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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21349

Name of Fund: BlackRock Limited Duration Income Trust (BLW)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, 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: 08/31/2010

Date of reporting period: 02/28/2010

Item 1 – Report to Stockholders



Semi-Annual Report

FEBRUARY 28, 2010 | (UNAUDITED)

BlackRock Defined Opportunity Credit Trust (BHL)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)

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

BlackRock Limited Duration Income Trust (BLW)

BlackRock Senior Floating Rate Fund, Inc.

BlackRock Senior Floating Rate Fund II, Inc.

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE


Table of Contents   
  Page 
Dear Shareholder  3 
Semi-Annual Report:   
Fund Summaries  4 
The Benefits and Risks of Leveraging  10 
Derivative Financial Instruments  11 
Disclosure of Expenses  11 
Fund Financial Statements   
       Schedules of Investments  12 
       Statements of Assets and Liabilities  38 
       Statements of Operations  40 
       Statements of Changes in Net Assets  42 
       Statements of Cash Flows  45 
Fund Financial Highlights  46 
Fund Notes to Financial Statements  52 
Master Senior Floating Rate LLC Portfolio Summary  62 
Master Senior Floating Rate LLC Financial Statements:   
       Schedule of Investments  63 
       Statement of Assets and Liabilities  69 
       Statement of Operations  70 
       Statements of Changes in Net Assets  70 
       Statement of Cash Flows  71 
Master Senior Floating Rate LLC Financial Highlights  72 
Master Senior Floating Rate LLC Notes to Financial Statements  73 
Officers and Directors  77 
Additional Information  78 

2 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Dear Shareholder

The past year marked a pivotal turning point for global markets as the Great Recession that started in December 2007 began to recede and give way to recov-

ery. The dramatic about-face could be attributed to a confluence of factors, most notably the extraordinary policy actions of global governments and central

banks, a resurgence in corporate profits and growing signs of stability and healing in world economies.

After reaching a trough in early March 2009, stocks galloped higher as investors were lured back into the markets by depressed valuations, desire for higher

yields and increasing confidence that all-out financial disaster had been averted. The result was a powerful upswing in global equities and other higher-risk

assets through the end of 2009. More recently, the combination of mixed economic data, lingering deflation issues (especially in Europe) and proposed fees

and levies on banks dampened investor conviction, resulting in a several-week bout of profit-taking. The selloff had a more pronounced negative effect on inter-

national and emerging market equities due primarily to concerns of higher interest rates in Asia and negative headlines out of Europe, particularly in Greece.

Generally speaking, investors’ renewed affinity for risk was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One

of the major themes in 2009 was the reversal of the flight-to-quality trade. High yield, one of the most battered areas during the financial crisis, emerged as

the strongest-performing fixed income sector in both the taxable and tax-exempt space. Despite weak fundamentals, the municipal market produced solid

returns as technical conditions remained supportive of the asset class. Municipal bond mutual funds enjoyed strong inflows and tax-exempt issuance remained

low thanks to the ever-increasing popularity of the Build America Bond program. Nevertheless, state and local fiscal woes and bankruptcy fears remain firmly in

the spotlight, and bear close monitoring.

At the same time, yields on money market securities declined throughout the reporting period and remain near all-time lows, with the Federal Open Market

Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.” Investor assets in

money market funds declined from the peak registered in early 2009, but remain above levels registered prior to the financial crisis that began in 2007.

Against this backdrop, the major market averages posted the following returns:

Total Returns as of February 28, 2010  6-month  12-month 
US equities (S&P 500 Index)  9.32%  53.62% 
Small cap US equities (Russell 2000 Index)  10.59  63.95 
International equities (MSCI Europe, Australasia, Far East Index)  0.72  54.58 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.07  0.20 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  0.07  (1.54) 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  3.19  9.32 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  4.13  9.98 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  13.86  55.20 
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   

The market continues to show signs of improvement, but questions about the strength and sustainability of the recovery abound. Through periods of uncer-

tainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit

www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly com-

panion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued

partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT 3


Fund Summary as of February 28, 2010 BlackRock Defined Opportunity Credit Trust

Investment Objective

BlackRock Defined Opportunity Credit Trust (BHL) (the “Fund”) seeks high current income, with a secondary objective of long-term capital appreciation.

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

Performance

For the six months ended February 28, 2010, the Fund returned 17.73% based on market price and 9.88% based on net asset value (“NAV”). For the
same period, the Lipper Loan Participation Funds category posted an average return of 29.78% on a market price basis and 13.09% on a NAV basis. All
returns reflect reinvestment of dividends. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. During the period, we generally favored less economically sensitive sectors and higher-quality credits, which
detracted from results as they underperformed lower-rated issues and those sectors with greater economic sensitivity. In addition, the Fund maintained
relatively conservative levels of leverage (at period end, 16% of the Fund’s total managed assets), which detracted from performance versus the Lipper
competitors, who maintained leverage closer to the 33 1 / 3 % regulatory limit. On the positive side, approximately 13% of the portfolio was invested in high
yield, which aided performance as the sector performed well. Overweight positions in the automotive sector and a few special situation and distressed
credits also was additive.

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

Fund Information

Symbol on New York Stock Exchange (“NYSE”)  BHL 
Initial Offering Date  January 31, 2008 
Yield on Closing Market Price as of February 28, 2010 ($12.62)1  5.13% 
Current Monthly Distribution per Share2  $0.054 
Current Annualized Distribution per Share2  $0.648 
Leverage as of February 28, 20103  16% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 The distribution is not constant and is subject to change.
3 Represents loans outstanding as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to
borrowings, minus the sum of liabilities (other than borrowing representing financial leverage). For a discussion of leveraging techniques utilized by
the Fund, please see The Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:

  2/28/10  8/31/09  Change  High  Low 
Market Price  $12.62  $11.03  14.42%  $12.69  $10.96 
Net Asset Value  $13.38  $12.53  6.78%  $13.41  $12.51 

The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s
corporate bond investments.

Portfolio Composition     
  2/28/10  8/31/09 
Floating Rate Loan Interests  82%  94% 
Corporate Bonds  17  6 
Other Interests  1   

     Credit Quality Allocations4     
  2/28/10  8/31/09 
BBB/Baa       10%     16% 
BB/Ba       41     57 
B       44     27 
Not Rated     5     — 
 4 Using the higher of Standard & Poor’s Corporation (“S&P’s”) or 
     Moody’s Investors Service, Inc. (“Moody’s”) ratings.   

4 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Fund Summary as of February 28, 2010 BlackRock Diversified Income Strategies Fund, Inc.

Investment Objective

BlackRock Diversified Income Strategies Fund, Inc. (DVF) (the “Fund”) seeks to provide investors with a high current income by investing primarily in a
diversified portfolio of floating rate debt securities and instruments, including floating or variable rate loans, bonds, preferred securities (including convert-
ible preferred securities), notes or other debt securities or instruments that pay a floating rate of interest.

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

Performance

For the six months ended February 28, 2010, the Fund returned 26.89% based on market price and 23.33% based on NAV. For the same period, the
closed-end Lipper Loan Participation Funds category posted an average return of 29.78% on a market price basis and 13.09% on a NAV basis. All returns
reflect reinvestment of dividends. The Fund's premium to NAV, which widened during the period, accounts for the difference between performance based on
price and performance based on NAV. During the period, 66% of the Fund’s portfolio was invested in floating rate loan interests and about 30% in high
yield bonds, with a portion of the allocation in floating rate notes and a portion swapped to floating rate. Both categories outperformed floating rate loan
interests during the six months, which benefited performance. The Fund’s credit allocation has been biased towards lower-quality and nonrated credits,
which also aided results. On the other hand, the Fund maintained leverage in the low-teen range, which detracted from performance versus the Lipper com-
petitors, who maintained leverage closer to the 33 1 / 3 % regulatory limit.

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

Fund Information

Symbol on NYSE  DVF 
Initial Offering Date  January 31, 2005 
Yield on Closing Market Price as of February 28, 2010 ($10.67)1  7.70% 
Current Monthly Distribution per Share2  $0.0685 
Current Annualized Distribution per Share2  $0.8220 
Leverage as of February 28, 20103  17% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 The distribution is not constant and is subject to change.
3 Represents loans outstanding as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to
any borrowings, minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized
by the Fund, please see The Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:       
  2/28/10  8/31/09  Change  High  Low 
Market Price  $10.67  $8.80  21.25%  $10.73  $8.65 
Net Asset Value  $10.30  $8.74  17.85%  $10.36  $8.74 
The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations   
of the Fund’s corporate bond investments:           

Portfolio Composition     
  2/28/10  8/31/09 
Floating Rate Loan Interests  66%  49% 
Corporate Bonds  31  49 
Common Stocks  2  2 
Other Interests  1   

     Credit Quality Allocations4     
  2/28/10  8/31/09 
BBB/Baa  5%   
BB/Ba  25  17% 
B  40  37 
CCC/Caa  13  34 
CC/Ca  1  4 
D  2  3 
Not Rated  14  5 
 4 Using the higher of S&P’s or Moody’s ratings.   

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 5


Fund Summary as of February 28, 2010 BlackRock Floating Rate Income Strategies Fund, Inc.

Investment Objective

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA) (the “Fund”) seeks high current income and such preservation of capital as is consistent with
investment in a diversified, leveraged portfolio consisting primarily of floating rate debt securities and instruments.

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

Performance

For the six months ended February 28, 2010, the Fund returned 32.19% based on market price and 14.12% based on NAV. For the same period, the
closed-end Lipper Loan Participation Funds category posted an average return of 29.78% on a market price basis and 13.09% on a NAV basis. The per-
formance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group comprises both closed-end funds and unleveraged
continuously offered closed-end funds. All returns reflect reinvestment of dividends. The Fund moved from a discount to NAV to a premium by period end,
which accounts for the difference between performance based on price and performance based on NAV. During the period, slightly less than 20% of the
Fund was invested in high yield bonds, which contributed positively to performance as high yield outperformed floating rate loan interests. Overweight
positions in the automobiles sector and a few special situation and distressed credits also helped results, as did an underweight in health care. On the
other hand, the Fund generally favored less economically sensitive sectors and higher-quality credits, which detracted from performance as these issues
underperformed lower-rated issues and those sectors with greater economic sensitivity. In addition, the Fund maintained relatively conservative levels of
leverage (at period end, 15% of the Fund’s total managed assets), which was a detractor versus the Lipper competitors, who maintained leverage closer to
the 33 1 / 3 % regulatory limit.

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

Fund Information

Symbol on NYSE  FRA 
Initial Offering Date  October 31, 2003 
Yield on Closing Market Price as of February 28, 2010 ($15.64)1  6.25% 
Current Monthly Distribution per Share2  $0.0815 
Current Annualized Distribution per Share2  $0.9780 
Leverage as of February 28, 20103  15% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
2 The distribution is not constant and is subject to change.
3 Represents loans outstanding as a percentage of managed assets, which is the total assets of the Fund, including any assets attributable to
any borrowing that may be outstanding, minus the sum of accrued liabilities (other than debt representing financial leverage). For a discussion
of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

The table below summarizes the changes in the Fund’s market price and NAV per share:       
  2/28/10  8/31/09  Change  High  Low 
Market Price  $15.64  $12.26  27.57%  $15.65  $12.15 
Net Asset Value  $14.24  $12.93  10.13%  $14.30  $12.93 
The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the Fund’s 
corporate bond investments:           

Portfolio Composition     
  2/28/10  8/31/09 
Floating Rate Loan Interests  73%  75% 
Corporate Bonds  25  24 
Other Interests  1   
Common Stocks  1  1 

     Credit Quality Allocations4     
  2/28/10  8/31/09 
BBB/Baa  5%     12% 
BB/Ba  35  15 
B  40  46 
CCC/Caa  9  21 
D  2  4 
Not Rated  9  2 
 4 Using the higher of S&P’s or Moody’s ratings.   

6 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Fund Summary as of February 28, 2010 BlackRock Limited Duration Income Trust

Investment Objective

BlackRock Limited Duration Income Trust (BLW) (the “Fund”) seeks to provide current income and capital appreciation.

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

Performance

For the six months ended February 28, 2010, the Fund returned 14.21% based on market price and 12.73% based on NAV. For the same period, the
closed-end Lipper High Current Yield Funds (Leveraged) category posted an average return of 21.84% on a market price basis and 18.08% on a NAV basis.
All returns reflect reinvestment of dividends. The Fund's discount to NAV, which narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV. The Fund’s Lipper category is composed primarily of high yield funds. In addition to high yield bonds, the
Fund invests in high yield loans and investment-grade bonds, which hurt relative performance as these securities underperformed high yield. The Fund
tended to favor sectors less exposed to the economy, the consumer and housing, which detracted from results given the period’s strong market perform-
ance. Conversely, overweights in the automobiles sector and a number of special situation and distressed credits (including automobiles) helped. During the
period, the Fund tended to hold low cash balances, although the cash position at period end was 6%. Given the market’s positive performance, this cash
balance negatively impacted performance.

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

Fund Information

Symbol on NYSE  BLW 
Initial Offering Date  July 30, 2003 
Yield on Closing Market Price as of February 28, 2010 ($15.64)1  5.37% 
Current Monthly Distribution per Share2  $0.070 
Current Annualized Distribution per Share2  $0.840 
Leverage as of February 28, 20103  2% 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance
does not guarantee future results.
2 A change in the distribution rate was declared on March 1, 2010. The Monthly Distribution per Share was increased to $0.075. The Yield on Closing
Market Price, Current Monthly Distribution per Share and Current Annualized Distribution per Share do not reflect the new distribution rate. The new
distribution rate is not constant and is subject to further change in the future.
3 Represents loans outstanding as a percentage of managed assets, which is the total assets of the Fund, including any assets attributable to
any borrowing that may be outstanding, minus the sum of accrued liabilities (other than debt representing financial leverage). For a discussion
of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 10.

The table below summarizes the Fund’s market price and net asset value per share:

  2/28/10  8/31/09  Change  High  Low 
Market Price  $15.64  $14.09  11.00%  $15.68  $13.72 
Net Asset Value  $16.38  $14.95  9.57%  $16.38  $14.95 
The following charts show the portfolio composition of the Fund’s long-term investments and credit quality allocations of the 
Fund’s corporate bond and US government securities investments:         

Portfolio Composition     
  2/28/10  8/31/09 
Floating Rate Loan Interests  42%  45% 
Corporate Bonds  33  24 
U.S. Government Sponsored     
Agency Securities  18  26 
Non-Agency Mortgage     
Backed Securities  2   
Asset-Backed Securities  2  2 
Foreign Agency Obligations  2  2 
Other Interests  1   
U.S. Treasury Obligations    1 

     Credit Quality Allocations4     
  2/28/10  8/31/09 
AAA/Aaa5  36%  53% 
BBB/Baa  3  6 
BB/Ba  22  11 
B  28  10 
CCC/Caa  7  16 
C    1 
D    1 
Not Rated  4  2 
 4 Using the higher of S&P’s or Moody’s ratings.   
 5 Includes U.S. Government Sponsored Agency securities and 
     U.S. Treasury Obligations, which are deemed AAA/Aaa by the 
     investment advisor.     

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 7


Fund Summary as of February 28, 2010 BlackRock Senior Floating Rate Fund, Inc.

Investment Objective

BlackRock Senior Floating Rate Fund, Inc. (the “Fund”) is a continuously offered closed-end fund that seeks high current income and such preservation of
capital as is consistent with investment in senior collateralized corporate loans made by banks and other financial institutions.

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

Performance

For the six months ended February 28, 2010, the Fund returned 7.97% based on NAV. For the same period, the closed-end Lipper Loan Participation
Funds category posted an average return of 13.09% on a NAV basis. All returns reflect reinvestment of dividends. The Fund, through its investment in the
Master Senior Floating Rate LLC, maintained relatively conservative positioning (i.e., higher quality credits and loan structures) and no leverage, which hin-
dered performance in the strong market of the past six months versus its Lipper competitors, many of which employ leverage. We believe this positioning is
prudent for the medium term. Overweight positions in the automobiles sector and a few special situation and distressed credits helped results, as did an
underweight in health care. During the period, the Fund tended to hold low cash balances, although the cash position at period end was 8%. Given the
market’s positive performance, this cash balance negatively impacted performance.

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

Fund Information1

Initial Offering Date  November 3, 1989 
Yield based on Net Asset Value as of February 28, 2010 ($7.54)2  4.94% 
Current Monthly Distribution per Share3  $0.028552 
Current Annualized Distribution per Share3  $0.372196 
   1 The Fund is a continuously offered closed-end fund that does not trade on an exchange.   
   2 Yield based on net asset value is calculated by dividing the current annualized distribution per share by the net asset value.   
       Past performance does not guarantee future results.   
   3 The distribution is not constant and is subject to change.   

The table below summarizes the change in the Fund’s NAV per share:         
  2/28/10  8/31/09  Change  High  Low 
Net Asset Value  $7.54  $7.16  5.31%  $7.59  $7.16 

     Expense Example for Continuously Offered Closed-End Funds           
    Actual      Hypothetical5   
  Beginning  Ending    Beginning  Ending   
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid 
  September 1, 2009       February 28, 2010       During the Period4   September 1, 2009   February 28, 2010 During the Period4 
BlackRock Senior Floating Rate Fund, Inc.  $1,000  $1,079.70  $7.89  $1,000  $1,017.21         $7.65 
   4 Expenses are equal to the annualized expense ratio of 1.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year 
       period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the Master LLC in which it invests.   
   5 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.   
       See “Disclosure of Expenses for Continuously Offered Closed-End Funds” on page 11 for further information on how expenses were calculated.   

8 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Fund Summary as of February 28, 2010 BlackRock Senior Floating Rate Fund II, Inc.

Investment Objective

BlackRock Senior Floating Rate Fund II, Inc. (the “Fund”) is a continuously offered closed-end fund that seeks high current income and such preservation
of capital as is consistent with investment in senior collateralized corporate loans made by banks and other financial institutions.

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

Performance

For the six months ended February 28, 2010, the Fund returned 7.88% based on NAV. For the same period, the closed-end Lipper Loan Participation
Funds category posted an average return of 13.09% on a NAV basis. All returns reflect reinvestment of dividends. The Fund, through its investment in the
Master Senior Floating Rate LLC, maintained relatively conservative positioning (i.e., higher quality credits and loan structures) and no leverage, which hin-
dered performance in the strong market of the past six months versus its Lipper competitors, many of which employ leverage. We believe this positioning is
prudent for the medium term. Overweight positions in the automobiles sector and a few special situation and distressed credits helped results, as did an
underweight in health care. During the period, the Fund tended to hold low cash balances, although the cash position at period-end was 8%. Given the
market’s positive performance, this cash balance negatively impacted performance.

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

Fund Information1

Initial Offering Date  March 26, 1999 
Yield based on Net Asset Value as of February 28, 2010 ($8.17)2  4.80% 
Current Monthly Distribution per Share3  $0.030085 
Current Annualized Distribution per Share3  $0.392179 

1 The Fund is a continuously offered closed-end fund that does not trade on an exchange.
2 Yield based on net asset value is calculated by dividing the current annualized distribution per share by the net asset value.
Past performance does not guarantee future results.
3 The distribution is not constant and is subject to change.

The table below summarizes the change in the Fund’s NAV per share:         
  2/28/10  8/31/09  Change  High  Low 
Net Asset Value  $8.17  $7.76  5.28%  $8.22  $7.75 

     Expense Example for Continuously Offered Closed-End Funds           
    Actual      Hypothetical5   
  Beginning  Ending    Beginning  Ending   
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid 
  September 1, 2009           February 28, 2010   During the Period4  September 1, 2009           February 28, 2010   During the Period4 
BlackRock Senior Floating Rate Fund II, Inc.  $1,000  $1,078.80  $8.61  $1,000  $1,016.51  $8.35 

4 Expenses are equal to the annualized expense ratio of 1.67%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year
period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the Master LLC in which it invests.
5 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.
See “Disclosure of Expenses for Continuously Offered Closed-End Funds” on page 11 for further information on how expenses were calculated.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 9


The Benefits and Risks of Leveraging

BlackRock Defined Opportunity Credit Trust, BlackRock Diversified Income
Strategies Fund, Inc., BlackRock Floating Rate Income Strategies Fund, Inc.
and BlackRock Limited Duration Income Trust (each a “Fund” and collec-
tively, the “Funds”) may utilize leverage to seek to enhance the yield and
NAV. However, these objectives cannot be achieved in all interest rate
environments.

The Funds may utilize leverage through borrowings or through entering into
reverse repurchase agreements and dollar rolls. In general, the concept of
leveraging is based on the premise that the cost of assets to be obtained
from leverage will be based on short-term interest rates, which normally will
be lower than the income earned by each Fund on its longer-term portfolio
investments. To the extent that the total assets of each Fund (including the
assets obtained from leverage) are invested in higher-yielding portfolio
investments, each Fund’s shareholders will benefit from the incremental
net income.

The interest earned on securities purchased with the proceeds from lever-
age is paid to shareholders in the form of dividends, and the value of these
portfolio holdings is reflected in the per share NAV. However, in order to
benefit shareholders, the yield curve must be positively sloped; that is,
short-term interest rates must be lower than long-term interest rates. If the
yield curve becomes negatively sloped, meaning short-term interest rates
exceed long-term interest rates, income to shareholders will be lower than if
the Funds had not used leverage.

To illustrate these concepts, assume a Fund’s capitalization is $100 million
and it borrows for an additional $30 million, creating a total value of $130
million available for investment in long-term securities. If prevailing short-
term interest rates are 3% and long-term interest rates are 6%, the yield
curve has a strongly positive slope. In this case, the Fund pays borrowing
costs and interest expense on the $30 million of borrowings based on the
lower short-term interest rates. At the same time, the securities purchased
by the Fund with assets received from the borrowings earn the income
based on long-term interest rates. In this case, the borrowing costs and
interest expense of the borrowings is significantly lower than the income
earned on the Fund’s long-term investments, and therefore Common
Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term
and long-term interest rates, the incremental net income pickup will be
reduced or eliminated completely. Furthermore, if prevailing short-term inter-
est rates rise above long-term interest rates of 6%, the yield curve has a
negative slope. In this case, the Fund pays interest expense on the higher
short-term interest rates whereas the Fund’s total portfolio earns income
based on lower long-term interest rates.

Furthermore, the value of the Funds’ portfolio investments generally varies
inversely with the direction of long-term interest rates, although other
factors can influence the value of portfolio investments. In contrast, the
redemption value of the Funds’ borrowings do not fluctuate in relation
to interest rates. As a result, changes in interest rates can influence the
Funds’ NAV positively or negatively in addition to the impact on Fund
performance from leverage from borrowings discussed above.

The use of leverage may enhance opportunities for increased income to
the Funds and shareholders, but as described above, it also creates risks
as short- or long-term interest rates fluctuate. Leverage also will generally
cause greater changes in the Funds’ NAV, market price and dividend rate
than a comparable portfolio without leverage. If the income derived from
securities purchased with assets received from leverage exceeds the cost
of leverage, the Funds’ net income will be greater than if leverage had
not been used. Conversely, if the income from the securities purchased is
not sufficient to cover the cost of leverage, each Fund’s net income will be
less than if leverage had not been used, and therefore the amount avail-
able for distribution to shareholders will be reduced. Each Fund may be
required to sell portfolio securities at inopportune times or at distressed
values in order to comply with regulatory requirements applicable to the
use of leverage or as required by the terms of leverage instruments which
may cause a Fund to incur losses. The use of leverage may limit each
Fund’s ability to invest in certain types of securities or use certain types
of hedging strategies. Each Fund will incur expenses in connection with
the use of leverage, all of which are borne by common shareholders of
each Fund and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, the Funds are permitted
to borrow through their credit facility up to 33 1 / 3 % of their total managed
assets. As of February 28, 2010, the Funds had outstanding leverage from
borrowings as a percentage of their total managed assets as follows:

  Percent of 
  Leverage 
BHL  16% 
DVF  17% 
FRA  15% 
BLW  2% 

10 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Derivative Financial Instruments

The Funds may invest in various derivative instruments, including swaps,
financial futures contracts, foreign currency exchange contracts and
options, as specified in Note 2 of the Notes to Financial Statements,
which constitute forms of economic leverage. Such instruments are used
to obtain exposure to a market without owning or taking physical custody
of securities or to hedge market, interest rate, credit, equity and/or foreign
currency exchange rate risks. Such derivative instruments involve risks,
including the imperfect correlation between the value of a derivative instru-
ment and the underlying asset, possible default of the counterparty to the
transaction or illiquidity of the derivative instrument. The Funds’ ability to

successfully use a derivative instrument depends on the investment
advisor’s ability to accurately predict pertinent market movements, which
cannot be assured. The use of derivative instruments may result in losses
greater than if they had not been used, may require the Funds to sell or
purchase portfolio securities at inopportune times or for distressed values,
may limit the amount of appreciation the Funds can realize on an invest-
ment or may cause the Funds to hold a security that they might otherwise
sell. The Funds’ investments in these instruments are discussed in detail in
the Notes to Financial Statements.

Disclosure of Expenses for Continuously Offered Closed-End Funds

Shareholders of BlackRock Senior Floating Rate Fund, Inc. and
BlackRock Senior Floating Rate Fund II, Inc. may incur the following charges:
(a) expenses related to transactions, including early withdrawal fees; and
(b) operating expenses, including administration fees, and other Fund
expenses. The examples on the previous pages (which are based on a hypo-
thetical investment of $1,000 invested on September 1, 2009 and held
through February 28, 2010) are intended to assist shareholders both in
calculating expenses based on an investment in each Fund and in compar-
ing these expenses with similar costs of investing in other mutual funds.

The tables provide information about actual account values and actual
expenses. In order to estimate the expenses a shareholder paid during
the period covered by this report, shareholders can divide their account
value by $1,000 and then multiply the result by the number corresponding
to their Fund under the heading entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and
hypothetical expenses based on each Fund’s actual expense ratio and an
assumed rate of return of 5% per year before expenses. In order to assist
shareholders in comparing the ongoing expenses of investing in these
Funds and other funds, compare the 5% hypothetical example with the 5%
hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such
as early withdrawal fees. Therefore, the hypothetical examples are useful
in comparing ongoing expenses only, and will not help shareholders deter-
mine the relative total expenses of owning different funds. If these trans-
actional expenses were included, shareholder expenses would have
been higher.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 11


Schedule of Investments February 28, 2010 (Unaudited)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

Common Stocks    Shares           Value 
Capital Markets — 0.2%       
E*Trade Financial Corp. (a)  163,000  $ 262,430 
Total Common Stocks — 0.2%      262,430 
    Par   
Corporate Bonds    (000)   
Aerospace & Defense — 0.3%       
L-3 Communications Corp., 5.88%, 1/15/15  USD  300  301,125 
Airlines — 0.3%       
Delta Air Lines, Inc., Series B, 9.75%, 12/17/16    300  309,000 
Auto Components — 0.0%       
Delphi International Holdings Unsecured, 12.00%,       
10/06/14    13  12,923 
Building Products — 0.3%       
Building Materials Corp. of America, 7.00%, 2/15/20 (b)  375  375,000 
Chemicals — 0.4%       
Hexion Finance Escrow LLC, 8.88%, 2/01/18 (b)    280  261,800 
Nalco Co., 8.25%, 5/15/17 (b)    250  266,875 
      528,675 
Commercial Services & Supplies — 0.5%       
Clean Harbors, Inc., 7.63%, 8/15/16    400  404,000 
The Geo Group, Inc., 7.75%, 10/15/17 (b)    250  253,125 
      657,125 
Communications Equipment — 0.0%       
Brocade Communications Systems, Inc., 6.88%,       
1/15/20 (b)    50  51,000 
Consumer Finance — 0.5%       
Inmarsat Finance Plc, 7.38%, 12/01/17 (b)    575  589,375 
Containers & Packaging — 1.1%       
Berry Plastics Escrow LLC, 8.25%, 11/15/15 (b)    700  698,250 
Crown Americas LLC, 7.63%, 5/15/17 (b)    280  291,200 
Owens-Brockway Glass Container, Inc., 7.38%, 5/15/16    280  289,100 
      1,278,550 
Diversified Financial Services — 2.4%       
CIT Group, Inc., 7.00%, 5/01/17    1,375  1,215,156 
FCE Bank Plc:       
7.13%, 1/16/12  EUR  600  809,804 
7.13%, 1/15/13    50  66,721 
GMAC, Inc., 8.30%, 2/12/15 (b)  USD  850  857,438 
      2,949,119 
Diversified Telecommunication Services — 1.7%       
Cincinnati Bell, Inc., 8.25%, 10/15/17    500  500,000 
PAETEC Holding Corp., 8.88%, 6/30/17 (b)    100  100,624 
Qwest Corp., 8.38%, 5/01/16    640  700,800 
Windstream Corp., 7.88%, 11/01/17    750  733,125 
      2,034,549 
Energy Equipment & Services — 0.4%       
Expro Finance Luxembourg SCA, 8.50%, 12/15/16 (b)    500  497,500 
Food Products — 1.1%       
B&G Foods, Inc., 7.63%, 1/15/18    300  303,000 
Bumble Bee Foods LLC, 7.75%, 12/15/15 (b)    210  210,525 
Smithfield Foods, Inc., 10.00%, 7/15/14 (b)    740  801,050 
      1,314,575 

    Par   
Corporate Bonds    (000)           Value 
Health Care Providers & Services — 0.3%       
DaVita, Inc., 6.63%, 3/15/13  USD  405  $ 406,013 
Health Care Technology — 0.8%       
IMS Health, Inc., 12.50%, 3/01/18 (b)    850  977,500 
Hotels Restaurants & Leisure — 1.1%       
Icahn Enterprises LP (b):       
     7.75%, 1/15/16    375  352,500 
     8.00%, 1/15/18    750  705,000 
MGM Mirage, 11.13%, 11/15/17 (b)    240  259,200 
      1,316,700 
Household Durables — 0.7%       
Beazer Homes USA, Inc., 12.00%, 10/15/17 (b)    715  797,225 
Household Products — 0.1%       
Libbey Glass, Inc., 10.00%, 2/15/15 (b)    65  67,275 
IT Services — 0.3%       
SunGard Data Systems, Inc., 4.88%, 1/15/14    383  357,626 
Independent Power Producers & Energy Traders — 2.7%       
Calpine Construction Finance Co. LP, 8.00%, 6/01/16 (b)  1,165  1,179,562 
Energy Future Holdings Corp., 10.00%, 1/15/20 (b)    400  408,000 
NRG Energy, Inc., 7.25%, 2/01/14    1,700  1,712,750 
      3,300,312 
Media — 2.4%       
Cablevision Systems Corp., Series B, 8.00%, 4/15/12    710  748,162 
Clear Channel Worldwide Holdings, Inc., 9.25%,       
12/15/17 (b)    1,160  1,190,512 
DISH DBS Corp., 7.00%, 10/01/13    425  434,563 
UPC Germany GmbH, 8.13%, 12/01/17 (b)    500  500,000 
      2,873,237 
Paper & Forest Products — 1.9%       
NewPage Corp., 11.38%, 12/31/14    2,205  2,105,775 
Verso Paper Holdings LLC, 11.50%, 7/01/14 (b)    200  210,000 
      2,315,775 
Real Estate Investment Trusts (REITs) — 0.2%       
Omega Healthcare Investors, Inc., 7.50%, 2/15/20 (b)    290  292,900 
Software — 0.1%       
JDA Software Group, Inc., 8.00%, 12/15/14 (b)    82  84,460 
Textiles, Apparel & Luxury Goods — 0.5%       
Levi Strauss & Co., 8.63%, 4/01/13  EUR  450  615,809 
Wireless Telecommunication Services — 1.3%       
Cricket Communications, Inc., 7.75%, 5/15/16  USD  1,500  1,524,375 
Total Corporate Bonds — 21.4%      25,827,723 
Floating Rate Loan Interests (c)       
Aerospace & Defense — 0.7%       
Avio SpA:       
     Facility B2, 2.36%, 12/15/14    2  2,030 
     Facility C2, 2.98%, 12/14/15    2  2,165 
Hawker Beechcraft Acquisition Co. LLC:       
     Letter of Credit Facility Deposit, 2.25%, 3/26/14    23  17,170 
     Term Loan, 2.23% – 2.25%, 3/26/14    393  289,435 

     Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the  CAD  Canadian Dollar  TALF  Term Asset-Backed Securities Loan Facility 
Schedules of Investments, the names and descriptions of  EUR  Euro  USD  US Dollar 
many of the securities have been abbreviated according  GBP  British Pound     
to the following list:         

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Aerospace & Defense (concluded)       
TASC, Inc.:       
     Tranche A Term Loan, 5.50%, 12/18/14  USD  170  $ 170,709 
     Tranche B Term Loan, 5.75%, 12/18/15    330  332,200 
      813,709 
Auto Components — 3.1%       
Affinion Group Holdings, Inc., Tranche B Term Loan,       
 2.73%, 10/17/12    324  314,463 
Allison Transmission, Inc., Term Loan, 2.98% – 3.00%,       
 8/07/14    2,160  1,978,226 
Dana Holding Corp., Term Advance, 4.48% – 6.50%,       
 1/30/15    563  548,176 
Exide Technologies Term Loan, 3.91%, 5/15/12  EUR  150  183,823 
Lear Corp., Loan (Closing Date Loan & Delayed       
 Draw Loan), 7.50%, 11/09/14  USD  759  760,974 
      3,785,662 
Automobiles — 0.6%       
Ford Motor Co., Tranche B-1 Term Loan, 3.24% – 3.26%,       
 12/15/13    743  691,236 
Building Products — 2.6%       
Building Materials Corp. of America:       
     Second Lien Term Loan, 6.00%, 9/15/14    750  738,000 
     Term Loan Advance, 3.00%, 2/22/14    738  718,227 
Goodman Global, Inc., Term Loan, 6.25%, 2/13/14    1,084  1,088,402 
Momentive Performance Materials (Blitz 06-103 GmbH),       
 Tranche B-2 Term Loan, 2.67%, 12/04/13  EUR  495  604,357 
      3,148,986 
Capital Markets — 0.4%       
Nuveen Investments, Inc., Term Loan, 3.25% – 3.32%,       
 11/13/14  USD  523  455,141 
Chemicals — 6.7%       
Ashland Inc., Term B Borrowing, 7.65%, 5/13/14    493  498,714 
Chemtura Corp. Debtor in Possession Return of Capital       
 Term Loan, 6.00%, 1/26/11    850  853,719 
Gentek Holding, LLC, Tranche B Term Loan, 7.00%,       
 10/29/14    500  502,500 
Huish Detergents Inc., Tranche B Term Loan, 2.01%,       
 4/26/14    234  224,915 
Matrix Acquisition Corp. (fka MacDermid, Inc.), Tranche B       
 Term Loan, 2.23%, 4/12/14    1,546  1,372,292 
Nalco Co., Term Loan, 6.50%, 5/13/16    1,219  1,227,407 
PQ Corp. (fka Niagara Acquisition, Inc.), Original       
 Term Loan (First Lien), 3.48% – 3.50%, 7/30/14    1,233  1,128,296 
Rockwood Specialties Group, Inc., Term Loan H, 6.00%,       
 5/15/14    700  702,100 
Solutia Inc., Loan, 7.25%, 2/28/14    732  741,370 
Tronox Worldwide LLC, Tranche B-1 Term Loan, 9.00%,       
 6/24/10    800  820,960 
      8,072,273 
Commercial Services & Supplies — 3.7%       
ARAMARK Corp.:       
     Letter of Credit, 2.11%, 1/26/14    53  50,085 
     US Term Loan, 2.13%, 1/26/14    798  761,571 
Advanced Disposal Services, Inc., Term B Loan, 6.00%,       
 1/14/15    400  400,000 
Alliance Laundry Systems LLC, Term Loan, 2.73%,       
 1/27/12    525  504,219 
Casella Waste Systems, Inc, Term B Loan, 7.00%,       
 4/09/14    561  564,758 
Johnson Diversey, Inc. Term Loan B, 5.50%, 11/24/15    500  503,750 

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Commercial Services & Supplies (concluded)       
Synagro Technologies, Inc., Term Loan (First Lien),       
 2.23%, 4/02/14  USD  982  $ 866,121 
West Corp., Incremental Term B-3 Loan, 7.25%,       
 10/24/13    747  754,023 
      4,404,527 
Construction & Engineering — 1.1%       
Safway First Out Term Loan, 9.00%, 12/14/17    750  750,000 
Welding Services Term Loan B, 9.35%, 12/16/13    548  550,878 
      1,300,878 
Consumer Finance — 1.6%       
DaimlerChrysler Financial Services Americas LLC,       
 Term Loan (First Lien), 4.24%, 8/03/12    1,899  1,875,102 
Containers & Packaging — 2.3%       
Anchor Glass Term Loan B, 6.00%, 2/18/16    700  697,813 
Berry Plastics Holding Corp., Term C Loan, 2.25%,       
 4/03/15    678  606,851 
Graham Packaging Co., LP, B Term Loan, 2.50%,       
 10/07/11    683  673,872 
Smurfit Kappa Acquisitions (JSG):       
     Term B1, 3.77% – 4.37%, 7/16/14  EUR  306  409,740 
     C1 Term Loan Facility, 4.00% – 4.34%, 7/16/15    303  405,447 
      2,793,723 
Diversified Consumer Services — 2.9%       
Coinmach Laundry Corp., Delay Draw Term Loan,       
 3.23% – 3.25%, 11/14/14  USD  248  218,760 
Coinmach Service Corp., Term Loan, 3.26%, 11/14/14    1,474  1,274,737 
Laureate Education Term Loan B, 7.00%, 8/15/14    1,995  1,976,895 
      3,470,392 
Diversified Financial Services — 2.2%       
CIT Group, Inc., Tranche 2A Term Loan, 9.50% – 9.75%,       
 1/20/12    950  973,156 
Reynolds Group Holdings Inc., US Term Loan, 6.25%,       
 11/05/15    1,700  1,710,625 
      2,683,781 
Diversified Telecommunication Services — 2.6%       
Cavtel Holdings, LLC, Term Loan, 10.50%, 12/31/12 (d)    224  191,630 
Hawaiian Telcom Communications, Inc., Tranche C       
 Term Loan, 4.75%, 5/30/14    510  384,086 
Integra Telecom Holdings, Inc., Term Loan (First Lien),       
 10.50%, 8/31/13    587  586,995 
Level 3 Communications Incremental Term Loan, 7.59%,       
 3/13/14    525  473,047 
US Telepacific Corp. Second Lien Term Loan, 7.75%,       
 7/25/15    175  175,328 
Wind Finance SL SA, Euro Facility (Second Lien), 7.67%,       
 12/17/14  EUR  1,000  1,356,190 
      3,167,276 
Electrical Equipment — 0.4%       
Baldor Electric Co., Term Loan, 5.25%, 1/31/14  USD  539  539,322 
Electronic Equipment, Instruments &       
Components — 2.1%       
Flextronics International Ltd.:       
     A Closing Date Loan, 2.48% – 2.50%, 10/01/14    104  97,888 
     Term Loan B, 2.50%, 10/01/12    565  545,102 
L-1 Identity Solutions Operating Co., Term Loan, 6.75%,       
 8/05/13    651  651,023 
Matinvest 2 SAS/ Butterfly Wendel US, Inc. (Deutsche       
 Connector):       
     B-2 Facility, 2.75% , 6/22/14    886  693,122 
     C-2 Facility, 3.00% , 6/22/15    732  572,698 
      2,559,833 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 13


Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Energy Equipment & Services — 0.4%       
MEG Energy Corp., Tranche D Term Loan, 6.00%,       
 12/21/16  USD  499  $ 489,710 
Food & Staples Retailing — 3.0%       
AB Acquisitions UK Topco 2 Ltd. (fka Alliance Boots),       
 Facility B1, 3.54%, 7/09/15  GBP  500  682,987 
Bolthouse Farms, Inc. Term Loan B, 3.75%, 2/04/16  USD  500  500,000 
Pierre Foods Term Loan B, 8.50%, 9/30/14    475  473,812 
Pilot Travel Centers Term Loan B, 3.50%, 11/18/15    1,000  1,004,636 
Rite Aid Corp., Tranche 4 Term Loan, 9.50%, 6/10/15    900  932,400 
      3,593,835 
Food Products — 4.3%       
CII Investment, LLC (fka Cloverhill), Term Loan B, 8.50%,       
 10/14/14    1,068  1,067,857 
Dole Food Co., Inc.:       
     Credit-Linked Deposit, 7.89%, 4/12/13    127  127,425 
     Term Loan B, 3.50%, 2/10/17    441  441,397 
     Term Loan C, 5.50%, 2/10/17    1,059  1,059,353 
     Tranche B Term Loan, 8.00%, 4/12/13    222  221,599 
Pilgrim’s Pride Corp. Term Loan A, 5.29%, 12/01/12    450  443,250 
Pinnacle Foods Finance LLC, Tranche C Term Loan,       
 7.50%, 4/02/14    1,100  1,104,517 
Solvest, Ltd. (Dole), Tranche C Term Loan, 8.00%,       
 4/12/13    719  718,984 
      5,184,382 
Health Care Equipment & Supplies — 1.6%       
Biomet, Inc., Dollar Term Loan, 3.23% – 3.25%, 3/25/15  1,021  987,376 
DJO Finance LLC (ReAble Therapeutics Finance LLC),       
 Term Loan, 3.23%, 5/20/14    885  854,836 
Hologic, Inc., Tranche B Term Loan, 3.50%, 3/29/13    35  34,341 
      1,876,553 
Health Care Providers & Services — 4.9%       
CHS/Community Health Systems, Inc.:       
     Delayed Draw Term Loan, 2.50%, 7/25/14    82  76,796 
     Funded Term Loan, 2.48% – 2.50%, 7/25/14    1,619  1,512,806 
DaVita Inc., Tranche B-1 Term Loan, 1.73% – 1.76%,       
 10/05/12    200  195,325 
Fresenius SE:       
     Tranche B1 Term Loan, 6.75%, 9/10/14    590  592,752 
     Tranche B2 Term Loan, 6.75%, 9/10/14    356  358,049 
HCA Inc., Tranche A-1 Term Loan, 1.75%, 11/16/12    2,117  1,999,143 
Vanguard Health Systems Term Loan B, 5.00%, 1/29/16    1,200  1,201,500 
      5,936,371 
Health Care Technology — 1.1%       
IMS Healthcare Term Loan B, 5.25%, 2/16/16    1,300  1,305,200 
Hotels Restaurants & Leisure — 5.7%       
BLB Worldwide Holdings, Inc. (Wembley, Inc.),       
 First Priority Term Loan, 4.75%, 7/18/11 (a)(e)    1,000  685,000 
Cedar Fair LP Term Loan B, 4.00%, 2/04/16    750  748,829 
Harrah’s Operating Co., Inc.:       
     Term B-2 Loan, 3.25%, 1/28/15    656  529,466 
     Term B-4 Loan, 9.50%, 10/31/16    750  747,917 
Penn National Gaming, Inc., Term Loan B,       
 1.98% – 2.00%, 10/03/12    936  916,960 
QCE, LLC (Quiznos), Term Loan (Second Lien), 2.56%,       
 5/05/13    183  156,492 
SW Acquisitions Co., Inc., Term Loan, 5.75%, 6/01/16    1,000  1,004,375 
Six Flags Theme Parks, Inc. Term Loan, 4.50%, 6/13/15    1,750  1,733,812 
VML US Finance LLC (aka Venetian Macau), Term B:       
     Delayed Draw Project Loan, 4.76%, 5/25/12    151  143,500 
     Funded Project Loan, 4.76%, 5/27/13    266  253,457 
      6,919,808 

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Household Durables — 0.4%       
Jarden Corp., Term Loan B3, 2.75%, 1/24/12  USD  441  $ 437,210 
Household Products — 0.2%       
VI-JON, Inc. (VJCS Acquisition, Inc.), Tranche B       
 Term Loan, 2.23%, 4/24/14    302  289,532 
IT Services — 4.4%       
Amadeus Global Travel Distribution SA:       
     Term Loan B, 2.23%, 5/22/15    955  907,775 
     Term Loan C, 2.73%, 5/22/16    955  907,775 
Ceridian Corp., US Term Loan, 3.23% – 3.25%, 11/09/14  752  657,742 
First Data Corp.:       
     Initial Tranche B-2 Term Loan, 3.00%, 9/24/14    1,022  890,863 
     Initial Tranche B-3 Term Loan, 3.00%, 9/24/14    981  853,480 
SunGard Data Systems, Inc. (Solar Capital Corp.),       
 Incremental Term Loan, 6.75%, 2/28/14    1,042  1,045,930 
      5,263,565 
Independent Power Producers & Energy Traders — 1.4%     
Dynegy Holdings Inc.:       
     Term Letter of Credit Facility Term Loan, 3.98%,       
     4/02/13    486  473,928 
     Tranche B Term Loan, 3.98%, 4/02/13    39  38,151 
Texas Competitive Electric Holdings Co., LLC (TXU),       
 Initial Tranche B-3 Term Loan, 3.73% – 3.75%,       
 10/10/14    1,462  1,169,414 
      1,681,493 
Industrial Conglomerates — 1.1%       
Sequa Corp., Term Loan, 3.51% – 3.94%, 12/03/14    1,389  1,270,284 
Insurance — 0.6%       
Alliant Holdings I, Inc., Term Loan, 3.25%, 8/21/14    732  690,687 
Internet & Catalog Retail — 0.2%       
FTD Group, Inc., Tranche B Term Loan, 6.75%, 8/26/14  211  211,196 
Machinery — 2.6%       
Accuride Term Loan, 10.00%, 1/31/12    460  459,042 
Bucyrus International Term Loan C, 4.50%, 1/26/16    1,000  1,005,300 
LN Acquisition Corp. (Lincoln Industrial):       
     Delayed Draw Term Loan (First Lien), 3.49%, 7/11/14  245  225,727 
     Initial US Term Loan (First Lien), 3.49%, 7/11/14  637  585,769 
Oshkosh Truck Corp., Term B Loan, 6.25% – 6.26%,       
 12/06/13    872  870,942 
      3,146,780 
Media — 22.4%       
Catalina Marketing Corp., Initial Term Loan, 2.98%,       
 10/01/14    443  427,746 
Cengage Learning Acquisitions, Inc. (Thomson Learning),     
 Tranche 1 Incremental Term Loan, 7.50%, 7/03/14  1,890  1,871,500 
Cequel Communications, LLC:       
     Term Loan, 2.25% – 4.25%, 11/05/13    532  503,975 
     Tranche B Term Loan, 6.25%, 5/05/14    1,016  1,017,837 
Charter Communications Operating, LLC, New Term Loan,     
 2.26%, 3/06/14    3,125  2,914,912 
FoxCo Acquisition Sub, LLC, Term Loan, 7.50%, 7/14/15  669  642,160 
HMH Publishing Co. Ltd., Tranche A Term Loan, 5.23%,     
 6/12/14    1,016  855,046 
Hanley-Wood, LLC (FSC Acquisition), Term Loan,       
 2.50% – 2.56%, 3/10/14    739  330,222 
Harland Clarke Holdings Corp. (fka Clarke American       
 Corp.), Tranche B Term Loan, 2.73% – 2.75%, 6/30/14  522  456,600 
Insight Midwest Holdings, LLC, B Term Loan, 2.25%,       
 4/07/14    500  480,078 
Intelsat Corp. (fka PanAmSat Corp.):       
     Tranche B-2-A Term Loan, 2.73%, 1/03/14    241  228,844 
     Tranche B-2-B Term Loan, 2.73%, 1/03/14    241  228,774 
     Tranche B-2-C Term Loan, 2.73%, 1/03/14    241  228,774 

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Defined Opportunity Credit Trust (BHL)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Media (concluded)       
Lamar Media Corp.:       
     Series B Incremental Loan, 5.50% – 5.75%,       
     9/28/12  USD  382  $ 379,472 
     Series E Incremental Loan, 5.50% – 5.75%,       
     3/31/13    705  704,829 
     Term Loan, 5.50% – 5.75%, 9/28/12    942  935,401 
Lavena Holding 3 GmbH (Prosiebensat.1 Media AG):       
     Facility B1, 3.34%, 6/28/15  EUR  1,010  942,428 
     Facility C1, 3.59%, 6/30/16    1,010  942,428 
Local TV Finance, LLC, Term Loan, 2.26%, 5/07/13  USD  225  194,625 
MCC Iowa LLC (Mediacom Broadband Group),       
 Tranche E Term Loan, 6.50%, 1/03/16    1,018  1,025,898 
New Vision Exit Term Loan, 13.00%, 10/01/12    318  319,857 
Newsday, LLC:       
     Fixed Rate Term Loan, 10.50%, 8/01/13    750  801,562 
     Floating Rate Term Loan, 6.50%, 8/01/13    500  501,250 
Nielsen Finance LLC:       
     Class B Dollar Term Loan, 3.98%, 5/01/16    1,359  1,316,272 
     Dollar Term Loan, 2.23%, 8/09/13    246  231,713 
Sinclair Television Group, Inc., Tranche B Term Loan,       
 6.50%, 10/29/15    500  502,500 
Springer Science+Business Media SA, Facility A1,       
 6.75%, 7/01/16  EUR  1,100  1,480,346 
Sunshine Acquisition Ltd. (aka HIT Entertainment),       
 Term Facility, 2.50%, 3/20/12  USD  1,751  1,539,233 
TWCC Holding Corp., Term Loan, 7.25%, 9/14/15    1,387  1,390,920 
UPC Financing Partnership, Facility U, 4.99%,       
 12/31/17  EUR  800  1,014,888 
Virgin Media Investment Holdings Ltd.:       
     B7 Facility, 4.40%, 9/03/12  GBP  223  331,051 
     C Facility, 4.40%, 9/03/12    372  553,389 
     C Facility, 3.58%, 7/17/13    140  199,420 
Worldcolor Press Inc. and Worldcolor (USA) Corp.       
 (fka Quebecor World, Inc.), Advance, 9.00%, 7/23/12  USD  798  805,629 
Yell Group Plc TPI Term Loan A, 7.12%, 8/09/11    750  718,125 
      27,017,704 
Multi-Utilities — 0.3%       
FirstLight Power Resources, Inc. (fka NE Energy, Inc.):       
     Synthetic Letter of Credit, 2.81%, 11/01/13    35  32,767 
     Term B Advance (First Lien), 2.75%, 11/01/13    381  355,912 
      388,679 
Multiline Retail — 2.5%       
Dollar General Corp., Tranche B-1 Term Loan,       
 2.98% – 3.00%, 7/07/14    781  757,236 
Hema Holding BV, Facility D, 5.42%, 1/01/17  EUR  1,800  2,058,823 
The Neiman Marcus Group Inc., Term Loan, 2.26%,       
 4/06/13  USD  185  166,048 
      2,982,107 
Oil, Gas & Consumable Fuels — 0.9%       
Big West Oil, LLC:       
     Delayed Advance Loan, 4.50%, 5/15/14    442  433,618 
     Initial Advance Loan, 4.50%, 5/15/14    352  344,924 
     Initial Advance Loan, 9.75%, 1/26/15    325  326,625 
      1,105,167 
Paper & Forest Products — 0.9%       
Georgia-Pacific LLC, Term Loan B, 2.25% – 2.26%,       
 12/23/12    1,161  1,133,860 
Personal Products — 0.5%       
American Safety Razor Co., LLC:       
     Loan (Second Lien), 6.51%, 1/30/14    500  292,500 
     Term Loan (First Lien), 2.75% – 2.76%, 7/31/13    200  181,148 
Revlon Consumer Products Corp., Term Loan,       
 4.25% – 4.26%, 1/15/12    125  123,008 
      596,656 

  Par   
Floating Rate Loan Interests (c)  (000)  Value 
Pharmaceuticals — 1.6%     
Warner Chilcott Co., LLC, Term A Loan, 5.50%,     
 10/30/14  USD 644 $  643,907 
Warner Chilcott Corp., Term B-1 Loan, 5.75%, 4/30/15  1,300  1,299,875 
    1,943,782 
Professional Services — 0.8%     
Booz Allen Hamilton, Inc., Tranche B Term Loan, 7.50%,     
 7/31/15  988  993,809 
Real Estate Management & Development — 1.0%     
Realogy Corp.:     
     Delayed Draw Term B Loan, 3.25%, 10/10/13  524  461,773 
     Initial Term B Loan, 3.25%, 10/10/13  196  173,247 
     Synthetic LC, 3.23%, 10/10/13  53  46,644 
     Term Loan (Second Lien), 13.50%, 10/15/17  500  543,750 
    1,225,414 
Specialty Retail — 1.2%     
Adesa, Inc. (KAR Holdings, Inc.), Initial Term Loan,     
 2.98%, 10/21/13  326  314,082 
General Nutrition Centers, Inc., Term Loan,     
 2.48% – 2.57%, 9/16/13  275  261,452 
Michaels Stores, Inc.:     
     Term Loan B, 2.50% – 2.56%, 10/31/13  401  360,854 
     Term Loan B-1, 4.75% – 4.81%, 7/31/16  506  481,689 
    1,418,077 
Textiles, Apparel & Luxury Goods — 0.4%     
Hanesbrands Inc., New Term Loan, 5.25%, 12/10/15  500  503,750 
Wireless Telecommunication Services — 2.3%     
Digicel International Finance Ltd., Tranche A, 2.81%,     
 3/30/12  1,579  1,519,967 
MetroPCS Wireless, Inc., Tranche B Term Loan, 2.50%,     
 11/03/13  1,266  1,219,301 
    2,739,268 
Total Floating Rate Loan Interests — 99.7%  120,106,720 
  Beneficial   
  Interest   
Other Interests (f)  (000)   
Auto Components — 0.9%     
Delphi Debtor in Possession Holding Co. LLP, Class B     
 Membership Interests  —(g)  1,067,720 
Total Other Interests — 0.9%    1,067,720 
Total Long-Term Investments     
(Cost — $146,018,527) — 122.2%  147,264,593 
Short-Term Securities  Shares   
BlackRock Liquidity Funds, TempFund, Institutional     
 Class, 0.09% (h)(i)  2,618,127  2,618,127 
Total Short-Term Securities     
(Cost — $2,618,127) — 2.2%    2,618,127 
Total Investments (Cost — $148,636,654*) — 124.4%  149,882,720 
Liabilities in Excess of Other Assets — (24.4)%  (29,374,669) 
Net Assets — 100.0%  $120,508,051 
   * The cost and unrealized appreciation (depreciation) of investments as of   
          February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost  $148,636,654 
       Gross unrealized appreciation  $ 4,177,491 
       Gross unrealized depreciation    (2,931,425) 
       Net unrealized appreciation  $ 1,246,066 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 15


Schedule of Investments (concluded) BlackRock Defined Opportunity Credit Trust (BHL)

(a) Non-income producing security.       
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
  These securities may be resold in transactions exempt from registration to qualified 
  institutional investors.         
(c) Variable rate security. Rate shown is as of report date.   
(d) Represents a payment-in-kind security which may pay interest /dividend in addi- 
  tional par/shares.           
(e) Issuer filed for bankruptcy and/or is in default of interest payments.   
(f) Other interests represent beneficial interest in liquidation trusts and other reorgani- 
  zation entities and are non-income producing.     
(g) Amount is less than $1,000.       
(h) Investments in companies considered to be an affiliate of the Fund, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
            Net   
            Activity  Income 
  BlackRock Liquidity Funds, TempFund,     
  Institutional Class    $ 2,618,127         $ 2,405 
(i) Represents the current yield as of report date.     
  Foreign currency exchange contracts as of February 28, 2010 were as follows: 
              Unrealized 
  Currency    Currency    Settlement Appreciation 
  Purchased    Sold  Counterparty  Date (Depreciation) 
  USD          11,196,400          EUR 7,798,500  Citibank NA  3/24/10 $  578,030 
  GBP  810,500  USD  1,271,847  Citibank NA  4/21/10  (36,487) 
  USD  186,561  GBP  119,500  Citibank NA  4/21/10  4,420 
  USD             2,967,636  GBP  1,833,000          Morgan Stanley   
          Capital Services, Inc.                               4/21/10  173,787 
  Total          $ 719,750 
  For Fund compliance purposes, the Fund’s industry classifications refer to any one 
  or more of the industry sub-classifications used by one or more widely recognized 
  market indexes or rating group indexes, and/or as defined by Fund management. 
  This definition may not apply for purposes of this report, which may combine such 
  industry sub-classifications for reporting ease.     

  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:         
  Level 1 — price quotations inactive markets/exchanges for identical assets 
    and liabilities           
  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 face value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indica- 
  tion of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to the Note 1 of the Notes to Financial Statements. 
  The following tables summarize the inputs used as of February 28, 2010 in deter- 
  mining the fair valuation of the Fund’s investments:       
      Investments in Securities     
  Valuation Inputs  Level 1  Level 2       Level 3  Total 
  Assets:           
  Long-Term           
     Investments:           
  Common Stocks  $ 262,430      — $  262,430 
  Corporate Bonds  —              $ 25,814,800  $ 12,923  25,827,723 
  Floating Rate           
     Loan Interests  —               100,198,281  19,908,439                 120,106,720 
  Other Interests                              1,067,720  1,067,720 
  Short-Term           
     Securities  2,618,127        2,618,127 
  Total  $ 2,880,557             $126,013,081  $20,989,082               $149,882,720 
      Other Financial Instruments1     
  Valuation Inputs  Level 1  Level 2       Level 3  Total 
  Assets                       —  $756,237     $ 7,410 $  763,647 
  Liabilities                         (36,487)    (16,408)  (52,895) 
  Total                         $719,750     $ (8,998) $  710,752 
   1   Other financial instruments are foreign currency exchange contracts and 
    unfunded loan commitments, which are shown at the unrealized appreciation/ 
     depreciation on the instrument.         

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:     
    Investments in Securities   
  Corporate  Floating Rate  Other   
  Bonds  Loan Interests  Interests  Total 
Balance, as of August 31, 2009    $24,495,356    $24,495,356 
Accrued discounts/premiums         
Realized gain (loss)    295,974    295,974 
Change in unrealized appreciation/depreciation2  $ (70)  3,033,712    3,033,642 
Net purchases (sales)    (4,905,004)    (4,905,004) 
Net transfers in/out of Level 3  12,993  (3,011,599)  $1,067,720  (1,930,886) 
Balance, as of February 28, 2010  $ 12,923  $19,908,439  $1,067,720  $20,989,082 
2 Included in the related net change in unrealized appreciation/depreciation on the Statements of Operations. The change in unrealized appreciation/depreciation on securities 
     still held at February 28, 2010 was $859,867.         

       The following table is a reconciliation of Level 3 other financial instruments for which significant 
       unobservable inputs were used to determine fair value:     
  Other Financial 
  Instruments3 
  Assets  Liabilities 
       Balance, as of August 31, 2009  $ 60,517   
       Accrued discounts/premiums     
       Realized gain (loss)     
       Change in unrealized appreciation/depreciation     
       Net purchases (sales)     
       Net transfers in/out of Level 3  (53,107)  $ (16,408) 
       Balance as of February 28, 2010  $ 7,410  $ (16,408) 
3 Other financial instruments are unfunded loan commitments.     
See Notes to Financial Statements.     

16 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments February 28, 2010 (Unaudited)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)
(Percentages shown are based on Net Assets)

    Par   
Asset-Backed Securities    (000)           Value 
North Street Referenced Linked Notes 2000-1 Ltd.,       
 Series 2005-8A, Class D, 14.80%, 6/15/41 (a)(b)  USD  1,350  $ 513,243 
Total Asset-Backed Securities — 0.4%      513,243 
Common Stocks (c)    Shares   
Building Products — 0.7%       
Masonite Worldwide Holdings    20,955  880,110 
Capital Markets — 0.2%       
E*Trade Financial Corp.  143,000  230,230 
Chemicals — 0.1%       
Solutia, Inc.    5,000  70,350 
Wellman Holdings, Inc.    1,613  403 
      70,753 
Construction Materials — 0.0%       
Nortek, Inc.    1,570  58,090 
Electrical Equipment — 0.0%       
Medis Technologies Ltd.  176,126  12,505 
Hotels Restaurants & Leisure — 0.0%       
Buffets Restaurants Holdings, Inc.    688  3,887 
Paper & Forest Products — 1.1%       
Ainsworth Lumber Co. Ltd.  311,678  654,636 
Ainsworth Lumber Co. Ltd. (b)  349,782  734,669 
      1,389,305 
Software — 0.2%       
Euramax International    468  14,025 
TiVo, Inc.    21,000  199,080 
      213,105 
Total Common Stocks — 2.3%      2,857,985 
    Par   
Corporate Bonds    (000)   
Airlines — 0.5%       
Delta Air Lines, Inc., Series B, 9.75%, 12/17/16  USD  300  309,000 
United Air Lines, Inc., 12.75%, 7/15/12    300  318,000 
      627,000 
Auto Components — 0.0%       
Delphi International Holdings Unsecured, 12.00%,       
 10/06/14    13  12,923 
Building Products — 2.5%       
Building Materials Corp. of America, 7.00%,       
 2/15/20 (b)    400  400,000 
CPG International I, Inc., 7.18%, 7/01/12 (a)    2,500  2,375,000 
Ply Gem Industries, Inc., 11.75%, 6/15/13    400  406,000 
      3,181,000 
Capital Markets — 0.7%       
E*Trade Financial Corp., 3.95%, 8/31/19 (b)(d)(e)    83  126,160 
Marsico Parent Co., LLC, 10.63%, 1/15/16 (b)    649  390,211 
Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(f)    276  60,961 
Marsico Parent Superholdco, LLC, 14.50%,       
 1/15/18 (b)(f)    183  31,796 
MU Finance Plc, 8.75%, 2/01/17 (b)  GBP  213  300,425 
      909,553 

    Par   
Corporate Bonds    (000)           Value 
Chemicals — 1.0%       
Hexion Finance Escrow LLC, 8.88%, 2/01/18 (b)  USD  300  $ 280,500 
Wellman Holdings, Inc. (e):       
     Second Lien Subordinate Note, 10.00%,       
     1/29/19 (b)    894  894,000 
     Third Lien Subordinate Note, 5.00%, 1/29/19 (f)    286  143,190 
      1,317,690 
Commercial Banks — 0.2%       
Glitnir Banki HF (c)(g):       
     5.07%, 1/27/10  EUR  100  35,403 
     4.15%, 4/20/10 (b)  USD  65  16,900 
     3.00%, 6/30/10  EUR  120  41,667 
     6.38%, 9/25/12 (b)  USD  365  94,900 
      188,870 
Commercial Services & Supplies — 0.5%       
Clean Harbors, Inc., 7.63%, 8/15/16    400  404,000 
The Geo Group, Inc., 7.75%, 10/15/17 (b)    250  253,125 
      657,125 
Communications Equipment — 0.0%       
Brocade Communications Systems, Inc., 6.88%,       
1/15/20 (b)    50  51,000 
Construction Materials — 0.5%       
Nortek, Inc., 11.00%, 12/01/13    639  670,505 
Consumer Finance — 1.2%       
Credit Acceptance Corp., 9.13%, 2/01/17 (b)    180  179,100 
Ford Motor Credit Co. LLC, 3.00%, 1/13/12 (a)    815  764,062 
Inmarsat Finance Plc, 7.38%, 12/01/17 (b)    600  615,000 
      1,558,162 
Containers & Packaging — 1.6%       
Beverage Packaging Holdings Luxembourg II SA, 8.00%,       
 12/15/16  EUR  185  240,571 
Smurfit Kappa Acquisitions (b):       
     7.25%, 11/15/17    250  333,606 
     7.75%, 11/15/19    240  325,163 
Smurfit Kappa Funding Plc, 7.75%, 4/01/15 (h)  USD  1,000  970,000 
Solo Cup Co., 10.50%, 11/01/13    130  136,175 
      2,005,515 
Diversified Financial Services — 2.6%       
CIT Group, Inc., 7.00%, 5/01/17    1,455  1,285,856 
FCE Bank Plc, 7.13%, 1/16/12  EUR  400  539,869 
GMAC Inc., 5.38%, 6/06/11    110  146,038 
GMAC LLC:       
     7.25%, 3/02/11  USD  37  37,324 
     6.88%, 9/15/11    150  150,000 
     6.75%, 12/01/14    400  382,000 
     8.30%, 2/12/15 (b)    120  121,050 
Reynolds Group DL Escrow, Inc., 7.75%, 10/15/16 (b)    400  405,000 
Reynolds Group Issuer, Inc., 7.75%, 10/15/16 (b)  EUR  200  271,653 
      3,338,790 
Diversified Telecommunication Services — 1.7%       
Cincinnati Bell, Inc., 8.25%, 10/15/17  USD  500  500,000 
PAETEC Holding Corp., 8.88%, 6/30/17    100  100,750 
Qwest Corp., 8.38%, 5/01/16    500  547,500 
Windstream Corp., 7.88%, 11/01/17    1,000  977,500 
      2,125,750 
Energy Equipment & Services — 0.6%       
Expro Finance Luxembourg SCA, 8.50%, 12/15/16 (b)    750  746,250 
Food & Staples Retailing — 0.1%       
Duane Reade, Inc., 11.75%, 8/01/15    80  100,800 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 17


Schedule of Investments (continued)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)
(Percentages shown are based on Net Assets)

    Par   
Corporate Bonds    (000)           Value 
Food Products — 1.0%       
B&G Foods, Inc., 7.63%, 1/15/18  USD  300  $ 303,000 
Bumble Bee Foods LLC, 7.75%, 12/15/15 (b)    220  220,550 
Smithfield Foods, Inc., 10.00%, 7/15/14 (b)    640  692,800 
      1,216,350 
Health Care Providers & Services — 0.4%       
Vanguard Health Holding Co. II LLC, 8.00%,       
 2/01/18 (b)    455  447,037 
Health Care Technology — 0.8%       
IMS Health, Inc., 12.50%, 3/01/18 (b)    890  1,023,500 
Hotels Restaurants & Leisure — 2.4%       
Icahn Enterprises LP (b):       
     7.75%, 1/15/16    500  470,000 
     8.00%, 1/15/18    1,000  940,000 
Little Traverse Bay Bands of Odawa Indians, 10.25%,       
 2/15/14 (b)(c)(g)    800  202,000 
MGM Mirage, 11.13%, 11/15/17 (b)    390  421,200 
Shingle Springs Tribal Gaming Authority, 9.38%,       
 6/15/15 (b)    95  75,525 
Snoqualmie Entertainment Authority, 4.14%,       
 2/01/14 (a)(b)    305  207,400 
Travelport LLC, 4.88%, 9/01/14 (a)    810  753,300 
Tropicana Entertainment LLC, Series WI, 9.63%,       
 12/15/14 (c)(g)    120  75 
      3,069,500 
Household Durables — 0.4%       
Beazer Homes USA, Inc., 12.00%, 10/15/17 (b)    500  557,500 
Household Products — 0.1%       
Libbey Glass, Inc., 10.00%, 2/15/15 (b)    65  67,275 
IT Services — 0.7%       
Alliance Data Systems Corp., 1.75%, 8/01/13 (e)    370  342,250 
SunGard Data Systems, Inc., 4.88%, 1/15/14    549  512,629 
      854,879 
Independent Power Producers & Energy Traders — 2.5%     
AES Eastern Energy LP, Series 99-B, 9.67%, 1/02/29    300  325,125 
Calpine Construction Finance Co. LP, 8.00%,       
 6/01/16 (b)    1,200  1,215,000 
Energy Future Holdings Corp., 10.00%, 1/15/20 (b)    400  408,000 
NRG Energy, Inc., 7.25%, 2/01/14    1,260  1,269,450 
      3,217,575 
Industrial Conglomerates — 1.6%       
Sequa Corp. (b):       
     11.75%, 12/01/15    720  705,600 
     13.50%, 12/01/15 (f)    1,322  1,324,873 
      2,030,473 
Insurance — 0.3%       
USI Holdings Corp., 4.13%, 11/15/14 (a)(b)    490  405,475 
Leisure Equipment & Products — 0.3%       
Brunswick Corp., 11.25%, 11/01/16 (b)    370  411,625 
Machinery — 1.4%       
ESCO Corp., 4.13%, 12/15/13 (a)(b)    920  814,200 
RBS Global, Inc., 8.88%, 9/01/16    505  457,025 
Titan International, Inc., 8.00%, 1/15/12    460  457,700 
      1,728,925 
Marine — 0.2%       
Navios Maritime Holdings, Inc., 8.88%, 11/01/17 (b)    260  264,550 
Media — 5.2%       
Affinion Group, Inc., 10.13%, 10/15/13    820  828,200 
CSC Holdings, Inc., 8.50%, 4/15/14 (b)    180  189,225 
Canadian Satellite Radio Holdings, Inc., 12.75%,       
 2/15/14    3,000  1,800,000 

    Par   
Corporate Bonds    (000)           Value 
Media (concluded)       
Clear Channel Worldwide Holdings, Inc., 9.25%,       
12/15/17 (b)  USD  1,218  $ 1,250,040 
DISH DBS Corp., 7.00%, 10/01/13    375  383,438 
Seat Pagine Gialle SpA, 10.50%, 1/31/17  EUR  434  547,050 
TL Acquisitions, Inc., 10.50%, 1/15/15 (b)  USD  400  364,500 
UPC Germany GmbH, 8.13%, 12/01/17 (b)    1,000  1,000,000 
Virgin Media Secured Finance Plc, 6.50%, 1/15/18 (b)    250  246,250 
      6,608,703 
Metals & Mining — 1.1%       
Aleris International, Inc. (c)(g):       
     9.00%, 12/15/14    370  925 
     10.00%, 12/15/16    500  10,625 
RathGibson, Inc., 11.25%, 2/15/14 (c)(g)    1,390  446,538 
Ryerson, Inc., 7.62%, 11/01/14 (a)    1,075  959,437 
      1,417,525 
Multiline Retail — 0.2%       
Dollar General Corp., 11.88%, 7/15/17 (f)    215  249,937 
Oil, Gas & Consumable Fuels — 0.2%       
OPTI Canada, Inc., 9.00%, 12/15/12 (b)    300  305,250 
Paper & Forest Products — 2.8%       
Ainsworth Lumber Co. Ltd., 11.00%, 7/29/15 (b)(f)    686  510,897 
Clearwater Paper Corp., 10.63%, 6/15/16 (b)    190  210,900 
NewPage Corp.:       
     10.00%, 5/01/12    550  316,250 
     11.38%, 12/31/14    2,070  1,976,850 
Verso Paper Holdings LLC:       
     11.50%, 7/01/14 (b)    160  168,000 
     4.00%, 8/01/14 (a)    455  367,413 
      3,550,310 
Pharmaceuticals — 0.6%       
Angiotech Pharmaceuticals, Inc., 4.00%, 12/01/13 (a)    305  247,050 
Elan Corp. Plc, 8.75%, 10/15/16 (b)    295  286,150 
Novasep Holding SAS, 9.63%, 12/15/16  EUR  137  172,556 
      705,756 
Real Estate Investment Trusts (REITs) — 0.2%       
Omega Healthcare Investors, Inc., 7.50%, 2/15/20 (b)  USD  310  313,100 
Semiconductors & Semiconductor Equipment — 0.7%       
Spansion, Inc., 3.79%, 6/01/13 (b)(c)(g)    830  821,700 
Software — 0.0%       
BMS Holdings, Inc., 7.89%, 2/15/12 (b)(f)    488  9,759 
Specialty Retail — 0.3%       
United Auto Group, Inc., 7.75%, 12/15/16    355  338,581 
Wireless Telecommunication Services — 2.0%       
Cricket Communications, Inc., 7.75%, 5/15/16    1,000  1,016,250 
Digicel Group Ltd., 9.13%, 1/15/15 (b)(f)    1,129  1,100,775 
iPCS, Inc., 2.37%, 5/01/13 (a)    200  184,000 
Orascom Telecom Finance SCA, 7.88%, 2/08/14 (b)    325  286,000 
      2,587,025 
Total Corporate Bonds — 39.1%      49,693,243 
Floating Rate Loan Interests (a)       
Aerospace & Defense — 0.9%       
Hawker Beechcraft Term Loan B, 10.50%, 3/26/14    125  113,855 
TASC, Inc.:       
     Tranche A Term Loan, 5.50%, 12/18/14    340  341,417 
     Tranche B Term Loan, 5.75%, 12/18/15    660  664,400 
      1,119,672 

See Notes to Financial Statements.

18 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (a)    (000)           Value 
Auto Components — 2.8%       
Affinion Group Holdings, Inc., Tranche B Term Loan,       
 2.73%, 10/17/12  USD  325  $ 315,412 
Allison Transmission, Inc., Term Loan, 2.98% – 3.00%,       
 8/07/14    1,920  1,758,055 
Dana Holding Corp., Term Advance, 4.48% – 6.50%,       
 1/30/15    622  606,296 
Exide Technologies Term Loan, 3.91%, 5/15/12  EUR  150  183,824 
Lear Corp., Loan (Closing Date Loan & Delayed       
 Draw Loan), 7.50%, 11/09/14  USD  703  704,584 
      3,568,171 
Automobiles — 0.9%       
Ford Motor Co., Tranche B-1 Term Loan, 3.24% – 3.26%,       
 12/15/13    1,218  1,134,833 
Beverages — 0.2%       
Culligan International Co., Loan (Second Lien), 5.18%,       
 4/24/13  EUR  500  281,409 
Building Products — 2.1%       
Building Materials Corp. of America:       
     Second Lien Term Loan, 6.00%, 9/15/14  USD  750  738,000 
     Term Loan Advance, 3.00%, 2/22/14    748  728,487 
Goodman Global, Inc., Term Loan, 6.25%, 2/13/14    1,172  1,176,650 
      2,643,137 
Chemicals — 4.4%       
Ashland Inc., Term B Borrowing, 7.65%, 5/13/14    274  277,063 
Chemtura Corp. Debtor in Possession Return of Capital       
 Term Loan, 6.00%, 1/26/11    800  803,500 
Edwards (Cayman Islands II) Ltd., Term Loan (First Lien),       
 2.25%, 5/31/14    275  218,878 
Gentek Holding, LLC, Tranche B Term Loan, 7.00%,       
 10/29/14    400  402,000 
Huish Detergents Inc., Tranche B Term Loan, 2.01%,       
 4/26/14    241  231,038 
Matrix Acquisition Corp. (MacDermid, Inc.),       
 Tranche C Term Loan, 2.63%, 12/15/13  EUR  248  275,385 
Nalco Co., Term Loan, 6.50%, 5/13/16  USD  622  626,228 
PQ Corp. (fka Niagara Acquisition, Inc.), Original       
 Term Loan (First Lien), 3.48% – 3.50%, 7/30/14    493  450,638 
Rockwood Specialties Group, Inc., Term Loan H, 6.00%,       
 5/15/14    725  727,175 
Solutia Inc., Loan, 7.25%, 2/28/14    734  743,232 
Tronox Worldwide LLC, Tranche B-1 Term Loan, 9.00%,       
 6/24/10    800  820,960 
      5,576,097 
Commercial Services & Supplies — 2.8%       
ARAMARK Corp.:       
     LC Facility Letter of Credit, 2.11%, 1/26/14    39  37,004 
     US Term Loan, 2.13%, 1/26/14    590  562,670 
Advanced Disposal Services, Inc., Term B Loan, 6.00%,       
 1/14/15    500  500,000 
Casella Waste Systems, Inc, Term B Loan, 7.00%,       
 4/09/14    398  400,488 
Johnson Diversey, Inc. Term Loan B, 5.50%, 11/24/15    425  428,187 
Synagro Technologies, Inc., Term Loan (First Lien),       
 2.23%, 4/02/14    721  635,947 
West Corp., Incremental Term B-3 Loan, 7.25%,       
 10/24/13    996  1,005,524 
      3,569,820 
Construction & Engineering — 1.2%       
Safway First Out Term Loan, 9.00%, 12/14/17    800  800,000 
Welding Services Term Loan B, 9.35%, 12/16/13    747  751,197 
      1,551,197 

    Par   
Floating Rate Loan Interests (a)    (000)           Value 
Consumer Finance — 1.5%       
DaimlerChrysler Financial Services Americas LLC,       
 Term Loan (First Lien), 4.24%, 8/03/12  USD  1,970  $ 1,944,701 
Containers & Packaging — 1.3%       
Anchor Glass Term Loan B, 6.00%, 2/18/16    675  668,250 
Berry Plastics Holding Corp., Term C Loan, 2.25%, 4/03/15  579  517,608 
Graham Packaging Co., LP, B Term Loan, 2.50%, 10/07/11  432  426,510 
      1,612,368 
Diversified Consumer Services — 2.9%       
Coinmach Service Corp., Term Loan, 3.25%, 11/14/14    1,719  1,487,193 
Laureate Education Term Loan B, 7.00%, 8/15/14    2,146  2,126,153 
      3,613,346 
Diversified Financial Services — 1.2%       
CIT Group, Inc., Tranche 2A Term Loan, 9.50% – 9.75%,       
 1/20/12 (f)    890  911,694 
Reynolds Group Holdings Inc., US Term Loan, 6.25%,       
 11/05/15    600  603,750 
      1,515,444 
Diversified Telecommunication Services — 2.1%       
Cavtel Holdings, LLC, Term Loan, 10.50%, 12/31/12    323  276,798 
Hawaiian Telcom Communications, Inc., Tranche C       
 Term Loan, 4.75%, 5/30/14    1,531  1,152,257 
Integra Telecom Holdings, Inc., Term Loan (First Lien),       
 10.50%, 8/31/13    546  545,459 
Level 3 Communications Incremental Term Loan, 7.59%,       
 3/13/14    550  495,573 
US Telepacific Corp. Second Lien Term Loan, 7.75%,       
 7/25/15    225  225,422 
      2,695,509 
Electrical Equipment — 0.6%       
Baldor Electric Co., Term Loan, 5.25%, 1/31/14    711  712,341 
Energy Equipment & Services — 0.4%       
MEG Energy Corp., Tranche D Term Loan, 6.00%,       
 4/03/16    547  537,026 
Food & Staples Retailing — 3.7%       
AB Acquisitions UK Topco 2 Ltd. (fka Alliance Boots),       
 Facility B1, 3.54%, 7/09/15  GBP  750  1,024,480 
Bolthouse Farms, Inc. Term Loan B, 3.75%, 2/04/16  USD  550  550,000 
Pierre Foods Term Loan B, 8.50%, 9/30/14    304  303,240 
Pilot Travel Centers Term Loan B, 3.50%, 11/18/15    1,500  1,506,954 
Rite Aid Corp., Tranche 4 Term Loan, 9.50%, 6/10/15    900  932,400 
SUPERVALU Inc., Term B Advance, 1.48%, 6/02/12    331  321,020 
      4,638,094 
Food Products — 3.8%       
CII Investment, LLC (fka Cloverhill), Term Loan B, 8.50%,       
 10/14/14    904  903,571 
Dole Food Co., Inc.:       
     Credit-Linked Deposit, 7.89%, 4/12/13    86  86,311 
     Term Loan B, 3.50%, 2/10/17    441  441,397 
     Term Loan C, 5.50%, 2/10/17    1,059  1,059,353 
     Tranche B Term Loan, 8.00%, 4/12/13    150  150,099 
Pilgrim's Pride Corp. Term Loan A, 5.29%, 12/01/12    500  492,500 
Pinnacle Foods Finance LLC, Tranche C Term Loan,       
 7.50%, 4/02/14    1,200  1,204,928 
Solvest, Ltd. (Dole), Tranche C Term Loan, 8.00%,       
 4/12/13    487  487,000 
      4,825,159 
Health Care Equipment & Supplies — 1.0%       
Biomet, Inc., Dollar Term Loan, 3.23% – 3.25%,       
 3/25/15  USD  672  649,587 
DJO Finance LLC (ReAble Therapeutics Finance LLC),       
 Term Loan, 3.23%, 5/20/14    664  641,127 
Hologic, Inc., Tranche B Term Loan, 3.50%, 3/29/13    35  34,341 
      1,325,055 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 19


Schedule of Investments (continued)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (a)    (000)           Value 
Health Care Providers & Services — 4.0%       
CCS Medical, Inc. (Chronic Care), Loan (Debtor in       
 Possession), 13.00%, 3/31/10  USD  31  $ 31,247 
CHS/Community Health Systems, Inc.:       
     Delayed Draw Term Loan, 2.50%, 7/25/14    97  90,610 
     Funded Term Loan, 2.48% -2.50%, 7/25/14    1,894  1,769,921 
DaVita Inc., Tranche B-1 Term Loan, 1.73% – 1.76%,       
 10/05/12    300  292,988 
Fresenius SE:       
     Tranche B1 Term Loan, 6.75%, 9/10/14    99  99,832 
     Tranche B2 Term Loan, 6.75%, 9/10/14    69  69,658 
HCA Inc.:       
     Tranche A-1 Term Loan, 1.75%, 11/16/12    1,482  1,399,840 
     Tranche B-1 Term Loan, 2.50%, 11/18/13    387  367,453 
Vanguard Health Systems Term Loan B, 5.00%, 1/29/16  1,000  1,001,250 
      5,122,799 
Health Care Technology — 1.0%       
IMS Healthcare Term Loan B, 5.25%, 2/16/16    1,200  1,204,800 
Hotels Restaurants & Leisure — 5.1%       
Cedar Fair LP Term Loan B, 4.00%, 2/04/16    750  748,828 
Green Valley Ranch Gaming, LLC, Loan (Second Lien),     
 3.50%, 8/16/14    500  50,000 
Harrah's Operating Co., Inc., Term B-4 Loan, 9.50%,       
 10/31/16    1,500  1,495,833 
Lake at Las Vegas Joint Venture / LLV-1, LLC (c)(g):       
     Mezzanine, 20.00%, 10/01/10    2  25 
     Revolving Loan Credit-Linked Deposit Account,       
     14.35%, 6/20/12    120  1,204 
     Term Loan, 14.35%, 6/20/12    1,312  13,114 
QCE, LLC (Quiznos), Term Loan (Second Lien), 2.56%,     
 5/05/13    172  147,062 
SW Acquisitions Co., Inc., Term Loan, 5.75%, 6/01/16  1,000  1,004,375 
Six Flags Theme Parks, Inc. Term Loan, 4.50%, 6/13/15  1,750  1,733,812 
Universal City Development Term Loan B, 7.75%,       
 11/06/14    750  754,219 
VML US Finance LLC (aka Venetian Macau) Term B:       
     Delayed Draw Project Loan, 4.76%, 5/25/12    64  60,525 
     Funded Project Loan, 4.76%, 5/27/13    458  436,016 
      6,445,013 
Household Durables — 0.8%       
American Residential Services LLC, Term Loan       
 (Second Lien), 12.00%, 4/17/15 (f)    1,030  991,654 
IT Services — 3.3%       
Audio Visual Services Group, Inc.:       
     Loan (Second Lien) 5.76%, 8/28/14    539  53,852 
     Tranche B Term Loan (First Lien), 2.51%, 2/28/14  746  522,328 
Ceridian Corp., US Term Loan, 3.23% – 3.25%,       
 11/09/14    989  864,426 
First Data Corp.:       
     Initial Tranche B-2 Term Loan, 3.00%, 9/24/14    2,123  1,851,073 
     Initial Tranche B-3 Term Loan, 3.00%, 9/24/14    121  104,942 
SunGard Data Systems, Inc. (Solar Capital Corp.):       
     Incremental Term Loan, 6.75%, 2/28/14    497  499,222 
     Tranche B US Term Loan, 3.86% – 3.87%, 2/28/16  323  314,438 
      4,210,281 
Independent Power Producers & Energy Traders — 1.4%     
Dynegy Holdings Inc.:       
     Term Letter of Credit Facility Term Loan, 3.98%,       
     4/02/13    694  677,261 
     Tranche B Term Loan, 3.98%, 4/02/13    56  54,519 
Texas Competitive Electric Holdings Co., LLC (TXU):       
     Initial Tranche B-1 Term Loan, 3.73% – 3.75%,       
     10/10/14    1,097  881,518 
     Initial Tranche B-2 Term Loan, 3.73% – 3.75%,       
     10/10/14    231  185,477 
      1,798,775 

    Par   
Floating Rate Loan Interests (a)    (000)           Value 
Industrial Conglomerates — 0.4%       
Sequa Corp., Term Loan, 3.51% -3.94%, 12/03/14  USD  522  $ 477,602 
Insurance — 0.4%       
Alliant Holdings I, Inc., Term Loan, 3.25%, 8/21/14    489  461,258 
Internet & Catalog Retail — 0.3%       
FTD Group, Inc., Tranche B Term Loan, 6.75%, 8/26/14    422  422,391 
Machinery — 1.9%       
Accuride Term Loan, 10.00%, 1/31/12    460  459,042 
Bucyrus International Term Loan C, 4.50%, 1/26/16    1,000  1,005,300 
Oshkosh Truck Corp., Term B Loan, 6.25% – 6.26%,       
 12/06/13    999  998,059 
      2,462,401 
Media — 18.8%       
Affinion Group Holdings, Inc., Loan, 7.89%, 3/01/12 (f)    864  816,416 
Cengage Learning Acquisitions, Inc. (Thomson Learning),       
 Tranche 1 Incremental Term Loan, 7.50%, 7/03/14    1,495  1,480,000 
Cequel Communications, LLC:       
     Term Loan, 2.25% – 4.25%, 11/05/13    283  267,988 
     Tranche A Term Loan, (Second Lien)4.75%, 5/05/14    2,000  1,948,200 
Charter Communications Operating, LLC, New Term Loan,       
 2.23%, 3/06/14    3,200  2,984,870 
EB Sports Corp., Loan, 11.50%, 5/01/12    428  397,803 
Ellis Communications KDOC, LLC, Loan, 10.00%,       
 12/30/11    1,939  543,007 
HMH Publishing Co. Ltd.:       
     Mezzanine, 17.50%, 11/14/14 (f)    252  31,102 
     Tranche A Term Loan, 5.23%, 6/12/14    800  672,786 
Hanley-Wood, LLC (FSC Acquisition), Term Loan,       
 2.50% – 2.56%, 3/10/14    744  332,449 
Insight Midwest Holdings, LLC, B Term Loan, 2.25%,       
 4/07/14    475  456,074 
Intelsat Corp. (fka PanAmSat Corp.):       
     Tranche B-2-A Term Loan, 2.73%, 1/03/14    166  158,061 
     Tranche B-2-B Term Loan, 2.73%, 1/03/14    166  158,013 
     Tranche B-2-C Term Loan, 2.73%, 1/03/14    166  158,013 
Lamar Media Corp.:       
     Series B Incremental Loan, 5.50% – 5.75%,       
     9/28/12    540  535,725 
     Series E Incremental Loan, 5.50% – 5.75%,       
     3/31/13    235  234,943 
     Term Loan, 5.50% – 5.75%, 9/28/12    1,155  1,146,516 
Lavena Holding 3 GmbH (Prosiebensat.1 Media AG),       
 Facility B1, 3.34%, 6/30/15  EUR  337  314,143 
Mediacom Illinois, LLC (fka Mediacom       
 Communications, LLC), Tranche D Term Loan,       
 5.50%, 3/31/17  USD  499  498,122 
Newsday, LLC, Fixed Rate Term Loan, 10.50%, 8/01/13    2,000  2,137,500 
Nielsen Finance LLC:       
     Class B Dollar Term Loan, 3.98%, 5/01/16    1,028  995,348 
     Dollar Term Loan, 2.23%, 8/09/13    590  555,627 
Penton Media, Inc.:       
     Loan (Second Lien), 9.25%, 2/01/14 (c)(g)    1,000  133,333 
     Term Loan (First Lien), 2.48% – 2.50%, 2/01/13    973  709,925 
Sinclair Television Group, Inc., Tranche B Term Loan,       
 6.50%, 10/29/15    750  753,750 
Springer Science+Business Media SA, Facility A1,       
 6.75%, 7/01/16  EUR  1,000  1,345,769 
Sunshine Acquisition Ltd. (aka HIT Entertainment),       
 Term Facility, 2.50%, 3/20/12  USD  825  725,313 
TWCC Holding Corp., Term Loan, 7.25%, 9/14/15    494  494,980 
United Pan Europe Communications, Term Loan, 3.93%,       
 12/30/16    1,000  972,000 
Virgin Media Investment Holdings Ltd., C Facility, 3.58%,       
 7/17/13  GBP  570  811,923 

See Notes to Financial Statements.

20 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Diversified Income Strategies Fund, Inc. (DVF)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (a)    (000)           Value 
Media (concluded)       
Worldcolor Press Inc. and Worldcolor (USA) Corp.       
 (fka Quebecor World, Inc.), Advance, 9.00%, 7/23/12  USD  349  $ 352,771 
Yell Group Plc TPI Term Loan A, 7.12%, 8/09/11    750  718,125 
      23,840,595 
Metals & Mining — 1.7%       
Euramax International, Inc., Domestic Term Loan:       
     10.00%, 6/29/13    643  521,067 
     14.00%, 6/29/13 (f)    659  533,769 
RathGibson, Inc., Loan (Debtor in Possession), 10.75%,       
 6/30/10    1,148  1,147,507 
      2,202,343 
Multi-Utilities — 0.4%       
FirstLight Power Resources, Inc. (fka NE Energy, Inc:       
     Synthetic Letter of Credit, 2.81%, 11/01/13    46  42,597 
     Term B Advance (First Lien), 2.75%, 11/01/13    496  462,685 
      505,282 
Multiline Retail — 1.9%       
Dollar General Corp., Tranche B-2 Term Loan, 2.98%,       
 7/07/14    640  615,941 
Hema Holding BV, Facility D, 5.42%, 1/01/17  EUR  1,400  1,601,307 
The Neiman Marcus Group Inc., Term Loan, 2.26%,       
 4/06/13  USD  195  175,024 
      2,392,272 
Oil, Gas & Consumable Fuels — 1.8%       
Big West Oil, LLC:       
     Delayed Advance Loan, 4.50%, 5/15/14    363  355,418 
     Initial Advance Loan, 4.50%, 5/15/14    288  282,559 
     Initial Advance Loan, 9.75%, 1/26/15    325  326,625 
Turbo Beta Ltd., Dollar Facility, 14.50%, 3/15/18 (f)    1,760  1,320,358 
      2,284,960 
Paper & Forest Products — 0.6%       
Georgia-Pacific LLC, Term Loan B, 2.25% – 2.26%,       
 12/23/12    738  721,118 
Personal Products — 0.4%       
American Safety Razor Co., LLC:       
     Loan (Second Lien), 6.51%, 1/30/14    325  190,125 
     Term Loan (First Lien), 2.75% – 2.76%, 7/31/13    225  203,777 
Revlon Consumer Products Corp., Term Loan,       
 4.25% – 4.26%, 1/15/12    150  147,610 
      541,512 
Pharmaceuticals — 1.3%       
Warner Chilcott Co., LLC, Term A Loan, 5.50%, 10/30/14    542  542,237 
Warner Chilcott Corp., Term B-1 Loan, 5.75%, 4/30/15    1,153  1,152,279 
      1,694,516 
Professional Services — 0.8%       
Booz Allen Hamilton, Inc., Term Loan C, 6.00%, 7/31/15    1,000  1,003,125 
Real Estate Management & Development — 1.0%       
Realogy Corp.:       
     Delayed Draw Term B Loan, 3.25%, 10/10/13    549  483,763 
     Initial Term B Loan, 3.25%, 10/10/13    196  173,247 
     Synthetic Letter of Credit, 3.23%, 10/10/13    53  46,643 
     Term Loan (Second Lien), 13.50%, 10/15/17    500  543,750 
      1,247,403 
Specialty Retail — 0.6%       
Michaels Stores, Inc.:       
     Term Loan B, 2.50% – 2.56%, 10/31/13    280  252,095 
     Term Loan B-1, 4.75% – 4.81%, 7/31/16    516  491,915 
      744,010 
Textiles, Apparel & Luxury Goods — 0.3%       
Hanesbrands Inc., New Term Loan, 5.25%, 12/10/15    400  403,000 

  Par   
Floating Rate Loan Interests (a)  (000)  Value 
Wireless Telecommunication Services — 0.7%     
Digicel International Finance Ltd., Tranche A, 2.81%,     
 3/30/12  USD 175  $ 168,438 
MetroPCS Wireless, Inc., Tranche B Term Loan, 2.50%,     
 11/03/13  748  720,716 
    889,154 
Total Floating Rate Loan Interests — 82.7%    104,929,643 
  Beneficial   
  Interest   
Other Interests (i)  (000)   
Auto Components — 0.9%     
Delphi Debtor in Possession Holding Co. LLP, Class B     
 Membership Interests  —(j)  1,067,720 
Intermet Liquidating Trust, Class A  417  121,477 
    1,189,197 
Diversified Financial Services — 0.5%     
J.G. Wentworth LLC Preferred Equity Interests  —(j)  573,521 
Hotels Restaurants & Leisure — 0.0%     
Buffets, Inc.  360  36 
Household Durables — 0.3%     
Stanley Martin, Class B Memebership Units  1  375,000 
Total Other Interests — 1.7%    2,137,754 
Warrants (k)  Shares   
Hotels Restaurants & Leisure — 0.0%     
Buffets Restaurants Holdings, Inc. (expires 4/29/14)  304  3 
Oil, Gas & Consumable Fuels — 0.0%     
Turbo Cayman Ltd. (no expiration)  1   
Total Warrants — 0.0%    3 
Total Long-Term Investments     
(Cost — $180,489,619) — 126.2%    160,131,871 
Short-Term Securities     
BlackRock Liquidity Funds, TempFund, Institutional     
 Class 0.09% (l)(m)  1,615,121  1,615,121 
Total Short-Term Securities     
(Cost — $1,615,121) — 1.3%    1,615,121 
Options Purchased  Contracts   
Over-the-Counter Call Options — 0.0%     
Marsico Parent Superholdco LLC,     
 Strike Price $942.86, Expires 12/21/19,     
 Broker Goldman Sachs Bank USA  13  2,470 
Total Options Purchased (Cost — $12,711) — 0.0%    2,470 
Total Investments (Cost — $182,117,451*) — 127.5%    161,749,462 
Liabilities in Excess of Other Assets — (27.5)%    (34,852,999) 
Net Assets — 100.0%    $126,896,463 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 21


Schedule of Investments (continued) BlackRock Diversified Income Strategies Fund, Inc. (DVF)

 * The cost and unrealized appreciation (depreciation) of investments as of 
  February 28, 2010, as computed for federal income tax purposes, were as follows: 
  Aggregate cost            $182,793,594 
  Gross unrealized appreciation        $ 4,887,935 
  Gross unrealized depreciation        (25,868,167) 
  Net unrealized depreciation        $ (20,980,232) 
(a) Variable rate security. Rate shown is as of report date.     
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
  These securities may be resold in transactions exempt from registration to qualified 
  institutional investors.           
(c) Non-income producing security.         
(d) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
  report date.             
(e) Convertible security.           
 (f) Represents a payment-in-kind security which may pay interest/dividends in 
  additional face/shares.           
(g) Issuer filed for bankruptcy and/or is in default of interest payments.   
(h) All or a portion of security has been pledged as collateral in connection with swaps. 
 (i) Other interests represent beneficial interest in liquidation trusts and other reorgani- 
  zation entities and are non-income producing.     
 (j) Amount is less than $1,000.         
(k) Warrants entitle the Fund to purchase a predetermined number of shares of com- 
  mon stock and are non-income producing. The purchase price and number of 
  shares are subject to adjustment under certain conditions until the expiration date. 
 (l) Investments in companies considered to be an affiliate of the Fund, for purposes of 
  Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
                Net   
  Affiliate          Activity  Income 
  BlackRock Liquidity Funds, TempFund,         
     Institutional Class      $ (756,457)  $2,200 
(m) Represents the current yield as of report date.     
   Foreign currency exchange contracts as of February 28, 2010 were as follows: 
  Currency  Currency       Settlement Unrealized 
  Purchased    Sold    Counterparty  Date  Appreciation 
  USD       6,887,624 EUR       4,822,000    Citibank NA  3/24/10  $ 322,031 
  USD  693,072  CAD  725,000      Goldman Sachs   
              International  4/21/10  4,104 
  USD  156,898  GBP  100,500    Citibank NA  4/21/10  3,717 
  USD  337,184  GBP  209,000  Deutsche Bank AG          4/21/10  18,627 
  USD       1,062,877 GBP  656,500        Morgan Stanley   
              Capital     
              Service, Inc.  4/21/10  62,243 
  Total                $ 410,722 
   Interest rate swaps outstanding as of February 28, 2010 were as follows: 
                Notional  
  Fixed    Floating        Amount  Unrealized 
  Rate    Rate  Counterparty             Expiration    (000)  Depreciation 
  4.82%1  3-month  JPMorgan       January     
      LIBOR  Chase Bank NA  2013  USD 20,000  $ (1,842,608) 
   1 Pays fixed interest rate and receives floating rate.     

  Credit default swaps on single-name issues — buy protection outstanding as of 
  February 28, 2010 were as follows:           
      Pay          Notional   
      Fixed         Amount  Unrealized 
  Issuer  Rate     Counterparty        Expiration  (000)  Depreciation 
  Brunswick  5.00%              Goldman Sachs                           September                  USD 100                                     $ (2,826) 
   Corp.         Bank USA             2014     
  Credit default swaps on trade index — sold protection outstanding as of 
  February 28, 2010 were as follows:           
      Receive          Notional   
      Fixed  Counter-      Credit     Amount  Unrealized 
  Index  Rate             party                  Expiration                   Rating2  (000)3  Depreciation 
  Aces High  5.00%  Morgan  March  CCC      USD 6,736  $ (148,600) 
   Yield Index    Stanley  2010       
        Capital           
        Services, Inc.           
  Credit default swaps on single-name issues — sold protection outstanding as of 
  February 28, 2010 were as follows:           
      Receive          Notional   
      Fixed  Counter-      Credit  Amount  Unrealized 
  Issuer  Rate           party                 Expiration             Rating4  (000)3  Depreciation 
  BAA  2.00%                     Deutsche            March  A–  GBP 300  $ (31,565) 
   Ferrovial    Bank AG  2012       
   Junior Term               
   Loan               
   2  Using Standard & Poor’s weighted average ratings of the underlying securities 
     in the index.             
   3  The maximum potential amount the Fund may pay should a negative credit 
    event take place under the terms of the agreement. See Note 2 of the Notes to 
     Financial Statements.           
   4   Using Standard & Poor’s rating of the issuer.     
  For Fund compliance purposes, the Fund's industry classifications refer to any one 
  or more of the industry sub-classifications used by one or more widely recognized 
  market indexes or rating group indexes, and/or as defined by Fund management. 
  This definition may not apply for purposes of this report, which may combine such 
  industry sub-classifications for reporting ease.     
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:           
  Level 1 — price quotations inactive markets/exchanges for identical assets 
    and liabilities             
  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 face value of investments) 
  The inputs or methodologies used for valuing securities are not necessarily an indi- 
  cation of the risk associated with investing in those securities. For information about 
  the Fund’s policy regarding valuation of investments and other significant accounting 
  policies, please refer to the Note 1 of the Notes to Financial Statements. 

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded) BlackRock Diversified Income Strategies Fund, Inc. (DVF)

The following tables summarize the inputs used as of February 28, 2010 in deter- 
mining the fair valuation of the Fund’s investments:       
Investments in Securities

Valuation Inputs  Level 1  Level 2  Level 3    Total 
Assets:           
Long-Term           
   Investments:           
Asset-Backed           
   Securities    — $  513,243  $ 513,243 
Common Stocks  $ 2,050,798  $ 734,669  72,518    2,857,985 
Corporate Bonds    48,607,728  1,085,515    49,693,243 
Floating Rate           
   Loan Interests    83,082,162  21,847,481  104,929,643 
Other Interests      2,137,754    2,137,754 
Warrants      3    3 
Short-Term           
   Securities  1,615,121        1,615,121 
Total  $ 3,665,919  $132,424,559   $ 25,656,514  $161,746,992 
Other Financial Instruments1

Valuation Inputs  Level 1  Level 2  Level 3    Total 
Assets    $ 413,192 $  3,737  $ 416,929 
Liabilities    (2,025,599)  (16,408)    (2,042,007) 
Total    $ (1,612,407) $       (12,671) $  (1,625,078) 
1 Other financial instruments are swaps, foreign currency exchange contracts, 
     options and unfunded loan commitments. Swaps, foreign currency exchange 
      contracts and unfunded loan commitments are shown at the unrealized appre- 
     ciation/depreciation on the instrument and options are shown at value. 

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:     
      Investments in Securities     
  Asset-Backed  Common  Corporate  Floating Rate  Other     
  Securities  Stocks  Bonds  Loan Interests  Interests  Warrants  Total 
Balance, as of August 31, 2009  $ 528,255  $ 5,436  $ 1,033,683  $25,553,048  $ 228,602  $ 3  $27,349,027 
Accrued discounts/premiums               
Realized gain (loss)      (4,207)  (5,829,137)  (7,383)    (5,840,727) 
Change in unrealized appreciation/depreciation2  (15,012)  13,808  4,207  9,588,838  352,338    9,944,179 
Net purchases (sales)      3,506  (9,421,534)      (9,418,028) 
Net transfers in/out of Level 3    53,274  48,326  1,956,266  1,564,197    3,622,063 
Balance, as of February 28, 2010  $ 513,243  $ 72,518  $ 1,085,515  $21,847,481  $ 2,137,754  $ 3  $25,656,514 
2 Included in the related net change in unrealized appreciation/depreciation on the Statements of Operations. The change in unrealized appreciation/depreciation on securities 
     still held at February 28, 2010 was $6,059,889.               

The following table is a reconciliation of Level 3 other financial instruments for which significant 
unobservable inputs were used to determine fair value:     
  Other Financial Instruments3 
  Assets  Liabilities 
Balance, as of August 31, 2009  $ 38,010   
Accrued discounts/premiums     
Realized gain (loss)     
Change in unrealized appreciation/depreciation     
Net purchases (sales)     
Net transfers in/out of Level 3  (34,273)  $ (16,408) 
Balance as of February 28, 2010  $ 3,737  $ (16,408) 
 3 Other financial instruments are unfunded loan commitments.     

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 23


Schedule of Investments February 28, 2010 (Unaudited)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

Common Stocks (a)    Shares           Value 
Building Products — 0.6%       
Masonite Worldwide Holdings  USD  33,758  $ 1,417,836 
Chemicals — 0.0%       
GEO Specialty Chemicals, Inc.    13,117  5,036 
Wellman Holdings, Inc.    430  107 
      5,143 
Construction Materials — 0.0%       
Nortek, Inc.    1,540  56,980 
Electrical Equipment — 0.0%       
Medis Technologies Ltd.    71,654  5,088 
Energy Equipment & Services — 0.1%       
Trico Marine Services, Inc.    119,185  308,689 
Paper & Forest Products — 0.2%       
Ainsworth Lumber Co. Ltd.    136,289  286,256 
Ainsworth Lumber Co. Ltd. (b)    152,951  321,252 
Western Forest Products, Inc. (b)    84,448  17,657 
      625,165 
Total Common Stocks — 0.9%      2,418,901 
    Par   
Corporate Bonds    (000)   
Airlines — 0.2%       
Delta Air Lines, Inc., Series B, 9.75%, 12/17/16    600  618,000 
Auto Components — 0.0%       
Delphi International Holdings Unsecured, 12.00%,       
 10/06/14    32  32,306 
Building Products — 2.1%       
CPG International I, Inc.:       
     7.18%, 7/01/12 (c)    3,500  3,325,000 
     10.50%, 7/01/13    2,300  2,254,000 
      5,579,000 
Capital Markets — 0.3%       
Marsico Parent Co., LLC, 10.63%, 1/15/16 (b)    1,048  630,110 
Marsico Parent Holdco, LLC, 12.50%, 7/15/16 (b)(d)  447  98,895 
Marsico Parent Superholdco, LLC, 14.50%,       
 1/15/18 (b)(d)    292  50,734 
      779,739 
Chemicals — 0.5%       
GEO Specialty Chemicals, Inc.:       
     7.50%, 3/31/15 (b)(e)    857  557,042 
     10.00%, 3/31/15    844  548,704 
Wellman Holdings, Inc. Third Lien Subordinate Note,     
 5.00%, 1/29/19 (d)(e)    451  226,366 
      1,332,112 
Commercial Services & Supplies — 0.5%       
Clean Harbors, Inc., 7.63%, 8/15/16    800  808,000 
The Geo Group, Inc., 7.75%, 10/15/17 (b)    550  556,875 
      1,364,875 
Communications Equipment — 0.1%       
Brocade Communications Systems, Inc., 6.88%,       
 1/15/20 (b)    105  107,100 
Construction Materials — 0.6%       
Nortek, Inc., 11.00%, 12/01/13    1,547  1,624,186 
Consumer Finance — 0.6%       
Credit Acceptance Corp., 9.13%, 2/01/17 (b)    360  358,200 
Inmarsat Finance Plc, 7.38%, 12/01/17 (b)    1,225  1,255,625 
      1,613,825 

    Par   
Corporate Bonds    (000)  Value 
Containers & Packaging — 2.8%       
Berry Plastics Escrow LLC, 8.25%, 11/15/15 (b)  USD  1,600  $ 1,596,000 
Clondalkin Acquisition BV, 2.25%, 12/15/13 (b)(c)    4,000  3,570,000 
Crown European Holdings SA, 6.25%, 9/01/11  EUR  15  20,833 
Owens Brockway Glass Container, Inc., 6.75%,       
 12/01/14    143  194,717 
Packaging Dynamics Finance Corp., 10.00%,       
 5/01/16 (b)  USD  730  581,262 
Smurfit Kappa Acquisitions (b):       
     7.25%, 11/15/17  EUR  525  700,572 
     7.75%, 11/15/19    500  677,424 
      7,340,808 
Diversified Financial Services — 2.6%       
CIT Group, Inc., 7.00%, 5/01/17  USD  2,990  2,642,412 
FCE Bank Plc, 7.13%, 1/16/12  EUR  900  1,214,706 
GMAC, Inc., 2.45%, 12/01/14 (c)  USD  1,675  1,432,956 
Reynolds Group DL Escrow, Inc., 7.75%, 10/15/16 (b)    800  810,000 
Reynolds Group Issuer, Inc., 7.75%, 10/15/16 (b)  EUR  400  543,306 
      6,643,380 
Diversified Telecommunication Services — 1.7%       
Cincinnati Bell, Inc., 8.25%, 10/15/17  USD  1,100  1,100,000 
PAETEC Holding Corp., 8.88%, 6/30/17    225  226,687 
Qwest Communications International, Inc., 8.00%,       
 10/01/15 (b)    600  621,000 
Qwest Corp., 8.38%, 5/01/16    540  591,300 
Windstream Corp., 7.88%, 11/01/17    2,000  1,955,000 
      4,493,987 
Energy Equipment & Services — 0.5%       
Expro Finance Luxembourg SCA, 8.50%, 12/15/16 (b)    1,250  1,243,750 
Food & Staples Retailing — 0.1%       
AmeriQual Group LLC, 9.50%, 4/01/12 (b)    250  225,000 
Food Products — 1.0%       
B&G Foods, Inc., 7.63%, 1/15/18    600  606,000 
Bumble Bee Foods LLC, 7.75%, 12/15/15 (b)    450  451,125 
Smithfield Foods, Inc., 10.00%, 7/15/14 (b)    1,500  1,623,750 
      2,680,875 
Health Care Equipment & Supplies — 0.5%       
DJO Finance LLC, 10.88%, 11/15/14    1,245  1,332,150 
Health Care Providers & Services — 1.5%       
Tenet Healthcare Corp. (b):       
     9.00%, 5/01/15    175  183,313 
     8.88%, 7/01/19    2,530  2,669,150 
Vanguard Health Holding Co. II LLC, 8.00%, 2/01/18 (b)    925  908,812 
      3,761,275 
Health Care Technology — 0.8%       
IMS Health, Inc., 12.50%, 3/01/18 (b)    1,860  2,139,000 
Hotels Restaurants & Leisure — 1.2%       
Icahn Enterprises LP (b):       
     7.75%, 1/15/16    1,000  940,000 
     8.00%, 1/15/18    2,000  1,880,000 
Little Traverse Bay Bands of Odawa Indians, 10.25%,       
 2/15/14 (a)(b)(f)    1,565  395,163 
      3,215,163 
Household Durables — 0.5%       
Beazer Homes USA, Inc., 12.00%, 10/15/17 (b)    1,200  1,338,000 
Independent Power Producers & Energy Traders — 1.2%       
Calpine Construction Finance Co. LP, 8.00%, 6/01/16 (b)  1,000  1,012,500 
NRG Energy, Inc., 7.25%, 2/01/14    2,155  2,171,163 
      3,183,663 

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

    Par   
Corporate Bonds    (000)  Value 
Industrial Conglomerates — 0.9%       
Sequa Corp. (b):       
     11.75%, 12/01/15  USD  640  $ 627,200 
     13.50%, 12/01/15 (d)    1,757  1,761,729 
      2,388,929 
Machinery — 0.6%       
Sunstate Equipment Co. LLC, 10.50%, 4/01/13 (b)    1,880  1,630,900 
Marine — 0.2%       
Navios Maritime Holdings, Inc., 8.88%, 11/01/17 (b)    530  539,275 
Media — 4.0%       
Affinion Group, Inc., 10.13%, 10/15/13    1,050  1,060,500 
CSC Holdings, Inc., 8.50%, 4/15/14 (b)    420  441,525 
Cablevision Systems Corp., Series B, 8.00%, 4/15/12    975  1,027,406 
Clear Channel Worldwide Holdings, Inc., 9.25%,       
12/15/17 (b)    2,520  2,586,292 
DISH DBS Corp., 7.00%, 10/01/13    925  945,813 
Seat Pagine Gialle SpA, 10.50%, 1/31/17 (b)  EUR  893  1,125,613 
UPC Germany GmbH, 8.13%, 12/01/17 (b)  USD  2,000  2,000,000 
Virgin Media Secured Finance Plc, 6.50%, 1/15/18 (b)    1,250  1,231,250 
      10,418,399 
Metals & Mining — 0.4%       
FMG Finance Property Ltd., 4.25%, 9/01/11 (b)(c)    265  261,025 
Ryerson, Inc., 7.62%, 11/01/14 (c)    900  803,250 
      1,064,275 
Multiline Retail — 0.2%       
Dollar General Corp., 11.88%, 7/15/17 (d)    445  517,313 
Paper & Forest Products — 0.8%       
Ainsworth Lumber Co. Ltd., 11.00%, 7/29/15 (b)(d)    1,205  897,911 
NewPage Corp., 10.00%, 5/01/12    610  350,750 
Verso Paper Holdings LLC, Series B, 4.00%, 8/01/14 (c)    910  734,825 
      1,983,486 
Pharmaceuticals — 0.9%       
Angiotech Pharmaceuticals, Inc., 4.00%, 12/01/13 (c)    605  490,050 
Elan Finance Plc, 4.25%, 11/15/11 (c)    1,820  1,747,200 
      2,237,250 
Semiconductors & Semiconductor Equipment — 1.1%       
Advanced Micro Devices, Inc., 8.13%, 12/15/17 (b)    660  668,250 
Spansion, Inc., 3.79%, 6/01/13 (a)(b)(f)    1,720  1,702,800 
STATS ChipPAC Ltd.:       
     7.50%, 7/19/10    180  181,575 
     6.75%, 11/15/11    385  383,556 
      2,936,181 
Software — 0.1%       
JDA Software Group, Inc., 8.00%, 12/15/14 (b)    177  182,310 
Wireless Telecommunication Services — 1.6%       
Cricket Communications, Inc., 7.75%, 5/15/16    2,500  2,540,625 
Digicel Group Ltd., 9.13%, 1/15/15 (b)(d)    278  271,050 
iPCS, Inc., 2.37%, 5/01/13 (c)    1,500  1,380,000 
      4,191,675 
Total Corporate Bonds — 30.1%      78,738,187 
Floating Rate Loan Interests (c)       
Aerospace & Defense — 1.1%       
Avio SpA:       
     Facility B2, 2.35%, 12/15/14    15  14,621 
     Facility C2, 2.98%, 12/14/15    16  15,587 
Hawker Beechcraft Acquisition Co. LLC:       
     Letter of Credit Facility Deposit, 2.25%, 3/26/14    70  51,286 
     Term Loan, 2.23% – 2.25%, 3/26/14    1,135  835,465 

    Par   
Floating Rate Loan Interests (c)    (000)  Value 
Aerospace & Defense (concluded)       
IAP Worldwide Services, Inc., Term Loan (First-Lien),       
 2.00% – 7.25%, 12/30/12         —(h)   
TASC, Inc.:       
     Tranche A Term Loan, 5.50%, 12/18/14  USD   680 $  682,834 
     Tranche B Term Loan, 5.75%, 12/18/15    1,320  1,328,800 
      2,928,593 
Airlines — 0.4%       
Delta Air Lines, Inc., Credit- Linked Deposit Loan,       
 0.08% – 2.25%, 4/30/12    1,225  1,144,355 
Auto Components — 3.1%       
Affinion Group Holdings, Inc., Tranche B Term Loan,       
 2.73%, 10/17/12    675  655,087 
Allison Transmission, Inc., Term Loan, 2.98% – 3.00%,       
 8/07/14    4,274  3,914,353 
Dana Holding Corp., Term Advance, 4.48% – 6.50%,       
 1/30/15    1,136  1,106,877 
Exide Technologies Term Loan, 3.91%, 5/15/12  EUR  325  398,284 
GPX International Tire Corp., Tranche B Term Loan (a)(f):       
     14.00%, 4/11/12  USD  19  9,300 
     12.25%, 3/30/12    1,141  570,273 
Lear Corp., Loan (Closing Date Loan & Delayed       
 Draw Loan), 7.50%, 11/09/14    1,406  1,409,168 
      8,063,342 
Automobiles — 1.0%       
Ford Motor Co., Tranche B-1 Term Loan, 3.24% – 3.26%,       
 12/15/13    2,661  2,478,423 
Beverages — 0.1%       
Culligan International Co., Loan (Second Lien), 5.18%,       
 4/24/13  EUR  500  281,409 
Building Products — 2.7%       
Building Materials Corp. of America:       
     Second Lien Term Loan, 6.00%, 9/15/14  USD  1,650  1,623,600 
     Term Loan Advance, 3.00%, 2/22/14    1,833  1,784,733 
Goodman Global, Inc., Term Loan, 6.25%, 2/13/14    2,442  2,451,355 
PGT Industries, Inc., Tranche A-2 Term Loan, 7.25%,       
 2/14/12    1,453  1,264,134 
      7,123,822 
Chemicals — 6.1%       
Ashland Inc., Term B Borrowing, 7.65%, 5/13/14    726  734,218 
Chemtura Corp. Debtor in Possession Return of Capital       
 Term Loan, 6.00%, 1/26/11    1,600  1,607,000 
Edwards (Cayman Islands II) Ltd., Term Loan (First Lien),       
 2.25%, 5/31/14    488  388,172 
Gentek Holding, LLC, Tranche B Term Loan, 7.00%,       
 10/29/14    900  904,500 
Huish Detergents Inc., Tranche B Term Loan, 2.01%,       
 4/26/14    714  685,841 
Matrix Acquisition Corp. (fka MacDermid, Inc.),       
 Tranche C Term Loan, 2.63%, 12/15/13  EUR  571  633,385 
Nalco Co., Term Loan, 6.50%, 5/13/16  USD  2,438  2,454,814 
PQ Corp. (fka Niagara Acquisition, Inc.), Original       
 Term Loan (First Lien), 3.48% – 3.50%, 7/30/14    2,715  2,484,225 
Rockwood Specialties Group, Inc., Term Loan H, 6.00%,       
 5/15/14    1,525  1,529,575 
Solutia Inc., Loan, 7.25%, 2/28/14    2,907  2,944,948 
Tronox Worldwide LLC, Tranche B-1 Term Loan, 9.00%,       
 6/24/10    1,600  1,641,920 
      16,008,598 
Commercial Services & Supplies — 3.2%       
ARAMARK Corp.:       
     Letter of Credit Facility, 2.11%, 1/26/14    92  87,304 
     US Term Loan, 2.13%, 1/26/14    1,392  1,327,533 
Advanced Disposal Services, Inc., Term B Loan, 6.00%,       
 1/14/15    1,100  1,100,000 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 25


Schedule of Investments (continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)  Value 
Commercial Services & Supplies (concluded)       
Casella Waste Systems, Inc, Term B Loan, 7.00%,       
 4/09/14  USD  746  $ 750,914 
John Maneely Co., Term Loan, 3.50%, 12/09/13    706  662,194 
Johnson Diversey, Inc. Term Loan B, 5.50%, 11/24/15    900  906,750 
Synagro Technologies, Inc., Term Loan (First Lien),       
 2.23%, 4/02/14    1,564  1,378,906 
West Corp.:       
     Incremental Term B-3 Loan, 7.25%, 10/24/13    1,492  1,506,771 
     Term B-2 Loan, 2.60% – 2.63%, 10/24/13    531  511,856 
      8,232,228 
Construction & Engineering — 1.2%       
Safway First Out Term Loan, 9.00%, 12/14/17    1,700  1,700,000 
Welding Services Term Loan B, 9.35%, 12/16/13    1,495  1,502,394 
      3,202,394 
Consumer Finance — 0.9%       
DaimlerChrysler Financial Services Americas LLC,       
 Term Loan (First Lien), 4.24%, 8/03/12    2,401  2,370,407 
Containers & Packaging — 1.2%       
Anchor Glass Term Loan B, 6.00%, 2/18/16    1,350  1,336,500 
Berry Plastics Holding Corp., Term C Loan, 2.25%,       
 4/03/15    1,047  937,049 
Graham Packaging Co., LP:       
     B Term Loan, 2.50%, 10/07/11    105  103,224 
     C Term Loan, 6.75%, 4/05/14    664  667,033 
      3,043,806 
Diversified Consumer Services — 2.2%       
Coinmach Service Corp., Term Loan, 3.26%, 11/14/14    2,702  2,337,017 
Laureate Education Term Loan B, 7.00%, 8/15/14    3,491  3,459,567 
      5,796,584 
Diversified Financial Services — 1.2%       
CIT Group, Inc., Tranche 2A Term Loan, 9.50% – 9.75%,       
 1/20/12    1,875  1,920,703 
Reynolds Group Holdings Inc., US Term Loan, 6.25%,       
 11/05/15    1,300  1,308,125 
      3,228,828 
Diversified Telecommunication Services — 1.9%       
Integra Telecom Holdings, Inc., Term Loan (First Lien),       
 10.50%, 8/31/13    1,141  1,140,381 
Level 3 Communications Incremental Term Loan, 7.59%,       
 3/13/14    1,125  1,013,672 
US Telepacific Corp. Second Lien Term Loan, 7.75%,       
 7/25/15    475  475,891 
Wind Finance SL SA, Euro Facility (Second Lien),       
 7.67%, 12/17/14  EUR  1,000  1,356,190 
Wind Telecomunicazioni SpA, A1 Term Loan Facility,       
 2.90%, 9/22/12    712  932,127 
      4,918,261 
Electrical Equipment — 0.7%       
Baldor Electric Co., Term Loan, 5.25%, 1/31/14  USD  1,338  1,339,836 
Generac Acquisition Corp., Term Loan (First Lien),       
 2.75%, 11/10/13    524  480,183 
      1,820,019 
Energy Equipment & Services — 0.4%       
MEG Energy Corp., Tranche D Term Loan, 6.00%,       
 4/03/16    1,094  1,074,052 
Food & Staples Retailing — 3.7%       
AB Acquisitions UK Topco 2 Ltd. (fka Alliance Boots),       
 Facility B1, 3.54%, 7/09/15  GBP  1,300  1,775,766 
Bolthouse Farms, Inc. Term Loan B, 3.75%, 2/04/16  USD  1,100  1,100,000 
DS Waters of America, Inc., Term Loan, 2.50%,       
 10/29/12    914  855,006 

    Par   
Floating Rate Loan Interests (c)    (000)  Value 
Food & Staples Retailing (concluded)       
Pierre Foods Term Loan B, 8.50%, 9/30/14  USD  656  $ 653,861 
Pilot Travel Centers Term Loan B, 3.50%, 11/18/15    2,750  2,762,749 
Rite Aid Corp., Tranche 4 Term Loan, 9.50%, 6/10/15  1,900  1,968,400 
SUPERVALU Inc., Term B Advance, 1.48%, 6/02/12    685  664,027 
      9,779,809 
Food Products — 4.5%       
CII Investment, LLC (fka Cloverhill), Term Loan B, 8.50%,     
 10/14/14    1,889  1,889,286 
Dole Food Co., Inc.:       
     Credit-Linked Deposit, 7.89%, 4/12/13    390  390,102 
     Term Loan B, 3.50%, 2/10/17    912  912,221 
     Term Loan C, 5.50%, 2/10/17    2,188  2,189,329 
     Tranche B Term Loan, 8.00%, 4/12/13    678  678,409 
Pilgrim’s Pride Corp. Term Loan A, 5.29%, 12/01/12    950  935,750 
Pinnacle Foods Finance LLC, Tranche C Term Loan,       
 7.50%, 4/02/14    2,500  2,510,267 
Solvest, Ltd. (Dole), Tranche C Term Loan, 8.00%,       
 4/12/13    2,201  2,201,118 
      11,706,482 
Health Care Equipment & Supplies — 1.0%       
Biomet, Inc., Dollar Term Loan, 3.23% – 3.25%,       
 3/25/15    1,814  1,754,198 
DJO Finance LLC (ReAble Therapeutics Finance LLC),       
 Term Loan, 3.23%, 5/20/14    885  854,836 
Hologic, Inc., Tranche B Term Loan, 3.50%, 3/29/13    52  51,511 
      2,660,545 
Health Care Providers & Services — 4.2%       
CCS Medical, Inc. (Chronic Care), Loan (Debtor In       
 Possession), 13.00%, 3/31/10    31  31,247 
CHS/Community Health Systems, Inc.:       
     Delayed Draw Term Loan, 2.50%, 7/25/14    176  164,681 
     Funded Term Loan, 2.48% – 2.50%, 7/25/14    3,429  3,203,874 
DaVita Inc., Tranche B-1 Term Loan, 1.73% – 1.76%,       
 10/05/12    285  278,338 
Fresenius SE.:       
     Tranche B1 Term Loan, 6.75%, 9/10/14    1,225  1,231,687 
     Tranche B2 Term Loan, 6.75%, 9/10/14    749  752,594 
HCA Inc.:       
     Tranche A-1 Term Loan, 1.75%, 11/16/12    1,532  1,446,956 
     Tranche B-1 Term Loan, 2.50%, 11/18/13    1,948  1,848,297 
Vanguard Health Systems Term Loan B, 5.00%, 1/29/16  2,000  2,002,500 
      10,960,174 
Health Care Technology — 1.0%       
IMS Healthcare Term Loan B, 5.25%, 2/16/16    2,500  2,510,000 
Hotels Restaurants & Leisure — 5.5%       
Cedar Fair LP Term Loan B, 4.00% 2/04/16    1,600  1,597,501 
Green Valley Ranch Gaming, LLC, Loan (Second Lien),     
 3.50%, 8/16/14    500  50,000 
Harrah’s Operating Co., Inc.:       
     Term B-1 Loan, 3.25%, 1/28/15    192  154,978 
     Term B-2 Loan, 3.25%, 1/28/15    2,259  1,823,666 
     Term B-3 Loan, 3.25%, 1/28/15    168  135,591 
Penn National Gaming, Inc., Term Loan B,       
 1.98% – 2.00%, 10/03/12    1,136  1,112,613 
QCE, LLC (Quiznos), Term Loan (Second Lien), 2.56%,     
 5/05/13    424  361,291 
SW Acquisitions Co., Inc., Term Loan, 5.75%, 6/01/16  2,250  2,259,844 
Six Flags Theme Parks, Inc. Term Loan, 4.50%, 6/13/15  3,500  3,467,625 
Travelport LLC (fka Travelport, Inc.):       
     Original Post-First Amendment and Restatement       
     Synthetic Letter of Credit Loan, 2.75%, 8/23/13    178  167,341 
     Tranche B Dollar Term Loan, 2.74% – 2.75%,       
     8/23/13    889  833,991 

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Hotels Restaurants & Leisure (concluded)       
Universal City Development Term Loan B, 7.75%,       
 11/06/14  USD  1,500  $ 1,508,437 
VML US Finance LLC (aka Venetian Macau) Term B:       
     Delayed Draw Project Loan, 4.76%, 5/25/12    320  304,159 
     Funded Project Loan, 4.76%, 5/27/13    723  687,635 
      14,464,672 
Household Durables — 1.0%       
American Residential Services LLC, Term Loan       
 (Second Lien), 12.00%, 4/17/15 (d)    2,061  1,983,308 
Jarden Corp., Term Loan B3, 2.75%, 1/24/12    544  539,736 
      2,523,044 
IT Services — 4.0%       
Audio Visual Services Group, Inc.:       
     Tranche B Term Loan (First Lien), 2.51%, 2/28/14    995  696,437 
     Loan (Second Lien), 5.76%, 8/28/14    1,077  107,704 
Ceridian Corp., US Term Loan, 3.23% – 3.25%,       
 11/09/14    1,152  1,007,492 
First Data Corp.:       
     Initial Tranche B-1 Term Loan, 2.98% – 3.00%,       
     9/24/14    356  310,851 
     Initial Tranche B-2 Term Loan, 2.98% – 3.00%,       
     9/24/14    4,606  4,016,721 
     Initial Tranche B-3 Term Loan, 3.00%,       
     9/24/14    340  295,556 
RedPrairie Corp.:       
     Loan (Second Lien), 6.75%, 1/20/13    300  285,000 
     Term Loan B, 3.31%, 7/20/12    523  507,688 
SunGard Data Systems, Inc. (Solar Capital Corp.):       
     Incremental Term Loan, 6.75%, 2/28/14    895  898,600 
     Tranche B US Term Loan, 3.86% – 3.87%, 2/28/16    2,249  2,191,538 
      10,317,587 
Independent Power Producers & Energy Traders — 1.8%       
Dynegy Holdings Inc., Tranche B Term Loan, 3.98%,       
 4/02/13    1,500  1,463,560 
Texas Competitive Electric Holdings Co., LLC (TXU):       
     Initial Tranche B-1 Term Loan, 3.73% – 3.75%,       
     10/10/14    2,516  2,022,307 
     Initial Tranche B-2 Term Loan, 3.73% – 3.75%,       
     10/10/14    224  180,507 
     Initial Tranche B-3 Term Loan, 3.73% – 3.75%,       
     10/10/14    1,435  1,148,202 
      4,814,576 
Industrial Conglomerates — 0.6%       
Sequa Corp., Term Loan, 3.51% – 3.94%, 12/03/14    1,769  1,617,881 
Insurance — 0.2%       
Alliant Holdings I, Inc., Term Loan, 3.25%, 8/21/14    489  461,258 
Internet & Catalog Retail — 0.2%       
FTD Group, Inc., Tranche B Term Loan, 6.75%, 8/26/14    634  633,587 
Leisure Equipment & Products — 0.3%       
24 Hour Fitness Worldwide, Inc., Tranche B Term Loan,       
 2.76%, 6/08/12    425  401,625 
Fender Musical Instruments Corp.:       
     Delayed Draw Loan, 2.51%, 6/09/14    164  139,364 
     Initial Loan, 2.51%, 6/09/14    326  275,897 
      816,886 
Machinery — 2.4%       
Accuride Term Loan, 10.00%, 1/31/12    790  788,354 
Bucyrus International Term Loan C, 4.50%, 1/26/16    2,250  2,261,925 
NACCO Materials Handling Group, Inc., Loan,       
 2.23% – 2.52%, 3/21/13    1,448  1,165,238 
Oshkosh Truck Corp., Term B Loan, 6.25% – 6.26%,       
 12/06/13    2,069  2,067,039 
      6,282,556 

    Par   
Floating Rate Loan Interests (c)    (000)           Value 
Media — 19.5%       
Affinion Group Holdings, Inc., Loan, 7.89%,       
 3/01/12 (d)  USD  1,349  $ 1,274,412 
Catalina Marketing Corp., Initial Term Loan, 2.98%,       
 10/01/14    645  621,876 
Cengage Learning Acquisitions, Inc. (Thomson Learning),       
 Tranche 1 Incremental Term Loan, 7.50%, 7/03/14    4,179  4,137,000 
Cequel Communications, LLC:       
     Term Loan, 2.25%, 11/05/13    526  498,709 
     Tranche A Term Loan (Second Lien), 4.75%,       
     5/05/14    2,000  1,948,200 
     Tranche B Term Loan (Second Lien), 6.25%,       
     5/05/14    475  475,760 
Charter Communications Operating, LLC, New Term Loan,       
 2.23%, 3/06/14    5,600  5,223,523 
HMH Publishing Co. Ltd.:       
     Mezzanine, 17.50%, 11/14/14    593  73,150 
     Tranche A Term Loan, 5.23%, 6/12/14    1,607  1,351,642 
Hanley-Wood, LLC (FSC Acquisition), Term Loan,       
 2.50% – 2.56%, 3/10/14    1,466  654,925 
Harland Clarke Holdings Corp. (fka Clarke American       
 Corp.), Tranche B Term Loan, 2.73% – 2.75%, 6/30/14  975  852,638 
Insight Midwest Holdings, LLC, B Term Loan, 2.25%,       
 4/07/14    1,825  1,752,285 
Intelsat Corp. (fka PanAmSat Corp.):       
     Initial Tranche B-2-A Term Loan, 2.73%, 1/03/14    333  316,123 
     Initial Tranche B-2-B Term Loan, 2.73%, 1/03/14    332  316,026 
     Initial Tranche B-2-C Term Loan, 2.73%, 1/03/14    332  316,026 
Intelsat Subsidiary Holding Co. Ltd., Tranche B       
 Term Loan, 2.73%, 7/03/13    1,682  1,605,099 
Lamar Media Corp.:       
     Series B Incremental Loan, 5.50% – 5.75%,       
     9/28/12    971  963,702 
     Series E Incremental Loan, 5.50% – 5.75%,       
     3/31/13    470  469,886 
     Term Loan, 5.50%, 9/28/12    2,818  2,796,907 
Lavena Holding 3 GmbH (Prosiebensat.1 Media AG):       
     Facility B1, 3.34%, 6/30/15  EUR  337  314,143 
     Facility C1, 3.59%, 6/30/16    337  314,143 
MCC Iowa LLC (Mediacom Broadband Group):       
     Tranche A Term Loan, 1.71%, 3/31/10  USD  200  199,000 
     Tranche E Term Loan, 6.50%, 1/03/16    2,853  2,876,101 
MCNA Cable Holdings LLC (OneLink Communications),       
 Loan, 7.23%, 3/01/13 (d)    1,289  1,005,369 
Mediannuaire Holding (Pages Jaunes), Term Loan D,       
 4.96%, 1/11/17  EUR  500  427,560 
Metro-Goldwyn-Mayer Inc., Tranche B Term Loan,       
 20.50%, 4/09/12  USD  992  595,880 
Multicultural Radio Broadcasting, Inc., Term Loan,       
 2.98%, 12/18/12    304  241,300 
Newsday, LLC, Fixed Rate Term Loan, 10.50%, 8/01/13    1,750  1,870,312 
Nielsen Finance LLC:       
     Class A, Dollar Term Loan, 2.23%, 8/09/13    547  515,300 
     Class B, Dollar Term Loan, 3.98%, 5/01/16    2,534  2,453,526 
Penton Media, Inc., Loan, 9.25%, 2/01/14 (a)(f)    1,000  133,333 
Sinclair Television Group, Inc., Tranche B Term Loan,       
 6.50%, 10/29/15    1,250  1,256,250 
Springer Science+Business Media SA, Facility A1,       
 6.75%, 7/01/16  EUR  2,000  2,691,539 
Sunshine Acquisition Ltd. (aka HIT Entertainment),       
 Term Facility, 2.50%, 3/20/12  USD  1,757  1,544,726 
TWCC Holding Corp., Term Loan, 7.25%, 9/14/15    2,726  2,732,342 
UPC Financing Partnership, Facility U, 4.99%, 12/31/17 EUR  1,850  2,346,928 
Virgin Media Investment Holdings Ltd., C Facility, 3.57%,       
 7/17/13  GBP  790  1,125,296 
Worldcolor Press Inc. and Worldcolor (USA) Corp.       
 (fka Quebecor World, Inc.), Advance, 9.00%, 7/23/12    1,620  1,636,508 
Yell Group Plc TPI Term Loan A, 7.12%, 8/09/11    1,000  957,500 
      50,884,945 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT FEBRUARY 28, 2010 27


Schedule of Investments (continued)

BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)
(Percentages shown are based on Net Assets)

    Par   
Floating Rate Loan Interests (c)    (000)  Value 
Multi-Utilities — 0.8%       
Energy Transfer Equity, LP, Term Loan, 1.98%, 11/01/12  USD  1,000  $ 986,243 
FirstLight Power Resources, Inc. (fka NE Energy, Inc.):       
     Synthetic Letter of Credit, 2.81%, 11/01/13    53  49,150 
     Term Advance (Second Lien), 4.81%, 5/01/14    500  459,166 
     Term B Advance (First Lien), 2.75%, 11/01/13    572  533,868 
      2,028,427 
Multiline Retail — 0.8%       
Dollar General Corp., Tranche B-2 Term Loan, 2.98%,       
 7/07/14    1,686  1,621,979 
The Neiman Marcus Group Inc., Term Loan, 2.26%,       
 4/06/13    410  367,998 
      1,989,977 
Oil, Gas & Consumable Fuels — 1.3%       
Big West Oil, LLC:       
     Delayed Draw Loan, 4.50%, 5/15/14    779  763,241 
     Initial Advance Loan, 4.50%, 5/15/14    619  606,983 
     Initial Advance Loan, 9.75%, 5/15/14    625  628,125 
Coffeyville Resources, LLC, Tranche D Term Loan, 8.50%,       
 12/30/13    1,470  1,478,752 
      3,477,101 
Paper & Forest Products — 1.4%       
Georgia-Pacific LLC, Term Loan B, 2.25% – 2.26%,       
 12/23/12    2,648  2,586,550 
Verso Paper Finance Holdings LLC, Loan,       
 6.50% – 7.25%, 2/01/13 (d)    2,051  1,127,776 
      3,714,326 
Personal Products — 0.4%       
American Safety Razor Co., LLC:       
     Loan (Second Lien), 6.51%, 1/30/14    675  394,875 
     Term Loan (First Lien), 2.75% – 2.76%, 7/31/13    474  430,359 
Revlon Consumer Products Corp., Term Loan,       
 4.25% – 4.26%, 1/15/12    300  295,219 
      1,120,453 
Pharmaceuticals — 1.5%       
Catalent Pharma Solutions, Inc. (fka Cardinal       
 Health 409, Inc.), Euro Term Loan, 2.67%, 4/15/14  EUR  277  333,551 
Warner Chilcott Co., LLC, Term A Loan, 5.50%,       
 10/30/14  USD  1,119  1,118,365 
Warner Chilcott Corp., Term B-1 Loan, 5.75%, 4/30/15    2,375  2,373,761 
      3,825,677 
Professional Services — 0.9%       
Booz Allen Hamilton, Inc., Term Loan C, 6.00%, 7/31/15    2,250  2,257,031 
Real Estate Management & Development — 1.4%       
Mattamy Funding Partnership, Loan, 2.56%, 4/11/13    963  880,688 
Realogy Corp.:       
     Delayed Draw Term B Loan, 3.25%, 10/10/13    1,097  967,525 
     Initial Term B Loan, 3.25%, 10/10/13    1,950  1,719,545 
      3,567,758 
Specialty Retail — 0.9%       
Adesa, Inc. (KAR Holdings, Inc.), Initial Term Loan,       
 2.98%, 10/21/13    814  785,206 
Michaels Stores, Inc.:       
     Term Loan B, 2.50% – 2.56%, 10/31/13    596  536,657 
     Term Loan B-1, 4.75% – 4.81%, 7/31/16    1,091  1,039,472 
      2,361,335 
Textiles, Apparel & Luxury Goods — 0.3%       
Hanesbrands Inc., New Term Loan, 5.25%, 12/10/15    800  806,000 
Wireless Telecommunication Services — 1.6%       
Digicel International Finance Ltd., Tranche A, 2.81%,       
 3/30/12    2,717  2,614,811 

      Par   
Floating Rate Loan Interests (c)      (000)  Value 
Wireless Telecommunication Services (concluded)       
MetroPCS Wireless, Inc., Tranche B Term Loan, 2.50%,       
 11/03/13    USD 1,745  $ 1,681,671 
        4,296,482 
Total Floating Rate Loan Interests — 88.6%        231,593,690 
      Beneficial   
      Interest   
Other Interests (g)      (000)   
Auto Components — 1.0%         
Delphi DIP Holding Co. LLP, Class B Membership Interests  —(h)  2,669,295 
Diversified Financial Services — 0.3%         
J.G. Wentworth LLC Preferred Equity Interests      —(h)  657,741 
Total Other Interests — 1.3%        3,327,036 
Total Long-Term Investments         
(Cost — $335,041,580) — 120.9%        316,077,814 
Short-Term Securities      Shares   
BlackRock Liquidity Funds, TempFund, Institutional         
 Class 0.09% (i)(j)      1,442,325  1,442,325 
Total Short-Term Securities (Cost — $1,442,325) — 0.5%  1,442,325 
Options Purchased      Contracts   
Over-the-Counter Call Options — 0.0%         
Marsico Parent Superholdco LLC, Strike Price $942.86,       
 Expires 12/21/19, Broker Goldman Sachs Bank USA    20  3,800 
Total Options Purchased (Cost — $19,556) — 0.0%      3,800 
Total Investments (Cost — $336,503,461*) — 121.4%      317,523,939 
Liabilities in Excess of Other Assets — (21.4)%        (55,918,011) 
Net Assets — 100.0%        $261,605,928 
   * The cost and unrealized appreciation (depreciation) of investments as of 
February 28, 2010, as computed for federal income tax purposes, were as follows: 
       Aggregate cost        $336,764,990 
       Gross unrealized appreciation        $ 7,774,962 
       Gross unrealized depreciation        (27,016,013) 
       Net unrealized depreciation        $ (19,241,051) 
(a) Non-income producing security.         
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. 
These securities may be resold in transactions exempt from registration to qualified 
       institutional investors.         
 (c) Variable rate security. Rate shown is as of report date.     
(d) Represents a payment-in-kind security which may pay interest/dividends in addi- 
       tional face/shares.         
 (e) Convertible security.         
 (f) Issuer filed for bankruptcy and/or is in default of interest payments.   
(g) Other interests represent beneficial interest in liquidation trusts and other reorgani- 
       zation entities and are non-income producing.         
(h) Amount is less than $1,000.         
(i) Investments in companies considered to be an affiliate of the Fund, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
      Net   
       Affiliate    Activity  Income 
       BlackRock Liquidity Funds, TempFund,         
Institutional Class  $ (576,054)  $ 3,046 
 (j) Represents the current yield as of report date.       

See Notes to Financial Statements.

28 SEMI-ANNUAL REPORT FEBRUARY 28, 2010


Schedule of Investments (concluded) BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)

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  Credit default swaps on single-name issues — sold protection outstanding as of 
  February 28, 2010 were as follows:       
      Receive      Notional   
      Fixed  Counter-  Credit        Amount  Unrealized 
  Issuer  Rate                  party       Expiration                Ratings1  (000)2  Appreciation 
  Ford Motor           
   Co.  3.80%           UBS AG       March 2010                CCC    USD 2,000  $ 1,712 
  1   Using Standard & Poor’s rating of the issuer.     
  2  The maximum potential amount the Fund may pay should a negative credit 
    event take place as defined under the terms of the agreement. See Note 2 of 
     the Notes to Financial Statements.     
  Foreign currency exchange contracts as of February 28, 2010 were as follows: 
  Currency    Currency    Settlement Unrealized 
  Purchased    Sold  Counterparty  Date  Appreciation 
  USD 301,128                             CAD 315,000  Goldman Sachs     
          Bank USA  4/21/10  $ 1,783 
  USD14,596,885                         EUR     10,155,500                                 CitiBank NA  3/24/10  769,245 
  USD 3,479,242                          GBP     2,149,000  Morgan Stanley     
          Capital Services, Inc.                       4/21/10          203,747 
  Total          $ 974,775 
  For Fund compliance purposes, the Fund’s industry classifications refer to any one 
  or more of the industry sub-classifications used by one or more widely recognized 
  market indexes or rating group indexes, and/or as defined by Fund management. 
  This definition may not apply for purposes of this report, which may combine such 
  industry sub-classifications for reporting ease.     
  Fair Value Measurements — Various inputs are used in determining the fair value of 
  investments, which are as follows:       
  Level 1 — price quotations inactive markets/exchanges for identical assets 
    and liabilities         
  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