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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-04-004588.txt : 20040929
<SEC-HEADER>0000930413-04-004588.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929140459
ACCESSION NUMBER:		0000930413-04-004588
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK LIMITED DURATION INCOME TRUST
		CENTRAL INDEX KEY:			0001233681
		IRS NUMBER:				200096695
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21349
		FILM NUMBER:		041052272

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MANAGED DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20030529

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MANAGED DURATION TRUST
		DATE OF NAME CHANGE:	20030516
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c33817_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<p>
<P align="center"><FONT face="serif">UNITED STATES </FONT> <br>
    <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT> <br>
    <FONT face="serif">Washington, D.C. 20549 </FONT> </P>
<P align="center"> <B><FONT size=4 face="serif">FORM N-Q </FONT></B> </P>
<P align="center"> <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B> <br>
    <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="36%" align="left"><font face="serif">Investment Company Act file number: </font></td>
    <td colspan="2" align="left">&nbsp;</td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td colspan="2" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">BlackRock Limited Duration Income Trust </font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">(Exact name of registrant as specified in charter) </font> </td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="serif">100 Bellevue Parkway, Wilmington, DE</font></td>
    <td align="center"><font size=2 face="serif">19809</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="serif">(Address of principal executive offices)&nbsp;</font></td>
    <td width="51%" align="center"><font size=2 face="serif">(Zip code)</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="serif"><font face="serif">Robert S. Kapito, President</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="serif"><font face="serif">BlackRock Limited Duration Income Trust </font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="serif"><font face="serif">40 East 52nd Street, New York, NY 10022</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="serif"><font face="serif">(Name and address of agent for service)</font></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="serif"><br>
</FONT></P>
<table width="75%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif">Registrant's telephone number, including area code:</font></td>
    <td width="61%"><font face="serif">888-825-2257</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%"><font face="serif">Date of fiscal year end:</font></td>
    <td colspan="2"><font face="serif">&nbsp;</font><font face="serif">October 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">Date of reporting period:</font></td>
    <td colspan="2"><font face="serif">July 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P align="left"><FONT face="serif"><BR>
</FONT> </P>
<HR noshade align="center" width="100%" size=4>
<page> <A name="page_2"></A>
<P> <font size="2" face="serif"><B>Item 1. Schedule of Investments</B> </font> </P>
<P> <FONT size="2" face="serif">The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<P>&nbsp;</P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS<br>
  </b></font><font size="3"><b>July 31, 2004</b></font>

<p><b><font size="3">BlackRock Limited Duration Income Trust  (BLW)</font>
</b>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="2%" >&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="8%" align=center>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="58%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=right>&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><hr noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="7%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;145.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Corporate Bonds&#151;62.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Aero &amp; Defense&#151;2.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Raytheon, 7.00%, 5/15/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp; 4,222,240</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sequa Corp., Ser. B, 8.875%, 4/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,350,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,885</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transdigm, Inc., 8.375%, 7/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,208,675</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,780,915</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Automotive&#151;5.4%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Advanced Accesory Systems LLC, Ser.
B, 10.75%, 6/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Collins &amp; Aikman Products Co.,
10.75%, 12/31/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,777,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">DaimlerChrysler NA Holding Corp.,
4.05%, 6/04/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,431,225</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dura Operating Corp., Ser. B, 8.625%,
4/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,977,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Ford Motor Credit Co., 7.375%, 2/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,959,540</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">General Motors Acceptance Corp.,
6.875%, 8/28/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,622,925</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,640</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">TRW Automotive, Inc., 9.375%, 2/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,289,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">39,058,290</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Basic Material&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Gold Kist, Inc., 10.25%, 3/15/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,180,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ipsco, Inc., 8.75%, 6/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,600,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">United States Steel LLC, 10.75%,
8/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,761,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,541,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Building &amp; Development&#151;0.4%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Collins &amp; Aikman Floorcovering,
Ser. B, 9.75%, 2/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">258,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">D.R. Horton, Inc., 5.875%, 7/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,921,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,180,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Chemical&#151;2.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,820<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">BCP Caylux Holdings SCA, 9.625%,
6/15/14 (Luxembourg) </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,925,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Huntsman Advanced Materials LLC,
11.00%, 7/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,831,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Huntsman LLC, 11.625%, 10/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,337,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lyondell Chemical Co., 11.125%, 7/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,550,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rockwood Specialties Group, Inc.,
10.625%, 5/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,375,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,019,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Conglomerates&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Trimas Corp., 9.875%, 6/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,180,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Tyco Intl. Group SA, 6.125%, 11/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,048,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,228,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;2.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Group 1 Automotive, Inc., 8.25%,
8/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,175,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">JC Penney Co., Inc., 8.00%, 3/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,612,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rite Aid Corp., 8.125%, 5/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,212,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sonic Automotive, Inc., Ser. B, 8.625%,
8/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,596,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,596,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Containers &amp; Glass&#151;1.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Graphic Packaging Intl., Inc., 9.50%,
8/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,453,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Silgan Holdings, Inc., 6.75%, 11/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,940,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,393,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ecological Services &amp; Equipment&#151;2.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,783<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Allied Waste NA, Inc., Ser. B, 10.00%,
8/01/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,139,108</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Casella Waste Systems, Inc., 9.75%,
2/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,145,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,250<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">National Waterworks, Inc., Ser. B,
10.50%, 12/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,046,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,330,983</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
</table>
<br>
<p><p align='center'>1<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="3%" >&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%" align=center>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="57%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="9%" align=right>&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><hr noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="6%">&nbsp;</td>
<td align=left><font size="2"><b>Energy&#151;9.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 5,500<sup></sup></font></td>
<td><font size="2"><sup>2,3</sup></font></td>
<td align=left><font size="2">AES Corp., The, 8.75%, 5/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ &nbsp;  6,008,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,290</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chesapeake Energy Corp., 7.50%, 9/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,607,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Compagnie Generale de Geophysique
SA, 10.625%, 11/15/07 (France)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,127,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dresser, Inc., 9.375%, 4/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,475</font></td>
<td><font size="2"><sup></sup><sup>2,3</sup></font></td>
<td align=left><font size="2">Dynegy Holdings, Inc., 10.125%, 7/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,922,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">El Paso Production Holding Co., 7.75%,
6/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,820,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,160</font></td>
<td><font size="2"><sup></sup><sup>3</sup></font></td>
<td align=left><font size="2">Gazprom, 9.625%, 3/01/13 (Russia)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,259,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">CCC+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td><font size="2"><sup></sup><sup>3</sup></font></td>
<td align=left><font size="2">Gemstone Investor Ltd., 7.71%, 10/31/04</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,030,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hanover Equipment Trust, Ser. B,
8.75%, 9/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,163,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Hilcorp Energy I LP, 10.50%, 9/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,500,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Massey Energy Corp., 6.95%, 3/01/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,070,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Midwest Generation LLC, Ser. A, 8.30%,
7/02/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,150,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Swift Energy Co., 9.375%, 5/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,375,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Westport Resources Corp., 8.25%,
11/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,729,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Williams Cos, Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;zero coupon, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,092,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;8.625%, 6/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,612,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">66,869,225</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Finance &amp; Banking&#151;7.1%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crum &amp; Forster Holdings Corp.,
10.375%, 6/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,255,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">JP Morgan HYDIB,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000<sup></sup></font></td>
<td><font size="2"><sup>2,3</sup></font></td>
<td align=left><font size="2">  6.40%, 6/20/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,900,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,815<sup></sup></font></td>
<td><font size="2"><sup>2,3</sup></font></td>
<td align=left><font size="2">  9.00%, 6/20/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,060,185</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Kazkommerts Intl. BV, 10.125%, 5/08/07
(Netherlands)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,525,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,500<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Sheridan Acquisition Corp., 10.25%,
8/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,775,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Southern Star Central Corp., 8.50%,
8/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,425,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,894</font></td>
<td><font size="2"><sup></sup><sup>2</sup></font></td>
<td align=left><font size="2">Structured Asset Receivable Trust,
2.13%, 1/21/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,867,209</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,215<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Western Financial Bank, 9.625%, 5/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,636,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">51,444,519</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Forest Products&#151;2.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Caraustar Industries, Inc., 9.875%,
4/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,160,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,685<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Georgia Pacific Corp., 8.875%, 2/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,495,113</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Weyerhaeuser Co., 5.25%, 12/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,686,330</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,341,443</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Health Care&#151;4.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alaris Med Systems Inc., 7.25%, 7/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,480,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Amerisourcebergen Corp., 8.125%,
9/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,425,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Concentra Operating Corp., 9.50%,
8/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">370<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Curative Health Services, Inc., 10.75%,
5/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">334,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Insight Health Services Corp., Ser.
B, 9.875%, 11/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,232,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Norcross Safety Prods LLC, 9.875%,
8/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,240,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tenet Healthcare Corp.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,875</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,682,813</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,400<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;9.875%, 7/01/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,484,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">United Surgical Partners Int&#146;l.,
Inc., 10.00%, 12/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,107,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,408,913</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Hotels &amp; Casino&#151;2.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ameristar Casinos Inc., 10.75%, 2/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,937,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,125</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Boyd Gaming Corp., 7.75%, 12/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,248,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,671</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Host Marriot Corp., Ser. B, 7.875%,
8/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,744,452</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">John Q. Hammons Hotels LP, Ser. B,
8.875%, 5/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Ba2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,425</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MGM Mirage, 9.75%, 6/01/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,960,719</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,091,421</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>2<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="2%" >&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="6%" align=center>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="57%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Industrials&#151;1.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 4,000<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Fasten Tech Inc., 11.50%, 5/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp; 4,480,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,025</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hexcel Corp., 9.875%, 10/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,502,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Williams Scotsman, Inc., 9.875%,
6/01/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,970,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,952,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Leisure&#151;0.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Royal Caribbean Cruises Ltd., 8.00%,
5/15/10 (Liberia)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,797,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Media&#151;6.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alliance Atlantis Communications,
Inc., 13.00%, 12/15/09 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,731,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CBD Media Inc., 8.625%, 6/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,710,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cenveo Corp., 9.625%, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,387,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,685<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Comcast Cable Communications, 6.875%,
6/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,334,180</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">CSC Holdings Inc., 7.875%, 12/15/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,300,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dex Media East LLC, 12.125%, 11/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,370,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Echostar Dbs Corporation, 5.75%,
10/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,985,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Houghton Mifflin Company, 9.875%,
2/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,137,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nextmedia Operating, Inc., 10.75%,
7/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,648,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Paxson Communications Corp., 4.35%,
10/15/04</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,509,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Salem Communications Corp., 7.75%,
12/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,766,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Von Hoffman Corp., 10.25%, 3/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,090,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">CCC+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">WRC Media, Inc., 12.75%, 11/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,251,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">48,220,430</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Real Estate&#151;0.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,860<sup></sup></font></td>
<td><font size="2"><sup>2,3</sup></font></td>
<td align=left><font size="2">American Real Estate Partners LP,
8.125%, 6/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,006,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Technology&#151;1.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,708</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Amkor Tech. Inc., 7.75%, 5/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,308,570</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chippac Int. Ltd., Ser. B, 12.75%,
8/01/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,656,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">Ba2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,972</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Flextronics Intl Ltd., 6.50%, 5/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,892,560</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Unisys Corp., 6.875%, 3/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,552,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,409,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Telecommunication&#151;4.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">ACC Escrow Corp., Ser. B, 10.00%,
8/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,220,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Deutsche Telekom Intl. Finance BV,
8.50%, 6/15/10 (Netherlands)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,893,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Nextel Communications, Inc., 7.375%,
8/01/15</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,237,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,210<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">PanAmSat Corp., 9.00%, 8/15/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,210,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Qwest Communications Intl., Inc.,
4.75%, 2/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,820,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td><font size="2"><sup></sup><sup>2,3</sup></font></td>
<td align=left><font size="2">Qwest Corp., 9.125%, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,585,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,965,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Transportation&#151;1.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Overseas Shipholding Group, Inc.,
8.75%, 12/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,782,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,720</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Railamerica Transportation Corp.,
12.875%, 8/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,240,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sea Containers Ltd., 10.50%, 5/15/12
(Bermuda)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,015,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,037,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Corporate Bonds</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">456,674,994</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Bank Loans&#151;46.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Aero &amp; Defense&#151;0.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,484</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transdigm, Inc., Term Loan, LIBOR
+ 2.25%, 4/12/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,501,401</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Automotive&#151;1.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">498</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CSK Auto, Inc., Term Loan B, LIBOR
+ 2.25%, 6/18/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">503,719</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dayco Products, LLC, Term Loan B,
LIBOR + 3.00%, 6/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,266,406</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,859</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">EaglePicher Industries, Term Loan
B, LIBOR + 3.00%, 8/07/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,878,498</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,317</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Metaldyne Co. LLC, Term Loan D, LIBOR
+ 4.25%, 12/31/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,315,721</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tenneco Automotive, Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">446</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.00%, 11/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">454,026</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,002</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B1, LIBOR + 3.00%, 11/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,020,507</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,776</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">TRW Automotive Aquisitions Corp.,
Term Loan D1, LIBOR + 2.25%, 2/28/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,822,491</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,888</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Williams Scotsman, Inc., Term Loan
B, LIBOR + 3.00%, 12/31/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,911,353</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,172,721</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><HR noshade size=1></td>
  <td >&nbsp;</td>
</tr>
</table>
<br>
<p><p>
<p><p align='center'>3<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="3%" >&nbsp;</td>
    <td width="8%" align=center>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="59%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="4%" align=right>&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%" align=right>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td align=right><div align="center"><font size="2"></font></div></td>
  </tr>
  <tr valign=top>
    <td colspan="10" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Basic
Material&#151;0.1%</b></font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;  500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Metokote
Corp., Term Loan B, LIBOR + 5.75%, 2/01/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">$  &nbsp;&nbsp;  505,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='23' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Building
&amp; Development&#151;0.7%</b></font></td>
<td align=right></td>
<td align=right></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,474</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Associated
Materials, Inc., Term Loan, LIBOR + 2.75%, 8/20/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,485,965</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Builders
Firstsource, Inc., Term Loan A, LIBOR + 3.25%, 2/25/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,003,734</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">850</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Goodman
Global Holdings, Inc., Term Loan B, LIBOR + 2.00%, 11/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">860,094</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Landsource
Communities Development, LLC, Term Loan, LIBOR + 4.25%, 3/31/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,013,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ply
Gem Industries,</font></td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">75</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;CAD
Term Loan, LIBOR + 2.50%, 3/15/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">74,953</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">424</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;USD
Term Loan, LIBOR + 2.50%, 10/01/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">424,732</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">4,862,603</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Chemical&#151;2.3%</b></font></td>
<td align=right></td>
<td align=right></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Celanese,</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan B, LIBOR + 2.50%, 11/03/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">3,091,251</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan C, LIBOR + 4.25%, 6/03/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,015,417</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cognis,
Term Loan B, LIBOR + 4.75%, 11/15/13</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,981,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Huntsman
Intl. LLC, Term Loan B, LIBOR + 3.25%, 12/31/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,774,938</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">931</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">INEOS
Group Holdings PLC, Term Loan C, LIBOR + 3.50%, 6/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">943,033</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,717</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nalco
Chemical Co., Term Loan B, LIBOR + 2.50%, 11/01/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,756,001</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rockwood
Specialties Group,    <br>
&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 8.00%, 1/31/06<br>
</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td valign="bottom"><div align="right"><font size="2">2,475,060</font></div></td>
<td align=right>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan B, LIBOR + 2.25%, 8/15/12</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">993</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">USI
Holdings Corp., Term Loan B, LIBOR + 2.50%, 7/30/08</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,001,184</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">17,038,134</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Conglomerates&#151;2.3%</b></font></td>
<td align=right></td>
<td align=right></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Colfax
Corp.,</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">3,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan B, LIBOR + 3.00%, 6/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">3,711,562</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan C, LIBOR + 6.00%, 6/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,275,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Invesys
Intl. Holdings LTD.,</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td><td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,996</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan, LIBOR + 3.50%, 8/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,025,783</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">4,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan B, LIBOR + 4.75%, 11/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">4,356,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">748</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Precise
Technology, Inc., Term Loan A, LIBOR + 3.00%, 3/31/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">752,333</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">2,481</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Quintiles
Transnational Corp., Term Loan B, LIBOR + 4.25%, 9/25/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,518,469</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Trimas
Corp., Term Loan B, LIBOR + 3.50%, 12/31/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,996,771</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">16,636,168</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=right></td>
  <td align=right></td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Consumer
Products&#151;6.9%</b></font></td>
<td align=right></td>
<td align=right></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,066</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alimentation
Couche Tard, Inc., Term Loan B, LIBOR + 2.25%, 12/31/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,078,953</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Buffets,
Inc., Term Loan LC, LIBOR + 3.60%, 6/28/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">507,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,735</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CKE
Restaurants, Term Loan, LIBOR + 3.00%, 5/17/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,760,584</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Coinstar,
Inc., Term Loan, LIBOR + 2.25%, 7/15/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">508,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,080</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dole
Food Co., Inc., Term Loan D, LIBOR + 2.25%, 8/30/08</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,096,322</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">3,339</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dr.
Pepper Bottling Company of Texas, Term Loan B, LIBOR + 2.50%, 12/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">3,373,096</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,463</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">DS
Waters Enterprises LP, Term Loan B, LIBOR + 2.75%, 11/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,441,477</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harbor
Freight Tools, Term Loan B, LIBOR + 3.00%, 7/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">505,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jarden
Corp., Term Loan B, LIBOR + 2.25%, 4/30/08</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,004,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">2,586</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jostens,
Inc., Term Loan B, LIBOR + 2.50%, 7/08/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,618,713</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Keystone
Foods, Term Loan, LIBOR + 2.50%, 6/30/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,010,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kosa
BV, Term Loan B, LIBOR + 3.00%, 4/30/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">4,055,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Language
Line Inc., Term Loan, LIBOR + 2.25%, 6/14/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,010,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,674</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Le
Nature, Term Loan B, LIBOR + 4.00%, 5/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,693,212</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,514</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Meow
Mix Co., Term Loan B, LIBOR + 4.25%, 8/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,506,068</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">2,985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Michael
Foods, Inc., Term Loan B, LIBOR + 2.50%, 11/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">3,027,909</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nice
Pak Products, Term Loan, Prime + 2.50%, 6/15/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,010,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Olympus
Cable Holdings, LLC,</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan A, Prime + 1.25%, 6/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">1,916,786</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term
Loan B, Prime + 2.00%, 9/30/10</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">3,376,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">2,818</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Oriental
Trading Co., Inc., Term Loan B, LIBOR + 2.75%, 6/30/09</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,840,462</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,977</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pantry,
Inc., The, Term Loan, LIBOR, 2/18/11</font></td>
<td align=right>&nbsp;</td>
<td align=right>&nbsp;</td>
<td align=right><font size="2">2,003,993</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pierre
Foods Inc., Term Loan B, LIBOR + 2.75%, 7/15/10</font></td>
<td align=right>
<td align=right>
<td align=right><font size="2">1,011,250</font></td>
<td>&nbsp;</td></tr></table>
<p><p>
<font size="2"></font><p><p align='center'>4<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="3%" >&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%" align=center>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="57%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="4%">&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;(continued)</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 1,496</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Prestige Brands Holdings, Inc., Term
Loan B, LIBOR + 4.25%, 4/07/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp; 1,517,447</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,829</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">R.H. Donnelley, Inc., Term Loan B2,
LIBOR + 2.25%, 6/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,871,243</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,197</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Scotts Co., The, Term Loan B, LIBOR
+ 2.00%, 10/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,202,558</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">973</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sealy Mattress Co., Term Loan B,
LIBOR + 2.50%, 3/31/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">987,002</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,218</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tempur Pedic, Term Loan B, LIBOR
+ 3.00%, 8/13/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,249,675</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">50,183,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Containers &amp; Glass&#151;3.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bway Corp., Term Loan B, LIBOR +
1.25%, 6/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,015,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crown Cork &amp; Seal Co., Inc.,
Term Loan B1, LIBOR + 3.00%, 9/30/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,778,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Graphic Packaging Intl., Inc., Term
Loan B, LIBOR + 2.75%, 6/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,038,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Owens-Brockway Glass Container, Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 3.00%, 6/30/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,604,482</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 3.00%, 3/15/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,001,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">952</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C1, LIBOR + 3.00%, 3/15/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">965,476</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Silgan Holdings, Inc., Term Loan
B, LIBOR + 1.75%, 11/30/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,999,624</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">494</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sola International, Inc., Term Loan,
LIBOR + 3.00%, 11/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500,539</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Solo Cup, Inc., Term Loan B, LIBOR,
2/27/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,016,612</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">26,919,398</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ecological Services &amp; Equipment&#151;0.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Allied Waste NA, Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.75%, 1/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,015,417</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.75%, 1/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,053,572</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Envirosolutions, Inc., Term Loan,
LIBOR + 4.00%, 2/28/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,068,989</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Electronics&#151;0.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,307</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knowles Electronics, Inc., Term Loan
B, LIBOR + 5.00%, 6/29/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,323,564</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">487</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SGL Carbon LLC, Term Loan, LIBOR
+ 3.00%, 6/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">486,984</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='12' >&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,810,548</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Energy&#151;3.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">429</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AES Corp., The, Term Loan, LIBOR
+ 4.00%, 4/30/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">433,623</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Calpine Corp., Term Loan B, LIBOR
+ 5.75%, 7/15/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,694,825</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,943</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centerpoint Energy, Inc., Term Loan
B, LIBOR + 3.50%, 10/30/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,015,571</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Getty Petroleum, Inc., Term Loan,
LIBOR + 3.25%, 5/20/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,028,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gulfterra Energy Partners, LP,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.25%, 11/30/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,009,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B2, LIBOR + 2.25%, 10/11/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">505,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">La Grange Acquisition, LP, Term Loan,
LIBOR + 3.00%, 1/18/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,027,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mission Energy Holdings Co., Term
Loan, LIBOR + 5.00%, 11/19/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,510,312</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">578</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">NRG Energy, Inc., Term Loan, LIBOR
+ 4.00%, 5/08/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">596,645</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">496</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pike Electric, Term Loan, LIBOR +
2.25%, 6/30/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">504,934</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,762</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Reliant Resources, Inc., Term Loan,
LIBOR, 3/15/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,746,316</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">28,073,376</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Finance &amp; Banking&#151;0.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Conseco Inc., Term Loan, LIBOR +
4.00%, 6/16/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,013,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,975</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Global Cash Access, LLC, Term Loan,
LIBOR + 2.75%, 3/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,004,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SBA Senior Finance, Inc., Term Loan,
LIBOR + 3.50%, 10/31/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,012,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">494</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Universal American Financial Corp.,
Term Loan B, LIBOR + 2.25%, 5/25/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">493,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,524,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Forest Products&#151;1.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MDCP Acquisitions,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B3, LIBOR + 2.75%, 12/31/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,018,752</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C3, LIBOR + 3.25%, 10/31/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,025,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,493</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">RLC Industries Co., Term Loan B,
LIBOR + 2.00%, 1/26/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,503,694</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SP Newsprint Co., Term Loan B,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,611</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;LIBOR, 1/09/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,633,264</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">876</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.00%, 1/08/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">888,439</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,069,149</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
</table>
<br>
<p><p>
<p><p align='center'>5<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><br>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="3%" >&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%" align=center>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="58%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="8%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Health Care&#151;3.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;  211</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ameripath, Inc., Term Loan C, LIBOR
+ 3.00%, 3/20/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;   &nbsp; 211,662</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">746</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atrium Companies, Inc., Term Loan
B, LIBOR + 2.75%, 11/19/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">754,024</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,960</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Community Health Systems, Inc., Term
Loan, LIBOR + 2.50%, 6/16/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,004,244</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Concentra Operating Corp., Term Loan
B, LIBOR + 3.75%, 8/13/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,008,363</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,738</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Connecticare, Inc., Term Loan B,
LIBOR + 3.75%, 10/31/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,751,187</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,968</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Davita, Inc., Term Loan B, LIBOR
+ 2.00%, 6/23/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,994,175</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">488</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">DJ Orthopedics LLC, Term Loan B,
LIBOR + 2.25%, 4/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">492,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Empi Corp., Term Loan B, LIBOR +
3.00%, 11/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,018,772</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fisher Scientific Intl., Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 1.50%, 6/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">504,063</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,109</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.00%, 2/28/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,114,026</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Iasis Healthcare Corp., Term Loan
B, LIBOR + 2.25%, 6/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,014,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jean Coutu, Term Loan B, LIBOR +
2.25%, 6/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,031,341</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kinetic Concepts, Inc., Term Loan
B, LIBOR + 2.00%, 8/05/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,516,062</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Medical Device Manufacturing, Term
Loan, LIBOR + 3.00%, 6/29/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">506,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,425</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Orthofix Intl. NV, Term Loan B, LIBOR,
1/09/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,437,469</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wellcare Health Plans, Inc., Term
Loan B, LIBOR + 4.00%, 5/13/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">996,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,354,638</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Hotels &amp; Casino&#151;0.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Boyd Gaming Corp., Term Loan B, LIBOR
+ 1.75%, 5/14/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,011,563</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,940</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Greektown Casino, LLC, Term Loan
D, LIBOR + 3.50%, 9/01/04 - 9/30/04</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,941,287</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">498</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Green Valley Ranch Gaming, LLC, Term
Loan B, LIBOR, 12/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">502,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,418</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Marina District Finance Co., Inc.,
Term Loan A, LIBOR + 2.75%, 12/01/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,438,926</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,894,251</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Industrials&#151;3.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,938</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alderwoods Group, Inc., Term Loan
B, LIBOR + 2.75%, 9/30/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,965,672</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Arinc, Inc., Term Loan B, LIBOR +
2.25%, 2/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,009,969</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Buhrmann Facility, Term Loan, LIBOR
+ 2.50%, 12/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,013,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,239</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Buhrmann U.S., Inc., Term Loan B1,
LIBOR + 2.50%, 11/01/07 - 12/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,269,533</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,494</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Enersys, Inc., Term Loan A, LIBOR
+ 2.50%, 3/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,531,156</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Exide Technologies, Term Loan, LIBOR
+ 3.50%, 5/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,018,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">959</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ionics, Inc., Term Loan, LIBOR +
2.75%, 2/12/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">972,621</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,936</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Flyer, Inc., Term Loan B, LIBOR
+ 2.75%, 2/27/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,958,086</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,925</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Roper Industries, Inc., Term Loan
B, LIBOR + 2.00%, 12/26/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,963,999</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,493</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sensus Metering Systems, Inc., Term
Loan B1, LIBOR + 3.00%, 12/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,508,047</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,829</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">United Rentals NA, Inc., Term Loan,
LIBOR + 2.25%, 2/12/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,859,839</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">897</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Worldspan, LP, Term Loan, LIBOR +
3.75%, 6/30/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">901,410</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,972,832</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Media&#151;7.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Adams Outdoor Advertising, LP, Term
Loan, LIBOR + 2.25%, 10/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">505,416</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cinram International, Inc.,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,644</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.75%, 10/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,732,188</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,474</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR, 4/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,488,327</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,521</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dex Media East, LLC, Term Loan A,
LIBOR + 2.00%, 11/08/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,549,174</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dex Media West, LLC,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,456</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.25%, 9/01/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,536,783</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,043</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%, 9/10/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,068,924</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,717</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">DirecTV Holdings, LLC, Term Loan
B2, LIBOR + 2.25%, 2/13/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,764,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Echostar DBS Corp., Term Loan, LIBOR
+ 2.25%, 4.85%, 10/01/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,680,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Emmis Communications, Term Loan B,
LIBOR, 5/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,030,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Freedom Communications Inc., Term
Loan B, LIBOR, 4/04/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,775,704</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Insight Midwest Holdings LLC,</font></td>

<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.25%, 1/06/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,070,140</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.50%, 1/06/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">983,607</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lions Gate Entertainment, Inc., Term
Loan B, LIBOR + 3.25%, 12/31/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,012,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mediacom Broadband Group, Term Loan
B, LIBOR + 2.50%, 9/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,035,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MediaNews Group, Inc., Term Loan
B, LIBOR + 2.00%, 12/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,014,045</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MGM, Inc., Term Loan B, LIBOR + 2.50%,
4/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,017,000</font></td>

<td>&nbsp;</td></tr>
</table>
<br>
<p><p>
<font size="2"></font><p><p align='center'>6<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="2%" >&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%" align=center>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="58%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="4%">&nbsp;</td>
    <td width="9%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Media&#151;(continued)</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 2,977</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rainbow Media Group, Term Loan C,
LIBOR + 2.25%, 3/30/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp; 2,984,309</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,612</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Relizon Company, The, Term Loan B,
LIBOR + 3.00%, 2/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,616,344</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Warner Music Group, Term Loan, LIBOR,
4/08/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,022,431</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">54,885,912</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Real Estate&#151;0.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,644</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crescent Real Estate Equities LP,
Term Loan B, LIBOR + 2.25%, 2/25/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,657,246</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Technology&#151;0.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Network Communications, Term Loan
B, LIBOR + 4.00%, 6/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">505,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Verifone Inc., Term Loan B1, LIBOR
+ 2.50%, 6/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,518,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,023,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Telecommunication&#151;4.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlantic Broadband Finance LLC, Term
Loan B, LIBOR + 3.25%, 1/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,014,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centennial Cellular Operating Co.,
Term Loan B, LIBOR + 2.75%, 2/09/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,001,419</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter Communications Operating
LLC, Term Loan A, LIBOR + 3.25%, 4/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,447,063</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Consolidated Communications, Inc.,
Term Loan B1, LIBOR + 2.75%, 4/07/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,526,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,466</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crown Castle Operating Co., Term
Loan B, LIBOR + 3.50%, 4/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,471,833</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nextel Finance Co., Term Loan E,
LIBOR + 2.25%, 12/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,005,587</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nextel Partners, Term Loan C, LIBOR
+ 2.50%, 5/18/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,538,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Qwest Corp., Term Loan A, LIBOR +
4.75%, 6/30/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,178,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,712</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Valor Telecommunication Enterprises
II, LLC, Term Loan A, LIBOR + 2.50%, 8/31/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,712,819</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Western Wireless Corp., Term Loan
B, LIBOR + 3.00%, 5/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,055,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">28,950,596</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Transportation&#151;0.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kenan Advantage Group Inc., Term
Loan, LIBOR + 3.50%, 10/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,010,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,953</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sirva Worldwide, Inc., Term Loan
B, LIBOR + 2.50%, 11/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,965,147</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transport Industries, LP, Term Loan,
LIBOR + 4.00%, 6/14/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">750,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transwestern Pipeline Co., Term Loan,
LIBOR + 2.25%, 5/01/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,007,083</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,732,230</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Bank Loans</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">333,836,417</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Mortgage Pass-Throughs&#151;23.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Federal National Mortgage Assoc.,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,951</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;4.327%, 12/01/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,998,784</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,254</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;4.415%, 1/01/34</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,448,205</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">121,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/99</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">122,574,780</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,000</font></td>
<td><font size="2"><sup></sup><sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,457,690</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,653</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;TBA, 5.50%, 12/01/27 - 11/01/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,729,652</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Mortgage Pass-Throughs</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">173,209,111</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Interest Only Asset-Backed Securities&#151;1.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">77,407</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sterling Coofs Trust, 2.362%, 4/15/29</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,894,086</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Interest Only Mortgage-Backed
Securities&#151;0.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,745</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Federal National Mortgage Assoc.,
Ser. 64, Class QI, 1/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,673,962</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Commercial Mortgage-Backed Securities&#151;0.1%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000<sup></sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Bear Stearns Commercial Mortgage
Secs Inc., Class K, 3.88%, 5/14/16</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">999,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Asset-Backed Securities&#151;1.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,900<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">DaimlerChrysler Auto Trust, Ser.
B, Class A3, 2.25%, 8/08/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,868,176</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,125</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Honda Auto Receivables, Class A3,
2.30%, 10/18/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,084,478</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Asset-Backed Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,952,654</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Collateralized Mortgage Obligation
Residuals&#151;2.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">GSR Mortgage Loan Trust,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,299<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. 10, Class 2A1, 10/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,091,642</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,128<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. 13, Class 1A1, 10/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,012,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Collateralized Mortgage Obligation
Residuals</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,104,492</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
</table>
<br>
<p><p align='center'>7<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<p>
<hr noshade size=1>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="2%" >&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="5%" align=center>&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td width="59%" align=left>&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%" align=right>&nbsp;</td>
    <td width="3%">&nbsp;</td>
    <td width="10%" align=right>&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td >&nbsp;</td>
    <td>&nbsp;</td>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td >&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td width="8%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Foreign Government Bonds&#151;2.5%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Columbia Republic, 9.75%, 4/23/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp; 5,475,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">Peru Republic, 9.125%, 2/21/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,225,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,667</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Republic of Venezuela, 2.75%, 12/18/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,609,315</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Turkey Republic, 11.375%, 11/27/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,637,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total Foreign Government Bonds</font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,946,815</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>U.S. Government Securities&#151;4.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">U.S. Treasury Notes,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/15/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,880,490</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;3.875%, 5/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,055,320</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,660<sup></sup></font></td>
<td><font size="2"><sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,526,030</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Total U.S. Government Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,461,840</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total investments&#151;145.6%</b>
(cost $1,036,748,053)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,056,754,071</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liabilities in excess of other assets&#151;(45.6)%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(331,068,618)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=1></td>
  <td >&nbsp;</td>
</tr>

<tr valign=top><td align=left><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets&#151;100%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp; 725,685,453</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td >&nbsp;</td>
  <td ><hr noshade size=2></td>
  <td >&nbsp;</td>
</tr>

<tr><td>&nbsp;</td></tr></table>
<table border="0" cellspacing="0" cellpadding="0"><tr valign=top><td COLSPAN='4' ><HR align="left" width="100" size=1 noshade></td></tr>
<tr valign=top><td align=left><font size="2"><font size="2"></font><sup><font size="2">1</font></sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investors Service or Fitch Ratings ratings.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Entire or partial principal amount
pledged as collateral for reverse repurchase agreements or financial futures contracts.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">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.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left></td><td>&nbsp;</td></tr></table>
<p><p>
<p><p align='center'>8
<HR noshade size=4><PAGE>
<p><font size="2" face="serif"><B>Item 2. Controls and Procedures</B> </font> </p>
<p><FONT size="2" face="serif">(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&#146;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.</FONT></p>
<p> <FONT size="2" face="serif">(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.</FONT></p>
<p> <font size="2" face="serif"><B>Item 3. Exhibits.</B> </font> </p>
<P> <FONT size="2" face="serif">(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT> </P>
<HR noshade size=4>
<page> <A name="page_3"></A>
<P align="center"> <font size="2" face="serif"><B>SIGNATURES</B> </font> </P>
<P> <FONT size="2" face="serif"> 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. </FONT> </P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="12%"><font size=2 face="serif"><font face="serif">(Registrant)</font></font></td>
    <td colspan="2"><font size=2 face="serif"><font size=2 face="serif"><font face="serif"><font face="serif"> BlackRock Limited Duration Income Trust </font></font></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="53%"><hr align="left" size="1" noshade></td>
    <td width="35%">&nbsp;</td>
  </tr>
</table>
<P>&nbsp; </P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="serif"><font face="serif">Treasurer</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<P> <FONT size="2" face="serif"> 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. </FONT> </P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="serif"><FONT face="serif"> /s/ </FONT><FONT size=2 face="serif"><FONT face="serif">Robert S. Kapito</FONT></font></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="serif"><FONT face="serif">Robert S. Kapito</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="serif"><FONT face="serif">Principal Executive Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Date:</font></font></td>
    <td><FONT size=2 face="serif"><FONT face="serif">September 28, 2004</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="serif"><FONT face="serif">Principal Financial Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c33817_ex99-cert.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33517_n-q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Robert Kapito, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of  BlackRock Limited Duration Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="3%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="94%" valign="top"><font face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;</td>
</tr>
</TABLE>

<P>&nbsp;</P>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif">  </FONT></P>
<FONT face="serif">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="53%">&nbsp;</td>
    <td width="47%" align="center">/s/ Robert S. Kapito</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Principal Executive Officer</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_6"></A>

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Henry Gabbay, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of  BlackRock Limited Duration Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="4%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="93%" valign="top"><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>

</TABLE>

<P>&nbsp;</P>
</font>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="23%" align="center">&nbsp;</td>
    <td width="24%" align="center"><font face="serif">/s/ &nbsp;Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Principal Financial Officer</font></td>
  </tr>
</table>
<FONT face="serif">
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
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