N-Q 1 c33817_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:


BlackRock Limited Duration Income Trust

(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE		19809

(Address of principal executive offices)		(Zip code)

Robert S. Kapito, President
BlackRock Limited Duration Income Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

Registrant's telephone number, including area code:		888-825-2257


Date of fiscal year end:	October 31, 2004


Date of reporting period:	July 31, 2004

Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS
July 31, 2004

BlackRock Limited Duration Income Trust (BLW)

Principal

Amount

Rating¹ (000)
Description

Value

LONG-TERM INVESTMENTS—145.6%

Corporate Bonds—62.9%

Aero & Defense—2.2%

NR $ 4,000 Raytheon, 7.00%, 5/15/06 $ 4,222,240

BB- 5,000 Sequa Corp., Ser. B, 8.875%, 4/01/08 5,350,000

B- 5,885 Transdigm, Inc., 8.375%, 7/15/11 6,208,675

15,780,915

Automotive—5.4%

B3 5,000 Advanced Accesory Systems LLC, Ser. B, 10.75%, 6/15/11 5,000,000

B2 2,750 Collins & Aikman Products Co., 10.75%, 12/31/11 2,777,500

A3 7,500 ² DaimlerChrysler NA Holding Corp., 4.05%, 6/04/08 7,431,225

B+ 3,000 Dura Operating Corp., Ser. B, 8.625%, 4/15/12 2,977,500

A3 7,500 ² Ford Motor Credit Co., 7.375%, 2/01/11 7,959,540

A3 7,500 General Motors Acceptance Corp., 6.875%, 8/28/12 7,622,925

BB- 4,640 TRW Automotive, Inc., 9.375%, 2/15/13 5,289,600

39,058,290

Basic Material—1.6%

B2 2,000 ³ Gold Kist, Inc., 10.25%, 3/15/14 2,180,000

BB 5,000 Ipsco, Inc., 8.75%, 6/01/13 5,600,000

BB- 3,250 United States Steel LLC, 10.75%, 8/01/08 3,761,875

11,541,875

Building & Development—0.4%

B 250 Collins & Aikman Floorcovering, Ser. B, 9.75%, 2/15/10 258,750

BB+ 3,000 D.R. Horton, Inc., 5.875%, 7/01/13 2,921,250

3,180,000

Chemical—2.8%

B- 2,820 ³ BCP Caylux Holdings SCA, 9.625%, 6/15/14 (Luxembourg) 2,925,750

B 2,500 ³ Huntsman Advanced Materials LLC, 11.00%, 7/15/10 2,831,250

B 3,000 Huntsman LLC, 11.625%, 10/15/10 3,337,500

B+ 5,000 Lyondell Chemical Co., 11.125%, 7/15/12 5,550,000

B- 5,000 Rockwood Specialties Group, Inc., 10.625%, 5/15/11 5,375,000

20,019,500

Conglomerates—1.6%

B 3,000 Trimas Corp., 9.875%, 6/15/12 3,180,000

BBB 7,500 ² Tyco Intl. Group SA, 6.125%, 11/01/08 8,048,475

11,228,475

Consumer Products—2.7%

B+ 5,000 Group 1 Automotive, Inc., 8.25%, 8/15/13 5,175,000

BB+ 5,000 JC Penney Co., Inc., 8.00%, 3/01/10 5,612,500

B+ 5,000 Rite Aid Corp., 8.125%, 5/01/10 5,212,500

B+ 3,500 Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13 3,596,250

19,596,250

Containers & Glass—1.3%

B- 4,980 Graphic Packaging Intl., Inc., 9.50%, 8/15/13 5,453,100

B+ 4,000 Silgan Holdings, Inc., 6.75%, 11/15/13 3,940,000

9,393,100

Ecological Services & Equipment—2.3%

B+ 6,783 ² Allied Waste NA, Inc., Ser. B, 10.00%, 8/01/09 7,139,108

B 2,000 Casella Waste Systems, Inc., 9.75%, 2/01/13 2,145,000

B 6,250 ² National Waterworks, Inc., Ser. B, 10.50%, 12/01/12 7,046,875

16,330,983

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Energy—9.2%

B+ $ 5,500 ^2,3 AES Corp., The, 8.75%, 5/15/13 $ 6,008,750

BB- 5,290 Chesapeake Energy Corp., 7.50%, 9/15/13 5,607,400

BB 2,000 Compagnie Generale de Geophysique SA, 10.625%, 11/15/07 (France) 2,127,500

B 5,000 Dresser, Inc., 9.375%, 4/15/11 5,400,000

B 4,475 ^2,3 Dynegy Holdings, Inc., 10.125%, 7/15/13 4,922,500

B- 4,000 El Paso Production Holding Co., 7.75%, 6/01/13 3,820,000

BB- 2,160 ³ Gazprom, 9.625%, 3/01/13 (Russia) 2,259,900

CCC+ 3,000 ³ Gemstone Investor Ltd., 7.71%, 10/31/04 3,030,000

B+ 2,950 Hanover Equipment Trust, Ser. B, 8.75%, 9/01/11 3,163,875

B 5,000 ³ Hilcorp Energy I LP, 10.50%, 9/01/10 5,500,000

B+ 2,000 Massey Energy Corp., 6.95%, 3/01/07 2,070,000

B1 5,000 Midwest Generation LLC, Ser. A, 8.30%, 7/02/09 5,150,000

B 5,000 Swift Energy Co., 9.375%, 5/01/12 5,375,000

BBB- 5,000 Westport Resources Corp., 8.25%, 11/01/11 5,729,300

Williams Cos, Inc.,

B+ 1,000     zero coupon, 3/15/12 1,092,500

B+ 5,000     8.625%, 6/01/10 5,612,500

66,869,225

Finance & Banking—7.1%

BB 3,000 Crum & Forster Holdings Corp., 10.375%, 6/15/13 3,255,000

JP Morgan HYDIB,

Ba3 10,000 ^2,3 6.40%, 6/20/08 9,900,000

B3 9,815 ^2,3 9.00%, 6/20/08 10,060,185

Baa2 5,000 ³ Kazkommerts Intl. BV, 10.125%, 5/08/07 (Netherlands) 5,525,000

B1 4,500 ³ Sheridan Acquisition Corp., 10.25%, 8/15/11 4,775,625

B+ 5,000 Southern Star Central Corp., 8.50%, 8/01/10 5,425,000

AAA 7,894 ² Structured Asset Receivable Trust, 2.13%, 1/21/10 7,867,209

BB- 4,215 ² Western Financial Bank, 9.625%, 5/15/12 4,636,500

51,444,519

Forest Products—2.5%

B 4,000 Caraustar Industries, Inc., 9.875%, 4/01/11 4,160,000

BB+ 5,685 ² Georgia Pacific Corp., 8.875%, 2/01/10 6,495,113

BBB 7,500 ² Weyerhaeuser Co., 5.25%, 12/15/09 7,686,330

18,341,443

Health Care—4.3%

A- 4,000 Alaris Med Systems Inc., 7.25%, 7/01/11 4,480,000

BB 5,000 Amerisourcebergen Corp., 8.125%, 9/01/08 5,425,000

B- 5,000 ² Concentra Operating Corp., 9.50%, 8/15/10 5,400,000

B- 370 ³ Curative Health Services, Inc., 10.75%, 5/01/11 334,850

B- 3,000 Insight Health Services Corp., Ser. B, 9.875%, 11/01/11 3,232,500

B- 3,000 Norcross Safety Prods LLC, 9.875%, 8/15/11 3,240,000

Tenet Healthcare Corp.,

B- 1,875     6.375%, 12/01/11 1,682,813

B- 25     6.50%, 6/01/12 22,250

B- 2,400 ³     9.875%, 7/01/14 2,484,000

B 4,500 United Surgical Partners Int’l., Inc., 10.00%, 12/15/11 5,107,500

31,408,913

Hotels & Casino—2.6%

B 3,500 Ameristar Casinos Inc., 10.75%, 2/15/09 3,937,500

B+ 4,125 Boyd Gaming Corp., 7.75%, 12/15/12 4,248,750

Ba3 2,671 Host Marriot Corp., Ser. B, 7.875%, 8/01/08 2,744,452

B 2,000 John Q. Hammons Hotels LP, Ser. B, 8.875%, 5/15/12 2,200,000

Ba2 5,425 MGM Mirage, 9.75%, 6/01/07 5,960,719

19,091,421

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Industrials—1.8%

B- $ 4,000 ³ Fasten Tech Inc., 11.50%, 5/01/11 $ 4,480,000

B 5,025 Hexcel Corp., 9.875%, 10/01/08 5,502,375

B- 3,000 Williams Scotsman, Inc., 9.875%, 6/01/07 2,970,000

12,952,375

Leisure—0.5%

BB+ 3,500 Royal Caribbean Cruises Ltd., 8.00%, 5/15/10 (Liberia) 3,797,500

Media—6.6%

B1 2,500 Alliance Atlantis Communications, Inc., 13.00%, 12/15/09 (Canada) 2,731,250

B- 3,500 CBD Media Inc., 8.625%, 6/01/11 3,710,000

BB- 5,000 Cenveo Corp., 9.625%, 3/15/12 5,387,500

BBB 6,685 ² Comcast Cable Communications, 6.875%, 6/15/09 7,334,180

BB- 6,000 ² CSC Holdings Inc., 7.875%, 12/15/07 6,300,000

B 2,000 Dex Media East LLC, 12.125%, 11/15/12 2,370,000

BB- 2,000 Echostar Dbs Corporation, 5.75%, 10/01/08 1,985,000

B 5,000 Houghton Mifflin Company, 9.875%, 2/01/13 5,137,500

B- 3,250 Nextmedia Operating, Inc., 10.75%, 7/01/11 3,648,125

B+ 2,500 ³ Paxson Communications Corp., 4.35%, 10/15/04 2,509,375

B- 4,650 Salem Communications Corp., 7.75%, 12/15/10 4,766,250

B 1,000 Von Hoffman Corp., 10.25%, 3/15/09 1,090,000

CCC+ 1,375 WRC Media, Inc., 12.75%, 11/15/09 1,251,250

48,220,430

Real Estate—0.8%

BB 5,860 ^2,3 American Real Estate Partners LP, 8.125%, 6/01/12 6,006,500

Technology—1.7%

B1 2,708 Amkor Tech. Inc., 7.75%, 5/15/13 2,308,570

B- 2,500 Chippac Int. Ltd., Ser. B, 12.75%, 8/01/09 2,656,250

Ba2 3,972 Flextronics Intl Ltd., 6.50%, 5/15/13 3,892,560

BB+ 3,500 Unisys Corp., 6.875%, 3/15/10 3,552,500

12,409,880

Telecommunication—4.3%

B- 6,000 ACC Escrow Corp., Ser. B, 10.00%, 8/01/11 5,220,000

A- 5,000 ² Deutsche Telekom Intl. Finance BV, 8.50%, 6/15/10 (Netherlands) 5,893,100

BB 5,000 ² Nextel Communications, Inc., 7.375%, 8/01/15 5,237,500

B+ 4,210 ³ PanAmSat Corp., 9.00%, 8/15/14 4,210,000

B 4,000 Qwest Communications Intl., Inc., 4.75%, 2/15/09 3,820,000

BB- 6,000 ^2,3 Qwest Corp., 9.125%, 3/15/12 6,585,000

30,965,600

Transportation—1.2%

BB+ 1,650 Overseas Shipholding Group, Inc., 8.75%, 12/01/13 1,782,000

B 3,720 Railamerica Transportation Corp., 12.875%, 8/15/10 4,240,800

B 3,015 Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda) 3,015,000

9,037,800

Total Corporate Bonds 456,674,994

Bank Loans—46.0%

Aero & Defense—0.2%

1,484 Transdigm, Inc., Term Loan, LIBOR + 2.25%, 4/12/11 1,501,401

Automotive—1.7%

498 CSK Auto, Inc., Term Loan B, LIBOR + 2.25%, 6/18/09 503,719

1,250 Dayco Products, LLC, Term Loan B, LIBOR + 3.00%, 6/30/10 1,266,406

2,859 EaglePicher Industries, Term Loan B, LIBOR + 3.00%, 8/07/09 2,878,498

1,317 Metaldyne Co. LLC, Term Loan D, LIBOR + 4.25%, 12/31/09 1,315,721

Tenneco Automotive, Inc.,

446 Term Loan B, LIBOR + 3.00%, 11/30/10 454,026

1,002 Term Loan B1, LIBOR + 3.00%, 11/30/10 1,020,507

2,776 TRW Automotive Aquisitions Corp., Term Loan D1, LIBOR + 2.25%, 2/28/11 2,822,491

1,888 Williams Scotsman, Inc., Term Loan B, LIBOR + 3.00%, 12/31/08 1,911,353

12,172,721

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Basic Material—0.1%

$ 500 Metokote Corp., Term Loan B, LIBOR + 5.75%, 2/01/11 $    505,000

Building & Development—0.7%

1,474 Associated Materials, Inc., Term Loan, LIBOR + 2.75%, 8/20/10 1,485,965

998 Builders Firstsource, Inc., Term Loan A, LIBOR + 3.25%, 2/25/10 1,003,734

850 Goodman Global Holdings, Inc., Term Loan B, LIBOR + 2.00%, 11/30/09 860,094

1,000 Landsource Communities Development, LLC, Term Loan, LIBOR + 4.25%, 3/31/10 1,013,125

Ply Gem Industries,

75     CAD Term Loan, LIBOR + 2.50%, 3/15/10 74,953

424     USD Term Loan, LIBOR + 2.50%, 10/01/11 424,732

4,862,603

Chemical—2.3%

Celanese,

3,000     Term Loan B, LIBOR + 2.50%, 11/03/11 3,091,251

1,000     Term Loan C, LIBOR + 4.25%, 6/03/11 1,015,417

3,000 Cognis, Term Loan B, LIBOR + 4.75%, 11/15/13 2,981,250

1,750 Huntsman Intl. LLC, Term Loan B, LIBOR + 3.25%, 12/31/10 1,774,938

931 INEOS Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 6/30/09 943,033

2,717 Nalco Chemical Co., Term Loan B, LIBOR + 2.50%, 11/01/10 2,756,001

2,485 Rockwood Specialties Group,
    Term Loan A, LIBOR + 8.00%, 1/31/06

2,475,060

1,000     Term Loan B, LIBOR + 2.25%, 8/15/12 1,000,000

993 USI Holdings Corp., Term Loan B, LIBOR + 2.50%, 7/30/08 1,001,184

17,038,134

Conglomerates—2.3%

Colfax Corp.,

3,700     Term Loan B, LIBOR + 3.00%, 6/30/09 3,711,562

1,250     Term Loan C, LIBOR + 6.00%, 6/30/10 1,275,000

Invesys Intl. Holdings LTD.,

1,996     Term Loan, LIBOR + 3.50%, 8/30/09 2,025,783

4,250     Term Loan B, LIBOR + 4.75%, 11/30/09 4,356,250

748 Precise Technology, Inc., Term Loan A, LIBOR + 3.00%, 3/31/11 752,333

2,481 Quintiles Transnational Corp., Term Loan B, LIBOR + 4.25%, 9/25/09 2,518,469

1,985 Trimas Corp., Term Loan B, LIBOR + 3.50%, 12/31/09 1,996,771

16,636,168

Consumer Products—6.9%

1,066 Alimentation Couche Tard, Inc., Term Loan B, LIBOR + 2.25%, 12/31/10 1,078,953

500 Buffets, Inc., Term Loan LC, LIBOR + 3.60%, 6/28/09 507,500

1,735 CKE Restaurants, Term Loan, LIBOR + 3.00%, 5/17/09 1,760,584

500 Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/15/11 508,125

1,080 Dole Food Co., Inc., Term Loan D, LIBOR + 2.25%, 8/30/08 1,096,322

3,339 Dr. Pepper Bottling Company of Texas, Term Loan B, LIBOR + 2.50%, 12/30/10 3,373,096

1,463 DS Waters Enterprises LP, Term Loan B, LIBOR + 2.75%, 11/30/09 1,441,477

500 Harbor Freight Tools, Term Loan B, LIBOR + 3.00%, 7/30/10 505,000

1,985 Jarden Corp., Term Loan B, LIBOR + 2.25%, 4/30/08 2,004,850

2,586 Jostens, Inc., Term Loan B, LIBOR + 2.50%, 7/08/10 2,618,713

1,000 Keystone Foods, Term Loan, LIBOR + 2.50%, 6/30/11 1,010,000

4,000 Kosa BV, Term Loan B, LIBOR + 3.00%, 4/30/11 4,055,000

1,000 Language Line Inc., Term Loan, LIBOR + 2.25%, 6/14/11 1,010,000

1,674 Le Nature, Term Loan B, LIBOR + 4.00%, 5/30/10 1,693,212

1,514 Meow Mix Co., Term Loan B, LIBOR + 4.25%, 8/30/09 1,506,068

2,985 Michael Foods, Inc., Term Loan B, LIBOR + 2.50%, 11/30/10 3,027,909

1,000 Nice Pak Products, Term Loan, Prime + 2.50%, 6/15/10 1,010,000

Olympus Cable Holdings, LLC,

2,000     Term Loan A, Prime + 1.25%, 6/30/10 1,916,786

3,500     Term Loan B, Prime + 2.00%, 9/30/10 3,376,250

2,818 Oriental Trading Co., Inc., Term Loan B, LIBOR + 2.75%, 6/30/09 2,840,462

1,977 Pantry, Inc., The, Term Loan, LIBOR, 2/18/11 2,003,993

1,000 Pierre Foods Inc., Term Loan B, LIBOR + 2.75%, 7/15/10 1,011,250

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Consumer Products—(continued)

$ 1,496 Prestige Brands Holdings, Inc., Term Loan B, LIBOR + 4.25%, 4/07/11 $ 1,517,447

3,829 R.H. Donnelley, Inc., Term Loan B2, LIBOR + 2.25%, 6/30/10 3,871,243

1,197 Scotts Co., The, Term Loan B, LIBOR + 2.00%, 10/30/10 1,202,558

973 Sealy Mattress Co., Term Loan B, LIBOR + 2.50%, 3/31/12 987,002

3,218 Tempur Pedic, Term Loan B, LIBOR + 3.00%, 8/13/09 3,249,675

50,183,475

Containers & Glass—3.7%

1,000 Bway Corp., Term Loan B, LIBOR + 1.25%, 6/30/11 1,015,000

5,700 Crown Cork & Seal Co., Inc., Term Loan B1, LIBOR + 3.00%, 9/30/08 5,778,375

3,980 Graphic Packaging Intl., Inc., Term Loan B, LIBOR + 2.75%, 6/30/10 4,038,040

Owens-Brockway Glass Container, Inc.,

8,500     Term Loan A, LIBOR + 3.00%, 6/30/07 8,604,482

1,000     Term Loan C, LIBOR + 3.00%, 3/15/08 1,001,250

952     Term Loan C1, LIBOR + 3.00%, 3/15/08 965,476

2,970 Silgan Holdings, Inc., Term Loan B, LIBOR + 1.75%, 11/30/08 2,999,624

494 Sola International, Inc., Term Loan, LIBOR + 3.00%, 11/30/09 500,539

1,995 Solo Cup, Inc., Term Loan B, LIBOR, 2/27/11 2,016,612

26,919,398

Ecological Services & Equipment—0.8%

Allied Waste NA, Inc.,

1,000     Term Loan A, LIBOR + 2.75%, 1/15/10 1,015,417

4,000     Term Loan C, LIBOR + 2.75%, 1/15/10 4,053,572

1,000 Envirosolutions, Inc., Term Loan, LIBOR + 4.00%, 2/28/09 1,000,000

6,068,989

Electronics—0.5%

3,307 Knowles Electronics, Inc., Term Loan B, LIBOR + 5.00%, 6/29/07 3,323,564

487 SGL Carbon LLC, Term Loan, LIBOR + 3.00%, 6/30/09 486,984

3,810,548

Energy—3.9%

429 AES Corp., The, Term Loan, LIBOR + 4.00%, 4/30/08 433,623

1,980 Calpine Corp., Term Loan B, LIBOR + 5.75%, 7/15/07 1,694,825

6,943 Centerpoint Energy, Inc., Term Loan B, LIBOR + 3.50%, 10/30/06 7,015,571

2,000 Getty Petroleum, Inc., Term Loan, LIBOR + 3.25%, 5/20/10 2,028,750

Gulfterra Energy Partners, LP,

1,990     Term Loan B, LIBOR + 2.25%, 11/30/08 2,009,900

500     Term Loan B2, LIBOR + 2.25%, 10/11/07 505,000

2,000 La Grange Acquisition, LP, Term Loan, LIBOR + 3.00%, 1/18/08 2,027,500

5,500 Mission Energy Holdings Co., Term Loan, LIBOR + 5.00%, 11/19/06 5,510,312

578 NRG Energy, Inc., Term Loan, LIBOR + 4.00%, 5/08/10 596,645

496 Pike Electric, Term Loan, LIBOR + 2.25%, 6/30/12 504,934

5,762 Reliant Resources, Inc., Term Loan, LIBOR, 3/15/07 5,746,316

28,073,376

Finance & Banking—0.8%

1,000 Conseco Inc., Term Loan, LIBOR + 4.00%, 6/16/10 1,013,125

1,975 Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/15/10 2,004,625

2,000 SBA Senior Finance, Inc., Term Loan, LIBOR + 3.50%, 10/31/08 2,012,500

494 Universal American Financial Corp., Term Loan B, LIBOR + 2.25%, 5/25/09 493,750

5,524,000

Forest Products—1.7%

MDCP Acquisitions,

4,000     Term Loan B3, LIBOR + 2.75%, 12/31/08 4,018,752

4,000     Term Loan C3, LIBOR + 3.25%, 10/31/11 4,025,000

1,493 RLC Industries Co., Term Loan B, LIBOR + 2.00%, 1/26/10 1,503,694

SP Newsprint Co., Term Loan B,

1,611     LIBOR, 1/09/10 1,633,264

876     LIBOR + 3.00%, 1/08/10 888,439

12,069,149

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Health Care—3.8%

$ 211 Ameripath, Inc., Term Loan C, LIBOR + 3.00%, 3/20/10 $ 211,662

746 Atrium Companies, Inc., Term Loan B, LIBOR + 2.75%, 11/19/08 754,024

3,960 Community Health Systems, Inc., Term Loan, LIBOR + 2.50%, 6/16/11 4,004,244

2,970 Concentra Operating Corp., Term Loan B, LIBOR + 3.75%, 8/13/09 3,008,363

2,738 Connecticare, Inc., Term Loan B, LIBOR + 3.75%, 10/31/09 2,751,187

2,968 Davita, Inc., Term Loan B, LIBOR + 2.00%, 6/23/09 2,994,175

488 DJ Orthopedics LLC, Term Loan B, LIBOR + 2.25%, 4/30/09 492,375

2,015 Empi Corp., Term Loan B, LIBOR + 3.00%, 11/30/09 2,018,772

Fisher Scientific Intl., Inc.,

500     Term Loan, LIBOR + 1.50%, 6/15/11 504,063

1,109     Term Loan C, LIBOR + 2.00%, 2/28/10 1,114,026

1,000 Iasis Healthcare Corp., Term Loan B, LIBOR + 2.25%, 6/30/11 1,014,375

3,000 Jean Coutu, Term Loan B, LIBOR + 2.25%, 6/30/11 3,031,341

2,485 Kinetic Concepts, Inc., Term Loan B, LIBOR + 2.00%, 8/05/10 2,516,062

500 Medical Device Manufacturing, Term Loan, LIBOR + 3.00%, 6/29/10 506,250

1,425 Orthofix Intl. NV, Term Loan B, LIBOR, 1/09/09 1,437,469

1,000 Wellcare Health Plans, Inc., Term Loan B, LIBOR + 4.00%, 5/13/09 996,250

27,354,638

Hotels & Casino—0.9%

1,000 Boyd Gaming Corp., Term Loan B, LIBOR + 1.75%, 5/14/11 1,011,563

2,940 Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 9/01/04 - 9/30/04 2,941,287

498 Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR, 12/01/10 502,475

2,418 Marina District Finance Co., Inc., Term Loan A, LIBOR + 2.75%, 12/01/07 2,438,926

6,894,251

Industrials—3.0%

1,938 Alderwoods Group, Inc., Term Loan B, LIBOR + 2.75%, 9/30/08 1,965,672

998 Arinc, Inc., Term Loan B, LIBOR + 2.25%, 2/15/11 1,009,969

1,000 Buhrmann Facility, Term Loan, LIBOR + 2.50%, 12/30/10 1,013,750

2,239 Buhrmann U.S., Inc., Term Loan B1, LIBOR + 2.50%, 11/01/07 - 12/30/10 2,269,533

2,494 Enersys, Inc., Term Loan A, LIBOR + 2.50%, 3/15/11 2,531,156

3,000 Exide Technologies, Term Loan, LIBOR + 3.50%, 5/01/10 3,018,750

959 Ionics, Inc., Term Loan, LIBOR + 2.75%, 2/12/11 972,621

1,936 New Flyer, Inc., Term Loan B, LIBOR + 2.75%, 2/27/10 1,958,086

2,925 Roper Industries, Inc., Term Loan B, LIBOR + 2.00%, 12/26/08 2,963,999

1,493 Sensus Metering Systems, Inc., Term Loan B1, LIBOR + 3.00%, 12/30/09 1,508,047

1,829 United Rentals NA, Inc., Term Loan, LIBOR + 2.25%, 2/12/11 1,859,839

897 Worldspan, LP, Term Loan, LIBOR + 3.75%, 6/30/07 901,410

21,972,832

Media—7.6%

500 Adams Outdoor Advertising, LP, Term Loan, LIBOR + 2.25%, 10/01/11 505,416

Cinram International, Inc.,

5,644     Term Loan B, LIBOR + 3.75%, 10/30/09 5,732,188

1,474     Term Loan C, LIBOR, 4/30/10 1,488,327

2,521 Dex Media East, LLC, Term Loan A, LIBOR + 2.00%, 11/08/08 2,549,174

Dex Media West, LLC,

4,456     Term Loan A, LIBOR + 2.25%, 9/01/09 4,536,783

2,043     Term Loan B, LIBOR + 2.75%, 9/10/09 2,068,924

3,717 DirecTV Holdings, LLC, Term Loan B2, LIBOR + 2.25%, 2/13/10 3,764,020

4,500 Echostar DBS Corp., Term Loan, LIBOR + 2.25%, 4.85%, 10/01/08 4,680,000

3,000 Emmis Communications, Term Loan B, LIBOR, 5/15/12 3,030,000

1,750 Freedom Communications Inc., Term Loan B, LIBOR, 4/04/12 1,775,704

Insight Midwest Holdings LLC,

5,000     Term Loan, LIBOR + 2.25%, 1/06/10 5,070,140

970     Term Loan B, LIBOR + 3.50%, 1/06/10 983,607

2,000 Lions Gate Entertainment, Inc., Term Loan B, LIBOR + 3.25%, 12/31/08 2,012,500

4,000 Mediacom Broadband Group, Term Loan B, LIBOR + 2.50%, 9/30/10 4,035,000

1,990 MediaNews Group, Inc., Term Loan B, LIBOR + 2.00%, 12/30/10 2,014,045

4,000 MGM, Inc., Term Loan B, LIBOR + 2.50%, 4/30/11 4,017,000

BlackRock Limited Duration Income Trust (BLW) (continued)

Principal

Amount

Rating¹ (000)
Description

Value

Media—(continued)

$ 2,977 Rainbow Media Group, Term Loan C, LIBOR + 2.25%, 3/30/09 $ 2,984,309

1,612 Relizon Company, The, Term Loan B, LIBOR + 3.00%, 2/15/11 1,616,344

1,995 Warner Music Group, Term Loan, LIBOR, 4/08/11 2,022,431

54,885,912

Real Estate—0.2%

1,644 Crescent Real Estate Equities LP, Term Loan B, LIBOR + 2.25%, 2/25/07 1,657,246

Technology—0.3%

500 Network Communications, Term Loan B, LIBOR + 4.00%, 6/15/11 505,000

1,500 Verifone Inc., Term Loan B1, LIBOR + 2.50%, 6/30/11 1,518,750

2,023,750

Telecommunication—4.0%

1,000 Atlantic Broadband Finance LLC, Term Loan B, LIBOR + 3.25%, 1/30/11 1,014,375

998 Centennial Cellular Operating Co., Term Loan B, LIBOR + 2.75%, 2/09/11 1,001,419

3,500 Charter Communications Operating LLC, Term Loan A, LIBOR + 3.25%, 4/30/11 3,447,063

1,500 Consolidated Communications, Inc., Term Loan B1, LIBOR + 2.75%, 4/07/12 1,526,250

4,466 Crown Castle Operating Co., Term Loan B, LIBOR + 3.50%, 4/30/10 4,471,833

3,980 Nextel Finance Co., Term Loan E, LIBOR + 2.25%, 12/15/10 4,005,587

2,500 Nextel Partners, Term Loan C, LIBOR + 2.50%, 5/18/11 2,538,125

5,000 Qwest Corp., Term Loan A, LIBOR + 4.75%, 6/30/07 5,178,125

1,712 Valor Telecommunication Enterprises II, LLC, Term Loan A, LIBOR + 2.50%, 8/31/07 1,712,819

4,000 Western Wireless Corp., Term Loan B, LIBOR + 3.00%, 5/30/11 4,055,000

28,950,596

Transportation—0.6%

1,000 Kenan Advantage Group Inc., Term Loan, LIBOR + 3.50%, 10/30/10 1,010,000

1,953 Sirva Worldwide, Inc., Term Loan B, LIBOR + 2.50%, 11/30/10 1,965,147

750 Transport Industries, LP, Term Loan, LIBOR + 4.00%, 6/14/10 750,000

1,000 Transwestern Pipeline Co., Term Loan, LIBOR + 2.25%, 5/01/09 1,007,083

4,732,230

Total Bank Loans 333,836,417

Mortgage Pass-Throughs—23.9%

Federal National Mortgage Assoc.,

8,951     4.327%, 12/01/33 8,998,784

6,254     4.415%, 1/01/34 6,448,205

121,700     5.00%, 12/01/99 122,574,780

17,000 ²     7.25%, 1/15/10 19,457,690

15,653     TBA, 5.50%, 12/01/27 - 11/01/33 15,729,652

Total Mortgage Pass-Throughs 173,209,111

Interest Only Asset-Backed Securities—1.0%

77,407 Sterling Coofs Trust, 2.362%, 4/15/29 6,894,086

Interest Only Mortgage-Backed Securities—0.5%

17,745 Federal National Mortgage Assoc., Ser. 64, Class QI, 1/25/33 3,673,962

Commercial Mortgage-Backed Securities—0.1%

BB+ 1,000 ³ Bear Stearns Commercial Mortgage Secs Inc., Class K, 3.88%, 5/14/16 999,700

Asset-Backed Securities—1.9%

AAA 6,900 ² DaimlerChrysler Auto Trust, Ser. B, Class A3, 2.25%, 8/08/07 6,868,176

AAA 7,125 Honda Auto Receivables, Class A3, 2.30%, 10/18/07 7,084,478

Total Asset-Backed Securities 13,952,654

Collateralized Mortgage Obligation Residuals—2.5%

GSR Mortgage Loan Trust,

9,299 ²     Ser. 10, Class 2A1, 10/25/33 9,091,642

9,128 ²     Ser. 13, Class 1A1, 10/25/33 9,012,850

Total Collateralized Mortgage Obligation Residuals 18,104,492

BlackRock Limited Duration Income Trust (BLW) (continued)

	Principal
	Amount
Rating¹	(000)		Description	Value

			Foreign Government Bonds—2.5%
BB	$ 5,000		Columbia Republic, 9.75%, 4/23/09	$ 5,475,000
BB	5,000	²	Peru Republic, 9.125%, 2/21/12	5,225,000
B2	1,667		Republic of Venezuela, 2.75%, 12/18/07	1,609,315
B+	5,000		Turkey Republic, 11.375%, 11/27/06	5,637,500

			Total Foreign Government Bonds	17,946,815

			U.S. Government Securities—4.3%
			U.S. Treasury Notes,
	17,000		3.375%, 12/15/08	16,880,490
	6,000	²	3.875%, 5/15/09	6,055,320
	8,660	²	4.25%, 11/15/13	8,526,030

			Total U.S. Government Securities	31,461,840

			Total investments—145.6% (cost $1,036,748,053)	1,056,754,071
			Liabilities in excess of other assets—(45.6)%	(331,068,618)

			Net Assets—100%	$ 725,685,453


¹		Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings ratings.
²		Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
³		Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2004, the Trust held 12.1% of its net assets, with a current market value of $87,528,385, in securities restricted as to resale.

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

(Registrant)	BlackRock Limited Duration Income Trust

By:	/s/ Henry Gabbay

Name:	Henry Gabbay
Title:	Treasurer
Date:	September 28, 2004

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

By:	/s/ Robert S. Kapito

Name:	Robert S. Kapito
Title:	Principal Executive Officer
Date:	September 28, 2004

By:	/s/ Henry Gabbay

Name:	Henry Gabbay
Title:	Principal Financial Officer
Date:	September 28, 2004