-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PTMwt9PYQZb3LNB3cIZ3SAoS/yJQWKiY/moR+uYn2APjHjRlNIep4Wt7oSdb2Unu
 y4zTkN41X0Hsz82oJNdrLw==

<SEC-DOCUMENT>0000930413-05-002390.txt : 20050401
<SEC-HEADER>0000930413-05-002390.hdr.sgml : 20050401
<ACCEPTANCE-DATETIME>20050401170506
ACCESSION NUMBER:		0000930413-05-002390
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050401
DATE AS OF CHANGE:		20050401
EFFECTIVENESS DATE:		20050401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK LTD 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:		05726365

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-227

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK LIMITED DURATION INCOME TRUST
		DATE OF NAME CHANGE:	20030611

	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>c36397_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>

<P align="center">
<FONT face="serif">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549 </FONT></P>
<p><center>
    <B><FONT size=4 face="serif">FORM N-Q</FONT></B><BR>
  </center>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-21349</FONT></U><FONT face="serif">______ </FONT></P>
<P align="center">
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Limited Duration Income Trust</FONT></U><FONT face="serif">_______<BR> (Exact name of registrant as specified in charter) </FONT></P>
<p></p><table width="100%"  border="0">
  <tr>
    <td width="40%"><center>
      <font face="serif">100 Bellevue Parkway, Wilmington, DE </font>
    </center></td>
    <td width="18%"><center>
    </center></td>
    <td width="42%"><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr>
    <td colspan="3"><hr align="center" size=1 noshade></td>
  </tr>
  <tr>
    <td><center>
      <font face="serif"> (Address of principal executive offices) </font>
    </center></td>
    <td><center>
    </center></td>
    <td><center>
      <font face="serif">(Zip code) </font>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>&nbsp;</P>

  <center>
    <FONT face="serif">Robert S. Kapito, President</FONT>
</center>
<P align="center">
<FONT face="serif"><b>BlackRock Limited Duration Income Trust</b></FONT></P>

  <center>
    <FONT face="serif">__________<U>40 East 52nd Street, New York, NY 10022</U>__________</FONT><BR>
    <FONT face="serif"> (Name and address of agent for service) </FONT><BR>

</center>
  <P>
<FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________</FONT></P>

<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif">October 31, 2005</FONT></U><BR>

<P>
<FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">January 31, 2005</FONT></U><FONT face="serif">_________________________________</FONT></P>

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<p><B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT>
<P> <FONT face="serif">The registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT><br>
</P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS (unaudited)<br>JANUARY
  31, 2005</b></font>
  <br>
  <font size="3"><b>BlackRock Limited Duration Income Trust (BLW)</b></font>


<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
  <tr valign=bottom><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>LONG TERM INVESTMENTS&#151;138.4%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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 align="left">&nbsp;</td>
<td align=left><font size="2"><b>Corporate Bonds&#151;62.5%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 align="left">&nbsp;</td>
<td align=left><font size="2"><b>Aerospace &amp; Defense&#151;2.3%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  1,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">AAR Corp., Ser. A2, 8.39%, 5/15/11</font></td>
<td><font size="2">$</font></td>
<td align=right><font size="2">    990,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Raytheon Co., 7.00%, 5/15/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,282,984</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&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">5,475,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,885</font></td>
<td align="left">&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">6,238,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,986,084</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Automotive&#151;4.9%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,140 </font></td>
<td align="left"><font size="2"><sup> 2</sup></font></td>
<td align=left><font size="2">Accuride Corp., 8.50%, 2/01/15</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,165,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,750</font></td>
<td align="left">&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">2,722,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500 </font></td>
<td align="left"><font size="2"><sup>3</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">7,446,225</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td align="left">&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">3,090,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td align="left"><font size="2"> <sup>3</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">8,004,915</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td align="left"><font size="2"> <sup>3</sup></font></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">7,486,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Metaldyne Corp., 10.00%, 11/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">472,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,640</font></td>
<td align="left">&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">5,220,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,607,840</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Basic Materials&#151;5.2%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,820</font></td>
<td align="left"><font size="2"> <sup>2</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">3,130,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Caraustar Ind. Inc., 9.875%,
4/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,380,000 </font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,760</font></td>
<td align="left">&nbsp;</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">2,032,800 </font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td align="left"><font size="2"> <sup>2</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">2,943,750 </font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td align="left">&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">3,495,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Ipsco, Inc., 8.75%, 6/01/13 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,662,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&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">5,875,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Novelis, Inc., 7.25%, 2/15/15 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">750,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Rockwood Specialties Group, Inc.,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">450</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;7.50%, 11/15/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">463,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;10.625%, 5/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,700,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,250</font></td>
<td align="left">&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">3,843,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">38,275,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Building &amp; Development&#151;1.1%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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 align="left">&nbsp;</td>
<td align=left><font size="2">DR Horton, Inc., 5.875%, 7/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,075,993</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,665</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">ERICO Intl. Corp., 8.875%, 3/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,744,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Goodman Global Holding Co., Inc.,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">375</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;  6/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">384,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,125</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;7.875%, 12/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,050,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,255,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Conglomerates&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">BB-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Stena AB, 7.00%, 12/01/16 (Sweden)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">485,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td align="left">&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">3,127,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Tyco Intl. Group SA, 6.125%, 11/01/08
(Luxembourg)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,029,350</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,641,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;3.1%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">400</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">ALH Finance Corp., 8.50%, 1/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">411,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,610</font></td>
<td align="left"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Duane Reade, Inc., zero coupon, 12/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,614,025</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">980</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">Finlay Fine Jewelry Corp., 8.375%,
6/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">992,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&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">5,225,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,400</font></td>
<td align="left">&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">4,988,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">590</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Leslies Poolmart, Inc., 7.75%, 2/01/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">600,325</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td align="left">&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">5,212,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td align="left">&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">3,710,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,754,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<td width="9%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>Containers &amp; Packaging&#151;1.6%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Graham Packaging Co., Inc.,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">CCC+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;8.50%, 10/15/12</font></td>
<td><font size="2">$</font></td>
<td align=right><font size="2">    812,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">CCC+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,100</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;9.875%, 10/15/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,160,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Graphic Packaging Intl., Inc., 9.50%,
8/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,575,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">4,140,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,687,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;1.9%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,573</font></td>
<td>&nbsp;</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">4,801,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">2,205,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,250</font></td>
<td>&nbsp;</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">7,015,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,022,275</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;7.0%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,500</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">AES Corp.,  8.75%, 5/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,160,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">5,739,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,333</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">1,404,649</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Dresser, Inc., 9.375%, 4/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,526,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,120</font></td>
<td><font size="2"> <sup>2</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">2,347,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">4,170,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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>2</sup></font></td>
<td align=left><font size="2">Gazprom, 9.625%, 3/01/13 (Germany)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,570,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">3,178,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"> <sup>2</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">5,587,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">2,105,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Midwest Generation LLC,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;8.56%, 1/02/16</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,004,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B1</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;Ser. A, 8.30%, 7/02/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,320,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">5,575,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,355</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Utilicorp  Finance Corp., 7.75%,
6/15/11 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,434,481</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Williams Cos., Inc., 8.125%, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,145,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">51,269,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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"><b><font size="2">Entertainment &amp;
Leisure&#151;1.9%</font></b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hammons John Q. Hotels LP, Ser. B,
8.875%, 5/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,240,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,271</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">1,305,953</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">6,021,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Royal Caribbean Cruises Ltd., 8.00%,
5/15/10 (Liberia)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,968,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">400</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Wynn Las Vegas LLC, 6.625%, 12/01/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">394,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,929,828</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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>Financial Institutions&#151;8.1%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">3,352,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fairfax Financial Holdings, Ltd.,
7.75%, 4/26/12 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,015,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">Ba3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td><font size="2"> <sup>2, 3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;6.40%, 6/20/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,124,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,815</font></td>
<td><font size="2"> <sup>2, 3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;9.00%, 6/20/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,265,413</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"> <sup>2</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">5,400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Marsh &amp; McLennan Cos., Inc., 2.77%,
7/13/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">197,544</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Rainbow National Services LLC,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">925</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;8.75%, 9/01/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,042,938</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,900</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;10.375%, 9/01/14</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,582,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">B1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,500</font></td>
<td>&nbsp;</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">4,865,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">5,512,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,882</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Structured Asset Receivable Trust,
1.649%, 1/21/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,882,254</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,215</font></td>
<td>&nbsp;</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">4,805,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">59,046,074</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;2.1%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,685</font></td>
<td>&nbsp;</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">6,566,175</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,330</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tembec Industries, Inc., 7.75%, 3/15/12
(Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,260,175</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,500</font></td>
<td><font size="2"> <sup>3</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">7,797,420</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,623,770</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<td width="9%" align=center valign="bottom"><font size="2"><font size="2"></font></font></td>
<td width="2%" valign="bottom">&nbsp;</td>
<td width="9%" align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td width="3%" valign="bottom">&nbsp;</td>
<td width="64%" align=left valign="bottom"><font size="2"><b>Health Care&#151;3.8%</b></font></td>
<td width="1%" valign="bottom">&nbsp;</td>
<td width="10%" align=right valign="bottom"><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><font size="2">BB+</font></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;  5,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Amerisourcebergen Corp., 8.125%,
9/01/08</font></td>
<td valign="bottom"><font size="2">$</font></td>
<td align=right valign="bottom"><font size="2">   5,525,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Concentra Operating Corp., 9.50%,
8/15/10</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,537,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,630 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">Elan Finance Corp., 7.75%, 11/15/11
(Ireland)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,707,425</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B3</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,220</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Insight Health Services Corp., Ser.
B, 9.875%, 11/01/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,223,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Norcross Safety Products LLC, 9.875%,
8/15/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,330,000</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,875</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;6.375%, 12/01/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,692,188</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">25</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;6.50%, 6/01/12</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">22,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,005 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;9.875%, 7/01/14</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,080,188</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,500</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">United Surgical Partners Intl., Inc.,
10.00%, 12/15/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,073,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">CCC+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,435 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">Warner Chilcott Corp., 8.75%, 2/01/15</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,474,463</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">27,665,939</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2"><b>Industrials&#151;3.6%</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"></td>

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

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,000</font></td>
<td valign="bottom"><font size="2"> <sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">Fasten Tech, Inc., zero coupon, 5/01/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,520,000</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,075 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;6.75%, 2/01/15</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,090,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,900</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;9.875%, 10/01/08</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,439,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,635 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">Knowledge Learning Corp., Inc., 7.75%,
2/01/15</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,648,175</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">CCC+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,100</font></td>
<td valign="bottom"><font size="2"> <sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">Park Ohio Industries, Inc., 8.375%,
11/15/14</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,094,750</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">26,179,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2"><b>Media&#151;6.4%</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2"><font size="2">CCC+</font></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,500</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">CBD Media, Inc., 8.625%, 6/01/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,653,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">BBB</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">6,685 </font></td>
<td valign="bottom"><font size="2"><sup>3</sup></font></td>
<td align=left valign="bottom"><font size="2">Comcast Cable Communications, Inc.,
6.875%, 6/15/09</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">7,383,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">BB-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">6,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">CSC Holdings, Inc., 7.875%, 12/15/07</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">6,465,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,300</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Dex Media East, LLC, 12.125%, 11/15/12</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,560,000</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">BB-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;5.75%, 10/01/08</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,015,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">BB-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,500</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;5.81%, 4/04/05</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,646,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Houghton Mifflin Co., 9.875%, 2/01/13</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,237,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,250</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Nextmedia Operating, Inc., 10.75%,
7/01/11</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,656,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B1</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,500 </font></td>
<td valign="bottom"><font size="2"><sup>3</sup></font></td>
<td align=left valign="bottom"><font size="2">Paxson Communications Corp., 5.41%,
1/15/10</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,525,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B2</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,650</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Salem Communications Corp., 7.75%,
12/31/09</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,929,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B3</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,550</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Vertis, Inc., 10.875%, 6/15/09</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,666,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B-</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,910 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">WMG Holdings Corp., 6.905%, 3/15/05</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,929,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">CCC</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,375</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">WRC Media, Inc., 12.75%, 11/15/09</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,299,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">46,965,793</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2"><b>Real Estate&#151;1.1%</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2"><font size="2">BB</font></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,860</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">American Real Estate Partners LP,
8.125%, 6/01/12</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">6,226,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">BB+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,000</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Rouse Co., 5.375%, 11/26/13</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,917,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">8,143,330</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2"><b>Technology&#151;1.4%</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2"><font size="2">B</font></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,708</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Amkor Tech., Inc., 7.75%, 5/15/13</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,403,350</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">Ba2</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,972</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Flextronics Intl. Ltd., 6.50%, 5/15/13
(Singapore)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,031,580</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">Ba3</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">500</font></td>
<td valign="bottom"><font size="2"> <sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">MagnaChip Semiconductor SA, 5.76%,
3/15/05 (Luxembourg)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">516,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">BB+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,500</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Unisys Corp., 6.875%, 3/15/10</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">3,613,750</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">10,564,930</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' valign="bottom" ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2"><b>Telecommunications&#151;4.5%</b></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2"><font size="2">BBB+</font></font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,000 </font></td>
<td valign="bottom"><font size="2"><sup>3</sup></font></td>
<td align=left valign="bottom"><font size="2">Deutsche Telekom Intl. Finance BV,
8.50%, 6/15/10 (Netherlands)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,935,550</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,100 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;7.794%, 1/15/12</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,131,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,360 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;8.25%, 1/15/13 (Bermuda)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,436,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,700 </font></td>
<td valign="bottom"><font size="2"><sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;8.625%, 1/15/15 (Bermuda)</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,801,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center valign="bottom"><font size="2">B</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,625</font></td>
<td valign="bottom">&nbsp;</td>
<td align=left valign="bottom"><font size="2">Lucent Technologies, Inc., 6.45%,
3/15/29</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">2,355,938</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center valign="bottom"><font size="2">B+</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,210</font></td>
<td valign="bottom"><font size="2"> <sup>2</sup></font></td>
<td align=left valign="bottom"><font size="2">PanAmSat Corp., 9.00%, 8/15/14</font></td>
<td valign="bottom">&nbsp;</td>
<td align=right valign="bottom"><font size="2">4,567,850</font></table>
<p><p>
<font size="2"></font><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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<td width="9%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>Telecommunications&#151;(continued)</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  4,000</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Qwest Communications Intl., Inc.,
5.79%, 2/15/05</font></td>
<td><font size="2">$</font></td>
<td align=right><font size="2">4,060,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Qwest Corp.,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;7.875%, 9/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,070,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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>2</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;9.125%, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,825,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">460</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Rogers Wireless Communications, Inc.,
7.25%, 12/15/12 (Canada)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">491,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">CCC</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,150</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rural Cellular Corp., 9.875%, 2/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,227,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">32,903,163</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.9%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">OMI Corp., 7.625%, 12/01/13 (Marshall
Islands)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">526,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BB+</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">1,856,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">3,169,519</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,150</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Ultrapetrol Bahamas Ltd., 9.00%,
11/24/14 (Bahamas)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,115,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,667,519</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">Total Corporate Bonds</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">458,191,168</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;40.3%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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>Aerospace &amp; Defense&#151;0.2%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,476</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transdigm, Inc., Term Loan, LIBOR
+ 2.25%,  7/22/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,493,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.9%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">495</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CSK Automotive, Inc., Term Loan C,
LIBOR + 2.00%,  6/19/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">499,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,244</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dayco Products, LLC, Term Loan B,
LIBOR + 3.00%,  6/23/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,259,297</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Polar Corp., Term Loan, 6/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,020,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">444</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.00%,  12/12/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">451,559</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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;Term Loan B1, LIBOR + 3.00%, 12/12/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,019,254</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">TRW Automotive Acquisitions Corp.,
Term Loan B, LIBOR + 1.50%,  6/30/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,503,645</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,752,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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 Materials&#151;4.3%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Boise Cascade LLC,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.25%,10/29/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,025,208</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">  &nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.25%,  10/28/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000,682</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Celanese AG,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">287</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 0.75%,  4/06/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">290,285</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">  &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.25%,  4/06/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,015,396</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,213</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.50%, 4/06/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,234,062</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Cognis, Term Loan, LIBOR + 4.75%,
 11/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,116,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Huntsman Intl. LLC, Term Loan B,
LIBOR + 2.50%,  12/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,773,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,925</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Huntsman LLC, Term Loan, LIBOR +
3.50%,  3/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,954,068</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">925</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">INEOS Group Holdings PLC, Term Loan
C, LIBOR + 3.50%,  4/26/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">932,247</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">MDCP Acquisitions,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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;Term Loan B3, LIBOR + 2.75%,  12/31/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,998,668</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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;Term Loan C3, LIBOR + 3.25%,  10/31/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,009,728</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,497</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nalco Chemical Co., Term Loan B,
LIBOR + 2.00%, 11/04/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,530,016</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Rockwood Specialties Group, Inc.,
Term Loan D, LIBOR + 2.25%, 7/30/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,010,536</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,967</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rollcoater, Term Loan, LIBOR + 3.25%,
 11/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,956,833</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">480</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SGL Carbon LLC, Term Loan, LIBOR
+ 3.00%,  12/31/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">482,647</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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.,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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;Term Loan, LIBOR, 1/08/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,637,292</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">864</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.00%,  1/09/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">877,927</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">USI Holdings Corp., Term Loan B,
LIBOR + 2.50%,  8/11/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">988,078</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,833,548</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.9%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,539</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Associated Materials, Inc., Term
Loan, PRIME + 1.75%,  12/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,556,299</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">993</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Builders Firstsource, Inc., Term
Loan A, LIBOR + 3.00%,  2/25/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">992,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">519</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Juno Lighting, Inc., Term Loan, LIBOR
+ 5.50%, 5/21/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">526,877</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Landsource Communities Development,
LLC, Term Loan B, LIBOR + 2.50%, 3/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,004,375</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Nortek, Inc., Term Loan,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">464</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;LIBOR + 2.50%,  8/27/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">471,443</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;PRIME + 1.50%, 8/27/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">34,996</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Ply Gem Industries, Inc.,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">186</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;CAD Term Loan, LIBOR + 2.50%,  3/15/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">192,343</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,270</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.50%, 10/01/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,309,465</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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;Term Loan B, LIBOR + 2.50%,  2/12/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">515,667</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,603,965</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></table>
<p><p>
<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>
<table width="100%" border="0" cellpadding="0" cellspacing="0" bgcolor="#FFFFFF">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td colspan='8' ><hr noshade size=1></td>
  </tr>
  <td width="9%" align=center valign="bottom"></td>
      <td width="2%" valign="bottom">&nbsp;</td>
      <td width="9%" align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
      <td width="3%" valign="bottom">&nbsp;</td>
      <td width="64%" align=left valign="bottom"><font size="2"><b>Conglomerates&#151;2.2%</b></font></td>
      <td width="1%" valign="bottom">&nbsp;</td>
      <td width="10%" align=right valign="bottom"></td>
      <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp; 2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Colfax Corp., Term Loan B, LIBOR + 2.25%, 5/30/09</font></td>
    <td valign="bottom"><font size="2">$</font></td>
    <td align=right valign="bottom"><font size="2"> 2,020,834</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,493</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Honeywell Security Group, Term Loan B, LIBOR + 4.00%, 6/28/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,503,694</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Invensys, Revolver Loan, LIBOR, 3/05/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">995,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Invensys Intl. Holdings Ltd.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">4,250</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 4.75%, 11/30/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">4,361,563</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,977</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan B1, LIBOR + 3.50%, 9/05/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,008,050</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">681</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Precise Technology, Inc., Term Loan, LIBOR + 3.00%, 3/31/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">684,647</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,469</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Quintiles Transnational Corp., Term Loan, LIBOR + 4.25%, 9/25/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,505,781</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,975</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Trimas Corp., Term Loan B, LIBOR + 3.50%,12/31/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,997,541</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">16,077,110</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Consumer Products&#151;7.1%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,063</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Alimentation Couche Tard, Inc., Term Loan, LIBOR + 1.75%, 12/17/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,077,129</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Berkline/BenchCraft Holdings, LLC, Term Loan B, Prime + 6.75%, 11/03/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,002,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">500</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Buffets, Inc., Term Loan LC, LIBOR + 1.50%, 6/28/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">500,834</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,206</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">CKE Restaurants, Inc., Term Loan, LIBOR + 2.50%, 5/01/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,220,729</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">416</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Coinstar, Inc., Term Loan, LIBOR + 2.25%, 7/07/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">421,941</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,500</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Delaware Labs, Term Loan B, LIBOR + 2.25%, 7/27/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,529,688</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Denny&#146;s Corp., Term Loan, LIBOR, 9/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,030,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">499</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Doane Pet Care Co., Term Loan, LIBOR + 4.00%, 11/05/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">506,231</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Dole Food Co., Inc.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">64</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan D, LIBOR + 1.25%, 9/28/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">65,331</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">887</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan D, LIBOR + 2.25%, 9/28/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">899,732</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">500</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Douglas Dynamics, Term Loan, LIBOR + 2.00%, 12/16/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">501,250</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,138</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Dr. Pepper Bottling Co. of Texas, Term Loan B, LIBOR + 2.25%, 12/19/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,185,990</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">862</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">DS Waters Enterprises LP, Term Loan, LIBOR + 4.50%, 11/07/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">802,766</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Jarden Corp., Term Loan, LIBOR + 2.00%, 1/24/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,008,036</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">938</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Keystone Foods Holdings, LLC, Term Loan, LIBOR + 2.50%, 6/16/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">945,941</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">922</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Knoll, Inc., Term Loan, LIBOR + 3.00%, 9/29/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">931,576</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">KOSA B.V.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">835</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan B1, LIBOR + 2.75%, 4/29/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">849,183</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,850</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan B2, LIBOR + 2.75%, 4/29/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,881,425</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">974</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Language Line, Inc., Term Loan B, LIBOR + 4.25%, 6/10/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">985,449</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Le Nature, Inc., Term Loan B,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,658</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;LIBOR + 3.00%, 5/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,686,958</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">8</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;PRIME + 2.00%, 5/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">8,179</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Michael Foods, Inc., Term Loan,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,455</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;LIBOR + 2.25%, 11/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,491,716</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">303</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;PRIME + 1.25%, 11/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">307,531</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">988</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Nice Pak Products, Inc., Term Loan, LIBOR + 3.50%, 6/15/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,001,078</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Olympus Cable Holdings, LLC,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan A, Prime + 1.25%, 6/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,974,376</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,500</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan B, Prime + 2.00%, 9/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,469,375</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,744</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Oriental Trading Co., Inc., Term Loan B, LIBOR + 2.75%, 8/06/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,751,058</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,993</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">OSI Group LLC, Term Loan B, LIBOR + 2.50%, 9/02/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,029,906</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,814</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Pantry, Inc., Term Loan B, LIBOR + 2.25%, 3/12/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,841,710</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">910</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Pierre Foods, Inc., Term Loan B, LIBOR + 2.75%, 6/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">917,962</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,489</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Prestige Brands Holdings, Inc., Term Loan B, LIBOR, 4/06/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,499,916</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Propex Fabrics, Inc., Term Loan, LIBOR + 2.25%, 11/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,002,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,496</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">R.H. Donnelley, Inc., Term Loan D, LIBOR + 1.75%, 6/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,528,421</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">839</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Sealy Mattress Co., Term Loan C, LIBOR + 2.25%, 4/06/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">850,476</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,201</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Tempur Pedic, Inc., Term Loan B, LIBOR + 2.25%, 6/30/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,225,259</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Travel Centers of America, Inc., Term Loan, LIBOR + 1.75%, 12/01/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,007,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">51,939,652</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Containers &amp; Packaging&#151;2.6%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">868</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Bway Corp., Term Loan, LIBOR, 6/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">881,020</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">FlexSol Packaging Corp.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 3.25%, 11/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,002,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 7.00%, 11/30/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,015,000</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Graham Packaging Co., Inc.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR, 10/07/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,025,714</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan C, LIBOR, 3/15/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,052,500</font></td>
    <td>&nbsp;</td>
</table>
<p><p>
<font size="2"></font><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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td colspan='8' ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td width="9%" align=center valign="bottom"><font size="2"><font size="2"></font></font></td>
    <td width="2%" valign="bottom">&nbsp;</td>
    <td width="9%" align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td width="3%" valign="bottom">&nbsp;</td>
    <td width="64%" align=left valign="bottom"><font size="2"><b>Containers &amp; Packaging&#151;(continued)</b></font></td>
    <td width="1%" valign="bottom">&nbsp;</td>
    <td width="10%" align=right valign="bottom"><font size="2"></font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,383</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Graphic Packaging Intl., Inc., Term Loan C, LIBOR + 2.50%, 6/30/10</font></td>
    <td valign="bottom"><font size="2">$</font></td>
    <td align=right valign="bottom"><font size="2"> 1,405,117</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Owens-Illinois Group, Inc.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">4,916</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.75%, 4/01/07</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">4,995,433</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">148</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan C1, LIBOR + 2.75%, 4/01/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">151,020</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,470</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Silgan Holdings, Inc., Term Loan B, LIBOR + 1.75%, 11/30/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,500,567</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">568</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Smurfit Stone Container Corp., Term Loan, LIBOR + 2.00%, 11/01/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">575,923</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">481</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Sola Intl., Inc., Term Loan, LIBOR + 3.00%, 12/11/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">486,664</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,985</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Solo Cup, Inc., Term Loan, LIBOR + 2.50%, 2/27/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,018,497</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">19,109,955</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Ecological Services &amp; Equipment&#151;1.0%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Allied Waste NA, Inc.,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">990</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.75%, 1/15/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,002,375</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,926</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.75%, 1/15/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,983,379</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Envirosolutions, Inc., Term Loan,</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;LIBOR + 2.00%, 3/01/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,992,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">684</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"> &nbsp;&nbsp;&nbsp;LIBOR + 4.50%, 3/01/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">691,261</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">7,669,515</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Energy&#151;1.3%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">429</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">AES Corp., The, Term Loan, LIBOR + 2.25%, 4/30/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">435,089</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,970</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Calpine Corp., Term Loan, LIBOR + 5.75%, 7/16/07</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,750,838</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">El Paso Corp., Term Loan B, LIBOR + 2.75%, 11/23/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,009,722</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,933</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Getty Petroleum Marketing, Inc., Term Loan, LIBOR + 3.25%, 5/19/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,967,167</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">433</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Pike Electric, Inc., Term Loan B, LIBOR + 2.25%, 7/01/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">440,104</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,750</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Reliant Energy Resources Corp., Term Loan B, LIBOR + 2.375%, 4/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,766,695</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Universal Compression, Term Loan, LIBOR + 1.75%, 2/15/12</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,012,813</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">9,382,428</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Entertainment &amp; Leisure&#151;1.6%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">995</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Boyd Gaming Corp., Term Loan B, LIBOR + 1.75%, 6/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,007,127</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,880</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Greektown Casino, LLC, Term Loan D, LIBOR + 3.50%, 12/31/05</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,892,231</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">496</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Green Valley Ranch Gaming, LLC, Term Loan B, LIBOR + 2.00%, 12/24/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">502,453</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">997</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Loews Cineplex Entertainment Corp., Term Loan B, LIBOR + 2.25%, 7/31/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,010,436</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,990</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">MGM Mirage, Term Loan B, LIBOR + 2.50%, 4/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,989,003</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,173</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Wyndham Intl., Inc., Term Loan II, LIBOR + 5.75%, 4/01/06</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,175,592</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Wynn Las Vegas LLC, Term Loan, LIBOR + 2.45%, 12/14/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,012,500</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">11,589,342</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Financial Institutions&#151;1.1%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">956</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">CCC Information Services, Inc., Term Loan B, LIBOR + 3.00%, 8/20/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">965,119</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">960</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Conseco, Inc., Term Loan, LIBOR + 3.50%, 6/22/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">977,600</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,871</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Global Cash Access, LLC, Term Loan, LIBOR + 2.75%, 3/10/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,899,221</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,500</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Jostens, Inc., Term Loan C, LIBOR + 2.25%, 10/04/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,513,394</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,990</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">SBA Senior Finance, Inc., Term Loan C, LIBOR + 2.75%, 10/31/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,016,119</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">481</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Universal American Financial Corp., Term Loan, LIBOR + 2.25%, 3/31/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">481,250</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">7,852,703</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td colspan='8' valign="bottom" ><hr noshade size=1></td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2"><b>&nbsp;</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2"><b>Health Care&#151;4.3%</b></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2"><font size="2">&nbsp;</font></font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,987</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Accredo Health, Inc., Term Loan B, LIBOR + 1.75%, 4/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,008,033</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">211</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Ameripath, Inc., Term Loan, LIBOR + 3.25%, 3/27/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">211,925</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,047</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Colgate Medical, Ltd., Term Loan B, LIBOR + 2.00%, 12/30/08</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,057,057</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,993</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Community Health Systems, Inc., Term Loan, LIBOR + 1.75%, 8/19/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,014,477</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,736</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Concentra Operating Corp., Term Loan, LIBOR + 2.50%, 6/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,764,753</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,663</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Connecticare, Inc., Term Loan, LIBOR + 3.75%, 10/31/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,665,828</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,952</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Davita, Inc., Term Loan B, LIBOR + 2.00%, 3/31/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,954,676</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">475</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">DJ Orthopedics, LLC, Term Loan, LIBOR + 2.25%, 5/15/09</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">482,125</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">498</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Fisher Scientific Intl., Inc., Term Loan B, LIBOR + 1.50%, 8/02/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">501,024</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">995</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">IASIS Healthcare Corp., Term Loan B, LIBOR + 2.50%, 6/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,008,474</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,993</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Jean Coutu Group, Inc., Term Loan B, LIBOR + 2.25%, 7/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">3,035,143</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,172</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Kinetic Concepts, Inc., Term Loan B2, LIBOR + 1.75%, 8/11/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,183,362</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">498</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Medical Device Manufacturing, Inc., Term Loan B, LIBOR + 3.00%, 6/30/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">500,609</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,000</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Pacificare Health Systems, Inc., Term Loan B, 12/13/10</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">1,003,125</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top bgcolor='#DDDDDD'>
    <td align=center valign="bottom"><font size="2">&nbsp;</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,100</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=left valign="bottom"><font size="2">Vanguard Health Systems, Term Loan, LIBOR + 3.25%, 9/30/11</font></td>
    <td valign="bottom">&nbsp;</td>
    <td align=right valign="bottom"><font size="2">2,135,438</font>
	<td>&nbsp;</td>
</table>
<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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=bottom><td width="9%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>Health Care&#151;(continued)</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Warner Chilcott,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  &nbsp;&nbsp;&nbsp;&nbsp;2,184</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%,   1/18/12</font></td>
<td><font size="2">$</font></td>
<td align=right><font size="2">  2,197,289</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">880</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.75%,   1/18/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">885,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">406</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan D, LIBOR + 2.75%,   1/18/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">409,030</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">530</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan Delayed Draw, LIBOR +
..50%,   1/18/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">533,281</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wellcare Holdings, Inc., Term Loan,
LIBOR + 4.00%,   5/13/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">999,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,551,024</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;2.0%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">334</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alderwoods Group, Inc., Term Loan
B2, LIBOR + 2.00%,   9/29/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">338,431</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">993</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Arinc, Inc., Term Loan B, LIBOR +
2.00%,   3/10/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,004,906</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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 U.S., Inc., Term Loan C1,
LIBOR + 2.50%,   12/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,011,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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%,   5/05/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,895,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ionics, Inc., Term Loan, LIBOR +
2.75%,   2/13/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">950,982</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">New Flyer, Inc.,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">381</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.75%,   2/27/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">385,714</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,112</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%,   2/27/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,124,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Novelis, Inc., Term B, LIBOR + 1.75%, 01/05/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,007,708</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,470</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sensus Metering Systems, Inc., Term
Loan B1, LIBOR + 2.50%,   12/17/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,475,512</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,820</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">United Rentals NA, Inc., Term Loan
B, LIBOR + 2.25%,   2/14/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,844,035</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,878</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Williams Scotsman, Inc., Term Loan,
LIBOR + 3.00%,   12/31/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,901,576</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">690</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">695,028</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,635,085</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;6.1%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Adams Outdoor Advertising, LP, Term
Loan, LIBOR + 2.25%,   10/15/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">503,511</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Century TCI California LP, Term Loan
B,   LIBOR + 2.00%, 12/31/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,970,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,483</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter Communications Operating,
LLC, Term Loan B, LIBOR + 3.25%,   4/27/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,467,887</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,242</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dex Media East, LLC, Term Loan A,
LIBOR + 1.75%,   11/08/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,265,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,093</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.00%,   9/09/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,142,306</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,157</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 1.75%,   3/09/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,169,347</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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 + 2.00%,   3/06/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,765,878</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 Operating Co., Term Loan B,
LIBOR,   11/10/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,028,332</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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, LIBOR + 1.75%,   5/18/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,773,625</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,940</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Insight Midwest Holdings, LLC, Term
Loan, LIBOR + 2.75%,   12/31/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,028,615</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Mediacom Communications Corp., Term
Loan B, LIBOR + 2.50%,   9/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,023,780</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Mediacom Illinois LLC, Term Loan
B, LIBOR + 2.25%,   3/31/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,002,321</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">644</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mission Broadcasting, Inc., Term
Loan D, LIBOR + 1.75%,   12/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">645,183</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">351</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nexstar Broadcasting, Inc., Term
Loan D, LIBOR + 1.75%,   12/31/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">353,183</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">NTL Investment Holding Ltd., Term
Loan B, LIBOR + 3.00%,   5/19/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,015,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Raycom Media, Inc., Term Loan B,
LIBOR + 1.75%,   3/31/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,528,125</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,267</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Relizon Co.,  Term Loan,
LIBOR + 3.00%,   2/20/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,267,445</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Warner Music Group Corp., Term Loan
B, LIBOR + 2.75%,   2/28/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,007,744</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">44,957,532</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;1.0%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,455</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crescent Real Estate Equities LP,
Term Loan, LIBOR + 2.25%,   1/12/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,465,416</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">General Growth Properties LLC,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">  &nbsp;&nbsp;&nbsp;Term Loan A,   LIBOR + 2.25%, 11/12/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,002,916</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,491</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Term Loan B,   LIBOR + 2.25%, 11/12/08</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,514,991</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,983,323</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.6%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,235</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knowles Electronics, Inc., Term Loan
B2, LIBOR + 5.00%,   6/29/07</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,252,347</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Verifone, Inc., Term Loan B, LIBOR
+ 2.50%,   6/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,511,156</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,763,503</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><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>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Principal</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td></td>
    <td>&nbsp;</td>
    <td><b><font size="2">Amount</font></b></td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2">Rating<sup>1</sup></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">(000)</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=bottom><td width="9%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>Telecommunications&#151;2.7%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlantic Broadband Finance, LLC,
Term Loan B, LIBOR + 3.25%,   9/01/11</font></td>
<td><font size="2">$</font></td>
<td align=right><font size="2">  1,018,333</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,491</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">1,501,729</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,490</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Consolidated Communications, Inc.,
Term Loan C, LIBOR + 2.50%,   10/14/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,512,350</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Intelsat Ltd., Term Loan B, LIBOR
+ 1.75%,   7/28/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,011,250</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Iowa Telecom, Term Loan B, LIBOR
+ 2.00%,   11/30/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,020,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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 Operating Corp.,
Term Loan C, LIBOR + 2.50%,   5/31/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,530,803</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">5,210,715</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Valor Telecommunications LLC, Term
Loan, LIBOR + 7.75%,   11/16/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,002,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Western Wireless Corp., Term Loan
B, LIBOR + 3.00%,   5/31/11</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,005,703</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,813,383</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.4%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kenan Advantage Group, Inc., Term
Loan, LIBOR + 3.50%,   06/30/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,007,438</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Sirva Worldwide, Inc., Term Loan,
LIBOR + 2.00%,   12/01/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">980,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">649</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transport Ind., LP, Term Loan
B, LIBOR + 4.00%,   6/13/10</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">649,257</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,636,695</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">Total Bank Loans</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">295,645,518</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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-Through Securities&#151;22.2%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,341</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;4.475%, 11/01/34</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,447,212</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">121,700</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;5.00%, 2/15/05 TBA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">123,601,563</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,991 </font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;5.50%, 12/01/28 - 11/01/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,266,021</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'>
  <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>3</sup></font></td>
  <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;7.25%, 1/15/10</font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">19,418,930</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Total Mortgage Pass-Through Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">162,733,726</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;1.4%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Sterling Coofs Trust,</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">70,737</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Ser. 1, 2.488%, 4/15/29</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,189,519</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">54,298</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Ser. 2, 1.76%, 3/30/30</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,326,851</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">Total Interest Only Asset-Backed
Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,516,370</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;0.4%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,803</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Federal National Mortgage Assoc.,
Ser. 64, Class QI, 01/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,041,586</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Bear Stearns Commercial Mortgage
Secs., Inc., Class K, 4.95%, 5/14/16</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,005,230</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,900</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">DaimlerChrysler Auto Trust, Ser.
B, Class A3, 2.25%, 2/01/05</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,846,714</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,125</font></td>
<td><font size="2"> <sup>3</sup></font></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">7,052,971</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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">Total Asset-Backed Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,899,685</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></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 Obligations&#151;2.3%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,507</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Ser. 10, Class 2A1, 10/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,289,353</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,560</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;Ser. 13, Class 1A1, 10/25/33</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,426,001</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Total Collateralized Mortgage Obligations</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">16,715,354</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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>Foreign Government Bonds&#151;2.5%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,429</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bolivarian Republic of Venezuela,
3.625%, 6/20/05</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,417,796</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Republic of Colombia, 9.75%, 4/23/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,645,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Republic of Peru, 9.125%, 2/21/12</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,750,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><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">Republic of Turkey, 11.375%, 11/27/06</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,562,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Total Foreign Government Bonds</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">18,375,296</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><td align=center><font size="2"><b><font size="2">&nbsp;</font></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;4.8%</b></font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,425 </font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;3.375%, 12/15/08 - 9/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,276,485</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000 </font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;3.875%, 5/15/09</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,066,540</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,660 </font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;4.25%, 11/15/13</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,758,811</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom bgcolor='#DDDDDD'><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">Total U.S. Government Securities</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">35,101,836</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>8<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Limited Duration Income Trust (BLW) (continued)</b></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=bottom>
    <td width="9%"><b><font size="2"></font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="9%"><b><font size="2">Units</font></b></td>
    <td width="3%" align="left">&nbsp;</td>
    <td width="64%"><b><font size="2">Description</font></b></td>
    <td colspan="2"><b><font size="2">Value</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=bottom>
    <td COLSPAN='8' ><HR noshade size=1></td>
  </tr>
<tr valign=bottom><td width="9%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="9%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>Warrants&#151;0.0%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="10%" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10</font></td>
<td><font size="2"> <sup>4</sup></font></td>
<td align=left><font size="2">Reliant Resources, Inc., Expires
8/25/08, Strike Price $.001, 1 share for 1 warrant</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&#151;</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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"><b>Total investments&#151;138.4%
</b>(cost $987,450,524)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$1,015,225,769</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><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;(38.4)%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(281,904,712)</font></td>

<td>&nbsp;</td></tr>
<tr valign=bottom bgcolor='#DDDDDD'><td COLSPAN='8' ><HR noshade size=1></td>
</tr>
<tr valign=bottom><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"><b>Net Assets&#151;100%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   733,321,057</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='8' ><HR noshade size=3></table>

<p><p><table border="0" cellspacing="0" cellpadding="0"><tr valign=top><td COLSPAN='4' ><HR noshade size=1></td></tr>
<tr valign=top><td align=left><font size="2"><font size="2"></font><font size="2"><sup>1</sup></font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard & Poor&#146;s,
Moody&#146;s Investors Service or Fitch&#146;s Rating.</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">Security is not registered under
the Securities Act of 1933.  These securities may be resold in transaction in accordance
with Rule 144A under that Act, to qualified institutional buyers.  As of January
31, 2005, the Trust held 16.2% of its net assets, with a current market value of
$118,514,632, in securities restricted as to resale.</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">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>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illiquid security.</font></td><td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left><font size="2">&nbsp;</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">A category in the Corporate Bonds and Bank Loans section may contain multiple industries as defined by the SEC&#146;s Standard Industry Codes. </font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><font size="2">Key to Abbreviations </font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><font size="2">TBA &#151; To be announced </font></td>
  <td>&nbsp;</td>
</tr>
</table>
<p><p>
<p><p align='center'>9

<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<P><B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT 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 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>

<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>

<P>
<FONT face="serif">Separate certifications of the registrant&#146;s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<center>
  <A name="page_3"></A>


  <B><FONT face="serif">SIGNATURES</FONT></B><BR>

</center>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">(Registrant) </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: April 1, 2005 </FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Name: Robert S. Kapito <br>
Title: Principal Executive Officer <br>
Date: April 1, 2005</FONT></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Principal Financial Officer <br>
Date: April 1, 2005</FONT></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c36397_ex99cert.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>

<body>

<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>

</div>
<p></p><P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>

<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><BR>

<p align="left"><FONT face="serif">I, Robert S. Kapito, certify that:</FONT>

</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Limited Duration Income Trust;</FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P>
<FONT face="serif">(d) 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></P>
<p></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_5"></A>

<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE width=100%>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br>
        <font face="serif">Robert S. Kapito </font><br>
        <font face="serif">Principal Executive Officer </font><br>
    </center></TD>
  </TR>
  <TR>
  <TD width="47%" nowrap>&nbsp;</TD>
  <TD width="53%" nowrap>&nbsp;</TD></TR></TABLE>

<center>
</center>
<P>&nbsp;
</P>

<hr noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<div align="right"><A name="page_6"></A>


    <B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B>
</center>
<p></p><p><FONT face="serif">I, Henry Gabbay, certify that:</FONT>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Limited Duration Income Trust;</FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P>
<FONT face="serif">(d) 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></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P>
<FONT face="serif"></FONT></P>
<P>
<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>

<TABLE width=100%>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><BR>
      <FONT face="serif">Henry Gabbay </FONT><BR>
      <FONT face="serif">Principal Financial Officer </FONT><BR>
    </center></TD>
  </TR>
  <TR>
  <TD width="47%" nowrap>&nbsp;</TD>
  <TD width="53%" nowrap>&nbsp;</TD></TR></TABLE>






<hr noshade  width="100%" size=4>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
