Cost — $387,401,153)

 

      396,370,752  
   

 

 

 

Floating Rate Loan Interests — 38.5%

 

Aerospace & Defense — 0.6%  

Accudyne Industries LLC, 2017 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 08/02/24(n)(o)

      1,085       1,089,524  

DAE Aviation Holdings, Inc., 1st Lien Term Loan, 07/07/22(o)

      160       160,920  

Engility Corp.(n):

     

Term Loan B1, (1 mo. LIBOR + 2.75%), 4.10%, 08/12/20

      103       104,073  

Term Loan B2, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.60%, 08/12/23

      185       186,547  

GTCR Valor Companies, Inc., 2017 Term Loan B1, (3 mo. LIBOR + 4.25%), 5.58%, 06/16/23(n)

      249       251,958  

TransDigm, Inc.(n):

     

2017 Extended Term Loan F, (1 mo. LIBOR + 2.75%), 4.10%, 06/09/23

      1,366       1,366,556  

2017 Term Loan E, (1 mo. LIBOR + 2.75%), 4.10%, 06/09/23

      630       631,132  
 

 

 

24    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Aerospace & Defense (continued)  

TransDigm, Inc.(n) (continued):

     

2017 Term Loan G, (3 mo. LIBOR + 3.00%), 4.35%, 08/22/24

    USD       78     $ 77,960  
   

 

 

 
        3,868,670  
Air Freight & Logistics — 0.4%  

Avolon TLB Borrower 1 (Luxembourg) Sarl, Term Loan B2, (1 mo. LIBOR + 2.25%), 3.53%, 04/03/22(n)

      1,712       1,711,961  

CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21(n)

      213       198,259  

CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.88%, 03/19/21(n)

      217       206,410  

CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.88%, 03/19/21(n)

      42       39,800  

CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.88%, 03/19/21(n)

      287       272,511  
   

 

 

 
        2,428,941  
Airlines — 0.0%  

Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.23%), 2.68%, 09/10/18(n)

      138       136,286  
   

 

 

 
Auto Components — 0.1%  

Dayco Products LLC, 2017 Term Loan B, (3 mo. LIBOR + 5.00%),
6.48%, 05/19/23(a)(n)

      313       315,776  
Security   Par
(000)
    Value  
Auto Components (continued)  

USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.35%, 05/16/24(n)

    USD       545     $ 542,275  
   

 

 

 
        858,051  
Automobiles — 0.1%  

CH Hold Corp.(n):

     

1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 02/01/24

      405       408,519  

2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 8.60%, 02/01/25

      110       112,200  

FCA US LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 3.29%, 12/31/18(n)

      373       373,740  
   

 

 

 
        894,459  
Banks — 0.1%  

Capri Finance LLC, 1st Lien Term Loan,
(3 mo. LIBOR + 3.25%), 4.63%, 11/01/24(n)

      645       642,988  
   

 

 

 
Building Materials — 0.1%  

Allied Universal HoldCo LLC, 2015 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.08%, 07/28/22(n)

      229       227,501  

USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 1.00% Floor), 9.88%, 07/28/23(n)

      290       288,309  
   

 

 

 
        515,810  
Building Products — 0.4%  

Continental Building Products LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%),
3.83%, 08/18/23(n)

      592       593,690  
 

 

 

SCHEDULES OF INVESTMENTS      25  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Building Products (continued)  

CPG International Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.08%, 05/03/24(n)

    USD       632     $ 633,365  

Jeld-Wen, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 07/01/22(n)

      511       513,798  

Ply Gem Industries, Inc., Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 02/01/21(n)

      322       323,772  

Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.59%, 12/19/23(n)

      655       659,736  
   

 

 

 
        2,724,361  
Capital Markets — 0.3%  

FinCo I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 2.75%, 06/14/22(n)

      445       449,673  

Greenhill & Co., Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.11%, 10/12/22(n)

      427       428,601  

RPI Finance Trust, Term Loan B6, (3 mo. LIBOR + 2.00%), 3.33%, 03/27/23(n)

      866       869,269  
   

 

 

 
        1,747,543  
Chemicals — 1.3%  

Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 01/31/24(n)

      608       612,022  

Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.33%, 06/01/24(n)

      703       704,511  
Security   Par
(000)
    Value  
Chemicals (continued)  

Charter NEX US Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 05/16/24(n)

    USD       444     $ 445,690  

Chemours Company, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 05/12/22(n)

      290       292,834  

Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.83%, 06/28/24(n)

      215       215,716  

Encapsys LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 11/07/24(n)

      335       336,886  

Evergreen Acqco 1 LP, Term Loan, (3 mo. LIBOR + 3.75%), 5.11%, 07/09/19(n)

      101       91,208  

H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.53%, 10/12/24(n)

      740       742,671  

Huntsman International LLC, Term Loan B2, (1 mo. LIBOR + 3.00%), 4.35%, 04/01/23(n)

      279       280,877  

MacDermid, Inc.(n):

     

Term Loan B6, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.35%, 06/07/23

      505       507,817  

Term Loan B7, (1 mo. LIBOR + 2.50% 1.00% Floor), 3.85%, 06/07/20

      616       619,927  

OXEA Finance & Cy SCA, 2017 Term Loan, (3 mo. LIBOR + 3.50%), 4.88%, 10/11/24(n)

      1,128       1,129,884  

PQ Corp., 2017 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 11/04/22(n)

      610       615,759  
 

 

 

26    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Chemicals (continued)  

Solenis International LP(n):

     

1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.73%, 07/31/21

    USD       503     $ 504,608  

2nd Lien Term Loan, (3 mo. LIBOR + 6.75% 1.00% Floor), 8.23%, 07/31/22

      537       523,243  

Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.13%, 08/07/20(n)

      476       475,633  
   

 

 

 
        8,099,286  
Commercial Services & Supplies — 1.8%  

Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%),
3.45%, 11/10/23(n)

      1,033       1,033,532  

Asurion LLC(n):

     

2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.35%, 08/04/25

      298       305,525  

2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 08/04/22

      225       225,597  

2017 Term Loan B5, (1 mo. LIBOR + 3.00%), 4.35%, 11/03/23

      1,431       1,435,893  

Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 10/03/23(n)

      658       660,151  

Catalent Pharma Solutions, Inc., Term Loan B, (1 Week LIBOR + 2.25% 1.00% Floor), 3.49%, 05/20/21(n)

      1,183       1,188,495  

Clean Harbors, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.35%, 06/27/24(n)

      214       215,535  
Security   Par
(000)
    Value  
Commercial Services & Supplies (continued)  

Creative Artists Agency LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.75%, 02/15/24(n)

    USD       710     $ 715,847  

Dealer Tire LLC, 2016 Term Loan B, (1 Week LIBOR + 3.75% 1.00% Floor), 5.13%, 12/22/21(n)

      228       228,697  

Employbridge LLC, Exit Term Loan, (3 mo. LIBOR + 6.50% 1.00% Floor), 7.83%, 05/16/20(n)

      160       154,140  

Garda World Security Corp., 2017 Term Loan, (PRIME + 3.00%), 5.24%, 05/24/24(n)

      281       281,993  

Harland Clarke Holdings Corp., Term Loan B6, (3 mo. LIBOR + 5.500%,1.00% Floor),
6.83%, 02/09/22(n)

      278       278,348  

KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 3.88%, 03/09/23(n)

      337       338,472  

Livingston International, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.25%), 5.58%, 04/18/19(n)

      136       131,019  

Packers Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.74%, 12/02/21(n)

      566       566,482  

Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 05/02/22(n)

      889       895,521  

US Security Associates Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.33%, 07/14/23(n)

      714       721,110  
 

 

 

SCHEDULES OF INVESTMENTS      27  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services & Supplies (continued)  

West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.35%, 10/10/24(n)

    USD       1,105     $ 1,103,583  

Wrangler Buyer Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 09/27/24(n)

      1,140       1,147,207  
   

 

 

 
        11,627,147  
Communications Equipment — 0.5%  

Avantor, Inc., 2017 1st Lien Term Loan, 09/07/24(o)

      891       891,276  

Avaya, Inc.:

     

DIP Term Loan, (1 mo. LIBOR + 7.500%, 1.00% Floor), 8.70%, 01/24/18(n)

      55       54,971  

Exit Term Loan B, 11/08/24(o)

      745       734,488  

Term Loan B7, 0.00%, 05/29/20(n)(b)(c)

      289       220,184  

Colorado Buyer, Inc., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 05/01/24(n)

      544       546,220  

CommScope, Inc., Term Loan B5, (1 mo. LIBOR + 2.00%), 3.38%, 12/29/22(a)(n)

      268       269,340  

Riverbed Technology, Inc., 2016 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 04/24/22(n)

      301       295,578  
Security   Par
(000)
    Value  
Communications Equipment (continued)  

Securus Technologies Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 5.85%, 11/01/24(n)

    USD       430     $ 433,629  
   

 

 

 
        3,445,686  
Construction & Engineering — 0.5%  

Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 5.63%, 06/21/24(n)

      2,151       2,159,492  

CNT Holdings III Corp., 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor),
4.60%, 01/22/23(n)

      375       362,734  

Pike Corp., Replacement Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor),
4.85%, 09/20/24(n)

      229       232,585  

USIC Holdings, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50% 1.00% Floor),
5.00%, 12/08/23(n)

      410       412,775  
   

 

 

 
        3,167,586  
Construction Materials — 0.4%  

Core & Main LP, 2017 Term Loan B, (6 mo. LIBOR + 3.00% 1.00% Floor),
4.46%, 08/01/24(n)

      885       889,983  

Filtration Group Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor),
4.38%, 11/21/20(n)

      1,225       1,234,045  
 

 

 

28    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Construction Materials (continued)  

GYP Holdings III Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor),
4.38%, 04/01/23(n)

    USD       701     $ 704,862  
     

 

 

 
        2,828,890  
Containers & Packaging — 0.3%  

Berlin Packaging LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor),
4.50%, 10/01/21(n)

      259       260,596  

Berry Plastics Group, Inc., Term Loan M, (1 mo. LIBOR + 2.25%), 3.50%, 10/01/22(n)

      970       972,969  

BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 4.52%, 04/03/24(n)

      565       567,805  

Plastipak Holdings, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.02%, 10/04/24(n)

      290       291,378  
     

 

 

 
        2,092,748  
Distributors — 0.3%  

American Builders & Contractors Supply Co., Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 10/31/23(n)

      933       935,615  

American Tire Distributors Holdings, Inc., 2015 Term Loan, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.60%, 09/01/21(n)

      219       220,746  

TriMark USA LLC:

     

2017 1st Lien Term Loan, (2 mo. LIBOR + 3.50%), 4.82%, 09/26/24(n)

      597       600,684  
Security   Par
(000)
    Value  
Distributors (continued)  

TriMark USA LLC (continued):

     

Delayed Draw Term Loan, 09/26/24(o)

    USD       28     $ 28,021  
     

 

 

 
        1,785,066  
Diversified Consumer Services — 0.6%  

Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor),
4.60%, 07/12/24(n)

      380       381,900  

Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (PRIME + 1.25%),
3.60%, 11/07/23(n)

      721       722,857  

Serta Simmons Bedding LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.84%, 11/08/23(n)

      1,287       1,242,231  

ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 11/08/23(n)

      735       735,596  

Spin Holdco Inc., 2017 Term Loan B, (2 mo. LIBOR + 3.75%, 1.00% Floor),
5.15%, 11/14/22(n)

      429       431,978  

Weight Watchers International, Inc., 2017 Term Loan B, 11/17/24(o)

      195       191,840  
     

 

 

 
        3,706,402  
Diversified Financial Services — 0.3%  

AlixPartners LLP, 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor),
4.08%, 04/04/24(n)

      966       969,742  

Kingpin Intermediate Holdings LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.57%, 06/28/24(n)

      499       502,491  

Nomad Foods Europe Midco Ltd., Term Loan B, (1 mo. LIBOR + 2.75%), 4.00%, 05/15/24(n)

      395       395,988  
 

 

 

SCHEDULES OF INVESTMENTS      29  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)  

SAM Finance Luxembourg Sarl, Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor),
4.57%, 12/17/20(n)

    USD       55     $ 55,765  
     

 

 

 
        1,923,986  
Diversified Telecommunication Services — 2.3%  

CenturyLink, Inc.:

     

2017 Term Loan A, 02/09/22(o)

      500       495,780  

2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.10% 01/31/25(n)

      4,573       4,375,812  

Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 10/04/23(n)

      139       136,612  

Frontier Communications Corp., 2017 Term Loan B1, (1 mo. LIBOR + 3.75%),
5.09%, 06/15/24(n)

      669       636,693  

Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 05/16/24(n)

      440       439,761  

Level 3 Financing, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.70%, 02/22/24(n)

      2,497       2,493,879  

Lumos Networks Operating Co.(o):

     

1st Lien Term Loan B, 10/16/24

      308       309,513  

Topco Term Loan, 10/16/24

      302       301,621  

Sprint Communications, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%),
3.88%, 02/02/24(n)

      1,532       1,531,692  

Telenet International Finance Sarl:

     

Term Loan AI, (1 mo. LIBOR + 2.75%), 4.00%, 06/30/25(n)

      2,080       2,081,165  
Security   Par
(000)
    Value  
Diversified Telecommunication Services (continued)  

Telenet International Finance Sarl (continued):

     

Term Loan AL, 03/02/26(o)

    USD       1,475     $ 1,475,000  

Zayo Group LLC, 2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 3.31%, 01/19/21(n)

      345       345,369  
     

 

 

 
        14,622,897  
Electric Utilities — 0.8%  

Energy Future Intermediate Holding Co. LLC, 2017 DIP Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 06/30/18(n)

      3,855       3,866,719  

TEX Operations Co. LLC(n):

     

Exit Term Loan B, (1 mo. LIBOR + 2.75%), 4.08%, 08/04/23

      654       656,502  

Exit Term Loan C, (3 mo. LIBOR + 2.75%), 4.08%, 08/04/23

      152       152,511  

Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 11/10/18(a)(o)

      780        

Vistra Operations Co. LLC, 2016 Term Loan B2, (3 mo. LIBOR + 2.75%),
4.02%, 12/14/23(n)

      152       153,591  
     

 

 

 
        4,829,323  
Electrical Equipment — 0.2%  

Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.39%, 04/01/24(n)

      1,183       1,189,285  
   

 

 

 
Electronic Equipment, Instruments & Components — 0.1%  

Excelitas Technologies Corp., 2017 1st Lien Term Loan, 11/15/24(o)

      300       301,875  
 

 

 

30    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electronic Equipment, Instruments & Components (continued)  

Zebra Technologies Corporation, 2017 Term Loan B, (3 mo. LIBOR + 2.00%),
3.37%, 10/27/21(n)

    USD       332     $ 332,569  
     

 

 

 
        634,444  
Energy Equipment & Services — 0.3%  

Exgen Texas Power LLC, Term Loan B, (1 mo. LIBOR + 4.75), 6.08%, 09/16/21(n)

      370       228,543  

Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 7.24%, 03/01/24(n)

      983       965,798  

Ocean Rig UDW Inc., Term Loan, (Fixed + 8.00%), 8.00%, 09/20/24

      57       57,385  

Pioneer Energy Services Corp., Term Loan, (1 Week LIBOR + 7.75%, 1.00% Floor),
8.99%, 11/02/22(n)

      260       260,325  

Seadrill Partners Finco LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor),
4.33%, 02/21/21(n)

      284       218,282  

Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 3.65%, 07/13/20(n)

      455       442,678  
     

 

 

 
        2,173,011  
Food & Staples Retailing — 0.6%  

BJ’s Wholesale Club, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.99%, 02/03/24(n)

      698       686,292  

Hostess Brands LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%),
3.60%, 08/03/22(n)

      1,198       1,199,680  

Rite Aid Corp.(n):

     

2nd Lien Term Loan, (1 Week LIBOR + 4.75% 1.00% Floor), 5.96%, 08/21/20

      240       240,701  
Security   Par
(000)
    Value  
Food & Staples Retailing (continued)  

Rite Aid Corp. (continued)(n):

     

2nd Lien Term Loan, (1 Week LIBOR + 3.87%, 1.00% Floor), 5.09%, 06/21/21

    USD       815     $ 816,019  

US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 4.10%, 06/27/23(n)

      657       659,771  
     

 

 

 
        3,602,463  
Food Products — 0.9%  

Albertsons LLC, 2017 Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 08/25/21(n)

      638       619,571  

Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.74%, 10/09/23(n)

      746       753,613  

Dole Food Company Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor),
3.99%, 04/06/24(n)

      338       338,953  

JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.76%, 10/30/22(n)

      1,157       1,131,771  

Pinnacle Foods Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.24%, 02/02/24(n)

      640       643,562  

Reddy Ice Corp.(n):

     

1st Lien Term Loan, (PRIME + 4.50%), 6.88%, 05/01/19

      640       629,475  

2nd Lien Term Loan, (3 mo. LIBOR + 9.50%), 10.85%, 11/01/19

      233       219,020  
 

 

 

SCHEDULES OF INVESTMENTS      31  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(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%), 4.10%, 02/05/23(n)

    USD       1,263     $ 1,268,698  
   

 

 

 
        5,604,663  
Health Care Equipment & Supplies — 1.0%  

Cotiviti Corp., Term Loan B, (3 mo. LIBOR + 2.50%), 3.84%, 09/28/23(n)

      621       624,353  

CryoLife, Inc., Term Loan B, 11/14/24(o)

      585       587,925  

DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.60%, 06/08/20(n)

      1,877       1,858,162  

Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00%, 1.00% Floor), 6.31%, 06/15/21(n)

      1,134       1,149,742  

Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%), 4.08%, 09/24/24(n)

      512       511,512  

Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.08%, 06/30/21(n)

      1,401       1,403,740  
   

 

 

 
        6,135,434  
Health Care Providers & Services — 1.8%  

Acadia Healthcare Co., Inc.(n):

     

Term Loan B1, (1 mo. LIBOR + 2.75%), 4.10%, 02/11/22

      231       232,901  

Tranche B-2 Term Loan, (1 mo. LIBOR + 2.75%), 3.99%, 02/16/23

      639       641,818  

Air Medical Group Holdings, Inc., 2017 Term Loan B2, 09/07/24(o)

      560       562,660  
Security          Par
(000)
    Value  
Health Care Providers & Services (continued)  

Auris Luxembourg III Sarl, 2017 Term Loan B7, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 01/17/22(n)

    USD       854     $ 859,547  

CHG Healthcare Services, Inc., 2017 Term Loan B, (2 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 06/07/23(n)

      970       973,562  

Community Health Systems, Inc., Term Loan G, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.23%, 12/31/19(n)

      110       106,595  

Curo Health Services Holdings, Inc., 2015 1st Lien Term Loan, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.35%, 02/07/22(n)

      319       318,317  

DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.10%, 06/24/21(n)

      252       254,520  

Envision Healthcare Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 12/01/23(n)

      2,372       2,376,534  

HC Group Holdings III, Inc., Term Loan B, (1 mo. LIBOR + 5.00% 1.00% Floor), 6.35%, 04/07/22(n)

      818       825,172  

HCA, Inc., Term Loan B9, (1 mo. LIBOR + 2.00%), 3.35%, 03/17/23(n)

      1,083       1,086,252  

MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 06/07/23(n)

      1,068       1,068,838  

nThrive, Inc., 2016 1st Lien Term Loan, (1 mo. LIBOR + 4.50% 1.00% Floor), 5.85%, 10/20/22(a)(n)

      608       611,166  

NVA Holdings, Inc., 1st Lien Term Loan B2, (3 mo. LIBOR + 3.50%), 4.83%, 08/14/21(n)

      622       625,944  
 

 

 

32    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care Providers & Services (continued)  

Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 02/06/24(n)

    USD       398     $ 388,533  

Vizient, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.85%, 02/13/23(n)

      559       560,557  
   

 

 

 
        11,492,916  
Health Care Technology — 0.3%  

Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 03/01/24(n)

      1,144       1,146,464  

Press Ganey Holdings, Inc.(n):

     

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 10/23/23

      490       493,413  

2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 7.85%, 10/21/24

      145       146,211  
   

 

 

 
        1,786,088  
Hotels, Restaurants & Leisure — 2.2%  

Amaya Holdings BV(n):

     

2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.33%, 08/01/22

      111       111,173  

Repriced Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.83%, 08/01/21

      974       978,659  

Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.50%), 3.70%, 09/15/23(n)

      528       530,211  

Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.44%, 08/15/20(n)

      960       965,681  
Security  

Par

(000)

    Value  
Hotels, Restaurants & Leisure (continued)  

Burger King Newco Unlimited Liability Co., Term Loan B3, (3 mo. LIBOR + 2.25%, 1.00% Floor), 3.58%, 02/16/24(n)

    USD       2,040     $ 2,039,094  

Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.85%, 10/11/20(n)

      2,507       2,505,013  

Caesars Growth Properties Holdings LLC, 2017 Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 05/08/21(n)

      903       903,195  

Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 09/27/24(o)

      1,496       1,503,326  

CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 4.10%, 08/08/21(n)

      543       545,257  

CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.35%, 02/14/21(n)

      530       509,269  

Cyan Blue Holdco 3 Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 07/26/24(n)

      455       457,325  

ESH Hospitality, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 08/30/23(n)

      866       867,470  

Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.50%), 3.85%, 11/30/23(n)

      99       99,704  

Gateway Casinos & Entertainment Ltd., Term Loan B1, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.08%, 02/22/23(n)

      135       136,051  

Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 2.00%), 3.33%, 10/25/23(n)

      32       32,021  
 

 

 

SCHEDULES OF INVESTMENTS      33  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Hotels, Restaurants & Leisure (continued)  

La Quinta Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.11%, 04/14/21(n)

    USD       238     $ 238,448  

Playa Resorts Holding BV, 2017 Term Loan B, 04/05/24(o)

      375       376,312  

Scientific Games International, Inc., 2017 Term Loan B4, (1 mo. LIBOR + 3.25%), 4.60%, 08/14/24(n)

      1,142       1,152,106  
   

 

 

 
        13,950,315  
Household Durables — 0.1%  

Serta Simmons Bedding LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 8.00% 1.00% Floor), 9.24%, 11/08/24(n)

      741       672,787  
   

 

 

 
Household Products — 0.3%  

Diamond (BC) B.V., Term Loan, (2 mo. LIBOR + 3.00%), 4.42%, 09/06/24(n)

      885       885,513  

Spectrum Brands, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.00%), 3.40%, 06/23/22(n)

      930       935,144  
   

 

 

 
        1,820,657  
Independent Power and Renewable Electricity Producers — 0.9%  

AES Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.45%, 05/24/22(n)

      478       479,095  

Calpine Construction Finance Co., LP, Original Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 05/03/20(n)

      488       487,690  

Calpine Corp.(n):

     

Term Loan B5, (3 mo. LIBOR + 2.75%), 4.09%, 01/15/24

      255       254,977  

Term Loan B6, (3 mo. LIBOR + 2.75% 1.00% Floor), 4.09%, 01/15/23

      270       270,428  
Security   Par
(000)
    Value  
Independent Power and Renewable Electricity Producers (continued)  

Calpine Corp. (continued)(n):

     

Term Loan B7, (3 mo. LIBOR + 2.75%), 4.09%, 05/31/23

    USD       407     $ 407,508  

Dynegy, Inc., 2017 Term Loan C, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 02/07/24(n)

      1,064       1,069,999  

Granite Acquisition, Inc.(n):

     

Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.34%, 12/19/21

      1,086       1,096,791  

Term Loan C, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.33%, 12/19/21

      49       49,583  

Nautilus Power LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 05/16/24(n)

      818       823,675  

Terra-Gen Finance Co. LLC, Term Loan B, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.60%, 12/09/21(a)(n)

      502       451,821  
   

 

 

 
        5,391,567  
Industrial Conglomerates — 0.3%  

Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.35%, 11/30/23(n)

      1,166       1,171,470  

Sequa Corp., 1st Lien Term Loan, (2 mo. LIBOR + 5.50% 1.00% Floor), 6.87%, 11/28/21(n)

      479       481,793  
   

 

 

 
        1,653,263  
Insurance — 0.8%  

Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/12/22(n)

      741       744,039  
 

 

 

34    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)  

AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 01/25/24(n)

    USD       620     $ 621,863  

AssuredPartners, Inc., 2017 1st Lien Add-On Term Loan, (1 mo. LIBOR + 3.50%), 4.85%, 10/22/24(n)

      449       452,125  

Davis Vision Inc., 1st Lien Term Loan B, 11/01/24(o)

      605       608,025  

Hub International Ltd., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.41%, 10/02/20(n)

      661       663,240  

Sedgwick Claims Management Services, Inc.(n):

 

   

1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.10%, 03/01/21

      797       799,403  

2016 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 03/01/21

      262       263,242  

2nd Lien Term Loan, (1 mo. LIBOR + 5.75% 1.00% Floor), 7.10%, 02/28/22

      765       771,694  

Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 06/22/23(n)

      234       235,732  
   

 

 

 
        5,159,363  
Internet & Direct Marketing Retail — 0.1%  

Harbor Freight Tools USA, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.25%), 4.60%, 08/18/23(n)

      491       493,639  
   

 

 

 
Internet Software & Services — 0.5%  

Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.25%), 3.60%, 02/15/24(n)

      1,186       1,189,354  
Security   Par
(000)
    Value  
Internet Software & Services (continued)  

GTT Communications, Inc., 2017 Add on Term Loan B, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 01/09/24(n)

    USD       161     $ 161,790  

Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.38%, 11/03/23(n)

      1,049       1,047,867  

TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.10%, 05/06/24(n)

      469       467,264  

WaveDivision Holdings LLC, Term Loan B, (2 mo. LIBOR + 2.75% 1.00% Floor), 4.13%, 10/15/19(n)

      380       380,097  
   

 

 

 
        3,246,372  
IT Services — 2.3%  

First Data Corp. (n):

     

2022 Term Loan, (1 mo. LIBOR + 2.25%), 3.56%, 07/08/22

      815       815,326  

2024 Term Loan, (1 mo. LIBOR + 2.25%), 3.56%, 04/26/24

      3,755       3,754,568  

First Data Corp.(n) (continued):

     

Term Loan A, (1 mo. LIBOR + 1.75%), 3.06%, 06/02/20

      131       131,321  

NeuStar, Inc.(n):

     

Term Loan B1, (3 mo. LIBOR + 3.25%), 4.65%, 01/08/20

      104       104,927  

Term Loan B2, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.15%, 08/08/24

      344       346,998  

Optiv Security, Inc.(n):

     

1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.63%, 02/01/24

      1,229       1,170,411  
 

 

 

SCHEDULES OF INVESTMENTS      35  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
IT Services (continued)  

Optiv Security, Inc. (continued)(n):

     

2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 02/01/25

    USD       335     $ 309,519  

Peak 10, Inc.(n):

     

2017 1st Lien Term Loan, (2 mo. LIBOR + 3.50% 1.00% Floor), 4.82%, 08/01/24

      696       697,178  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 8.63%, 08/01/25

      513       518,556  

Sabre Global Inc., Incremental Term Loan B, (1 mo. LIBOR + 2.25% 1.00% Floor), 3.60%, 02/22/24(n)

      896       899,243  

TKC Holdings, Inc.(n):

     

2017 2nd Lien Term Loan, (2 mo. LIBOR + 8.00% 1.00% Floor), 9.42%, 02/01/24

      438       441,285  

2017 Term Loan, (1 mo. LIBOR + 4.25% 1.00% Floor), 5.67%, 02/01/23

      716       724,015  

Trans Union LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 3.35%, 04/10/23(n)

      1,140       1,143,539  

Vantiv LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 3.25%, 10/14/23(n)

      515       517,697  

VF Holding Corp., Reprice Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.60%, 06/30/23(n)

      1,446       1,453,075  
Security   Par
(000)
    Value  
IT Services (continued)  

WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.75%), 4.10%, 06/30/23(n)

    USD       1,200     $ 1,207,119  
   

 

 

 
        14,234,777  
Life Sciences Tools & Services — 0.2%  

Albany Molecular Research, Inc.(n):

     

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.58%, 08/30/24

      306       306,894  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.33%, 08/30/25

      300       303,750  

Parexel International Corp., Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 09/27/24(n)

      560       563,035  
   

 

 

 
        1,173,679  
Machinery — 0.7%  

Clark Equipment Co., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 3.83%, 05/18/24(n)

      356       357,551  

Columbus McKinnon Corp., Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 01/31/24(a)(n)

      92       93,170  

Gardner Denver, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.08%, 07/30/24(n)

      889       891,629  

Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.85%, 08/05/24(n)

      494       495,077  

Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.33%, 05/27/22(n)

      756       760,950  
 

 

 

36    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Machinery (continued)  

Mueller Water Products, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.50%),
3.85%, 11/25/21(n)

    USD       297     $ 298,883  

Rexnord LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.11%, 08/21/23(n)

      759       759,170  

Signode Industrial Group US, Inc., Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 05/04/21(n)

      76       76,872  

Tecomet Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.13%, 05/01/24(n)

      459       462,719  
     

 

 

 
        4,196,021  
Media — 3.2%  

Altice Financing SA, 2017 1st Lien Term Loan, 01/05/26(a)(o)

      84       80,995  

Altice US Finance I Corp., 2017 Term Loan, (1 mo. LIBOR + 2.25%), 3.60%, 07/28/25(n)

      2,193       2,175,682  

Cable One, Inc., 2017 Term Loan B, (2 mo. LIBOR + 2.25%), 3.57%, 05/01/24(a)(n)

      259       259,674  

CBS Radio Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.75%), 4.17%, 11/17/24(n)

      376       378,198  

Charter Communications Operating LLC, 2016 Term Loan I Add, (1 mo. LIBOR + 2.25%), 3.60%, 01/15/24(n)

      1,705       1,712,382  

CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 3.51%, 07/17/25(n)

      1,496       1,486,892  

DHX Media Ltd., Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.10%, 12/29/23(n)

      279       279,476  

Getty Images, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.83%, 10/18/19(n)

      177       153,975  
Security   Par
(000)
    Value  
Media (continued)  

Gray Television, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.49%, 02/07/24(n)

    USD       502     $ 504,005  

Houghton Mifflin Harcourt Publishing Co., 2015 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 05/31/21(n)

      262       243,107  

iHeartCommunications, Inc.(n):

     

Extended Term Loan E, (3 mo. LIBOR + 7.50%), 8.83%, 07/30/19

      215       160,915  

Term Loan D, (3 mo. LIBOR + 6.75%), 8.08%, 01/30/19

      1,972       1,485,307  

Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.07%, 06/30/19(n)

      2,360       2,352,521  

Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.60%, 12/01/23(a)(n)

      566       568,432  

Mission Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 3.74%, 01/17/24(n)

      150       150,171  

Nexstar Broadcasting, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.50%), 3.74%, 01/17/24(n)

      1,187       1,189,557  

Numericable Group SA, Term Loan B12, (3 mo. LIBOR + 3.00%), 4.35%, 01/31/26(n)

      542       528,450  

Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 4.35%, 02/01/24(n)

      448       444,114  

SBA Senior Finance II LLC, Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 03/24/21(n)

      674       675,097  
 

 

 

SCHEDULES OF INVESTMENTS      37  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Media (continued)  

Trader Corp., 2017 Term Loan B, (OR + 3.00%, 1.00% Floor), 4.41%, 09/28/23(n)

    USD       417     $ 417,191  

Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 4.35%, 01/27/24(n)

      1,222       1,223,649  

Unitymedia Finance LLC, Term Loan B, (1 mo. LIBOR + 2.25%), 3.50%, 09/30/25(n)

      691       690,710  

Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 03/15/24(n)

      623       618,435  

Virgin Media Bristol LLC, 2017 Term Loan, 01/31/26(o)

      1,795       1,793,887  

William Morris Endeavor Entertainment LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.57%, 05/06/21(n)

      109       109,380  

Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 3.75%, 04/15/25(n)

      516       512,904  
     

 

 

 
        20,195,106  
Metals & Mining — 0.0%  

WireCo WorldGroup, Inc., 2016 1st Lien Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.82%, 09/30/23(n)

      233       232,843  
     

 

 

 
Multiline Retail — 0.2%  

Hudson’s Bay Co., 2015 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.72%, 09/30/22(n)

      966       949,084  
     

 

 

 
Oil, Gas & Consumable Fuels — 1.2%  

BCP Raptor LLC, Term Loan B, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.73%, 06/24/24(n)

      569       572,487  
Security   Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.38%, 10/31/24(n)

    USD       670     $ 676,070  

California Resources Corp.:

     

2017 1st Lien Term Loan, 11/08/22(o)

      521       512,148  

Second Out Term Loan, (1 mo. LIBOR + 10.37%), 11.66%, 12/31/21(n)

      745       804,671  

Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50%, 1.00% Floor),
8.95%, 08/23/21(n)

      962       1,023,090  

CITGO Holding, Inc., 2015 Term Loan B, (3 mo. LIBOR + 8.50%, 1.00% Floor),
9.84%, 05/12/18(n)

      325       325,555  

CONSOL Energy, Inc., 1st Lien Term Loan B, 10/26/22(o)

      260       260,648  

EWT Holdings III Corp., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.08%, 01/15/21(n)

      273       274,584  

Medallion Midland Acquisition LLC, 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.56%, 10/30/24(a)(n)

      410       410,512  

MEG Energy Corp., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor),
4.83%, 12/31/23(n)

      745       744,709  

Moxie Patriot LLC, Term Loan B1, (3 mo. LIBOR + 5.75%), 7.08%, 12/19/20(a)(n)

      157       151,219  

PowerTeam Services LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.58%, 11/06/20(n)

      275       273,969  
 

 

 

38    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil, Gas & Consumable Fuels (continued)  

Ultra Resources, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor),
4.41%, 04/12/24(n)

    USD       476     $ 474,810  

Veresen Midstream LP, Reprice Term Loan B, (1 mo. LIBOR + 3.00%), 4.35%, 03/31/22(n)

      812       817,505  

Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87%, 1.00% Floor),
8.22%, 12/12/21(a)(n)

      383       377,255  
     

 

 

 
        7,699,232  
Personal Products — 0.4%  

Clover Merger Sub, Inc. (n):

     

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.83%, 09/26/24

      1,200       1,146,000  

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 1.00% Floor), 9.08%, 09/26/25

      544       489,600  

Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.75%), 4.10%, 01/26/24(n)

      824       828,339  

Revlon Consumer Products Corp., 2016 Term Loan B, (1 mo. LIBOR + 3.50%),
4.85%, 09/07/23(n)

      116       87,527  
     

 

 

 
        2,551,466  
Pharmaceuticals — 0.7%  

Akorn, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 5.63%, 04/16/21(a)(n)

      609       610,256  

Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 3.45%, 01/31/25(n)

      1,234       1,236,885  

Jaguar Holding Co. II, 2017 Term Loan, (3 mo. LIBOR + 2.75%, 1.00% Floor),
4.10%, 08/18/22(n)

      1,531       1,533,063  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)  

Valeant Pharmaceuticals International, Inc., Series F1 Term Loan B, (1 mo. LIBOR + 3.50%), 4.75%, 04/01/22(n)

    USD       1,067     $ 1,081,617  
     

 

 

 
        4,461,821  
Professional Services — 0.4%  

Advantage Sales & Marketing, Inc., 2014 1st Lien Term Loan, (2 mo. LIBOR + 3.25%, 1.00% Floor), 4.63%, 07/23/21(n)

      165       159,698  

Cast and Crew Payroll LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%),
4.33%, 09/26/24(n)

      747       751,796  

Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25%, 1.00% Floor),
5.62%, 01/18/24(n)

      343       345,276  

SIRVA Worldwide, Inc., 2016 Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor),
7.84%, 11/14/22(a)(n)

      238       239,391  

Sterling Infosystems, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor),
4.84%, 06/20/22(a)(n)

      737       738,912  
     

 

 

 
        2,235,073  
Real Estate Investment Trusts (REITs) — 0.3%  

Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.85%, 03/24/24(n)

      248       248,312  

MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 04/25/23(n)

      1,378       1,384,051  
 

 

 

SCHEDULES OF INVESTMENTS      39  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Real Estate Investment Trusts (REITs) (continued)  

RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.25%),
3.67%, 05/11/24(a)(n)

    USD       408     $ 410,500  
     

 

 

 
        2,042,863  
Real Estate Management & Development — 0.4%  

CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.85%, 04/18/24(n)

      1,123       1,127,263  

DTZ US Borrower LLC, 2015 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.63%, 11/04/21(n)

      497       488,568  

Realogy Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 07/20/22(n)

      814       816,811  
     

 

 

 
        2,432,642  
Road & Rail — 0.2%  

PODS LLC, 2017 Term Loan B, 11/21/24(o)

      885       887,770  

Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.81%, 06/13/23(n)

      149       149,319  
     

 

 

 
        1,037,089  
Semiconductors & Semiconductor Equipment — 0.1%  

Cavium, Inc., 2017 Term Loan B, (PRIME + 1.25%), 3.60%, 08/16/22(a)(n)

      236       235,563  

MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 3.76%, 05/12/24(a)(n)

      146       147,095  

Microsemi Corp., 2017 1st Lien Term Loan B, (2 mo. LIBOR + 2.00%), 3.38%, 01/13/23(n)

      145       145,962  
Security   Par
(000)
    Value  
Semiconductors & Semiconductor Equipment (continued)  

ON Semiconductor Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%),
3.35%, 03/31/23(n)

    USD       167     $ 167,210  
     

 

 

 
        695,830  
Software — 4.0%  

Almonde, Inc.(n):

     

1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.98%, 06/13/24

      633       632,576  

2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.73%, 06/13/25

      178       177,911  

Applied Systems, Inc.(n):

     

2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.57%, 09/19/24

      645       651,430  

Applied Systems, Inc.(n) (continued):

     

2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.32%, 09/19/25

      160       164,115  

Aptean, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor),
5.59%, 12/20/22(n)

      378       380,622  

BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
5.10%, 09/10/22(n)

      1,151       1,151,619  

Cypress Intermediate Holdings, Inc.(n):

     

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.35%, 04/27/24

      293       293,510  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.10%, 04/27/25

      248       253,890  
 

 

 

40    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)  

Dell Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 3.35%, 09/07/23(n)

    USD       880     $ 880,115  

Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.75%),
5.08%, 05/28/24(n)

      876       876,219  

DTI Holdco, Inc., 2016 Term Loan B, (2 mo. LIBOR + 5.25%, 1.00% Floor),
6.63%, 09/30/23(n)

      506       503,630  

Hyland Software, Inc.(n):

     

2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.60%, 07/01/22

      442       445,782  

2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 8.35%, 07/07/25

      190       193,800  

Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.08%, 02/01/22(n)

      1,365       1,363,199  

Informatica Corp., Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.83%, 08/05/22(n)

      1,246       1,248,546  

IQOR US, Inc., Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.34%, 04/01/21(n)

      375       372,807  

Kronos, Inc.(n):

     

2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.84%, 11/01/23

      1,161       1,166,500  

2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 9.63%, 11/01/24

      615       633,321  

LANDesk Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor),
5.60%, 01/20/24(n)

      179       173,238  
Security   Par
(000)
    Value  
Software (continued)                  

MA FinanceCo., LLC, Term Loan B3, (3 mo. LIBOR + 2.75%), 4.06%, 06/21/24(n)

    USD       90     $ 90,448  

McAfee LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.83%, 09/30/24(n)

      630       632,659  

Mitchell International, Inc.:

     

1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.81%, 10/13/20(n)

      688       687,663  

2017 1st Lien Term Loan, 11/20/24(o)

      1,258       1,257,980  

2017 2nd Lien Term Loan, 11/20/25(o)

      400       402,832  

2017 Delayed Draw Term Loan, 11/20/24(o)

      102       101,640  

2nd Lien Term Loan, (3 mo. LIBOR + 7.50%, 1.00% Floor), 8.88%, 10/11/21(n)

      600       600,000  

Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 5.04%, 04/26/24(n)

      589       575,978  

Project Leopard Holdings, Inc., Term Loan B, (3 mo. LIBOR + 5.50%, 1.00% Floor),
6.83%, 07/07/23(n)

      280       281,750  

Seattle Spinco, Inc., Term Loan B3, (3 mo. LIBOR + 2.75%), 4.06%, 06/21/24(n)

      610       610,818  

SolarWinds Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor),
4.85%, 02/05/23(n)

      909       911,814  

Solera LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.60%, 03/03/23(n)

      1,415       1,421,863  
 

 

 

SCHEDULES OF INVESTMENTS      41  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)                  

Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.58%, 09/30/22(n)

    USD       1,627     $ 1,625,758  

SS&C Technologies, Inc.(n):

     

2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 3.60%, 07/08/22

      1,532       1,541,172  

2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 3.60%, 07/08/22

      66       66,895  

Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.35%, 05/01/24(n)

      1,187       1,184,563  

Tibco Software Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.85%, 12/04/20(n)

      884       885,417  

Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.83%, 01/27/23(n)

      452       451,962  
   

 

 

 
        24,894,042  
Specialty Retail — 0.7%                  

Academy Ltd., 2015 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.32%, 07/01/22(n)

      320       256,568  

Belron SA, Term Loan B, (3 mo. LIBOR + 2.50%), 3.89%, 11/07/24(n)

      762       766,999  

Leslie’s Poolmart, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.06%, 08/16/23(n)

      664       660,865  

Michaels Stores, Inc., 2016 Term Loan B1, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.10%, 01/30/23(n)

      402       398,121  

National Vision, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 2.75%), 3.94%, 11/12/24(n)

      581       581,058  
Security   Par
(000)
    Value  
Specialty Retail (continued)                  

Party City Holdings, Inc., 2016 Term Loan, (3 mo. LIBOR + 3.00%), 4.34%, 08/19/22(n)

    USD       180     $ 179,739  

Petco Animal Supplies, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.38%, 01/26/23(n)

      501       393,858  

PetSmart, Inc., Term Loan B2, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.34%, 03/11/22(n)

      59       50,574  

Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.31%, 09/12/24(n)

      511       488,920  
 

 

 

42    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Specialty Retail (continued)                  

TruGreen LP, 2017 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.25%, 04/13/23(n)

    USD       381     $ 386,847  
   

 

 

 
        4,163,549  
Technology Hardware, Storage & Peripherals — 0.3%  

Western Digital Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.31%, 04/29/23(n)

      1,620       1,624,215  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.1%  

Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.58%, 08/12/22(a)(n)

      710       714,236  
   

 

 

 
Thrifts & Mortgage Finance — 0.1%  

IG Investment Holdings LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 4.89%, 10/29/21(n)

      829       834,040  
   

 

 

 
Trading Companies & Distributors — 0.5%  

Beacon Roofing Supply, Inc.:

     

2017 Term Loan B, 08/23/24(o)

      1,018       1,019,914  

Term Loan B, (1 mo. LIBOR + 2.75%), 4.06%, 10/01/22(n)

      835       836,026  

HD Supply, Inc.(n):

     

Term Loan B3, (3 mo. LIBOR + 2.25%), 3.58%, 08/13/21

      818       822,207  

Term Loan B4, (3 mo. LIBOR + 2.50%), 3.83%, 10/17/23

      223       224,802  
Security   Par
(000)
    Value  
Trading Companies & Distributors (continued)  

Nexeo Solutions LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.75%), 5.08%, 06/09/23(n)

    USD       109     $ 109,172  
   

 

 

 
        3,012,121  
Transportation — 0.0%  

Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.83%, 08/18/22(n)

      256       255,628  
   

 

 

 
Utilities — 0.0%                  

ExGen Renewables IV LLC, Term Loan B, 11/07/24(a)(o)

      225       226,687  
   

 

 

 
Wireless Telecommunication Services — 0.9%  

GEO Group, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%),
3.57%, 03/22/24(n)

      728       729,250  

Ligado Networks LLC(n):

     

2015 2nd Lien Term Loan, 13.82%, 12/07/20

      34       20,705  

PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20(i)

      2,265       2,147,818  

VICI Properties 1 LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%), 4.75%, 10/14/22(n)

      2,787       2,786,355  
   

 

 

 
        5,684,128  
   

 

 

 

Total Floating Rate Loan Interests — 38.5%
(Cost — $243,005,255)

 

    242,498,565  
   

 

 

 

Foreign Agency Obligations — 4.2%

 

Argentine Republic Government International Bond:

     

5.63%, 01/26/22(h)

      326       342,137  
 

 

 

SCHEDULES OF INVESTMENTS      43  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Argentine Republic Government International Bond (continued):

     

7.50%, 04/22/26(h)

    USD       3,008     $ 3,400,544  

6.88%, 01/26/27

      765       836,145  

7.63%, 04/22/46(h)

      2,422       2,715,062  

Bahrain Government International Bond, 6.75%, 09/20/29(e)

      200       195,743  

Colombia Government International Bond, 3.88%, 04/25/27

      260       263,770  

Cyprus Government International Bond, 4.63%, 02/03/20(e)

    EUR       2,600       3,368,872  

Egypt Government International Bond:

     

5.75%, 04/29/20

    USD       1,025       1,069,370  

8.50%, 01/31/47(e)

      227       259,538  

Hellenic Republic Government Bond(l):

     

3.00%, 02/24/23

    EUR       8       8,170  

3.00%, 02/24/24

      8       7,982  

3.00%, 02/24/25

      8       7,851  

3.00%, 02/24/26

      8       7,724  

3.00%, 02/24/27

      7       7,621  

3.00%, 02/24/28

      7       7,403  

3.00%, 02/24/29

      7       7,217  

3.00%, 02/24/30

      7       7,092  

3.00%, 02/24/31

      7       6,981  

3.00%, 02/24/32

      7       6,892  

3.00%, 02/24/33

      7       6,798  

3.00%, 02/24/34

      7       6,718  

3.00%, 02/24/35

      7       6,681  

3.00%, 02/24/36

      7       6,602  

3.00%, 02/24/37

      7       6,608  

3.00%, 02/24/38

      7       6,627  

3.00%, 02/24/39

      7       6,636  

3.00%, 02/24/40

      7       6,592  

3.00%, 02/24/41

      7       6,653  

3.00%, 02/24/42

      7       6,675  

Iceland Government International Bond, 5.88%, 05/11/22

    USD       3,030       3,418,494  
Security   Par
(000)/Shares
    Value  

Indonesia Government International Bond:

     

3.75%, 04/25/22

    USD       451     $ 464,804  

4.75%, 01/08/26

      654       708,258  

Lebanon Government International Bond, 6.85%, 03/23/27

      455       433,102  

Mexican Bonos:

     

8.00%, 06/11/20

    MXN       24       131,457  

7.50%, 06/03/27

      94       512,095  

Portugal Government International Bond, 5.13%, 10/15/24(e)

    USD       3,190       3,400,955  

Republic of South Africa Government International Bond:

     

5.50%, 03/09/20

      407       427,741  

5.88%, 05/30/22

      475       517,180  

4.88%, 04/14/26

      227       227,112  

Russian Federal Bond — OFZ:

     

6.40%, 05/27/20

    RUB       8,327       140,032  

7.05%, 01/19/28

      35,804       594,006  

Russian Foreign Bond — Eurobond:

     

4.75%, 05/27/26

    USD       200       211,607  

4.25%, 06/23/27

      600       613,512  

Turkey Government International Bond:

     

7.00%, 06/05/20(h)

      468       503,802  

5.63%, 03/30/21

      369       386,657  

5.13%, 03/25/22

      584       602,227  

7.38%, 02/05/25

      147       167,426  

6.00%, 03/25/27

      222       232,948  
   

 

 

 

Total Foreign Agency Obligations — 4.2%
(Cost — $25,122,101)

        26,286,119  
   

 

 

 

Investment Companies — 0.5%

     

iShares iBoxx USD High Yield Corporate Bond ETF(s)

      25,000       2,194,500  
 

 

 

44    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)/Shares
    Value  
Investment Companies (continued)                  

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

      45,000     $ 1,248,300  
     

 

 

 
        3,442,800  
     

 

 

 

Total Investment Companies — 0.5%
(Cost — $3,435,867)

        3,442,800  
     

 

 

 

Non-Agency Mortgage-Backed Securities — 7.2%

 

Collateralized Mortgage Obligations — 0.9%  

Countrywide Alternative Loan Trust, Series 2005-54CB, Class 3A4, 5.50%, 11/25/35

    USD       2,566       2,255,206  

Countrywide Home Loan Mortgage Pass-Through Trust:

     

Series 2005-17, Class 1A6,
5.50%, 09/25/35

      482       479,146  

Series 2006-17, Class A2,
6.00%, 12/25/36

      1,390       1,195,100  

Series 2007-HY5, Class 3A1,
3.37%, 09/25/37(f)

      1,003       946,713  

GSR Mortgage Loan Trust, Series 2005-AR5, Class 2A3, 3.59%, 10/25/35(f)

      807       705,035  
     

 

 

 
        5,581,200  
Commercial Mortgage-Backed Securities — 6.1%  

Banc of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 04/14/33(e)(f)

      4,830       4,892,618  

Citigroup Commercial Mortgage Trust, Series 2015-SSHP, Class D, (1 mo. LIBOR + 3.05%), 4.28%, 09/15/27(d)(e)

      2,825       2,837,092  

Commercial Mortgage Pass-Through Certificates, Series 2014-PAT(d)(e):

     

Class E, (1 mo. LIBOR + 3.15%), 4.38%, 08/13/27

      1,000       1,014,978  
Security   Par
(000)
    Value  
Commercial Mortgage-Backed Securities (continued)  

Commercial Mortgage Pass-Through Certificates, Series 2014-PAT(d)(e) (continued):

     

Class F, (1 mo. LIBOR + 2.44%),
2.83%, 08/13/27

    USD       2,000     $ 1,997,669  

Commercial Mortgage Trust:

     

Series 2013-LC6, Class B, 3.74%, 01/10/46

      1,110       1,120,701  

Series 2015-3BP, Class A, 3.18%, 02/10/35(e)

      5,930       5,976,441  

Series 2015-CR22, Class B,
3.93%, 03/10/48(f)

      5,000       5,039,212  

Core Industrial Trust, Series 2015-TEXW, Class D, 3.98%, 02/10/34(e)(f)

      3,615       3,689,227  

CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.04%, 04/15/50(f)

      890       907,609  

GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX,
3.49%, 12/15/34(e)(f)

      4,830       4,858,839  

Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2006-GG7, Class AM,
5.96%, 07/10/38(f)

      667       671,685  

GS Mortgage Securities Corp. II, Series 2013-GC10, Class B,
3.68%, 02/10/46(e)

      1,995       2,026,565  
 

 

 

SCHEDULES OF INVESTMENTS      45  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

    

    

Par
(000)

    Value  
Commercial Mortgage-Backed Securities (continued)  

JPMorgan Chase Commercial Mortgage Securities Trust:

     

Series 2004-LN2, Class A2,
5.12%, 07/15/41

    USD       6     $ 5,969  

Series 2016-NINE, Class A,
2.95%, 10/06/38(e)(f)

      800       781,556  

WF-RBS Commercial Mortgage Trust, Series 2012-C8:

     

Class B, 4.31%, 08/15/45

      1,085       1,135,319  

Class C, 5.06%, 08/15/45(f)

      1,395       1,440,751  
     

 

 

 
        38,396,231  
Interest Only Commercial Mortgage-Backed Securities — 0.2%  

Commercial Mortgage Loan Trust, Series 2015-LC21, Class XA, 0.99%, 07/10/48(f)

      15,916       647,172  
Security   Par
(000)/
Beneficial
Interests (000)
    Value  
Interest Only Commercial Mortgage-Backed Securities (continued)  

WF-RBS Commercial Mortgage Trust, Series 2014-C20, Class XA,
1.29%, 05/15/47(f)

    USD       14,228     $ 666,228  
     

 

 

 
        1,313,400  
     

 

 

 

Total Non-Agency Mortgage-Backed Securities — 7.2%
(Cost — $44,831,755)

 

    45,290,831  
     

 

 

 

Other Interests — 0.0%(p)

     
Afghanistan — 0.0%                  

Lear Corp. Escrow(a)

      1,000,000       10  
     

 

 

 
United States — 0.0%                  

Millennium Corp.(a)(b)

      917,752        

Millennium Lender Claims(a)(b)

      861,101        
     

 

 

 
         
     

 

 

 

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

        10  
     

 

 

 
 

 

 

46    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Preferred Securities — 11.2%

 

Capital Trusts — 9.0%                  
Auto Components — 0.1%                  

General Motors Financial Co., Inc., Series A, 5.75%(j)(k)

    USD       352     $ 361,624  
     

 

 

 
Banks — 2.6%                  

Banco Santander SA, 6.25%(j)(k)

      100       124,232  

Capital One Financial Corp., Series E,
5.55%(h)(j)(k)

      3,000       3,127,500  

CIT Group, Inc., Series A, 5.80%(j)(k)

      475       489,844  

Citigroup, Inc.(h)(j)(k):

     

5.90%

      5,000       5,385,500  

5.95%

      1,370       1,472,065  

Series R, 6.13%

      950       1,012,937  

Cooperatieve Rabobank UA, 6.63%(j)(k)

      200       276,011  

Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.63%(d)(k)

      100       88,384  

Intesa Sanpaolo SpA, 7.00%(j)(k)

      200       264,430  

Wells Fargo & Co.,(h)(j)(k)

     

Series S, 5.90%

      3,170       3,431,525  

Series U, 5.88%

      650       721,500  
     

 

 

 
        16,393,928  
Capital Markets — 1.1%                  

Goldman Sachs Group, Inc.(k):

     

Series M, 5.38%(h)(j)

      1,730       1,791,588  

Series P, 5.00%(f)

      765       759,263  

Morgan Stanley, Series H, 5.45%(h)(j)(k)

      2,546       2,623,398  

State Street Corp., Series F, 5.25%(h)(j)(k)

      1,625       1,707,875  

UBS Group AG, 5.75%(j)(k)

      200       271,767  
     

 

 

 
        7,153,891  
Chemicals — 0.0%                  

Lanxess AG, 4.50%, 12/06/76(j)

      50       66,160  

Solvay Finance SA, 5.12%(j)(k)

      100       133,546  
     

 

 

 
        199,706  
Diversified Financial Services — 3.4%                  

ATF Netherlands BV, 3.75%(j)(k)

      100       124,572  

Bank of America Corp.(h)(j)(k):

     

Series AA, 6.10%

      1,521       1,686,409  

Series U, 5.20%

      1,250       1,293,863  

Series V, 5.13%

      510       522,750  

Series X, 6.25%

      1,929       2,136,367  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)                  

Credit Agricole SA, 6.50%(j)(k)

    USD       100     $ 135,093  

Credit Suisse Group AG, 6.25%(j)(k)

      200       217,119  

HBOS Capital Funding LP, 6.85%(k)

      100       102,139  

HSBC Holdings PLC, 6.00%(j)(k)

      415       435,958  

HSH Nordbank AG, 7.25%(k)

      29       15,182  

HT1 Funding GmbH, 1.84%(j)(k)

      30       34,854  

JPMorgan Chase & Co.,(h)(j)(k):

     

Series U, 6.13%

      6,690       7,410,981  

Series V, 5.00%

      4,060       4,166,575  

Orange SA, 5.75%(j)(k)

      100       150,617  

Royal Bank of Scotland Group PLC,
8.63%(j)(k)

      400       451,000  

Societe Generale SA, 6.00%(e)(h)(j)(k)

      2,000       2,040,000  

UniCredit SpA, 6.75%(j)(k)

      200       258,281  
     

 

 

 
        21,181,760  
Diversified Telecommunication Services — 0.1%  

SoftBank Group Corp.(j)(k)

      300,000       297,678  

Telefonica Europe BV(j)(k):

     

3.75%

      100       125,423  

4.20%

      200       251,404  

5.00%

      100       128,243  
     

 

 

 
        802,748  
Electric Utilities — 0.1%                  

Enel SpA(j):

     

5.00%, 01/15/75

      100       129,142  

7.75%, 09/10/75

      100       154,513  

Origin Energy Finance Ltd.,
4.00%, 09/16/74(j)

      100       124,269  
     

 

 

 
        407,924  
Food & Staples Retailing — 0.0%                  

Danone SA, 1.75%(f)(k)

      100       118,918  
     

 

 

 
Insurance — 1.5%                  

Hartford Financial Services Group, Inc., 8.13%, 06/15/38(h)(j)

      2,500       2,568,750  

Prudential Financial, Inc.,
5.63%, 06/15/68(h)(j)

      3,250       3,522,188  

Voya Financial, Inc., 5.65%, 05/15/53(h)(j)

      3,500       3,696,000  
     

 

 

 
        9,786,938  
Oil, Gas & Consumable Fuels — 0.1%                  

Gas Natural Fenosa Finance BV, 3.38%(d)(k)

      100       124,968  
 

 

 

SCHEDULES OF INVESTMENTS      47  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)/

Shares

    Value  
Oil, Gas & Consumable Fuels (continued)  

Repsol International Finance BV, 4.50%, 03/25/75(j)

    USD       100     $ 132,187  

TOTAL SA, 3.88%(j)(k)

      100       132,266  
   

 

 

 
        389,421  
   

 

 

 

Total Capital Trusts — 9.0%

 

    56,796,858  
   

 

 

 

Preferred Stocks — 1.8%

 

Capital Markets — 1.8%  

Goldman Sachs Group, Inc., Series J, 5.50%(j)(k)

      202,526       5,496,556  

Morgan Stanley(j)(k):

     

Series F, 6.88%

      120,000       3,466,800  

Series K, 5.85%

      63,532       1,717,270  

SCE Trust III, Series H, 5.75%(j)(k)

      21,200       580,668  
   

 

 

 
        11,261,294  
Wireless Telecommunication Services — 0.0%  

CF-B L2 (D) LLC, (Acquired 04/08/15, cost $11,497)(q)

      131,225       117,026  
   

 

 

 

Total Preferred Stocks — 1.8%

        11,378,320  
   

 

 

 
Trust Preferred — 0.4%                  
Diversified Financial Services — 0.4%  

GMAC Capital Trust I, Series 2, 7.10%, 2/15/2040

      105,753       2,754,250  
   

 

 

 

Total Preferred Securities — 11.2%
(Cost — $66,990,619)

 

    70,929,428  
   

 

 

 
Security       
Par
(000)
    Value  

U.S. Government Sponsored Agency Securities — 1.6%

 

Collateralized Mortgage Obligations — 1.0%  

Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 4.33%, 10/25/29(d)

    USD       1,600     $ 1,656,482  

Freddie Mac REMICS, Series 4480, Class ZX, 4.00%, 11/15/44(h)

      4,405       4,596,627  
   

 

 

 
        6,253,109  
Interest Only Collateralized Mortgage Obligations — 0.4%  

Fannie Mae Mortgage-Backed Securities, Series 2012-M9, Class X1, 4.24%, 12/25/17(f)

      295       31  

Freddie Mac Mortgage-Backed Securities, Class X1(f):

     

Series K042, 1.19%, 12/25/24

      34,607       2,127,043  
 

 

 

48    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

(Percentages shown are based on Net Assets)

 

Security    

Par
(000)/

Shares

    Value  
Interest Only Collateralized Mortgage Obligations (continued)  

Freddie Mac Mortgage-Backed Securities, Class X1(f) (continued):

     

Series K707, 1.65%, 12/25/18

    USD       40,013     $ 441,355  
   

 

 

 
        2,568,429  
Mortgage-Backed Securities — 0.2%  

Fannie Mae Mortgage-Backed Securities, 5.00%, 07/01/20 - 08/01/23(h)

      977       996,017  
   

 

 

 

Total U.S. Government Sponsored Agency Securities — 1.6%
(Cost — $10,964,944)

 

    9,817,555  
   

 

 

 

U.S. Treasury Obligations — 0.5%

 

U.S. Treasury Bonds, 2.50%, 02/15/46(h)

      3,200       2,990,875  
   

 

 

 

Total U.S. Treasury Obligations — 0.5%
(Cost — $3,070,500)

 

    2,990,875  
   

 

 

 

Rights — 0.0%

 

Electric Utilities — 0.0%  

Vista Energy(a)

      18,144       17,055  
   

 

 

 

Total Rights (Cost $—)

 

    17,055  
   

 

 

 
Security       
    
Shares
    Value  

Warrants — 0.0%

   
Metals & Mining — 0.0%            

AFGlobal Corp. (Expires12/20/20)(a)

    2,542     $  
   

 

 

 
Software — 0.0%            

HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)(a)

    3,101       79  
   

 

 

 

Total Warrants — 0.0%
(Cost — $31)

 

    79  
   

 

 

 

Total Long-Term Investments — 140.5%
(Cost — $876,474,477)

 

    885,153,921  
   

 

 

 

Short-Term Securities — 0.8%

   

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.95%(r)(s)

    5,167,843       5,167,843  
   

 

 

 

Total Short-Term Securities — 0.8%
(Cost — $5,167,843)

 

    5,167,843  
   

 

 

 

Options Purchased — 0.1%
(Cost — $748,905)

 

    466,992  
   

 

 

 

Total Investments Before Options Written — 141.4%
(Cost — $882,391,225)

 

    890,788,756  
   

 

 

 

Options Written
(Premiums Received — $457,977) — (0.1)%

 

    (435,898
   

 

 

 

Total Investments, Net of Options Written — 141.3%
(Cost — $881,933,248)

 

    890,352,858  

Liabilities in Excess of Other Assets — (41.3)%

 

    (260,204,830
   

 

 

 

Net Assets — 100.0%

 

  $ 630,148,028  
   

 

 

 

 

(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b) Non-income producing security.
(c)  Issuer filed for bankruptcy and/or is in default.
(d) Floating rate security.Rate shown is the rate in effect as of period end.
(e)  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.
(f) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
(g) When-issued security.
(h)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(i)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(j) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Perpetual security with no stated maturity date.
(l)  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.
 

 

 

SCHEDULES OF INVESTMENTS      49  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

(m)  Convertible security.
(n)  Variable rate security. Rate shown is the rate in effect as of period end.
(o)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(p)  Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(q)  Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $117,026 and an original cost of $11,497, which was less than 0.05% of its net assets.
(r)  Annualized 7-day yield as of period end.
(s)  During the period ended November 30, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

 

Affiliate Persons and/or Related Parties    Shares
Held at
08/31/17
     Shares
Purchased
     Shares
Sold
     Shares
Held at
11/30/17
     Value at
11/30/17
     Income     

Net

Realized
Gain (Loss)(a)

     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

     1,298,832        3,869,011 (b)              5,167,843      $ 5,167,843      $ 20,155      $      $  

iShares iBoxx $ High Yield Corporate Bond ETF

            25,000               25,000        2,194,500        7,306               9,070  
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 7,362,343      $ 27,461      $      $ 9,070  
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  
  (b)  Represents net shares purchased.  

 

Portfolio Abbreviations
ABS    Asset-Backed Security
AUD    Australian Dollar
CAD    Canadian Dollar
CHF    Swiss Franc
CLO    Collateralized Loan Obligation
DIP    Debtor-In-Possession
ETF    Exchange-Traded Fund
EUR    Euro
FNMA    Federal National Mortgage Association
GBP    British Pound
JPY    Japanese Yen
LIBOR    London Interbank Offered Rate
MXN    Mexican Peso
NOK    Norwegian Krone
NZD    New Zealand Dollar
PIK    Payment-In-Kind
SEK    Swedish Krona
SPDR    Standard & Poor’s Depository Receipts
USD    U.S. Dollar

 

 

50    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date (a)
     Face Value      Face Value
Including
Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

Credit Suisse Securities (USA) LLC

     1.20     12/29/16        Open      $ 2,860,000      $ 2,884,673      U.S. Treasury Obligations    Open/Demand

RBC Capital Markets LLC

     1.95     01/18/17        Open        440,000        446,759      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     01/23/17        Open        244,850        248,564      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     01/27/17        Open        1,113,552        1,130,354      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     01/27/17        Open        661,752        671,737      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     02/07/17        Open        257,480        261,235      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     02/15/17        Open        105,300        106,803      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     02/23/17        Open        1,261,000        1,276,088      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/06/17        Open        1,697,000        1,720,020      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     03/07/17        Open        875,000        885,674      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/09/17        Open        373,000        378,045      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/09/17        Open        316,000        320,274      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/09/17        Open        347,000        351,693      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/09/17        Open        340,000        344,598      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/10/17        Open        668,000        677,008      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/10/17        Open        441,000        446,947      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/10/17        Open        295,000        298,978      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/13/17        Open        587,000        594,845      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/13/17        Open        219,000        221,927      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/13/17        Open        195,000        197,590      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     03/14/17        Open        256,880        260,276      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/15/17        Open        162,000        164,155      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.55     03/16/17        Open        2,889,000        2,919,110      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.65     03/16/17        Open        2,741,000        2,771,539      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,096,000        1,110,577      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,287,000        1,304,117      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,310,000        1,327,423      Corporate Bonds    Open/Demand

 

 

SCHEDULES OF INVESTMENTS      51  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date (a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open      $ 1,504,000      $ 1,524,003      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        329,000        333,376      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        2,122,000        2,150,223      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        279,000        282,657      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        925,000        937,302      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,485,000        1,500,493      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        2,111,000        2,139,076      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        2,496,000        2,529,197      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,724,000        1,746,929      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        128,000        129,702      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        562,000        569,475      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        161,000        163,141      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        214,000        216,846      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        992,000        1,005,194      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,007,000        1,020,393      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        131,000        132,742      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        854,000        865,358      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        466,000        472,198      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        593,000        600,887      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        423,000        428,626      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        250,000        253,325      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        549,000        556,302      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        333,000        337,429      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        1,145,000        1,160,228      Corporate Bonds    Open/Demand

 

 

52    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open      $ 481,000      $ 487,397      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        289,000        292,844      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        922,000        934,263      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        307,000        311,083      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        921,000        933,249      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        316,000        320,203      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        814,000        824,826      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        286,000        289,804      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        33,000        33,439      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        945,000        957,568      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        398,000        403,293      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        466,000        472,198      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        397,000        402,280      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        421,000        426,599      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        781,000        791,387      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        440,000        445,852      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        416,000        421,533      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        539,000        546,169      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        646,000        654,592      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        363,000        367,828      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        298,000        301,963      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/16/17        Open        222,000        224,953      Corporate Bonds    Open/Demand

UBS Ltd.

     1.50     03/16/17        Open        2,970,000        2,999,886      Capital Trusts    Open/Demand

UBS Ltd.

     1.50     03/16/17        Open        2,647,500        2,674,140      Capital Trusts    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        1,112,875        1,126,075      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        265,632        268,783      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        373,450        377,880      Corporate Bonds    Open/Demand

 

 

SCHEDULES OF INVESTMENTS      53  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

UBS Ltd.

     1.75     03/16/17        Open      $ 303,365      $ 306,963      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        160,650        162,555      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        770,625        779,765      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        1,665,000        1,684,749      Capital Trusts    Open/Demand

UBS Ltd.

     1.75     03/16/17        Open        4,581,250        4,635,589      Capital Trusts    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/17/17        Open        636,215        644,677      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     1.75     03/20/17        Open        3,327,188        3,366,097      Capital Trusts    Open/Demand

Barclays Capital, Inc.

     2.00     03/20/17        Open        1,242,403        1,259,132      Capital Trusts    Open/Demand

RBC Capital Markets LLC

     1.95     03/23/17        Open        65,600        66,441      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/30/17        Open        152,000        153,900      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     03/31/17        Open        351,000        355,370      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     03/31/17        Open        121,275        122,785      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        140,737        142,135      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        552,900        558,389      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        132,300        133,613      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        218,550        220,720      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        289,750        292,627      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        1,771,200        1,788,785      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/06/17        Open        320,450        323,632      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        430,550        435,849      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        323,635        327,621      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        170,000        172,092      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        477,125        482,998      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        687,150        695,608      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        914,760        926,019      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        331,280        335,357      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        894,735        905,748      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        564,475        571,423      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        1,349,220        1,365,827      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        1,624,470        1,644,464      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        257,550        260,720      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        118,695        120,156      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        158,400        160,350      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        437,340        442,723      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/06/17        Open        111,375        112,746      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/07/17        Open        127,000        128,539      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/07/17        Open        97,008        97,957      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/07/17        Open        39,856        40,246      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/13/17        Open        219,664        222,253      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/19/17        Open        1,565,000        1,583,302      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/19/17        Open        673,000        680,870      Corporate Bonds    Open/Demand

 

 

54    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

HSBC Securities (USA), Inc.

     1.50     04/19/17        Open      $ 2,983,000      $ 3,009,495      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     04/19/17        Open        1,458,188        1,471,959      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/19/17        Open        1,187,500        1,198,727      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/19/17        Open        57,000        57,664      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/20/17        Open        165,000        166,898      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/20/17        Open        339,000        342,900      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     04/28/17        Open        2,069,000        2,092,023      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     04/28/17        Open        228,200        228,200      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/01/17        Open        468,000        473,186      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     05/05/17        Open        307,860        310,832      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.96     05/11/17        Open        816,000        824,580      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/12/17        Open        867,000        876,075      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/12/17        Open        231,000        233,418      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/17/17        Open        213,000        215,219      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     05/17/17        Open        283,650        286,044      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     05/17/17        Open        392,038        395,346      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     05/17/17        Open        263,312        265,535      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     05/17/17        Open        423,863        427,440      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     05/17/17        Open        539,738        544,293      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        320,242        323,579      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        257,550        260,233      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        242,150        244,673      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        190,500        192,485      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        260,662        263,378      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/17/17        Open        703,010        710,269      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/22/17        Open        811,000        819,259      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/22/17        Open        1,194,000        1,206,159      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/22/17        Open        1,028,000        1,038,468      Capital Trusts    Open/Demand

RBC Capital Markets LLC

     1.59     05/22/17        Open        497,900        501,991      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/24/17        Open        69,000        69,690      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/24/17        Open        1,065,050        1,075,695      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     05/31/17        Open        923,000        931,920      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     05/31/17        Open        98,685        99,639      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/05/17        Open        95,880        96,799      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     06/09/17        Open        519,715        524,529      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.61     06/15/17        Open        390,000        392,878      Corporate Bonds    Open/Demand

 

 

SCHEDULES OF INVESTMENTS      55  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

BNP Paribas S.A.

     1.61     06/15/17        Open      $ 576,000      $ 580,250      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        437,000        440,926      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        238,000        240,138      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        643,000        648,776      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        578,000        583,192      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        865,000        872,771      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/15/17        Open        1,088,000        1,097,774      Corporate Bonds    Open/Demand

Credit Suisse Securities (USA) LLC

     (1.00 )%      06/15/17        Open        405,000        403,110      Corporate Bonds    Open/Demand

Credit Suisse Securities (USA) LLC

     1.50     06/15/17        Open        1,298,375        1,307,464      Corporate Bonds    Open/Demand

Credit Suisse Securities (USA) LLC

     1.50     06/15/17        Open        931,263        937,781      Corporate Bonds    Open/Demand

Credit Suisse Securities (USA) LLC

     1.55     06/15/17        Open        5,808,780        5,850,798      Corporate Bonds    Open/Demand

Credit Suisse Securities (USA) LLC

     2.00     06/15/17        Open        2,710,960        2,736,262      Foreign Agency Obligations    Open/Demand

Credit Suisse Securities (USA) LLC

     2.00     06/15/17        Open        2,128,333        2,148,197      Foreign Agency Obligations    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        808,000        813,521      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        2,504,000        2,521,111      Capital Trusts    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        3,412,000        3,435,315      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        2,389,000        2,405,325      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        3,510,000        3,533,985      Capital Trusts    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        424,000        426,897      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        908,000        914,205      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        1,464,000        1,474,004      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        466,000        469,184      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        341,000        343,330      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.50     06/19/17        Open        1,437,000        1,446,819      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        495,000        498,946      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        6,379,000        6,430,651      Capital Trusts    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        209,000        210,666      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        355,000        357,830      Corporate Bonds    Open/Demand

 

 

56    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open      $ 159,000      $ 160,268      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        897,000        904,151      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.75     06/19/17        Open        607,000        611,839      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        624,100        629,644      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        223,807        225,796      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        363,375        366,603      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        383,303        386,707      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        790,215        797,235      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        326,375        329,257      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/19/17        Open        415,438        419,128      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        674,150        678,974      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        253,725        255,540      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        646,750        651,572      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        1,488,375        1,499,024      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        1,741,250        1,753,709      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        437,175        440,303      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        1,204,538        1,213,156      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/21/17        Open        2,167,000        2,182,505      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        231,240        233,257      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        2,425,000        2,446,279      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        348,300        350,796      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        570,825        575,834      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        505,575        510,011      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        221,520        223,464      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/21/17        Open        294,017        296,597      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     (0.25 )%      06/22/17        Open        78,725        78,640      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/22/17        Open        300,900        303,440      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/26/17        Open        380,362        383,533      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     06/29/17        Open        370,000        373,000      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        370,312        372,797      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        290,700        292,650      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        97,250        97,902      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        1,095,488        1,102,837      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        494,900        498,220      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        375,937        378,459      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        1,396,875        1,406,246      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     06/29/17        Open        970,000        976,507      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/29/17        Open        390,000        393,209      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/29/17        Open        125,625        126,659      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/29/17        Open        688,675        694,341      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/29/17        Open        522,900        527,202      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     06/29/17        Open        394,800        398,048      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/10/17        Open        857,000        863,685      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/24/17        Open        85,000        85,594      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/24/17        Open        303,000        305,101      Corporate Bonds    Open/Demand

 

 

SCHEDULES OF INVESTMENTS      57  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

RBC Capital Markets LLC

     1.95     07/24/17        Open      $ 379,620      $ 382,273      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/25/17        Open        160,000        161,101      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/25/17        Open        194,000        195,335      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     07/27/17        Open        898,580        904,761      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     07/27/17        Open        657,825        662,208      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     07/28/17        Open        216,460        217,890      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/01/17        Open        896,610        902,535      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/01/17        Open        745,420        750,346      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/01/17        Open        625,485        629,618      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/01/17        Open        729,000        733,817      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/01/17        Open        693,910        698,496      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/03/17        Open        323,190        325,273      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/04/17        Open        1,501,200        1,510,633      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     08/10/17        Open        193,000        194,139      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     08/14/17        Open        475,000        477,245      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     08/15/17        Open        199,000        200,143      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     08/15/17        Open        473,000        475,716      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/18/17        Open        858,220        862,915      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     08/21/17        Open        436,175        438,598      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     08/21/17        Open        146,536        147,190      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     08/23/17        Open        120,840        121,481      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     09/11/17        Open        413,000        414,799      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        532,225        534,531      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        385,950        387,622      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        395,010        396,722      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        589,155        591,708      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        428,750        430,608      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/12/17        Open        340,100        341,574      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/21/17        Open        669,680        672,255      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/22/17        Open        625,799        628,232      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/22/17        Open        704,063        706,771      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/26/17        Open        408,030        409,526      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/26/17        Open        462,075        463,769      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/26/17        Open        362,000        363,327      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/26/17        Open        732,945        735,632      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/26/17        Open        312,900        314,047      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/27/17        Open        709,520        711,980      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/28/17        Open        600,066        602,166      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     09/28/17        Open        261,075        261,989      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     09/28/17        Open        448,395        449,925      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     09/29/17        Open        347,000        348,134      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     2.20     10/03/17        Open        244,000        244,865      Foreign Agency Obligations    Open/Demand

 

 

58    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

Deutsche Bank Securities, Inc.

     1.95     10/04/17        Open      $ 417,000      $ 418,287      Foreign Agency Obligations    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/04/17        Open        896,000        898,766      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     10/04/17        Open        340,425        341,476      Corporate Bonds    Open/Demand

UBS Securities LLC

     1.55     10/04/17        Open        3,243,009        3,250,968      Foreign Agency Obligations    Open/Demand

UBS Securities LLC

     1.60     10/04/17        Open        3,114,078        3,121,967      Foreign Agency Obligations    Open/Demand

UBS Securities LLC

     1.75     10/04/17        Open        2,057,385        2,063,186      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.75     10/05/17        Open        683,000        684,892      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.80     10/05/17        Open        1,389,000        1,392,959      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.80     10/05/17        Open        690,000        691,966      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.80     10/05/17        Open        866,000        868,468      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.82     10/05/17        Open        472,000        473,360      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.82     10/05/17        Open        476,000        477,372      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.82     10/05/17        Open        572,000        573,648      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     (0.50 )%      10/05/17        Open        277,000        276,785      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/06/17        Open        205,303        205,870      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/06/17        Open        171,000        171,482      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/06/17        Open        749,000        751,110      Corporate Bonds    Open/Demand

UBS Securities LLC

     1.75     10/06/17        Open        270,292        270,976      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     10/10/17        Open        151,200        151,618      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     10/12/17        Open        320,625        321,476      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     0.00     10/13/17        Open        131,535        131,535      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     10/13/17        Open        525,113        526,454      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/13/17        Open        195,722        196,210      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/13/17        Open        93,000        93,247      Corporate Bonds    Open/Demand

UBS Ltd.

     1.75     10/13/17        Open        942,938        945,046      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     10/16/17        Open        899,000        901,203      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/18/17        Open        1,877,000        1,881,372      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     10/20/17        Open        405,000        405,856      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     (0.25 )%      10/30/17        Open        36,225        36,217      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     10/30/17        Open        475,590        476,389      Corporate Bonds    Open/Demand

Citigroup Global Markets, Inc.

     (0.25 )%      11/01/17        Open        317,187        317,124      Corporate Bonds    Open/Demand

J.P. Morgan Securities LLC

     1.65     11/02/17        12/04/17        4,345,000        4,350,576      U.S. Government Sponsored Agency Securities    Up to 30 Days

Deutsche Bank Securities, Inc.

     1.95     11/02/17        Open        420,000        420,637      Corporate Bonds    Open/Demand

 

 

SCHEDULES OF INVESTMENTS      59  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date
(a)
     Face Value      Face Value
Including

Accrued Interest
    

Type of Non-Cash 

Underlying Collateral

   Remaining Contractual
Maturity of the Agreements  (a)

RBC Capital Markets LLC

     1.95     11/02/17        Open      $ 1,662,015      $ 1,664,536      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     0.25     11/03/17        Open        199,240        199,279      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/06/17        Open        283,920        284,289      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     11/08/17        Open        594,750        595,477      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.96     11/08/17        Open        1,427,000        1,428,709      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     11/08/17        Open        613,000        613,730      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     0.00     11/08/17        Open        261,397        261,397      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     (1.00 )%      11/08/17        Open        889,350        888,806      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/08/17        Open        712,300        713,149      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/08/17        Open        863,470        864,499      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/08/17        Open        491,620        492,206      Corporate Bonds    Open/Demand

HSBC Securities (USA), Inc.

     1.40     11/09/17        1/11/18        169,001        169,139      U.S. Government Sponsored Agency Securities    Up to 30 Days

HSBC Securities (USA), Inc.

     1.40     11/09/17        1/11/18        788,000        788,644      U.S. Government Sponsored Agency Securities    Up to 30 Days

RBC Capital Markets LLC

     1.95     11/09/17        Open        448,695        449,205      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/09/17        Open        537,010        537,621      Corporate Bonds    Open/Demand

Barclays Capital, Inc.

     2.00     11/10/17        Open        566,156        566,722      Corporate Bonds    Open/Demand

BNP Paribas S.A.

     1.75     11/10/17        Open        548,000        548,479      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/10/17        Open        101,782        101,882      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     1.95     11/13/17        Open        392,000        392,361      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/14/17        Open        220,000        220,191      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/17/17        Open        433,260        433,518      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     0.00     11/20/17        Open        220,000        220,000      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.59     11/28/17        Open        716,250        716,313      Corporate Bonds    Open/Demand

Nomura Securities International, Inc.

     (1.50 )%      11/29/17        Open        134,750        134,744      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/29/17        Open        89,380        89,385      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     1.95     11/29/17        Open        656,880        656,916      Corporate Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     0.00     11/30/17        Open        250,000        250,000      Corporate Bonds    Open/Demand

RBC Capital Markets LLC

     0.00     11/30/17        Open        143,640        143,640      Corporate Bonds    Open/Demand
          

 

 

    

 

 

       
   $ 245,953,225      $ 247,992,645        
  

 

 

    

 

 

       

 

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

 

 

60    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

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

              

Ultra Long U.S. Treasury Bond

     7          03/20/18        $ 1,154     $ (14,474

Short Contracts

              

Euro Bund

     4          12/07/17          775       (3,479

10-Year U.S. Treasury Note

     278          03/20/18          34,485       141,458  

10-Year U.S. Ultra Long Treasury Note

     93          03/20/18          12,385       73,686  

Long U.S. Treasury Bond

     83          03/20/18          12,593       129,120  

2-Year U.S. Treasury Note

     58          03/29/18          12,436       8,179  

5-Year U.S. Treasury Note

     65          03/29/18          7,562       17,735  

Long Gilt Future

     1          03/27/18          167       878  
              

 

 

 
                 367,577  
              

 

 

 
               $ 353,103  
              

 

 

 

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased
       Currency
Sold
     Counterparty      Settlement
Date
       Unrealized
Appreciation
(Depreciation)
 
EUR      1,340,000        GBP      1,177,893      Barclays Bank PLC        12/01/17        $ 1,951  
EUR      2,740,000        SEK      27,118,054      Barclays Bank PLC        12/01/17          21,740  
GBP      1,188,182        EUR      1,335,000      Barclays Bank PLC        12/01/17          17,915  
GBP      1,223,627        EUR      1,370,000      National Australia Bank Ltd.        12/01/17          24,192  
GBP      2,440,000        NOK      24,654,542      JPMorgan Chase Bank N.A.        12/01/17          336,375  
USD      179,009        EUR      150,000      Bank of America N.A.        12/05/17          463  
USD      196,164        NZD      287,000      HSBC Bank PLC        12/05/17          2  
AUD      2,020,000        CAD      1,964,331      Citibank N.A.        12/12/17          5,036  
AUD      2,050,000        NZD      2,256,347      BNP Paribas S.A.        12/12/17          8,519  
CAD      3,898,903        AUD      3,990,000      National Australia Bank Ltd.        12/12/17          4,675  
EUR      1,380,000        JPY      183,403,380      BNP Paribas S.A.        12/12/17          13,110  
EUR      1,360,000        JPY      180,029,279      Citibank N.A.        12/12/17          19,285  
GBP      1,165,022        EUR      1,310,000      BNP Paribas S.A.        12/12/17          16,021  
GBP      1,200,000        NOK      12,564,900      BNP Paribas S.A.        12/12/17          112,625  
GBP      1,195,000        SEK      12,703,898      Barclays Bank PLC        12/12/17          98,136  
NZD      2,257,780        AUD      2,040,000      BNP Paribas S.A.        12/12/17          24  
NZD      2,292,720        AUD      2,070,000      BNP Paribas S.A.        12/12/17          1,211  
NZD      2,308,932        AUD      2,070,000      Citibank N.A.        12/12/17          12,291  
NZD      2,140,000        NOK      12,013,409      BNP Paribas S.A.        12/12/17          18,189  
USD      3,155,000        CHF      2,963,195      State Street Bank and Trust Co.        12/12/17          141,258  
SEK      13,283,429        NOK      12,920,000      Barclays Bank PLC        12/15/17          34,581  
SEK      13,298,879        NOK      12,920,000      Deutsche Bank AG        12/15/17          36,428  
USD      1,585,590        NZD      2,295,000      Deutsche Bank AG        12/15/17          17,230  
USD      591,347        MXN      11,016,366      Goldman Sachs International        12/29/17          2,804  
USD      77,553        EUR      65,000      HSBC Bank PLC        01/04/18          12  
USD      5,242,600        EUR      4,394,000      HSBC Bank PLC        01/04/18          780  
USD      14,270,992        EUR      11,961,000      HSBC Bank PLC        01/04/18          2,123  
USD      161,408        NZD      236,000      Bank of America N.A.        01/04/18          175  
EUR      592,152        USD      707,020      National Australia Bank Ltd.        02/21/18          1,376  
                       

 

 

 
                          948,527  
                       

 

 

 

 

 

SCHEDULES OF INVESTMENTS      61  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Forward Foreign Currency Exchange Contracts (continued)

 

Currency
Purchased
       Currency
Sold
     Counterparty      Settlement
Date
       Unrealized
Appreciation
(Depreciation)
 
EUR      1,365,000        GBP      1,203,204      Goldman Sachs International        12/01/17        $ (2,524
NOK      2,826,779        GBP      270,000      BNP Paribas S.A.        12/01/17          (25,369
NOK      12,464,735        GBP      1,215,000      Barclays Bank PLC        12/01/17          (144,902
NOK      10,149,500        GBP      955,000      Credit Suisse International        12/01/17          (71,570
SEK      26,759,460        EUR      2,740,000      Citibank N.A.        12/01/17          (64,578
USD      75,754        EUR      65,000      UBS AG        12/05/17          (1,616
USD      5,120,970        EUR      4,394,000      UBS AG        12/05/17          (109,250
USD      13,900,274        EUR      11,927,000      UBS AG        12/05/17          (296,546
USD      380,491        GBP      287,000      Bank of America N.A.        12/05/17          (7,658
USD      2,308,132        GBP      1,741,000      Bank of America N.A.        12/05/17          (46,454
USD      12,196,909        GBP      9,200,000      Bank of America N.A.        12/05/17          (245,477
USD      26,674        GBP      20,000      UBS AG        12/05/17          (375
USD      571,878        MXN      10,907,000      HSBC Bank PLC        12/05/17          (13,306
AUD      1,970,000        CAD      1,926,248      Citibank N.A.        12/12/17          (3,259
AUD      2,050,000        SEK      13,043,803      BNP Paribas S.A.        12/12/17          (8,431
CAD      1,987,901        USD      1,560,000      BNP Paribas S.A.        12/12/17          (18,924
CHF      1,516,788        USD      1,560,000      Bank of America N.A.        12/12/17          (17,338
EUR      1,310,000        GBP      1,156,742      Citibank N.A.        12/12/17          (4,820
EUR      1,310,000        JPY      175,555,929      Barclays Bank PLC        12/12/17          (493
JPY      184,589,628        EUR      1,380,000      BNP Paribas S.A.        12/12/17          (2,566
NOK      12,640,840        EUR      1,340,000      BNP Paribas S.A.        12/12/17          (75,882
NOK      12,659,386        EUR      1,350,000      BNP Paribas S.A.        12/12/17          (85,560
NOK      12,273,822        GBP      1,200,000      Morgan Stanley & Co. International PLC        12/12/17          (147,620
NOK      12,013,275        NZD      2,140,000      Credit Suisse International        12/12/17          (18,205
NOK      24,473,888        NZD      4,360,000      The Toronto-Dominion Bank        12/12/17          (37,302
NOK      12,900,000        SEK      13,184,213      BNP Paribas S.A.        12/12/17          (24,844
NOK      12,880,000        SEK      13,154,505      Goldman Sachs International        12/12/17          (23,698
NZD      4,360,000        NOK      24,885,398      Credit Suisse International        12/12/17          (12,172
SEK      12,825,606        AUD      2,050,000      BNP Paribas S.A.        12/12/17          (17,647
SEK      26,617,965        CHF      3,170,000      BNP Paribas S.A.        12/12/17          (42,764
SEK      27,117,221        EUR      2,740,000      Barclays Bank PLC        12/12/17          (21,714
SEK      12,758,087        GBP      1,220,000      Goldman Sachs International        12/12/17          (125,477
USD      1,570,000        CHF      1,545,921      Goldman Sachs International        12/12/17          (2,291
CAD      1,926,870        NZD      2,200,000      Goldman Sachs International        12/15/17          (9,594
NOK      12,920,000        SEK      13,190,192      Citibank N.A.        12/15/17          (23,434
NOK      25,665,000        SEK      26,126,072      Citibank N.A.        12/15/17          (37,507
NOK      12,920,000        SEK      13,194,679      Deutsche Bank AG        12/15/17          (23,971
NZD      2,200,000        CAD      1,976,018      Goldman Sachs International        12/15/17          (28,509
NZD      2,310,000        USD      1,582,325      Deutsche Bank AG        12/15/17          (3,713
MXN      11,016,366        USD      589,337      Goldman Sachs International        12/29/17          (793
USD      2,373,576        GBP      1,756,000      JPMorgan Chase Bank N.A.        01/04/18          (4,470
USD      12,384,039        GBP      9,170,000      Royal Bank of Scotland PLC        01/04/18          (34,345
USD      138,934        EUR      119,143      Bank of America N.A.        01/30/18          (3,414
USD      148,718        EUR      137,859      Citibank N.A.        02/21/18          (16,204
USD      245,034        EUR      227,918      Deutsche Bank AG        02/21/18          (27,626
USD      243,365        EUR      226,375      Morgan Stanley & Co. International PLC        02/21/18          (27,449
                       

 

 

 
                          (1,961,661
                       

 

 

 
     Net Unrealized Depreciation        $ (1,013,134
                       

 

 

 

 

 

62    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Exchange-Traded Options Purchased

 

Description    Number of
Contracts
       Expiration
Date
  

Exercise

Price

       Notional
Amount (000)
       Value  

Call

                    

U.S. 10 Year Note

     5        12/22/17      USD     125.50        $ 620        $ 313  

OTC Interest Rate Swaptions Purchased

 

  

 

       Expiration   Exercise    

Received by

the Fund

  Paid by
the Fund
    Notional       

 

 
Description   Counterparty   Date   Rate     Rate    Frequency   Rate     Frequency     Amount (000)     Value  
Put                     

10-Year Interest Rate Swap, 3/02/28

  JPMorgan Chase Bank N.A.   02/28/18     2.52   3-Month LIBOR    Quarterly     2.52       Semi-annual     USD     1,500     $ 9,818  

10-Year Interest Rate Swap, 3/02/28

  JPMorgan Chase Bank N.A.   02/28/18     2.62     3-Month LIBOR    Quarterly     2.62       Semi-annual     USD     500       1,934  

10-Year Interest Rate Swap, 3/02/28

  JPMorgan Chase Bank N.A.   02/28/18     2.65     3-Month LIBOR    Quarterly     2.65       Semi-annual     USD     400       1,313  

10-Year Interest Rate Swap, 04/27/18

  JPMorgan Chase Bank N.A.   04/16/18     2.75     3-Month LIBOR    Quarterly     2.75       Semi-annual     USD     1,925       7,233  

10-Year Interest Rate Swap, 04/27/18

  JPMorgan Chase Bank N.A.   04/16/18     2.75     3-Month LIBOR    Quarterly     2.75       Semi-annual     USD     600       2,254  

10-Year Interest Rate Swap, 4/27/28

  JPMorgan Chase Bank N.A.   04/25/18     2.65     3-Month LIBOR    Quarterly     2.65       Semi-annual     USD     675       4,177  
                    

 

 

 
                     $ 26,729  
                    

 

 

 

OTC Options Purchased

 

Description    Counterparty    Number of
Contracts
     Expiration
Date
     Exercise
Price
     Notional
Amount (000)
     Value  

Call

                     

CAD Currency

   JPMorgan Chase Bank N.A.             12/13/17        CHF       0.78        CAD       15,925      $ 2,975  

EUR Currency

   Barclays Bank PLC             12/13/17        JPY       135.50        EUR       10,780        25,200  

GBP Currency

   Deutsche Bank AG             12/13/17        AUD       1.74        GBP       9,525        354,180  

NOK Currency

   Citibank N.A.             12/13/17        SEK       1.04        NOK       101,645        696  

NZD Currency

   Barclays Bank PLC             12/13/17        JPY       79.00        NZD       18,395        3,307  

USD Currency

   Bank of America N.A.             12/13/17        CHF       1.02        USD       12,705        343  

Marsico Parent Superholdco LLC

   Goldman Sachs & Co.      46        12/14/19        USD       942.86        USD               
                     

 

 

 
                        386,701  
                     

 

 

 

Put

                     

AUD Currency

   Credit Suisse International             12/13/17        USD       0.75        AUD       16,530        17,367  

AUD Currency

   Morgan Stanley & Co. International PLC             12/13/17        NZD       1.09        AUD       12,060        4,616  

CHF Currency

   Goldman Sachs International             12/13/17        NOK       8.30        CHF       12,365        16,340  

NZD Currency

   Deutsche Bank AG             12/13/17        USD       0.67        NZD       17,385        13,629  

NZD Currency

   Goldman Sachs International             12/13/17        CAD       0.85        NZD       17,615        831  

USD Currency

   Deutsche Bank AG             12/13/17        JPY       107.00        USD       12,595        466  
                     

 

 

 
                        53,249  
                     

 

 

 
                      $ 439,950  
                     

 

 

 

 

 

SCHEDULES OF INVESTMENTS      63  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

OTC Options Written

 

Description    Counterparty    Expiration
Date
    

Exercise

Price

    Notional
Amount (000)
    Value  

Call

                  

AUD Currency

   Morgan Stanley & Co. International PLC      12/13/17        NZD        1.15       AUD        12,060     $ (55

CAD Currency

   JPMorgan Chase Bank N.A.      12/13/17        CHF        0.79       CAD        31,855       (1,160

CHF Currency

   Goldman Sachs International      12/13/17        NOK        8.50       CHF        6,185       (36,069

EUR Currency

   Barclays Bank PLC      12/13/17        JPY        137.50       EUR        21,565       (8,958

GBP Currency

   Deutsche Bank AG      12/13/17        AUD        1.77       GBP        19,055       (344,648

NZD Currency

   Barclays Bank PLC      12/13/17        JPY        80.00       NZD        36,795       (880
                  

 

 

 
                     (391,770
                  

 

 

 

Put

                  

CHF Currency

   Goldman Sachs International      12/13/17        NOK        8.20       CHF        24,735       (9,731

NZD Currency

   Deutsche Bank AG      12/13/17        CHF        0.67       NZD        18,240       (34,397
                  

 

 

 
                     (44,128
                  

 

 

 
                   $ (435,898
                  

 

 

 

Centrally Cleared Credit Default Swaps — Sell Protection

 

Reference Obligation/Index    Financing
Rate Received
by the Fund
     Payment
Frequency
     Termination
Date
     Credit
Rating
 (a)
     Notional
Amount (000)  (b)
     Value      Upfront
Premium
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
 

Chesapeake Energy Corp.

     5.00      Quarterly        12/20/21        CCC        USD        75      $  (2,579    $ (2,539    $ (40
                    

 

 

    

 

 

    

 

 

 

 

  (a) Using S&P/Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.  
  (b) The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.  

Centrally Cleared Interest Rate Swaps

 

Paid by the Fund   

    
    
Received by the Fund

   Effective
Date
     Termination
Date
     Notional
Amount (000)
     Value      Upfront
Premium
Paid
(Received)
     Unrealized
Appreciation
(Depreciation)
 
Rate    Frequency    Rate    Frequency                  
3-Month LIBOR    Quarterly    2.54%    Semi-annual             09/04/24      USD     18,700      $ 310,295      $ 213      $ 310,082  
2.60%    Semi-annual    3-Month LIBOR    Quarterly             09/04/24      USD     18,700        (376,385      (65,925      (310,460
2.24%    Semi-annual    3-Month LIBOR    Quarterly             08/09/27      USD     17,400        230,344        267        230,077  
                      

 

 

    

 

 

    

 

 

 
                       $ 164,254      $ (65,445    $ 229,699  
                      

 

 

    

 

 

    

 

 

 

OTC Credit Default Swaps — Buy Protection

 

Reference Obligation/Index    Financing
Rate Paid
by the Fund
    Payment
Frequency
    Counterparty   Termination
Date
    Notional
Amount
(000)
    Value     Upfront
Premium
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

CenturyLink, Inc.

     1.00     Quarterly     JPMorgan Chase Bank N.A.     12/20/22     USD     388     $ 73,267     $ 51,542     $ 21,725  

CenturyLink, Inc.

     1.00       Quarterly     Goldman Sachs Bank USA     12/20/22     USD     397       74,966       54,120       20,846  
              

 

 

   

 

 

   

 

 

 
               $ 148,233     $ 105,662     $ 42,571  
              

 

 

   

 

 

   

 

 

 

 

 

64    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

OTC Credit Default Swaps — Sell Protection

 

Reference Obligation/Index   Financing
Rate Received

by the Fund
    Payment
Frequency
    Counterparty   Termination
Date
    Credit
Rating
 (a)
  Notional
Amount
(000)
 (b)
    Value     Upfront
Premium
Paid

(Received)
    Unrealized
Appreciation
(Depreciation)
 

Jaguar Land Rover Automotive PLC

    5.00     Quarterly     Credit Suisse International     06/20/22     BB+     EUR       20     $ 4,143     $ 3,604     $ 539  

Jaguar Land Rover Automotive PLC

    5.00       Quarterly     Barclays Bank PLC     06/20/22     BB+     EUR       20       4,143       3,578       565  

Markit CMBX North America, Series 8

    3.00       Monthly     Barclays Bank PLC     10/17/57     BBB-     USD       5,000       (776,511     (519,768     (256,743

Markit CMBX North America, Series 8

    3.00       Monthly     Credit Suisse International     10/17/57     BBB-     USD       2,500       (388,255     (256,815     (131,441

Markit CMBX North America, Series 8

    3.00       Monthly     Morgan Stanley & Co. International PLC     10/17/57     BBB-     USD       4,450       (690,724     (608,971     (81,753

Markit CMBX North America, Series 9

    3.00       Monthly     Morgan Stanley & Co. International PLC     09/17/58     BBB-     USD       7,550       (831,216     (954,827     123,611  

Markit CMBX North America, Series 9

    3.00       Monthly     Credit Suisse International     09/17/58     BBB-     USD       5,000       (550,474     (555,079     4,605  

Markit CMBX North America, Series 9

    3.00       Monthly     Credit Suisse International     09/17/58     BBB-     USD       5,000       (550,474     (555,079     4,604  

Markit CMBX North America, Series 9

    3.00       Monthly     Credit Suisse International     09/17/58     BBB-     USD       5,000       (550,474     (549,016     (1,458
               

 

 

   

 

 

   

 

 

 
                $ (4,329,842   $ (3,992,373   $ (337,471
               

 

 

   

 

 

   

 

 

 

 

(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.  
(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.  

 

 

SCHEDULES OF INVESTMENTS      65  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 the Fund has the ability to access

 

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

 

    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments:

                 

Asset-Backed Securities

   $        $ 82,626,945        $ 3,689,929        $ 86,316,874  

Common Stocks(a)

     114,246          34,432          1,044,300          1,192,978  

Corporate Bonds

              395,207,268          1,163,484          396,370,752  

Floating Rate Loan Interests

              233,104,390          9,394,175          242,498,565  

Foreign Agency Obligations

              26,286,119                   26,286,119  

Investment Companies

     3,442,800                            3,442,800  

Non-Agency Mortgage-Backed Securities

              45,290,831                   45,290,831  

Other Interests

                       10          10  

Preferred Securities

     14,015,544          56,796,858                   70,812,402  

Rights

                       17,055          17,055  

U.S. Government Sponsored Agency Securities

              9,817,555                   9,817,555  

U.S. Treasury Obligations

              2,990,875                   2,990,875  

Warrants

                       79          79  

Short-Term Securities

     5,167,843                            5,167,843  

 

 

66    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

 

      Level 1        Level 2        Level 3        Total  

Options Purchased:

                 

Foreign Currency Exchange

                 

Contracts

              439,950                   439,950  

Interest rate contracts

     313          26,729                   27,042  
  

 

 

      

 

 

      

 

 

      

 

 

 

Subtotal

   $ 22,740,746        $ 852,621,952        $ 15,309,032        $ 890,671,730  
  

 

 

      

 

 

      

 

 

      

 

 

 

Investments Valued at NAV(b)

                    117,026  
                 

 

 

 

Total

                  $ 890,788,756  
                 

 

 

 

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(c)

                 

Assets:

                 

Foreign currency exchange contracts

   $        $ 948,527        $        $ 948,527  

Credit contracts

              176,495                   176,495  

Interest rate contracts

     371,056          540,159                   911,215  

Liabilities:

                 

Foreign currency exchange contracts

              (2,397,559                 (2,397,559

Credit contracts

              (471,435                 (471,435

Interest rate contracts

     (17,953        (310,460                 (328,413
  

 

 

      

 

 

      

 

 

      

 

 

 

Total

   $ 353,103        $ (1,514,273      $        $ (1,161,170
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each industry.  
  (b)  As of November 30, 2017, certain of the Fund’s Investments were fair valued using net asset value(“NAV”) per share and have been excluded from the fair value hierarchy.  
  (c)  Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts, and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.  

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, reverse repurchase agreements of $247,992,645 are categorized as Level 2 within the disclosure hierarchy.

During the period ended November 30, 2017, there were no transfers between levels.

 

 

SCHEDULES OF INVESTMENTS      67  


Schedule of Investments  (unaudited) (continued)

November 30, 2017

  

BlackRock Limited Duration Income Trust (BLW)

 

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

 

     Asset-
Backed
Securities
    Common
Stocks
    Corporate
Bonds
    Floating Rate
Loan
Interests
    Other
Interests
    Rights     Warrants    

Unfunded

Floating

Rate Loan

Interests

    Total  

Assets:

                 

Opening balance, as of August 31, 2017

  $ 2,211,493     $ 749,053     $ 1,163,602     $ 9,460,693     $ 10     $ 19,050     $ 217     $ 755     $ 13,604,873  

Transfers into Level 3(a)

                      3,047,763                               3,047,763  

Transfers out of Level 3(b)

    (250,000                 (3,637,133                             (3,887,133

Accrued discounts/premiums

    (15,394                 6,482                               (8,912

Net realized gain (loss)

                      49,089                         (755     48,334  

Net change in unrealized

Appreciation (depreciation)(c)

    17,580       295,247       (118     (15,038           (1,995     (138           295,538  

Purchases

    1,726,250                   2,502,604                               4,228,854  

Sales

                      (2,020,285                             (2,020,285
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Closing balance, as of November 30, 2017

  $ 3,689,929     $ 1,044,300     $ 1,163,484     $ 9,394,175     $ 10     $ 17,055     $ 79           $ 15,309,032  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017(c)

  $ 17,580     $ 295,247     $ (118   $ 1,843           $ (1,995   $ (138         $ 312,420  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a)  As of August 31, 2017, the Fund used observable inputs in determining the value of certain investments. As of November 30, 2017, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.  
  (b)  As of August 31, 2017, the Fund used significant unobservable inputs in determining the value of certain investments. As of November 30, 2017, 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 1 in the disclosure hierarchy.  
  (c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.  

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

 

 

68    2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS


Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in 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.

 

2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

 

     Certifications – Attached hereto


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: January 22, 2018

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: January 22, 2018

 

  By:       /s/ Neal J. Andrews                           
    Neal J. Andrews   
    Chief Financial Officer (principal financial officer) of   
    BlackRock Limited Duration Income Trust   

Date: January 22, 2018