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<SEC-DOCUMENT>0000930413-05-006896.txt : 20050929
<SEC-HEADER>0000930413-05-006896.hdr.sgml : 20050929
<ACCEPTANCE-DATETIME>20050929115530
ACCESSION NUMBER:		0000930413-05-006896
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050731
FILED AS OF DATE:		20050929
DATE AS OF CHANGE:		20050929
EFFECTIVENESS DATE:		20050929

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:		051110236

	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>c39101_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<center>
  <FONT face="serif">UNITED STATES </FONT><BR>
  <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
  <FONT face="serif">Washington, D.C. 20549 </FONT><BR>
</center>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P>
<FONT face="serif">Investment Company Act file number: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21349&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P align="center">
<FONT face="serif"></FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR> (Exact name of registrant as specified in charter) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
        <TD width=75%>
<FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">19809</FONT>&nbsp;
        </TD>
</TR>
<TR align="center">
        <TD colspan=2>
<HR noshade size=1>
        </TD>
</TR>
<TR align="center" valign="bottom">
        <TD>
<FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
        </TD>
        <TD width=25%>
<FONT face="serif">(Zip code)</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President   </FONT></P>
<P align="center"><FONT face="sans-serif"><b>BlackRock Limited Duration Income Trust </b></FONT>  </P>
<P align="center">
<FONT face="serif"> <u>&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;40 East 52nd Street, New York, NY 10022&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></FONT>
<br>
<FONT face="serif">(Name and address of agent for service) </FONT>
</P>
<P>
<FONT face="serif">Registrant's telephone number, including area code: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2005&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;</FONT></U><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">Date of reporting period: </FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 31, 2005&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;</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 size="2" face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT size="2" 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></P>
<P>&nbsp;</P>

<p><font size="3"><b>PORTFOLIO OF INVESTMENTS
</b></font><p><font size="3"><b>July 31, 2005</b></font><hr noshade size=3>
<p><b><font size="3">BlackRock Limited Duration Income Trust  (BLW)</font>
</b>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="10%" align=center><font size="2"><font size="2"></font></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;144.9%</b></font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Mortgage Pass-Through Securities&#151;21.9%</b></font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Federal National Mortgage Assoc.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">$121,700</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/01/20 - 12/01/99</font></td>
<td align=right><font size="2">$&nbsp; 121,966,281</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">17,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/10</font></td>
<td align=right><font size="2">18,944,460</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">4,707 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 1/01/34, TBA</font></td>
<td align=right><font size="2">4,777,419</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">12,210</font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/28 - 11/01/33,
TBA</font></td>
<td align=right><font size="2">12,279,593</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Total Mortgage Pass-Through Securities</font></td>
<td align=right><font size="2">157,967,753</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Interest Only Asset-Backed Securities&#151;1.3%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Sterling Coofs Trust,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">63,753</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. 1, 2.546%, 4/15/29</font></td>
<td align=right><font size="2">5,339,303</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">54,298</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. 2, 2.02%, 3/30/30</font></td>
<td align=right><font size="2">4,208,074</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Total Interest Only Asset-Backed
Securities</font></td>
<td align=right><font size="2">9,547,377</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Interest Only Mortgage-Backed
Securities&#151;0.4%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">15,660</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Federal National Mortgage Assoc.,
Ser. 64, Class QI, 5.50%, 1/25/33</font></td>
<td align=right><font size="2">2,803,162</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Asset-Backed Securities&#151;3.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="10%" align=right><font size="2">2,080</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Citibank Credit Card Issuance Trust,
2003 A5 Class A5 Note, 2.50%, 4/07/08</font></td>
<td align=right><font size="2">2,058,805</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="10%" align=right><font size="2">6,066 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">DaimlerChrysler Auto Trust, Ser.
B, Class A3, 2.25%, 2/01/05</font></td>
<td align=right><font size="2">6,029,735</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="10%" align=right><font size="2">6,802</font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Honda Auto Receivables, Class A3,
2.30%, 10/18/07</font></td>
<td align=right><font size="2">6,733,818</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="10%" align=right><font size="2">7,910 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">MBNA Credit Card Master Note Trust,
2001 1 Note Class A, 5.75%, 10/15/08</font></td>
<td align=right><font size="2">8,012,751</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Total Asset-Backed Securities</font></td>
<td align=right><font size="2">22,835,109</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Collateralized Mortgage Obligation
Securities&#151;2.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">GSR Mortgage Loan Trust,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">AAA</font></td>
<td width="10%" align=right><font size="2">8,118 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. 10, Class 2A1, 4.48%,
10/25/33</font></td>
<td align=right><font size="2">7,797,513</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">AAA</font></td>
<td width="10%" align=right><font size="2">7,937</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. 13, Class 1A1, 4.50%,
10/25/33</font></td>
<td align=right><font size="2">7,704,274</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Total Collateralized Mortgage Obligation
Securities</font></td>
<td align=right><font size="2">15,501,787</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Corporate Bonds&#151;62.8%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Aerospace &amp; Defense&#151;2.6%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">1,560</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">AAR Corp., Ser. A2, 8.39%, 5/15/11</font></td>
<td align=right><font size="2">1,591,200</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,020</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Aero Invest 1 S.A., 10.635%, 9/01/05</font></td>
<td align=right><font size="2">2,453,794</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,020</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">BE Aerospace, Inc., 8.875%, 5/01/11</font></td>
<td align=right><font size="2">1,060,800</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">4,750</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Raytheon Co., 7.00%, 5/15/06</font></td>
<td align=right><font size="2">4,965,251</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">5,350 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Sequa Corp., Ser. B, 8.875%, 4/01/08</font></td>
<td align=right><font size="2">5,778,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">2,755 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Transdigm, Inc., 8.375%, 7/15/11</font></td>
<td align=right><font size="2">2,934,075</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">18,783,120</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Automotive&#151;3.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">B-</font></font></td>
<td width="10%" align=right><font size="2">1,140</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Accuride Corp., 8.50%, 2/01/15</font></td>
<td align=right><font size="2">1,185,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB</font></td>
<td width="10%" align=right><font size="2">345</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">ArvinMeritor, Inc., 8.75%, 3/01/12</font></td>
<td align=right><font size="2">371,738</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">270</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Cooper-Standard Automotive, Inc.,
7.00%, 12/15/12</font></td>
<td align=right><font size="2">259,200</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A3</font></td>
<td width="10%" align=right><font size="2">7,500 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">DaimlerChrysler NA Holding Corp.,
4.05%, 6/04/08</font></td>
<td align=right><font size="2">7,351,425</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">Ca</font></td>
<td width="10%" align=right><font size="2">375</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Delphi Corp., 6.50%, 5/01/09</font></td>
<td align=right><font size="2">337,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">Ba1</font></td>
<td width="10%" align=right><font size="2">7,500 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">General Motors Acceptance Corp.,
6.875%, 8/28/12</font></td>
<td align=right><font size="2">7,129,125</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">470</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Goodyear Tire &amp; Rubber Co., 7.857%,
8/15/11</font></td>
<td align=right><font size="2">470,588</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">1,105</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Metaldyne Corp., 10.00%, 11/01/13</font></td>
<td align=right><font size="2">1,002,787</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">530</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Navistar Intl. Corp., 6.25%, 3/01/12</font></td>
<td align=right><font size="2">519,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">3,729</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">TRW Automotive, Inc., 9.375%, 2/15/13</font></td>
<td align=right><font size="2">4,176,480</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">22,803,843</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2"><b>Basic Materials&#151;6.0%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">BB-</font></font></td>
<td width="10%" align=right><font size="2">930</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Abitibi-Consolidated, Inc., 8.375%,
4/01/15 (Canada)</font></td>
<td align=right><font size="2">969,525</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">4,250</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Caraustar Industries, Inc., 9.875%,
4/01/11</font></td>
<td align=right><font size="2">4,345,625</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">740</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Donohue Forest Products, 7.625%,
5/15/07 (Canada)</font></td>
<td align=right><font size="2">756,650</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">Ba3</font></td>
<td width="10%" align=right><font size="2">2,500</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Huntsman Advanced Materials LLC,
11.00%, 7/15/10</font></td>
<td align=right><font size="2">2,837,500</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">Huntsman LLC,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">310</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 7/15/12</font></td>
<td align=right><font size="2">362,700</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">1,950</font></td>
<td width="5%">&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;11.625%, 10/15/10</font></td>
<td align=right><font size="2">2,291,250</font></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><font size="3"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td align=center><font size="2"><font size="2"></font></font></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;(continued)</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BB</font></font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">IMC Global, Inc., Ser. B, 10.875%,
6/01/08</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 341,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">CCC+</font></td>
<td align=right><font size="2">1,340</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Innophos, Inc., 8.875%, 8/15/14</font></td>
<td align=right><font size="2">1,376,850</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ipsco, Inc., 8.75%, 6/01/13 (Canada)</font></td>
<td align=right><font size="2">5,575,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lyondell Chemical Co.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">560</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 6/01/13</font></td>
<td align=right><font size="2">648,900</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">4,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;11.125%, 7/15/12</font></td>
<td align=right><font size="2">5,130,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">340</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nalco Co., 8.875%, 11/15/13</font></td>
<td align=right><font size="2">370,175</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">NewPage Corp.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B3</font></td>
<td align=right><font size="2">1,500</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.46%, 8/01/05</font></td>
<td align=right><font size="2">1,496,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B3</font></td>
<td align=right><font size="2">500</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 5/01/12</font></td>
<td align=right><font size="2">503,750</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">710</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">PQ Corp., 7.50%, 2/15/13</font></td>
<td align=right><font size="2">706,450</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">600</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Quicksilver, Inc., 6.875%, 4/15/15</font></td>
<td align=right><font size="2">603,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">CCC+</font></td>
<td align=right><font size="2">1,905</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rhodia SA, 8.875%, 6/01/11 (France)</font></td>
<td align=right><font size="2">1,857,375</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rockwood Specialties Group, Inc.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">450</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/15/14</font></td>
<td align=right><font size="2">451,125</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.625%, 5/15/11</font></td>
<td align=right><font size="2">5,537,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Southern Peru Copper Corp.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td align=center><font size="2">Ba1</font></td>
<td align=right><font size="2">210</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 7/27/15</font></td>
<td align=right><font size="2">209,859</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB-</font></td>
<td align=right><font size="2">700</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/27/35</font></td>
<td align=right><font size="2">693,875</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B3</font></td>
<td align=right><font size="2">2,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Trimas Corp., 9.875%, 6/15/12</font></td>
<td align=right><font size="2">2,259,125</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></td>
<td align=right><font size="2">3,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">United States Steel LLC, 10.75%,
8/01/08</font></td>
<td align=right><font size="2">3,652,188</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">42,975,922</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></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;1.1%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">B2</font></font></td>
<td align=right><font size="2">750</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Compression Polymers Corp., 10.50%,
7/01/13</font></td>
<td align=right><font size="2">757,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">DR Horton, Inc., 5.875%, 7/01/13</font></td>
<td align=right><font size="2">2,978,508</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Goodman Global Holding Co., Inc.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">375</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.41%, 6/15/12</font></td>
<td align=right><font size="2">375,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">3,170</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 12/15/12</font></td>
<td align=right><font size="2">3,031,312</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">CCC+</font></td>
<td align=right><font size="2">915</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nortek, Inc., 8.50%, 9/01/14</font></td>
<td align=right><font size="2">884,119</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">8,026,439</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Conglomerates&#151;1.1%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">BB-</font></font></td>
<td align=right><font size="2">75</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stena AB, 7.00%, 12/01/16, (Sweden)</font></td>
<td align=right><font size="2">71,438</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB+</font></td>
<td align=right><font size="2">7,500 </font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">Tyco Intl. Group SA, 6.125%, 11/01/08
(Luxembourg)</font></td>
<td align=right><font size="2">7,823,325</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">7,894,763</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;4.6%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">B3</font></font></td>
<td align=right><font size="2">400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">ALH Finance LLC/ALH Finance Corp.,
8.50%, 1/15/13</font></td>
<td align=right><font size="2">380,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B3</font></td>
<td align=right><font size="2">1,610</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Duane Reade, Inc., 7.91%, 12/15/10</font></td>
<td align=right><font size="2">1,541,575</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">1,630</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Finlay Fine Jewelry Corp., 8.375%,
6/01/12</font></td>
<td align=right><font size="2">1,532,200</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td align=right><font size="2">2,140</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gold Kist, Inc., 10.25%, 3/15/14</font></td>
<td align=right><font size="2">2,428,900</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Group 1 Automotive, Inc., 8.25%,
8/15/13</font></td>
<td align=right><font size="2">5,062,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB+</font></td>
<td align=right><font size="2">4,400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">JC Penney Co., Inc., 8.00%, 3/01/10</font></td>
<td align=right><font size="2">4,856,500</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">1,550</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lazydays RV Center, Inc., 11.75%,
5/15/12</font></td>
<td align=right><font size="2">1,631,375</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">2,075</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Levi Strauss &amp; Co., 8.254%, 4/01/12</font></td>
<td align=right><font size="2">2,080,187</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B2</font></td>
<td align=right><font size="2">4,605</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Movie Gallery, Inc., 11.00%, 5/01/12</font></td>
<td align=right><font size="2">4,766,175</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rite Aid Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">375</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 6/15/05</font></td>
<td align=right><font size="2">356,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 5/01/10</font></td>
<td align=right><font size="2">5,156,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sonic Automotive, Inc., Ser. B, 8.625%,
8/15/13</font></td>
<td align=right><font size="2">3,605,000</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">33,396,912</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Containers &amp; Packaging&#151;1.3%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></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 align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">CCC+</font></td>
<td align=right><font size="2">785</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 10/15/12</font></td>
<td align=right><font size="2">814,437</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">CCC+</font></td>
<td align=right><font size="2">1,100</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 10/15/14</font></td>
<td align=right><font size="2">1,130,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></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 align=right><font size="2">5,156,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B3</font></td>
<td align=right><font size="2">1,935</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pliant Corp., 11.125%, 9/01/09</font></td>
<td align=right><font size="2">1,881,788</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">8,982,725</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><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><font size="3"></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td align=center><font size="2"><font size="2"></font></font></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;1.2%</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">B</font></font></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 align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,160,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">5,350</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">National Waterworks, Inc., Ser. B,
10.50%, 12/01/12</font></td>
<td align=right><font size="2">6,259,500</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">8,419,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Energy&#151;7.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Ba3</font></font></td>
<td align=right><font size="2">5,500</font></td>
<td><font size="2"><sup> 2,3</sup></font></td>
<td align=left><font size="2">AES Corp., 8.75%, 5/15/13</font></td>
<td align=right><font size="2">6,146,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">ANR Pipeline Co.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B1</font></td>
<td align=right><font size="2">460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/15/24</font></td>
<td align=right><font size="2">483,575</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B1</font></td>
<td align=right><font size="2">1,780</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.625%, 11/01/21</font></td>
<td align=right><font size="2">2,273,950</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">CCC</font></td>
<td align=right><font size="2">255</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Calpine Energy Finance LLC, 8.50%,
5/01/08 (Canada)</font></td>
<td align=right><font size="2">184,875</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td align=right><font size="2">700</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Calpine Corp., 9.625%, 9/30/14</font></td>
<td align=right><font size="2">729,750</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chesapeake Energy Corp., 7.50%, 9/15/13</font></td>
<td align=right><font size="2">4,320,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CMS Energy Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">150</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 1/15/09</font></td>
<td align=right><font size="2">158,250</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 10/15/07</font></td>
<td align=right><font size="2">504,850</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Coastal Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.42%, 2/15/37</font></td>
<td align=right><font size="2">368,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">525</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.625%, 5/15/12</font></td>
<td align=right><font size="2">584,062</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">225</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 10/01/10</font></td>
<td align=right><font size="2">248,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">750</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Compagnie Generale de Geophysique
SA, 7.50%, 5/15/15 (France)</font></td>
<td align=right><font size="2">783,750</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">2,150</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Dynegy Holdings, Inc., 10.125%, 7/15/13</font></td>
<td align=right><font size="2">2,445,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">El Paso Corp., 7.80%, 8/01/31</font></td>
<td align=right><font size="2">400,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B1</font></td>
<td align=right><font size="2">400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">El Paso Natural Gas Co., 8.375%,
12/15/05</font></td>
<td align=right><font size="2">474,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td align=right><font size="2">300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Exco Resources, Inc., 7.25%, 1/15/11</font></td>
<td align=right><font size="2">309,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td align=right><font size="2">2,160</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Gazprom, 9.625%, 3/01/13 (Germany)</font></td>
<td align=right><font size="2">2,624,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Hilcorp Energy I LP/Hilcorp Finance
Corp., 10.50%, 9/01/10</font></td>
<td align=right><font size="2">5,550,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">725</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">KCS Energy, Inc., 7.125%, 4/01/12</font></td>
<td align=right><font size="2">743,125</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></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 align=right></td>
</tr>
<tr valign=top><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">4,778</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.56%, 1/02/16</font></td>
<td align=right><font size="2">5,303,630</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">1,315</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 8.30%, 7/02/09</font></td>
<td align=right><font size="2">1,393,900</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B2</font></td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mission Energy Holdings Co., 13.50%,
7/15/08</font></td>
<td align=right><font size="2">596,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td align=right><font size="2">550</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">North American Energy Partners, Inc.,
9.00%, 5/15/10 (Canada)</font></td>
<td align=right><font size="2">561,000</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">450</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Ocean Rig Norway AS, 8.375%, 7/01/13
(Norway)</font></td>
<td align=right><font size="2">470,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td align=right><font size="2">580</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Orion Power Holdings, Inc., 12.00%,
5/01/10</font></td>
<td align=right><font size="2">700,350</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td align=right><font size="2">110</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Range Resources Corp., 6.375%, 3/15/15</font></td>
<td align=right><font size="2">110,550</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">1,590</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Reliant Energy, Inc., 6.75%, 12/15/14</font></td>
<td align=right><font size="2">1,562,175</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></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 align=right><font size="2">5,450,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Ba2</font></td>
<td align=right><font size="2">100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transcontinental Gas Pipe Line Corp.,
7.25%, 12/01/26</font></td>
<td align=right><font size="2">111,375</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B2</font></td>
<td align=right><font size="2">3,440</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Utilicorp Canada Finance Corp., 7.75%,
6/15/11 (Canada)</font></td>
<td align=right><font size="2">3,586,200</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B2</font></td>
<td align=right><font size="2">600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Whiting Petroleum Corp., 7.25%, 5/01/13</font></td>
<td align=right><font size="2">607,500</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">1,095</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Williams Clayton Energy, Inc., 7.75%,
8/01/13</font></td>
<td align=right><font size="2">1,092,263</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Williams Cos, Inc., 7.125%, 9/01/11</font></td>
<td align=right><font size="2">1,086,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">51,963,780</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Entertainment &amp; Leisure&#151;1.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">B</font></font></td>
<td align=right><font size="2">2,200</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 align=right><font size="2">2,409,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Ba3</font></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 align=right><font size="2">5,852,219</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B</font></td>
<td align=right><font size="2">250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Poster Financial Group, Inc., 8.75%,
12/01/11</font></td>
<td align=right><font size="2">256,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B+</font></td>
<td align=right><font size="2">400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wynn Las Vegas LLC, 6.625%, 12/01/14</font></td>
<td align=right><font size="2">389,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">8,906,969</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></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;6.9%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2">BB</font></font></td>
<td align=right><font size="2">1,480</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">American Real Estate Partners LP/American
Real Estate Finance Corp., 7.125%, 2/15/13</font></td>
<td align=right><font size="2">1,480,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">2,333</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">BCP Crystal US Holdings Corp., 9.625%,
6/15/14</font></td>
<td align=right><font size="2">2,647,955</font></td>
</tr>
<tr valign=top><td align=center><font size="2">BB</font></td>
<td align=right><font size="2">3,360</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Crum &amp; Forster Hldgs. Corp.,
10.375%, 6/15/13</font></td>
<td align=right><font size="2">3,696,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></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 align=right><font size="2">967,500</font></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ford Motor Credit Co.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/25/11</font></td>
<td align=right><font size="2">493,445</font></td>
</tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">7,500 </font></td>
<td><font size="2"> <sup>2</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 2/01/11</font></td>
<td align=right><font size="2">7,451,130</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Ba1</font></td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">General Motors Acceptance Corp.,
4.509%, 1/16/07</font></td>
<td align=right><font size="2">2,946,660</font></td>
</tr>
<tr valign=top><td align=center><font size="2">B-</font></td>
<td align=right><font size="2">900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">K&amp;F Acquisition, Inc., 7.75%,
11/15/14</font></td>
<td align=right><font size="2">922,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">Kazkommerts Intl. BV, 10.125%, 5/08/07
(Netherlands)</font></td>
<td align=right><font size="2">5,418,750</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><font size="3"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Principal</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Amount</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="10%"><font size="2"><b>(000) </b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><font size="2"><b>Description</b></font></td>
    <td width="10%"><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="10%" align=center><font size="2"><font size="2"></font></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Financial Institutions&#151;(continued)</b></font></td>
<td width="10%" align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">B-</font></font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">KRATON Polymers LLC, 8.125%, 1/15/14</font></td>
<td width="10%" align=right><font size="2">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 97,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="10%" align=right><font size="2">200</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Marsh &amp; Mclennan Cos., Inc.,
3.71%, 7/13/07</font></td>
<td width="10%" align=right><font size="2">198,592</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rainbow National Services LLC,</font></td>
<td width="10%" align=right><font size="2"></font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">925</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 9/01/12</font></td>
<td width="10%" align=right><font size="2">1,017,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">4,985</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.375%, 9/01/14</font></td>
<td width="10%" align=right><font size="2">5,745,212</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B1</font></td>
<td width="10%" align=right><font size="2">2,500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Sheridan Acquisition Corp., 10.25%,
8/15/11</font></td>
<td width="10%" align=right><font size="2">2,615,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">7,409</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Structured Asset Receivable Trust,
1.649%, 1/21/10</font></td>
<td width="10%" align=right><font size="2">7,407,106</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,160</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">UGS Corp., 10.00%, 6/01/12</font></td>
<td width="10%" align=right><font size="2">1,293,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">220</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Universal City Florida Hldg. Co.
I/II, 7.96%, 8/01/05</font></td>
<td width="10%" align=right><font size="2">231,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">4,425 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">Western Financial Bank, 9.625%, 5/15/12</font></td>
<td width="10%" align=right><font size="2">4,878,563</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">49,507,938</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Forest Products&#151;1.9%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">BB+</font></font></td>
<td width="10%" align=right><font size="2">5,685 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">Georgia Pacific Corp., 8.875%, 2/01/10</font></td>
<td width="10%" align=right><font size="2">6,388,519</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB</font></td>
<td width="10%" align=right><font size="2">7,500 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">Weyerhaeuser Co., 5.25%, 12/15/09</font></td>
<td width="10%" align=right><font size="2">7,577,707</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">13,966,226</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Health Care&#151;3.4%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">BB+</font></font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Amerisourcebergen Corp., 8.125%,
9/01/08</font></td>
<td width="10%" align=right><font size="2">5,412,500</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Concentra Operating Corp., 9.50%,
8/15/10</font></td>
<td width="10%" align=right><font size="2">5,312,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC</font></td>
<td width="10%" align=right><font size="2">80</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Curative Health Services, Inc., 10.75%,
5/01/11</font></td>
<td width="10%" align=right><font size="2">62,800</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">1,505</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Elan Finance Corp., 7.75%, 11/15/11
(Ireland)</font></td>
<td width="10%" align=right><font size="2">1,305,587</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B3</font></td>
<td width="10%" align=right><font size="2">535</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Insight Health Services Corp., Ser.
B, 9.875%, 11/01/11</font></td>
<td width="10%" align=right><font size="2">465,450</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">3,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Norcross Safety Products LLC/Norcross
Cap. Corp., 9.875%, 8/15/11</font></td>
<td width="10%" align=right><font size="2">3,172,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Tenet Healthcare Corp.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">340</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 12/01/11</font></td>
<td width="10%" align=right><font size="2">324,700</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">1,470</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 7/01/14</font></td>
<td width="10%" align=right><font size="2">1,572,900</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">4,500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">United Surgical Partners Intl., Inc.,
10.00%, 12/15/11</font></td>
<td width="10%" align=right><font size="2">4,950,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,880</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Universal Hospital Services, Inc.,
10.125%, 11/01/11</font></td>
<td width="10%" align=right><font size="2">1,941,100</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">24,520,037</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Industrials&#151;4.2%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">B</font></font></td>
<td width="10%" align=right><font size="2">300</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Ashtead Holdings PLC, 8.625%, 8/01/15</font></td>
<td width="10%" align=right><font size="2">308,916</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Cenveo Corp., 9.625%, 3/15/12</font></td>
<td width="10%" align=right><font size="2">5,387,500</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">5,685</font></td>
<td width="5%"><font size="2"><sup> 2,3</sup></font></td>
<td width="65%" align=left><font size="2">DI Finance/DynCorp. Intl., 9.50%,
2/15/13</font></td>
<td width="10%" align=right><font size="2">5,642,362</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">2,665</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">ERICO Intl. Corp., 8.875%, 3/01/12</font></td>
<td width="10%" align=right><font size="2">2,771,600</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">4,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Fasten Tech Inc., 11.50%, 5/01/11</font></td>
<td width="10%" align=right><font size="2">4,360,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,670</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Hydrochem Industrial Services, 9.25%,
2/15/13</font></td>
<td width="10%" align=right><font size="2">1,565,625</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">2,835</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Knowledge Learning Corp., Inc., 7.75%,
2/01/15</font></td>
<td width="10%" align=right><font size="2">2,749,950</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,880</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Nationsrent Cos., Inc., 9.50%, 5/01/15</font></td>
<td width="10%" align=right><font size="2">1,959,900</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">1,955</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Park-Ohio Inds., Inc., 8.375%, 11/15/14</font></td>
<td width="10%" align=right><font size="2">1,832,813</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rural/Metro Corp.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">640</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;zero coupon, 3/15/16</font></td>
<td width="10%" align=right><font size="2">348,800</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">700</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.875%, 3/15/15</font></td>
<td width="10%" align=right><font size="2">698,250</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B3</font></td>
<td width="10%" align=right><font size="2">2,240</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Sunstate Equipment Co. LLC, 10.50%,
4/01/13</font></td>
<td width="10%" align=right><font size="2">2,301,600</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">29,927,316</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Media&#151;7.1%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">2,360</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Cablecom SCA (Luxembourg) (EUR),
4.898%, 7/15/05</font></td>
<td width="10%" align=right><font size="2">2,881,143</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">3,500 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">CBD Media, Inc., 8.625%, 6/01/11</font></td>
<td width="10%" align=right><font size="2">3,657,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC-</font></td>
<td width="10%" align=right><font size="2">880</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Charter Communications Hldgs. II
LLC/Charter Communications Hldgs. II Cap. Corp., 10.25%, 9/15/10</font></td>
<td width="10%" align=right><font size="2">910,800</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BBB+</font></td>
<td width="10%" align=right><font size="2">6,685 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">Comcast Cable Communications, Inc.,
6.875%, 6/15/09</font></td>
<td width="10%" align=right><font size="2">7,186,776</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">6,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">CSC Holdings, Inc., 7.875%, 12/15/07</font></td>
<td width="10%" align=right><font size="2">6,195,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">1,300</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Dex Media East, LLC, 12.125%, 11/15/12</font></td>
<td width="10%" align=right><font size="2">1,550,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Echostar DBS Corp.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/01/08</font></td>
<td width="10%" align=right><font size="2">1,985,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">5,100</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.25%, 6.754%, 10/01/08</font></td>
<td width="10%" align=right><font size="2">5,214,750</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Houghton Mifflin Co., 9.875%, 2/01/13</font></td>
<td width="10%" align=right><font size="2">5,462,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC+</font></td>
<td width="10%" align=right><font size="2">300</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Iesy Repository GMBH, 10.375%, 2/15/15</font></td>
<td width="10%" align=right><font size="2">309,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">760</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Nexstar Finance, Inc., 7.00%, 1/15/14</font></td>
<td width="10%" align=right><font size="2">710,600</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B3</font></td>
<td width="10%" align=right><font size="2">3,250</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Nextmedia Operating, Inc., 10.75%,
7/01/11</font></td>
<td width="10%" align=right><font size="2">3,534,375</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B1</font></td>
<td width="10%" align=right><font size="2">2,500</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Paxson Communications Corp., 6.349%,
1/15/10</font></td>
<td width="10%" align=right><font size="2">2,500,000</font></table>
<p><p>
<font size="2"></font><p><p align='center'>4<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Principal</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Amount</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="10%"><font size="2"><b>(000) </b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><font size="2"><b>Description</b></font></td>
    <td width="10%"><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="10%" align=center><font size="2"><font size="2"></font></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Media&#151;(continued)</b></font></td>
<td width="10%" align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">B</font></font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Penn National Gaming, Inc., 6.75%,
3/01/15</font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 552,750</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B2</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Salem Communications Corp., 7.75%,
12/15/10</font></td>
<td width="10%" align=right><font size="2">2,090,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Vertis, Inc.,</font></td>
<td width="10%" align=right><font size="2"></font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">CCC</font></td>
<td width="10%" align=right><font size="2">2,120</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 6/15/09</font></td>
<td width="10%" align=right><font size="2">2,056,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">465</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;13.50%, 12/07/09</font></td>
<td width="10%" align=right><font size="2">358,050</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">200</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">WMG Hldgs. Corp., 9.50%, 12/15/14</font></td>
<td width="10%" align=right><font size="2">139,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC</font></td>
<td width="10%" align=right><font size="2">1,260</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">WRC Media, Inc./Weekly Reader Corp./JLC
Learning Corp., 12.75%, 11/15/09</font></td>
<td width="10%" align=right><font size="2">1,338,750</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">CCC</font></td>
<td width="10%" align=right><font size="2">2,640</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Young Broadcasting, Inc., 10.00%,
3/01/11</font></td>
<td width="10%" align=right><font size="2">2,481,600</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">51,114,244</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Real Estate&#151;1.1%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">BB</font></font></td>
<td width="10%" align=right><font size="2">5,860 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">American Real Estate Partners LP,
8.125%, 6/01/12</font></td>
<td width="10%" align=right><font size="2">6,182,300</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB+</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rouse Co., 5.375%, 11/26/13</font></td>
<td width="10%" align=right><font size="2">1,919,680</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">8,101,980</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Technology&#151;2.2%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">B-</font></font></td>
<td width="10%" align=right><font size="2">2,708</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Amkor Tech. Inc., 7.75%, 5/15/13</font></td>
<td width="10%" align=right><font size="2">2,342,420</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">Ba2</font></td>
<td width="10%" align=right><font size="2">3,972</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Flextronics Intl. Ltd., 6.50%, 5/15/13
(Singapore)</font></td>
<td width="10%" align=right><font size="2">4,115,985</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">430</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Hynix Semiconductor, Inc., 9.875%,
7/01/12 (South Korea)</font></td>
<td width="10%" align=right><font size="2">467,625</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">Ba3</font></td>
<td width="10%" align=right><font size="2">500</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">MagnaChip Semiconductor SA/MagnaChip
Semiconductor Finance Co., 6.66%, 9/15/05 (Luxembourg)</font></td>
<td width="10%" align=right><font size="2">501,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B1</font></td>
<td width="10%" align=right><font size="2">485</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Sanmina SCI Corp., 6.75%, 3/01/13</font></td>
<td width="10%" align=right><font size="2">465,600</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Sungard Data Systems, Inc.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/13</font></td>
<td width="10%" align=right><font size="2">518,750</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,900</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 8/15/13</font></td>
<td width="10%" align=right><font size="2">1,983,220</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">1,830</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 8/15/15</font></td>
<td width="10%" align=right><font size="2">1,905,579</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">3,515</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Superior Essex Communications LLC/Essex
Group, Inc., 9.00%, 4/15/12</font></td>
<td width="10%" align=right><font size="2">3,585,300</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">15,885,729</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Telecommunications&#151;5.5%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">1,145</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Celestica, Inc., 7.625%, 7/01/13</font></td>
<td width="10%" align=right><font size="2">1,163,606</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B1</font></td>
<td width="10%" align=right><font size="2">920</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Cincinnati Bell, Inc., 7.25%, 7/15/13</font></td>
<td width="10%" align=right><font size="2">980,950</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">A-</font></td>
<td width="10%" align=right><font size="2">5,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">Deutsche Telekom Intl. Finance BV,
8.50%, 6/15/10 (Netherlands)</font></td>
<td width="10%" align=right><font size="2">5,694,550</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B-</font></td>
<td width="10%" align=right><font size="2">860</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Hawaiian Telcom Communications, Inc.,
8.914%, 5/01/13</font></td>
<td width="10%" align=right><font size="2">892,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Intelsat Ltd.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">800</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/08 (Bermuda)</font></td>
<td width="10%" align=right><font size="2">760,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">1,390</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/13 (Bermuda)</font></td>
<td width="10%" align=right><font size="2">1,452,550</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">2,250</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 1/15/15 (Bermuda)</font></td>
<td width="10%" align=right><font size="2">2,396,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">1,700</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;8.695%, 1/15/12 (Bermuda)</font></td>
<td width="10%" align=right><font size="2">1,734,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B1</font></td>
<td width="10%" align=right><font size="2">3,830</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Lucent Technologies, Inc., 6.50%,
1/15/28</font></td>
<td width="10%" align=right><font size="2">3,408,700</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">2,737</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">PanAmSat Corp., 9.00%, 8/15/14</font></td>
<td width="10%" align=right><font size="2">3,024,385</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">4,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Qwest Communications Intl., Inc.,
7.268%, 8/15/05</font></td>
<td width="10%" align=right><font size="2">4,010,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Qwest Corp.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">2,500</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.671%, 9/17/05</font></td>
<td width="10%" align=right><font size="2">2,600,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;7.875%, 9/01/11</font></td>
<td width="10%" align=right><font size="2">1,042,500</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">6,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 3/15/12</font></td>
<td width="10%" align=right><font size="2">6,555,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">1,320</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Qwest Services Corp., 13.50%, 12/15/10</font></td>
<td width="10%" align=right><font size="2">1,519,650</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB</font></td>
<td width="10%" align=right><font size="2">460</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rogers Wireless, Inc., 7.25%, 12/15/12
(Canada)</font></td>
<td width="10%" align=right><font size="2">496,800</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">CCC</font></td>
<td width="10%" align=right><font size="2">2,030</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rural Cellular Corp., 9.875%, 2/01/10</font></td>
<td width="10%" align=right><font size="2">2,159,413</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">39,890,604</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Transportation&#151;1.0%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">B</font></font></td>
<td width="10%" align=right><font size="2">1,475</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">CHC Helicopter Corp., 7.375%, 5/01/14
(Canada)</font></td>
<td width="10%" align=right><font size="2">1,493,438</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B3</font></td>
<td width="10%" align=right><font size="2">140</font></td>
<td width="5%"><font size="2"><sup> 3</sup></font></td>
<td width="65%" align=left><font size="2">Horizon Lines LLC, 9.00%, 11/01/12</font></td>
<td width="10%" align=right><font size="2">149,450</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B+</font></td>
<td width="10%" align=right><font size="2">360</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">OMI Corp., 7.625%, 12/01/13 (Marshall
Island)</font></td>
<td width="10%" align=right><font size="2">366,750</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB+</font></td>
<td width="10%" align=right><font size="2">1,650</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Overseas Shipholding Group, Inc.,
8.75%, 12/01/13</font></td>
<td width="10%" align=right><font size="2">1,848,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">3,015</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Sea Containers Ltd., 10.50%, 5/15/12
(Bermuda)</font></td>
<td width="10%" align=right><font size="2">3,143,137</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">B</font></td>
<td width="10%" align=right><font size="2">165</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Ultrapetrol Bahamas Ltd., 9.00%,
11/24/14 (Bahamas)</font></td>
<td width="10%" align=right><font size="2">146,025</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">7,146,800</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Total Corporate Bonds</font></td>
<td width="10%" align=right><font size="2">452,214,847</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>5<HR noshade size=4><PAGE><p><hr noshade size=3>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<p><p>
<p><p>

<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Bank Loans&#151;44.4%</b></font></td>
<td width="10%" align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Aerospace &amp; Defense&#151;0.6%</b></font></td>
<td width="10%" align=right><font size="2"></font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Camp Acquisition Co., Term Loan A,
LIBOR + 3.25%, 8/30/11</font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 983,871</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,995</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Dyncorp International LLC, Loan Term
B, LIBOR + 2.75%, 2/11/11</font></td>
<td width="10%" align=right><font size="2">2,014,950</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,469</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Transdigm, Inc., Term Loan, LIBOR
+ 2.25%, 7/22/10</font></td>
<td width="10%" align=right><font size="2">1,488,491</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">4,487,312</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Automotive&#151;1.4%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">493</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">CSK Automotive, Inc., Term Loan C,
LIBOR + 2.00%, 6/18/09</font></td>
<td width="10%" align=right><font size="2">495,270</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,229</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Dayco Products, LLC, Term Loan B,
LIBOR + 3.00%, 6/23/11</font></td>
<td width="10%" align=right><font size="2">1,236,032</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Goodyear Tire &amp; Rubber Co.,</font></td>
<td width="10%">&nbsp;</td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Second Lien, LIBOR
+ 2.75%, 4/30/10</font></td>
<td width="10%" align=right><font size="2">503,125</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Third Lien, LIBOR
+ 3.50%, 4/01/11</font></td>
<td width="10%" align=right><font size="2">1,984,286</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">998</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Hilite Intl., Term Loan B, LIBOR
+ 4.00%, 4/15/10</font></td>
<td width="10%" align=right><font size="2">987,525</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">999</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Metaldyne Co. LLC, Term Loan D, LIBOR
+ 4.50%, 12/31/09</font></td>
<td width="10%" align=right><font size="2">981,264</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Polar Corp., Term Loan, LIBOR, 6/15/2010</font></td>
<td width="10%" align=right><font size="2">1,010,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">517</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Tenneco Automotive, Term Loan B,
Libor + 2.25%, 12/12/10</font></td>
<td width="10%" align=right><font size="2">522,910</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,488</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">TRW Automotive Acquisitions Corp.,
Term Loan B, LIBOR + 1.50%, 6/30/12</font></td>
<td width="10%" align=right><font size="2">2,510,820</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">10,231,232</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Basic Materials&#151;1.8%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Berry Plastics Corp., Term Loan,
LIBOR + 2.25%, 12/02/11</font></td>
<td width="10%" align=right><font size="2">1,015,250</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,260</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Boise Cascade LLC, Term Loan D, LIBOR
+ 1.75%, 10/29/11</font></td>
<td width="10%" align=right><font size="2">1,277,483</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,208</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Celanese, Term Loan - Dollar, LIBOR
+ 2.25%, 4/06/11</font></td>
<td width="10%" align=right><font size="2">2,245,554</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">286</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Celenase, Term Loan, TBD,</font></td>
<td width="10%" align=right><font size="2">288,828</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">3,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Cognis Deutschland, Term Loan, LIBOR
+ 4.75%, 11/15/13</font></td>
<td width="10%" align=right><font size="2">3,054,375</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,547</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Huntsman Intl. LLC, Term Loan B,
LIBOR + 2.25%, 12/31/10</font></td>
<td width="10%" align=right><font size="2">1,547,322</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,764</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Huntsman LLC, Term Loan, LIBOR +
3.00%, 3/31/10</font></td>
<td width="10%" align=right><font size="2">1,764,393</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">499</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">PQ Corp., Term Loan, LIBOR + 2.00%,
2/11/12</font></td>
<td width="10%" align=right><font size="2">504,049</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Rockwood Specialties Group, Inc.,
Term Loan D, LIBOR + 2.50%, 12/10/12</font></td>
<td width="10%" align=right><font size="2">1,016,042</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">12,713,296</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Beverage &amp; Tobacco&#151;0.1%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Arbys Term B, Term Loan, LIBOR +
2.25%, 07/25/12</font></td>
<td width="10%" align=right><font size="2">506,041</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Building &amp; Development&#151;1.1%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">243</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Atrium Companies, Inc., Term Loan,
LIBOR + 2.75%, 12/28/11</font></td>
<td width="10%" align=right><font size="2">238,389</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Custom Building Products, Inc., Term
Loan - Second Lien, LIBOR + 5.00%, 4/30/12</font></td>
<td width="10%" align=right><font size="2">1,488,750</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">250</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Euramax International, Inc., Term
Loan, LIBOR + 7.00%, 7/15/13</font></td>
<td width="10%" align=right><font size="2">250,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">519</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Juno Lighting, Inc., Term Loan -
Second Lien, LIBOR + 5.50%, 5/11/11</font></td>
<td width="10%" align=right><font size="2">522,984</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Kyle Acquisitions,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">300</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, Prime, 7/20/10</font></td>
<td width="10%" align=right><font size="2">304,125</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">731</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, Prime, 7/20/08</font></td>
<td width="10%" align=right><font size="2">741,403</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Landsource Communities Development,
LLC, Term Loan B, LIBOR + 2.50%, 3/31/10</font></td>
<td width="10%" align=right><font size="2">1,001,250</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Nortek, Inc.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">494</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.25%,
8/27/11</font></td>
<td width="10%" align=right><font size="2">497,350</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">3</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, PRIME + 1.25%,
8/27/11</font></td>
<td width="10%" align=right><font size="2">2,518</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Ply Gem Industries, Inc.,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,498</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.50%,
2/12/11</font></td>
<td width="10%" align=right><font size="2">1,498,134</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">419</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;USD Term Loan, LIBOR + 2.50%,
10/1/11</font></td>
<td width="10%" align=right><font size="2">419,165</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">62</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;CAD Term Loan, LIBOR + 2.50%
3/15/10</font></td>
<td width="10%" align=right><font size="2">61,594</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Williams Scotsman, Term Loan B, Libor
+ 2.50%, 6/28/10</font></td>
<td width="10%" align=right><font size="2">1,011,875</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">8,037,537</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Chemical&#151;0.7%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">920</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">INEOS Group Holdings PLC, Term Loan
C, LIBOR + 3.50%, 4/26/09</font></td>
<td width="10%" align=right><font size="2">923,325</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">2,497</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Nalco Chemical Co., Term Loan B,
LIBOR + 2.00%, 11/04/10</font></td>
<td width="10%" align=right><font size="2">2,536,868</font></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">478</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">SGL Carbon LLC, Term Loan, LIBOR
+ 3.00%, 12/31/09</font></td>
<td width="10%" align=right><font size="2">480,209</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">983</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">USI Holdings Corp., Term Loan B,
LIBOR + 2.50%, 8/11/08</font></td>
<td width="10%" align=right><font size="2">984,342</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%">&nbsp;</td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">4,924,744</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
</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><font size="3"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Conglomerates&#151;3.3%</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlantis Plastics, Inc.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan First Lien, LIBOR
+ 2.75%, 9/30/11</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 501,853</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Second Lien, LIBOR
+ 7.25%, 9/30/11</font></td>
<td align=right><font size="2">1,000,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Colfax Corp., Term Loan B, LIBOR
+ 2.25%, 5/30/09</font></td>
<td align=right><font size="2">2,006,583</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,133</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fidelity National Information Solutions,
Inc., Term Loan B, LIBOR + 1.75%, 3/09/13</font></td>
<td align=right><font size="2">3,138,135</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gentek, Inc., Term Loan, LIBOR +
5.75%, 3/15/12</font></td>
<td align=right><font size="2">472,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Honeywell Security Group, Term Loan
B, LIBOR + 4.00%, 6/28/10</font></td>
<td align=right><font size="2">1,494,281</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">IAP Acquisition Corp., Term Loan
- - First Lien, LIBOR + 2.75%, 3/01/11</font></td>
<td align=right><font size="2">1,520,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Invesys Intl. Holdings Ltd.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">984</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Loan Term - Revolver, LIBOR,
3/05/09</font></td>
<td align=right><font size="2">954,650</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">4,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Second Lien, LIBOR
+ 4.75%, 11/30/09</font></td>
<td align=right><font size="2">4,345,625</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,977</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B1, LIBOR + 3.50%,
9/05/09</font></td>
<td align=right><font size="2">2,001,872</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jarden Corporation, Term Loan B2,
Libor, 1/24/12</font></td>
<td align=right><font size="2">502,250</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">839</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">NDC Health Corp., Term Loan, LIBOR
+ 3.00%, 11/26/08</font></td>
<td align=right><font size="2">839,278</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Penn Engineering &amp; Manufacturing,
Term Loan, LIBOR, 5/25/11</font></td>
<td align=right><font size="2">502,500</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">302</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Precise Technology, Inc., Term Loan
First Lien, LIBOR + 3.00%, 3/31/11</font></td>
<td align=right><font size="2">303,055</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,247</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Quintiles Transnational Corp., Term
Loan B, LIBOR + 1.75%, 9/25/09</font></td>
<td align=right><font size="2">1,251,247</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">St. John Knits, Term Loan B, Libor
+ 2.50%, 3/18/12</font></td>
<td align=right><font size="2">1,006,228</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,965</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Trimas Corp., Term Loan B, LIBOR
+ 3.50%, 12/31/09</font></td>
<td align=right><font size="2">1,977,729</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">23,818,411</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;7.8%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">24 Hour Fitness Worlwide, Inc., Term
Loan B, LIBOR + 3.00%, 6/08/12</font></td>
<td align=right><font size="2">1,014,375</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">499</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Adams Outdoor Advertising, L.P.,
Term Loan, LIBOR + 2.00%, 10/18/12</font></td>
<td align=right><font size="2">505,400</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,055</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alimentation Couche Tard, Inc., Term
Loan, LIBOR + 1.75%, 12/17/10</font></td>
<td align=right><font size="2">1,064,592</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Berkline/BenchCraft Holdings, LLC,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">988</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.00%,
11/3/11</font></td>
<td align=right><font size="2">989,969</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">988</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Second Lien, LIBOR
+ 8.00%, 4/30/12</font></td>
<td align=right><font size="2">997,375</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Buffets, Inc., Term Loan LC, LIBOR
+ 1%, 6/28/09</font></td>
<td align=right><font size="2">501,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Burger King, Term Loan B, Libor +
1.75%, 6/20/12</font></td>
<td align=right><font size="2">507,604</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">746</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Central Garden Pet, Term Loan B,
LIBOR + 1.75%, 5/31/09</font></td>
<td align=right><font size="2">753,680</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chiquita Brands International, Loan
Term C, LIBOR + 2.50%, 06/28/2012</font></td>
<td align=right><font size="2">1,015,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,065</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CKE Restaurants, Inc., Term Loan,
LIBOR + 2.00%, 5/01/10</font></td>
<td align=right><font size="2">1,073,307</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">414</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Coinstar, Inc., Term Loan, LIBOR
+ 2.25%, 7/07/11</font></td>
<td align=right><font size="2">418,787</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,238</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Delaware Laboratories, Inc., Term
Loan, LIBOR + 3.00%, 07/27/11</font></td>
<td align=right><font size="2">2,218,543</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Denny&#146;s Corp., Term Loan, LIBOR
+ 5.125%, 9/30/10</font></td>
<td align=right><font size="2">1,030,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">496</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Doane Pet Care Co., Term Loan, LIBOR
+ 4.00%, 11/05/09</font></td>
<td align=right><font size="2">504,107</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">550</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dole Food Co., Inc., Term Loan B,
LIBOR + 1.50%, 4/18/12</font></td>
<td align=right><font size="2">556,135</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">498</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Douglas Dynamics, Term Loan, LIBOR
+ 2.00%, 12/16/10</font></td>
<td align=right><font size="2">502,475</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,054</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dr. Pepper Bottling Co. of Texas,
Term Loan B, LIBOR + 2.00%, 12/19/10</font></td>
<td align=right><font size="2">3,094,153</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,112</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jarden Corp., Term Loan, LIBOR +
2.00%, 8/15/11</font></td>
<td align=right><font size="2">1,120,298</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">795</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Keystone Foods Holdings, LLC, Term
Loan, LIBOR + 1.75%, 6/16/11</font></td>
<td align=right><font size="2">803,415</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knoll, Inc., Term Loan,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">826</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.00%, 9/29/11</font></td>
<td align=right><font size="2">837,238</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">9</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term loan, PRIME + 2.00%, 9/29/11</font></td>
<td align=right><font size="2">9,541</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,653</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Invista B.V., Term Loan B1, LIBOR
+ 2.25%, 4/30/11</font></td>
<td align=right><font size="2">2,691,957</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">911</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Language Line, Inc., Term Loan B,
LIBOR + 4.25%, 6/10/11</font></td>
<td align=right><font size="2">921,084</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,658</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Le Nature, Inc., Term Loan B, LIBOR
+ 3.00%, 5/30/10</font></td>
<td align=right><font size="2">1,674,165</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Michael Foods, Inc., Term Loan -
B,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2515</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.25%, 11/21/10</font></td>
<td align=right><font size="2">2,552,879</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">223</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;PRIME + 1.25%, 11/21/10</font></td>
<td align=right><font size="2">226,449</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">NewPage Corp., Term Loan B, LIBOR
+ 3.00%, 5/2/11</font></td>
<td align=right><font size="2">2,035,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">963</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nice Pak Products, Inc., Term Loan,
LIBOR + 3.50%, 6/15/10</font></td>
<td align=right><font size="2">967,312</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Olympus Cable Holdings, LLC,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, Prime + 1.25%,
6/30/10</font></td>
<td align=right><font size="2">1,968,928</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, PRIME + 2.00%,
9/30/10</font></td>
<td align=right><font size="2">3,458,749</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Oriental Trading Co., Inc.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,707</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.50%,
8/6/10</font></td>
<td align=right><font size="2">2,717,276</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">463</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Second Lien, LIBOR
+ 4.75%, 1/08/11</font></td>
<td align=right><font size="2">464,662</font></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><font size="3"></font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Consumer Products&#151;(continued)</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">$ 2,978</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">OSI Group LLC, Term Loan, LIBOR +
2.50%, 9/02/11</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,013,477</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,768</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pantry, Inc., The, Term Loan B, LIBOR
+ 2.25%, 3/12/11</font></td>
<td align=right><font size="2">1,791,322</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">PBM Products, Term Loan Term B, Libor
+ 3.00%, 7/26/11</font></td>
<td align=right><font size="2">1,500,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">861</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pierre Foods, Inc., Term Loan B,
LIBOR + 2.75%, 6/30/10</font></td>
<td align=right><font size="2">871,953</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,481</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Prestige Brands Holdings, Inc., Term
Loan B, LIBOR + 2.25%, 4/06/11</font></td>
<td align=right><font size="2">1,493,593</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">975</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Propex Fabrics, Inc., Term Loan,
LIBOR + 2.25%, 11/30/11</font></td>
<td align=right><font size="2">973,781</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,478</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">R.H. Donnelley, Inc., Term Loan D,
Libor + 1.75%, 6/30/11</font></td>
<td align=right><font size="2">3,522,635</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">3,185</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tempur Pedic, Inc., Term Loan B,
LIBOR + 2.25%, 6/30/09</font></td>
<td align=right><font size="2">3,210,878</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Travel Centers of America, Inc.,
Term Loan B, Libor + 1.75%, 12/01/11</font></td>
<td align=right><font size="2">505,313</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">56,078,658</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Containers &amp; Packaging&#151;1.9%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">868</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bway Corp., Term Loan, LIBOR + 2.25%,
6/30/11</font></td>
<td align=right><font size="2">879,393</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">FlexSol Packaging Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">358</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 3.25%, 11/30/11</font></td>
<td align=right><font size="2">357,911</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Second Lien, LIBOR
+ 7.00%, 11/30/12</font></td>
<td align=right><font size="2">975,000</font></td>
</tr>
<tr valign=top><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 align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.50%,
10/07/11</font></td>
<td align=right><font size="2">2,019,020</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 4.25%,
4/07/12</font></td>
<td align=right><font size="2">2,055,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,383</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Graphic Packaging Intl., Inc., Term
Loan C, LIBOR + 2.50%, 6/30/10</font></td>
<td align=right><font size="2">1,399,932</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Owens-Illinois Group, Inc.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,170</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.75%,
4/01/07</font></td>
<td align=right><font size="2">3,192,479</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">589</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan C1, LIBOR + 1.75%,
4/01/08</font></td>
<td align=right><font size="2">592,796</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">568</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Smurfit Stone Container Corp., Term
Loan, Libor + 2.10%, 11/01/11</font></td>
<td align=right><font size="2">576,042</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,975</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Solo Cup, Inc., Term Loan, LIBOR
+ 2.00%, 2/27/11</font></td>
<td align=right><font size="2">1,996,231</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">14,043,804</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ecological Services &amp; Equipment&#151;0.6%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,655</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Allied Waste NA, Term Loan, LIBOR
+ 2.00%, 1/15/12</font></td>
<td align=right><font size="2">2,672,213</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,014</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cerdit Link, LIBOR + @.00%, 1/15/12</font></td>
<td align=right><font size="2">1,019,215</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">268</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Envirosolutions, Inc., Term, Term
Loan, LIBOR + 4.50%, 3/1/09</font></td>
<td align=right><font size="2">272,214</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">232</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Envirosolutions, Inc., Term Loan,
LIBOR + 4.50%, 3/1/09</font></td>
<td align=right><font size="2">231,230</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">4,194,872</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><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;1.8%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">429</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AES Corp.,, Term Loan, LIBOR + 1.75%,
4/30/08</font></td>
<td align=right><font size="2">433,714</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">766</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Calpine Corp., Term Loan, LIBOR +
5.75%, 7/16/07</font></td>
<td align=right><font size="2">641,985</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cellnet Technology, Inc., Term Loan
B, LIBOR + 3.00%, 4/26/12</font></td>
<td align=right><font size="2">997,500</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">933</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cogentrix Delaware Holdings, Inc.,
Term Loan, LIBOR + 1.75%, 4/14/12</font></td>
<td align=right><font size="2">942,971</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">El Paso Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">617</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%,
11/23/09</font></td>
<td align=right><font size="2">624640</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit, LIBOR + 2.77%,
11/30/07</font></td>
<td align=right><font size="2">379,336</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,861</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Getty Petroleum Marketing, Inc.,
Term Loan, LIBOR + 3.00%, 5/20/10</font></td>
<td align=right><font size="2">1,879,567</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kerr-McGee Corp., Loan Term B, LIBOR
+ 2.50%, 5/24/11</font></td>
<td align=right><font size="2">1,016,364</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">433</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pike Electric, Inc., Term Loan B,
LIBOR + 2.25%, 7/01/12</font></td>
<td align=right><font size="2">437,667</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,736</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Reliant Energy, Inc., Term Loan,
LIBOR + 2.375%, 4/30/10</font></td>
<td align=right><font size="2">2,766,606</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Semgroup LP, Term Loan,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">797</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 2.50%, 3/16/11</font></td>
<td align=right><font size="2">805,215</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">0</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;PRIME + 1.00%, 3/16/11</font></td>
<td align=right><font size="2">3</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;CA Term Loan, LIBOR + 2.50%
3/16/11</font></td>
<td align=right><font size="2">707,438</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Trout Coal Holdings LLC, Term Loan
- - Second Lien, LIBOR + 5.00%, 3/15/12</font></td>
<td align=right><font size="2">500,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Universal Compression, Term Loan,
Libor + 1.75%, 2/15/12</font></td>
<td align=right><font size="2">1,009,345</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">13,142,976</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Entertainment &amp; Leisure&#151;1.6%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Boyd Gaming Corp., Term Loan B, LIBOR
+ 1.50%, 6/30/11</font></td>
<td align=right><font size="2">999,075</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Country Road, Term Loan - Second
Lien, LIBOR, 7/15/13</font></td>
<td align=right><font size="2">506,250</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Loews Cineplex Entertainment Corp.,
Term Loan B, LIBOR + 2.25%, 7/31/11</font></td>
<td align=right><font size="2">989,726</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MGM Studios, Inc., Term Loan B, LIBOR
+ 2.25%, 4/08/12</font></td>
<td align=right><font size="2">5,050,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Penn National Gaming, Term Loan,
TBD,</font></td>
<td align=right><font size="2">2,029,688</font></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><font size="3"></font>
<p><p>
<p><p>

<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Entertainment &amp; Leisure&#151;(continued)</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wyndham Intl., Inc.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 3.25%,
5/10/11</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 915,383</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">86</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan CL, LIBOR + 3.25%,
5/10/11</font></td>
<td align=right><font size="2">86,422</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wynn Las Vegas LLC/Wynn Las Vegas
Cap. Corp., Term Loan, LIBOR + 2.125%, 12/14/11</font></td>
<td align=right><font size="2">1,009,500</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">11,586,044</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><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;1.0%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">956</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">CCC Information Services, Inc., Term
Loan B, LIBOR + 2.75%, 8/20/10</font></td>
<td align=right><font size="2">965,119</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">959</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Conseco, Inc., Term Loan, LIBOR +
3.50%, 6/22/10</font></td>
<td align=right><font size="2">966,093</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,607</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Global Cash Access, LLC, Term Loan,
LIBOR + 2.25%, 3/10/10</font></td>
<td align=right><font size="2">1,630,186</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,980</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SBA Senior Finance, Inc., Term Loan
B, LIBOR + 2.25%, 10/31/08</font></td>
<td align=right><font size="2">2,001,449</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">469</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Universal American Financial Corp.,
Term Loan, LIBOR + 2.25%, 3/31/09</font></td>
<td align=right><font size="2">468,750</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,425</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Visant Holding Corp., Term Loan C,
LIBOR + 2.25%, 10/04/11</font></td>
<td align=right><font size="2">1,445,306</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">7,476,903</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Forest Products&#151;1.0%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,429</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B3, LIBOR + 2.75%,
12/31/08</font></td>
<td align=right><font size="2">2,426,858</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,429</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan C3, LIBOR + 2.75%,
10/31/11</font></td>
<td align=right><font size="2">2,429,394</font></td>
</tr>
<tr valign=top><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 align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,611</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B L/C, LIBOR + 1.09875%,
1/09/08</font></td>
<td align=right><font size="2">1,633,264</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">685</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.25%, 1/08/10</font></td>
<td align=right><font size="2">694,137</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">7,183,653</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Health Care&#151;4.4%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,772</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Accredo Health, Inc., Term Loan B,
LIBOR + 1.75%, 4/30/11</font></td>
<td align=right><font size="2">2,772,314</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">189</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Ameripath, Inc., Term Loan, LIBOR
+ 3.25%, 3/27/10</font></td>
<td align=right><font size="2">190,361</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">828</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Colgate Medical, Ltd., Term Loan
B, LIBOR + 2.00%, 12/30/08</font></td>
<td align=right><font size="2">835,140</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,977</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Community Health Systems, Inc., Term
Loan, LIBOR + 1.75%, 8/19/11</font></td>
<td align=right><font size="2">3,014,099</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,517</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Concentra Operating Corp., Term Loan,
LIBOR + 2.50%, 6/30/10</font></td>
<td align=right><font size="2">2,547,562</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Davita Corp., Inc., Term Loan, TBD,</font></td>
<td align=right><font size="2">2,030,278</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">495</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fisher Scientific Intl., Inc., Term
Loan B, LIBOR + 1.50%, 8/02/11</font></td>
<td align=right><font size="2">498,558</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">HealthSouth Corp.,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,363</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, LIBOR + 2.50%, 6/14/07</font></td>
<td align=right><font size="2">2,390,555</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">638</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit, LIBOR + 2.25%,
2/28/10</font></td>
<td align=right><font size="2">645,070</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Senior, LIBOR +
5.00%, 6/15/10</font></td>
<td align=right><font size="2">2,025,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">748</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Healthtronics, Inc., Term Loan B,
LIBOR + 1.75%, 3/24/11</font></td>
<td align=right><font size="2">753,736</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">IASIS Healthcare Corp., Term Loan
B, LIBOR + 2.25%, 6/30/11</font></td>
<td align=right><font size="2">1,001,668</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,978</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Jean Coutu Group, Inc., Term Loan
B, LIBOR + 2.25%, 7/30/11</font></td>
<td align=right><font size="2">3,022,627</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">776</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kinetic Concepts, Inc., Term Loan
B2, LIBOR + 1.75%, 8/11/10</font></td>
<td align=right><font size="2">783,827</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">495</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Medical Device Manufacturing, Inc.,
Term Loan B, LIBOR + 2.25%, 6/29/10</font></td>
<td align=right><font size="2">497,166</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pacificare Health Systems, Inc.,
Term Loan, LIBOR + 1.50%, 12/13/10</font></td>
<td align=right><font size="2">997,281</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">998</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Select Medial Corp., Term Loan B,
LIBOR + 1.75%, 2/24/12</font></td>
<td align=right><font size="2">1,000,773</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,493</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Vanguard Health Systems, Term Loan,
LIBOR + 3.25%, 9/30/11</font></td>
<td align=right><font size="2">1,514,887</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Warner Chilcott, Term Loan Delayed
Draw,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">441</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unfunded + 1.375%, 1/31/06</font></td>
<td align=right><font size="2">444,951</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">88</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unfunded + 1.375%, 6/30/06</font></td>
<td align=right><font size="2">89,196</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,178</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%,
1/18/12</font></td>
<td align=right><font size="2">2,199,574</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">878</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan C, LIBOR + 2.75%,
1/18/12</font></td>
<td align=right><font size="2">886,321</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">406</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan D, LIBOR + 2.75%,
1/18/12</font></td>
<td align=right><font size="2">410,482</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">990</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 align=right><font size="2">992,475</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">31,543,901</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Home Furnishing&#151;0.1%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">473</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sealy, Term Loan D, Libor + 1.75%,
4/06/12</font></td>
<td align=right><font size="2">476,706</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Hotels &amp; Casino&#151;0.8%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,820</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Greektown Casino LLC, Term Loan D,
LIBOR + 3.50%, 12/31/05</font></td>
<td align=right><font size="2">2,823,402</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">494</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Green Valley Ranch Gaming, LLC, Term
Loan B, LIBOR + 2.00%, 12/24/10</font></td>
<td align=right><font size="2">499,324</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,244</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Isle of Capri, Loan Term, Libor +
1.75%, 2/04/11</font></td>
<td align=right><font size="2">1,255,799</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Motor City, Term Loan, TBD,</font></td>
<td align=right><font size="2">1,261,875</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">5,840,400</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>9<HR noshade size=4><PAGE><p>
<p><font size="3"><b>BlackRock Limited Duration Income Trust  (BLW) (continued)</b></font><font size="3"></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Principal</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td>&nbsp;</td>
    <td><font size="2"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td><font size="2"><b>(000) </b></font></td>
    <td>&nbsp;</td>
    <td><font size="2"><b>Description</b></font></td>
    <td><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><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;1.6%</b></font></td>
<td align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alderwoods Group, Inc., Term Loan
B2, LIBOR + 2.00%, 9/29/09</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; 253,705</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">988</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 align=right><font size="2">1,001,078</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,206</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Buhrmann U.S., Inc., Term Loan C1,
LIBOR + 2.50%, 12/30/10</font></td>
<td align=right><font size="2">3,260,470</font></td>
</tr>
<tr valign=top><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 align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">381</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan CL, LIBOR + 2.75%,
2/27/10</font></td>
<td align=right><font size="2">385,714</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">970</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.75%,
2/27/10</font></td>
<td align=right><font size="2">980,479</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">865</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Novelis, Inc., Term B, LIBOR + 1.75%,
1/6/12</font></td>
<td align=right><font size="2">876,202</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sensus Metering Systems, Inc.,</font></td>
<td align=right><font size="2"></font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1272</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B1, LIBOR + 2.50%,
12/17/10</font></td>
<td align=right><font size="2">1,281,277</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">191</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B2, LIBOR + 2.50%,
12/17/10</font></td>
<td align=right><font size="2">192,192</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,810</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 align=right><font size="2">1,829,879</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,756</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Worldspan, LP, Term Loan, LIBOR +
2.75%, 2/16/10</font></td>
<td align=right><font size="2">1,711,667</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">11,772,663</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Insurance&#151;0.4%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">2 10 Hbw Term B, Loan Term, TBD,</font></td>
<td align=right><font size="2">1,503,750</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Customer Co., 2nd Lien, Term
Loan, LIBOR + 7.00%, 6/30/12</font></td>
<td align=right><font size="2">251,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Customer Company 1St Lien, Loan
Term, LIBOR + 2.00%, 7/08/11</font></td>
<td align=right><font size="2">1,012,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">2,767,500</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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;5.9%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,746</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">American Lawyers Media, Inc., Term
Loan 1st Lien, LIBOR + 2.50%, 3/05/10</font></td>
<td align=right><font size="2">1,745,625</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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,
PRIME + 2.00%, 06/30/09</font></td>
<td align=right><font size="2">3,955,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">3,461</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 align=right><font size="2">3,443,702</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Choice Cable Term 2Nd, Term Loan,
TBD,</font></td>
<td align=right><font size="2">755,625</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">3,821</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dex Media West, LLC, Term Loan B,
LIBOR + 1.75%, 3/09/10</font></td>
<td align=right><font size="2">3,870,051</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,333</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">DirecTV Holdings, LLC, Term Loan
B, LIBOR + 1.50%, 4/13/13</font></td>
<td align=right><font size="2">2,355,416</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Emmis Operating Co., Term Loan B,
LIBOR + 1.75%, 11/10/11</font></td>
<td align=right><font size="2">3,013,731</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,588</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Insight Midwest, Term Loan C, LIBOR
+ 2.00%, 12/31/09</font></td>
<td align=right><font size="2">2,617,656</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mediacom Communications Corp., Term
Loan C, LIBOR + 2.00%, 2/01/14</font></td>
<td align=right><font size="2">2,021,944</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,985</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 align=right><font size="2">2,011,190</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,946</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mission Broadcasting, Inc., Term
Loan B, LIBOR + 1.75%, 8/14/12</font></td>
<td align=right><font size="2">1,955,645</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">NEP Supershooters 2Nd Lien, Term
Loan, Libor + 8.00%, 2/01/11</font></td>
<td align=right><font size="2">492,500</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">2,054</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Nexstar Broadcasting, Inc., Term
Loan, LIBOR + 1.75%, 8/14/12</font></td>
<td align=right><font size="2">2,064,355</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=right><font size="2">3,022,500</font></td>
</tr>
<tr valign=top><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 align=right><font size="2">2,518,750</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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 align=right><font size="2">1,269,029</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Pascuale Band of Indians, Term
Loan, LIBOR + 2.50%, 8/31/08</font></td>
<td align=right><font size="2">1,250,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">UPC Distribution Corp., Term Loan,
LIBOR + 2.75%, 09/30/12</font></td>
<td align=right><font size="2">2,012,222</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,974</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Warner Music Group, Corp., Term Loan
B, LIBOR + 2.00%, 2/28/11</font></td>
<td align=right><font size="2">1,991,463</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">42,366,404</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oil &amp; Gas Services&#151;0.4%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Coffeyville Term 1, Loan Term B,
Libot + 2.50%, 6/24/12</font></td>
<td align=right><font size="2">1,525,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Magellan Midstream Term B, Loan Term,
Libor, 7/15/12</font></td>
<td align=right><font size="2">507,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Petrohawk, Term Loan Second Lien,
Prime + 3.50%, 7/31/10</font></td>
<td align=right><font size="2">752,813</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">2,785,313</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Publishing&#151;0.1%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Endurance Business Media, Term Loan
B, LIBOR + 2.75%, 3/08/12</font></td>
<td align=right><font size="2">760,312</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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;1.2%</b></font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,217</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 align=right><font size="2">1,226,608</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">General Growth Properties,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,890</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan A, LIBOR + 2.25%,
11/12/07</font></td>
<td align=right><font size="2">1,906,433</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">3,008</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan B, LIBOR + 2.20%,
11/12/08</font></td>
<td align=right><font size="2">3,046,199</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Macerich Partnership, L.P., Term
Loan,</font></td>
<td align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 1.60%, 4/25/06</font></td>
<td align=right><font size="2">500,000</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Prime + .5%, 4/25/10</font></td>
<td align=right><font size="2">1,002,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Masonite Intl.,</font></td>
<td align=right></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan, Libor + 2.00%, 4/16/13</font></td>
<td align=right><font size="2">250,024</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">249</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Term Loan - Canadian, Libor
+ 2.00%, 4/16/13</font></td>
<td align=right><font size="2">249,599</font></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">731</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stewart Enterprises, Term Loan B,
LIBOR + 1.75%, 11/19/11</font></td>
<td align=right><font size="2">736,541</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">8,917,904</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></table>
<p><p>
<p><p align='center'>10<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=top>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Principal</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%">&nbsp;</td>
    <td width="10%"><font size="2"><b>Amount</b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
  </tr>
  <tr align="center" valign=top>
    <td width="10%"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td width="10%"><font size="2"><b>(000) </b></font></td>
    <td width="5%">&nbsp;</td>
    <td width="65%"><font size="2"><b>Description</b></font></td>
    <td width="10%"><font size="2"><b>Value</b></font></td>
  </tr>
  <tr align="center" valign=top>
    <td colspan="5"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="10%" align=center><font size="2"><font size="2"></font></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Retailers&#151;0.1%</b></font></td>
<td width="10%" align=right><font size="2"></font></td>

</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Eye Care Centers, Term Loan B, LIBOR
+ 3.00%, 2/16/12</font></td>
<td width="10%" align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,003,111</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Technology&#151;0.8%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">499</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Federal IT Systems, Inc., Term Loan,
LIBOR + 2.75%, 4/30/11</font></td>
<td width="10%" align=right><font size="2">503,426</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">3,217</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Knowles Electronics, Inc., Term Loan
B2, LIBOR + 5.00%, 6/29/07</font></td>
<td width="10%" align=right><font size="2">3,232,857</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,484</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Verifone, Inc., Term Loan B, LIBOR
+ 2.00%, 6/30/11</font></td>
<td width="10%" align=right><font size="2">1,490,847</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">247</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Westcom Corp., Term Loan B, LIBOR
+ 2.75%, 12/16/10</font></td>
<td width="10%" align=right><font size="2">248,271</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">5,475,401</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Telecommunications&#151;3.5%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">250</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">AAT Communications, Term Loan - First
Lien, Libor + 1.75%, 7/27/12</font></td>
<td width="10%" align=right><font size="2">253,125</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Alaska Communications Systems Holdings,
Term Loan, LIBOR + 2.00%, 1/31/12</font></td>
<td width="10%" align=right><font size="2">1,012,917</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Atlantic Broadband Finance, LLC,
Term Loan B1, LIBOR + 2.75%, 8/4/12</font></td>
<td width="10%" align=right><font size="2">1,013,750</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,484</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Centennial Cellular Operating Co.,
Term Loan, LIBOR + 2.25%, 2/09/11</font></td>
<td width="10%" align=right><font size="2">1,505,721</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,481</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Consolidated Communications, Inc.,
Term Loan C, LIBOR + 2.25%, 10/14/11</font></td>
<td width="10%" align=right><font size="2">1,499,766</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Fairpont Communications, Inc., Term
Loan B, LIBOR + 2.00%, 2/08/12</font></td>
<td width="10%" align=right><font size="2">1,012,000</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,247</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Freedom Communications, Inc., Term
Loan B, LIBOR + 1.50%, 5/01/13</font></td>
<td width="10%" align=right><font size="2">1,259,344</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">995</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Intelsat Bermuda, Ltd., Loan Term,
LIBOR + 1.75%, 7/28/11</font></td>
<td width="10%" align=right><font size="2">1,002,960</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Iowa Telecommunications Services,
Inc., Term Loan B, LIBOR + 2.00%, 11/30/11</font></td>
<td width="10%" align=right><font size="2">2,024,376</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Madison River Term B, Term Loan,
Libor + 2.50%, 7/29/12</font></td>
<td width="10%" align=right><font size="2">1,016,250</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,500</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Nextel Partners, Term Loan D, LIBOR
+ 1.50%, 5/31/12</font></td>
<td width="10%" align=right><font size="2">2,514,375</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">746</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Ntelos, Inc., Term Loan First Lien,
LIBOR + 2.50%, 8/25/11</font></td>
<td width="10%" align=right><font size="2">746,810</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Qwest Corp., Term Loan A, LIBOR +
4.75%, 6/30/07</font></td>
<td width="10%" align=right><font size="2">2,064,376</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Satbirds Finance, Term Loan, LIBOR
+ 4.25%, 10/15/13</font></td>
<td width="10%" align=right><font size="2">2,418,870</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,960</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Valor Telecommunications, Term Loan
B, LIBOR + 2.00%, 12/14/12</font></td>
<td width="10%" align=right><font size="2">1,979,951</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Western Wireless Corp., Term Loan
B,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,830</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;LIBOR + 3.00%, 5/30/11</font></td>
<td width="10%" align=right><font size="2">2,832,861</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,140</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;PRIME + 2.00%, 5/30/11</font></td>
<td width="10%" align=right><font size="2">1,140,684</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">25,298,136</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Transportation&#151;0.4%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">990</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Kenan Advantage Group, Inc., Term
Loan, LIBOR + 3.50%, 6/30/10</font></td>
<td width="10%" align=right><font size="2">999,900</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">1,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Sirva Worldwide, Inc., Term Loan,
LIBOR + 3.00%, 12/1/10</font></td>
<td width="10%" align=right><font size="2">958,750</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">620</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Transport Industries, LP, Term Loan
B, LIBOR + 4.00%, 6/14/10</font></td>
<td width="10%" align=right><font size="2">623,168</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">2,581,818</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Total Bank Loans</font></td>
<td width="10%" align=right><font size="2">320,015,051</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>U.S. Government and Agency Securities&#151;6.2%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">U.S. Treasury Notes,</font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">20,425 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 12/15/08 - 9/15/09</font></td>
<td width="10%" align=right><font size="2">19,950,911</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">10,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 3/31/07</font></td>
<td width="10%" align=right><font size="2">9,960,900</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">6,000 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 5/15/09</font></td>
<td width="10%" align=right><font size="2">5,950,320</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">8,660 </font></td>
<td width="5%"><font size="2"> <sup>2</sup></font></td>
<td width="65%" align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/13</font></td>
<td width="10%" align=right><font size="2">8,664,070</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Total U.S. Government and Agency
Securities</font></td>
<td width="10%" align=right><font size="2">44,526,201</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Foreign Government Bonds&#151;2.5%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">B+</font></font></td>
<td width="10%" align=right><font size="2">1,190</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Bolivarian Republic of Venezuela,
3.625%, 6/20/05</font></td>
<td width="10%" align=right><font size="2">1,187,438</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Republic of Colombia, 9.75%, 4/23/09</font></td>
<td width="10%" align=right><font size="2">5,675,000</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">BB</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Republic of Peru, 9.125%, 2/21/12</font></td>
<td width="10%" align=right><font size="2">5,897,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">BB-</font></td>
<td width="10%" align=right><font size="2">5,000</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Republic of Turkey, 11.375%, 11/27/06</font></td>
<td width="10%" align=right><font size="2">5,437,500</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Total Foreign Government Bonds</font></td>
<td width="10%" align=right><font size="2">18,197,438</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="10%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Warrants&#151;0.0%</b></font></td>
<td width="10%" align=right></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">10</font></td>
<td width="5%"><font size="2"><sup> 4</sup></font></td>
<td width="65%" align=left><font size="2">Reliant Resources, Inc., Expires
8/25/08, strike price $0.001, 1 share for 1 warrant</font></td>
<td width="10%" align=right><font size="2">81,319</font></td>
</tr>
<tr valign=top><td COLSPAN='5' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Total Long-Term Investments&#151;144.9%</b>
(cost $1,031,048,167<sup>5</sup>)</font></td>
<td width="10%" align=right><font size="2">1,043,690,044</font></td>
</tr>
<tr valign=top><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2">Liabilities in excess of other assets&#151;(44.9)%</font></td>
<td width="10%" align=right><font size="2">(323,634,364)</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="10%" align=center><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="5%">&nbsp;</td>
<td width="65%" align=left><font size="2"><b>Net Assets&#151;100%</b></font></td>
<td width="10%" align=right><font size="2">$&nbsp; 720,055,680</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='5' ><HR noshade size=3></td>
</tr>
</table>

<p><p><table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top><td COLSPAN='4' ><HR align="left" width="140" size=1 noshade></td></tr>
<tr valign=top><td width="1%" align=left><font size="2"><font size="2"><sup></sup></font><sup><font size="2">1</font></sup></font></td>
<td width="3%">&nbsp;</td>
<td width="96%" align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investor Service or Fitch Ratings.</font></td>

<td width="14">&nbsp;</td></tr>
<tr valign=top><td width="1%" align=left><font size="2"><sup>2</sup></font></td>
<td width="3%"><font size="2">&nbsp; </font></td>
<td width="96%" align=left><font size="2">Entire or partial principal amount
pledged as collateral for reverse repurchase agreements.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="1%" align=left><font size="2"><sup>3</sup></font></td>
<td width="3%">&nbsp;</td>
<td width="96%" align=left><font size="2">Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of July 31,
2005, the Trust held 15.5% of it nets assets, with a current market value of $111,251,437,
in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="1%" align=left><font size="2"><sup>4</sup></font></td>
<td width="3%">&nbsp;</td>
<td width="96%" align=left><font size="2">Illiquid security.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td width="1%" align=left><font size="2"><sup>5</sup></font></td>
<td width="3%">&nbsp;</td>
<td width="96%" align=left><font size="2">Cost for Federal income tax purposes
is $1,031,157,480. The net unrealized appreciation on a tax basis is $12,532,564,
consisting of $20,340,578 gross unrealized appreciation and $7,808,014 gross unrealized
depreciation.</font></td>
<td>&nbsp;</td></tr></table>
<p><p><p><p align='center'>11<p>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<B><FONT size="2" face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT>
<P>
<FONT size="2" face="serif">(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management , including it principle executive and principle financial officers, as appropriate to allow timely
decisions regarding required disclosure. </FONT></P>
<P>
  <FONT size="2" face="serif">(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. </FONT></P>
<P>
  <font size="2"><B><FONT face="serif">Item 3. Exhibits.</FONT></B> </font></P>
<P>
  <FONT size="2" 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>



<P align="center">
<font size="2"><B><FONT face="serif">SIGNATURES</FONT></B> </font></P>
<P>
  <FONT size="2" face="serif"> &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 size="2" face="serif">(Registrant)</FONT><font size="2"><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Limited Duration Income Trust&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;</FONT></U> </font></P>
<P>
  <FONT size="2" face="serif">By: <u>/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;</u><BR>
  Name: Henry Gabbay <br>
  Title: Treasurer <br>
Date: September 28, 2005 </FONT></P>
<P>
  <FONT size="2" face="serif"> &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 size="2" face="serif">By: <u>/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;</u><BR>
  Name: Robert S. Kapito <br>
  Title: Principal Executive Officer <br>
  Date: September 28, 2005 <BR>
  </FONT></P>
<P><FONT size="2" face="serif">By: <u>/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;</u><BR>
  Name: Henry Gabbay <br>
  Title: Principal Financial Officer <br>
  Date: September 28, 2005<BR>
  </FONT><FONT size="2" face="serif"><BR>
  <BR>
  </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39101_ex99-cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">




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

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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><FONT size=2 face="sans-serif"> </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>

<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>
<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>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito </font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center><FONT face="serif">  Principal Executive Officer </FONT>
    </center></td>
  </tr>
</table>
<P><FONT face="serif"><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR>
</FONT></P>

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

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


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

<center>
  <B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B>
  <p></P>
</center>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="right">
<P>
<FONT face="serif">I, Henry Gabbay, certify that: </FONT></P>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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><FONT size=2 face="sans-serif"> </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>

<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>
<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>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><FONT face="serif">Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 28, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="4%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
    </FONT></td>
    <td width="46%"><hr align="left" width="200" size="1" noshade></td>
    <td width="50%" align="center"><font face="serif">/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><hr width="200" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><FONT face="serif">Henry Gabbay </FONT></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td align="center"><center>
        <FONT face="serif"> Principal Financial Officer </FONT>
    </center></td>
  </tr>
</table>
<P>&nbsp;</P>
<P><FONT face="serif"><BR><BR>
</FONT></P>
<P align="center">
<FONT face="serif"> <BR><BR>
</FONT></P>

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